Smart Powerr Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Smart Powerr Corp. has filed its 2023 annual report on Form 10-K, detailing its financial performance and corporate information.</b>

AI Summary

Smart Powerr Corp. (CREG) filed a Annual Report (10-K) with the SEC on April 11, 2024. Smart Powerr Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located in Xi'an City, Shaanxi Province, China. Smart Powerr Corp. is registered under the ticker symbol CREG on the Nasdaq Capital Market. The company was formerly known as China Recycling Energy Corp, China Digital Wireless Inc, and Boulder Acquisitions Inc. The filing indicates that Smart Powerr Corp. is not a well-known seasoned issuer and is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.

Why It Matters

For investors and stakeholders tracking Smart Powerr Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Smart Powerr Corp.'s financial health, operational status, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The document includes information on the company's stock registration, former names, and its status as a filer, offering transparency and historical context for stakeholders.

Risk Assessment

Risk Level: low — Smart Powerr Corp. shows low risk based on this filing. The risk is low as this is a standard annual report filing (10-K) which is a routine disclosure requirement for public companies, not indicating any immediate adverse events.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Smart Powerr Corp.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end)
• 0001213900-24-031988 — Accession Number (Unique identifier for the filing)
• 81 — Public Document Count (Number of documents in the filing)
• 001-34625 — SEC File Number (SEC file number for the registrant)

Key Players & Entities

• Smart Powerr Corp. (company) — Filer name
• CREG (company) — Trading Symbol
• Nasdaq Capital Market (company) — Exchange where CREG is registered
• China Recycling Energy Corp (company) — Former company name
• China Digital Wireless Inc (company) — Former company name
• Boulder Acquisitions Inc (company) — Former company name
• Nevada (company) — State of incorporation
• 2023-12-31 (date) — Fiscal year end

FAQ

Industry Context

Smart Powerr Corp. operates within the business services sector, as indicated by its SIC code 7389. This filing is a standard annual report for a publicly traded company.

Regulatory Implications

The filing is made in accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section (if available in the full document) for potential challenges facing the company.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — The period covered by the annual report.
• 2024-04-11: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparisons to prior filings would require access to those documents.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value CREG Nasdaq Capital Market
• $1 — ing sales price for the common stock of $1.62, as reported on the Nasdaq Capital M
• $29.80 million — and currently has registered capital of $29.80 million. Xi'an TCH was incorporated in Xi'an, S

Filing Documents

• ea0202643-10k_smart.htm (10-K) — 1175KB
• ea020264301ex10-57_smart.htm (EX-10.57) — 30KB
• ea020264301ex31-1_smart.htm (EX-31.1) — 8KB
• ea020264301ex31-2_smart.htm (EX-31.2) — 8KB
• ea020264301ex32-1_smart.htm (EX-32.1) — 4KB
• ea020264301ex32-2_smart.htm (EX-32.2) — 4KB
• ea020264301ex97_smart.htm (EX-97.1) — 27KB
• image_001.jpg (GRAPHIC) — 35KB
• image_002.jpg (GRAPHIC) — 98KB
• 0001213900-24-031988.txt (&nbsp;) — 5823KB
• creg-20231231.xsd (EX-101.SCH) — 64KB
• creg-20231231_cal.xml (EX-101.CAL) — 38KB
• creg-20231231_def.xml (EX-101.DEF) — 241KB
• creg-20231231_lab.xml (EX-101.LAB) — 488KB
• creg-20231231_pre.xml (EX-101.PRE) — 236KB
• ea0202643-10k_smart_htm.xml (XML) — 420KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 28 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 50 Item 3.

Legal Proceedings

Legal Proceedings 50 Item 4. Mine Safety Disclosures 50 PART II Item 5. Market for Common Equity, Related Shareholder Matters and Small Business Issuer Purchases of Equity Securities 51 Item 6. [Reserved] 51 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 52 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 61 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 61 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 68 Item 13. Certain Relationships and Related Transactions, Director Independence 69 Item 14. Principal Accountant Fees and Services 69 PART IV Item 15. Exhibits, Financial Statement Schedules 71 Item 16. 10-K Summary 75 i PART I When we use the terms "we," "us," "our" and "the Company," we mean Smart Powerr Corp., a Nevada corporation, and its wholly-owned subsidiaries, Shanghai Yinghua Financial Leasing Co., Ltd. ("Yinghua") and Sifang Holdings Co., Ltd. ("Sifang"), and Sifang's wholly-owned subsidiaries, Shaanxi Huahong New Energy Technology Co., Ltd. ("Huahong") and Shanghai TCH Energy Technology Co., Ltd. ("Shanghai TCH"), Shanghai TCH's wholly-owned subsidiaries, Xi'an TCH Energy Technology Company, Ltd. ("Xi'an TCH"), Xi'an TCH's wholly-owned subsidiary Erdos TCH Energy Saving Development Co., Ltd. ("Erdos TCH"), Zhongxun Energy Investment (Beijing) Co., Ltd ("Zhongxun"), and 16.6% owned subsidiary, Beijing Hongyuan Recycling Energy Investment Center ("Beijing Hongyuan"), and Xi'an TCH Energy Technology Company, Ltd. ("Xi'an TCH"), which is 90% owned by Xi'an TCH and 10% owned by Shanghai TCH's.

BUSINESS

ITEM 1. BUSINESS General Smart Powerr Corp. is a holding company incorporated in the state of Nevada. As a holding company with no material operations of our own, we conduct a substantial majority of our operations through our subsidiaries established in the PRC. We are a pioneer in waste energy recycling and a developer of energy efficiency solutions for various energy intensive industries in China. We use Build-Operate-Transfer ("BOT") model to provide energy saving and recovery facilities for multiple energy intensive industries in China. Our waste energy recycling projects allow customers which use substantial amounts of electricity to recapture previously wasted pressure, heat, and gas from their manufacturing processes to generate electricity. We currently offer waste energy recycling systems to companies for use in nonferrous metal plants. We construct our projects at our customer's facility and the electricity produced is used on-site by the customer. We develop fully customized projects across several verticals to better meet customer's energy recovery needs. We provide a clean-technology and energy-efficient solution aimed at reducing the air pollution and energy shortage problems in China. Our projects capture industrial waste energy to produce low-cost electricity, enabling industrial manufacturers to reduce their energy costs by 5% to 20%, lower their operating costs, and in optimal circumstances, extend the life of primary manufacturing equipment, while still complying with government regulations on emissions. Specifically, our power generation systems use the waste heat and pressure of flue gas generated during customers' daily course of energy usage, such as manufacturing, and carry out necessary dust removal and desulfurization process afterwards, before putting the renewed energy back into use. The purified flue gas can reduce the wear and corrosion of pipes, valves and fans on the original production line, so as to improve the service life o

View Full Filing

View this 10-K filing on SEC EDGAR