Victory Energy Corporation Announces Earnings Results for the Three Months Ended June 30, 2018
August 14, 2018 at 04:45 pm EDT
Share
Victory Energy Corporation announced earnings results for the three months ended June 30, 2018. For the three months, the company reported loss from continuing operations increased to $11,835,688 for the three months ended June 30, 2018 from a loss of $620,161 for the three months ended June 30, 2017. The increase in the loss was primarily due to higher general and administrative costs as discussed above, which included the non-cash settlement of a note payable with VPEG of $11,281,602. 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. Income from discontinued operations increased to $36,361 for the three months ended June 30, 2018 from $5,988 for the three months ended June 30, 2017. The income 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.