Midwest Energy Emissions Corp. Files 10-Q for Q1 2024

TL;DR

<b>Midwest Energy Emissions Corp. has filed its Q1 2024 10-Q report.</b>

AI Summary

Midwest Energy Emissions Corp. (BCHT) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Midwest Energy Emissions Corp. filed a 10-Q for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing was made on May 15, 2024. The company was formerly known as China Youth Media, Inc., DIGICORP, INC., and DIGICORP. The company's business address is 1810 JESTER DRIVE, CORSICANA, TX 75109.

Why It Matters

For investors and stakeholders tracking Midwest Energy Emissions Corp., this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Understanding the details within this 10-Q is crucial for investors to assess the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — Midwest Energy Emissions Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new risks or disclosures beyond routine updates.

Analyst Insight

Review the Q1 2024 financial statements and management discussion and analysis within the 10-Q to understand performance trends and any new strategic initiatives.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-15 — Filing Date (Filed As Of Date)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Midwest Energy Emissions Corp. (company) — Filer name
• China Youth Media, Inc. (company) — Former company name
• DIGICORP, INC. (company) — Former company name
• DIGICORP (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date

FAQ

Industry Context

The company operates in the energy sector, focusing on emissions monitoring and reduction technologies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial and operational information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis for insights into operational performance and outlook.
3. Check for any new risk factors or legal proceedings disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the previous fiscal year-end report.

Key Financial Figures

• $142,676 — ministrative expenses (related party of $142,676 and $129,252) 3,526,776 1,917,908
• $129,252 — expenses (related party of $142,676 and $129,252) 3,526,776 1,917,908 Total operat
• $245,817 — e) Interest expense (related party of $245,817 and $335,580) ( 245,817 ) ( 335,580
• $335,580 — expense (related party of $245,817 and $335,580) ( 245,817 ) ( 335,580 ) Loss on c

Filing Documents

• meec_10q.htm (10-Q) — 817KB
• meec_ex311.htm (EX-31.1) — 9KB
• meec_ex312.htm (EX-31.2) — 9KB
• meec_ex321.htm (EX-32.1) — 4KB
• meec_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-003003.txt (&nbsp;) — 4832KB
• meec-20240331.xsd (EX-101.SCH) — 57KB
• meec-20240331_lab.xml (EX-101.LAB) — 295KB
• meec-20240331_cal.xml (EX-101.CAL) — 43KB
• meec-20240331_pre.xml (EX-101.PRE) — 248KB
• meec-20240331_def.xml (EX-101.DEF) — 141KB
• meec_10q_htm.xml (XML) — 791KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 4 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 31 Item 4.

Controls and Procedures

Controls and Procedures. 31

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. Legal Proceedings. 32 Item 1A. Risk Factors. 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 32 Item 3. Default upon Senior Securities. 32 Item 4. Mine Safety Disclosures. 32 Item 5. Other Information. 32 Item 6. Exhibits. 33

SIGNATURES

SIGNATURES 34 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements," as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect our current expectations regarding our future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such risks include, without limitation, the following: the loss of major customers; dependence on availability and retention of key suppliers; changes, or lack of changes, in environmental regulations; risks related to advancements in technologies; lack of diversification in the Company's business; risks related to intellectual property, including the ability to protect intellectual property and the success of any patent litigation; competition risks; changes in demand for coal as a fuel source for electricity production; ability to retain key personnel; absence of a liquid public market for our common stock; share price volatility; the potential that dividends may never be declared; and other factors discussed under the caption " Risk Factors " in the Company's 2023 Form 10-K. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statem

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. MIDWEST ENERGY EMISSIONS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 ASSETS Current assets Cash $ 11,188,856 $ 20,939,762 Accounts receivable 1,667,856 2,233,211 Inventory 697,721 795,164 Prepaid expenses and other assets 115,768 183,621 Total current assets 13,670,201 24,151,758 Security deposits 3,500 5,175 Property and equipment, net 1,595,423 1,595,958 Right of use asset - operating lease 161,728 10,639 Intellectual property, net 1,652,913 1,704,063 Total assets $ 17,083,765 $ 27,467,593 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable and accrued expenses (related party $ 101,601 and $ 107,454 at March 31, 2024 and December 31, 2023, respectively) $ 1,594,290 $ 1,558,450 Income tax payable 437,821 437,821 Current portion of operating lease liability 22,960 11,157 Customer credits 167,000 167,000 Accrued salaries 32,516 8,936 Unsecured note payable, net of discount and issuance costs – related party 3,179,441 - Total current liabilities 5,434,028 2,183,364 Operating lease liability, net of current portion 138,768 - Secured note payable, net of discount – related party - 239,466 Unsecured note payable, net of discount and issuance costs – related party - 10,979,723 Profit share liability – related party 3,255,446 14,847,937 Total liabilities 8,828,242 28,250,490 COMMITMENTS AND CONTINGENCIES Stockholders' Equity (deficit) Preferred stock, $ 0.001 par value: 2,000,000 shares authorized, no shares issued - - Common stock, $ 0.001 par value; 150,000,000 shares authorized 94,369,392 and 94,360,107 shares issued and outstanding as of December 31, 2023 and December 31, 2022 respectively. 94,369 94,360 Additional paid-in capital 73,514,521 61,917,119 Accumulated deficit ( 65,353,367 ) (

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View this 10-Q filing on SEC EDGAR