Clean Vision Corporation, focused on clean energy and waste-to-value industries, reported its financial results for the three and nine months ended September 30, 2024. The company generated revenue of $34,799 for the third quarter, a 29.3% increase from $26,908 in the same period of 2023. However, total revenue for the nine months decreased to $107,946 from $188,205 year-over-year, attributed to equipment issues at its Clean-Seas Morocco subsidiary.
Operating expenses for the third quarter were $957,853, down from $1,102,603 in 2023, reflecting a reduction in consulting and general administrative expenses. The net loss for the third quarter increased to $1,598,949 compared to $995,633 in the prior year. For the nine-month period, the net loss was $5,705,277, a slight improvement from $6,456,541 in 2023.
As of September 30, 2024, Clean Vision's total assets were $10,288,898, down from $10,590,735 at the end of 2023. Current liabilities rose significantly to $14,186,898 from $11,276,804, contributing to a total liabilities increase to $15,936,898 from $13,026,804. The company reported a working capital deficit of $13,680,981 and an accumulated deficit of $40,370,138.
Strategically, Clean Vision has been active in expanding its operations. The company completed the acquisition of a 51% interest in EcoSynergie S.A.R.L. (now Clean-Seas Morocco) for $6.5 million in April 2023, with a commitment to invest up to $50 million over ten months. The subsidiary's facility in Morocco has a capacity of 20 tons per day for converting waste plastic into pyrolysis oil.
The company has also been restructuring its financing, issuing convertible notes totaling $4 million in early 2023 and securing additional financing through various agreements. However, as of September 30, 2024, Clean Vision's cash reserves had dwindled to $4,180 from $339,921 at the end of 2023, raising concerns about its ability to meet operational requirements in the coming year.
Overall, while Clean Vision has made strides in revenue generation and operational expansion, it continues to face challenges related to profitability and liquidity, necessitating further capital raises to sustain its business model.
About Clean Vision Corp
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