Clean Energy Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Clean Energy Technologies, Inc. has filed its 2023 10-K, detailing financial performance and corporate structure for the fiscal year ending December 31, 2023.</b>

AI Summary

Clean Energy Technologies, Inc. (CETY) filed a Annual Report (10-K) with the SEC on April 17, 2024. The company filed its 2023 Form 10-K on April 17, 2024, reporting on the fiscal year ending December 31, 2023. The filing includes financial data for the years ended December 31, 2023, and December 31, 2022. Key entities mentioned include HezeHongyuanNaturalGasCoLtdMember and GuangyuanShuxinNewEnergyCoMember. The report details financial statement information for common stock, preferred stock, and additional paid-in capital for the fiscal years 2021, 2022, and 2023. The company's principal business is listed under NATURAL GAS DISTRIBUTION (SIC 4924).

Why It Matters

For investors and stakeholders tracking Clean Energy Technologies, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial health and operational status for the past fiscal year, crucial for investors to assess performance and future prospects. The inclusion of specific subsidiary and preferred stock details offers insight into the company's capital structure and its relationships with key operational entities.

Risk Assessment

Risk Level: medium — Clean Energy Technologies, Inc. shows moderate risk based on this filing. The company's SIC code is NATURAL GAS DISTRIBUTION, but the filing does not provide specific financial performance metrics like revenue or net income, making a detailed assessment of its operational and financial health challenging without further information.

Analyst Insight

Investors should review the full 10-K filing to understand the company's financial statements, risk factors, and management discussion for a complete picture of its business.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-17 — Filing Date (Date of submission)
• 4924 — SIC Code (Standard Industrial Classification for Natural Gas Distribution)

Key Players & Entities

• Clean Energy Technologies, Inc. (company) — Filer name
• Probe Manufacturing Inc (company) — Former company name
• HezeHongyuanNaturalGasCoLtdMember (company) — Subsidiary/entity mentioned
• GuangyuanShuxinNewEnergyCoMember (company) — Subsidiary/entity mentioned
• FIfteenPercentageSeriesEConvertiblePreferredStockMember (company) — Preferred stock series
• SeriesEConvertiblePreferredStockMember (company) — Preferred stock series

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company operates within the natural gas distribution sector, which is subject to various federal, state, and local regulations.
• Financial Performance [medium — financial]: The filing pertains to the fiscal year ending December 31, 2023, and includes historical financial data, but specific performance metrics are not detailed in the header.
• Business Operations [medium — operational]: The company's primary industry is Natural Gas Distribution (SIC 4924), indicating operational focus in this sector.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-17: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Clean Energy Technologies, Inc.)

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 CETY NASDAQ Securities registered
• $1.75 — non-affiliates and the closing price of $1.75 per share. Accordingly, effective as of
• $75 million — 's aggregate market value was less than $75 million and the registrant qualifies for "small
• $8 million — Gas, we will be required to contribute $8 million to the joint venture which plans to rai

Filing Documents

• form10-k.htm (10-K) — 2396KB
• ex4-13.htm (EX-4.13) — 15KB
• ex10-136.htm (EX-10.136) — 27KB
• ex10-137.htm (EX-10.137) — 24KB
• ex21-1.htm (EX-21.1) — 2KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 8KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• ex23-1_001.jpg (GRAPHIC) — 7KB
• ex23-1_002.jpg (GRAPHIC) — 8KB
• form10-k_001.jpg (GRAPHIC) — 6KB
• form10-k_002.jpg (GRAPHIC) — 10KB
• form10-k_003.jpg (GRAPHIC) — 4KB
• form10-k_004.jpg (GRAPHIC) — 9KB
• form10-k_007.jpg (GRAPHIC) — 2KB
• aud_001.jpg (GRAPHIC) — 4KB
• aud_002.jpg (GRAPHIC) — 2KB
• 0001493152-24-014897.txt (&nbsp;) — 11112KB
• cety-20231231.xsd (EX-101.SCH) — 78KB
• cety-20231231_cal.xml (EX-101.CAL) — 83KB
• cety-20231231_def.xml (EX-101.DEF) — 377KB
• cety-20231231_lab.xml (EX-101.LAB) — 576KB
• cety-20231231_pre.xml (EX-101.PRE) — 457KB
• form10-k_htm.xml (XML) — 1566KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 28 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 Part II Item 5. Market for Registrant's Common Equity, related Shareholder Matters and Issuer Purchases of Equity Securities 29 Item 6.

Selected Financial Data

Selected Financial Data 30 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operation 31 Item 7A. Quantitative and Qualitative Disclosure about Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes and Disagreements with Accountants on Accounting and Financial Disclosure 78 Item 9A

Controls and Procedures

Controls and Procedures 78 Part III Item 10 Directors, Executive Officers and Corporate Governance 79 Item 11

Executive Compensation

Executive Compensation 86 Item 12

Security Ownership of Certain Beneficial Owners, management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners, management and Related Stockholder Matters 86 Item 13 Certain Relationships and Related Transactions and Director Independence 87 Item 14 Principal Accounting Fees and Services 88 Item 15 Exhibits 89

Signatures

Signatures 90 2 NOTE ABOUT FORWARD-LOOKING STATEMENTS In this Annual Report on Form 10-K, references to "Clean Energy Technologies," the "Company," "we," "us," "our" and words of similar import refer to Clean Energy Technologies, Inc., unless the context requires otherwise. This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this report. Forward-looking our possible or assumed future results of operations; our business strategies; our ability to attract and retain customers; our ability to sell additional products and services to customers; our cash needs and financing plans; our competitive position; our industry environment; our potential growth opportunities; expected technological advances by us or by third parties and our ability to leverage them; Our inability to predict or anticipate the du

BUSINESS

BUSINESS General The Company's business and operating results are directly affected by changes in overall customer demand, operational costs and performance and leverage of our fixed cost and selling, general and administrative ("SG&A") infrastructure. Product sales fluctuate in response to several factors including many that are beyond the Company's control, such as general economic conditions, interest rates, government regulations, consumer spending, labor availability, and our customers' production rates and inventory levels. Product sales consist of demand from customers in many different markets with different levels of cyclicality and seasonality. Operating performance is dependent on the Company's ability to manage changes in input costs for items such as raw materials, labor, and overhead operating costs. Performance is also affected by manufacturing efficiencies, including items such as on time delivery, quality, scrap, and productivity. Market factors of supply and demand can impact operating costs. Who We Are We develop renewable energy products and solutions and establish partnerships in renewable energy that make environmental and economic sense. Our mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We target sustainable energy solutions that are profitable for us, profitable for our customers and represent the future of global energy production. Our principal businesses Waste Heat Recovery Solutions – we recycle wasted heat produced in manufacturing, waste to energy and power generation facilities using our patented Clean Cycle TM generator to create electricity which can be recycled or sold to the grid. Waste to Energy Solutions - we convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electr

Business

Business and Segment Information We design, produce and market clean energy products and integrated solutions focused on energy efficiency and renewable energy. Our aim is to become a leading provider of renewable and energy efficiency products and solutions by helping commercial companies and municipalities reduce energy waste and emissions, lower energy costs and generate incremental revenue by providing electricity, renewable natural gas and biochar to the grid. Segment Information Our four segments for accounting purposes are: Clean Energy HRS & CETY Europe – Our Waste Heat Recovery Solutions, converting thermal energy to zero emission electricity. CETY Renewables Waste to Energy Solutions – Providing Waste to Energy technologies and solutions. Engineering and Manufacturing Business – providing customers with comprehensive design, manufacturing, and project management solutions. CETY HK – The parent company of our NG trading operations in China. Prior to the first quarter of 2022 the Company had three reportable segments but added the CETY HK segment to reflect its recent new businesses in China. Our Clean Energy Solutions Business Waste Heat Recovery Solutions We provide our customers with power plants that capture wasted heat energy and produce electricity using a unique Organic Rankine Cycle (ORC) system containing our Clean Cycle TM generator. Our magnetic bearing Integrated Power Modules is at the heart of our Clean Cycle TM generator which can fit into a standard cargo container we call our Containerized System Module, producing 140KW per Clean Cycle generator and can be linked together for projects generating up to 1MW of power. Our recent agreement with Enertime now permits us to install midsized and large ORC systems (between 1 MW and 10 MW) in the United States, allowing us to offer a full range of ORC systems to our customers. We believe this new capacity will enable us to expand our product offerings into larger scale waste rec

View Full Filing

View this 10-K filing on SEC EDGAR