Wed, May 15, 9:20 PM (244 days ago)
Victory Clean Energy, Inc. reported its financial performance for the fiscal year ending December 31, 2023. The company has transitioned from oilfield technology products to green hydrogen energy solutions, completing a merger with H2 Energy Group Inc. and selling its subsidiary Pro-Tech Hardbanding Services, Inc. Key financial highlights include: - No revenue was reported for 2023. - Operating expenses increased by 84% to $804,435, primarily due to higher accounting and legal fees. - The company reported a net loss of $538,703, up from $321,484 in 2022. - Discontinued operations contributed a gain of $44,849. - Convertible notes payable amounted to $1,087,000, with an additional $145,000 issued post-period. Strategically, the company aims to leverage its TrueGreen Hydrogen™ technology to provide cost-effective green hydrogen solutions, focusing on heavy transportation and industrial markets. The company plans to raise $4 million through preferred equity financing to support its growth. Risk factors include continued operating losses, the need for additional capital, and potential regulatory changes. The company has substantial doubt about its ability to continue as a going concern but believes new capital sources will mitigate this risk.