Verde Clean Fuels(US:VGAS)2024-03-28 20:15Financial Performance - For the full year 2023, Verde Clean Fuels reported a GAAP diluted net loss per share of $(0.45), with a total net loss of $(10,501,276) compared to a net income of $2,719,294 in 2022[2][5]. - General and administrative expenses increased significantly to $11,515,192 in 2023 from $4,514,994 in 2022, contributing to the total operating loss of $10,545,386[5]. - The company's accumulated deficit reached $(23,922,730) by the end of 2023, compared to $(11,672,536) in 2022[7]. Assets and Liabilities - As of December 31, 2023, Verde's total assets amounted to $31,925,639, a significant increase from $6,356,043 in 2022, primarily due to cash and cash equivalents of $28,779,177[7]. - Verde's total current liabilities decreased to $2,458,535 in 2023 from $3,868,478 in 2022, indicating improved financial management[7]. - The company has a total stockholders' equity of $28,825,330 as of December 31, 2023, up from $1,103,365 in 2022[7]. Project Development - Verde's joint development agreement with Cottonmouth Ventures aims to produce approximately 3,000 barrels per day of gasoline, potentially mitigating the flaring of up to 34 million cubic feet of natural gas per day in the Permian Basin[3]. - The company is in the process of selecting FEED and EPC partners for the Cottonmouth Ventures project, with expectations to finalize selections soon[3]. - Verde is engaged in preliminary discussions for long-term offtake arrangements for D3 RINs, LCFS Credits, and gasoline, which would help manage price risk and support project financing[3]. Technology and Growth - Verde's proprietary STG+ technology is designed to convert syngas into fully finished fuels, positioning the company for growth in the renewable energy sector[8].