Quarterly report pursuant to Section 13 or 15(d)

NOTE 8: SIGNIFICANT EVENTS

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NOTE 8: SIGNIFICANT EVENTS
9 Months Ended
Sep. 30, 2018
Significant Events [Abstract]  
Significant Events [Text Block]

NOTE 8: SIGNIFICANT EVENTS


Gain on Debt Settlement


In April 2018, following mediation with a vendor of an outstanding balance, the Company successfully won the case and the balance of $320,669 was waived. The company had previously recognized the $320,669 balance in accounts payable, which was reversed in Q2 2018 and recognized as a gain on debt settlement.


Litigation Settlement


In the matter entitled Soffin v Clean Coal Technologies, Inc Case No. 4D17-2751, the Fourth District Court of Appeal of the State of Florida issued a Non-final Opinion on July 12, 2018 unanimously affirming the Order Granting Defendants Motion for Judgment Notwithstanding the Verdict and Order Denying Plaintiff’s Motion for Additur entered by the Circuit Court for the Fifteenth Judicial Circuit, Palm Beach County, Florida Case No. 502010CA028706XXXXMB in favor of Clean Coal Technologies, Inc on August 1 2017. The fifteen day remedy period for the plaintiff to appeal expired on July 27, 2018 with no motion made. Clean Coal Technologies, Inc now views this case closed and is working to seek legal costs from the plaintiff.


Lease Asset


In April 2018, the company secured a permanent location in Wyoming for its test facility at the Fort Union Industrial Park. The term of the lease is three years and calls for rent of $36,000, prepaid. The $36,000 covering three years rent was paid in Q2 2018 and is being amortized to lease expense using the straight-line method over the three-year term of the lease. During the nine months ended September 30, 2018, the Company recognized $5,000 in amortization of right to use assets.