HOUSTON / Aug 14, 2023 / Business Wire / Verde Clean Fuels, Inc. (“Verde” or the “Company"), an emerging leader in the production of renewable gasoline derived from renewable and natural gas feedstocks, today reported second quarter 2023 GAAP diluted loss per share of $(0.12). The loss consists of ongoing general and administrative, and research and development expenses related to the Company’s continuing focus on development of its first commercial facility based on Verde’s proprietary STG+® technology which is designed to produce gasoline utilizing either stranded natural gas or waste feedstocks that are otherwise landfilled.
Business Update Highlights
“During the second quarter, Verde’s business continued to progress meaningfully toward the first commercial deployment of our proprietary syngas-to-gasoline, or STG+, process,” said Ernie Miller, CEO of Verde. “The agreement we signed with Carbon TerraVault for carbon capture at the proposed Kern County facility site further evidences our commitment to reducing full cycle emissions from gasoline production. At the same time, site selection for our proposed West Texas facility in partnership with Cottonmouth Ventures moves us closer to helping to eliminate flaring of stranded natural gas in the region, and using otherwise wasted resources to drive the transition to clean fuels. I am incredibly proud of our teams for being leaders in the transition to clean transportation for all.”
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||
Three-month ended | Three-month ended | Six-month ended | Six-month ended | ||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||
General and administrative expenses | 2,457,882 |
|
| 1,142,730 |
|
| 6,723,522 |
|
| 2,470,764 |
|
Contingent Consideration | - |
| (1,893,000 | ) | (1,299,000 | ) | (1,893,000 | ) | |||
Research and development expenses | 85,812 |
|
| 72,562 |
|
| 168,474 |
|
| 169,804 |
|
Total Operating (income) expenses | 2,543,694 |
| (677,708 | ) | 5,592,996 |
| 747,568 |
| |||
Other (income) | (94,887 | ) |
| - |
|
| (94,887 | ) |
| - |
|
Interest Expense | 101,443 |
| - |
| 169,269 |
| - |
| |||
Provision for income taxes | - |
|
| - |
|
|
|
|
| ||
Net income (net loss) | (2,550,250 | ) |
| 677,708 |
|
| (5,667,377 | ) |
| (747,568 | ) |
Net income (loss) attributable to noncontrolling interest | (1,801,103 | ) | - |
| (4,343,770 | ) | |||||
Net income (loss) attributable to Verde Clean Fuels, Inc. | (749,147 | ) |
| 677,708 |
|
| (1,323,607 | ) |
| (747,568 | ) |
Earnings per share | |||||||||||
Weighted average Class A Common Stock outstanding, basic and diluted | 6,130,487 |
|
| N/A |
|
| 6,127,383 |
|
| N/A |
|
Loss per Share of Class A Common Stock | (0.12 | ) | N/A |
| (0.22 | ) | N/A |
| |||
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
|
| June 30, |
|
| December 31, |
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 33,165,369 |
|
| $ | 463,475 |
|
Restricted cash |
|
| 100,000 |
|
|
| - |
|
Prepaid expenses |
|
| 1,114,915 |
|
|
| 113,676 |
|
Deferred transaction costs |
|
| - |
|
|
| 3,258,880 |
|
Deferred financing costs |
|
| 28,847 |
|
|
| 6,277 |
|
Total current assets |
|
| 34,409,131 |
|
|
| 3,842,308 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Security deposits |
|
| 258,000 |
|
|
| 258,000 |
|
Property, plant and equipment, net |
|
| 6,254 |
|
|
| 7,414 |
|
Operating lease right-of-use assets, net |
|
| 209,164 |
|
|
| 323,170 |
|
Finance lease right-of-use assets, net |
|
| 5,378,154 |
|
|
| - |
|
Intellectual patented technology |
|
| 1,925,151 |
|
|
| 1,925,151 |
|
Total non-current assets |
|
| 7,776,723 |
|
|
| 2,513,735 |
|
Total assets |
| $ | 42,185,854 |
|
| $ | 6,356,043 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 765,443 |
|
| $ | 2,857,223 |
|
Accrued liabilities |
|
| 1,963,109 |
|
|
| 762,119 |
|
Operating lease liabilities – current portion |
|
| 209,164 |
|
|
| 237,970 |
|
Finance lease liabilities – current portion |
|
| 462,977 |
|
|
| - |
|
Notes payable – insurance premium financing |
|
| 3,722 |
|
|
| 11,166 |
|
Promissory note – related party |
|
| 409,279 |
|
|
| - |
|
Income taxes payable |
|
| 292,673 |
|
|
| - |
|
Total current liabilities |
|
| 4,106,367 |
|
|
| 3,868,478 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Contingent consideration |
|
| - |
|
|
| 1,299,000 |
|
Other accrued expenses – long term |
|
| - |
|
|
| - |
|
Operating lease liabilities |
|
| - |
|
|
| 85,200 |
|
Finance lease liabilities – long term |
|
| 4,974,771 |
|
|
| - |
|
Total non-current liabilities |
|
| 4,974,771 |
|
|
| 1,384,200 |
|
Total liabilities |
| $ | 9,081,138 |
|
| $ | 5,252,678 |
|
|
|
|
|
|
|
|
| |
Stockholders’ equity |
|
|
|
|
|
|
|
|
Intermediate Member’s Equity |
| $ | - |
|
| $ | 12,775,902 |
|
Class A common stock, par value $0.0001 per share, 9,387,836 shares issued and outstanding as of June 30, 2023 |
|
| 939 |
|
|
| - |
|
Class C common stock, par value $0.0001 per share, 22,500,000 shares issued and outstanding as of June 30, 2023 |
|
| 2,250 |
|
|
| - |
|
Additional paid in capital |
|
| 34,460,323 |
|
|
| - |
|
Accumulated deficit |
|
| (22,502,750 | ) |
|
| (11,672,537 | ) |
Noncontrolling interest |
|
| 21,143,954 |
|
|
| - |
|
Total stockholders’ equity |
|
| 33,104,716 |
|
|
| 1,103,365 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
| $ | 42,185,854 |
|
| $ | 6,356,043 |
|
About Verde Clean Fuels
Verde Clean Fuels, Inc. (Nasdaq: VGAS) is a renewable energy company focused on the development of commercial production plants to convert syngas, derived from diverse biomass feedstocks, such as yard waste, agricultural waste, and sorted municipal solid waste, as well as stranded or flared natural gas (including renewable natural gas) into gasoline through its innovative and proprietary liquid fuels technology, the STG+® process. Through its STG+® process, Verde converts syngas into fully finished fuels that require no additional refining, such as Reformulated Blend-stock for Oxygenate Blending (“RBOB”) gasoline. To learn more, please visit www.verdecleanfuels.com.
Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the benefits of the transaction, Verde’s future financial performance following the transaction, as well as Verde’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Verde management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Verde disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Verde cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Verde. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the failure to realize the anticipated benefits of the business combination, the risks related to the growth of Verde’s business and the timing of expected business milestones; the ability of Verde to obtain financing in connection with the transaction or in the future; and the effects of competition on Verde’s future business. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. There may be additional risks that Verde presently do not know or that Verde currently believe are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact Verde’s expectations and projections can be found in Verde’s filings with the Securities and Exchange Commission (the “SEC”). Verde’s SEC filings are available publicly on the SEC’s website at http://www.sec.gov.
Last Trade: | US$3.87 |
Daily Change: | 0.05 1.31 |
Daily Volume: | 21,771 |
Market Cap: | US$36.960M |
December 19, 2024 November 13, 2024 August 13, 2024 May 14, 2024 |
UGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...
CLICK TO LEARN MOREGreenPower Motor designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van, and a cab and chassis...
CLICK TO LEARN MORECOPYRIGHT ©2022 GREEN STOCK NEWS