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Clean Vision Corp (CLNV-3.94%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, showing revenue of $34,799, an increase from $26,908 in the same quarter of the previous year. Revenue was generated from the company's subsidiary, Clean-Seas Morocco, through the sale of pyrolysis oil.
Consulting expenses decreased to $230,819 from $389,925, attributed to fewer shares of common stock issued for services.
Advertising and promotion expenses were reported at $30,109, reflecting increased marketing activities.
Development expenses amounted to $172,525, associated with the development of the company's PCN facility in West Virginia.
Professional fees decreased to $36,399 from $79,527, due to reduced legal and audit fees.
Payroll expenses increased to $337,378 from $217,806, reflecting additional hiring.
General and administrative expenses decreased to $127,125 from $401,845, as the company reduced spending while pursuing financing opportunities.
Net loss for the quarter was $1,552,709, after deducting $46,240 attributed to non-controlling interest.
For the nine months ended September 30, 2024, revenue was $107,946, down from $188,205 due to a technical issue at the Morocco facility.
Consulting expenses for the nine months decreased to $837,764 from $1,084,423.
Development expenses for the nine months were $221,896, linked to the West Virginia facility.
Professional fees for the nine months decreased to $359,049 from $621,087.
Payroll expenses for the nine months increased to $967,816 from $750,070.
General and administrative expenses for the nine months decreased to $789,589 from $1,162,648.
Net loss for the nine months was $5,538,238, after deducting $167,039 attributed to non-controlling interest.
Cash used in operating activities for the nine months was $1,512,095, compared to $3,412,108 in the previous year.
The company reported a working capital deficit of $13,680,981 as of September 30, 2024.
Clean Vision Corp continues to explore financing opportunities to support its operations and development plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Clean Vision Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.