$VYEY
Victory Clean Energy Inc

2023 Q4 Form 10-Q Financial Statement

#000121390023086449 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $350.6K
YoY Change -100.0% 7.04%
Cost Of Revenue $0.00 $137.5K
YoY Change -100.0% -42.04%
Gross Profit $0.00 $213.1K
YoY Change -100.0% 136.09%
Gross Profit Margin 60.77%
Selling, General & Admin $804.4K $476.4K
YoY Change 453.6% 74.71%
% of Gross Profit 223.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.54K
YoY Change -60.06%
% of Gross Profit 8.23%
Operating Expenses $804.4K $480.8K
YoY Change 433.45% 72.82%
Operating Profit -$804.4K -$267.7K
YoY Change -1618.38% 42.43%
Interest Expense -$27.76K $12.78K
YoY Change 767.5% 174.64%
% of Operating Profit
Other Income/Expense, Net $248.6K
YoY Change
Pretax Income -$583.6K -$279.5K
YoY Change 460.24% 95.39%
Income Tax
% Of Pretax Income
Net Earnings -$538.7K -$279.5K
YoY Change 417.19% 95.4%
Net Earnings / Revenue -79.72%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 28.59M shares 28.04M shares
Diluted Shares Outstanding 28.15M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.46K $32.66K
YoY Change -9.75% -67.71%
Cash & Equivalents $66.46K $32.66K
Short-Term Investments
Other Short-Term Assets $299.8K $23.48K
YoY Change 1361.01% -46.89%
Inventory $17.49K
Prepaid Expenses
Receivables $222.6K
Other Receivables $255.0K
Total Short-Term Assets $1.349M $551.3K
YoY Change 365.87% 63.49%
LONG-TERM ASSETS
Property, Plant & Equipment $70.30K
YoY Change -65.19%
Goodwill $145.1K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $288.8K
YoY Change
Total Long-Term Assets $288.8K $298.8K
YoY Change -28.48% -33.26%
TOTAL ASSETS
Total Short-Term Assets $1.349M $551.3K
Total Long-Term Assets $288.8K $298.8K
Total Assets $1.638M $850.1K
YoY Change 136.23% 8.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $331.1K $223.7K
YoY Change 121.47% 96.38%
Accrued Expenses $10.62K $69.38K
YoY Change -83.1% -26.4%
Deferred Revenue
YoY Change
Short-Term Debt $4.956M $4.187M
YoY Change 1382.08%
Long-Term Debt Due $3.869M $18.13K
YoY Change 3.36% 14.62%
Total Short-Term Liabilities $5.566M $4.626M
YoY Change 34.6% 12.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $161.2K
YoY Change -100.0% -38.67%
Other Long-Term Liabilities $159.1K
YoY Change
Total Long-Term Liabilities $159.1K $161.2K
YoY Change -39.16% -38.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.566M $4.626M
Total Long-Term Liabilities $159.1K $161.2K
Total Liabilities $5.725M $4.788M
YoY Change 30.21% 9.2%
SHAREHOLDERS EQUITY
Retained Earnings -$99.78M -$99.63M
YoY Change 0.54% 0.5%
Common Stock $28.59K $28.59K
YoY Change 1.98% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.087M -$3.938M
YoY Change
Total Liabilities & Shareholders Equity $1.638M $850.1K
YoY Change 136.23% 8.3%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$538.7K -$279.5K
YoY Change 417.19% 95.4%
Depreciation, Depletion And Amortization $17.54K
YoY Change -60.06%
Cash From Operating Activities $49.28K -$67.37K
YoY Change -236.74% -207.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$728.0K -$255.0K
YoY Change
Cash From Investing Activities -$728.0K -$255.0K
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 776.0K 282.4K
YoY Change 9007.86% 3183.37%
NET CHANGE
Cash From Operating Activities 49.28K -67.37K
Cash From Investing Activities -728.0K -255.0K
Cash From Financing Activities 776.0K 282.4K
Net Change In Cash 97.27K -40.00K
YoY Change -453.45% -156.27%
FREE CASH FLOW
Cash From Operating Activities $49.28K -$67.37K
Capital Expenditures $0.00 $0.00
Free Cash Flow $49.28K -$67.37K
YoY Change -236.74% -207.81%

Facts In Submission

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VICTORY OILFIELD TECH, INC.
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-99626538 usd
CY2023Q3 vyey Working Capital Deficit
WorkingCapitalDeficit
-4330209 usd
CY2023Q3 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
131274 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 September 30, 2023 and December 31, 2022, respectively. The Company suffered no bad debt losses in the three and nine months ended September 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 September 30, 2023 and December 31, 2022, three and three customers comprised 86% and 78% of the Company’s gross accounts receivable, respectively. For the three months ended September 30, 2023 and 2022, three and three customers comprised 81% and 45% of the Company’s total revenue, respectively. For the nine months ended September 30, 2023 and 2022, four and three customers comprised 67% and 54% of the Company’s total revenue, respectively.</p>
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022 vyey Number Of Customer
NumberOfCustomer
3 pure
CY2022 vyey Accounts Receivable Percentage
AccountsReceivablePercentage
0.78 pure
vyey Number Of Customer
NumberOfCustomer
3 pure
CY2023Q3 vyey Total Revenue Percentage
TotalRevenuePercentage
0.81 pure
CY2022Q3 vyey Total Revenue Percentage
TotalRevenuePercentage
0.45 pure
vyey Number Of Customer
NumberOfCustomer
3 pure
vyey Total Revenue Percentage
TotalRevenuePercentage
0.67 pure
vyey Total Revenue Percentage
TotalRevenuePercentage
0.54 pure
CY2023Q3 us-gaap Goodwill
Goodwill
145149 usd
CY2022Q4 us-gaap Goodwill
Goodwill
145149 usd
CY2018Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
us-gaap Payments For Rent
PaymentsForRent
4524 usd
us-gaap Payments For Rent
PaymentsForRent
4251 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
835731 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
835731 usd
CY2023Q3 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
765434 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
673388 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
70297 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
162343 usd
CY2023Q3 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
13224 usd
CY2022Q3 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
39606 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
92046 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
112248 usd
CY2023Q3 vyey Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
4313 usd
CY2022Q3 vyey Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
4312 usd
vyey Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
12939 usd
vyey Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
12939 usd
CY2023Q3 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
129680 usd
CY2022Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
129680 usd
CY2023Q3 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
42840 usd
CY2022Q4 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
42840 usd
CY2023Q3 us-gaap Accumulated Amortization Of Other Deferred Costs
AccumulatedAmortizationOfOtherDeferredCosts
89136 usd
CY2022Q4 us-gaap Accumulated Amortization Of Other Deferred Costs
AccumulatedAmortizationOfOtherDeferredCosts
76197 usd
CY2023Q3 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
83384 usd
CY2022Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
96323 usd
CY2023Q3 vyey Percentage Of Convertible Promissory Notes
PercentageOfConvertiblePromissoryNotes
0.05 pure
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
28333333 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28154643 shares
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
CY2023Q3 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
1416 usd
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
98622 usd
CY2023Q2 us-gaap Proceeds From Loans
ProceedsFromLoans
92653 usd
CY2023Q2 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
98622 usd
CY2023Q2 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
92653 usd
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5969 usd
vyey Accrued Interest Percentage
AccruedInterestPercentage
0.01 pure
CY2023Q3 us-gaap Long Term Debt Term
LongTermDebtTerm
P5Y
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
1437 usd
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
1437 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
4266 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
4266 usd
CY2022Q2 us-gaap Securities Purchased Under Agreements To Resell Increase
SecuritiesPurchasedUnderAgreementsToResellIncrease
31437 usd
CY2022Q2 vyey Loan Term
LoanTerm
P5Y
CY2022Q2 vyey Repyabale Rate
RepyabaleRate
586 usd
CY2022Q2 vyey Principal And Interest Rate Percentage
PrincipalAndInterestRatePercentage
0.045 pure
vyey Vehicle Loan
VehicleLoan
24187 usd
CY2022 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
CY2023Q3 us-gaap Securities Borrowed
SecuritiesBorrowed
20000 usd
CY2022Q3 us-gaap Securities Borrowed
SecuritiesBorrowed
0 usd
CY2023Q3 us-gaap Equity Fair Value Adjustment
EquityFairValueAdjustment
155086 usd
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.28
CY2023Q3 us-gaap Payments For Rent
PaymentsForRent
558 usd
CY2022Q3 us-gaap Payments For Rent
PaymentsForRent
417 usd
CY2018Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
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 Interest Expense Borrowings
InterestExpenseBorrowings
185150 usd
CY2023Q1 us-gaap Debt Instrument Repaid Principal
DebtInstrumentRepaidPrincipal
5000 usd
CY2023Q3 us-gaap Debt Instrument Repaid Principal
DebtInstrumentRepaidPrincipal
52100 usd
CY2023Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
128050 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
CY2023Q3 us-gaap Revenues
Revenues
350634 usd
CY2022Q3 us-gaap Revenues
Revenues
327573 usd
us-gaap Revenues
Revenues
1203787 usd
us-gaap Revenues
Revenues
1218485 usd
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
28154643 shares
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
28037713 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
28076546 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
28037713 shares
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-279508 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-143047 usd
us-gaap Net Income Loss
NetIncomeLoss
-388956 usd
us-gaap Net Income Loss
NetIncomeLoss
-217329 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28154643 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28076546 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28037713 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28154643 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28076546 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28037713 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Other Income
OtherIncome
96681 usd
us-gaap Other Income
OtherIncome
155527 usd
us-gaap Share Based Compensation
ShareBasedCompensation
usd
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
usd
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
usd
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0000700764

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