ClarificationJun 5, 2026, 06:16 AM
Clean Energy Technologies Restates 2023 & 2024 Financials Due to Errors
AI Summary
Clean Energy Technologies, Inc. is filing an Amendment No. 3 to its Annual Report on Form 10-K for the year ended December 31, 2024, to restate its consolidated financial statements for fiscal years 2024 and 2023. This restatement is necessary due to material historical accounting errors primarily related to the classification, valuation, and collectability assessment of long-term receivables and contract assets, warrant issuance, and the timing of revenue recognition and related interest income. The company will also amend and restate its Quarterly Reports for the fiscal quarters ended March 31, June 30, and September 30, 2025.
Key Highlights
- Clean Energy Technologies restates consolidated financial statements for fiscal years ended December 31, 2024 and 2023.
- Restatement due to material accounting errors in long-term receivables, contract assets, warrant issuance, and revenue recognition.
- Errors also impact quarterly reports for March 31, June 30, and September 30, 2025, which will be restated.
- Common stock outstanding on June 4, 2026, was 12,166,106 shares, adjusted for a 1-for-15 reverse stock split.
- Aggregate market value of non-affiliate common stock on June 28, 2024, was $24,043,457.
Price Impact
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