Scientific Energy, Inc. Files 10-Q for Q1 2024

TL;DR

SCGY filed its Q1 2024 10-Q. Financials inside.

AI Summary

Scientific Energy, Inc. filed its 10-Q for the period ending March 31, 2024. The filing details the company's financial position and operations. Specific financial figures and operational details are not provided in the header information.

Why It Matters

This filing provides investors with an update on Scientific Energy, Inc.'s financial health and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags based on the header information.

Key Players & Entities

• SCIENTIFIC ENERGY, INC. (company) — Filer
• 20240331 (date) — Period of Report
• 20240520 (date) — Filing Date
• 0001276531 (company) — Central Index Key

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) — 485KB
• se_ex31z1.htm (EX-31.1) — 8KB
• se_ex32z1.htm (EX-32.1) — 4KB
• 0001376474-24-000251.txt ( ) — 3602KB
• scgy-20240331_cal.xml (EX-101.CAL) — 52KB
• scgy-20240331_def.xml (EX-101.DEF) — 63KB
• scgy-20240331_lab.xml (EX-101.LAB) — 211KB
• scgy-20240331_pre.xml (EX-101.PRE) — 187KB
• scgy-20240331.xsd (EX-101.SCH) — 53KB
• scgy-20240331_htm.xml (XML) — 490KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statement of Stockholders' Deficit for the Three Months Ended March 31, 2024 (unaudited) 5 Condensed Consolidated Statement of Stockholders' Deficit for the Three Months Ended March 31, 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 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 20 Item 3. Quantitative and Qualitative Disclosure about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

– OTHER INFORMATION

PART II – OTHER INFORMATION 23 Item 6. Exhibits 23

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 $ 2,983,315 $ 3,164,464 Loan receivables 1,018,570 958,534 Accounts receivable 2,149,218 1,338,318 Other receivables 733,574 593,415 Amount due from related companies 1,941,332 491,256 Amount due from joint venture 319 24,679 Inventories 88,573 67,569 Prepaid expense 1,211,556 645,667 Total current assets 10,126,457 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 $ 84,722,213 $ 81,949,071 LIABILITIES AND STOCKHOLDERS' SURPLUS Current liabilities: Accounts payable $ 5,474,993 $ 5,077,329 Accrued expenses 2,994,140 2,699,239 Amount due to related company 1,653,032 - Deposit received 1,671,317 1,762,678 Other payables 1,501,366 1,308,957 Bank loans 2,226,130 2,239,534 Operating lease liabilities 124,131 188,214 Total current liabilities 15,645,109 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 15,717,578 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 ( 11,530,683 ) ( 11,946,908 ) Acc

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