Featured Clean Energy Technology Announces Third Quarter 2021

Published on November 17th, 2021 📆 | 6702 Views ⚑

0

Clean Energy Technology Announces Third Quarter 2021

COSTA MESA, Calif., Nov. 17, 2021 (GLOBE NEWSWIRE) — Clean Energy Technologies (OTCQB: CETY), (“Clean Energy” or the “Company”), a low carbon energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, today announces financial results for the quarter ended September 30, 2021.

Financial and corporate highlights for the quarter ended September 30, 2021 and subsequently include the following:

  • Acquisition of Leading Wave Limited (LWL), a liquified natural gas (LNG) trading company in China.
  • Finalized agreement on $15M renewable energy processing facility to convert 10,000 tons per year of clean woody feedstock into an estimated 16,500 MWh electricity/year. In addition, the facility will produce 1,400 metric tons of BioChar and 26,000 MM BTU of heat per yer.
  • Secured a $500K sales order for the installation of a Clean Cycle Waste Heat Generator at the Aries Linden Biosolids Gasification Facility.
  • Retained CORE IR to assist the Company with investor relations, public relations and shareholder communications services.

Kam Mahdi, CEO of Clean Energy Technologies stated, “While the third quarter gross profit slowed year-over-year, the last quarter and even the beginning of the fourth quarter have been eventful for the Company. We have made significant progress in providing a renewable energy processing facility, and a sales order for our waste heat generator. However, more importantly, we recently expanded our global footprint to help drive additional revenue from an acquisition in China to provide liquified natural gas to it’s growing natural market. We also have renewed our dedication to improving communications with our stock holders, including the hiring of CORE IR, which is designed to improve our communications output and quality as we begin to prepare for a potential up-list to a major exchange.”

Financial Results for Quarter Ended September 30, 2021

Net Sales

The Company has five reportable segments: Clean Energy HRS (HRS), CETY Europe srl, CETY Renewables Ashfield, CETY Waste to Energy division and engineering & manufacturing services division. 

Segment breakdown

During the nine months ended September 30, 2021, revenue from Engineering and Manufacturing was $91,263 compared to $361,697 for the same period in 2020. The decrease was due to shift of focus on the heat recovery solution business and manufacturing.

In the nine months ended September 30, 2021, revenue from HRS was $602,607 compared to $823,928 for the same period in 2020. This decrease was mainly caused by delays in execution of orders and contracts as a result of the pandemic and supply chain delays.

In the nine months ended September 30, 2021, revenue from CETY Europe was $173,234 compared to $44,506 for the same period in 2020. This increase was mainly due to the overall increase in the service revenue and equipment sale.

Gross Profit

For the none months ended September 30, 2021, gross profits were $519,683 compared to $681,236 for the same period in 2020. Gross profits could vary from period to period and are affected by several factors, including, production and supply change efficiencies, material costs, and logistics.

Segment breakdown

During nine months ended September 30, 2021, our gross profit from Engineering and Manufacturing was $72,854 compared to $124,790 for the same period in 2020.

For the nine months ended September 30, 2021, gross profit from HRS was $312,118 compared to $518,695, for the same period in 2020. The decrease from the HRS segment was mainly due to no revenue in the first quarter of 2021 and supply chain delays and higher cost of materials.

During the nine months ended September 30, 2021, gross profit from CETY Europe was $134,712 compared to $37,481 for the same period in 2020. This increase was mainly due to the overall increase in the service revenue and equipment sales.

Net Income / Loss

In the third quarter ended September 30, 2021, net loss was $17,012 compared to net loss of $518.889 for the same period in 2020. This increase was primarily due to the gain on derivative liability in 2021.

In the nine months ended September 30, 2021, net profit was $819,716 compared to net loss of $1,055,970 for the same period in 2020. This increase was primarily due to the gain on derivative liability in 2021.

About Clean Energy Technologies

Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) a low carbon energy company delivers power from heat and biomass with zero emission and low cost. CETY designs, produces, and markets clean energy products & solutions focused on energy efficiency and renewable energy. The Company’s principal product is the Clean Cycle™ magnetic bearing heat recovery generator, offered by CETY’s subsidiary Clean Energy HRS, or Heat Recovery Solutions.

The Clean Cycle™ system captures waste heat from a variety of sources and turns it into electricity that can be used or sold back to the grid. CETY’s proven, reliable technology allows municipal, commercial, and industrial users with heat sources, such as from biomass, industrial processes, or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY’s common stock is currently traded on the OTC Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.

# # #

FINANCIAL TABLES FOLLOW

Clean Energy Technologies, Inc.
Consolidated Balance Sheet

    (unaudited)        
    September 30, 2021     December 31, 2020  
Assets                
Current Assets:                
Cash   $ 1,555,157     $ 414,885  
Accounts receivable – net     777,156       265,738  
Lease receivable asset     217,584       217,584  
Inventory     725,559       557,820  
Total Current Assets     3,275,456       1,456,027  
Property and Equipment – Net     38,120       53,432  
                 
Goodwill     747,976       747,976  
Long term financing receivables – (net)     684,770       752,500  
License     354,322       354,322  
Patents     118,538       127,445  
Right of use asset – long term     461,979       606,569  
Other Assets     38,088       25,400  
Total Non Current assets     2,443,793       2,667,644  
Total Assets   $ 5,719,249     $ 4,123,671  
                 
Liabilities and Stockholders’ (Deficit)                
Current Liabilities:                
Accounts payable   $ 871,316     $ 1,544,545  
Accrued Expenses     139,487       503,595  
Customer Deposits     194,500       82,730  
Warranty Liability     100,000       100,000  
Deferred Revenue     33,000       33,000  
Derivative Liability     274,178       2,008,802  
Facility Lease Liability – current     208,651       249,132  
Line of Credit     1,160,274       1,680,350  
Notes payable – GE     2,484,096       2,442,154  
Notes Payable     369,065        
Convertible Notes Payable (net of discount of $0 and $170,438 respectively)     291,100       541,426  
Related Party Notes Payable     597,594       600,075  
Total Current Liabilities     6,723,261       9,785,809  
Long-Term Debt:                
Notes Payable PPL           110,700  
Related Party Notes Payable     1,081,085       1,092,622  
Facility Lease Liability – long term     272,440       373,112  
Net Long-Term Debt     1,353,525       1,576,434  
Total Liabilities     8,076,786       11,362,243  
                 
Commitments and contingencies   $     $  
                 
Stockholders’ (Deficit)                
Preferred D stock, stated value $100 per share; 20,000 shares authorized; 7,500 shares and 7,500 shares issued and 0 and 4,500 outstanding as of September 30, 2021 and December 31, 2020, respectively           450,000  
Common stock, $.001 par value; 2,000,000,000 shares authorized; 923,893,327 and 821,169,656 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively     923,893       821,171  
Shares to be issued           61,179  
Additional paid-in capital     13,550,333       9,080,560  
Accumulated deficit     (16,812,704 )     (17,651,482 )
      (2,338,478 )     (7,238,572 )
                 
Non-controlling interest     (19,059 )      
Total Stockholders’ (Deficit)     (2,357,537 )     (7,238,572 )
Total Liabilities and Stockholders’ Deficit   $ 5,719,249     $ 4,123,671  

The accompanying footnotes are an integral part of these consolidated financial statements

Clean Energy Technologies, Inc.
Consolidated Statement of Operations
for the three and nine months ended September 30,
(Unaudited)

    three months     nine months  
    2021     2020     2021     2020  
Sales   $ 575,545     $ 215,318     $ 866,703     $ 1,230,131  
Cost of Goods Sold     274,401       112,288       374,020       548,895  
Gross Profit     301,144       103,030       519,683       681,236  
                                 
General and Administrative                                
General and Administrative expense     188,817       143,490       529,335       394,791  
Salaries     228,565       183,972       661,634       569,734  
Travel     26,381       27,045       66,735       67,861  
Professional Fees     41,174       52,034       123,383       129,385  
Facility lease and Maintenance     85,798       86,667       254,708       280,303  
Depreciation and Amortization     8,073       9,443       24,219       28,329  
Total Expenses     578,809       502,651       1,660,015       1,470,403  
Net Profit / (Loss) From Operations     (277,664 )     (399,621 )     (1,140,331 )     (789,167 )
                                 
Change in derivative liability     (10,745 )     88,836       1,734,624       208,195  
Gain / (Loss) on debt settlement’ and write down     460,568       191,833       828,666       431,698  
Interest and Financing fees     (189,171 )     (393,937 )     (603,240 )     (906,696 )
Net Profit / (Loss) Before Income Taxes     (17,012 )     (512,889 )     819,719       (1,055,970 )
Income Tax Expense                        
Net Profit / (Loss)     (17,012 )     (512,889 )     819,719       (1,055,970 )
                                 
Net (income) loss attributable to the non-controlling interests     19,059             19,059        
                             
Net income (loss) attributable to Clean Energy Technologies, Inc.   $ 2,047     $ (512,889 )   $ 838,778     $ (1,055,970 )
                                 
Per Share Information:                                
Basic weighted average number of common shares outstanding     922,225,702       768,031,046       891,312,514       762,841,333  
                                 
Net Profit / (Loss) per common share basic   $ (0.00 )   $ (0.00 )   $ 0.00     $ (0.00 )
                                 
Per Share Information:                                
Diluted weighted average number of common shares outstanding     922,225,702       768,031,046       1,357,635,219       762,841,333  
                                 
Net Profit / (Loss) per common share diluted   $ (0.00 )   $ (0.00 )   $ 0.00     $ (0.00 )

The accompanying footnotes are an integral part of these Consolidated financial statements

Clean Energy Technologies, Inc.
Consolidated Statements of Cash Flows
for the nine months ended September 30, 2021
(Unaudited)

    2021     2020  
Cash Flows from Operating Activities:                
Net Income / ( Loss )   $ 819,719     $ (1,055,970 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     24,219       28,329  
Gain on debt settlement     (828,666 )     (431,698 )
Shares issued for inducement     54,266       48,421  
Change in debt discount and Financing fees     730,826       442,560  
Change in derivative liability     (1,734,624 )     (208,195 )
Changes in assets and liabilities:                
(Increase) decrease in right of use asset     144,588       155,244  
(Increase) decrease in lease liability     (141,153 )     (149,142 )
(Increase) decrease in accounts receivable     (511,418 )     47,058  
(Increase) decrease in longterm financing receivables     67,730        
(Increase) decrease in inventory     (167,739 )     79,344  
(Decrease) increase in accounts payable     (673,236 )     60,234  
Other (Decrease) increase in accrued expenses     141,969       214,815  
Other (Decrease) increase in accrued expenses related party     (2,482 )     23,889  
Other (Decrease) increase in deferred revenue           (14,750 )
Other (Decrease) increase in customer deposits     111,770       (226,500 )
Net Cash Provided by (Used In) Operating Activities     (1,964,231 )     (986,361 )
                 
Cash Flows from Investing Activities                
Purchase property plant and equipment            
Cash Flows Used In Investing Activities            
                 
Cash Flows from Financing Activities                
Bank Overdraft / (Repayment)           (1,480 )
Payment on notes payable and lines of credit     (894,208 )     (156,000 )
Proceeds from notes payable     414,200       818,541  
Proceeds from notes payable related party            
Stock issued for cash     3,584,511       345,524  
Cash Flows Provided By Financing Activities     3,104,503       1,006,585  
                 
Net (Decrease) Increase in Cash and Cash Equivalents     1,140,272       20,224  
Cash and Cash Equivalents at Beginning of Period     414,885       7,406  
Cash and Cash Equivalents at End of Period   $ 1,555,157     $ 27,630  
                 
Supplemental Cashflow Information:                
Interest Paid   $ 145,230     $ 142,184  
Taxes Paid   $     $  
                 
Supplemental Non-Cash Disclosure                
Shares issued for warrant conversion   $     $  
Discount on derivatives   $     $ 134,961  
Shares issued for preferred conversions   $ 450,000     $ 80,000  
Shares issued for debt conversion conversions   $ 75,473     $  
Shares issued for debt conversion conversions   $ 347,538     $ 34,000  

The accompanying footnotes are an integral part of these consolidated financial statements

DISCLAIMER

This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.

Investor Relations Contact:
CORE IR
516-222-2560
[email protected]
[email protected]

Media Contact:
Jules Abraham
CORE IR
917-885-7378
[email protected]

Source link

Tagged with:



Leave a Reply

Your email address will not be published. Required fields are marked *