Welcome to our dedicated page for Carbon Streaming Corporation news (Ticker: OFSTF), a resource for investors and traders seeking the latest updates and insights on Carbon Streaming Corporation stock.
Carbon Streaming Corporation (OFSTF) operates at the intersection of environmental impact and innovative finance through its carbon credit streaming model. This dedicated news hub provides investors and stakeholders with timely updates on corporate developments, project milestones, and financial performance.
Our comprehensive coverage includes earnings reports, strategic partnerships, and progress on key environmental initiatives like the Azuero Reforestation Project. Stay informed about operational updates including carbon credit acquisitions, portfolio diversification efforts, and financial management strategies that define the company's market position.
Key focus areas include updates on streaming model implementation, non-IFRS financial reporting, and sustainable land restoration projects. Bookmark this page for direct access to official press releases and objective analysis of corporate developments affecting the carbon credit marketplace.
Carbon Streaming (OTCQB: OFSTF) has initiated legal action in the Ontario Superior Court of Justice against former executives, directors, and consultants. The lawsuit alleges breach of fiduciary duty, fraudulent misrepresentation, and unjust enrichment.
The company seeks significant damages from multiple defendants, including:
- USD $30.1 Million from Justin Cochrane
- USD $4.1 Million each from Conor Kearns and Black Vulcan Resources
- USD $1.4 Million from Anthony Milewski and The Oregon Group
- USD $850,000 from Michael Beck and Regent Advisors
- USD $400,000 from Beck, Milewski, and Carbon Advisors
- USD $4.1 Million each from Maurice Swan, Andrew Scott Tester and Jeanne Usonis
The lawsuit claims defendants approved payments for advisory and consulting fees for minimal or no services rendered, made false representations leading to financial losses, and improperly diverted funds.
Carbon Streaming (OTCQB: OFSTF) reported its financial results for FY2024, revealing significant challenges and restructuring efforts. The company ended the year with $37.4 million in cash and no corporate debt, while implementing major cost-cutting measures by reducing full-time staff from 24 to 4 by January 2025.
Key financial metrics include a net loss of $67.4 million for 2024, compared to $35.5 million in 2023, largely due to a $58.2 million loss on revaluation of carbon credit streaming agreements. The company generated $1.6 million in settlements from carbon credit agreements.
Notable portfolio developments include: the Rimba Raya Stream facing legal challenges over license revocation in Indonesia; the Magdalena Bay Blue Carbon Stream receiving an abandonment notice; termination of the Sustainable Community Stream due to missed milestones; and slower-than-anticipated expansion of the Cerrado Biome Stream. The Community Carbon Stream issued over 1.6 million carbon credits in 2024, generating $1.1 million in cash settlements.
Carbon Streaming (OTCQB: OFSTF) received a Notice of Adverse Impact from Mast Reforestation regarding the Sheep Creek Stream Agreement. The project has experienced significantly higher mortality rates and slower growth rates than expected among seedlings. As a result, Mast indicated it cannot deliver the agreed 286,229 forecast mitigation units, considering the existing project plan and budget no longer viable.
The company has formally responded to the notice, raising concerns about its timing and characterization. Carbon Streaming is evaluating legal options under the agreement. The company had previously entered a US$15 million pipeline streaming agreement with Mast and invested US$2 million through a convertible note, which was converted into 1.3 million preferred shares valued at $2.6 million in October 2023.
The company expects these developments to materially decrease the fair value of both the Sheep Creek Stream and the Preferred Shares on its consolidated financial statements.
Carbon Streaming (OTCQB: OFSTF) announced key leadership changes. Marin Katusa, who became CEO on November 25, 2024, has been appointed to the board of directors, replacing Jeanne Usonis who has resigned. Additionally, Mark Schaal will assume the role of Chief Financial Officer effective January 1, 2025. Schaal brings over 35 years of finance and accounting experience, including 17 years as CFO of various private companies. He holds a BA in Economics from UCLA and an MBA from Dartmouth's Tuck School of Business.
Carbon Streaming (OTCQB: OFSTF) has appointed Marin Katusa as CEO, effective November 25, 2024, following a comprehensive search. Katusa, one of the company's largest shareholders, will succeed interim CEO Christian Milau, who will step down from both his executive role and board position by November 30, 2024.
Notably, Katusa has elected to receive only a nominal $1 per annum salary, foregoing standard compensation to help reduce costs. He emphasized that the company's current portfolio requires further restructuring to maximize shareholder and stakeholder value.
Carbon Streaming reported Q3 2024 financial results, ending with $41.9M in cash and no corporate debt. The company faced significant challenges, recording a net loss of $11.9M compared to net income of $0.7M in Q3 2023. Key developments included a $11.7M loss on revaluation of carbon credit agreements, primarily due to the Magdalena Bay and Sustainable Community Stream values dropping to zero. The company generated $0.1M from carbon credit streaming agreements and continued its restructuring plan with a $0.3M charge. Operating loss increased to $13.6M from $0.1M in Q3 2023.
Carbon Streaming (OFSTF) has initiated arbitration proceedings and an Ontario court action to enforce its rights under the Rimba Raya PSA and related agreements. This follows the revocation of the Forest Utilization Business License for the Rimba Raya project by Indonesia's Ministry of Environment and Forestry (MOEF) on April 26, 2024. The Company alleges improper acts and breaches by Infinite-Earth and its principals.
On July 11, 2024, the Court of Jakarta declared the MOEF's revocation void, a decision upheld on September 30. The MOEF has until October 18, 2024, to appeal to the Supreme Court. Carbon Streaming had previously determined the fair value of the Rimba Raya PSA to be nil in its Q1 2024 financial results.
Carbon Streaming (OTCQB: OFSTF) reported financial results for Q2 2024, ending with $43.5 million in cash and no corporate debt. The company generated $0.5 million in settlements from carbon credit streaming and royalty agreements, up from $38,000 in Q2 2023. Net loss was $2.8 million, improved from a $9.2 million loss in Q2 2023. The company is focusing on cash flow optimization and working towards breakeven on operating cash flow by 2025. Recent management changes are expected to decrease operating expenses by over $1 million per year. Carbon Streaming continues to optimize its portfolio, with updates on projects including Rimba Raya, Azuero Reforestation, and Community Carbon. The company aims to become a market leader in carbon credit financing, focusing on high-quality removals and avoidance credits.
Carbon Streaming (Cboe CA: NETZ) (OTCQB: OFSTF) held its annual general and special meeting on July 24, 2024. Shareholders elected five directors and approved the appointment of Deloitte LLP as auditor. The company's omnibus long-term incentive plan was also approved. Notably, Candace MacGibbon did not stand for re-election as a director.
A total of 12,501,820 common shares, representing approximately 26.06% of outstanding shares, were voted for the election of directors. The voting results showed strong support for all nominees, with approval rates ranging from 98.3% to 99.4%.
Carbon Streaming (OTCQB: OFSTF) has announced a significant development in the Rimba Raya Project. The State Administrative Court of Jakarta has declared void the Indonesian Government's Ministry of Environment & Forestry's (MOEF) revocation of the Forest Utilization Business License for the project. This decision, made on July 11, 2024, is subject to a 14-day appeal period. The interlocutory decision from May 16, 2024, allowing project activities to resume, remains in effect during any potential appeal.
The company had previously valued the Rimba Raya Stream at nil due to the license revocation. Carbon Streaming will re-evaluate the fair value if circumstances change. The company continues to explore legal options to protect its investment and enforce its rights under the Rimba Raya Stream.
