Clean Energy Technologies Files Q2 2024 10-Q

Ticker: CETY · Form: 10-Q · Filed: Aug 19, 2024 · CIK: 1329606

Sentiment: neutral

Topics: 10-Q, quarterly-report, natural-gas

TL;DR

**CETY Q2 10-Q FILED: Check financials for latest performance update.**

AI Summary

Clean Energy Technologies, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and condition, including details on its operations and any material events. Specific financial figures and operational highlights for the second quarter of 2024 are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Clean Energy Technologies' financial health and operational progress for the second quarter of 2024.

Risk Assessment

Risk Level: medium — The company operates in the natural gas distribution sector, which can be subject to regulatory changes and market volatility.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 19, 2024.

What is the company's Standard Industrial Classification (SIC) code?

The company's SIC code is 4924, which corresponds to Natural Gas Distribution.

What is the company's state of incorporation?

Clean Energy Technologies, Inc. is incorporated in Nevada (NV).

What were the previous company names, if any?

The company was formerly known as Probe Manufacturing Inc., with a name change date of June 8, 2005.

Filing Stats: 4,430 words · 18 min read · ~15 pages · Grade level 18.6 · Accepted 2024-08-19 14:56:58

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS 6 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 43 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 53 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 53

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 54 ITEM 1A.

RISK FACTORS

RISK FACTORS 54 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 54 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 56 ITEM 4. MINE SAFETY DISCLOSURES 56 ITEM 5. OTHER INFORMATION 56 ITEM 6. EXHIBITS 56 2 SPECIAL NOTES REGARDING THE COMPANY Forward-Looking This 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

Financial Statements

Financial Statements (Expressed in US dollars) June 30, 2024 (unaudited) Financial Statement Index Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 7 Consolidated Statements of Operations (unaudited) 8 Consolidated Statements of Stockholders Deficit (unaudited) 9 Consolidated Statements of Cash Flows (unaudited) 11 Notes to the Consolidated Financial Statements (unaudited) 12 6 Clean Energy Technologies, Inc. Consolidated Balance Sheets (Unaudited) June 30, 2024 December 31, 2023 Assets Current Assets: Cash $ 387,943 $ 89,625 Accounts receivable - net 1,094,582 1,102,386 Accounts receivable – Related Party 851,080 491,774 Accounts receivable 851,080 491,774 Advance to Supplier - Prepayment 523,002 1,048,630 Deferred Offering Costs 22,750 11,000 Investment Heze Honguan Natural Gas Co. 683,028 762,273 Due from related party 103,252 - Loan Receivables 172,621 200,826 Investment to Guangyuan Shuxin New Energy Co. 279,603 286,106 Investment 279,603 286,106 Inventories, net 719,268 666,413 Total Current Assets 4,837,129 4,659,033 Long-Term Assets: Property and Equipment - Net 3,676 4,530 Goodwill 747,976 747,976 LWL Intangibles 1,468,709 1,468,709 Investment in Shuya 547,399 - Long-term financing receivables - net 902,354 902,354 License 354,322 354,322 Patents 85,879 91,817 Right -of - use asset 253,316 245,975 Other assets 112,151 67,133 Total Long-Term Assets 4,475,782 3,882,816 Assets from discontinued operations - 2,386,762 Total Assets $ 9,312,911 $ 10,928,611 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 954,322 $ 506,535 Accounts payable – Related Party - 87,420 Accounts payable 87,420 Accrued expenses 529,666 451,285 Customer deposits 41,462 165,236 Warranty liability 100,000 100,000 Deferred revenue 33,000 33,000 Facility lease

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