Spectra7 Microsystems Inc.
Climate Impact & Sustainability Data (2020, 2021, 2022)
Reporting Period: 2020
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Significant staffing issues, customer disruptions, and supply chain challenges caused by the spread of COVID-19 and associated shutdowns.
- COVID-19 pandemic negatively impacted the Company and its impact on the data center programs is uncertain.
Mitigation Strategies
- Significantly reduced operating expenses, including employee furloughs.
- Applied for enrollment in the Paycheck Protection Program (PPP) and applied for forgiveness of the funds received under the PPP.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: IFRS
Reporting Period: 2021
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Incurred a comprehensive loss during the year ended December 31, 2021 and had an accumulated deficit.
- Dependence on two customers for 94% of revenue in 2021 (96% in 2020).
Mitigation Strategies
- Funding operations through debt financings and private/public equity offerings.
- Seeking additional financing and/or achieving profitable operations.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: IFRS