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Midwest Energy Emissions Corp.

Financials

v3.23.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash $ 1,504,225 $ 1,388,307
Accounts receivable 2,777,607 1,015,053
Inventory 991,131 1,075,401
Prepaid expenses and other current assets (related party of $0 and $70,000) 267,393 312,008
Total current assets 5,540,356 3,790,769
Security deposits 10,175 10,175
Property and equipment, net 1,828,592 1,829,544
Right of use asset - operating lease 51,563 390,098
Intellectual property, net 1,909,597 2,114,197
Total assets 9,340,283 8,134,783
Current liabilities    
Accounts payable and accrued expenses (related party of $25,000 and $206,554) 2,946,835 2,267,711
Current portion of equipment notes payable 0 2,677
Current portion of operating lease liability 43,262 340,207
Customer credits 167,000 167,000
Accrued salaries 67,478 562,430
Secured note payable - related party 0 271,686
Unsecured note payable, net of discount and issuance costs - related party 0 11,871,254
Total current liabilities 3,224,575 15,482,965
Operating lease liability 11,289 54,551
Secured note payable, net of discount - related party 219,962 0
Unsecured note payable, net of discount and issuance costs - related party 9,663,056 0
Profit share liability - related party 3,638,260 2,836,743
Total liabilities 16,757,142 18,374,259
Stockholders' deficit    
Preferred stock, $0.001 par value: 2,000,000 shares authorized, no shares issued 0 0
Common stock; $0.001 par value; 150,000,000 shares authorized; and 93,087,796 and 89,115,951 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively 93,088 89,116
Additional paid-in capital 61,188,442 56,788,321
Accumulated deficit (68,698,389) (67,116,913)
Total stockholders' deficit (7,416,859) (10,239,476)
Total liabilities and stockholders' deficit $ 9,340,283 $ 8,134,783

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v3.23.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS    
Revenues $ 21,620,153 $ 13,012,049
Costs and expenses:    
Cost of sales 14,598,745 7,938,947
Selling, general and administrative expenses (related party of $300,000 and $325,676) 6,117,421 5,934,132
Interest expense (related party of $1,570,446 and $2,018,289) 1,570,446 2,817,895
Loss on investment 95,500 0
Gain on extinguishment of debt 0 (600,677)
Loss on change in fair value of profit share (801,517) 531,435
Total costs and expenses 23,183,629 16,621,732
Loss before provision for income taxes (1,563,476) (3,609,683)
Provision for income taxes (18,000) (23,000)
Net income (loss) $ (1,581,476) $ (3,632,683)
Net income (loss) per common share - basic and diluted $ (0.02) $ (0.04)
Weighted average common shares outstanding - basic and diluted 90,025,209 84,666,319

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v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (1,581,476) $ (3,632,683)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation - amortization of prepaid services 263,646 0
Stock issued for interest expense 0 356,109
Stock-based compensation 408,034 967,967
Stock issued for consulting services 0 43,521
Amortization of discount of notes payable 1,438,615 2,249,891
Amortization of debt issuance costs 79,188 121,957
Amortization of right to use assets 338,535 405,771
Amortization of patent rights 204,600 204,599
Depreciation expense 11,679 68,460
Gain on forgiveness of debt 0 (600,677)
Loss on change in fair value of profit share (801,517) 531,435
Changes in operating assets and liabilities    
(Decrease) Increase in accounts receivable (1,762,554) 101,029
Decrease (Increase) in inventory 84,270 (515,274)
Increase in prepaid expenses and other assets (59,030) (59,841)
Decrease in security deposits 0 2,080
Decrease in accrued salaries (494,952) (286,277)
Increase in accounts payable and accrued liabilities 679,124 655,755
Decrease in operating lease liability (340,207) (407,842)
Net cash provided by operating activities 70,989 (205,980)
Cash flows from investing activities    
Purchase of property and equipment (10,727) (10,975)
Net cash used in investing activities (10,727) (10,975)
Cash flows from financing activities    
Payment of convertible note 0 (10,000)
Payments of notes payable 0 (32,788)
Payments of equipment notes payable (2,677) (27,367)
Proceeds from exercise of warrants 0 246,808
Proceeds from exercise of stock options 58,333 126,250
Proceeds from the issuance of notes payable 0 299,380
Net cash provided by financing activities 55,656 602,283
Net increase in cash and cash equivalents 115,918 797,288
Cash and cash equivalents - beginning of period 1,388,307 591,019
Cash and cash equivalents - end of period 1,504,225 1,388,307
Cash paid during the period for:    
Interest 52,643 0
Income taxes 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Common stock issued for prepaid services 53,333 156,979
Common stock issued for conversion of convertible notes 0 4,440,000
Common stock issued for interest payable 0 615,339
Common stock issued for consulting services $ 106,667 $ 43,521

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