Clean Energy Technologies Files Q1 2024 10-Q
Ticker: CETY · Form: 10-Q · Filed: May 20, 2024 · CIK: 1329606
Sentiment: neutral
Topics: 10-Q, quarterly-report, natural-gas
TL;DR
CETY filed Q1 10-Q. Natural gas biz. NV corp.
AI Summary
Clean Energy Technologies, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly Probe Manufacturing Inc., is involved in natural gas distribution and is incorporated in Nevada. Its business address is in Irvine, California.
Why It Matters
This filing provides a quarterly update on Clean Energy Technologies' financial performance and operational status, offering insights into its business activities in the natural gas distribution sector.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.
Key Numbers
- 2024-03-31 — Reporting Period End Date (End of the first quarter for which financial information is reported.)
- 2024-05-20 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Clean Energy Technologies, Inc. (company) — Filer of the 10-Q
- Probe Manufacturing Inc. (company) — Former name of Clean Energy Technologies, Inc.
- 1340 REYNOLDS AVE #120, IRVINE, CA 92614 (location) — Business and mailing address
- HezeHongyuanNaturalGasCoLtdMember (company) — Subsidiary or related entity
- GuangyuanShuxinNewEnergyCoMember (company) — Subsidiary or related entity
FAQ
What is the primary business of Clean Energy Technologies, Inc.?
Clean Energy Technologies, Inc. is primarily involved in Natural Gas Distribution, as indicated by its Standard Industrial Classification code [4924].
When was the company formerly known as?
The company was formerly known as Probe Manufacturing Inc., with a date of name change on 20050608.
What is the company's state of incorporation?
Clean Energy Technologies, Inc. is incorporated in Nevada (NV).
What are the specific subsidiaries or related entities mentioned in the filing?
The filing mentions 'HezeHongyuanNaturalGasCoLtdMember' and 'GuangyuanShuxinNewEnergyCoMember' in relation to the company's financial reporting.
What is the business address of Clean Energy Technologies, Inc.?
The business address is 1340 REYNOLDS AVE, #120, IRVINE, CA 92614.
Filing Stats: 4,410 words · 18 min read · ~15 pages · Grade level 16.6 · Accepted 2024-05-20 17:00:13
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 CETY Nasdaq Indicate by check mar
Filing Documents
- form10-q.htm (10-Q) — 1425KB
- ex31-01.htm (EX-31.01) — 12KB
- ex31-02.htm (EX-31.02) — 12KB
- ex32-01.htm (EX-32.01) — 6KB
- ex32-02.htm (EX-32.02) — 6KB
- 0001493152-24-020742.txt ( ) — 9225KB
- cety-20240331.xsd (EX-101.SCH) — 70KB
- cety-20240331_cal.xml (EX-101.CAL) — 88KB
- cety-20240331_def.xml (EX-101.DEF) — 362KB
- cety-20240331_lab.xml (EX-101.LAB) — 556KB
- cety-20240331_pre.xml (EX-101.PRE) — 422KB
- form10-q_htm.xml (XML) — 1234KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS 3 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 38 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 49
OTHER INFORMATION
PART II. OTHER INFORMATION ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 49 ITEM 1A.
RISK FACTORS
RISK FACTORS 49 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 49 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 51 ITEM 4. MINE SAFETY DISCLOSURES 51 ITEM 5. OTHER INFORMATION 51 ITEM 6. EXHIBITS 51 2 Part I – Financial Information Item 1. Financial Statements Clean Energy Technologies, Inc. Consolidated
Financial Statements
Financial Statements (Expressed in US dollars) March 31, 2024 (unaudited) Financial Consolidated Balance Sheets March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations (unaudited) 5 Consolidated Statements of Stockholders Deficit (unaudited) 6 Consolidated Statements of Cash Flows (unaudited) 7 Notes to the Consolidated Financial Statements (unaudited) 8 3 Clean Energy Technologies, Inc. Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 Assets Current Assets: Cash $ 289,481 $ 89,625 Accounts receivable - net 1,126,528 1,102,386 Accounts receivable – Related Party 660,464 491,774 Accounts receivable 660,464 491,774 Advance to Supplier - Prepayment 905,693 1,048,630 Advance to Supplier - - Deferred Offering Costs 22,750 11,000 Investment Heze Honguan Natural Gas Co. 749,821 762,273 Loan Receivables 3,246 200,826 Investment to Guangyuan Shuxin New Energy Co. 281,432 286,106 Investment 281,432 286,106 Inventories, net 656,537 666,413 Total Current Assets 4,695,952 4,659,033 Long-Term Assets: Property and Equipment - Net 4,204 4,530 Goodwill 747,976 747,976 LWL Intangibles 1,468,709 1,468,709 Investment to Shuya 399,993 - Long-term financing receivables - net 902,354 902,354 License 354,322 354,322 Patents 88,848 91,817 Right -of - use asset 294,955 245,975 Other assets 71,976 67,133 Total Long-Term Assets 4,333,337 3,882,816 Assets from discontinued operations - 2,386,762 Total Assets $ 9,029,289 $ 10,928,611 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 880,426 $ 506,535 Accounts payable – Related Party - 87,420 Accounts payable - 87,420 Accrued expenses 211,164 451,285 Customer deposits 119,121 165,236 Warranty liability 100,000 100,000 Deferred revenue 33,000 33,000 Facility lease liability - current 172,02