OriginClear, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>OriginClear, Inc. has filed its 2023 annual report (10-K), confirming its status as a smaller reporting company.</b>

AI Summary

ORIGINCLEAR, INC. (OCLN) filed a Annual Report (10-K) with the SEC on April 18, 2024. OriginClear, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located in Clearwater, Florida. OriginClear, Inc. was formerly known as OriginOil Inc., with a name change effective November 29, 2007. The filing indicates the company is a smaller reporting company and not a well-known seasoned issuer. The report confirms the registrant has filed all required reports for the preceding 12 months and submitted interactive data files.

Why It Matters

For investors and stakeholders tracking ORIGINCLEAR, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of OriginClear's financial performance and operational status for the fiscal year 2023, crucial for investors assessing the company's health and future prospects. As a smaller reporting company, OriginClear is subject to different disclosure requirements, which investors should consider when evaluating the information presented in this filing.

Risk Assessment

Risk Level: low — ORIGINCLEAR, INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, but the company's classification as a 'smaller reporting company' suggests it may have limited financial resources or market capitalization.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand OriginClear's business operations and financial condition.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 1231 — Fiscal Year End (Fiscal year end)
• 20240418 — Filing Date (Date filed)
• 333-147980 — Commission File Number (SEC file number)

Key Players & Entities

• ORIGINCLEAR, INC. (company) — Registrant name
• 2023 (date) — Fiscal year ended
• December 31 (date) — Fiscal year end date
• Clearwater, FL (location) — Principal executive offices
• Nevada (location) — State of incorporation
• OriginOil Inc. (company) — Former company name
• 20071129 (date) — Date of name change

FAQ

Industry Context

The company operates within the water and wastewater treatment technology sector, focusing on advanced water solutions.

Regulatory Implications

The filing is a standard Form 10-K, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the financial statements and Management's Discussion and Analysis for detailed insights into OriginClear's performance.
2. Examine the risk factors section to understand potential challenges and uncertainties facing the company.
3. Note the company's classification as a 'smaller reporting company' and its implications for future disclosures.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended December 31, 2023, following previous filings by OriginClear, Inc.

Key Financial Figures

• $0.0073 — rant's common stock on June 30, 2023 of $0.0073 per share. At April 17, 2024, 1,517,69
• $0.0001 — he registrant's common stock, par value $0.0001 were outstanding. DOCUMENTS INCORPORAT
• $26,637,185 — , which yielded a nominal value between $26,637,185 and $53,224,807. MWS features products
• $53,224,807 — a nominal value between $26,637,185 and $53,224,807. MWS features products differentiated b

Filing Documents

• ea0203700-10k_originclear.htm (10-K) — 1611KB
• ea020370001ex4-1_origin.htm (EX-4.1) — 8KB
• ea020370001ex21-1_origin.htm (EX-21.1) — 6KB
• ea020370001ex31-1_origin.htm (EX-31.1) — 16KB
• ea020370001ex31-2_origin.htm (EX-31.2) — 15KB
• ea020370001ex32-1_origin.htm (EX-32.1) — 6KB
• ea020370001ex32-2_origin.htm (EX-32.2) — 6KB
• 0001213900-24-034111.txt (&nbsp;) — 9929KB
• ocln-20231231.xsd (EX-101.SCH) — 141KB
• ocln-20231231_cal.xml (EX-101.CAL) — 51KB
• ocln-20231231_def.xml (EX-101.DEF) — 528KB
• ocln-20231231_lab.xml (EX-101.LAB) — 994KB
• ocln-20231231_pre.xml (EX-101.PRE) — 529KB
• ea0203700-10k_originclear_htm.xml (XML) — 1052KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 18 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. Reserved 19 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 23 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 23 Item 9A.

Controls and Procedures

Controls and Procedures 23 Item 9B. Other Information 24 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 24 PART III Item 10. Directors, Executive Officers and Corporate Governance 25 Item 11.

Executive Compensation

Executive Compensation 28 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 29 Item 13. Certain Relationships and Related Transactions, and Director Independence 30 Item 14. Principal Accountant Fees and Services 30 Item 15. Exhibits, Financial Statement Schedules 31

SIGNATURES

SIGNATURES 33 i NOTE ABOUT FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about our: business strategy; financial strategy; intellectual property; production; future operating results; and plans, objectives, expectations and intentions contained in this report that are not historical. All financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements speak only as of the date of this report. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. These statements may be found under "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business," as well as in this report generally. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks outlined under "Risk Factors" and matters described in this report generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. ii P

BUSINESS

ITEM 1. BUSINESS. Organizational History OriginClear, Inc. ("we", "us", "our", the "Company", "OCLN" or "OriginClear") was incorporated on June 1, 2007 under the laws of the State of Nevada. We have been engaged in business operations since June 2007. In 2015, we moved into the commercialization phase of our business plan having previously been primarily involved in research, development and licensing activities. Our principal offices are located at 13575 58th Street North, Suite 200, Clearwater, FL 33760. Our main telephone number is (727) 440-4603. Our website address is www.OriginClear.com. The information contained on, connected to or that can be accessed via our website is not part of this report. Overview of Business OriginClear was founded as OriginOil in 2007 and began trading on the OTC in 2008. In 2015, it was renamed as OriginClear to reflect its new mission to develop breakthrough businesses in the industrial water sector. Today, OriginClear structures itself as the Clean Water Innovation Hub ("CWIB") and intends to use its well-developed retail investor development capabilities to help bring potentially disruptive companies to market. For the foreseeable future, however, OriginClear intends to devote its entire capabilities to the success of its subsidiary, Water On Demand, Inc. (WODI). In 2023, OriginClear combined three of its operating divisions into the single WODI subsidiary, in anticipation of a merger of such subsidiary with Fortune Rise Acquisition Corp ("FRLA") a Special Purpose Acquisition Company. The definitive merger agreement between WODI and FRLA was announced on October 24, 2023: https://www.originclear.com/company-news/originclears-water-on-demand-and-fortune-rise-acquisition-corporation-announce-business-combination-to-create-nasdaq-listed-company. WODI is composed of three operating units, Modular Water Systems ("MWS"), Progressive Water Treatment ("PWT"), and Water on Demand ("WOD"), the last being a development stage busine

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View this 10-K filing on SEC EDGAR