Clean Energy Technologies, Inc. (Nasdaq CETY) (the “Company”), a clean energy manufacturing and services company, offering recyclable energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia announced the 2022 Year-End financial results.
Financial Milestones Achieved and Strong Execution of Operational Strategy
Financial and corporate highlights for the year ended December 31, 2022 and subsequently include the following:
For the year ended December 31, 2022, our total revenue was $2,663,212 compared to $1,300,439 for the same period in 2021; revenue grew 104% in 2022 compared to 2021.
For the year ended December 31, 2022, our gross profits increased to $1,174,196 from $610,407 for the same period in 2021; gross profit grew 92%. in 2022 compared to 2021.
For the year ended December 31, 2022, our net profit was $147,395 compared to $297,551 for the same period in 2021. This is due to one-time increased professional fees, and interest and financing expenses, attributed to the Nasdaq up-listing application and it also reflects the gain discussed below.
For the year ended December 31, 2022, we recognized a gain on debt settlement of $2,556,916 from the GE note write off compared to $868,502 for the year ended December 31, 2021 due to several liabilities statute of limitations had expired.
We raised approximately $1.2 million in Regulation A equity offering in Q1 2022 at $3.20 per share.
For the year ended December 31, 2022, our stockholder’s equity was $1,878,196 compared to stockholder’s deficit of $1,721,712 for the same period in 2021.
Subsequent to the year end results, the company’s equity position has increased substantially during the first quarter of 2023 evidenced by the subsequent events and company’s recent filings, mainly due to the recent public offering with gross proceeds of $3.9 million, the full conversion of a convertible note valued at $666,250, and gain from a $324,000 convertible note payoff. The company has demonstrated profitability for two consecutive years and is no longer in default to any major creditors. It is the Management’s opinion that the Company has sufficient operating capital and can continue to deliver profitability in its current state. The Company’s ability to access capital has also significantly improved as it listed on Nasdaq on March 23, 2023. Management believes through streamlined operations and scaling global sales, the Company can maintain long-term profitability and sufficient capitalization.
