Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS

v3.22.2.2
INVESTMENTS
9 Months Ended
Sep. 30, 2022
Investments, All Other Investments [Abstract]  
INVESTMENTS

NOTE 9 – INVESTMENTS

 

Paragon Waste Solutions LLC

 

Since its inception through September 30, 2022, the Company has provided approximately $6.5 million in funding to PWS for working capital and the further development and construction of various prototypes and commercial waste destruction units. No members of PWS have made capital contributions or other funding to PWS other than SEER. The intent of the operating agreement is to provide the funding as an advance against future earnings distributions made by PWS.

 

Paragon Southwest Medical Waste

 

On July 20, 2022, PWS transferred all patents owned covering medical waste destruction, and related technology, to its joint venture, Paragon Southwest Medical Waste (“PSMW”), in exchange for units in PSMW. The units in PSMW transferred in connection with this transaction increased SEER’s equity in PSMW to approximately 30%, on a total consolidated basis. This transaction also canceled the irrevocable license and royalty agreement, and the management agreement between PWS and PSMW.