Verde Clean Fuels(US:VGAS)2024-05-14 20:20Financial Performance - For Q1 2024, Verde Clean Fuels reported a GAAP diluted net loss per share of $(0.13), compared to $(0.09) in Q1 2023[2][5] - The total operating loss for Q1 2024 was $2,875,211, a slight decrease from $3,049,302 in Q1 2023[5] - General and administrative expenses for Q1 2024 were $2,789,376, down from $4,265,640 in the same period last year[5] - As of March 31, 2024, Verde's total assets were $30,055,087, a decrease from $31,925,639 at the end of 2023[7] - Cash and cash equivalents as of March 31, 2024, were $25,941,604, down from $28,779,177 at the end of 2023[7] - The accumulated deficit increased to $(24,695,101) as of March 31, 2024, from $(23,922,730) at the end of 2023[7] Project Development - The company is in the process of selecting FEED/EPC services for the Cottonmouth Ventures project in the Permian Basin[3] - Verde is part of a DOE-funded consortium with a total funding of $500,000 to study the production of zero-emission methanol[3] Strategic Initiatives - Verde is engaging in preliminary discussions for long-term offtake arrangements for D3 RINs, LCFS Credits, and gasoline[3] - The company expects methanol to play a vital role in decarbonizing the maritime and chemical industries[3]