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CIELO Window to a Cleaner World " CIELO ANNOUNCES FISCAL Q2 2022 FINANCIAL RESULTS - © Cielo Waste Solutions Corp. ( TSXV : CMC ; December 21 , 2021 - Vancouver , British Columbia , Canada OTCQB : CWSFF ) ( " Cielo " or the " Company " ) today announced the financial results for the three and six months ended October 31 , 2021. All amounts in this news release are in Canadian dollars unless otherwise indicated . Q2 2022 HIGHLIGHTS • • • Total assets increased by $ 8.5 million as at October 31 , 2021 compared to April 30 , 2021 , mainly due to the increase in property , plant and equipment related to the asset purchase in Fort Saskatchewan , Alberta for $ 13 million and the construction activities at Aldersyde facility , partially offset by the decrease in cash related to the continued research and development activities and general and administrative expenditures . Total liabilities decreased by $ 1.9 million as at October 31 , 2021 compared to April 30 , 2021 due to the exercise of liability classified warrants , the conversion of convertible debentures and the decrease in accounts payable and accrued liabilities , partially offset by the mortgage loan for the asset purchase in Fort Saskatchewan , Alberta . Working capital deficiency as at October 31 , 2021 was $ 8.2 million , compared to $ 0.7 million deficit as at April 30 , 2021. The increase in working capital deficiency of $ 7.5 million was mainly due to : ( i ) the decrease in cash balance which was used to fund research , development and corporate activities ; ( ii ) the addition of the mortgage loan for the asset purchase in Fort Saskatchewan , Alberta ; and ( iii ) partially offset by the decrease in short - term warrant liability upon the exercise of warrants . The initial term of the mortgage loan will end in August 2022 and Cielo has the option to renew the loan for a further period of six months in August 2022. Cielo is planning to either renew or replace the mortgage loan by the end of the initial term in August 2022 . The net loss for the three months ended October 31 , 2021 , increased by $ 1.9 million compared to the same period in the prior year mainly due to : ( i ) the increase of $ 1.7 million in research and development expenses mainly related to the Aldersyde facility ; ( ii ) the increase of $ 1.2 million in general and administrative expenses related to salaries and benefits for additional employees hired to facilitate the growth of the Company , professional fees for TSXV filing , external audit and tax compliance services , and ( iii ) partially offset by the decrease of $ 0.9 million in fair value loss of warrant liability .