Clean Energy Technologies Announces 2022 Year-End Financial Results Summary
17 Abril 2023 - 11:00AM
Clean Energy Technologies, Inc. (Nasdaq CETY) (the “Company”), a
clean energy manufacturing and services company, offering
recyclable energy solutions, clean energy fuels, and alternative
electric power for small and mid-sized projects in North America,
Europe, and Asia today announced
the
2022 Year-End
financial results.
Financial Milestones Achieved
and Strong Execution of
Operational Strategy
Financial and corporate highlights for the year
ended December 31, 2022 and subsequently include the following:
- For the year ended December 31,
2022, our total revenue was $2,663,212 compared to $1,300,439 for
the same period in 2021; revenue grew 104% in 2022 compared to
2021.
- For the year ended December 31,
2022, our gross profits increased to $1,174,196 from $610,407 for
the same period in 2021; gross profit grew 92%. in 2022 compared to
2021.
- For the year ended December 31,
2022, our net profit was $147,395 compared to $297,551 for the same
period in 2021. This is due to one-time increased professional
fees, and interest and financing expenses, attributed to the Nasdaq
up-listing application and it also reflects the gain discussed
below.
- For the year ended December 31,
2022, we recognized a gain on debt settlement of $2,556,916 from
the GE note write off compared to $868,502 for the year ended
December 31, 2021 due to several liabilities statute of limitations
had expired.
- We raised approximately $1.2
million in Regulation A equity offering in Q1 2022 at $3.20 per
share.
- For the year ended December 31,
2022, our stockholder’s equity was $1,878,196 compared to
stockholder’s deficit of $1,721,712 for the same period in
2021.
Subsequent to the year end results, the
company’s equity position has increased substantially during the
first quarter of 2023 evidenced by the subsequent events and
company’s recent filings, mainly due to the recent public offering
with gross proceeds of $3.9 million, the full conversion of a
convertible note valued at $666,250, and gain from a $324,000
convertible note payoff. The company has demonstrated profitability
for two consecutive years and is no longer in default to any major
creditors. It is the Management’s opinion that the Company has
sufficient operating capital and can continue to deliver
profitability in its current state. The Company’s ability to access
capital has also significantly improved as it listed on Nasdaq on
March 23, 2023. Management believes through streamlined operations
and scaling global sales, the Company can maintain long-term
profitability and sufficient capitalization.
About Clean Energy Technologies
Headquartered in Costa Mesa, California,
Clean Energy Technologies (CETY) plans to become a leader in the
zero-emission revolution by offering recyclable energy solutions,
clean energy fuels and alternative electric power for small and
mid-sized projects in North America, Europe, and Asia. We deliver
power from heat and biomass with zero emission and low cost. The
Company's principal products are Waste Heat Recovery Solutions
using our patented Clean Cycle TM generator to create electricity.
Waste to Energy Solutions converting waste products created in
manufacturing, agriculture, wastewater treatment plants and other
industries to electricity and BioChar. Engineering, Consulting and
Project Management Solutions providing expertise and experience in
developing clean energy projects for municipal and industrial
customers and Engineering, Procurement and Construction (EPC)
companies. Our NG trading operations in China is to source and
supply Natural Gas to industries and municipalities located in
China.
CETY's common stock is currently traded on the
Nasdaq Capital Market under the symbol CETY. For more information,
visit www.cetyinc.com or www.heatrecoverysolutions.com .
This summary should be read in conjunction with
the Company’s 10-K for the fiscal year ended December 31, 2022
which contains, among other matters, risk factors and financial
footnotes as well as a discussions of our business, operations and
financial matters located on the website of the Securities and
Exchange Commission at www.sec.gov.
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:ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
www.cetyinc.com
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