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CETY(CETY) - 2022 Q4 - Annual Report
2023-04-16 16:00
Our strategy is focused on further developing our existing Waste Heat Recovery business while expanding into the rapidly growing markets for Waste to Energy Solutions and clean energy engineering, consulting and project management services. ● Expanding our Waste Heat Recovery product line to include waste heat recovery ORC systems producing over 1 MW of power so we can qualify for midsized and large heat recovery projects in the United States, China, Southeast Asian and Pacific Rim countries. We intend to i ...
CETY(CETY) - 2022 Q3 - Quarterly Report
2022-11-13 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT DATED September 30, 2022 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the nine months ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 000-55656 CLEAN ENERGY TECHNOLOGIES, INC. (Exact name of registrant as specified ...
CETY(CETY) - 2022 Q2 - Quarterly Report
2022-08-21 16:00
PART I. FINANCIAL INFORMATION [Consolidated Financial Statements](index=4&type=section&id=ITEM%201.%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The company's financial statements show increased assets and revenue but also a growing deficit and net loss, raising substantial doubt about its ability to continue as a going concern - The company's financial statements have been prepared on a going concern basis, but there is substantial doubt about its ability to continue due to a **total stockholder's deficit of $646,909**, a **working capital deficit of $3,208,372**, and an **accumulated deficit of $17,883,464** as of June 30, 2022[25](index=25&type=chunk)[215](index=215&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets increased to $7.95 million while total liabilities grew to $8.60 million, resulting in an improved but still negative stockholders' deficit Consolidated Balance Sheet Summary (as of June 30, 2022 vs. December 31, 2021) | Balance Sheet Item | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $4,256,879 | $2,605,504 | | **Total Assets** | **$7,951,016** | **$6,432,274** | | **Total Current Liabilities** | $7,465,251 | $6,865,123 | | **Total Liabilities** | **$8,597,924** | **$8,153,986** | | **Total Stockholders' (Deficit)** | **($646,909)** | **($1,721,712)** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Sales surged to $2.52 million for the six months ended June 30, 2022, but the company recorded a net loss of $459k due to the absence of a prior-year gain on derivative liability Statement of Operations Summary (Six Months Ended June 30) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Sales** | $2,522,968 | $291,158 | | **Gross Profit** | $1,125,990 | $218,539 | | **Net Profit / (Loss) From Operations** | ($28,368) | ($862,670) | | **Change in derivative liability** | ($13,399) | $1,745,369 | | **Net Profit / (Loss)** | **($459,531)** | **$836,728** | | **Net Profit / (Loss) per share** | ($0.00) | $0.00 | [Consolidated Statements of Stockholders Deficit](index=8&type=section&id=Consolidated%20Statements%20of%20Stockholders%20Deficit) The stockholders' deficit improved to ($647k) from ($1.72 million) due to capital raised from common stock issuances, which offset the period's net loss - During the first six months of 2022, the company issued **15,035,000 shares under its Reg A offering** and **8,071,797 shares under its S-1 registration**, contributing to an increase in additional paid-in capital[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company used $1.23 million in operating activities and funded its deficit with $1.91 million from financing activities, resulting in a net cash decrease of $223k Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net Cash Used In Operating Activities** | ($1,233,918) | ($1,449,202) | | **Net Cash Used In Investing Activities** | ($785,828) | $0 | | **Net Cash Provided By Financing Activities** | $1,905,454 | $3,077,155 | | **Net (Decrease) Increase in Cash** | **($223,397)** | **$1,627,953** | | **Cash at End of Period** | $968,919 | $2,042,838 | [Notes to the Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail the 'going concern' basis, debt defaults, related-party transactions, and the four reporting segments, with CETY HK driving revenue growth - The company has four reportable segments: Clean Energy HRS (waste heat recovery), CETY Europe, the legacy Electronic Assembly division, and **CETY Hong Kong (LNG trading and infrastructure)**[24](index=24&type=chunk)[61](index=61&type=chunk) - The company is in **default on the payment of the purchase price to General Electric** for the HRS asset acquisition, with a total liability to GE of **$2,526,036** as of June 30, 2022[102](index=102&type=chunk) - Subsequent to the quarter's end, the company entered into **new convertible promissory note agreements** with Jefferson Street Capital and First Fire Global Opportunities Fund in August 2022 to raise additional capital[191](index=191&type=chunk)[192](index=192&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes revenue growth to its new LNG trading segment in China and explains the net loss as a result of a non-recurring gain in the prior year - The company's mission is to be a leader in the 'Zero Emission Revolution' by offering recyclable energy solutions, clean energy fuels, and alternative power for small and mid-sized projects[26](index=26&type=chunk)[207](index=207&type=chunk) - The company's principal businesses include Waste Heat Recovery Solutions, Waste to Energy Solutions, Engineering/Consulting, and **LNG trading operations in China via its CETY HK subsidiary**[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk) - The **'Going Concern' issue is re-emphasized**, citing a stockholder's deficit of $646,909, a working capital deficit of $3,208,372, and reliance on future financing to continue operations[215](index=215&type=chunk)[216](index=216&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Net sales grew to $2.52 million driven by the CETY HK segment, but a net loss was recorded due to the non-recurrence of a prior-year gain on derivative liability Segment Revenue (Six Months Ended June 30) | Segment | 2022 Revenue | 2021 Revenue | | :--- | :--- | :--- | | Engineering & Manufacturing | $61,018 | $41,223 | | Clean Energy HRS | $460,885 | $88,807 | | CETY Europe | $38,012 | $161,128 | | CETY HK | $1,983,062 | $0 | - The significant increase in net profit in 2021 compared to the net loss in 2022 was mainly due to a **$1.75 million gain on derivative liability in 2021**[218](index=218&type=chunk)[233](index=233&type=chunk) - Professional fees increased to **$224,195** from $82,209 year-over-year, attributed to higher expenses related to a proposed IPO and up-listing to NASDAQ[229](index=229&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is strained with negative operating cash flow, necessitating continued reliance on equity and debt financing for operations Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | ($1,233,918) | ($1,449,202) | | Cash Flows Used In Investing Activities | ($785,828) | $0 | | Cash Flows Provided By Financing Activities | $1,905,454 | $3,077,155 | | Net (Decrease) Increase in Cash | ($223,397) | $1,627,953 | - The company will continue to **rely on equity sales** of its common shares to fund business operations, which will result in dilution to existing stockholders[242](index=242&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, this section is not applicable and no information is provided - The company is a **smaller reporting company** as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and is not required to provide the information under this item[246](index=246&type=chunk) [Controls and Procedures](index=50&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls were ineffective due to material weaknesses, including a lack of independent directors on the Board - Management concluded that **disclosure controls and procedures were not effective** as of June 30, 2022[247](index=247&type=chunk) - The ineffectiveness is due to material weaknesses, including the Board of Directors **not having any independent members** and no director qualifying as an audit committee financial expert[247](index=247&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=50&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not currently involved in any material legal proceedings - The Company is presently **not involved in any legal proceedings** which in the opinion of management are likely to have a material adverse effect on the Company's consolidated financial position or results of operations[249](index=249&type=chunk) [Risk Factors](index=50&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors have occurred since the last Annual Report on Form 10-K - There have been **no material changes in the Company's risk factors** from those previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021[250](index=250&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company issued unregistered equity securities to settle debt, for preferred stock conversion, and through a Reg A offering - On February 21, 2022, the company issued **15,035,000 shares of its common stock under its Reg A offering** at $0.08 per share[258](index=258&type=chunk) - In June 2021, related party MGW I converted **$75,000 of its convertible note into 25,000,000 shares** of common stock[256](index=256&type=chunk) [Defaults Upon Senior Securities](index=52&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company is in default on senior securities payments to General Electric International and Cybernaut Zfounder Ventures - The company is in **default on the payment of $1,200,000 to General Electric International** related to an asset purchase agreement[260](index=260&type=chunk) - The company is also in **default of $187,285 in payments** on notes payable to Cybernaut Zfounder Ventures[261](index=261&type=chunk) [Mine Safety Disclosures](index=52&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not Applicable[262](index=262&type=chunk) [Other Information](index=52&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other information was reported for this item - None[263](index=263&type=chunk) [Exhibits](index=52&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the report, including officer certifications and Inline XBRL data List of Exhibits | Exhibit | Description | | :--- | :--- | | 31.01 | Certification of Principal Executive Officer | | 31.02 | Certification of Principal Financial Officer | | 32.01 | Certification of CEO Pursuant to Section 906 | | 32.02 | Certification of CFO Pursuant to Section 906 | | 101.* | Inline XBRL Documents |
CETY(CETY) - 2022 Q1 - Quarterly Report
2022-05-15 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT DATED March 31, 2022 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the three months ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 000-55656 CLEAN ENERGY TECHNOLOGIES, INC. (Exact name of registrant as specified in its ...
CETY(CETY) - 2021 Q4 - Annual Report
2022-04-14 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 CETY OTCQB FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ________________ ...
CETY(CETY) - 2021 Q3 - Quarterly Report
2021-11-16 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT DATED SEPTEMBER 30, 2021 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the nine months ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 000-55656 CLEAN ENERGY TECHNOLOGIES, INC. (Exact name of registrant as specified ...
CETY(CETY) - 2021 Q2 - Quarterly Report
2021-08-15 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT DATED JUNE 30, 2021 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the six months ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 000-55656 CLEAN ENERGY TECHNOLOGIES, INC. (Exact name of registrant as specified in its cha ...
CETY(CETY) - 2021 Q1 - Quarterly Report
2021-05-13 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT DATED MARCH 31, 2021 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the three months ended March 31, 2021 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 000-55656 CLEAN ENERGY TECHNOLOGIES, INC. (Exact name of registrant as specified in ...
CETY(CETY) - 2020 Q4 - Annual Report
2021-04-14 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ____________________________________ Commission File Number: 000-55656 CLEAN ENERGY TECHNOLOGIES, INC. (Exact name of registrant as sp ...
CETY(CETY) - 2020 Q3 - Quarterly Report
2020-11-23 18:35
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT DATED SEPTEMBER 30, 2020 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the three months ended September 30, 2020 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 000-55656 CLEAN ENERGY TECHNOLOGIES, INC. (Exact name of registrant as spec ...