Corporate GovernanceMay 7, 2026, 05:12 PM
Clean Energy Technologies: Financials 2022-2025 Not Reliable; Restatement Planned
AI Summary
Clean Energy Technologies, Inc.'s Board of Directors concluded that financial statements for all fiscal periods between January 1, 2022, and September 30, 2025, should no longer be relied upon. This is due to incorrect accounting related to long-term receivables, contract assets, revenue recognition, and interest income. The company intends to file amended Annual and Quarterly Reports to restate these financial statements, noting that these issues primarily relate to historical balance sheet items and do not impact current operations.
Key Highlights
- Clean Energy Technologies' Board concluded non-reliance on financial statements from Jan 1, 2022, to Sep 30, 2025.
- Accounting errors relate to classification, valuation, and collectability of long-term receivables and contract assets.
- Errors also involve the timing of revenue recognition and related interest income under U.S. GAAP.
- Company plans to file amended Annual Reports on Form 10-K/A for 2023 and 2024.
- Company will file amended Quarterly Reports on Form 10-Q/A for Q1, Q2, and Q3 2025.
- Management believes these issues are historical balance sheet items and do not impact current operations.
- Matters were discussed with the Company’s independent registered public accounting firm, TAAD, LLP.