$VYEY
VICTORY CLEAN ENERGY, INC.

2024 Q2 Form 10-Q Financial Statement

#000107997324001458 Filed on October 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q2
Revenue $0.00 $495.4K
YoY Change -100.0% -11.19%
Cost Of Revenue $241.1K
YoY Change -17.62%
Gross Profit $254.3K
YoY Change -4.09%
Gross Profit Margin 51.33%
Selling, General & Admin $315.3K
YoY Change -9.7%
% of Gross Profit 123.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.53K
YoY Change 6.43%
% of Gross Profit 17.12%
Operating Expenses $1.313M $320.4K
YoY Change 309.85% -9.66%
Operating Profit -$1.313M -$66.10K
YoY Change 1886.48% -26.15%
Interest Expense $1.504K $12.62K
YoY Change -88.09% 32.65%
% of Operating Profit
Other Income/Expense, Net $207.1K -$1.572K
YoY Change -13274.94% -101.48%
Pretax Income -$1.106M $17.02K
YoY Change -6597.72% 143.84%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$1.106M $17.02K
YoY Change -6596.58% 143.99%
Net Earnings / Revenue 3.44%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 530.1M shares 28.04M shares
Diluted Shares Outstanding 530.7M shares 37.09M shares

Balance Sheet

Concept 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.66K
YoY Change 141.64%
Cash & Equivalents $116.3K $72.66K
Short-Term Investments
Other Short-Term Assets $33.82K
YoY Change -59.33%
Inventory $18.35K
Prepaid Expenses $26.69K
Receivables $246.2K
Other Receivables $0.00
Total Short-Term Assets $143.0K $371.0K
YoY Change -61.47% -21.63%
LONG-TERM ASSETS
Property, Plant & Equipment $83.52K
YoY Change -65.42%
Goodwill $145.1K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.209K $316.4K
YoY Change -98.67% -35.65%
TOTAL ASSETS
Total Short-Term Assets $143.0K $371.0K
Total Long-Term Assets $4.209K $316.4K
Total Assets $147.2K $687.4K
YoY Change -78.59% -28.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $271.5K $201.7K
YoY Change 34.64% 41.26%
Accrued Expenses $91.47K
YoY Change -18.44%
Deferred Revenue
YoY Change
Short-Term Debt $3.846M
YoY Change 1210.26%
Long-Term Debt Due $18.13K
YoY Change 14.68%
Total Short-Term Liabilities $4.337M
YoY Change 4.33%
LONG-TERM LIABILITIES
Long-Term Debt $163.2K
YoY Change -38.23%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $163.2K
YoY Change -38.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.337M
Total Long-Term Liabilities $163.2K
Total Liabilities $836.2K $4.501M
YoY Change -81.42% 1.79%
SHAREHOLDERS EQUITY
Retained Earnings -$6.627M -$99.35M
YoY Change -93.33% 0.36%
Common Stock $530.7K $28.04K
YoY Change 1792.81% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$689.0K -$3.813M
YoY Change
Total Liabilities & Shareholders Equity $147.2K $687.4K
YoY Change -78.59% -28.77%

Cashflow Statement

Concept 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.106M $17.02K
YoY Change -6596.58% 143.99%
Depreciation, Depletion And Amortization $43.53K
YoY Change 6.43%
Cash From Operating Activities -$22.63K
YoY Change -23.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 69.27K
YoY Change -28.17%
NET CHANGE
Cash From Operating Activities -22.63K
Cash From Investing Activities 0.000
Cash From Financing Activities 69.27K
Net Change In Cash 46.64K
YoY Change -1213.13%
FREE CASH FLOW
Cash From Operating Activities -$22.63K
Capital Expenditures $0.00
Free Cash Flow -$22.63K
YoY Change -154.73%

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<p id="xdx_84E_eus-gaap--NatureOfOperations_zAfaXzp2hPe5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_867_zKbonR02xTxl">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_z5dk96Kyh3c2" 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_849_eus-gaap--UseOfEstimates_zItGYkWUoUQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_868_zGtMDiwEhJVi">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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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zZ2KHjrwLwzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_860_zToeVO8d3AFl">Concentration of Credit Risk</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35pt; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with financial institutions and invests its excess cash primarily in certificates of deposit, deposit accounts or treasury bills. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
CY2021Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
7492 usd
CY2022Q4 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
6660 usd
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
0 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2358 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2358 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1179 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1179 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3859759 usd
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
102284990 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
102284990 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q2 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
14152 usd
CY2023Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
14152 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9943 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7585 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4209 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6567 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2358 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1179 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1179 usd
us-gaap Interest Expense
InterestExpense
3409 usd
us-gaap Interest Expense
InterestExpense
2868 usd
CY2024Q2 us-gaap Interest Expense
InterestExpense
1504 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
1590 usd
CY2024Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.04
CY2024Q2 us-gaap Advances To Affiliate
AdvancesToAffiliate
1442500 usd
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
418822708 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2024Q2 us-gaap Share Price
SharePrice
0.059
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.059
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7417 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0393 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2023Q4 vyey Monthly Fee
MonthlyFee
15000 usd
vyey Consulting Agreement Compensation
ConsultingAgreementCompensation
90000 usd
vyey Consulting Agreement Compensation
ConsultingAgreementCompensation
0 usd
CY2024Q2 vyey Consulting Agreement Compensation
ConsultingAgreementCompensation
45000 usd
CY2023Q2 vyey Shares Based Compensation
SharesBasedCompensation
0 usd
CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
4000000 usd
CY2024Q1 us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
328794 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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