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Victory Clean Energy, Inc. (VYEY0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three and nine months ended September 30, 2024 and 2023. The company reported a net loss of $1,161,280 for the three months ended September 30, 2024, compared to a net loss of $125,462 for the same period in 2023.
Consulting expenses for the nine months ended September 30, 2024, were $4,473,719, primarily due to the issuance of warrants and shares for services related to the merger. Licensing fees amounted to $1,015,000 for the same period, reflecting a new licensing agreement.
Personnel expenses increased to $1,004,346 for the nine months ended September 30, 2024, up from $112,597 in the previous year, due to increased hiring following the merger.
The company reported a loss from operations of $7,008,727 for the nine months ended September 30, 2024, an increase from $197,768 in the same period the previous year. This was primarily due to increased operations following the merger.
Other income for the nine months ended September 30, 2024, was $920,170, primarily due to a gain on debt extinguishment of $1,260,782, offset by a loss on the disposal of a subsidiary.
Victory Clean Energy, Inc. completed a merger with H2 Energy Group Inc. on January 1, 2024, resulting in a change of control and H2EG becoming a wholly owned subsidiary of Victory.
The company amended its Articles of Incorporation on January 11, 2024, to authorize 2,000,000,000 common shares and changed its name to Victory Clean Energy, Inc.
Victory Clean Energy, Inc. continues to experience net losses and negative cash flow from operations, raising substantial doubt about its ability to continue as a going concern. The company is seeking additional capital to support ongoing operations and the development of its Green Hydrogen technology.
As of September 30, 2024, Victory Clean Energy, Inc. had a working capital deficit of $1,519,153 and an accumulated deficit of $7,788,159.
The company entered into an agreement with Flagstaff International, LLC, which committed to invest $4,000,000 in exchange for Victory Series E Preferred Stock. As of November 14, 2024, Flagstaff has invested $1,772,500.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Victory Clean Energy, Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.