$VYEY
Victory Clean Energy Inc

2018 Q3 Form 10-Q Financial Statement

#000121390018011002 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q4
Revenue $399.0K $0.00 $0.00
YoY Change 590.74% -100.0% -100.0%
Cost Of Revenue $215.3K $0.00
YoY Change
Gross Profit $183.7K $0.00
YoY Change
Gross Profit Margin 46.04%
Selling, General & Admin $767.7K $12.05M $590.0K
YoY Change 50.53% 2262.65% -15.71%
% of Gross Profit 417.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $271.9K $120.00 $11.32K
YoY Change 1259.5% -99.7% -43.4%
% of Gross Profit 148.01%
Operating Expenses $767.7K $12.05M $610.0K
YoY Change 50.53% 2262.65% -16.44%
Operating Profit -$584.0K -$11.77M
YoY Change 16.97% 2157.2%
Interest Expense -$67.40K $63.74K -$40.00K
YoY Change -163.14% -35.37% 33.33%
% of Operating Profit
Other Income/Expense, Net -$63.74K
YoY Change -35.37%
Pretax Income -$651.4K -$11.84M -$650.0K
YoY Change 7.64% 1808.49% 3.17%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$609.8K -$11.80M -$18.84M
YoY Change 1.77% 1915.98% 2711.94%
Net Earnings / Revenue -152.83%
Basic Earnings Per Share
Diluted Earnings Per Share -$21.75K -$513.7K -$11.02M
COMMON SHARES
Basic Shares Outstanding 28.04M shares 28.03M shares 31.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.07K $33.52K $24.38K
YoY Change 460.7% -32.96% -59.37%
Cash & Equivalents $56.07K $33.52K $24.38K
Short-Term Investments
Other Short-Term Assets $103.0K $91.23K $112.2K
YoY Change 929.6% 204.1% 1022.2%
Inventory $61.33K
Prepaid Expenses $91.23K $112.2K
Receivables $362.0K $0.00
Other Receivables $0.00
Total Short-Term Assets $582.4K $124.8K $136.6K
YoY Change 118.69% 21.3% 23.3%
LONG-TERM ASSETS
Property, Plant & Equipment $792.2K $180.00 $490.00
YoY Change 41.46% -99.97% -99.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.750K $1.750K $1.750K
YoY Change
Total Long-Term Assets $18.47M $17.63M $17.63M
YoY Change 1.56% 2336.31% 2175.45%
TOTAL ASSETS
Total Short-Term Assets $582.4K $124.8K $136.6K
Total Long-Term Assets $18.47M $17.63M $17.63M
Total Assets $19.05M $17.76M $17.77M
YoY Change 3.25% 2048.27% 1906.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $688.6K $493.4K $590.9K
YoY Change 20.33% -13.54% 40.5%
Accrued Expenses $105.2K $413.6K $374.3K
YoY Change -74.91% 2.27% -49.86%
Deferred Revenue
YoY Change
Short-Term Debt $830.5K $572.0K $896.5K
YoY Change 51.0% 5.93% 60.09%
Long-Term Debt Due $1.064M
YoY Change
Total Short-Term Liabilities $2.688M $1.488M $1.871M
YoY Change 60.09% -47.76% -43.43%
LONG-TERM LIABILITIES
Long-Term Debt $314.3K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $314.3K $0.00 $0.00
YoY Change 958.54% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.688M $1.488M $1.871M
Total Long-Term Liabilities $314.3K $0.00 $0.00
Total Liabilities $3.203M $1.488M $1.871M
YoY Change 87.46% -48.5% -43.55%
SHAREHOLDERS EQUITY
Retained Earnings -$79.10M -$66.86M
YoY Change 66.9% 44.91%
Common Stock $95.61M $87.56M
YoY Change 164.37% 144.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.85M $16.27M $15.90M
YoY Change
Total Liabilities & Shareholders Equity $19.05M $17.76M $17.77M
YoY Change 3.25% 2048.27% 1906.25%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income -$609.8K -$11.80M -$18.84M
YoY Change 1.77% 1915.98% 2711.94%
Depreciation, Depletion And Amortization $271.9K $120.00 $11.32K
YoY Change 1259.5% -99.7% -43.4%
Cash From Operating Activities -$10.60M -$392.9K -$468.1K
YoY Change 6965.54% -21.42% -31.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$832.0K $3.260K
YoY Change -96.38%
Cash From Investing Activities -$832.0K $3.260K
YoY Change -96.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 171.3K 406.1K 482.8K
YoY Change 55.72% -23.38% -24.56%
NET CHANGE
Cash From Operating Activities -10.60M -392.9K -468.1K
Cash From Investing Activities -832.0K 3.260K
Cash From Financing Activities 171.3K 406.1K 482.8K
Net Change In Cash -11.26M 13.20K 17.93K
YoY Change 28047.65% -56.0% -64.14%
FREE CASH FLOW
Cash From Operating Activities -$10.60M -$392.9K -$468.1K
Capital Expenditures $0.00
Free Cash Flow -$468.1K
YoY Change -31.16%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold;">Use of Estimates:</span></p> <p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> </span></p> <p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The preparation of our 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 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, taxes, accruals of capitalized costs, operating costs, general and administrative costs, interest, various common stock, warrants and option transactions, and loss contingencies.</span></p>
CY2017Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 USD
CY2018Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 USD
us-gaap Property Plant And Equipment Preproduction Design And Development Costs
PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts
<p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold;">Other Property and Equipment:</span></p> <p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> </span></p> <p style="font-size: 10pt; line-height: 120%; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">Our office equipment in Austin, Texas is being depreciated on the straight-line method over the estimated useful life of</span><span style="font-size: 10pt;"> </span><span style="font-size: 10pt;">3</span><span style="font-size: 10pt;"> </span><span style="font-size: 10pt;">to</span><span style="font-size: 10pt;"> </span><span style="font-size: 10pt;">7</span><span style="font-size: 10pt;"> years.</span></span></p>
CY2018Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
17630000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
17630000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
124055 USD
CY2018Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
0 USD
CY2017Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
210000 USD
CY2018Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
0 USD
CY2017Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
210000 USD
CY2018Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
0 USD
CY2017Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
0 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11331602 USD
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8337 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11331602 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
179034 USD
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
28026713 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
0 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23479779 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
823278 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14756246 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
823278 shares
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-11799327 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
-614173 USD
us-gaap Profit Loss
ProfitLoss
-12236137 USD
us-gaap Profit Loss
ProfitLoss
-1278349 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-842699 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1318299 USD
CY2015Q3 vyey Forbearance Agreement Borrowing Base Deficiency Payment
ForbearanceAgreementBorrowingBaseDeficiencyPayment
76081 USD
CY2015Q3 vyey Forbearance Agreement Remaining Borrowing Base Deficiency Due
ForbearanceAgreementRemainingBorrowingBaseDeficiencyDue
260000 USD
CY2015Q4 vyey Forbearance Agreement Paymentof Borrowing Base Deficiency
ForbearanceAgreementPaymentofBorrowingBaseDeficiency
50000 USD
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
0 shares
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
15000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
15000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
0 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
0 USD

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