Mon, Aug 19, 12:30 PM (148 days ago)
Clean Vision Corporation's Form 10-K/A for the fiscal year ended December 31, 2023, reveals significant developments in its financial performance and strategic direction. The company reported revenue of $257,414, primarily generated from its Clean-Seas Morocco subsidiary, which processes plastic waste using pyrolysis technology. However, the net loss for the year was $14,269,566, reflecting increased operating expenses, including consulting and professional fees, totaling $8,833,112. The amendment addresses prior financial statement inaccuracies due to insufficient audit procedures by its accounting firm, necessitating a restatement of accounts payable and convertible debt. Clean Vision's accumulated deficit reached $34,831,900, raising concerns about its ability to continue as a going concern. The company is focusing on expanding its Plastic Conversion Network (PCN) and has secured a $12 million state incentive package for a facility in West Virginia. Looking ahead, Clean Vision aims to capitalize on the growing demand for clean energy solutions, despite facing risks from competition and operational challenges in scaling its technology. The company’s market position may be strengthened by its unique pyrolysis process and strategic partnerships.