Absolute Must-readNote # 3 attached to Cielo's financials:
GOING CONCERN The Company has not yet generated revenue from its planned commercial operations and has accumulated losses of $70,693,390 as at January 31, 2022 and generated losses of $4,367,527 and $12,247,568 for the three and nine months ended January 31, 2022, respectively. In addition, there is a working capital deficit of $10,158,847 at January 31, 2022. Notwithstanding the Company amended its short-term loan subsequent to period end (Note 8), the Company will require additional capital to fund costs relating to research, development and other corporate activities over the next year and beyond, and to fund payments of short-term indebtedness as they become due and otherwise fund the working capital deficiency. The Company will continue to explore alternatives to generate additional financing, which may include raising additional equity and debt or entering into strategic partnerships; however, there is no assurance that these initiatives will be successful. The Company has not reached planned commercial operations and its ability to continue as a going concern is dependent on its ability to generate revenue and positive cash flow from operating activities, and its ability to obtain additional financing to fund the cost of research, development, and other corporate activities. These matters create material uncertainty which may cast significant doubt about the Company’s ability to continue as a going concern.