Smart Powerr Corp. Files Q2 2024 10-Q
Ticker: CREG · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 721693
| Field | Detail |
|---|---|
| Company | Smart Powerr CORP. (CREG) |
| Form Type | 10-Q |
| Filed Date | Aug 14, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, company-information
TL;DR
Smart Powerr Corp. (SPWR) filed its 10-Q for Q2 2024. Based in China.
AI Summary
Smart Powerr Corp. filed its 10-Q for the quarterly period ended June 30, 2024. The company, formerly known as China Recycling Energy Corp, is incorporated in Nevada and operates in the business services sector. Its principal executive offices are located in Xi'an, Shaanxi Province, China.
Why It Matters
This filing provides investors with an update on Smart Powerr Corp.'s financial performance and operational status for the second quarter of 2024.
Risk Assessment
Risk Level: medium — The company has a history of name changes and its operations are based in China, which can introduce geopolitical and regulatory risks.
Key Numbers
- 000-12536 — Commission file number (Identifies the company's filing with the SEC)
- 90-0093373 — IRS Number (Company's tax identification number)
Key Players & Entities
- Smart Powerr Corp. (company) — Registrant
- June 30, 2024 (date) — Quarterly period end date
- China Recycling Energy Corp (company) — Former company name
- Nevada (jurisdiction) — State of incorporation
- Xi'an, Shaanxi Province, China (location) — Business address
FAQ
What is the primary business of Smart Powerr Corp.?
Smart Powerr Corp. operates in the SERVICES-BUSINESS SERVICES, NEC sector, with SIC code 7389.
When was the company incorporated?
The company is incorporated in Nevada.
What were the previous names of Smart Powerr Corp.?
Smart Powerr Corp. was formerly known as China Recycling Energy Corp, China Digital Wireless Inc, and Boulder Acquisitions Inc.
Where are Smart Powerr Corp.'s principal executive offices located?
The company's business address is located at 4/F, Tower C, Rong Cheng Yun Gu Building, Keji 3rd Road, Yanta District, Xi'an City, Shaanxi Province, China.
What period does this 10-Q filing cover?
This 10-Q filing covers the quarterly period ended June 30, 2024.
Filing Stats: 4,622 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-08-14 10:08:38
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value CREG Nasdaq Capital Market
Filing Documents
- ea0211105-10q_smart.htm (10-Q) — 1046KB
- ea021110501ex10-60_smart.htm (EX-10.60) — 30KB
- ea021110501ex31-1_smart.htm (EX-31.1) — 10KB
- ea021110501ex31-2_smart.htm (EX-31.2) — 10KB
- ea021110501ex32-1_smart.htm (EX-32.1) — 3KB
- ea021110501ex32-2_smart.htm (EX-32.2) — 3KB
- image_001.jpg (GRAPHIC) — 81KB
- image_002.jpg (GRAPHIC) — 78KB
- 0001213900-24-068660.txt ( ) — 6249KB
- creg-20240630.xsd (EX-101.SCH) — 71KB
- creg-20240630_cal.xml (EX-101.CAL) — 41KB
- creg-20240630_def.xml (EX-101.DEF) — 255KB
- creg-20240630_lab.xml (EX-101.LAB) — 518KB
- creg-20240630_pre.xml (EX-101.PRE) — 252KB
- ea0211105-10q_smart_htm.xml (XML) — 652KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 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 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.
Controls and Procedures
Controls and Procedures 34
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 35 Item 1A.
Risk Factors
Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS SMART POWERR CORP. CONSOLIDATED BALANCE SHEETS JUNE 30, 2024 DECEMBER 31, 2023 (UNAUDITED) ASSETS CURRENT ASSETS Cash $ 68,102,052 $ 32,370 VAT receivable 169,638 170,694 Advance to supplier 67,024,680 67,440,761 Short term loan receivables - 68,773,208 Other receivables 46,882 48,519 Total current assets 135,343,252 136,465,552 NON-CURRENT ASSETS Right-of-use asset 152,357 - Plant and equipment , net 3,970 3,994 Total non-current assets 156,327 3,994 TOTAL ASSETS $ 135,499,579 $ 136,469,546 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 69,649 $ 70,083 Accrued liabilities and other payables 2,707,419 2,664,461 Taxes payable 4,277,024 4,277,091 Accrued interest on notes 103,545 2,290 Notes payable 5,025,767 5,222,743 Operating lease liability 61,520 - Payable for purchase of 10 % equity interest of Zhonghong 420,946 423,567 Interest payable on entrusted loans 339,346 341,459 Entrusted loan payable 10,804,288 10,871,560 Total current liabilities 23,809,504 23,873,254 NONCURRENT LIABILITIES Income tax payable 3,350,625 3,350,625 Operating lease liability 90,838 - Total noncurrent liabilities 3,441,463 3,350,625 Total liabilities 27,250,967 27,223,879 CONTINGENCIES AND COMMITMENTS STOCKHOLDERS' EQUITY Common stock, $ 0.001 par value; 100,000,000 shares authorized, 8,516,357 and 7,963,444 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 8,516 7,963 Additional paid in capital 165,329,781 164,870,025 Statutory reserve 15,191,645 15,191,645 Accumulated other comprehensive loss ( 11,094,405 ) ( 10,326,595 ) Accumulated deficit ( 61,186,925 ) ( 60,497,371 ) Total Company stockholders' equity 108,248,612 109,245,667 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 135,499,579 $ 136,469,546 The accompanying notes are an integral part of the