Scientific Energy Inc. Files Q1 2024 10-Q/A

TL;DR

SCGY filed Q1 10-Q/A, updated financials for March 31, 2024.

AI Summary

Scientific Energy, Inc. filed a 10-Q/A on May 29, 2024, for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024, detailing changes in common stock, additional paid-in capital, retained earnings, accumulated other comprehensive income, and noncontrolling interest compared to the previous year's end and the first quarter of 2023.

Why It Matters

This amended filing provides updated financial details for Scientific Energy, Inc. for the first quarter of 2024, which is crucial for investors and analysts to assess the company's financial health and performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report amendment and does not appear to contain any immediately alarming or unusual information.

Key Numbers

• 2024 Q1 — Reporting Period (Financials for the first quarter of 2024 are detailed.)
• 2023-12-31 — Prior Year End (Comparative financial data from the end of 2023 is included.)
• 2023-03-31 — Prior Year Q1 (Comparative financial data from the first quarter of 2023 is included.)

Key Players & Entities

• SCIENTIFIC ENERGY, INC. (company) — Filer of the 10-Q/A
• 0001276531 (company) — Central Index Key for SCIENTIFIC ENERGY, INC.
• 20240529 (date) — Filing date of the 10-Q/A
• 20240331 (date) — Period of report end date

FAQ

Key Financial Figures

• $39.6 million — in Hong Kong, and the Company invested $39.6 million Hong Kong dollars (approximately $5.09
• $5.09 million — illion Hong Kong dollars (approximately $5.09 million) into the JVC for 72% of the JVC's capi
• $15.4 million — td., jointly with its partner, invested $15.4 million Hong Kong dollars (approximately $1.98
• $1.98 million — illion Hong Kong dollars (approximately $1.98 million) into the JVC to receive 28% of the JVC
• $5,109,743 — illion Hong Kong dollars (approximately $5,109,743). In January 2009, the Company through
• $43,040,000 — agreement, the Company agreed to invest $43,040,000 Hong Kong dollars (approximately $5.55
• $5.55 million — 40,000 Hong Kong dollars (approximately $5.55 million) into a joint venture company Sinoforte
• $10,222,000 — al shares, and China Resources invested $10,222,000 Hong Kong dollars, approximately $1,318
• $1,318,967 — 22,000 Hong Kong dollars, approximately $1,318,967, and another investor invested $538,000
• $538,000 — ,318,967, and another investor invested $538,000 Hong Kong dollars, or approximately $69
• $69,419 — 000 Hong Kong dollars, or approximately $69,419, into Sinoforte for 19% and 1% of Sinof
• $10 — te to the Company at consideration of HK$10. On February 28, 2012, the Company se
• $1,000 — ng Kong company, Qwestro Limited, for HK$1,000 without any goodwill and bargaining pur
• $1 — l Limited, with a positive net worth of $1 to an unaffiliated third-party purchase
• $0.01 — ny's restricted common stock, par value $0.01 per share, at a consideration of $0.50

Filing Documents

• scgy-20240331.htm (10-Q/A) — 519KB
• se_ex31z1.htm (EX-31.1) — 8KB
• se_ex32z1.htm (EX-32.1) — 4KB
• 0001376474-24-000256.txt ( ) — 3921KB
• scgy-20240331_cal.xml (EX-101.CAL) — 53KB
• scgy-20240331_def.xml (EX-101.DEF) — 66KB
• scgy-20240331_lab.xml (EX-101.LAB) — 246KB
• scgy-20240331_pre.xml (EX-101.PRE) — 206KB
• scgy-20240331.xsd (EX-101.SCH) — 62KB
• scgy-20240331_htm.xml (XML) — 538KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statement of Stockholders' Deficit for the Three Months Ended March 31, 2024 (unaudited) 7 Condensed Consolidated Statement of Stockholders' Deficit for the Three Months Ended March 31, 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10 Item 2.

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

Management's Discussion and Analysis of Financial Conditions and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosure about Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

– OTHER INFORMATION

PART II – OTHER INFORMATION 26 Item 6. Exhibits 26

Financial Statements

Item 1. Financial Statements SCIENTIFIC ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 unaudited ASSETS Current assets: Cash and cash equivalents $ 2,877,496 $ 3,164,464 Loan receivables 1,018,570 958,534 Accounts receivable 2,149,218 1,338,318 Other receivables 711,682 593,415 Amount due from related companies 334,244 491,256 Amount due from joint venture 319 24,679 Inventories 88,573 67,569 Prepaid expense 1,211,556 645,667 Total current assets 8,391,658 7,283,902 Non-current assets: Property, plant and equipment, net 213,452 192,336 Intangible assets 1,377,246 1,423,234 Goodwill 72,667,589 72,667,589 Operating lease right to use assets 196,600 236,478 Deposits 140,869 145,532 Total non-current assets 74,595,756 74,665,169 Total assets $ 82,987,414 $ 81,949,071 LIABILITIES AND STOCKHOLDERS' SURPLUS Current liabilities: Accounts payable $ 5,474,993 $ 5,077,329 Accrued expenses 2,950,573 2,699,239 Amount due to related company Deposit received 1,671,317 1,762,678 Other payables 1,888,629 1,308,957 Bank loans 2,226,130 2,239,534 Operating lease liabilities 124,131 188,214 Total current liabilities 14,335,773 13,275,951 Non-current liabilities: Bank loans - 18,647 Operating lease liability 72,469 48,264 Total non-current liabilities 72,469 66,911 Total liabilities 14,408,242 13,342,862 Commitments and contingencies - - Stockholders' equity: Preferred stock: par value $ 0.01 per share; 25,000,000 shares authorized, no ne issued and outstanding - - Common stock: par value $ 0.01 per share, 500,000,000 shares authorized, 263,337,500 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 2,633,375 2,633,375 Additional paid in capital 78,460,638 78,460,638 Accumulated deficit ( 11,922,334 ) ( 11,946,908 ) Accumulated other co

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