Smart Powerr Corp. Files Q3 2024 10-Q

TL;DR

Smart Powerr Corp. filed its 10-Q for Q3 2024. Based in China, formerly China Recycling Energy Corp.

AI Summary

Smart Powerr Corp. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, formerly known as China Recycling Energy Corp, is incorporated in Nevada and operates in the business services sector. Its principal business address is 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 third quarter of 2024.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates internationally, which can introduce complexities and 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
• September 30, 2024 (date) — Quarterly period end date
• China Recycling Energy Corp (company) — Former company name
• Nevada (location) — State of incorporation
• 7389 (number) — Standard Industrial Classification code

FAQ

Key Financial Figures

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

Filing Documents

• ea0219568-10q_smart.htm (10-Q) — 886KB
• ea021956801ex31-1_smart.htm (EX-31.1) — 10KB
• ea021956801ex31-2_smart.htm (EX-31.2) — 10KB
• ea021956801ex32-1_smart.htm (EX-32.1) — 4KB
• ea021956801ex32-2_smart.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 35KB
• image_002.jpg (GRAPHIC) — 35KB
• 0001213900-24-095596.txt ( ) — 5531KB
• creg-20240930.xsd (EX-101.SCH) — 53KB
• creg-20240930_cal.xml (EX-101.CAL) — 40KB
• creg-20240930_def.xml (EX-101.DEF) — 241KB
• creg-20240930_lab.xml (EX-101.LAB) — 461KB
• creg-20240930_pre.xml (EX-101.PRE) — 251KB
• ea0219568-10q_smart_htm.xml (XML) — 558KB

- 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

- OTHER INFORMATION

PART II - OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

SIGNATURES

SIGNATURES 40 i PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS SMART POWERR CORP CONSOLIDATED BALANCE SHEETS (Expressed in U.S. Dollars, except for the number of shares) SEPTEMBER 30, 2024 (UNAUDITED) DECEMBER 31, 2023 ASSETS CURRENT ASSETS Cash $ 69,117,942 $ 32,370 VAT receivable 172,528 170,694 Advance to supplier 68,166,554 67,440,761 Short term loan receivables - 68,773,208 Other receivables 53,938 48,519 Total current assets 137,510,962 136,465,552 NON-CURRENT ASSETS Operating lease right-of-use assets, net 139,604 - Plant and equipment, net 4,037 3,994 Total non-current assets 143,641 3,994 TOTAL ASSETS $ 137,654,603 $ 136,469,546 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 70,836 $ 70,083 Accrued liabilities and other payables 2,853,424 2,664,461 Taxes payable 4,277,431 4,277,091 Accrued interest on notes 74,174 2,290 Notes payable 4,904,647 5,222,743 Operating lease liability 61,394 - Payable for purchase of 10 % equity interest of Zhonghong 428,119 423,567 Interest payable on entrusted loans 345,128 341,459 Entrusted loan payable 10,988,384 10,871,560 Total current liabilities 24,003,537 23,873,254 NONCURRENT LIABILITIES Income tax payable 3,350,625 3,350,625 Operating lease liability 62,568 - Total non-current liabilities 3,413,193 3,350,625 Total liabilities 27,416,730 27,223,879 CONTINGENCIES AND COMMITMENTS STOCKHOLDERS' EQUITY Common stock, $ 0.001 par value; 100,000,000 shares authorized, 8,765,857 and 7,963,444 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 8,766 7,963 Additional paid in capital 165,581,526 164,870,025 Statutory reserve 15,191,645 15,191,645 Accumulated other comprehensive loss ( 9,094,408 ) ( 10,326,595 ) Accumulated deficit ( 61,449,656 ) ( 60,497,371 ) Total Company stockholders' equity 110,237,873

financial statements

financial statements 2 SMART POWERR CORP CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (Expressed in U.S. Dollars, except for the number of shares) (UNAUDITED) Common Stock Paid in Statutory Other Comprehensive Accumulated Shares Amount Capital Reserves Loss Deficit Total Balance at December 31, 2023 7,963,444 $ 7,963 $ 164,870,025 $ 15,191,645 $ ( 10,326,595 ) $ ( 60,497,371 ) $ 109,245,667 Net loss for the period - - - - - ( 279,797 ) ( 279,797 ) Conversion of long-term notes into common shares 165,081 165 321,078 - - - 321,243 Transfer to statutory reserves - - - 31 - ( 31 ) - Foreign currency translation loss - - - - ( 118,621 ) - ( 118,621 ) Balance at March 31, 2024 8,128,525 8,128 165,191,103 15,191,676 ( 10,445,216 ) ( 60,777,199 ) 109,168,492 Net loss for the period - - - - - ( 409,757 ) ( 409,757 ) Conversion of long-term notes into common shares 259,067 259 ( 259 ) - - - - Stock compensation expense 128,765 129 138,937 - - - 139,066 Transfer to statutory reserves - - - ( 31 ) - 31 - Foreign currency translation loss - - - - ( 649,189 ) - ( 649,189 ) Balance at June 30, 2024 8,516,357 8,516 165,329,781 15,191,645 ( 11,094,405 ) ( 61,186,925 ) 108,248,612 Net loss for the period - - - - - ( 262,731 ) ( 262,731 ) Conversion of long-term notes into common shares 249,500 250 251,745 - - - 251,995 Transfer to statutory reserves - - - - - - - Foreign currency translation gain - - - - 1,999,997 - 1,999,997 Balance at September 30, 2024 8,765,857 $ 8,766 $ 165,581,526 $ 15,191,645 $ ( 9,094,408 ) $ ( 61,449,656 ) $ 110,237,873 Common Stock Paid in Statutory Other Comprehensive Accumulated Shares Amount Capital Reserves Loss Deficit Total Balance at December 31, 2022 7,391,996 $ 7,392 $ 163,663,305 $ 15,168,003 $ (

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View this 10-Q filing on SEC EDGAR