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CIELO ANNOUNCES FISCAL Q1 2022 FINANCIAL RESULTS September 29 , 2021 - Vancouver , British Columbia , Canada - Cielo Waste Solutions Corp. ( TSXV : CMC ; OTCQB : CWSFF ) ( " Cielo " or the " Company " ) today announced the financial results for the three months ended July 31 , 2021. All amounts in this news release are in Canadian dollars unless otherwise indicated . Q1 2022 HIGHLIGHTS Total assets increased by $ 1.2 million as at July 31 , 2021 compared to April 30 , 2021 , due to the increase in property , plant and equipment related to the construction activities at the Aldersyde facility , and the increase of prepaid expenses , partially offset by the decrease in cash related to increased research and development and general and administrative expenditures . ● Total liabilities decreased by $ 8.2 million as at July 31 , 2021 compared to April 30 , 2021 due to the exercise of liability classified warrants and the conversion of convertible debentures , partially offset by the increase in accounts payable and accrued liabilities . Working capital increased by $ 5.8 million to $ 5.1 million surplus as at J uly 31 , 2021 , compared to $ 0.7 million deficiency as at April 30 , 2021 , primarily as a result of the decrease in short - term warrant liability upon the exercise of warrants , partially offset by the decrease in cash . The net loss for the three months ended July 31 , 2021 was $ 3.0 million , an increase of $ 1.7 million compared to $ 1.3 million net loss for the same period in the prior year , mainly due to the following : An increase of $ 1.0 million in general and administrative expenses mainly due to salaries and benefits for the additional employees hired to facilitate the growth of the Company , and professional fees incurred related to the listing of the Company's shares on the TSX Venture Exchange in June 2021 . An increase of $ 1.5 million in research and development expenses in the current quarter due to the increase in research and development activities conducted at the Aldersyde facility , and the shutdown of the Aldersyde facility during the same period the prior year due to the COVID - 19 pandemic . SELECTED FINANCIAL INFORMATION ( Thousands of dollars ) Total assets Total non - current liabilities Working capital surplus ( deficiency ) CIELO Window to a Cleaner World ™ ( Thousands of dollars , except per share amounts ) Total revenue Financing costs General and administrative Research and development Net loss Net loss per share - basic & diluted July 31 , 2021 46,349 1,058 5,078 Three months ended July 31 , 2021 122 1,556 1,682 ( 3,039 ) ( 0.005 ) April 30 , 2021 ( RESTATED ) 45,192 1,574 ( 688 ) July 31 , 2020 ( RESTATED ) 4 189 540 143 ( 1,276 ) ( 0.005 )