What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-11-19 compared with 2024-08-19 · 85 added, 98 removed, 187 unchanged (49% of the section changed)

80 unchanged sentences

PelleChar activity to date relates to promoting both domestic and international

Revenue and expenses of PelleChar were not material for the period ended June 30, 2024.

Revenue and expenses of PelleChar were not material for the period ended September 30, 2024.

On December 17, 2022, SEER and Eco Tadweer (“ET”), a business entity incorporated in the Kingdom of Saudi

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Eco SEER has had minimal

operations as of June 30, 2024.

operations as of September 30, 2024.

Financial Condition and Liquidity

shown in the accompanying consolidated financial statements, the Company has experienced recurring losses, and has accumulated a deficit

of approximately $35.4 million as of June 30, 2024, and $33.2 million as of June 30, 2023.

For the six months ended June 30, 2024, the

Company incurred a net loss from continuing operations of approximately $1.0 million.

The Company had a working capital deficit of approximately

$12.6 million as of June 30, 2024.

These factors raise substantial doubt about the ability of the Company to continue to operate as a

going concern.

of a major portion of the Company’s assets as of June 30, 2024, is dependent upon continued operations.

of approximately $35.9 million as of September 30, 2024, and $33.7 million as of September 30, 2023.

For the nine months ended September

30, 2024, the Company incurred a net loss from continuing operations of approximately $1.5 million.

The Company had a working capital

deficit of approximately $13.1 million as of September 30, 2024.

These factors raise substantial doubt about the ability of the Company

to continue to operate as a going concern.

of a major portion of the Company’s assets as of September 30, 2024, is dependent upon continued operations.

The Company is dependent

on generating additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable.

For the six months

ended June 30, 2024, the Company raised approximately $0.4 million from the issuance of short-term, for a net cash provided by financing

For the nine months

ended September 30, 2024, the Company raised approximately $0.8 million from the issuance of short-term, for a net cash provided by financing

activities of approximately $0.6 million.

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be necessary should the Company be unable to report on a going concern basis.

of Operations for the Three Months Ended June 30, 2024, and 2023

revenues were $761,900 and $731,200 for the three months ended June 30, 2024, and 2023, respectively.

The increase of approximately 4%

in revenues comparing the three months ended June 30, 2024, to the three months ended June 30, 2023, is attributable to the delivery

of ordered kilns to BioChar.

expenses, which include cost of products, general and administrative (G&A) expenses, and salaries and related expenses, were approximately

$1.2 million for the three months ended June 30, 2024 and approximately $1.1 million for the three months ended June 30, 2023.

costs increased $0.1 million for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, due to above

mentioned kiln deliveries in the second quarter of 2024.

G&A expenses and Salaries and related expenses held consistent with the

second quarter of 2023.

other income and expense was a net expense of approximately $0.2 million for the three months ended June 30, 2024 and approximately $0.2

million for the three months ended June 30, 2023.

of Operations for the Three Months Ended September 30, 2024, and 2023

revenues were consistent at $0.9 million for the three months ended September 30, 2024, and 2023, respectively.

expenses, which include cost of products, general and administrative (G&A) expenses, and salaries and related expenses, were consistent

at approximately $1.1 million for both the three months ended September 30, 2024 and 2023.

other income and expense was a net expense of approximately $0.2 million for the three months ended September 30, 2024 and approximately

$0.2 million for the three months ended September 30, 2023.

The majority of other income and expense is interest expense, which was consistent

at $0.2 million for both the three months ended June 30, 2024 and 2023.

is no provision for income taxes for both the three months ended June 30, 2024, and 2023, due to our net losses for both periods and

we continue to maintain full allowances covering our net deferred tax benefits as of June 30, 2024, and 2023.

Loss from continuing operations was approximately $0.7 million and $0.6

million, for the three months ended June 30, 2024 and 2023, respectively.

The net loss attributable to SEER after deducting $1,400 for

the non-controlling interest was approximately $0.6 million for the three months ended June 30, 2024, as compared to a net loss of approximately

$0.4 million, after adding $2,100 in non-controlling interest and adding $172,000 gain from discontinued operations, for the three months

ended June 30, 2023.

The primary driver of the decreased loss for the quarter ended June 30, 2023 compared to June 30, 2024 is the gain

from discontinued operations, outlined below.

of Operations for the Six Months Ended June 30, 2024, and 2023

revenues were $1.8 million and $1.3 million for the six months ended June 30, 2024, and 2023, respectively.

at $0.2 million for both the three months ended September 30, 2024 and 2023.

is no provision for income taxes for both the three months ended September 30, 2024, and 2023, due to our net losses for both periods

and we continue to maintain full allowances covering our net deferred tax benefits as of September 30, 2024, and 2023.

from continuing operations was approximately $0.5 million and $0.6 million, for the three months ended September 30, 2024 and 2023, respectively.

The net loss attributable to SEER after deducting $800 for the non-controlling interest was approximately $0.5 million for the three

months ended September 30, 2024, which was consistent compared to a net loss of approximately $0.5 million, after adding $2,200 in non-controlling

interest and deducting $400 loss from discontinued operations, for the three months ended September 30, 2023.

of Operations for the Nine Months Ended September 30, 2024, and 2023

revenues were $2.6 million and $2.2 million for the nine months ended September 30, 2024, and 2023, respectively.

The increase of approximately

$0.5 million, or 36% in revenues comparing the six months ended June 30, 2024, to the six months ended June 30, 2023, is attributable

to our product percent-complete contract revenue increasing due to several material projects being postponed from prior periods due to

site preparation delays, coming online, and the delivery of ordered kilns to BioChar.

$0.4 million, or 18% in revenues comparing the nine months ended September 30, 2024, to the nine months ended September 30, 2023, is

attributable to our product percent-complete contract revenue increasing due to several material projects being postponed from prior

periods due to site preparation delays, coming online, and the delivery of ordered kilns to BioChar.

expenses, which include cost of products, general and administrative (G&A) expenses, and salaries and related expenses, were approximately

$2.5 million for the six months ended June 30, 2024 and approximately $2.3 million for the six months ended June 30, 2023.

Product costs

increased $0.3 million for the six months ended June 30, 2024, compared to the six months ended June 30, 2023, due to above mentioned

kiln deliveries in the second quarter of 2024, and increased activity in our percent-complete contracts.

G&A expenses decreased $0.1

million, primarily due to reduced professional and accounting fees.

other income and expense was a net expense of approximately $0.3 million for the six months ended June 30, 2024 and approximately $0.4

million for the six months ended June 30, 2023.

The majority of other income and expense is interest expense, which was consistent at

$0.4 million for both the six months ended June 30, 2024 and 2023.

During 2024 we also had $0.2 million in other income, a result of

selling equity units the Company owned in Biochar Now, LLC.

is no provision for income taxes for both the six months ended June 30, 2024, and 2023, due to our net losses for both periods and we

continue to maintain full allowances covering our net deferred tax benefits as of June 30, 2024, and 2023.

from continuing operations was approximately $1.0 million and $1.4 million, for the six months ended June 30, 2024 and 2023,

respectively.

The net loss attributable to SEER after deducting $2,300 for the non-controlling interest, and adding a gain from

discontinued operations of $3,700 was approximately $1.0 million for the six months ended June 30, 2024, as compared to a net loss

of approximately $1.2 million, after adding $700 in non-controlling interest and adding $160,300 gain from discontinued operations,

for the six months ended June 30, 2023.

of Discontinued Operations for the Six Months Ended June 30, 2024 and 2023

$3.6 million for the nine months ended September 30, 2024 and approximately $3.4 million for the nine months ended September 30, 2023.

Product costs increased $0.2 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023,

due to above mentioned kiln deliveries in the second quarter of 2024, and increased activity in our percent-complete contracts.

expenses decreased $0.1 million, primarily due to reduced professional and accounting fees.

other income and expense was a net expense of approximately $0.5 million for the nine months ended September 30, 2024 and approximately

$0.6 million for the nine months ended September 30, 2023.

The majority of other income and expense is interest expense, which was consistent

at $0.7 million for both the nine months ended September 30, 2024 and 2023.

During the nine months ended September 30, 2024 we also had

approximately $0.2 million in other income, a result of selling equity units the Company owned in Biochar Now, LLC.

is no provision for income taxes for both the nine months ended September 30, 2024, and 2023, due to our net losses for both periods

and we continue to maintain full allowances covering our net deferred tax benefits as of September 30, 2024, and 2023.

from continuing operations was approximately $1.5 million and $1.8 million, for the nine months ended September 30, 2024 and 2023, respectively.

The net loss attributable to SEER after deducting $3,200 for the non-controlling interest, and adding a gain from discontinued operations

of $3,700 was approximately $1.5 million for the nine months ended September 30, 2024, as compared to a net loss of approximately $1.7

million, after adding $1,500 in non-controlling interest and adding $159,900 gain from discontinued operations, for the nine months ended

September 30, 2023.

of Discontinued Operations for the Nine Months Ended September 30, 2024 and 2023

of January 1, 2023, the Company abandoned its media production operations of its SEM subsidiary.

All revenue and expenses

of our SEM subsidiary for 2023 are classified as discontinued operations.

For the six months ended

All revenue and expenses of our SEM

subsidiary for 2023 are classified as discontinued operations.

For the nine months ended

September 30,

Services revenue

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Total income (loss) from discontinued operations

is no provision for income taxes for both the six months ended June 30, 2024, and 2023, due to our net loss carryforwards and we continue

to maintain full allowances covering our net deferred tax benefits as of June 30, 2024 and 2023.

Company had net cash used by operating activities for the six months ended June 30, 2024 of $0.3 million, and for the six months ended

June 30, 2023 of $1.0 million.

Cash used by operating activities is driven by our net loss and adjusted by non-cash items as well as

changes in operating assets and liabilities.

Non-cash adjustments primarily include depreciation and amortization of intangible assets,

and gain on the sale of fixed assets, as well as fixed assets held for sale.

Net loss of $1.2 million for the six months ended June 30,

2023 decreased to $1.0 million for the six months ended June 30, 2024.

Non-cash adjustments increased cash provided of $2,800 for

the six months ended June 30, 2024, compared to cash used of $0.2 million for the six months ended June 30, 2023.

is no provision for income taxes for both the nine months ended September 30, 2024, and 2023, due to our net loss carryforwards and we

continue to maintain full allowances covering our net deferred tax benefits as of September 30, 2024 and 2023.

Company had net cash used by operating activities for the nine months ended September 30, 2024 of $0.7 million, and for the nine months

ended September 30, 2023 of $0.9 million.

Cash used by operating activities is driven by our net loss and adjusted by non-cash items

as well as changes in operating assets and liabilities.

Non-cash adjustments primarily include depreciation and amortization of intangible

assets, and gain on the sale of fixed assets, bad debt, as well as fixed assets held for sale.

Net loss of $1.7 million for the nine

months ended September 30, 2023 decreased to $1.5 million for the nine months ended September 30, 2024.

Non-cash adjustments increased

cash provided of $6,600 for the nine months ended September 30, 2024, compared to cash used of $0.2 million for the nine months ended

September 30, 2023.

addition to the non-cash adjustments to net income, changes in assets and liabilities include:

changes in accounts payable, accrued liabilities, and

customer deposits provided $0.8 million in the first six months of 2024, compared to providing $0.2 million in the first six months

changes in deferred revenue provided $0.2 million in

the first six months of 2024, compared to providing $13,900 in the first six months of 2023,

changes in accounts receivable used $0.1 million in the

first six months of 2024, compared to providing $0.1 million in the first six months of 2023,

changes in prepaid expenses and other assets used $0.1

million in the first six months of 2024, compared to providing $0.1 million in the first six months of 2023,

changes in contract liabilities used $0.2 million in

the first six months of 2024, compared to using $23,000 in the first six months of 2023, and

changes in contract assets provided $3,100 in the first

six months of 2024, compared to providing $0.1 million in the first six months of 2023.

cash provided by investing activities was $36,800 for the six months ended June 30, 2024, compared to providing $0.3 million for the

six months ended June 30, 2023.

The Company sold fixed assets held for sale during the six months ended June 30, 2024, collecting $0.1

The Company sold fixed assets held for sale during the six months ended June 30, 2023, collecting $0.3 million.

cash provided by financing activities was approximately $0.3 million for the six months ended June 30, 2024, compared with providing

$0.7 million for the six months ended June 30, 2023.

in accounts payable, accrued liabilities, and customer deposits provided $1.1 million in the first nine months of 2024, compared

to providing $0.4 million in the first nine months of 2023,

in deferred revenue provided $0.2 million in the first nine months of 2024, compared to providing $14,600 in the first nine months

in accounts receivable used $0.1 million in the first nine months of 2024, compared to providing $0.3 million in the first nine months

in prepaid expenses and other assets used $0.2 million in the first nine months of 2024, compared to providing $0.1 million in the

first nine months of 2023,

in contract liabilities used $0.1 million in the first nine months of 2024, compared to providing $14,600 in the first nine months

in contract assets used $17,300 in the first nine months of 2024, compared to providing $0.1 million in the first nine months of

cash provided by investing activities was $36,800 for the nine months ended September 30, 2024, compared to providing $0.3 million for

the nine months ended September 30, 2023.

The Company sold fixed assets held for sale during the nine months ended September 30, 2024,

collecting $0.1 million.

The Company sold fixed assets held for sale during the nine months ended September 30, 2023, collecting $0.3

Purchase of property and equipment during the nine months ended September 30, 2024 amounted to $22,700.

cash provided by financing activities was approximately $0.6 million for the nine months ended September 30, 2024, consistent with providing

$0.6 million for the nine months ended September 30, 2023.

The Company’s financing activities for both periods consist of new borrowing,

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for recovery is remote.

An allowance for doubtful accounts of approximately $24,200 has been reserved as of both June 30, 2024, and December

An allowance for doubtful accounts of approximately $24,200 has been reserved as of both September 30, 2024,

and December 31, 2023.

Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable.

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credit risk, management periodically reviews and evaluates the financial condition of its customers and maintains an allowance for doubtful

As of June 30, 2024, and December 31, 2023, we do not believe that we have significant credit risk.

As of September 30, 2024, and December 31, 2023, we do not believe that we have significant credit risk.

Value of Financial Instruments

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and timing of estimated future cash flows.

No impairments were determined as of June 30, 2024.

No impairments were determined as of September 30, 2024.

is recognized under FASB guidelines, which requires an evaluation of revenue arrangements with customers following a five-step approach:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis