Business
Charbone Hydrogen Announces Q3 Financial Highlights
(TheNewswire) Brossard, Quebec – TheNewswire - November 29, 2023 – ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Announces Q3 Financial Highlights\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 November 29, 2023 –\n \n \n CHARBONE HYDROGEN CORPORATION (TSXV:CH\n \n \n )\n \n \n (\n \n \n OTC:CHHYF\n \n \n ) (\n \n \n FWB:K47)\n \n \n \n \n (“\n \n \n Charbone\n \n \n ” or “\n \n \n Company\n \n \n ”)\n \n \n is pleased to announce\n \n \n the\nfinancial highlights for the nine-month period ending September 30,\n2023.\n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n \n \n Well executed tightening of spendings, refocusing of\nactivities and reorganizing of administration expenses resulted in a\ndecrease of $1,070,476 of general and administrative expenses\n($1,948,336 in 2023 compared to $3,018,812 in 2022).\n \n \n \n \n \n \n Increase of revenues by $212,680 ($212,680 in 2023\ncompared to $nil in 2022) generated from the Wolf River acquisition on\nDecember 1, 2022.\n \n \n \n \n \n \n \n \n \n \n \n \n \n The net cash position on September 30, 2023 was a cash\nof $63,991 in comparison with indebtedness of $28,467 at December 31,\n2022:\n \n \n \n \n \n \n The Company less usage of cash from operating\nactivities, disbursing only $1,055,201 in 2023 compared to $2,970,703\nin 2022.\n \n \n \n \n \n \n The Company has closed tranches of private financings\nfor aggregate proceeds amounting to $758,420 and Units for debt\nsettlement of $516,061.\n \n \n \n \n \n \n The Company received advances’ reimbursements of\n$318,648 from key management personnel.\n \n \n \n \n \n \n The Company also obtained an additional $282,323 in\n2023 from Finexcorp financing agreement converted on September 30,\n2023, to secured convertible debentures at a deemed price of $0.10 for\na total of $300,000.\n \n \n \n \n \n \n \n \n “\n \n \n The\nmanagement team resilience and the re-focussed business plan are the\nmain factors bringing Charbone in a better position to deploy its\nupdated financing plan to complete its first project at Sorel-Tracy\n(Quebec, Canada), which is under construction and planned to be in\nproduction in the first semester of 2024\n \n \n ,\n \n \n said Benoit Veilleux, Chief Financial Officer and Corporate\nSecretary of Charbone\n \...