29 unchanged sentences
The material weaknesses identified were:
−Removed: due to ongoing financial
−Removed: constraints, we have not been devoting adequate resources to our accounting and reporting functions in order to properly record,
−Removed: file and review our financial transactions on a regular basis in order to ensure accuracy;
−Removed: we do not have a properly
−Removed: documented internal control system in accordance with the requirements of COSO or some similarly appropriate internal control methodology
−Removed: or formal documentation of our systems of internal control.
+Added: to ongoing financial constraints, we have not been devoting adequate resources to our accounting and reporting functions in order
+Added: to properly record, file and review our financial transactions on a regular basis in order to ensure accuracy;
+Added: do not have a properly documented internal control system in accordance with the requirements of COSO or some similarly appropriate
+Added: internal control methodology or formal documentation of our systems of internal control.
are working to remediate the material weaknesses.
23 unchanged sentences
John Combs III
−Removed: President, Chief Executive Officer, Director, Chairman
−Removed: of the Board, Secretary
−Removed: Christopher H.
−Removed: Interim Chief Financial Officer
+Added: Chief Executive Officer, Director, Chairman of the Board, Secretary
+Added: Chief Financial Officer
John Combs III, Esq., President, Chief Executive Officer, Chairman of the Board, and Secretary.
33 unchanged sentences
Scott Yenzer, Director , has served on the board since January 2019.
−Removed: Yenzer has served as corporate development officer
−Removed: of Blackeagle Energy Services from May 2018 until May 2019, is a 30-year engineering industry veteran with demonstrated strengths in
−Removed: the area of global relationships and operations growth plans.
−Removed: Yenzer’s extensive engineering and management background includes
−Removed: domestic and global, commercial oil and gas transaction management for some of the world’s largest engineering firms.
−Removed: the SEER management team with a complementary perspective that is grounded in practical, hands-on experience in growing diverse businesses
−Removed: in both up and down cycles.
−Removed: Prior to his current role, Mr.
−Removed: Yenzer was COO and co-owner of Caribou Energy Corporation, which was sold
−Removed: Prior to Caribou Energy, Mr.
−Removed: Yenzer served as vice president of Jacobs/CH2M, responsible for developing Enterprise Account Management
−Removed: on the executive committee for all business groups:
−Removed: Oil & Gas and Chemicals, Environmental & Nuclear, Water, and Infrastructure
−Removed: Yenzer built the successful Oil & Gas and Chemicals Global Strategic Account Team which included BP, ExxonMobil, Shell,
−Removed: Conoco, Hess TransCanada and Noble and led development of uniform account plans and growth strategies.
+Added: Yenzer is a 35-year Energy and Environmental engineering
+Added: and construction management industry veteran with demonstrated strengths in the area of global relationships and operations growth plans.
+Added: Yenzer’s extensive engineering and management background includes domestic and global, commercial oil and gas transaction management
+Added: for some of the world’s largest engineering firms.
+Added: He provides the SEER management team with a complementary perspective that is
+Added: grounded in practical, hands-on experience in growing diverse businesses.
+Added: Yenzer is currently serving as COO at Well Done Foundation
+Added: and Advisor to Engineering and Environmental and Board Member at a SaaS company Tacit.
+Added: Prior to this and his consulting services, Mr.
+Added: Yenzer was COO and co-owner of Caribou Energy Corporation, which was sold in 2017.
+Added: Yenzer served as vice president of Jacobs/CH2M,
+Added: responsible for developing Enterprise Account Management on the executive committee for all business groups:
+Added: Oil & Gas and Chemicals,
+Added: Environmental & Nuclear, Water, and Infrastructure and Power.
+Added: Yenzer built the successful Oil & Gas and Chemicals Global
+Added: Strategic Account Team which included BP, ExxonMobil, Shell, Conoco, Hess, TransCanada and Noble (Chevron).
During his tenure with Jacobs,
73 unchanged sentences
VP Business Development, MV Technologies
+Added: Deana Chesleigh
+Added: Head of People
are no employment agreements or contracts with any named executive officers.
8 unchanged sentences
Christopher H.
−Removed: 1,000,000 (1)
−Removed: In September 2019, Mr.
+Added: September 2019, Mr.
Yenzer was granted options to purchase 1,000,000 shares of common stock at $0.70.
−Removed: The options vest quarterly over 2 years, becoming
−Removed: fully vested on September 1, 2021.
−Removed: Each tranche of vested options begins to expire 5 years after they vest, therefore these options
−Removed: expire quarterly, as they vested, between September 1, 2024 through September 1, 2026.
+Added: The options vest quarterly
+Added: over 2 years, becoming fully vested on September 1, 2021.
+Added: Each tranche of vested options begins to expire 5 years after they vest,
+Added: therefore these options expire quarterly, as they vested, between September 1, 2024 through September 1, 2026.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
−Removed: following table sets forth as of April 15, 2024, certain information regarding beneficial ownership of our common stock
−Removed: Each person known to us
−Removed: to beneficially own 5% or more of our common stock;
−Removed: Each executive officer
−Removed: who in this report are collectively referred to as the “Named Executive Officers;”
−Removed: Each of our directors;
−Removed: All of our executive officers
−Removed: (as that term is defined under the rules and regulations of the SEC) and directors as a group.
+Added: following table sets forth as of June 4, 2025, certain information regarding beneficial ownership of our common stock by:
+Added: person known to us to beneficially own 5% or more of our common stock;
+Added: executive officer who in this report are collectively referred to as the “Named Executive Officers;”
+Added: of our directors;
+Added: of our executive officers (as that term is defined under the rules and regulations of the SEC) and directors as a group.
have determined beneficial ownership in accordance with Rule 13d-3 under the Exchange Act.
16 unchanged sentences
Broomfield, CO 80021
−Removed: 1,000,000 (3)
370 Interlocken Blvd., Ste 680
15 unchanged sentences
Cupertino, CA 95014
+Added: First Block, Inc.
+Added: 3,600,000 (7)
+Added: 1209 Stamp Creek Rd
+Added: Salem, SC 29676
All Officers and Directors as a Group (4 persons)
1 unchanged sentence
Represents less than 1%
−Removed: “Beneficial ownership”
−Removed: is defined in the regulations promulgated by the U.S.
−Removed: Securities and Exchange Commission as having or sharing, directly or indirectly
−Removed: (1) voting power, which includes the power to vote or to direct the voting, or (2) investment power, which includes the power to
−Removed: dispose or to direct the disposition, of shares of the common stock of an issuer.
−Removed: The definition of beneficial ownership includes
−Removed: shares underlying options or warrants to purchase common stock, or other securities convertible into common stock, that currently
−Removed: are exercisable or convertible or that will become exercisable or convertible within 60 days.
−Removed: Unless otherwise indicated, the beneficial
−Removed: owner has sole voting and investment power.
+Added: ownership” is defined in the regulations promulgated by the U.S.
+Added: Securities and Exchange Commission as having or sharing, directly
+Added: or indirectly (1) voting power, which includes the power to vote or to direct the voting, or (2) investment power, which includes
+Added: the power to dispose or to direct the disposition, of shares of the common stock of an issuer.
+Added: The definition of beneficial ownership
+Added: includes shares underlying options or warrants to purchase common stock, or other securities convertible into common stock, that
+Added: currently are exercisable or convertible or that will become exercisable or convertible within 60 days.
+Added: Unless otherwise indicated,
+Added: the beneficial owner has sole voting and investment power.
of 3,606,315 shares owned by Mr.
−Removed: Consists of options to
−Removed: purchase 1,000,000 shares of common stock, which were exercisable as of the date of this report, and shares becoming vested within
−Removed: 60 days of this report.
−Removed: Consists of 5,140,832 shares
−Removed: according to Form 13G filed on August 29, 2014, 200,000 shares of common stock issued in August 2017 related to penalty on payment
−Removed: of short-term debt, 250,000 shares of common stock issued in March 2018 related to a private offering, and 700,000 shares which were
−Removed: issued to LPD during fiscal year 2019 related to penalty on late payment of short-term note.
−Removed: Consists of 3,800,000 shares
−Removed: Clyde Berg, and 2,210,000 shares which are issuable as of December 31, 2021, related to penalty on late payment of short-term
−Removed: notes, issued in fiscal year 2019.
−Removed: Consists of 400,000 shares
+Added: of options to purchase 1,000,000 shares of common stock, which were exercisable as of the date of this report.
+Added: of 5,140,832 shares according to Form 13G filed on August 29, 2014, 200,000 shares of common stock issued in August 2017 related
+Added: to penalty on payment of short-term debt, 250,000 shares of common stock issued in March 2018 related to a private offering, and
+Added: 700,000 shares which were issued to LPD during fiscal year 2019 related to penalty on late payment of short-term note.
+Added: of 3,800,000 shares owned by Mr.
+Added: Clyde Berg, and 2,210,000 shares which are issuable as of December 31, 2021, related to penalty
+Added: on late payment of short-term notes, issued in fiscal year 2019.
+Added: of 400,000 shares owned by Mr.
Carl Berg and 2,400,000 shares owned by Carl and Mary Ann Berg CRT for which Mr.
−Removed: Berg has beneficial ownership, 125,000
−Removed: shares issuable related to a short-term note issued July 8, 2020, and 575,000 shares which are issuable as of December 31, 2021,
−Removed: related to long term debt issued in July 2018.
−Removed: Consists of 3,606,315 shares
+Added: Berg has beneficial
+Added: ownership, 125,000 shares issuable related to a short-term note issued July 8, 2020, and 575,000 shares which are issuable as of
+Added: December 31, 2021, related to long term debt issued in July 2018.
+Added: of 3,600,000 shares owned by First Block, Inc.
+Added: These shares were issued via a conversion of 4,000,000 Preferred Shares on February
+Added: the conversion also included the settlement in full of $225,000 in debt owed to First Block, Inc.
+Added: of 3,606,315 shares owned by Mr.
Combs and options to purchase 750,000 shares of common stock held by Mr.
−Removed: Yenzer, which were exercisable as of the
−Removed: date of this report.
+Added: Yenzer, which were exercisable
+Added: as of the date of this report.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
7 unchanged sentences
Unpaid interest as of December 31, 2024 is approximately $95,100.
+Added: The note is held by the Estate of Dorothy Combs, the mother of John Combs, III, CEO.
Total short-term notes - related party
21 unchanged sentences
Financial Statements
−Removed: following financial statements are included as Exhibit 99.1 and are hereby incorporated by reference:
−Removed: Financial Statements
+Added: Annual Audited Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
20 unchanged sentences
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: Financial Statements
−Removed: Inline XBRL Instance Document
−Removed: Inline XBRL Taxonomy Extension
−Removed: Schema Document
−Removed: Inline XBRL Taxonomy Extension
−Removed: Calculation Linkbase Document
−Removed: Inline XBRL Taxonomy Extension
−Removed: Definition Linkbase Document
−Removed: Inline XBRL Taxonomy Extension
−Removed: Label Linkbase Document
−Removed: Inline XBRL Taxonomy Extension
−Removed: Presentation Linkbase Document
−Removed: Cover Page Interactive
−Removed: Data File (embedded within the Inline XBRL document)
−Removed: Incorporated by reference
−Removed: to the Company’s Report on Form 10 filed May 21, 2013.
−Removed: Incorporated by reference
−Removed: to the Company’s Report on Form 10 Amendment No.
+Added: XBRL Instance Document
+Added: XBRL Taxonomy Extension Schema Document
+Added: XBRL Taxonomy Extension Calculation Linkbase Document
+Added: XBRL Taxonomy Extension Definition Linkbase Document
+Added: XBRL Taxonomy Extension Label Linkbase Document
+Added: XBRL Taxonomy Extension Presentation Linkbase Document
+Added: Page Interactive Data File (embedded within the Inline XBRL document)
+Added: by reference to the Company’s Report on Form 10 filed May 21, 2013.
+Added: by reference to the Company’s Report on Form 10 Amendment No.
1 filed July 23, 2013.
−Removed: Incorporated by reference
−Removed: to the Company’s Report on Form 10-Q filed November 14, 2013
−Removed: Incorporated by reference
−Removed: to the Company’s Report on Form 10-K filed March 27, 2014
−Removed: Filed herewith
−Removed: This certification is deemed
−Removed: not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise
−Removed: subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act
−Removed: of 1933, as amended or the Exchange Act.
−Removed: Pursuant to applicable
−Removed: securities laws and regulations, these interactive data files will not be deemed “filed” for the purposes of Section
−Removed: 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liability of that section, nor will they be deemed filed
−Removed: or made a part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, or otherwise
−Removed: subject to liability under those sections.
+Added: by reference to the Company’s Report on Form 10-Q filed November 14, 2013
+Added: by reference to the Company’s Report on Form 10-K filed March 27, 2014
+Added: certification is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
+Added: Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing
+Added: under the Securities Act of 1933, as amended or the Exchange Act.
+Added: to applicable securities laws and regulations, these interactive data files will not be deemed “filed” for the purposes
+Added: of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liability of that section, nor will they be
+Added: deemed filed or made a part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of
+Added: 1933, or otherwise subject to liability under those sections.
to the requirements of Section 13or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly authorized.
−Removed: April 16, 2024
−Removed: STRATEGIC ENVIRONMENTAL & ENERGY RESOURCES,
+Added: ENVIRONMENTAL & ENERGY RESOURCES, INC.
John Combs III
John Combs III
−Removed: Chief Executive Officer with
−Removed: Responsibility to sign on behalf of Registrant as a
−Removed: Duly authorized officer and principal executive officer
−Removed: Interim Chief Financial Officer with
−Removed: responsibility to sign on behalf of Registrant as a
−Removed: duly authorized officer and principal financial officer
+Added: Executive Officer with
+Added: Responsibility
+Added: to sign on behalf of Registrant as a
+Added: authorized officer and principal executive officer
+Added: Chief Financial Officer with
+Added: responsibility
+Added: to sign on behalf of Registrant as a
+Added: authorized officer and principal financial officer
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
1 unchanged sentence
John Combs III
−Removed: Chairman of the Board of Directors
+Added: of the Board of Directors
John Combs III
−Removed: /s/ Christopher
Christopher Scott Yenzer
−Removed: /s/ Christopher
Christopher Dieterich
−Removed: 99.1 Financial Statements
−Removed: Audited Consolidated Financial Statements
−Removed: Report of Independent Registered Public Accounting Firm
−Removed: Consolidated Balance Sheets as of December 31, 2023 and 2022
−Removed: Consolidated Statements of Operations for the Years Ended December 31, 2023 and 2022
−Removed: Consolidated Statements of Stockholders’ Deficit for the Years Ended December 31, 2023 and 2022
−Removed: Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2022
−Removed: Notes to Consolidated Financial Statements
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
3 unchanged sentences
have audited the accompanying consolidated balance sheets of Strategic Environmental & Energy Resources, Inc.
−Removed: and subsidiaries
−Removed: (the “Company”) as of December 31, 2023 and 2022 and the related consolidated statements of operations,
−Removed: stockholders’ deficit, and cash flows for each of the years in the two-year period ended December 31, 2023 and the related
−Removed: notes (collectively referred to as the “financial statements”).
−Removed: In our opinion, the financial statements present fairly,
−Removed: in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations
−Removed: and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity with accounting principles
−Removed: generally accepted in the United States of America.
−Removed: Substantial Doubt About the Company’s Ability to Continue as a Going Concern
+Added: and subsidiaries (the
+Added: “Company”) as of December 31, 2024 and 2023 and the related consolidated statements of operations, stockholders’ deficit,
+Added: and cash flows for each of the years in the two-year period ended December 31, 2024 and the related notes (collectively referred to as
+Added: the “financial statements”).
+Added: In our opinion, the financial statements present fairly, in all material respects, the financial
+Added: position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years
+Added: in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
+Added: Doubt About the Company’s Ability to Continue as a Going Concern
accompanying financial statements have been prepared assuming that the Company will continue as a going concern.
41 unchanged sentences
Cash and cash equivalents
−Removed: Accounts receivable, net of allowance for credit losses of $ 24,200
−Removed: and $ 179,000 ,
+Added: Accounts receivable, net of allowance for credit losses of $ 24,200 and $ 24,200 , respectively
Contract assets
15 unchanged sentences
Convertible notes
−Removed: Current portion of long-term debt and capital lease obligations
+Added: Current portion of long-term debt and finance lease obligations
Current portion of lease liabilities
7 unchanged sentences
Preferred stock;
−Removed: $ .001 par value;
5,000,000 shares authorized;
−Removed: - 0 - shares issued
+Added: shares issued and outstanding December 31, 2024
Common stock;
1 unchanged sentence
70,000,000 shares authorized;
−Removed: 65,088,575 shares issued, issuable* and outstanding December 31, 2023 and December 31, 2022
+Added: 65,088,575 shares issued, issuable* and
+Added: outstanding December 31, 2024 and December 31, 2023
Common stock issuable
14 unchanged sentences
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
+Added: ** Includes 2,785,000
shares issuable at December 31, 2024 and December 31, 2023, per terms of note agreements.
6 unchanged sentences
Products costs
−Removed: Solid waste costs
General and administrative expenses
7 unchanged sentences
Interest expense
−Removed: Gain on debt extinguishment
+Added: Other income (expense)
Total non-operating expense, net
2 unchanged sentences
( 2,540,200 )
−Removed: Income (loss) from discontinued operations, net of tax
+Added: Income from discontinued operations, net of tax
( 1,807,300 )
6 unchanged sentences
Loss from continuing operations, per share
−Removed: Loss from discontinued operations, per share
+Added: Income from discontinued operations, per share
Net Loss per share, basic
1 unchanged sentence
Loss from continuing operations, per share
−Removed: Loss from discontinued operations, per share
+Added: Income from discontinued operations, per share
Net Loss per share, basic
5 unchanged sentences
Preferred Stock
−Removed: Additional Paid-in
−Removed: Stock Subscription
−Removed: Non-controller
−Removed: Total Stockholders’
+Added: Stockholders’
Balances at December 31, 2022
−Removed: ( 29,364,800 )
−Removed: ( 1,870,600 )
−Removed: ( 8,196,500 )
−Removed: ( 2,640,300 )
−Removed: ( 2,711,500 )
Balances at December 31, 2023
−Removed: ( 32,005,100 )
−Removed: ( 1,941,800 )
−Removed: ( 10,908,000 )
−Removed: ( 32,005,100 )
−Removed: ( 1,941,800 )
−Removed: ( 10,908,000 )
−Removed: ( 2,372,800 )
−Removed: ( 2,380,500 )
+Added: Issuance of Preferred Stock
Balances at December 31, 2024
−Removed: ( 34,377,900 )
−Removed: ( 1,949,500 )
−Removed: ( 13,288,500 )
−Removed: ( 34,377,900 )
−Removed: ( 1,949,500 )
−Removed: ( 13,288,500 )
−Removed: accompanying notes are an integral part of these consolidated financial statements.
+Added: The accompanying notes are an integral part of these
+Added: consolidated financial statements.
ENVIRONMENTAL & ENERGY RESOURCES, INC.
5 unchanged sentences
$ ( 2,540,200 )
−Removed: Income (loss) from discontinued operations
+Added: Income from discontinued operations
( 1,807,300 )
2 unchanged sentences
Depreciation and amortization
−Removed: Loss on sale of fixed assets
−Removed: Gain on debt extinguishment
+Added: Gain on sale of fixed assets
+Added: Share based payments
Gain on assets held for sale
9 unchanged sentences
Net cash used in operating activities
−Removed: ( 1,024,000 )
Cash flows from investing activities:
Purchase of property and equipment
−Removed: Proceeds from the sale of assets held for sale
−Removed: Net cash (used) provided by investing activities
+Added: Proceeds from the sale of fixed assets held for sale
+Added: Net cash provided by investing activities
Cash flows from financing activities:
−Removed: Payments of notes
−Removed: Payments of short-term notes - related party
+Added: Payments of notes and capital lease obligations
Proceeds from short-term and long-term debt
Net cash provided by financing activities
−Removed: Net increase (decrease) in cash
+Added: Net increase in cash
Cash at the beginning of period
2 unchanged sentences
Cash paid for interest
−Removed: Investment in PSMW
Financing of prepaid insurance premiums
−Removed: Non-cash purchase of equipment
−Removed: Non-cash repayment of debt - PPP Loan
−Removed: Non-cash payment of interest
accompanying notes are an integral part of these consolidated financial statements.
−Removed: ENVIRONMENTAL & ENERGY RESOURCES, INC.
−Removed: to Consolidated Financial Statements
1 - ORGANIZATION AND FINANCIAL CONDITION
7 unchanged sentences
oil and gas, refining, landfill, food, beverage & agriculture, and renewable fuel industries.
−Removed: The two wholly owned subsidiaries include:
−Removed: 1) MV, LLC (d/b/a MV Technologies) (“MV”), designs and builds biogas conditioning solutions for the production of renewable
+Added: The two wholly owned subsidiaries are:
+Added: 1) MV, LLC (d/b/a MV Technologies) (“MV”), which designs and builds biogas conditioning solutions for the production of renewable
natural gas, odor control systems and natural gas vapor capture primarily for landfill operations, waste-water treatment facilities,
oil and gas fields, refineries, municipalities and food, beverage & agriculture operations throughout the U.S.;
−Removed: 2) Strategic Environmental
−Removed: Materials, LLC, (“SEM”), was a materials technology company focused on development of cost-effective chemical absorbents, whose operations were discontinued during the year ended December 31,
+Added: and 2) Strategic
+Added: Environmental Materials, LLC, (“SEM”), a materials technology company previously focused on the development of cost-effective
+Added: chemical absorbents.
+Added: The media production operations were discontinued during the year ended December 31, 2023.
(See Note 16)
25 unchanged sentences
operations of approximately $ 1.8 million.
−Removed: As of December 31, 2023, our current liabilities exceeded our current assets by approximately
−Removed: $ 11.6 million.
+Added: As of December 31, 2024, current liabilities exceeded our current assets by approximately $ 13.3
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 December 31, 2024, is dependent upon continued operations.
−Removed: The Company is
−Removed: dependent on generating additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable.
−Removed: the year ended December 31, 2023, the Company raised approximately $ 0.9
−Removed: million from the issuance of short-term and long-term debt, offset by payments of principal on short term notes of $ 0.2
−Removed: million, for a net cash provided by financing activities of approximately $ 0.7
−Removed: In addition, the Company has undertaken a number of specific steps to continue to operate as a going concern.
−Removed: continues to focus on developing organic growth in our operating companies and improving gross and net margins through increased
−Removed: attention to pricing, aggressive cost management and overhead reductions.
−Removed: Critical to achieving profitability will be the ability to
−Removed: license and or sell, permit and operate though the Company’s joint ventures.
−Removed: The Company has increased business development
−Removed: efforts to address opportunities identified in expanding markets attributable to increased interest in energy conservation and
−Removed: emission control regulations.
−Removed: In addition, the Company is evaluating various forms of financing which may be available to it.
−Removed: can be no assurance that the Company will secure additional financing for working capital, increase revenues and achieve the desired
−Removed: result of net income and positive cash flow from operations in future years.
−Removed: These financial statements do not give any effect to
−Removed: any adjustments that would be necessary should the Company be unable to report on a going concern basis.
+Added: The Company is dependent
+Added: on generating additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable.
+Added: For the year ended
+Added: December 31, 2024, the Company raised approximately $ 1.2 million from the issuance of short-term and long-term debt, offset by payments
+Added: of principal on short term notes of $ 0.3 million, for net cash provided by financing activities of approximately $ 0.9 million.
+Added: the Company has undertaken a number of specific steps to continue to operate as a going concern.
+Added: The Company continues to focus on developing
+Added: organic growth in our operating companies and improving gross and net margins through increased attention to pricing, aggressive cost
+Added: management and overhead reductions.
+Added: Critical to achieving profitability will be the ability to license and or sell, permit and operate
+Added: through the Company’s joint ventures.
+Added: The Company has increased business development efforts to address opportunities identified
+Added: in expanding markets attributable to increased interest in energy conservation and emission control regulations.
+Added: In addition, the Company
+Added: is evaluating various forms of financing which may be available to it.
+Added: There can be no assurance that the Company will secure additional
+Added: financing for working capital, increase revenues and achieve the desired result of net income and positive cash flow from operations
+Added: in future years.
+Added: These financial statements do not give any effect to any adjustments that would be necessary should the Company be unable
+Added: to report on a going concern basis.
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 unchanged sentences
of revenues and expenses during the period.
−Removed: Significant items subject to such estimates and assumptions include the cash flows used in the impairment testing
−Removed: of definite lived tangible and intangible assets;
−Removed: valuation allowances and reserves for receivables;
−Removed: revenue recognition related to contracts
−Removed: accounted for under the percentage of completion method;
−Removed: revenue recognition method for perpetual technology license agreements;
−Removed: compensation;
−Removed: discontinued operations future consideration and carrying amounts of equity investments.
−Removed: Actual results could differ from
−Removed: those estimates.
+Added: Significant items subject to such estimates and assumptions include the forecasted cash flows
+Added: used in the impairment testing of intangible assets, the carrying amount of intangible assets;
+Added: valuation allowances and
+Added: reserves for receivables;
+Added: revenue recognition related to contracts accounted for under the percentage of completion method;
+Added: and the Company’s
+Added: ability to continue as a going concern.
+Added: Actual results could differ from those estimates.
Reclassifications
11 unchanged sentences
receivable are recorded at the invoiced amounts less an allowance for doubtful accounts.
−Removed: The allowance for doubtful accounts is
−Removed: based on our estimate of the amount of probable credit losses in our accounts receivable.
−Removed: We determine the allowance for doubtful
−Removed: accounts based upon an aging of accounts receivable, historical experience and management judgment.
−Removed: Accounts receivable balances are
−Removed: periodically reviewed for collectability, and balances are charged off against the allowance when we determine that the potential
−Removed: for recovery is remote.
−Removed: An allowance for credit losses of approximately $ 24,200
−Removed: and $ 179,000
−Removed: had been reserved as of December 31, 2023, and 2022, respectively.
+Added: The allowance for doubtful accounts is based
+Added: on our estimate of the amount of probable credit losses in our accounts receivable.
+Added: We determine the allowance for doubtful accounts
+Added: based upon an aging of accounts receivable, historical experience and management judgment.
+Added: Accounts receivable balances are periodically
+Added: reviewed for collectability, and balances are charged off against the allowance when we determine that the potential for recovery is
+Added: An allowance for credit losses of approximately $ 24,200 has been reserved as of both December 31, 2024, and 2023.
are exposed to credit risk in the normal course of business, primarily related to accounts receivable.
3 unchanged sentences
credit risk, management periodically reviews and evaluates the financial condition of its customers and maintains an allowance for doubtful
−Removed: of December 31, 2023, we had three customers who comprised 10% or more of our accounts receivable and had a balance of approximately
−Removed: As of December 31, 2022, we had four customers who comprised 10% or more of our accounts receivable and had a balance of approximately
+Added: of December 31, 2024, we had four customers who comprised 10% or more of our accounts receivable and had a balance of approximately $ 481,800 .
+Added: As of December 31, 2023, we had three customers who comprised 10% or more of our accounts receivable and had a balance of approximately
the year ended December 31, 2024, we had two customers who each had sales in excess of 10% of our revenue and they represented approximately
28 % of total revenue.
−Removed: For the year ended December 31, 2022, we had two customers who each had sales in excess of 10% of our revenue and they
−Removed: represented approximately 23 %
−Removed: of total revenue.
+Added: For the year ended December 31, 2023, we had two customers who each had sales in excess of 10% of our revenue and
+Added: they represented approximately 29 % of total revenue.
are stated at the lower of cost or net realizable value and maintained on a first in, first out basis and includes the following amounts
4 unchanged sentences
Finished goods
−Removed: Inventory, net
+Added: Total inventory
Concentration
34 unchanged sentences
Repairs and maintenance costs are expensed as incurred.
−Removed: is calculated using the straight-line method over the estimated useful lives of the assets of generally five to seven years for equipment,
−Removed: five to ten years for vehicles and three years for computer related assets.
−Removed: Assets are depreciated starting at the time they are placed
−Removed: into service.
−Removed: A portion of depreciation expense is charged to cost of product revenue on the consolidated statement of operations.
+Added: is calculated using the straight-line method over the estimated useful lives of the assets of generally five 5
+Added: years for equipment, five 5
+Added: years for vehicles and three
+Added: years for computer related assets.
+Added: depreciated starting at the time they are placed into service.
+Added: A portion of depreciation expense is charged to cost of product revenue
+Added: on the consolidated statement of operations.
improvements are amortized using the straight-line method over the shorter of the lease term (including reasonably assured renewal periods),
−Removed: which range from three to seven years , or their estimated useful life.
−Removed: and Intangible Assets
+Added: which range from three 3
+Added: years , or their estimated useful life.
+Added: Intangible Assets
Intangible assets deemed to have finite lives are amortized on a straight-line basis over their estimated useful lives, where
17 unchanged sentences
Subsequent reversal of impairment losses is not permitted.
−Removed: represents the excess of purchase price of acquired businesses over the fair value of the assets acquired and liabilities assumed.
−Removed: is allocated to the reporting unit in which the business that created the goodwill resides.
−Removed: The Company evaluates the recoverability
−Removed: of goodwill annually;
−Removed: however, we could be required to evaluate the recoverability of goodwill more often if impairment indicators exist.
−Removed: 2022, we early adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350):
−Removed: Simplifying the Test for Goodwill Impairment ,
−Removed: which eliminates the two-step goodwill impairment process.
−Removed: Goodwill is first qualitatively assessed to determine whether further impairment
−Removed: testing is necessary.
−Removed: Factors that management considers in this assessment include macroeconomic conditions, industry and market considerations,
−Removed: overall financial performance (both current and projected), changes in management and strategy, and changes in the composition or carrying
−Removed: amount of net assets.
−Removed: If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit
−Removed: is less than its carrying amount, a one-step test is then performed by comparing the fair value of a reporting unit to its carrying amount.
−Removed: If the fair value of a reporting unit is less than its carrying value, an impairment charge will be recorded for the difference between
−Removed: the fair value and carrying value, but is limited to the carrying value of the reporting unit’s goodwill.
−Removed: An impairment loss was
−Removed: charged to goodwill in the amount of $ 277,800 for the year ended December 31, 2022, which is reported in discontinued operations, resulting in no goodwill remaining on the balance
of Long-lived Assets
38 unchanged sentences
to estimate the expected term of the option and recorded in the period that estimates are revised.
+Added: Basic earnings per share is computed by dividing earnings available
+Added: to common shareholders by the weighted-average number of common shares outstanding during the year.
+Added: Earnings available
+Added: to common shareholders is computed by deducting dividends and accretion on convertible preferred stock from earnings attributable
+Added: to the Company.
+Added: The potential diluted effect of stock options and other stock-based awards is computed using the treasury stock method
+Added: whereby the weighted-average number of common shares used in the basic earnings per share calculation is increased
+Added: to include the number of additional common shares that would have been outstanding if the potential dilutive common shares had
+Added: been issued at the beginning of the year.
+Added: The potential dilutive effect of convertible preferred stock is computed using the if-converted
+Added: method whereby dividends and accretion on the convertible preferred stock are added back to the numerator, and the common shares resulting
+Added: from the assumed conversion of the convertible preferred stock are included in the denominator of the diluted earnings per share
and Development
−Removed: and development (“R&D”) costs are charged to expense as incurred and are included in selling, general and administrative
−Removed: costs in the accompanying consolidated statement of operations.
−Removed: R&D expenses consist primarily of salaries, project materials, contract
−Removed: labor and other costs associated with ongoing product development and enhancement efforts.
−Removed: R&D expenses were $ 0 for the years ended
−Removed: December 31, 2023, and 2022.
−Removed: R&D expenses are included in general and administrative expenses, when incurred.
+Added: and development (“R&D”) costs are charged to expense as incurred.
+Added: R&D expenses consist primarily of salaries, project
+Added: materials, contract labor and other costs associated with ongoing product development and enhancement efforts.
+Added: R&D expenses were
+Added: $ 0 for both the years ended December 31, 2024, and 2023.
Company accounts for income taxes pursuant to Accounting Standards Codification (“ASC”) 740, Income Taxes, which
21 unchanged sentences
considers the applicability and impact of all new or revised ASU’s.
−Removed: March 2020, the FASB issued ASU No.
−Removed: 2020 - 04, Reference Rate Reform (Topic 848):
−Removed: Facilitation of the Effects of Reference
−Removed: Rate Reform on Financial Reporting .
−Removed: ASU 2020 - 04 provides optional expedient and exceptions for applying generally accepted
−Removed: accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria
−Removed: In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the
−Removed: London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate
−Removed: reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation.
−Removed: The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference
−Removed: rates that are expected to be discontinued.
−Removed: In January 2021, the FASB issued ASU 2021 - 01, Reference Rate Reform — Scope ,
−Removed: which clarified the scope and application of the original guidance.
−Removed: In December 2022, the FASB issued ASU 2022 - 06, Reference
−Removed: Rate Reform — Deferral of the Sunset Date of Topic 848 .
−Removed: This update extends the sunset provision of ASU 2020 - 04
−Removed: to December 31, 2024.
−Removed: The Company has not yet adopted this ASU and is evaluating the effect of adopting this new accounting
−Removed: June 2016, the FASB issued ASU No.
−Removed: 2016 - 13, Financial Instruments – Credit Losses (Topic 326):
−Removed: of Credit Losses on Financial Instruments .
−Removed: ASU 2016 - 13 requires companies to measure credit losses utilizing a methodology
−Removed: that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform
−Removed: credit loss estimates.
−Removed: For companies that qualified as Smaller Reporting Companies as defined by the SEC as of November 19, 2019,
−Removed: ASU 2016 - 13 is effective for fiscal years beginning after December 15, 2022, including interim periods within
−Removed: those fiscal years.
−Removed: The Company’s financial statements were not materially impacted by the adoption of this guidance.
−Removed: revenue is generated from contracts with customers, for the design and manufacturing of odor and emission control solutions.
−Removed: Total estimated
−Removed: revenue includes all of the following:
−Removed: (1) the basic contract price, (2) contract options, and (3) change orders and is recognized as
−Removed: the contract progresses and costs are incurred.
−Removed: Once contract performance is underway, the Company may experience changes in conditions,
−Removed: client requirements, specifications, designs, materials and expectations regarding the period of performance.
−Removed: Such changes are “change
−Removed: orders” and may be initiated by us or by our clients.
−Removed: In many cases, agreement with the client as to the terms of change orders
−Removed: is reached prior to work commencing;
+Added: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic
+Added: Improvements to Reportable Segment Disclosures .
+Added: The ASU expands public entities’ segment disclosures by requiring disclosure
+Added: of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within
+Added: each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures
+Added: of a reportable segment’s profit or loss and assets.
+Added: The Company adopted this standard effective for the fiscal year 2024.
+Added: of this new standard did not have a material impact on the Company’s consolidated financial statements.
+Added: revenue are generated from contracts with customers, for the manufacture of products, and related media, for the removal and treatment
+Added: of hazardous vapor and gases.
+Added: Total estimated revenue includes all of the following:
+Added: (1) the basic contract price, (2) contract options,
+Added: and (3) change orders.
+Added: Once contract performance is underway, the Company may experience changes in conditions, client requirements,
+Added: specifications, designs, materials, and expectations regarding the period of performance.
+Added: Such changes are “change orders”
+Added: and may be initiated by us or by our clients.
+Added: In many cases, agreement with the client as to the terms of change orders is reached prior
+Added: to work commencing;
however, sometimes circumstances require that work progress without obtaining client agreement.
−Removed: Revenue related to change orders is recognized as costs are incurred if it is probable that costs will be recovered by changing the contract
−Removed: The Company does not incur pre-contract costs.
−Removed: Under the new revenue recognition guidance, we found no significant change in the
−Removed: manner we recognize product revenue.
−Removed: Provisions for estimated losses on uncompleted contracts are recorded in the period in which the
−Removed: losses are identified and included as additional loss.
−Removed: Provisions for estimated losses on contracts are shown separately as liabilities
−Removed: on the balance sheet, if significant, except in circumstances in which related costs are accumulated on the balance sheet, in which case
−Removed: the provisions are deducted from the accumulated costs.
+Added: Revenue related to
+Added: change orders is recognized as costs are incurred if it is probable that costs will be recovered by changing the contract price.
+Added: Company does not incur pre-contract costs.
+Added: Under the new revenue recognition guidance, the Company found no change in the manner product
+Added: revenue is recognized.
+Added: Provisions for estimated losses on uncompleted contracts are recorded in the period in which the losses are identified
+Added: and included as additional loss.
+Added: Provisions for estimated losses on contracts are shown separately as liabilities on the balance sheet,
+Added: if significant, except in circumstances in which related costs are accumulated on the balance sheet, in which case the provisions are
+Added: deducted from the accumulated costs.
A provision as a liability is reported as a current liability.
8 unchanged sentences
SCHEDULE OF DISAGGREGATION OF REVENUE
−Removed: Environmental Solutions
Year ended December 31, 2024
3 unchanged sentences
Total Revenue
−Removed: Environmental Solutions
Year ended December 31, 2023
2 unchanged sentences
Product sales
−Removed: Management fees
Total Revenue
−Removed: $ 120,400 of revenue included in discontinued operations
a performance obligation has been satisfied but not yet invoiced at the reporting date, a contract asset is recognized on the balance
5 unchanged sentences
Contract Liabilities
−Removed: Receivable, net
−Removed: Deferred Revenue (current)
−Removed: Deferred Revenue (non-current)
−Removed: Balance as of December 31, 2023
−Removed: Balance as of December 31, 2022
−Removed: Increase (decrease)
−Removed: $ ( 299,700 )
−Removed: $ ( 121,700 )
+Added: (non-current)
+Added: as of December 31, 2024
+Added: as of December 31, 2023
majority of the Company’s revenue is generally invoiced on a weekly or monthly basis, and the payments are generally received within
approximately 30-60 days.
−Removed: Deferred revenue is recorded when cash payments are received or due in advance of the Company’s performance,
−Removed: including amounts that are refundable.
+Added: Contract liabilities are recorded when cash payments are received or due in advance of the Company’s
+Added: performance, including amounts that are refundable.
Performance Obligations
−Removed: of December 31, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations was
−Removed: approximately $ 1.7
−Removed: million, of which the Company expects to recognize approximately 85 %
−Removed: over the next 12 months.
+Added: of December 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations was approximately
+Added: $ 1.5 million, of which the Company expects to recognize approximately 85 % of this revenue over the next 12 months.
Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected term of one year
6 unchanged sentences
Field and shop equipment
−Removed: Waste destruction equipment, placed in service
Furniture and office equipment
Leasehold improvements
−Removed: Building and improvements
Property and equipment, gross
21 unchanged sentences
Net carrying value
−Removed: $ ( 277,800 )
Customer list
$ ( 763,500 )
−Removed: $ ( 319,700 )
estimated useful lives of the intangible assets range from seven 7
−Removed: Amortization expense, included in selling, general and administrative expenses in the accompanying consolidated
−Removed: statements of operations, was $ 2,700
+Added: Amortization expense, included in selling,
+Added: general and administrative expenses in the accompanying consolidated statements of operations, was $ 3,200
for the years ended December 31, 2024, and 2023, respectively.
−Removed: of December 31, 2022, the Company qualitatively assessed whether it is more likely than not that the fair value of the SEER Environmental
−Removed: Materials reporting unit was less than its carrying amount.
−Removed: In 2022, SEM became aware of quality issues concerning its inventory production
−Removed: process and determined that as of December 31, 2022 it was more likely than not that the carrying value of the SEER Environmental Materials
−Removed: reporting unit exceeded its estimated fair value.
−Removed: Accordingly, the Company performed an impairment analysis as of December 31, 2022 using
−Removed: the income approach.
−Removed: This analysis generally requires management to make significant estimates and assumptions related to forecasts of
−Removed: future revenues, operating margins, and discount rates.
−Removed: Pursuant to Accounting Standard Update (“ASU”) 2017-04, the Company
−Removed: recorded an impairment of goodwill of approximately $ 277,800 for the year ended December 31, 2022.
−Removed: No impairment of goodwill was recorded
−Removed: for the year ended December 31, 2023.
+Added: Company performed an impairment analysis as of December 31, 2024 using the income approach.
+Added: This analysis generally requires management
+Added: to make significant estimates and assumptions related to forecasts of future revenues, operating margins, and discount rates.
Company has entered into operating leases primarily for real estate.
23 unchanged sentences
Weighted-average discount rate
−Removed: of lease liabilities as of December 31, 2023 were as follows:
−Removed: SCHEDULE OF MATURITIES OF LEASE LIABILITIES
−Removed: Total operating lease
−Removed: Less imputed interest
−Removed: Total lease liabilities
7 - ACCRUED LIABILITIES
1 unchanged sentence
SCHEDULE OF ACCRUED LIABILITIES
−Removed: December 31, 2023
−Removed: December 31, 2022
−Removed: Accrued compensation and related taxes
−Removed: Accrued interest
−Removed: Accrued settlement/litigation claims
−Removed: Warranty and defect claims
−Removed: Total Accrued Liabilities
+Added: compensation and related taxes
+Added: settlement/litigation claims
+Added: and defect claims
+Added: Accrued Liabilities
8 - UNCOMPLETED CONTRACTS
11 unchanged sentences
Waste Solutions LLC
−Removed: 2010, the Company and Black Stone Management Services, LLC (“Black Stone”) formed PWS, whereby a total of 1,000,000
−Removed: membership units were issued, 600,000
−Removed: membership units to the Company and 400,000
−Removed: membership units to Black Stone.
−Removed: Fortunato Villamagna, who serves as President of our PWS subsidiary, is a managing member and
−Removed: Chairman of Black Stone.
−Removed: In June 2012, the Company and Blackstone each allocated 10 %
−Removed: of their respective membership units in PWS to Mr.
−Removed: J John Combs III, an officer and shareholder of the Company and Mr.
−Removed: Cardillo, a shareholder of the Company and an officer of a subsidiary at the time.
−Removed: There was no value attributable to the units at the time of
−Removed: the allocation.
−Removed: As of December 31, 2023, the Company owned 54 %
−Removed: of the membership units, Black Stone owned 36 %
−Removed: of the membership units, and two related parties (as noted above), each owned 5 %
−Removed: of the membership units.
−Removed: August 2011, the Company acquired certain intellectual property in regard to waste destruction technology (the “IP”) from
−Removed: Black Stone in exchange for 1,000,000 shares of our common stock valued at $ 100,000 .
−Removed: We estimated the useful life of the IP at ten years,
−Removed: which was consistent with the useful life of other technology included in our intangible assets, and management’s initial assessment
−Removed: of the potential marketability of the IP.
−Removed: In March 2012, the Company entered into an Irrevocable License & Royalty Agreement with
−Removed: PWS that grants PWS an irrevocable world-wide license to the IP in exchange for a 5 % royalty on all revenues from the sale or lease of
−Removed: all CoronaLux™ units from PWS and its affiliates.
−Removed: The term commenced as of the date of the Agreement and shall continue for a period
−Removed: not to exceed the life of the patent or patents filed by the Company.
−Removed: PWS may sub license the IP and any revenue derived from sub licensing
−Removed: shall be included in the calculation of Gross Revenue for purposes of determining royalty payments due the Company.
−Removed: Royalty payments
−Removed: are due 30 days after the end of each calendar quarter.
−Removed: PWS generated no licensing and unit sales revenues for the years ended December
−Removed: 31, 2023, and 2022.
its inception through December 31, 2024, we have provided approximately $ 6.4 million in funding to PWS for working capital and the further
4 unchanged sentences
future earnings distributions made by PWS.
−Removed: November 17, 2014, PWS entered into an Exclusive Licensing and Equipment Lease Agreement, for a limited license territory, with Medical
−Removed: Waste Services, LLC (“MWS”).
−Removed: The License Agreement grants to MWS the use of the PWS Technology and the CoronaLux™ waste
−Removed: destruction units for an initial term of seven years and required a payment of $ 225,000 as a non-refundable initial licensing fee and
−Removed: distributions of 50 % of net operating profits, as defined in the agreement, in lieu of continuing royalty payments for the use of the
−Removed: licensed technology.
−Removed: PWS and Medical Waste Services, LLC (“MWS”) formed a contractual joint venture to exploit the PWS medical
−Removed: waste destruction technology.
−Removed: MWS has received approval from the California Department of Public Health and a restricted permit from
−Removed: the South Coast Air Quality Management District (“SCAQMD”) to operate the CoronaLux™ unit licensed by MWS at its facility
−Removed: in Southern California.
−Removed: The original licensing and partnership agreement was formally canceled in 2019, because MWS failed to implement
−Removed: the expansion plan outlined in the original agreement), with both parties agreeing to continue operating the CoronaLux under the original
−Removed: terms of the agreement, for strategic reasons.
−Removed: PWS has no obligations, commitments, or liabilities relative to MWS, and is free to sublicense
−Removed: to anyone or develop company owned facilities.
−Removed: Operations to date have included the destruction of medical waste under a temporary operating
−Removed: permit issued by SCAQMD since May 2015 and efforts to obtain a full operating permit from SCAQMD were successful and SCAQMD issued a
−Removed: ‘Notice of Intent to Issue Permit to Operate’ in March 2017.
−Removed: In November 2017, the full operating permit was issued by SCAQMD.
−Removed: December 2017, PWS and GulfWest Waste Solutions, LLC (“GWWS”) formed Paragon Southwest Medical Waste, LLC (“PSMW”)
−Removed: to exploit the PWS medical waste destruction technology.
−Removed: PSMW has an exclusive license to the CoronaLux™ technology in a six-state
−Removed: area of the Southern United States.
−Removed: In 2017, PSMW purchased and installed three CoronaLux™ units for $ 600,000 .
−Removed: PWS incurred costs
−Removed: of $ 525,700 to prepare the three units for sale.
−Removed: Operations in the form of medical waste destruction began in 2018.
−Removed: Southwest Medical Waste, LLC
+Added: Southwest Medical Waste
July 20, 2022, PWS transferred all patents owned covering medical waste destruction, and related technology, to its joint venture, Paragon
−Removed: Southwest Medical Waste (“PSMW”), in exchange for non-voting units in PSMW.
−Removed: The units in PSMW transferred in connection with
−Removed: this transaction increased SEER’s equity in PSMW to approximately 20 %, on a total consolidated basis.
−Removed: This transaction also canceled
−Removed: the irrevocable license and royalty agreement, and the management agreement between PWS and PSMW.
−Removed: The Company recorded its investment
−Removed: in PSMW of $ 182,200 under the cost method of accounting.
−Removed: The Company assessed its investment in PSMW for impairment, and as of December
−Removed: 31,2023, determined that full impairment of this investment was required.
−Removed: In 2023 PWS sold PSMW in a stock transaction and now holds a small, minority interest in Amlon Holdings.
+Added: Southwest Medical Waste (“PSMW”), in exchange for units in PSMW.
+Added: The units in PSMW transferred in connection with this transaction
+Added: increased SEER’s equity in PSMW to approximately 30 %, on a total consolidated basis, and SEER was granted back an international
+Added: license to use the patented technology in any territory outside of North America.
+Added: This transaction also canceled the irrevocable license
+Added: and royalty agreement, and the management agreement between PWS and PSMW.
+Added: June 30, 2023, the Company exchanged its interest in PSMW in exchange for a 2 % interest in Amlon Holdings when PSWM was acquired by Amlon
as of December 31, 2024, and 2023 was comprised of the following:
1 unchanged sentence
SHORT TERM NOTES
+Added: Secured short term note payable
Secured short term note payable dated October 13, 2017 with principal and interest due 60 days from issuance.
28 unchanged sentences
Unpaid one-time fees at December 31, 2024 is approximately $ 30,000 .
−Removed: Secured short term note payable dated July 2, 2019 with principal and interest due 60
−Removed: days from issuance.
−Removed: The note requires a one-time issuance of 500,000
−Removed: options, which the company recorded the fair value of $ 37,300
−Removed: as debt discount, amortized over the life of the note.
−Removed: The note accrues interest at 12 %
+Added: Secured short term note payable dated July 2, 2019 with principal and interest due 60 days from issuance.
+Added: The note requires a one-time issuance of 500,000 options, which the company recorded the fair value of $ 37,300 as debt discount, amortized over the life of the note.
+Added: The note accrues interest at 12 % annually.
The note is past due as the date of this filing.
−Removed: The Company has not received notice from the lender and continue to
−Removed: accrue interest.
+Added: The Company has not received notice from the lender and continue to accrue interest.
For the year ended December 31, 2024, the Company recorded interest expense of $ 12,000 .
56 unchanged sentences
Unpaid interest at December 31, 2024 was approximately $ 19,600 .
−Removed: Secured short term note payable dated November 17, 2022, interest at an annual rate of 12 % payable on or before February 17, 2023.
−Removed: The note has been paid, and unpaid interest at December 31, 2023 was $ 0 .
An secured note of $ 350,000 payable, dated January 20, 2023, interest at an annual rate of 8 % payable on or before October 18, 2023.
7 unchanged sentences
Unpaid interest at December 31, 2024 was approximately $ 25,900 .
+Added: An secured note of $ 150,000 payable, dated January 31, 2024, interest at an annual rate of 8 % payable on or before January 30, 2025.
+Added: For the year ended December 31, 2024 the Company recorded interest expense of $ 11,000 .
+Added: Unpaid interest at December 31, 2024 was approximately $ 11,000 .
+Added: An secured note of $ 30,000 payable, dated March 27, 2024, interest at an annual rate of 8 % payable on or before May 31, 2024.
+Added: For the year ended December 31, 2024 the Company recorded interest expense of $ 1,800 .
+Added: Unpaid interest at December 31, 2024 was approximately $ 1,800 .
+Added: An secured note of $ 200,000 payable, dated April 12, 2024, interest at an annual rate of 8 % payable on or before April 11, 2025.
+Added: For the year ended December 31, 2024 the Company recorded interest expense of $ 11,500 .
+Added: Unpaid interest at December 31, 2024 was approximately $ 11,500 .
+Added: An secured note of $ 150,000 payable, dated August 10, 2024, interest at an annual rate of 8 % payable on or before August 9, 2025.
+Added: For the year ended December 31, 2024 the Company recorded interest expense of $ 4,700 .
+Added: Unpaid interest at December 31, 2024 was approximately $ 4,700 .
+Added: An secured note of $ 75,000 payable, dated August 9, 2024, interest at an annual rate of 8 % payable on or before August 8, 2025.
+Added: For the year ended December 31, 2024 the Company recorded interest expense of $ 2,400 .
+Added: Unpaid interest at December 31, 2024 was approximately $ 2,400 .
+Added: An secured note of $ 300,000 payable, dated October 9, 2024, interest at an annual rate of 8 % payable on or before October 8, 2025.
+Added: For the year ended December 31, 2024 the Company recorded interest expense of $ 5,500 .
+Added: Unpaid interest at December 31, 2024 was approximately $ 0 .
+Added: An secured note of $ 100,000 payable, dated October 30, 2024, interest at an annual rate of 8 % payable on or before October 29, 2025.
+Added: For the year ended December 31, 2024 the Company recorded interest expense of $ 1,400 .
+Added: Unpaid interest at December 31, 2024 was approximately $ 1,400 .
Total Short-term notes
2 unchanged sentences
The note is from a family member of the CEO, and thus classified as a related party note.
−Removed: For the year ended December 31, 2023, the Company recorded interest expense of $ 28,800 , and paid $ 12,000 of accrued interest during 2023.
+Added: For the year ended December 31, 2024, the Company recorded interest expense of $ 28,800 .
Unpaid interest as of December 31, 2024 is approximately $ 94,600 .
13 unchanged sentences
LONG TERM NOTES
−Removed: Note payable dated July 13, 2018, interest at 20 % per annum, payable July 13, 2021.
+Added: Note payable dated July 13, 2018, interest at 20 % per annum, and matures on July 13, 2021.
No monthly payments are due for the first six months, commencing in month seven, principal and accrued interest will be amortized and payable over the remaining 30 months.
30 unchanged sentences
Unpaid interest at December 31, 2024 was approximately $ 57,300 .
−Removed: Total long-term notes
+Added: Other short-term leases
+Added: Total long-term notes and capital lease obligations
current portion
−Removed: Long term notes long-term, including debt discount
−Removed: maturities as of December 31, 2023, are as follows:
+Added: Long-term notes and capital lease obligations, long-term, including debt discount
+Added: maturities as of December 31, 2024, are as follows, which does not include past due amounts:
SCHEDULE OF DEBT MATURITIES
Year Ending December 31,
−Removed: 2023(Past Due)
Debt maturities
2 unchanged sentences
payable (See Note 10), and accrued interest due to certain related parties as of December 31, 2024, and 2023 are as follows:
−Removed: OF RELATED PARTIES NOTES PAYABLE AND ACCRUED INTEREST
−Removed: short-term notes and accrued interest - Related parties
+Added: SCHEDULE OF RELATED PARTIES NOTES PAYABLE AND ACCRUED INTEREST
+Added: Short term notes
+Added: Accrued interest
+Added: Total short-term notes and accrued interest - Related parties
12 - COMMITMENTS AND CONTINGENCIES
2 unchanged sentences
2024, are as follows:
−Removed: OF FUTURE COMMITMENTS UNDER NON-CANCELLABLE OPERATING LEASES
+Added: SCHEDULE OF FUTURE COMMITMENTS UNDER NON-CANCELLABLE OPERATING LEASES
Years Ending December 31,
1 unchanged sentence
respectively.
−Removed: 13 – DISCONTINUED SEM OPERATIONS
−Removed: January 1, 2023, the Company’s board of directors, by unanimous consent, adopted a resolution to discontinue operations of the
−Removed: Company’s wholly owned subsidiary, SEM, LLC.
−Removed: For the years ended December 31, 2023 and 2022, all operations from SEMS have been
−Removed: reported as discontinued operations.
−Removed: following table presents the assets and liabilities associated with the discontinued operations of SEM:
−Removed: OF DISCONTINUED OPERATIONS
−Removed: Property and equipment, net
−Removed: Total Assets held for sale
−Removed: Accounts payable
−Removed: Accrued liabilities
−Removed: Current portion of long-term debt
−Removed: Total current liabilities
−Removed: Long-term debt
−Removed: Total liabilities held for sale
−Removed: classes of line items constituting pretax income on discontinued operations:
−Removed: For the Years Ended
−Removed: Services revenue
−Removed: Services costs
−Removed: General and administrative expenses
−Removed: Salaries and related expenses
−Removed: Other income (expense)
−Removed: Impairment loss
−Removed: Total income (expense)
−Removed: Operating income (loss)
−Removed: Income tax benefit
−Removed: Total income (loss) from discontinued operations
−Removed: $ ( 650,600 )
13 – EQUITY TRANSACTIONS
−Removed: Common Stock Transactions
−Removed: the year ended December 31, 2023, no new equity transactions have occurred.
−Removed: Common Stock Transactions
+Added: Equity Transactions
+Added: the year ended December 31, 2024, no new common stock equity transactions have occurred.
+Added: the year ended December 31, 2024, 4 million shares of preferred stock of the company were issued in exchange for a consulting agreement.
+Added: These preferred shares have 15-1 voting rights compared to common shares.
+Added: These preferred shares are convertible to 3.6 million common
+Added: shares, only after a shareholder vote occurs to expand the authorized shares of common stock.
+Added: The preferred shares were valued at $ 144,000 , and were fully earned and expense recognized at the time of issue.
+Added: Equity Transactions
the year ended December 31, 2023, no new equity transactions have occurred.
1 unchanged sentence
non-controlling interest presented in our condensed consolidated financial statements reflects a 46% non-controlling equity interest
−Removed: in PWS, a 49 % non-controlling equity interest in PelleChar, and a 15% non-controlling interest in Benefuels.
−Removed: Net losses attributable
−Removed: to non-controlling interest, as reported on our condensed consolidated statements of operations, represents the net loss of each entity
−Removed: attributable to the non-controlling equity interest.
−Removed: The non-controlling interest is reflected within stockholders’ equity on the
−Removed: condensed consolidated balance sheet.
−Removed: 2023 and 2022, no warrants were issued.
−Removed: summary of warrant activity for the year ended December 31, 2022, is presented as follows:
−Removed: OF WARRANT ACTIVITY
−Removed: Term in Years
−Removed: Balance as of December 31, 2021
−Removed: Balance as of December 31, 2022
−Removed: Vested and exercisable as of December 31, 2022
+Added: in PWS, and 49 % non-controlling equity interest in PelleChar.
+Added: Net losses attributable to non-controlling interest, as reported on our
+Added: condensed consolidated statements of operations, represents the net loss of each entity attributable to the non-controlling equity interest .
+Added: The non-controlling interest is reflected within stockholders’ equity on the condensed consolidated balance sheet.
14 – STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLAN
18 unchanged sentences
summary of stock option activity for the year ended December 31, 2024, and 2023 is presented as follows:
−Removed: OF STOCK OPTION ACTIVITY
+Added: SCHEDULE OF STOCK OPTION ACTIVITY
Term in Years
6 unchanged sentences
the years ended December 31, 2024, and 2023, we recorded stock-based compensation awarded to employees of $ 0 .
+Added: The Company recorded $ 144,000 of
+Added: stock-based compensation relating to preferred shares issued in connection with a consulting contract.
of December 31, 2024, there was no unrecognized compensation cost related to non-vested stock options.
5 unchanged sentences
15 – NET EARNINGS (LOSS) PER SHARE
−Removed: net loss per share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares
−Removed: Diluted net loss per share is computed by dividing net loss attributable to common shareholders by the weighted average
−Removed: number of common shares outstanding plus the number of common shares that would be issued assuming exercise or conversion of all potentially
−Removed: dilutive common shares.
−Removed: Potentially dilutive securities are excluded from the calculation when their effect would be anti-dilutive.
−Removed: the year ended December 31, 2023, all potentially dilutive securities were excluded from the diluted share calculations as they were
−Removed: anti-dilutive as a result of the net loss incurred.
−Removed: Accordingly, basic shares equal diluted shares for the year ended December 31, 2023.
+Added: net gain or loss per share is computed by dividing net gain or loss attributable to common shareholders by the weighted average number
+Added: of common shares outstanding.
+Added: Diluted net gain or loss per share is computed by dividing net loss attributable to common shareholders
+Added: by the weighted average number of common shares outstanding plus the number of common shares that would be issued assuming exercise or
+Added: conversion of all potentially dilutive common shares.
+Added: Potentially dilutive securities are excluded from the calculation when their effect
+Added: would be anti-dilutive.
+Added: For years ended December 31, 2024 and 2023, all potentially dilutive securities have been excluded from the diluted
+Added: share calculations because they were anti-dilutive as a result of the net losses incurred for the respective period, or were dilutive,
+Added: but the exercise prices were above the stock price for the entire period, deeming them not to be converted, or exercised during the period.
+Added: Accordingly, basic shares equal diluted shares for all periods presented.
dilutive securities were comprised of the following:
−Removed: OF POTENTIALLY DILUTIVE SECURITIES
+Added: SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES
Years ended December 31,
+Added: Convertible preferred shares (net common issuable)
Convertible notes payable, including accrued interest
−Removed: Potentially dilutive
+Added: dilutive securities
+Added: 16 – DISCONTINUED SEM OPERATIONS
+Added: January 1, 2023, the Company’s board of directors, by unanimous consent, adopted a resolution to discontinue the then-current media
+Added: production operations of the Company’s wholly owned subsidiary, SEM, LLC.
+Added: For the years ended December 31, 2024 and 2023, all media
+Added: production operations from SEM have been reported as discontinued operations.
+Added: Management intends to use the SEM entity for the delivery
+Added: of biochar kilns to Biochar Now and, further, to commence SEER’s own biochar production in Texas under a joint venture license
+Added: from Biochar Now.
+Added: following table presents the assets and liabilities associated with the discontinued operations of SEM:
+Added: SCHEDULE OF DISCONTINUED OPERATIONS
+Added: Property and equipment, net
+Added: Total Assets held for sale
+Added: Accounts payable
+Added: Accrued liabilities
+Added: Current portion of long-term debt
+Added: Total current liabilities
+Added: Long-term debt
+Added: Total liabilities held for sale
+Added: classes of line items constituting pretax income on discontinued operations:
+Added: For the years ended December 31,
+Added: Services revenue
+Added: Services costs
+Added: General and administrative expenses
+Added: Salaries and related expenses
+Added: Gain on sale of assets held for sale
+Added: Operating income
+Added: Income tax benefit
+Added: Total income from discontinued operations
17 - SEGMENT INFORMATION AND MAJOR SEGMENT CUSTOMERS
8 unchanged sentences
information as of December 31, 2024, and 2023 and for the years then ended is as follows:
−Removed: OF SEGMENT INFORMATION
Ended December 31,
+Added: SCHEDULE OF SEGMENT INFORMATION
Environmental
1 unchanged sentence
Depreciation and amortization (1)
−Removed: Impairment loss - investments
−Removed: Impairment loss - goodwill
−Removed: Impairment loss - other intangible assets
+Added: Impairment - investments
Interest expense
+Added: Stock-based compensation
Net income (loss) attributable to SEER common stockholders
1 unchanged sentence
( 1,802,700 )
−Removed: Capital expenditures (cash and noncash)
+Added: Capital expenditures (cash and
Environmental
1 unchanged sentence
Depreciation and amortization (1)
−Removed: Impairment loss - goodwill
−Removed: Impairment loss - other intangible assets
+Added: Impairment - investments
Interest expense
2 unchanged sentences
( 2,372,800 )
+Added: Capital expenditures (cash and
Capital expenditures (cash and noncash)
+Added: Total assets (1)
depreciation of property, equipment and leasehold improvement and amortization of intangibles.
−Removed: Includes discontinued operations of SEM.
+Added: discontinued operations of SEM.
18 - INCOME TAXES
−Removed: of December 31, 2023, we estimate we will have net operating loss carryforwards available to offset future federal income tax of
−Removed: approximately $ 26.5
−Removed: These carryforwards will expire between the years 2029
−Removed: through 2038 .
−Removed: the Tax Reform Act of 1986, the amount of and the benefit from net operating losses that can be carried forward may be limited in
−Removed: certain circumstances.
−Removed: Events that may cause changes in our tax carryovers include, but are not limited to, a cumulative ownership
−Removed: change of more than 50% over a three-year period.
−Removed: Therefore, the amount available to offset future taxable income may be limited.
−Removed: carry a deferred tax valuation allowance equal to 100% of total deferred assets.
−Removed: In recording this allowance, we have considered a
−Removed: number of factors, but chiefly, our operating losses from inception.
−Removed: We have concluded that a valuation allowance is required for
−Removed: 100% of the total deferred tax assets as it is more likely than not that the deferred tax assets will not be
+Added: of December 31, 2024, we estimate we will have net operating loss carryforwards available to offset future federal income tax of approximately
+Added: $ 26.5 million.
+Added: These carryforwards will expire between the years 2029 through 2038 .
+Added: Under the Tax Reform Act of 1986, the amount of and
+Added: the benefit from net operating losses that can be carried forward may be limited in certain circumstances.
+Added: Events that may cause changes
+Added: in our tax carryovers include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period.
+Added: the amount available to offset future taxable income may be limited.
+Added: We carry a deferred tax valuation allowance equal to 100% of total
+Added: deferred assets.
+Added: In recording this allowance, we have considered a number of factors, but chiefly, our operating losses from inception.
+Added: We have concluded that a valuation allowance is required for 100% of the total deferred tax assets as it is more likely than not that
+Added: the deferred tax assets will not be realized .
non-current deferred tax asset is summarized below:
−Removed: OF NON-CURRENT DEFERRED TAX ASSETS
+Added: SCHEDULE OF NON-CURRENT DEFERRED TAX ASSETS
Deferred tax assets
10 unchanged sentences
federal income tax rate of 21 % for December 31, 2024 and 2023,
−Removed: OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)
+Added: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)
Income tax benefit
19 unchanged sentences
20 – SUBSEQUENT EVENTS
−Removed: January 2024, the Company received proceeds of $ 150,000 by issuing a secured promissory note, bearing interest at a rate of 8 % per annum,
−Removed: and maturing in January 2025 .
+Added: December, 2024, our Board of Directors acted by written consent in lieu of a meeting, to adopt and approve an amendment to our Articles
+Added: of Incorporation to increase the number of shares of common stock we are authorized to issue from 70,000,000 common shares with a par
+Added: value of $ 0.001 to 320,000,000 common shares with a par value of $ 0.001 (a net increase of 250,000,000 common shares).
+Added: A SEC form Pre-14C
+Added: was filed with the Securities and Exchange Commission on January 28, 2025, and after the required waiting period, the Company a SEC Form
+Added: Def-14C on February 14, 2025, effecting the increase in authorized shares of the Company.
+Added: An Amendment to the Company’s Articles
+Added: of Incorporation increasing the authorized number of common shares was filed with Nevada Secretary of State on February 18, 2025.
+Added: On February 28, 2025, and in accordance with the terms and condition of the Agreement, First Block, a beneficial owner of the company, converted 4,000,000 preferred shares into 3,600,000 shares of common stock and $ 225,000 of debt owed by the Company to First Block was forgiven and reclassed to additional paid in capital.
In April 2025, the Company received proceeds of $ 150,000
−Removed: by issuing a secured promissory note, bearing interest at a rate of 8 % per annum, and maturing the receipt of the receipt of proceeds
−Removed: from the billings of the kiln products the Company is contracted to construct.
+Added: by issuing a secured short-term promissory note, bearing interest at a rate of 8 % per annum, and maturing on June 20, 2025.
+Added: rate increases to 12 % after June 20, 2025, if not paid in full.
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.