Clean Vision Corp Files Q1 2024 10-Q/A Amendment

TL;DR

Clean Vision Corp amended its Q1 2024 10-Q, updating preferred and common stock details.

AI Summary

Clean Vision Corp filed a 10-Q/A amendment on October 21, 2024, for the period ending March 31, 2024. The filing details financial data, including preferred stock series A, B, and C, as well as common stock and additional paid-in capital as of March 31, 2024, and December 31, 2023. It also provides information on accumulated other comprehensive income and noncontrolling interest.

Why It Matters

This amended filing provides updated financial details for Clean Vision Corp's first quarter of 2024, offering investors a clearer picture of the company's financial position and changes in its capital structure.

Risk Assessment

Risk Level: medium — Amendments to SEC filings can indicate a need for clarification or correction of previously reported information, potentially impacting investor confidence.

Key Numbers

• 2024-03-31 — Period End Date (The end date for the financial reporting period covered by the 10-Q/A.)
• 2024-10-21 — Filing Date (The date the amended 10-Q/A was filed with the SEC.)

Key Players & Entities

• Clean Vision Corp (company) — Filer of the 10-Q/A
• 20240331 (date) — Period of report for the 10-Q/A
• 20241021 (date) — Filing date of the 10-Q/A
• us-gaap:SeriesAPreferredStockMember (financial_metric) — Preferred stock series A
• us-gaap:SeriesCPreferredStockMember (financial_metric) — Preferred stock series C
• us-gaap:SeriesBPreferredStockMember (financial_metric) — Preferred stock series B
• us-gaap:CommonStockMember (financial_metric) — Common stock
• us-gaap:AdditionalPaidInCapitalMember (financial_metric) — Additional paid-in capital

FAQ

Key Financial Figures

• $1,701,403 — yable, net of discount of 1,717,702 and $1,701,403, respectively 3,768,851 2,779,199 D

Filing Documents

• clnv_10qa.htm (10-Q/A) — 915KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 10KB
• ex32.htm (EX-32) — 9KB
• 0001903596-24-000618.txt ( ) — 5101KB
• clnv-20240331.xsd (EX-101.SCH) — 36KB
• clnv-20240331_cal.xml (EX-101.CAL) — 50KB
• clnv-20240331_def.xml (EX-101.DEF) — 128KB
• clnv-20240331_lab.xml (EX-101.LAB) — 260KB
• clnv-20240331_pre.xml (EX-101.PRE) — 226KB
• clnv_10qa_htm.xml (XML) — 839KB

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31

- FINANCIAL

PART I - FINANCIAL INFORMATION

Financial

Item 1. Financial INDEX TO FINANCIAL Consolidated Balance Sheets as of March 31, 2024 (unaudited) (restated) and December 31, 2023 (restated) F-2 Consolidated Statements of Operations and Comprehesive Loss for the Three Months Ended March 31, 2024 (restated) and 2023 (unaudited) F-3 Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2024 (restated), and 2023 (unaudited) F-4 Consolidated Statements of Cash Flows for the Three Months Ended Three Months Ended March 31, 2024 (restated), and 2023 (unaudited) F-6 Notes to the Consolidated

Financial Statements (unaudited)

Financial Statements (unaudited) F-7 1 CLEAN VISION CORPORATION CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 ASSETS (Unaudited)/ (Restated) (Audited)/ (Restated) Current Assets: Cash $ 266,227 $ 339,921 Prepaids and other assets 645,849 366,812 Accounts receivable 62,735 70,745 Loan receivable 70,000 70,000 Trading securities 5,073 5,069 Total Current Assets 1,049,884 852,547 Property and equipment 4,968,180 4,883,566 Goodwill 4,854,622 4,854,622 Total Assets $ 10,872,686 $ 10,590,735 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Cash overdraft $ 367,024 $ 353,159 Accounts payable 889,514 758,038 Accrued compensation 390,932 344,015 Accrued expenses 627,889 546,392 Convertible note payable, net of discount of 1,717,702 and $1,701,403, respectively 3,768,851 2,779,199 Derivative liability 495,635 598,306 Loans payable 813,974 780,656 Related party payables 706,642 549,946 Loans payables – related party 4,500,000 4,500,000 Liabilities of discontinued operations 67,093 67,093 Total current liabilities 12,627,554 11,276,804 Economic incentive (Note 12) 1,750,000 1,750,000 Total Liabilities 14,377,554 13,026,804 Commitments and contingencies — — Mezzanine Equity: Series B Preferred stock, $ 0.001 par value, 2,000,000 shares authorized; 2,000,000 and 0 shares issued and outstanding, respectively 1,800,000 1,800,000 Total mezzanine equity 1,800,000 1,800,000 Stockholders' Deficit: Preferred stock, $ 0.001 par value, 4,000,000 shares authorized; no shares issued and outstanding — — Series A Preferred stock, $ 0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding — — Series C Preferred stock, $ 0.001 par value, 2,000,000 shares authorized; 2,000,000 shares issued and outstanding 2,000 2,000 Common stock, $ 0.001 par value, 2,000,000,000 shares authorized, 695,701,083 and

financial statements for the year ended December 31, 2023

financial statements for the year ended December 31, 2023. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurable amount ("FDIC"). As of March 31, 2024, the Company had no cash in excess of the FDIC's $ 250,000 coverage limit in any one financial institution. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the periods ended March 31, 2024 and December 31, 2023. Principles of Consolidation The accompanying unaudited consolidated financial statements for the period ended March 31, 2024, include the accounts of the Company and its wholly owned subsidiaries, Clean-Seas, Inc., Clean-Seas India Private Limited, Clean-Seas Group, Endless Energy, Inc., EcoCell, Inc., Clean-Seas Arizona, Inc., Clean-Seas West Virginia, and our 51% owned subsidiary, Clean-Seas Morocco, LLC. As of March 31, 2024, there was no activity in Clean-Seas Group, Endless Energy or Clean-Seas Arizona. All intercompany transactions are eliminated in consolidation. Translation Adjustment The accounts of the Company's subsidiary Clean-Seas India are maintained in Rupees and the accounts of Clean-Seas Morocco in Moroccan dirham. In acc

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View this 10-Q/A filing on SEC EDGAR