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- Restatement (new) — Company is restating nearly four years of financial statements due to accounting errors in receivables and revenue recognition.
Clean Energy Technologies restates four years of financials over receivables, revenue errors
Filed May 7, 2026 · Period ending May 1, 2026 · ~1 min read
Key Changes
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high
Board concluded accounting for long-term receivables, contract assets, and revenue recognition was incorrect from January 2022 through September 2025, requiring restatement of nearly four years of financial statements.
Item 4.02 verify on EDGAR → -
high
All financial statements, earnings releases, and investor communications from January 2022 through September 2025 should no longer be relied upon until amended filings are submitted.
Item 4.02 verify on EDGAR → -
high
Company plans to immediately file amended annual reports for 2023 and 2024, plus amended quarterly reports for Q1-Q3 2025 with corrected financials.
Item 4.02 verify on EDGAR → -
medium
Management asserts the errors relate primarily to balance sheet classification and valuation, claiming no impact on current operations or underlying business activities.
Item 4.02 verify on EDGAR → -
medium
CEO, CFO, and Audit Committee Chair have notified the company's independent auditor TAAD, LLP about the restatement matters.
Item 4.02 verify on EDGAR →
Summary
Clean Energy Technologies disclosed that its Board of Directors determined the company incorrectly accounted for long-term receivables, contract assets, revenue recognition timing, and related interest income across a nearly four-year period from January 2022 through September 2025.
As a result, all previously issued financial statements, earnings releases, and investor communications covering this period are now unreliable and should not be relied upon. The company plans to immediately file amended annual reports for 2023 and 2024, along with amended quarterly reports for the first three quarters of 2025.
While management claims these are primarily balance sheet classification issues that don't affect current operations, the inclusion of revenue recognition timing errors raises questions about the true operational impact. Retail investors should treat all historical financial data from the past four years as suspect until restated financials are filed. The scope and duration of the restatement period is particularly concerning, suggesting significant internal control weaknesses. Investors should closely monitor the amended filings when released to assess the magnitude of adjustments to revenue, receivables, and contract assets. Pay particular attention to whether the restatement reveals deteriorating cash collection trends or overstated historical revenues that could indicate deeper operational challenges beyond what management is acknowledging.
Section-by-Section Diff
Event · Item 4.02 — Non-Reliance on Previously Issued Financial Statements
Item 4.02 — Non-Reliance on Previously Issued Financial Statements filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 1, 2026, the Board of Directors (the “Board”) of Clean Energy Technologies, Inc. (the “Company”) concluded that between January 1, 2022, and September 30, 2025, the Company’s accounting with respect to the historical classification, valuation, and collectability assessment of certain long-term receivables and contract assets, as well as the timing of revenue recognition and related interest income under U.S. GAAP, was incorrect.
The Board determined that the Company incorrectly accounted for long-term receivables, contract assets, revenue recognition timing, and related interest income over a nearly four-year period. This represents a significant accounting failure affecting multiple financial statement line items and periods. The Company will need to restate all financial statements from January 1, 2022 through September 30, 2025.
Added in current filing · verify on EDGAR →
the Company’s financial statements for all of the fiscal periods between January 1, 2022, and September 30, 2025 (the “Impacted Periods”) should no longer be relied upon. Similarly, any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company’s financial results during the Impacted Periods should no longer be relied upon.
All previously issued financial statements, earnings releases, and investor communications covering the period from January 2022 through September 2025 are now considered unreliable. Investors cannot trust any historical financial data from this nearly four-year period until restated financials are filed.
Added in current filing · verify on EDGAR →
The Company intends to immediately file an amended Annual Report on Form 10-K/A with restated financial statements for the years ended December 31, 2024, and December 31, 2023, and to file amended Quarterly Reports on Form 10-Q/A with restated financial statements for the quarterly periods ended March 31, 2025, June 30, 2025, and September 30, 2025
The Company plans to file amended annual reports for 2023 and 2024, plus amended quarterly reports for the first three quarters of 2025. The restatement will correct accounting treatment for receivables, contract assets, and revenue recognition across these periods.
Added in current filing · verify on EDGAR →
The Company believes these matters relate primarily to historical balance sheet items and do not impact the Company’s current operations or underlying business activities.
Management claims the accounting errors are primarily balance sheet classification and valuation issues that don't affect current operations or the underlying business. However, given that revenue recognition timing was also incorrect, investors should scrutinize the restated financials carefully to assess the true operational impact.
Added in current filing · verify on EDGAR →
Kambiz Mahdi, the Company’s CEO and member of the Board, Calvin Pang, the Company’s CFO and member of the Board, and Lauren Morrison, member of the Board and Chair of the Audit Committee, have discussed the matters disclosed in this Item 4.02 with the Company’s independent registered public accounting firm, TAAD, LLP.
The CEO, CFO, and Audit Committee Chair have informed the Company's auditor about the restatement. This disclosure confirms that the auditor is aware of the accounting errors and will presumably be involved in reviewing the restated financials.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 10, 2026 · How we verify