Ocean Thermal Energy Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ocean Thermal Energy Corp. (CPWR) has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Ocean Thermal Energy Corp (CPWR) filed a Annual Report (10-K) with the SEC on March 28, 2024. Ocean Thermal Energy Corp. (CPWR) filed its 2023 Form 10-K on March 28, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. The company was formerly known as TETRIDYN SOLUTIONS INC, CREATIVE VENDING CORP, and HWS MAI CORP. The business address is 3675 MARKET STREET, SUITE 200, PHILADELPHIA, PA 19104.

Why It Matters

For investors and stakeholders tracking Ocean Thermal Energy Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CPWR's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's historical structure, including its former names, offers context for its evolution and potential business shifts over time.

Risk Assessment

Risk Level: medium — Ocean Thermal Energy Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the lack of specific financial performance data within the provided text necessitates a medium risk assessment as a full analysis requires reviewing the complete document.

Analyst Insight

Investors should review the full 10-K filing to understand Ocean Thermal Energy Corp.'s financial performance, operational risks, and future strategies.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-03-28 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Reporting Period Start (Start date of the reporting period)
• 2023-12-31 — Reporting Period End (End date of the reporting period)

Key Players & Entities

• Ocean Thermal Energy Corp. (company) — Filer name
• CPWR (company) — Ticker symbol
• TETRIDYN SOLUTIONS INC (company) — Former company name
• CREATIVE VENDING CORP (company) — Former company name
• HWS MAI CORP (company) — Former company name
• 3675 MARKET STREET, SUITE 200, PHILADELPHIA, PA 19104 (company) — Business address

FAQ

Industry Context

The company operates in the Electric & Other Services Combined industry (SIC 4931).

Regulatory Implications

As a publicly traded company, Ocean Thermal Energy Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

What Investors Should Do

1. Review the complete 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's business operations and any disclosed risks.
3. Research the company's historical performance and industry trends.

Key Dates

• 2024-03-28: 10-K Filing — Filing of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 2023 fiscal year.

Year-Over-Year Comparison

This is the initial filing data provided for the 2023 10-K. No prior filing data is available for comparison in this extract.

Key Financial Figures

• $0.001 — t's common stock outstanding, par value $0.001. DOCUMENTS INCORPORATED BY REFERENCE:
• $1,000,000 — or the sale of OCEES, we will receive: $1,000,000 in the form of canceled amounts owed by
• $75,000 — to receive those payments to Epaphus; $75,000 in cash per month for 12 months followi
• $0.30 — arket where electricity costs as low as $0.30 per kilowatt-hour, or kWh. Caribbean co
• $0.40 — tes, and, in some countries, reach over $0.40 per KWh. Out of 11 Caribbean countries
• $0.47 — ity for commercial customers was nearly $0.47 per kWh. We believe that we have an opp
• $250 million — hour would currently cost approximately $250 million. This is the plant size that we typical
• $140 — system providing 9,800 tons of cooling ($140-$150 million) are taken into account, S
• $150 million — m providing 9,800 tons of cooling ($140-$150 million) are taken into account, SWAC/LSC can s
• $0.28 — d fluctuating energy costs ranging from $0.28-$0.75 per kWh, as they rely on importin
• $0.75 — tuating energy costs ranging from $0.28-$0.75 per kWh, as they rely on importing foss

Filing Documents

• cpwr_10k.htm (10-K) — 1551KB
• cpwr_ex311.htm (EX-31.1) — 10KB
• cpwr_ex312.htm (EX-31.2) — 10KB
• cpwr_ex321.htm (EX-32.1) — 5KB
• cpwr_ex322.htm (EX-32.2) — 6KB
• cpwr_ex1067.htm (EX-10.67) — 4KB
• cpwr_ex1068.htm (EX-10.68) — 6KB
• cpwr_ex1068img1.jpg (GRAPHIC) — 221KB
• cpwr_ex1068img3.jpg (GRAPHIC) — 303KB
• cpwr_ex1067img9.jpg (GRAPHIC) — 427KB
• cpwr_ex1067img8.jpg (GRAPHIC) — 376KB
• cpwr_ex1067img14.jpg (GRAPHIC) — 81KB
• cpwr_ex1067img13.jpg (GRAPHIC) — 425KB
• cpwr_ex1067img12.jpg (GRAPHIC) — 418KB
• cpwr_ex1067img11.jpg (GRAPHIC) — 437KB
• cpwr_ex1067img10.jpg (GRAPHIC) — 435KB
• cpwr_ex1068img4.jpg (GRAPHIC) — 433KB
• cpwr_ex1068img5.jpg (GRAPHIC) — 410KB
• cpwr_ex1068img6.jpg (GRAPHIC) — 330KB
• cpwr_ex1068img7.jpg (GRAPHIC) — 103KB
• cpwr_ex1068img8.jpg (GRAPHIC) — 33KB
• cpwr_10kimg1.jpg (GRAPHIC) — 21KB
• cpwr_ex1068img2.jpg (GRAPHIC) — 33KB
• 0001654954-24-003883.txt (&nbsp;) — 12764KB
• cpwr-20231231.xsd (EX-101.SCH) — 51KB
• cpwr-20231231_lab.xml (EX-101.LAB) — 238KB
• cpwr-20231231_cal.xml (EX-101.CAL) — 33KB
• cpwr-20231231_pre.xml (EX-101.PRE) — 212KB
• cpwr-20231231_def.xml (EX-101.DEF) — 141KB
• cpwr_10k_htm.xml (XML) — 1549KB

BUSINESS

ITEM 1. BUSINESS 4

RISK FACTORS

ITEM 1A. RISK FACTORS 13

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 20

CYBERSECURITY

ITEM 1C. CYBERSECURITY 20

PROPERTIES

ITEM 2. PROPERTIES 20

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 21

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 21 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22

[RESERVED]

ITEM 6. [RESERVED] 22

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 26

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 26

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 26

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 27

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 27 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 28

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 29

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 30

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE 31

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 32 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 33

SIGNATURES

SIGNATURES 37 2 Table of Contents Throughout this report, unless otherwise designated, the terms "we," "us," "our," and "our company" refer to Ocean Thermal Energy Corporation, a Nevada corporation, and our subsidiary. All amounts in this report are in U.S. dollars, unless otherwise indicated. CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS This report may contain certain "forward-looking" statements as such term is defined by the U.S. Securities and Exchange Commission ("SEC") in its rules, regulations, and releases, which represent our expectations or beliefs, including statements concerning our operations, economic performance, financial condition, growth and acquisition strategies, investments, and future operational plans. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "expect," "believe," "anticipate," "intend," "could," "estimate," "might," "plan," "propose," "predict," or "should," or the negative or other variations thereof or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including uncertainty related to acquisitions, governmental regulation, management and maintenance of growth, the operations of the company and its subsidiaries, volatility of stock price, commercial viability of OTEC systems, and any other factors discussed in this and our other filings with the SEC. These risks, uncertainties, and other factors include those set forth under "Risk Factors" of this report. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statement

BUSINESS

ITEM 1. BUSINESS Overview We use our proprietary technology to develop designs for renewable energy systems, primarily for Ocean Thermal Energy Conversion ("OTEC"), Seawater Air Conditioning ("SWAC"), and Lake Source Cooling ("LSC") systems. Our geographical markets are tropical and subtropical regions of the world for OTEC, SWAC, and LSC and worldwide markets for SWAC and LSC. We develop projects for renewable power generation, desalinated water production, and air conditioning using our proprietary technologies designed to extract energy from the temperature differences between warm surface water and cold deep water. In addition, our projects provide ancillary products such as potable/bottled water and high-profit aquaculture, mariculture, and agriculture opportunities. Agreement to Sell Subsidiary On August 25, 2022, we entered into a Stock Purchase Agreement to sell OCEES International, Inc., our wholly owned subsidiary ("OCEES"), to Epaphus Global Energy, LLC ("Epaphus"). Epaphus is controlled by Jeremy Feakins, our chief executive officer and a director. The transaction was approved unanimously by our directors who do not have an interest in the transaction. In exchange for the sale of OCEES, we will receive: $1,000,000 in the form of canceled amounts owed by us to certain individuals, including Mr. Feakins, who have assigned their right to receive those payments to Epaphus; $75,000 in cash per month for 12 months following the date of the purchase agreement; and 70% of the net profit of any currently contemplated project to build an ocean thermal energy conversion power plant entered into by OCEES. Under the terms of the purchase agreement, Epaphus has the unilateral right to return OCEES to us and receive a full refund of all portions of the purchase price paid as of the return of OCEES at any time for one year following the date of the purchase agreement. By mutual consent of the parties, the purchase agreement has not closed as of December 31,

View Full Filing

View this 10-K filing on SEC EDGAR