As a thirteen-year old company still in the development stage, Clean Coal believes to hold a patented technology to provide clean energy at low cost through the use of coal. Although the company has a joint venture partner to construct the first operational plant in China, that promising technology has not been utilized yet. According to the latest financial report, the only problem to start the project was the lack of the final approval by the Chinese government.
That makes yesterday’s moderate reaction of the share price to the announcement that this final problem has been resolved and the way is now clear to commence the deployment of the technology appear somewhat feeble. CCTC share price added only a total of 4% during the day and closed the market at $0.052. Only the 4.59 million share volume could suggest that an event of such a scale has happened.
Apart from the fact that this event has not been confirmed through a SEC filing yet, another reason could be that Clean Coal’s financials could make one wonder how could a company survive thirteen years long in a such financial condition.
Not a single dollar revenue has been made ever, at the end of June CCTC had $1,500 in cash, its entire property and equipment had the current value of $637 and the company had piled up over $4.5 million of debts. The most impressive result of the operations is the accumulated loss, which exceeds $161 million.
