(via TheNewswire)
Significant progress continues to be reflected in 2023 year-end financials, as steps to strengthen the Company’s balance sheet and its 100% near-term focus on advancing North American green hydrogen production projects advance.
HIGHLIGHTS:
Spending decreased 30% to
$2,961,451 in 2023 compared to$4,207,280 in 2022 (activities refocus and tightening of general and administrative expenses).Revenue increased 1,158% to
$282,724 in 2023 compared to$22,481 in 2022 (generated from theWolf River acquisition onDecember 1 , 2022).Positive net cash position on
December 31, 2023 of$55,123 compared to ($28,467 ) debt atDecember 31, 2022 :Company disbursements from operating activities reigned in and down to
$1,513,910 in 2023 compared to$3,922,918 in 2022;The Company has closed private financings for gross proceeds amounting to
$1,258,297 and Units for debt settlement of$747,228 ;The Company received
$310,184 in advances from key management personnel; andThe Company also netted an additional
$300,000 in 2023 from Finexcorp financing agreement converted onSeptember 30, 2023 , to secured convertible debentures at a deemed price of$0.10 .
“Management’s resilience and drive to refocus business activities on green hydrogen production delivery, commercial growth scalability and strengthening our balance sheet have Charbone well-positioned to deploy its updated financing plan and complete its first project at
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About
CHARBONE is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across
Forward-Looking Statements
This news release contains statements that are “forward-looking information” as defined under Canadian securities laws (“forward-looking statements”). These forward-looking statements are often identified by words such as “intends”, “anticipates”, “expects”, “believes”, “plans”, “likely”, or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s Filing Statement dated
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither
Contacts | ||||
DaveB.Gagnon | ||||
Chief Executive Officer and Chairperson of the Board | ||||
Telephone: | +1 438 844-7170 | |||
Email: | dg@charbone.com | |||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | dc@charbone.com | |||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | bv@charbone.com | |||
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