Victory Energy Corporation Announces Earnings Results for the Three Months Ended March 31, 2018
May 15, 2018 at 06:15 pm
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Victory Energy Corporation announced earnings results for the three months ended March 31, 2018. For the three months, the company reported loss from continuing operations decreased $208,341, or 30%, to $485,896 for the three months ended March 31, 2018 from a loss of $694,237 for the three months ended March 31, 2017. The decrease was primarily due to previously discussed lower general and administrative costs and interest expense. Income from discontinued operations increased $19,026, or 63%, to $49,086 for the three months ended March 31, 2018 from $30,060 for the three months ended March 31, 2017. The income from discontinued operations in both periods was due to the company’s divestiture of its 50% interest in the Aurora partnership.
Victory Clean Energy, Inc., formerly Victory Oilfield Tech, Inc., is a green hydrogen energy company. It is engaged in developing and implementing clean, sustainable low-cost energy solutions with applications across various industries, including transportation, power generation, and industrial processes. Its TrueGreen Hydrogen production solutions provide clean, reliable, and cost-effective energy sources to a diverse range of clients. TrueGreen Hydrogen focuses on decarbonization in heavy transportation and industrial hydrogen markets. Its hydrogen production technology uses completely sustainable and renewable biomass to produce green hydrogen. Its Net Zero Energy Group specializes in providing sustainable and renewable energy solutions, offering both hydrogen energy solutions derived from renewable sources and completely sustainable prime power generated from biomass. Its Biomass Development Group, LLC, specializes in the cultivation, processing, and distribution of biomass.