Clean Energy Technologies (CETY) Announces 2021 Year-End Financial Results

COSTA MESA, Calif., April 18, 2022 (GLOBE NEWSWIRE) — Clean Energy Technologies (OTCQB: CETY), (“CETY” or the “Company”), a clean energy company offering products and solutions in the renewable and energy efficiency markets announces 2021 Year-End financial results and operational highlights.

Who We Are

We develop renewable energy products and solutions and establish partnerships in renewable energy that make environmental and economic sense. Our mission is to be a segment leader in the Zero Emission Revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We target sustainable energy solutions that are profitable for us, profitable for our customers and represent the future of global energy production.

Major Development in Financials and Expansion of Business

Financial and corporate highlights for the year ended December 31, 2021 and subsequently include the following:

  • Ended the year with a net profit of of $278,429 in 2021 compared to a net loss of $3,435,764 in 2020.
  • In 2021, we raised approximately $4.78 million in Regulation A equity offering. Subsequently, we raised an additional $1.2 million in 2022 through the same offering at $0.08.
  • Created a new business unit – Waste to Energy Solutions. We convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity, renewable natural gas (“RNG”), hydrogen and BioChar which are sold or used by our customers.
  • Created a new business unit – Engineering, Consulting and Project Management Solutions. We bring a wealth of experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies so they can identify, design and incorporate clean energy solutions in their projects.
  • Finalized agreement on $15M renewable energy processing facility to convert 10,000 tons per year of clean woody feedstock into an estimated 20,000 MWh electricity/year. In addition, the facility will produce 1,400 metric tons of BioChar and 26,000 MMBTU of heat per year. In addition, working on follow up projects in Massachusetts and California.
  • Secured $1.5M of sales order for the installation of Clean Cycle Waste Heat Generators in the US and Europe and built a strong pipeline of opportunities for the Clean Cycle unit as a result of the recently introduced incentives both at the federal and state levels for heat to power generation.
  • Acquisition of Leading Wave Limited (LWL), a liquified natural gas (LNG) trading company in China.
  • Obtained a 15% equity stake in Heze Hongyuan Natural Gas (HHNG), a local pipeline operator in the Shandong Province.
  • CETY Hong Kong established a frame work agreement for a future joint venture with the overseas investment arm of a large gas enterprise in China called Shenzhen Gas (Hong Kong) International Co. Ltd. (“Shenzhen Gas”). The joint venture plans to acquire municipal natural gas operators in China with funds provided by Shenzhen Gas.
  • Improved our balance sheet and capital position to permit CETY to retain more resources and invest in more products and projects.

Kam Mahdi, CEO of Clean Energy Technologies stated, “Our revenue from waste heat recovcery solutions in 2021 was $1,014,707 compared to $930,882 in 2020 as we have been diminishing the legacy manufacturing business and shifting 100% of our focus to the clean energy technologies and solutions. Gross profit margin was decreased to $610,407 from $751,068 in 2020 due to an increase in material costs and logistics as a result of the pandemic and increase in the cost of our engineering consultants. For the year ended December 31, 2021, we had a net profit of $278,429 compared to a net loss of $3,435,764 for the same period in 2020. The increase in the net profit in 2021 was mainly due to the change in derivative liability associated with the payoff of convertible debt and lower interest expense from 2021 to 2020.

2021 was an eventful year for the company, We have made significant progress in improving our balance sheet and capital position to permit us to invest in more products and projects. In 2021, we raised approximately $4.78 million in a Regulation A equity offering.

We continue to take advantage of federal investment tax credits and state incentives that now include waste heat recovery as a recognized clean energy source making our Clean Cycle Generator and ORC systems more profitable to install. The acquisition of the LNG trading company and future acquisitions of municipal natural gas operators is going to create opportunities for us to sell our Waste Heat Recovery and Waste to Energy products in China and to provide engineering, consulting and project management services.

We also established new partnership to support selling more equipment and leveraging our existing marketing channels to sell our HTAP Waste to Energy products and solutions to industrial clients and government agencies”.

About Clean Energy Technologies

Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) is a leader in the zero emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

CETY’s common stock is currently traded on the OTC Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.

# # #

FINANCIAL TABLES:

 Clean Energy Technologies, Inc.
Consolidated Balance Sheet

    December 31, 2021     December 31, 2020  
Assets                
Current Assets:                
Cash   $ 1,192,316     $ 414,885  
Accounts receivable – net     693,032       265,738  
Lease receivable asset     217,584       217,584  
Prepaid     40,380          
Inventory     462,192       557,820  
Total Current Assets     2,605,504       1,456,027  
Property and Equipment – Net     33,016       53,432  
                 
Goodwill     747,976       747,976  
LWL Intangibles     1,468,709        
Long-term financing receivables – net     684,770       752,500  
License     354,322       354,322  
Patents     115,569       127,445  
Right of use asset – long term     395,607       606,569  
Other Assets     26,801       25,400  
Total Non Current assets     3,793,754       2,667,644  
Total Assets   $ 6,432,274     $ 4,123,671  
                 
Liabilities and Stockholders’ (Deficit)                
Current Liabilities:                
Accounts payable   $ 606,814     $ 1,544,544  
Accrued Expenses     143,847       503,595  
Customer Deposits     24,040       82,730  
Warranty Liability     100,000       100,000  
Deferred Revenue     33,000       33,000  
Derivative Liability     256,683       2,008,802  
Facility Lease Liability – current     213,474       249,132  
Line of Credit     1,169,638       1,680,350  
Notes payable – GE     2,498,076       2,442,154  
Convertible Notes Payable (net of discount of $26,919 and $170,438 respectively)     1,193,341       541,426  
Related Party Notes Payable     626,210       600,075  
Total Current Liabilities     6,865,123       9,785,809  
Long-Term Debt:                
Related Party Notes Payable (net of discount of $0 and $0 Respectively     1,081,085       1,092,622  
Notes payable – PPL           110,700  
Facility Lease Liability – long term     207,778       373,112  
Net Long-Term Debt     1,288,863       1,576,434  
Total Liabilities     8,153,986       11,362,243  
                 
Commitments and contingencies   $     $  
                 
Stockholders’ (Deficit)                
Preferred D stock, stated value $100 per share; 20,000 shares authorized; 7,500 shares and 7,500 shares issued and 0 and 4,500 outstanding as of December 31, 2020 and December 31, 2021, respectively           450,000  
Common stock, $.001 par value; 2,000,000,000 shares authorized; 821,169,656 and 943,569,148 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively     943,569       821,171  
Shares to be issued           61,179  
Additional paid-in capital     14,777,708       9,080,560  
Accumulated deficit     (17,423,930 )     (17,651,482 )
      (1,702,653 )     (7,238,572 )
                 
Non-controlling interest     (19,059 )      
Total Stockholders’ (Deficit)     (1,721,712 )     (7,238,572 )
Total Liabilities and Stockholders’ Deficit   $ 6,432,274     $ 4,123,671  

The accompanying footnotes are an integral part of these consolidated financial statements

Clean Energy Technologies, Inc.
Consolidated Statement of Operations
December 31,

    2021     2020  
Sales   $ 1,300,439     $ 1,406,005  
Cost of Goods Sold     690,032       654,937  
Gross Profit     610,407       751,068  
                 
General and Administrative                
General and Administrative expense     488,177       480,812  
Salaries     772,463       495,269  
Travel     145,170       86,292  
Professional Fees     155,241       111,318  
Facility lease and Maintenance     346,454       363,643  
Consulting     243,371       157,149  
Bad Debt Expense           259,289  
Depreciation and Amortization     32,292       32,912  
Total Expenses     2,183,167       1,986,684  
Net Profit / (Loss) From Operations     (1,572,760 )     (1,235,616 )
                 
Change in derivative liability     1,752,119       (1,270,099 )
Gain / (Loss) on debt settlement and write down     868,502       399,181  
Interest and Financing fees     (769,369 )     (1,329,230 )
Net Profit / (Loss) Before Income Taxes     278,492       (3,435,764 )
Income Tax Expense            
Net Profit / (Loss)     278,492       (3,435,764 )
                 
Non-controlling interest     (19,059 )      
                 
Net Profit / (Loss) attributable to Clean Energy Technologies, Inc.     297,551       (3,435,764 )
                 
Per Share Information:                
Basic weighted average number of common shares outstanding and dilluted     900,774,064       767,861,170  
                 
Net Profit / (Loss) per common share basic and dilluted   $ 0.00     $ (0.00 )

Clean Energy Technologies, Inc.
Consolidated Statements of Cash Flows
for the years ended December 31,

    2021     2020  
Cash Flows from Operating Activities:                
Net Income / ( Loss )   $ 278,492     $ (3,435,764 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     32,292       32,912  
Bad debt expense           259,289  
Gain on debt settlement     (868,502 )     (399,181 )
Shares issued for commitment fee     54,266       73,421  
Change in debt discount and Financing fees     321,517       516,710  
Change in derivative liability     (1,752,119 )     1,270,099  
Changes in assets and liabilities:                
(Increase) decrease in right of use asset     210,962       215,715  
(Increase) decrease in lease liability     (200,993 )     (209,613 )
(Increase) decrease in accounts receivable     (359,593 )     10,731  
(Increase) decrease in inventory   $ 95,629       72,384  
(Decrease) increase in accounts payable     (44,855 )     230,200  
Other (Decrease) increase in accrued expenses     (379,239 )     55,666  
Other (Decrease) increase in accrued expenses related party     118,286       118,286  
Other (Decrease) increase in deferred revenue           (14,750 )
Other (Decrease) increase in customer deposits     (58,690 )     (226,500 )
Net Cash Provided by (Used In) Operating Activities     (2,552,547 )     (1,430,395 )
                 
Cash Flows from Investing Activities                
Investment in CETY HK     (1,500,000 )        
Purchase property plant and equipment            
Cash Flows Used In Investing Activities     (1,500,000 )      
                 
Cash Flows from Financing Activities                
Bank Overdraft / (Repayment)           (1,480 )
Payment on notes payable and lines of credit     (906,112 )     (507,168 )
Payment on notes payable related party     0       (35,000 )
Proceeds from notes payable and lines of credit     975,000       1,150,502  
Proceeds from notes payable related party           60,000  
Stock issued for cash     4,761,090       1,171,020  
Cash Flows Provided By Financing Activities     4,829,978       1,837,874  
                 
Net (Decrease) Increase in Cash and Cash Equivalents     777,431       407,479  
Cash and Cash Equivalents at Beginning of Period     414,885       7,406  
Cash and Cash Equivalents at End of Period   $ 1,192,316     $ 414,885  
                 
Supplemental Cashflow Information:                
Interest Paid   $ 187,207     $ 200,671  
Taxes Paid   $     $  
                 
Supplemental Non-Cash Disclosure                
Discount on derivatives   $     $ 413,113  
Shares issued for preferred conversions   $ 450,000     $ 200,000  
Shares issued for debt conversion conversions   $ 423,011     $ 198,800  

The accompanying footnotes are an integral part of these consolidated financial statements

This summary should be read in conjunction with the Company’s 10-K for the fiscal year ended December 31, 2021 which contains, among other matters, risk factors and finaical footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at www.sec.gov. 

DISCLAIMER

This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.

Investor Relations Contact:
[email protected]

Contact:

Clean Energy Technologies, Inc.

2990 Redhill Avenue

Costa Mesa, CA 92626

949.273.4990 main

949.273.4990 fax

www.cetyinc.com


(GlobeNewsWire)