$VYEY
Victory Clean Energy Inc

2023 Q1 Form 10-Q Financial Statement

#000121390023039503 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $357.8K $333.1K
YoY Change 7.4% 113.03%
Cost Of Revenue $175.6K $171.2K
YoY Change 2.55% 82.88%
Gross Profit $182.2K $161.9K
YoY Change 12.53% 158.03%
Gross Profit Margin 50.92% 48.6%
Selling, General & Admin $299.5K $227.3K
YoY Change 31.74% 19.65%
% of Gross Profit 164.39% 140.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.61K $40.37K
YoY Change -1.89% 6.6%
% of Gross Profit 21.74% 24.94%
Operating Expenses $305.0K $232.6K
YoY Change 31.12% 19.2%
Operating Profit -$122.8K -$70.69K
YoY Change 73.7% -46.6%
Interest Expense $3.687K -$10.57K
YoY Change -134.88% -14.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$126.5K -$81.26K
YoY Change 55.64% -43.82%
Income Tax
% Of Pretax Income
Net Earnings -$126.5K -$81.26K
YoY Change 55.64% -43.82%
Net Earnings / Revenue -35.35% -24.39%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$2.898K
COMMON SHARES
Basic Shares Outstanding 28.04M shares 28.04M shares
Diluted Shares Outstanding 28.04M shares 28.04M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.02K $34.25K
YoY Change -24.03% -84.89%
Cash & Equivalents $26.02K $34.25K
Short-Term Investments
Other Short-Term Assets $45.03K $122.1K
YoY Change -63.12% -28.76%
Inventory $40.06K $41.70K
Prepaid Expenses
Receivables $195.1K $204.8K
Other Receivables $0.00 $0.00
Total Short-Term Assets $306.2K $402.9K
YoY Change -23.99% -26.94%
LONG-TERM ASSETS
Property, Plant & Equipment $122.7K $207.2K
YoY Change -40.75% -41.74%
Goodwill $145.1K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $359.9K $461.6K
YoY Change -22.03% -26.41%
TOTAL ASSETS
Total Short-Term Assets $306.2K $402.9K
Total Long-Term Assets $359.9K $461.6K
Total Assets $666.1K $864.4K
YoY Change -22.94% -26.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.7K $125.1K
YoY Change 2.89% -74.44%
Accrued Expenses $145.8K $139.1K
YoY Change 4.79% 0.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.82K $3.644M
YoY Change -99.57% 13.34%
Total Short-Term Liabilities $4.236M $4.088M
YoY Change 3.63% 1.51%
LONG-TERM LIABILITIES
Long-Term Debt $259.9K $239.9K
YoY Change 8.37% -42.54%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $259.9K $239.9K
YoY Change 8.37% -42.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.236M $4.088M
Total Long-Term Liabilities $259.9K $239.9K
Total Liabilities $4.496M $4.328M
YoY Change 3.89% -2.63%
SHAREHOLDERS EQUITY
Retained Earnings -$99.36M
YoY Change
Common Stock $28.04K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.830M -$3.463M
YoY Change
Total Liabilities & Shareholders Equity $666.1K $864.4K
YoY Change -22.94% -26.66%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$126.5K -$81.26K
YoY Change 55.64% -43.82%
Depreciation, Depletion And Amortization $39.61K $40.37K
YoY Change -1.89% 6.6%
Cash From Operating Activities -$84.67K -$95.65K
YoY Change -11.48% -37.17%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.445K
YoY Change
Cash From Financing Activities $37.06K 77.00K
YoY Change -51.88% -64.94%
NET CHANGE
Cash From Operating Activities -$84.67K -95.65K
Cash From Investing Activities
Cash From Financing Activities $37.06K 77.00K
Net Change In Cash -$47.61K $0.00
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities -$84.67K -$95.65K
Capital Expenditures $0.00
Free Cash Flow -$95.65K
YoY Change -19.78%

Facts In Submission

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VICTORY OILFIELD TECH, INC.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk, Accounts Receivable and Allowance for Doubtful Accounts</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents placed with high credit quality institutions and accounts receivable due from Pro-Tech’s customers. Management evaluates the collectability of accounts receivable based on a combination of factors. If management becomes aware of a customer’s inability to meet its financial obligations after a sale has occurred, the Company records an allowance to reduce the net receivable to the amount that it reasonably believes to be collectable from the customer. Accounts receivable are written off at the point they are considered uncollectible. An allowance of $0 and $0 has been recorded at March 31, 2023 and December 31, 2022, respectively. The Company suffered no bad debt losses in the three months ended March 31, 2023 and 2022, respectively. If the financial conditions of Pro-Tech’s customers were to deteriorate or if general economic conditions were to worsen, additional allowances may be required in the future. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2023 and December 31, 2022, three customers comprised 50% and 78% of the Company’s gross accounts receivables, respectively. For the three months ended March 31, 2023 and 2022, four and two customers comprised 62% and 54% of the Company’s total revenue, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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42840 usd
CY2022Q4 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
42840 usd
CY2023Q1 us-gaap Accumulated Amortization Of Other Deferred Costs
AccumulatedAmortizationOfOtherDeferredCosts
80510 usd
CY2022Q4 us-gaap Accumulated Amortization Of Other Deferred Costs
AccumulatedAmortizationOfOtherDeferredCosts
76196 usd
CY2023Q1 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
92010 usd
CY2022Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
96234 usd
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
98622 usd
CY2023Q1 vyey Accrued Interest Percentage
AccruedInterestPercentage
0.01 pure
CY2023Q1 us-gaap Long Term Debt Term
LongTermDebtTerm
P5Y
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1406 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1437 usd
CY2022Q2 us-gaap Securities Purchased Under Agreements To Resell Increase
SecuritiesPurchasedUnderAgreementsToResellIncrease
31437 usd
CY2022Q2 vyey Loan Term
LoanTerm
P5Y
CY2022Q2 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2027-06-15
CY2022Q2 vyey Repyabale Rate
RepyabaleRate
586 usd
CY2022Q2 vyey Principal And Interest Rate Percentage
PrincipalAndInterestRatePercentage
0.045 pure
CY2023Q1 vyey Vehicle Loan
VehicleLoan
27114 usd
CY2022Q4 vyey Vehicle Loan
VehicleLoan
31438 usd
CY2022Q3 us-gaap Financing Receivable Revolving Converted To Term Loan
FinancingReceivableRevolvingConvertedToTermLoan
30000 usd
CY2022Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.055 pure
CY2022Q3 us-gaap Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
0.0075 pure
CY2023Q1 us-gaap Securities Borrowed
SecuritiesBorrowed
5000 usd
CY2022Q4 us-gaap Securities Borrowed
SecuritiesBorrowed
0 usd
CY2023Q1 us-gaap Payments For Rent
PaymentsForRent
3483 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
0 usd
CY2018Q2 us-gaap Shares Issued
SharesIssued
1880267 shares
CY2020Q4 vyey Increase The Loan Amount
IncreaseTheLoanAmount
3000000 usd
CY2021Q1 vyey Sale Of Stock Consideration Receivable On Transaction
SaleOfStockConsiderationReceivableOnTransaction
3500000 usd
CY2021Q3 vyey Increase The Loan Amount
IncreaseTheLoanAmount
4000000 usd
CY2023Q1 us-gaap Shortterm Debt Fair Value
ShorttermDebtFairValue
33500 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
CY2023Q1 vyey Number Of Geographical Area
NumberOfGeographicalArea
1 pure
CY2023Q1 us-gaap Revenues
Revenues
357765 usd
CY2022Q1 us-gaap Revenues
Revenues
333118 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
CY2023Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-126472 usd
CY2022Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-81258 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
CY2023Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
CY2022Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000700764

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