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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 18 – SUBSEQUENT EVENTS On January 8, 2025, Clean Energy Technology, Inc., a Nevada corporation (the “Company”) received a letter from the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it no longer complies with Nasdaq Listing Rules 5620(a) and 5810(c)(2)(G) for continued listing of shares of the Company’s common stock, par value $0.001 per share, due to the Company’s failure to hold an annual meeting within 12 months of the end of the Company’s fiscal year ended December 31, 2023. As a result, as of January 8, 2025, the Company had 45 calendar days, or until February 24, 2025, to submit a plan to Nasdaq to regain compliance. If Nasdaq accepts the Company’s plan, Nasdaq can grant an exception of up to 180 calendar days from the fiscal year ended December 31, 2024, or until June 30, 2025, to allow the Company to regain compliance. The Company submitted such plan as required, and on February 27, 2025, Nasdaq provided the Company an extension of until June 3, 2025, to regain compliance with the Annual Shareholder Meeting Requirement. Effective January 16, 2025, the Company, entered into a securities purchase agreement with Mast Hill, pursuant to which the Company sold, and Mast Hill purchased, (i) a junior secured convertible promissory note in the principal amount of $1,637,833, and (ii) warrants to purchase 818,917 shares of Company common stock, for an aggregate purchase price of $1,474,050. The Transaction closed on January 16, 2025, and on such date pursuant to the SPA, Mast Hill’s legal expenses of $22,000 were paid from the gross purchase price, Mast Hill was paid $852,406 as payment in full of that certain promissory note issued by the Company to Mast Hill on or about September 10, 2024, and subsequently amended on or about December 11, 2024, and the Company receiving net funding of $308,051, and the Note and Warrants were issued to Mast Hill. Effective February 28, 2025, the Company, entered into a securities purchase agreement with Mast Hill, pursuant to which the Company sold, and Mast Hill purchased, (i) a junior secured convertible promissory note in the principal amount of $620,000, and (ii) warrants to purchase 310,000 shares of Company common stock, for an aggregate purchase price of $558,000. The Transaction closed on February 28, 2025, and on such date pursuant to the SPA, Mast Hill’s legal expenses of $8,000 were paid from the gross purchase price, the Company’s senior secured lender, Nations Interbanc, was paid $50,000 directly by Mast Hill from closing proceeds for the Company’s benefit, the Company received net funding of $500,000, and the Note and Warrants were issued to Mast Hill. On April 4, 2025, the Company entered into a securities purchase agreement (the “PPC SPA”) with Pacific Pier Capital II, LLC, a Delaware limited liability company (“Pacific Pier”), pursuant to which the Company sold, and Pacific Pier purchased, (i) a convertible promissory note in the principal amount of $345,000 (the “PPC Note”), and (ii) 45,000 shares of Company common stock (the “PPC Shares”), for an aggregate purchase price of $310,500 (the “PPC Transaction”). The PPC Transaction was funded by PPC on April 7, 2025, and on or about April 7, 2025, pursuant to the PPC SPA, Pacific Pier’s legal expenses of $10,000 were paid from the gross purchase price, the Company receiving net funding of $300,500, and 45,000 Shares were issued to Pacific Pier. As of the filing date in 2025, the Company has issued 2,065,797 shares for the conversion of Series E Preferred shares, with a total value of $756,139 year-to-date. On January 27, 2025, the Company issued 56,100 shares as the final payment of a note to Firstfire Global Opportunities Fund LLC. On February 11, 2025, the Company entered into a consulting agreement as a condition to the agreement, the Company issued 25,000 shares of Common Stock to the consultant. The Company faces the risk of Nasdaq delisting due to the Company’s failure to hold an annual meeting within 12 months of the end of the Company’s fiscal year ended December 31, 2023. As a result, as of January 8, 2025, the Company has 45 calendar days, or until February 24, 2025, to submit a plan to Nasdaq to regain compliance. The Company intends to hold its annual meeting as soon as practicable. In that regard, the Company plans to complete and file its Form 10-K for the fiscal year ended December 31, 2024, on or about by the end of March 2025. Subsequently, the Company plans to file a preliminary proxy on about April 17, 2025 and hold its annual meeting before June 3, 2025. As such, Staff has determined to grant the Company an extension until June 3, 2025, to regain compliance with the Rule. Nasdaq require listed securities to maintain a minimum bid price of $1 per share. Based upon the closing bid price for the last 30 consecutive business days prior to November 4, 2024, the Company no longer meets this requirement. However, the Rules also provide the Company a compliance period of 180 calendar days in which to regain compliance. If at any time during this 180-day period the closing bid price of the Company’s security is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide a written confirmation of compliance, and this matter will be closed. In the event the Company does not regain compliance, the Company may be eligible for additional time.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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