Smart Powerr Corp. Files Quarterly Report (10-Q) for Period Ended March 31, 2024

TL;DR

<b>Smart Powerr Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, confirming its status as a smaller reporting company trading on Nasdaq under CREG.</b>

AI Summary

Smart Powerr Corp. (CREG) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Smart Powerr Corp. filed a Form 10-Q for the quarterly period ended March 31, 2024. The company is registered in Nevada and its principal executive offices are located in Xi'an City, Shaanxi Province, China. Smart Powerr Corp. is registered under the ticker CREG on the Nasdaq Capital Market. The filing indicates Smart Powerr Corp. is a smaller reporting company. The company has submitted all required reports for the past 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Smart Powerr Corp., this filing contains several important signals. This 10-Q filing provides an update on the company's financial and operational status for the first quarter of 2024, which is crucial for investors to assess performance and make informed decisions. As a smaller reporting company, the detailed financial information within this report is particularly important for understanding the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — Smart Powerr Corp. shows low risk based on this filing. The risk is low as this is a routine quarterly filing (10-Q) and does not contain any immediate negative news or significant changes, but rather an update on the company's status.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Smart Powerr Corp.'s performance and outlook for the first quarter of 2024.

Key Numbers

• 20240331 — Quarterly Period End Date (Conformed period of report)
• 20240514 — Filing Date (Filed as of date)
• 000-12536 — Commission File Number (Registrant's commission file number)
• 90-0093373 — IRS Employer Identification No. (Registrant's IRS number)

Key Players & Entities

• Smart Powerr Corp. (company) — Registrant name
• March 31, 2024 (date) — Quarterly period ended
• 0001213900-24-042702 (filing_id) — Accession number
• CREG (ticker) — Trading Symbol
• Nasdaq Capital Market (exchange) — Name of exchange
• Nevada (jurisdiction) — State of incorporation
• Xi'an City, Shaanxi Province (location) — Principal executive offices

FAQ

Industry Context

Smart Powerr Corp. operates within the business services sector, focusing on energy-related solutions. This 10-Q provides insights into its performance within this industry.

Regulatory Implications

The filing adheres to Section 13 or 15(d) of the Securities Exchange Act of 1934 and Rule 405 of Regulation S-T for electronic data submission.

What Investors Should Do

1. Review the financial statements and Management's Discussion and Analysis in the 10-Q for Q1 2024 performance.
2. Monitor CREG's Nasdaq trading activity for any investor reactions to the filing.
3. Compare the reported Q1 2024 results with previous periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the current year.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value CREG Nasdaq Capital Market

Filing Documents

• ea0205456-10q_smart.htm (10-Q) — 644KB
• ea020545601ex31-1_smart.htm (EX-31.1) — 10KB
• ea020545601ex31-2_smart.htm (EX-31.2) — 10KB
• ea020545601ex32-1_smart.htm (EX-32.1) — 3KB
• ea020545601ex32-2_smart.htm (EX-32.2) — 3KB
• image_001.jpg (GRAPHIC) — 35KB
• image_002.jpg (GRAPHIC) — 35KB
• 0001213900-24-042702.txt (&nbsp;) — 4928KB
• creg-20240331.xsd (EX-101.SCH) — 62KB
• creg-20240331_cal.xml (EX-101.CAL) — 39KB
• creg-20240331_def.xml (EX-101.DEF) — 231KB
• creg-20240331_lab.xml (EX-101.LAB) — 483KB
• creg-20240331_pre.xml (EX-101.PRE) — 229KB
• ea0205456-10q_smart_htm.xml (XML) — 429KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1. Consolidated Financial Statements 1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

- OTHER INFORMATION

PART II - OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 33

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SMART POWERR CORP CONSOLIDATED BALANCE SHEETS MARCH 31, 2024 (UNAUDITED) DECEMBER 31, 2023 ASSETS CURRENT ASSETS Cash $ 68,577,267 $ 32,370 VAT receivable 170,398 170,694 Advance to supplier 67,326,017 67,440,761 Short term loan receivables - 68,773,208 Other receivables 53,569 48,519 Total current assets 136,127,251 136,465,552 NON-CURRENT ASSETS Operating lease right-of-use assets, net 168,156 - Plant and equipment, net 3,987 3,994 Total non-current assets 172,143 3,994 TOTAL ASSETS $ 136,299,394 $ 136,469,546 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 69,961 $ 70,083 Taxes payable 4,291,295 4,277,091 Accrued interest on notes 3,305 2,290 Notes payable 5,025,767 5,222,743 Accrued liabilities and other payables 2,620,828 2,664,461 Operating lease liability 30,898 - Payable for purchase of 10 % equity interest of Zhonghong 422,833 423,567 Interest payable on entrusted loans 340,868 341,459 Entrusted loan payable 10,852,713 10,871,560 Total current liabilities 23,658,468 23,873,254 NONCURRENT LIABILITIES Income tax payable 3,350,625 3,350,625 Operating lease liability 121,809 - Total noncurrent liabilities 3,472,434 3,350,625 Total liabilities 27,130,902 27,223,879 CONTINGENCIES AND COMMITMENTS STOCKHOLDERS' EQUITY Common stock, $ 0.001 par value; 100,000,000 shares authorized, 8,128,525 and 7,963,444 shares issued and outstanding 8,128 7,963 Additional paid in capital 165,191,103 164,870,025 Statutory reserve 15,191,676 15,191,645 Accumulated other comprehensive loss ( 10,445,216 ) ( 10,326,595 ) Accumulated deficit ( 60,777,199 ) ( 60,497,371 ) Total Company stockholders' equity 109,168,492 109,245,667 TOTAL LIABILITIES AND EQUITY $ 136,299,394 $ 136,469,546 The accompanying notes are an integral part of these consolidated financial 1 SMART PO

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS MARCH 31, 2024 (UNAUDITED) AND DECEMBER 31, 2023 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Smart Powerr Corp. (the "Company" or "SPC") was incorporated in Nevada, and was formerly known as China Recycling Entergy Corporation. The Company, through its subsidiaries, provides energy saving solutions and services, including selling and leasing energy saving systems and equipment to customers, and project investment in the Peoples Republic of China ("PRC"). The Company's organizational chart as of March 31, 2024 is as follows: Erdos TCH – Joint Venture On April 14, 2009, the Company formed a joint venture (the "JV") with Erdos Metallurgy Co., Ltd. ("Erdos") to recycle waste heat from Erdos' metal refining plants to generate power and steam to be sold back to Erdos. The name of the JV was Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd. ("Erdos TCH") with a term of 20 years. Erdos contributed 7 % of the total investment of the project, and Xi'an TCH Energy Technology Co., Ltd. ("Xi'an TCH") contributed 93 %. On June 15, 2013, Xi'an TCH and Erdos entered into a share transfer agreement, pursuant to which Erdos sold its 7 % ownership interest in the JV to Xi'an TCH for $ 1.29 million (RMB 8 million), plus certain accumulated profits. Xi'an TCH paid the $ 1.29 million in July 2013 and, as a result, became the sole stockholder of the JV. Erdos TCH currently has two power generation systems in Phase I with a total 18 MW power capacity, and three power generation systems in Phase II with a total 27 MW power capacity. On April 28, 2016, Erdos TCH and Erdos entered into a supplemental agreement, effective May 1, 2016, whereby Erdos TCH cancelled monthly minimum lease payments from Erdos, and started to charge Erdos based on actual electricity sold at RMB 0.30 / KWH. The selling price of each KWH is determined annually based on prevailing market conditions. In May 2019, Erdos TCH ceased operations due to renovations and furnace safety

View Full Filing

View this 10-Q filing on SEC EDGAR