Cyber Enviro-Tech Files Q1 2024 10-Q

TL;DR

CETI filed its Q1 2024 10-Q, check financials.

AI Summary

Cyber Enviro-Tech, Inc. filed its 10-Q for the period ending March 31, 2024. The company, incorporated in Wyoming, is involved in miscellaneous electrical machinery and equipment. Its principal executive offices are located in Gilbert, Arizona. The filing details financial information for the first quarter of 2024.

Why It Matters

This filing provides investors with an update on Cyber Enviro-Tech's financial performance and position as of the end of the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information and does not inherently indicate new risks.

Key Numbers

• 20240331 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240521 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Cyber Enviro-Tech, Inc. (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• 20240521 (date) — Filing date
• 863601702 (company) — IRS Number
• 333-267560 (company) — SEC File Number

FAQ

Key Financial Figures

• $0.001 — the Act: None Common Stock, par value $0.001 per share (Title of Class) Indicate
• $40,000 — preferred stock to Global for $ 66,400 ($40,000 in cash and 15,000 shares of stock, pos
• $1 million — d by the Company to date have been over $1 million so it is not anticipated any contingent

Filing Documents

• ceti_10q.htm (10-Q) — 857KB
• ex31x1.htm (EX-31.1) — 7KB
• ex31x2.htm (EX-31.2) — 7KB
• ex32x1.htm (EX-32.1) — 4KB
• 0001079973-24-000798.txt ( ) — 5338KB
• ceti-20240331.xsd (EX-101.SCH) — 48KB
• ceti-20240331_cal.xml (EX-101.CAL) — 55KB
• ceti-20240331_def.xml (EX-101.DEF) — 180KB
• ceti-20240331_lab.xml (EX-101.LAB) — 384KB
• ceti-20240331_pre.xml (EX-101.PRE) — 328KB
• ceti_10q_htm.xml (XML) — 723KB

Financial Statements

Financial Statements 1 Balance Sheets at March 31, 2024 and December 31, 2023 1 2 3 4

Notes to Financial Statements

Notes to Financial Statements 5 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 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20 PART II. OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CYBER ENVIRO-TECH, INC. BALANCE SHEETS March 31, 2024 (Unaudited) December 31,2023 (Audited) ASSETS Current Assets: Cash and cash equivalents $ 208,498 $ 239,417 Loan receivable 190,000 100,000 Prepaid expenses and other current assets 351,081 691,536 Total current assets 749,579 1,030,953 Property and equipment 504,900 438,558 Acquired intangible assets, net 1,042,013 1,070,226 Assets of discontinued operations, non-current 3,405,152 3,330,985 Total Assets $ 5,701,644 $ 5,870,722 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 178,540 $ 20,144 Accrued interest 134,910 96,623 Note payables, current maturities 187,000 100,000 Convertible notes payable, net of discount of $ 695,456 and $ 137,096 at March 31, 2024 and December 31, 2023, respectively 12,398 32,154 Convertible notes payable – related parties 22,000 22,000 Liabilities of discontinued operations, current 401,112 543,569 Total current liabilities 935,960 814,490 Note payable, related party, net of discount of $ 17,456 and $ 23,915 at March 31, 2024 and December 31, 2023, respectively 136,533 130,074 Convertible notes payable 2,512,307 2,641,000 Derivative liability 113,097 217,177 Liabilities of discontinued operations, non-current 97,463 97,463 Total Liabilities 3,795,360 3,900,204 Commitments and contingencies (Note 4) — Stockholders' Equity: Series A Convertible Preferred Stock, par value $ 0.001 , 200,000 shares authorized; 16,671 shares issued and outstanding 17 17 Series B Convertible Preferred Stock, par value $ 0.001 , 85,000 shares authorized; 1 share issued and outstanding — — Series C Non-convertible, Preferred Stock, par value $ 0.001 , 50,000 shares authorized; 0.5 shares issued and outstanding — — Special 2020 Series A Preferred Stock, par value $ 0.0001 , 1 share authorized; 1 share issued and outst

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS NOTE 1 – ORGANIZATION AND DESCRIPTION OF

BUSINESS

BUSINESS Cyber Enviro-Tech, Inc. (the "Company") is a publicly held water science technology company that designs water purification solutions for commercial applications and industries with an initial emphasis on the oil & gas industry. The corporate headquarters are located in Scottsdale, Arizona. On September 3, 2020, Synergy Management Group, LLC ("Synergy") and Global Environmental Technologies, Inc ("Global"), which was formed on April 20, 2020, entered into a securities purchase agreement, whereby Synergy sold its share of Special 2020 Series A preferred stock and its one-half share of Series C preferred stock to Global for $ 66,400 ($40,000 in cash and 15,000 shares of stock, post reverse split of one share for every 20 shares on April 30, 2021). The shares of stock were to be awarded contingent upon the effectiveness of a S-1 Registration which occurred in January 2023. These shares were issued in 2023. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue recognition The Company recognizes revenue in accordance with Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers," ("Topic 606"). Revenue is recognized when a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with

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