SCIENTIFIC ENERGY, INC. Files Annual Report on Form 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>SCIENTIFIC ENERGY, INC. has filed its 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

SCIENTIFIC ENERGY, INC (SCGY) filed a Annual Report (10-K) with the SEC on April 16, 2024. SCIENTIFIC ENERGY, INC. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Macau. The SIC code for the company is 6794 (Patent Owners & Lessors). The company was formerly known as SCIENTIFIC ENERGY INC, with a name change date of January 15, 2004.

Why It Matters

For investors and stakeholders tracking SCIENTIFIC ENERGY, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SCIENTIFIC ENERGY, INC.'s financial health, operational activities, and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and make informed investment decisions regarding SCGY.

Risk Assessment

Risk Level: low — SCIENTIFIC ENERGY, INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would alter the risk profile beyond typical corporate reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand SCIENTIFIC ENERGY, INC.'s current financial standing and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-04-16 — Filing Date (Date the 10-K was filed with the SEC)
• 2004-01-15 — Date of Name Change (Former company name was SCIENTIFIC ENERGY INC)

Key Players & Entities

• SCIENTIFIC ENERGY, INC. (company) — Filer of the 10-K report
• SCGY (company) — Ticker symbol for SCIENTIFIC ENERGY, INC.
• Macau (location) — Location of the company's principal executive offices
• 6794 (other) — Standard Industrial Classification code

FAQ

Industry Context

SCIENTIFIC ENERGY, INC. operates within the patent owners and lessors industry, as indicated by its SIC code.

Regulatory Implications

The company is subject to SEC regulations for its periodic filings, including this Form 10-K, ensuring transparency for investors.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and other key financial metrics.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing the company.
3. Examine the business description and management discussion to grasp the company's operational strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-16: 10-K Filing Date — Date SCIENTIFIC ENERGY, INC. submitted its annual report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by SCIENTIFIC ENERGY, INC. to report its annual financial results and business operations.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Indicates SCIENTIFIC ENERGY, INC.'s industry classification as 'Patent Owners & Lessors'.)

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $0.01 — (g) of the Act: Common Stock, Par Value $0.01 Indicate by check mark if the registra
• $539,929 — te cash purchase price of approximately $539,929. As a result of the transaction, a chan
• $0.50 — on stock, par value $0.01 per share, at $0.50 per share, for an aggregate considerati
• $65,668,750 — hare, for an aggregate consideration of $65,668,750. The acquisition was completed on Septe
• $27,450 — tysearch had a revenue of approximately $27,450, and net loss of approximately $969,632
• $969,632 — $27,450, and net loss of approximately $969,632. On December 22, 2023, the Company est
• $200 — any shall pay Supplier a fixed price of $200, regardless of how many metric tons 4
• $1,061,530,000 M — d over 9,182,000 transactions, totaling $1,061,530,000 MOP (approximately $133,000,000) in Gross
• $133,000,000 — aling $1,061,530,000 MOP (approximately $133,000,000) in Gross Merchandise Volume. We offer
• $50 M — it card. Every new card holder is given $50 MOP (approximately $6.25) worth of coupon
• $6.25 — holder is given $50 MOP (approximately $6.25) worth of coupon redeemable on our Plat

Filing Documents

• scgy-20231231.htm (10-K) — 774KB
• se_ex31.htm (EX-31) — 8KB
• se_ex32.htm (EX-32) — 4KB
• se10k_1.jpg (GRAPHIC) — 14KB
• 0001376474-24-000170.txt (&nbsp;) — 4397KB
• scgy-20231231_cal.xml (EX-101.CAL) — 57KB
• scgy-20231231_def.xml (EX-101.DEF) — 67KB
• scgy-20231231_lab.xml (EX-101.LAB) — 233KB
• scgy-20231231_pre.xml (EX-101.PRE) — 210KB
• scgy-20231231.xsd (EX-101.SCH) — 62KB
• scgy-20231231_htm.xml (XML) — 605KB

Risk Factors

Risk Factors 10 1B. Unresolved Staff Comments 10 1C. Cybersecurity 10 2. Description of Property 10 3.

Legal Proceedings

Legal Proceedings 10 4. Mine Safety Disclosure 10 PART II 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 11 6. Reserved 12 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 12 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 8. Consolidated Financial Statements and Supplementary Data 16 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 39 9A.

Controls and Procedures

Controls and Procedures 39 9B. Other Information 40 PART III 10. Directors, Executive Officers and Corporate Governance 40 11.

Executive Compensation

Executive Compensation 42 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 43 13. Certain Relationships and Related Transactions, and Director Independence 45 14. Principal Accounting Fees and Services 45 PART IV 15. Exhibits, Financial Statement Schedules 46 PART I

BUSINESS

Item 1. BUSINESS Background 3 Scientific Energy, Inc. (together with its subsidiaries, the "Company," "we," "us" or "our") was incorporated under the laws of the State of Utah on May 30, 2001. From 2001 to 2021, the Company had endeavored a number of business activities, from developing and manufacturing various energy generation devices and energy efficient mechanisms to engaging in a business of e-commerce platform, but weren't successful. On April 13, 2006, Todd Crosland, Jana Meyer, Mark Clawson and Dale Gledhill (collectively the "Sellers") entered into a Share Purchase Agreement with Kelton Capital Group Limited (the "Buyer"), each of the Sellers was a director of the Company. Pursuant to the Share Purchase Agreement, the Buyer acquired from the Sellers an aggregate of 7,905,000 shares of the Company's issued and outstanding common stock, representing approximately 86.3% of the Company's outstanding shares at that time, for the aggregate cash purchase price of approximately $539,929. As a result of the transaction, a change of control of the Company occurred. On January 23, 2018, the Company entered into an agreement with Cityhill Limited, a wholly owned subsidiary of Elate Holdings Limited, a Hong Kong listed company. Pursuant to the agreement, the parties agreed to establish a 50% - 50% joint venture in Hong Kong, Gold, Gold, Gold Limited (the "3G"). 3G operates in Hong Kong and owns the "Goldeck App", a physical gold trading platform. 3G offers its customers with one-stop services including: physical gold trading, deposits and withdrawals. On May 10, 2021, the Company acquired 98.75% of the issued and outstanding share capital of Macao E-Media Development Company Limited, a Macau company ("MED"), by issuance of 131,337,500 shares of the Company's restricted common stock, par value $0.01 per share, at $0.50 per share, for an aggregate consideration of $65,668,750. The acquisition was completed on September 27, 2021. As a result, MED becomes a 98.7

View Full Filing

View this 10-K filing on SEC EDGAR