Business
Charbone Hydrogen Announces 2023 Financial Results
(TheNewswire) Brossard, Quebec – TheNewswire - APRIL 30, 2024 – ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Announces 2023 Financial Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Brossard, Quebec –\n \n \n TheNewswire -\n \n \n APRIL 30, 2024 –\n \n \n \n \n \n \n CHARBONE HYDROGEN\nCORPORATION\n \n \n \n \n (TSXV:CH\n \n \n )\n \n \n ;\n \n \n (\n \n \n OTC:CHHYF\n \n \n )\n \n \n ;\n \n \n (\n \n \n FSE:K47) (the\n“Company” or “CHARBONE”), North America’s only publicly\ntraded pure-play green hydrogen company,\n \n \n is\npleased to announce\n \n \n the financial and operating\nresults for the year ending December 31, 2023.\n \n \n \n \n Significant progress continues to be reflected in 2023\nyear-end financials, as steps to strengthen the Company’s balance\nsheet and its 100% near-term focus on advancing North American green\nhydrogen production projects advance.\n \n \n \n \n HIGHLIGHTS:\n \n \n \n \n \n \n Spending decreased 30% to $2,961,451 in 2023 compared\nto $4,207,280 in 2022 (activities refocus and tightening of general\nand administrative expenses).\n \n \n \n \n \n \n Revenue increased 1,158% to $282,724 in 2023 compared\nto $22,481 in 2022 (generated from the Wolf River acquisition on\nDecember 1, 2022).\n \n \n \n \n \n \n Positive net cash position on December 31, 2023 of\n$55,123 compared to ($28,467) debt at December 31, 2022:\n \n \n \n \n \n \n Company disbursements from operating activities reigned\nin and down to $1,513,910 in 2023 compared to $3,922,918 in 2022;\n \n \n \n \n \n \n The Company has closed private financings for gross\nproceeds amounting to $1,258,297 and Units for debt settlement of\n$747,228;\n \n \n \n \n \n \n The Company received $310,184 in advances from key\nmanagement personnel; and\n \n \n \n \n \n \n The Company also netted an additional $300,000 in 2023\nfrom Finexcorp financing agreement converted on September 30, 2023, to\nsecured convertible debentures at a deemed price of $0.10.\n \n \n \n \n \n \n \n \n “\n \n \n Management’s resilience and drive to refocus business activities\non green hydrogen production delivery, commercial growth scalability\nand strengthening our balance sheet have Charbone well-positioned to\ndeploy its updated financing plan and complete its first project at\nSorel-Tracy (Quebec, Canada) in th...