ST PETERSBURG, FL / ACCESSWIRE / April 19, 2022 / Energy and Water Development Corp. (OTCQB:EAWD) (the “Company”), an engineering company focused on delivering innovative and sustainable solutions of water and energy, today announced financial and operational results for the year ended December 31, 2021.
Key Financial Highlights for Year Ended December 31, 2021 Compared to Prior Year Period
- Revenue increased to $550,000, from $0
- Gross profit increase to $200,000, from $0
- Gross margin of 36%
- Operating loss decreased 87% to $937,795
- Cash balance of $589,668
Business Highlights for the Year Ended December 31, 2021
- Recognized first revenues in company history with deployment of energy and water system in Mexico
- Moved forward with its expansion in Europe by joining a pioneering project in Grunheide that stands for sustainable development
- Established German subsidiary signaling commitment to local markets
- Received global trademark protection for name and logo
- Received global patent protection for energy-free water generation technology
- Uplisted to the OTCQB
- Established common stock equity agreement of up to $5 million to support growth, along with $300,000 fixed price equity investment
- Eliminated all variable convertible debt
- Engaged ClearThink to lead expanded investor relations program
Ralph Hofmeier, Chief Executive Officer of Energy and Water Development Corp., commented, “2021 was a very successful year for our Company and sets us up to accelerate the number of active projects and revenue in 2022. We are ready to enter the next growth phase of our business, as we focus on revenue-producing innovative water and energy generation system projects starts with our first project in Germany in the city of Grünheide (Mark), just 20 miles east of Berlin’s city center.”
Hoffmeier, continued, “As the global water crisis intensifies, communities around the world are desperately searching for alternatives to groundwater for their residential and industrial water needs. This is especially relevant with Tesla’s nearby European Gigafactory in Germany. We are ready to meet and satisfy these water shortage challenges with our patent filled eAWGs (energy-supplied Atmosphere Water Generators) that utilize solar glass panels to power ultra-efficient refrigeration technology that turns moisture in the air into water. We have a robust pipeline of project opportunities, mainly in Europe and Mexico. Our technology will become more prevalent as climate change continues to put pressure on water resources around the world.”
Financial Results for Year Ended December 31, 2021
- Revenue for the year ended December 31, 2021 increased to $550,00, compared to $0 for the year ended December 31, 2020.
- Gross profit for the year ended December 31, 2021 increased to $200,00, compared to $0 for the year ended December 31, 2020. The resulting gross margin for the year ended December 31, 2021 was 36%.
- General and administrative expenses for the year ended December 31, 2021 decreased by $6,075,793, or 85%, to $1,083,951, compared to $7,159,744 for the year ended December 31, 2020.
- Operating loss for the year ended December 31, 2021 decreased by $6,221,949, or 87%, to $937,795, compared to $7,159,744 for the same period in 2020.
- Net loss for the year ended December 31, 2021 decreased by $4,555,318, or 60%, to $3,037,466, compared to $7,592,784 for the year ended December 31, 2020. The corresponding EPS loss for the three months ended December 31, 2021 was ($0.02) per share, compared with an EPS loss of ($0.07) per share, for the three months ended December 31, 2020.
- Cash and cash equivalents totaled $589,668 at December 31, 2021, an increase of $577,621 compared to $12,047 at December 31, 2020.
Energy and Water Development Corp.
Energy and Water Development Corp. (OTCQB:EAWD) is an engineering solutions company focused on delivering innovative and sustainable solutions of water and energy. EAWD builds its systems out of proven technologies, using their technical know-how to customize solutions to their clients’ needs. The Company offers design, construction, maintenance and specialty consulting services to private companies, government entities and non-government organizations (NGOs).
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Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Energy and Water Development Corp., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
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SOURCE: Energy and Water Development Corp.