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Clean Energy Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $1,944,333 for the nine months ended September 30, 2024, compared to $5,278,203 for the same period in 2023. The decrease is attributed to the deconsolidation of the China operations.
Gross profit for the period was $641,575, down from $992,943 in the previous year, due to lower revenue from the China operations.
Operating expenses increased to $3,193,447 from $2,463,090, primarily due to higher salaries, professional fees, and stock compensation for loan inducements.
The company reported a net loss of $3,550,669, compared to a net loss of $2,460,489 in the previous year, attributed to lower revenues and higher SG&A expenses.
Cash used in operating activities was $2,788,608, while cash provided by investing and financing activities was $83,340 and $2,660,036, respectively.
Clean Energy Technologies had a working capital deficit of $778,464 as of September 30, 2024, with an accumulated deficit of $26,643,673, indicating substantial doubt about the company's ability to continue as a going concern.
The filing details various financial agreements, including a loan agreement with Vermont Renewable Gas LLC for the construction of a waste-to-biogas generation facility.
Clean Energy Technologies does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its four business segments: Clean Energy HRS & CETY Europe, CETY Renewables Waste to Energy Solutions, Engineering and Manufacturing Business, and CETY HK.
The filing includes information on the deconsolidation of Sichuan Hongzuo Shuya Energy Limited, which was previously consolidated under ASC 810 as a variable interest entity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Clean Energy Technologies Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.