$VYEY
VICTORY CLEAN ENERGY, INC.

2024 Q4 Form 10-Q Financial Statement

#000107997324001419 Filed on October 17, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q1 2023 Q4
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $804.4K
YoY Change 453.6%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.540M $804.4K
YoY Change 1388.66% 433.45%
Operating Profit -$4.540M -$804.4K
YoY Change 3597.37% -1618.38%
Interest Expense -$27.76K
YoY Change 767.5%
% of Operating Profit
Other Income/Expense, Net $718.4K $248.6K
YoY Change -55535.65%
Pretax Income -$3.821M -$583.6K
YoY Change 2921.56% 460.24%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.821M -$538.7K
YoY Change 2921.51% 417.19%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding 530.7M shares 522.7M shares 28.59M shares
Diluted Shares Outstanding 522.7M shares

Balance Sheet

Concept 2024 Q4 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.46K
YoY Change -9.75%
Cash & Equivalents $35.46K $66.46K
Short-Term Investments
Other Short-Term Assets $299.8K
YoY Change 1361.01%
Inventory
Prepaid Expenses $35.79K $0.00
Receivables
Other Receivables
Total Short-Term Assets $71.24K $1.349M
YoY Change -76.73% 365.87%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.000M
YoY Change
Other Assets $288.8K
YoY Change
Total Long-Term Assets $5.388K $288.8K
YoY Change -98.5% -28.48%
TOTAL ASSETS
Total Short-Term Assets $71.24K $1.349M
Total Long-Term Assets $5.388K $288.8K
Total Assets $76.63K $1.638M
YoY Change -88.5% 136.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $381.0K $331.1K
YoY Change 196.06% 121.47%
Accrued Expenses $10.62K
YoY Change -83.1%
Deferred Revenue
YoY Change
Short-Term Debt $4.956M
YoY Change
Long-Term Debt Due $3.869M
YoY Change 3.36%
Total Short-Term Liabilities $5.566M
YoY Change 34.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $159.1K
YoY Change
Total Long-Term Liabilities $159.1K
YoY Change -39.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.566M
Total Long-Term Liabilities $159.1K
Total Liabilities $852.2K $5.725M
YoY Change -81.05% 30.21%
SHAREHOLDERS EQUITY
Retained Earnings -$5.521M -$99.78M
YoY Change -94.44% 0.54%
Common Stock $530.7K $28.59K
YoY Change 1792.81% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$775.6K -$4.087M
YoY Change
Total Liabilities & Shareholders Equity $76.63K $1.638M
YoY Change -88.5% 136.23%

Cashflow Statement

Concept 2024 Q4 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$3.821M -$538.7K
YoY Change 2921.51% 417.19%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$47.44K $49.28K
YoY Change -43.97% -236.74%
INVESTING ACTIVITIES
Capital Expenditures $572.8K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$728.0K
YoY Change
Cash From Investing Activities -$572.8K -$728.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $415.0K 776.0K
YoY Change 1019.96% 9007.86%
NET CHANGE
Cash From Operating Activities -$47.44K 49.28K
Cash From Investing Activities -$572.8K -728.0K
Cash From Financing Activities $415.0K 776.0K
Net Change In Cash -$205.2K 97.27K
YoY Change 330.97% -453.45%
FREE CASH FLOW
Cash From Operating Activities -$47.44K $49.28K
Capital Expenditures $572.8K $0.00
Free Cash Flow -$620.2K $49.28K
YoY Change 632.51% -236.74%

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<p id="xdx_84B_eus-gaap--NatureOfOperations_z0Y5oUBB06Rh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_868_z5VYu4bugSG2">Organization and nature of operations</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Victory Clean Energy, Inc., formerly Victory Oilfield Tech, Inc. (“Victory”), a Nevada corporation, has historically operated as an oilfield technology products company offering patented oil and gas drilling products. On July 31, 2018, Victory entered into an agreement to acquire Pro-Tech Hardbanding Services, Inc., an Oklahoma corporation (“Pro-Tech”), which provides various hardbanding solutions to oilfield operators for drill pipe, weight pipe, tubing and drill collars.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2024, Victory completed a merger agreement with H2 Energy Group Inc., a Delaware corporation (“H2EG”) (the “Merger”). As a result of the Merger, a change in control of Victory occurred, and H2EG became a wholly owned subsidiary of Victory. On January 1, 2024, Victory completed the sale of Pro-Tech to Flagstaff International, LLC, a Delaware limited liability company. On January 11, 2024, Victory amended its Articles of Incorporation to authorize <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_c20240111_z5nN9LM5HIYk" title="Common stock, shares authorized">2,000,000,000</span> common shares and change its name to Victory Clean Energy, Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">H2EG uses scalable and modular technology to produce low-cost hydrogen-rich syngas from renewable woody biomass. The Company plans to construct a renewable hydrogen production facility and install four hydrogen refueling stations in California.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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<p id="xdx_84E_eus-gaap--UseOfEstimates_zVTxUMb3UJGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_865_zz7kX1m3KHul">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation and amortization expense, various common stock, warrants and option transactions, evaluation of intangible assets, and loss contingencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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Files In Submission

Name View Source Status
0001079973-24-001419-index-headers.html Edgar Link pending
0001079973-24-001419-index.html Edgar Link pending
0001079973-24-001419.txt Edgar Link pending
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