$VYEY
Victory Clean Energy Inc

2023 Q3 Form 10-Q Financial Statement

#000121390023066748 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $350.6K $495.4K
YoY Change 7.04% -11.19%
Cost Of Revenue $137.5K $241.1K
YoY Change -42.04% -17.62%
Gross Profit $213.1K $254.3K
YoY Change 136.09% -4.09%
Gross Profit Margin 60.77% 51.33%
Selling, General & Admin $476.4K $315.3K
YoY Change 74.71% -9.7%
% of Gross Profit 223.59% 123.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.54K $43.53K
YoY Change -60.06% 6.43%
% of Gross Profit 8.23% 17.12%
Operating Expenses $480.8K $320.4K
YoY Change 72.82% -9.66%
Operating Profit -$267.7K -$66.10K
YoY Change 42.43% -26.15%
Interest Expense $12.78K $12.62K
YoY Change 174.64% 32.65%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$279.5K $17.02K
YoY Change 95.39% 143.84%
Income Tax
% Of Pretax Income
Net Earnings -$279.5K $17.02K
YoY Change 95.4% 143.99%
Net Earnings / Revenue -79.72% 3.44%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 28.04M shares 28.04M shares
Diluted Shares Outstanding 28.15M shares 37.09M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.66K $72.66K
YoY Change -67.71% 141.64%
Cash & Equivalents $32.66K $72.66K
Short-Term Investments
Other Short-Term Assets $23.48K $33.82K
YoY Change -46.89% -59.33%
Inventory $17.49K $18.35K
Prepaid Expenses
Receivables $222.6K $246.2K
Other Receivables $255.0K $0.00
Total Short-Term Assets $551.3K $371.0K
YoY Change 63.49% -21.63%
LONG-TERM ASSETS
Property, Plant & Equipment $70.30K $83.52K
YoY Change -65.19% -65.42%
Goodwill $145.1K $145.1K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $298.8K $316.4K
YoY Change -33.26% -35.65%
TOTAL ASSETS
Total Short-Term Assets $551.3K $371.0K
Total Long-Term Assets $298.8K $316.4K
Total Assets $850.1K $687.4K
YoY Change 8.3% -28.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $223.7K $201.7K
YoY Change 96.38% 41.26%
Accrued Expenses $69.38K $91.47K
YoY Change -26.4% -18.44%
Deferred Revenue
YoY Change
Short-Term Debt $4.187M $3.846M
YoY Change 1382.08% 1210.26%
Long-Term Debt Due $18.13K $18.13K
YoY Change 14.62% 14.68%
Total Short-Term Liabilities $4.626M $4.337M
YoY Change 12.25% 4.33%
LONG-TERM LIABILITIES
Long-Term Debt $161.2K $163.2K
YoY Change -38.67% -38.23%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $161.2K $163.2K
YoY Change -38.67% -38.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.626M $4.337M
Total Long-Term Liabilities $161.2K $163.2K
Total Liabilities $4.788M $4.501M
YoY Change 9.2% 1.79%
SHAREHOLDERS EQUITY
Retained Earnings -$99.63M -$99.35M
YoY Change 0.5% 0.36%
Common Stock $28.59K $28.04K
YoY Change 1.98% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.938M -$3.813M
YoY Change
Total Liabilities & Shareholders Equity $850.1K $687.4K
YoY Change 8.3% -28.77%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$279.5K $17.02K
YoY Change 95.4% 143.99%
Depreciation, Depletion And Amortization $17.54K $43.53K
YoY Change -60.06% 6.43%
Cash From Operating Activities -$67.37K -$22.63K
YoY Change -207.81% -23.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$255.0K
YoY Change
Cash From Investing Activities -$255.0K $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 282.4K 69.27K
YoY Change 3183.37% -28.17%
NET CHANGE
Cash From Operating Activities -67.37K -22.63K
Cash From Investing Activities -255.0K 0.000
Cash From Financing Activities 282.4K 69.27K
Net Change In Cash -40.00K 46.64K
YoY Change -156.27% -1213.13%
FREE CASH FLOW
Cash From Operating Activities -$67.37K -$22.63K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$67.37K -$22.63K
YoY Change -207.81% -154.73%

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">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 June 30, 2023 and December 31, 2022, respectively. The Company suffered no bad debt losses in the three and six months ended June 30, 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">As of June 30, 2023 and December 31, 2022, three customers comprised 52% and 78% of the Company’s gross accounts receivable, respectively. For the three months ended June 30, 2023 and 2022, four and three customers comprised 60% and 72% of the Company’s total revenue, respectively. For the six months ended June 30, 2023 and 2022, three and three customers comprised 52% and 61% of the Company’s total revenue, respectively.</p>
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
vyey Accounts Receivable Percentage
AccountsReceivablePercentage
0.52 pure
CY2022 vyey Accounts Receivable Percentage
AccountsReceivablePercentage
0.78 pure
CY2023Q2 vyey Total Revenue Percentage
TotalRevenuePercentage
0.60 pure
CY2022Q2 vyey Total Revenue Percentage
TotalRevenuePercentage
0.72 pure
vyey Total Revenue Percentage
TotalRevenuePercentage
0.52 pure
vyey Total Revenue Percentage
TotalRevenuePercentage
0.61 pure
CY2023Q2 us-gaap Goodwill
Goodwill
145149 usd
CY2022Q4 us-gaap Goodwill
Goodwill
145149 usd
CY2018Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2022Q4 us-gaap Accumulated Amortization Of Other Deferred Costs
AccumulatedAmortizationOfOtherDeferredCosts
76197 usd
vyey Weighted Average Number Of Share Outstanding Basics And Diluted
WeightedAverageNumberOfShareOutstandingBasicsAndDiluted
28037713 shares
vyey Weighted Average Number Of Share Outstanding Basics And Diluted
WeightedAverageNumberOfShareOutstandingBasicsAndDiluted
28037713 shares
CY2023Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
87697 usd
CY2022Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
96323 usd
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
98622 usd
CY2023Q2 us-gaap Proceeds From Loans
ProceedsFromLoans
92653 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
835731 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
835731 usd
CY2023Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
752210 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
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CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83521 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
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CY2022Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
36584 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
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us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
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CY2023Q2 vyey Amortization Of Intangible Asset
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CY2022Q2 vyey Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
4313 usd
vyey Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
8626 usd
vyey Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
8627 usd
CY2023Q2 us-gaap Finite Lived Customer Relationships Gross
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129680 usd
CY2022Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
129680 usd
CY2023Q2 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
42840 usd
CY2022Q4 us-gaap Finite Lived Trademarks Gross
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CY2023Q2 us-gaap Debt Instrument Decrease Forgiveness
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CY2023Q2 us-gaap Deposit Liabilities Accrued Interest
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CY2023Q2 us-gaap Debt Instrument Face Amount
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5969 usd
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0.01 pure
vyey Accrued Interest Percentage
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0.01 pure
CY2023Q2 us-gaap Long Term Debt Term
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P5Y
CY2023Q2 us-gaap Interest Expense Debt
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1422 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1671 usd
us-gaap Interest Expense Debt
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2828 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
3324 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
vyey Vehicle Loan
VehicleLoan
25659 usd
CY2022Q4 vyey Vehicle Loan
VehicleLoan
31438 usd
CY2022Q3 us-gaap Financing Receivable Revolving Converted To Term Loan
FinancingReceivableRevolvingConvertedToTermLoan
30000 usd
CY2023Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.055 pure
CY2022Q3 us-gaap Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
0.0075 pure
CY2023Q2 us-gaap Securities Borrowed
SecuritiesBorrowed
20000 usd
CY2022Q2 us-gaap Securities Borrowed
SecuritiesBorrowed
0 usd
CY2023Q2 us-gaap Payments For Rent
PaymentsForRent
0 usd
CY2022Q2 us-gaap Payments For Rent
PaymentsForRent
3000 usd
us-gaap Payments For Rent
PaymentsForRent
3000 usd
us-gaap Payments For Rent
PaymentsForRent
3000 usd
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
CY2023Q2 us-gaap Shortterm Debt Fair Value
ShorttermDebtFairValue
33500 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
vyey Number Of Geographical Area
NumberOfGeographicalArea
1 pure
CY2023Q2 us-gaap Revenues
Revenues
495388 usd
CY2022Q2 us-gaap Revenues
Revenues
557793 usd
us-gaap Revenues
Revenues
853152 usd
us-gaap Revenues
Revenues
890911 usd
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9049000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
8903000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
28037713 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
28037713 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37087154 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36941221 shares
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
17023 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
6977 usd
us-gaap Net Income Loss
NetIncomeLoss
-109449 usd
us-gaap Net Income Loss
NetIncomeLoss
-74281 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
5087901 shares
CY2022Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
4941968 shares
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3961540 shares
CY2022Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3961540 shares
CY2023Q2 vyey Diluted Weighted Average Common Stock Outstanding
DilutedWeightedAverageCommonStockOutstanding
37087154 shares
CY2022Q2 vyey Diluted Weighted Average Common Stock Outstanding
DilutedWeightedAverageCommonStockOutstanding
36941221 shares
vyey Diluted Weighted Average Common Stock Outstanding
DilutedWeightedAverageCommonStockOutstanding
28037713 shares
vyey Diluted Weighted Average Common Stock Outstanding
DilutedWeightedAverageCommonStockOutstanding
28037713 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2023Q2 us-gaap Other Income
OtherIncome
95745 usd
us-gaap Other Income
OtherIncome
95745 usd
us-gaap Other Income
OtherIncome
106000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
usd
CY2023Q2 us-gaap Dilutive Securities
DilutiveSecurities
usd
CY2022Q2 us-gaap Dilutive Securities
DilutiveSecurities
usd
us-gaap Dilutive Securities
DilutiveSecurities
usd
us-gaap Dilutive Securities
DilutiveSecurities
usd
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
shares
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0000700764

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