Scientific Energy, Inc. Files Q2 2024 10-Q

TL;DR

SCGY 10-Q filed for Q2 2024. Financials updated.

AI Summary

Scientific Energy, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the second quarter and the first six months of 2024, comparing it to the same periods in 2023. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides investors with an update on Scientific Energy, Inc.'s financial performance and position for the second quarter of 2024, crucial for assessing the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024 Q2 — Reporting Period (Financial information for the second quarter of 2024 is detailed.)
• 2023 — Comparison Period (Financials are compared to the same periods in 2023.)

Key Players & Entities

• SCIENTIFIC ENERGY, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240821 (date) — Filing Date
• UT (location) — State of Incorporation

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-20240630.htm (10-Q) — 719KB
• se_ex31z1.htm (EX-31.1) — 8KB
• se_ex32z1.htm (EX-32.1) — 5KB
• 0001376474-24-000469.txt ( ) — 4760KB
• scgy-20240630_cal.xml (EX-101.CAL) — 57KB
• scgy-20240630_def.xml (EX-101.DEF) — 87KB
• scgy-20240630_lab.xml (EX-101.LAB) — 253KB
• scgy-20240630_pre.xml (EX-101.PRE) — 223KB
• scgy-20240630.xsd (EX-101.SCH) — 67KB
• scgy-20240630_htm.xml (XML) — 768KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statement of Stockholders' Deficit for the Six Months Ended June 30, 2024 (unaudited) 7 Condensed Consolidated Statement of Stockholders' Deficit for the Six Months Ended June 30, 2023 (unaudited) 8 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 24 Item 3. Quantitative and Qualitative Disclosure about Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION 28 Item 6. Exhibits 28

Financial Statements

Item 1. Financial Statements SCIENTIFIC ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 unaudited ASSETS Current assets: Cash and cash equivalents $ 2,980,440 $ 3,164,464 Loan receivables 1,058,190 958,534 Accounts receivable 7,333,418 1,338,318 Other receivables 994,866 593,415 Amount due from related companies 72,267 491,256 Amount due from joint venture 319 24,679 Inventories 61,937 67,569 Prepaid expense 508,524 645,667 Total current assets 13,009,961 7,283,902 Non-current assets: Property, plant and equipment, net 128,400 192,336 Intangible assets 1,313,587 1,423,234 Goodwill 72,667,589 72,667,589 Operating lease right to use assets 525,594 236,478 Deposits 161,261 145,532 Total non-current assets 74,796,431 74,665,169 Total assets $ 87,806,392 $ 81,949,071 LIABILITIES AND STOCKHOLDERS' SURPLUS Current liabilities: Accounts payable $ 10,384,063 $ 5,077,329 Accrued expenses 2,143,877 2,699,239 Deposit received 1,691,564 1,762,678 Other payables 2,118,764 1,308,957 Bank loans 1,570,605 2,239,534 Operating lease liabilities 281,818 188,214 Total current liabilities 18,190,691 13,275,951 Non-current liabilities: Bank loans - 18,647 Operating lease liability 243,776 48,264 Total non-current liabilities 243,776 66,911 Total liabilities 18,434,467 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 June 30, 2024 and December 31, 2023, respectively 2,633,375 2,633,375 Additional paid in capital 78,460,638 78,460,638 Accumulated deficit ( 10,827,555 ) ( 11,946,908 ) Accumulated other comprehensive income 39,337 40,2

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