Mon, Aug 19, 5:46 PM (334 days ago)
For the quarter ending June 30, 2024, Clean Vision Corporation reported a significant decline in revenue, generating $23,455 compared to $161,297 in the same quarter of 2023, primarily due to operational disruptions at its Morocco facility. The company incurred a net loss of $1,824,497, a decrease from the previous year's loss of $2,726,612, reflecting reduced operational costs and interest expenses. Cash flow from operating activities showed an outflow of $1,384,208, improved from $2,239,317 in the prior year, indicating better cash management despite ongoing losses. The company’s total liabilities increased to $15,434,996 from $13,026,804, driven by rising convertible notes payable, which stood at $4,444,336. The company's accumulated deficit reached $38,817,429, raising concerns about its liquidity and ability to fund operations without additional capital. Future operations are uncertain, hinging on successful financing efforts and operational improvements. Overall, Clean Vision's financial health remains precarious, necessitating immediate strategic actions to enhance revenue generation and manage liabilities.