16 Nov 2020quarterly activities report● Neutral
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $131 thousand for the period ended 2020-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2020quarterly activities report● Neutral
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $131 thousand for the period ended 2020-09-30.
6 Nov 2020debt financing▼ BadMajor
On Oct 30, 2020, Victory and VPEG raised the limit of the April 2018 VPEG loan facility from $2,000,000 to up to $3,000,000, to cover a further $585,000 advanced since Jan 1, 2020 and working capital needs. The filing says the balance was $1,978,900 at Dec 31, 2019 (including $78,500 of discount). The note is secured on all company assets and VPEG can convert at $0.75 per share after maturity, receiving a matching five-year $0.75 warrant. The company is borrowing more from VPEG, which could mean more dilution if converted.
15 Nov 2019late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
24 Oct 2019debt financing▼ Bad
On Oct 21, 2019, Victory and Kodak signed a second extension of the $375,000 note, moving maturity from Sept 30 to Dec 30, 2019 and raising interest from 15% (increased from 10% in the July 2019 extension) to 17.5%. Victory must pay $125,000 of principal by Oct 31 and another $125,000 by Nov 29, 2019, the rest by Dec 30, plus about $11,059 prepaid interest, $12,500 diligence fees and $27,500 monitoring and extension fees; late fees of $5,000 per week and $25,000 liquidated damages if not paid in full by Dec 30 apply. The loan is getting more expensive with each extension and now has principal repayments required.
10 Sept 2019material agreement● Neutral
On Sept 6, 2019, Victory signed a five-year Supply and Services Agreement with Liquidmetal Coatings Enterprises (LMC) to buy metal powders, wire and Armacor/Liquidmetal coating materials, at prices no higher than LMC's lowest price to any buyer. It is the supply contract anticipated in the Aug 2017 Armacor Victory Ventures sublicense, and renews yearly while that license is in effect. The filing gives no purchase volumes or dollar amounts.
15 Aug 2019late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
17 July 2019debt financing▼ Bad
Victory had already used its option to push the $375,000 Kodak note (used to fund the Pro-Tech purchase) from Mar 31 to June 30, 2019. On July 11, 2019 it agreed with Kodak to extend maturity again, to Sept 30, 2019, paying $14,062.50 interest for Q3 2019 and a $14,062.50 extension fee. The note was not repaid at its extended maturity, so the debt continues to be rolled over at added cost.
16 May 2019late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
1 Apr 2019late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its annual report would be filed late.
21 Nov 2018securities registration● Neutral
VICTORY CLEAN ENERGY, INC. filed the final prospectus for a registered offering.
2 Oct 2018asset acquisition disposition● Neutral
The company amended its Aug 2018 report on the Pro-Tech purchase, saying it has decided the acquisition is not 'significant' under SEC rules, so the financial statements it had planned to file are not required. It removes Item 2.01 from the original report. The deal itself is unchanged; this is a filing-requirement correction, not a change in terms.
15 Aug 2018securities registration● Neutral
VICTORY CLEAN ENERGY, INC. filed the final prospectus for a registered offering.
2 Aug 2018asset acquisition disposition● NeutralMajor
On July 31, 2018, Victory (now named Victory Oilfield Tech) bought 100% of Pro-Tech Hardbanding Services, an Oklahoma company, from Stewart Matheson for $1,600,000. Payment is a mix: $150,000 deposit released, $350,000 cash, about $118,000 of life insurance policy beneficiary changes, 11,000 Victory shares, $300,000 on day 60 (only to the extent receivables exist), and $700,000 in eight $87,500 quarterly installments from Oct 31, 2018 to July 31, 2020 (due immediately on a change of control). To fund it, Victory borrowed $375,000 from Kodak Brothers Real Estate Cash Flow Fund on a 10% secured convertible note maturing Mar 31, 2019 (extendable to June 30, 2019 for a $9,375 fee), with a five-year warrant for 375,000 shares at $0.75; the note converts at $0.75 or the lower price in the ongoing $5M private placement. Kodak's lien on Victory's assets ranks equal with VPEG's, and the Seller holds a first lien on Pro-Tech's assets and shares. This is a new business for Victory after the Aurora exit, and it adds debt secured on its assets; the filing does not say what Pro-Tech earns.
21 May 2018securities registration● Neutral
VICTORY CLEAN ENERGY, INC. filed the final prospectus for a registered offering.
25 Apr 2018securities registration● Neutral
VICTORY CLEAN ENERGY, INC. filed the final prospectus for a registered offering.
23 Apr 2018director interest notice● Neutral
Armacor Victory Ventures LLC became a VICTORY CLEAN ENERGY, INC. 10%+ owner and company insider (initial ownership filing).
20 Apr 2018securities registration● Neutral
VICTORY CLEAN ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
12 Apr 2018capital raising announcement▼ BadMajor
On Apr 10, 2018, three deals were signed. (1) Armacor Victory Ventures (AVV), which had paid only $255,000 of a $5,000,000 commitment, will have its 800,000 Series B preferred cancelled and receive 20,000,000 common shares; AVV must try to help a proposed $5M private placement at $0.75 per share with 50% warrant coverage and invest at least $500,000 in it. (2) The VPEG debt of $1,410,200 (on $1,282,000 lent) is settled for 1,880,267 common shares and 1,880,267 five-year warrants at $0.75. (3) A new VPEG facility lets VPEG, at its sole discretion, lend up to $2,000,000 through secured convertible notes with a 10% discount, convertible at $0.75 or lower. Debt is converted to equity, which dilutes existing holders, and the company still depends on VPEG and the unfinished private placement for working capital.
8 Feb 2018securities registration● Neutral
VICTORY CLEAN ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
5 Feb 2018securities registration● Neutral
VICTORY CLEAN ENERGY, INC. registered a securities offering with the SEC.
17 Jan 2018capital raising announcement▼ Bad
On Jan 17, 2018, the VPEG note was amended a second time. Maturity becomes five business days after VPEG demands payment, VPEG may lend more on the same terms, and if VPEG converts after maturity it receives a five-year warrant at $1.52 per share for as many shares as it converts. It confirms the 1-for-38 reverse split took effect Nov 24, 2017. The debt is now payable on demand and carries a new warrant feature that could dilute shareholders.
17 Jan 2018director interest notice● Neutral
Eric Eilersten became a VICTORY CLEAN ENERGY, INC. director and company insider (initial ownership filing).
19 Dec 2017asset acquisition disposition● NeutralMajor
The Aurora divestiture closed Dec 13, 2017. Victory transferred its 50% Aurora interest to Navitus and issued 166,549,134 pre-split shares to it. Both sides signed a mutual release, though Navitus did not release obligations tied to stock, options or warrants held by Navitus, its partners or affiliates. This completes the transaction put to shareholders in the Sept proxy and ends Victory's role in the Aurora partnership; the filing does not address the Texas Capital Bank facility.
22 Nov 2017agm notice● Neutral
VICTORY CLEAN ENERGY, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 Nov 2017quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported a quarterly net loss of $599 thousand for the period ended 2017-09-30.
14 Nov 2017quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported a quarterly net loss of $599 thousand for the period ended 2017-09-30.
23 Oct 2017agm notice● Neutral
VICTORY CLEAN ENERGY, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
17 Oct 2017capital raising announcement▼ Bad
The Aug 21, 2017 secured convertible note to Visionary Private Equity Group I (VPEG), originally a $500,000 loan, was amended on Oct 11, 2017. The loan rises to $565,000, the note principal to $621,500 (including a $56,500 discount), and maturity moves to Nov 30, 2017. The note is secured by all company assets and convertible at $0.04 per share, so VPEG's funding is growing and its due date is pushed back.
22 Sept 2017director interest notice● Neutral
Kevin Deleon became a VICTORY CLEAN ENERGY, INC. director and company insider (initial ownership filing).