Acceleware continued to invest in the development and coverage of new intellectual properties, and the total number of patents issued, licensed, implemented, or under development expanded from 44 at the end of 2022 to a total of 60 today.
RF XL CONTROLLER UPGRADE
Acceleware’s RF XL pilot operations began in early March 2022 and ran effectively through July 2022. At that time, the fiber optic distributed temperature sensing (“DTS”) formula on the heating shaft broke during maintenance. After the DTS stopped, the RF force was reduced for protection reasons and a refit plan was developed. Remanufacturing began in October 2022 and included upgrades to critical RF XL parts. During the redistribution of formula in the first quarter of 2023 and the third quarter of 2023, Acceleware learned of the downgrade. of some other parts in poor condition due to water ingress. The company has decided together with our business partners that the maximum practical direction is to relocate all underground pieces.
During the smooth operation of the RF XL Pilot, knowledge of the functionality shows that the operation of the Clean Tech Inverter (“CTI”) met or exceeded specifications. The CTI is the essential electronic radio frequency (RF) “engine” for the good luck of the XL RF controller. One of the main goals of the RF XL pilot was to demonstrate how CTI works and how effective it is at transmitting RF power to the rear of the hole to increase temperature and oil production. Milestones include:
The repair was carried out to address the DTS failure, at which time the engineering team took the opportunity to read up on downhole components. As the workover progressed, a factor was discovered with the RF XL downhole formulation resulting from water ingress in the deployment of the RF transmission line and operation of the RF XL controller. Some moisture was expected and was removed in the first place through the RF XL Pilot’s pressurization and nitrogen purge formula, designed to remove and prevent liquid backflow. Additional post-workover investigation suggests that this formulation was unable to address the moisture levels encountered, resulting in the degradation of some proprietary downhole components. For clarity, the moisture ingress factor occurred at the tube connections, not at the RF XL core generation or RF XL electronics. Acceleware recreated the challenge in lab testing and designed and tested a solution. Damage is believed to be the main impediment to Acceleware being successful at full strength in the first warm-up phase of the RF XL Pilot. As discussed on November 22, 2023, Acceleware planned to expand multiple responses to this challenge and continue with the option with the highest probability of good fortune and lowest risk. The Acceleware team, in consultation with industry partners, has developed what is considered a permanent and resilient solution to this challenge.
Acceleware now plans to proceed with a second heating phase after a primary basement improvement plan to cope with moisture ingress. Underground parts that have not been removed from the remanufacture will be removed, refurbished, or upgraded, and then redeployed with the already upgraded parts from the original. Remanufacturing program.
QUARTER REVIEW
Revenue of $0. 04 million was generated for the quarter ended December 31, 2023 (“Fourth Quarter 2023”), compared to $0. 1 million for the quarter ended December 31, 2022 (“Fourth Quarter 2022”). “) and $0. 1 million in the last quarter ended September 30. 2023 (“Third quarter of 2023”). Revenue decreased in the fourth quarter of 2023 and in the third quarter of 2023 due to decreased demand in the HPC segment for FDTD maintenance compared to the fourth quarter of 2022. There continues to be variability in the heating segment due to RF for profit source connected to facilities to apply CTI to commercial uses. heating. Although interest in providing smart electric heating installations has increased, no profits were recorded in Q4 2023 or Q3 2023. Acceleware did not earn any insight profit invoices in Q4 2023 or Q3 quarter of 2023. However, it earned $0. 2 million in the fourth quarter of 2022 for the RF XL pilot. These tickets, when earned, are identified as deferred earnings. Data gain equal to the amount recorded in deferred gain will be identified as gain upon completion of the RF XL pilot or termination of the data contracts, whichever occurs first.
Gross Expenses R
General and administrative expenses incurred in the fourth quarter of 2023 were $0. 6 million, compared to $0. 6 million in the fourth quarter of 2022 and $0. 6 million in the third quarter of 2023. Non-cash payroll prices were higher in the fourth quarter of 2023 due to the timing of option granting, higher professional fees and lower salaries as the Company continues to prioritize the position in a doubtful economic environment.
YEAR REVIEWED
Revenue of $0. 3 million was generated from the Company’s software, maintenance and profit streams for the year ended December 31, 2023, compared to $0. 3 million for the year ended December 31, 2022. Although earnings are more diversified in 2023 with a significant contribution of service profit, profit declined due to declining demand for HPC software and maintenance benefits. The service benefits relate to RF simulation and experimental studies paid for through consumers interested in applying ITCs for their commercial heating needs. Industries other than heavy oil have also shown interest in using ITCs for commercial heating, specifically in the mining, agriculture and hydrogen sectors. Acceleware earned no money invoices for non-refundable milestones in the fiscal year ended Dec. 31, 2023, compared to $1. 3 million won in the fiscal year ended in December. January 31, 2022. Once earned, those tickets are identified as deferred earnings.
Gross Expenses R
General and administrative expenses incurred in the year ended December 31, 2023 were $2. 0 million, compared to $2. 1 million for the year ended December 31, 2022. While salaries decreased as the Company continues to prioritize job management, they were higher. Professional rates for inventory offerings and higher non-cash payroll prices similar to option granting.
As of December 2023, Acceleware had negative current capital of $2. 0 million (December 31, 2022, negative current capital of $0. 6 million), adding money and cash equivalents of $1. 0 million (December 31, 2022, $1. 1 million). 2023, current capital included $1. 2 million for amounts owed to the provisioning control (December 31, 2022 – $0. 8 million). Negative current equity for any of the periods is due to the timing of receipt and accounting of government and spouse investments and expenditures of R.
ABOUT ACELEWARE:
Acceleware is testing RF XL, its proprietary, low-cost, low-carbon production generation for heavy oil and tar sands, which is particularly distinct from any heavy oil recovery strategy used today. Acceleware’s vision is that the electrification of heavy oil and tar sands production can be envisioned through RF XL, supporting a transition to much quieter energy production that can rapidly lower the emissions curve. With blank electricity, Acceleware’s XL RF generation can eliminate greenhouse fuel (GHG) emissions related to heavy oil and tar sands production. RF XL uses no water, requires no solvents, takes up little physical space, can be redistributed from site to site, and can be deployed in a multitude of tank types. Acceleware is also actively seeking partnerships for RF heating of other types of commercial tanks. programs that employ the company’s proprietary CTI.
Acceleware and Saa Dene Group (co-founded through Jim Boucher) created Acceleware | Kisâstwêw to increase the visibility, adoption and price of Acceleware technologies. The shared vision of the association is the environmental and economic functionality of the energy sector by supporting the ideals that are vital to indigenous peoples, adding respect for the land, water. and blank air.
The answers from the company’s seismic imaging software are high-fidelity imagery, offering the most accurate and complex images that can be obtained for oil exploration in complex geologies. Acceleware is a public company listed on the Canadian TSX Venture Exchange under the ticker symbol “AXE. “
NOTE ON FUTURE INFORMATION AND OTHER NOTICES
The forward-looking data contained in this press release can be ascertained by words such as “believes,” “estimates,” “plans,” “potential,” and “willingly,” and includes data on the expected commercialization of RF XL, the charge of the RF XL pilot, the timing of the RF XL pilot run and its redeployment, the expected investment required for the redeployment of the RF XL pilot, and the expected economic and social benefits of RF XL technology. Acceleware assumes that the existing charge estimates are accurate, that existing lead times will be delayed due to internal or external causes, that studies and progression efforts, adding commercial-scale test plans, will result in market-ready products, and that long-term capital raising efforts will be successful.
Actual effects could differ from the forward-looking data contained in this press release due to certain threat points. These threat points are described in detail in Acceleware’s Ongoing Disclosure documents, which are presented on SEDAR in www. sedar. com.
Acceleware assumes no legal responsibility to update or revise the forward-looking information contained in this press release, as required by Canadian securities law.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described in this press release in the United States. The securities have not been and will not be registered in the United States. Securities Act of 1933, as amended (the “U. S. Securities Act”). “Securities and Exchange Commissions,” or any state securities laws and may not be offered or sold in the United States or to U. S. persons, unless registered under the U. S. Securities Act. U. S. securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is found in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For information: Geoff Clark Tel. : 1 (403) 249-9099geoff. clark@acceleware. com
Acceleware Ltd. 435 Avenue SECalgary, AB, T2G 0W3CanadaTel. : 1 (403) 249-9099www. acceleware. com