Scientific Energy, Inc. Files Q3 2024 10-Q

TL;DR

**SCGY Q3 10-Q FILED** - Check financials for latest performance.

AI Summary

Scientific Energy, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides investors with the latest financial health and operational performance of Scientific Energy, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Players & Entities

• SCIENTIFIC ENERGY, INC. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241121 (date) — Date the report was filed

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-20240930.htm (10-Q) — 745KB
• se_ex31z1.htm (EX-31.1) — 8KB
• se_ex32z1.htm (EX-32.1) — 5KB
• se10q_1.jpg (GRAPHIC) — 134KB
• 0001376474-24-000714.txt ( ) — 5156KB
• scgy-20240930_cal.xml (EX-101.CAL) — 58KB
• scgy-20240930_def.xml (EX-101.DEF) — 87KB
• scgy-20240930_lab.xml (EX-101.LAB) — 254KB
• scgy-20240930_pre.xml (EX-101.PRE) — 225KB
• scgy-20240930.xsd (EX-101.SCH) — 67KB
• scgy-20240930_htm.xml (XML) — 805KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 7 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 8 Condensed Consolidated Statement of Stockholders' Deficit for the Nine Months Ended September 30, 2024 (unaudited) 9 Condensed Consolidated Statement of Stockholders' Deficit for the Nine Months Ended September 30, 2023 (unaudited) 10 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited) 11 Notes to Condensed Consolidated Financial Statements (unaudited) 12 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 26 Item 3. Quantitative and Qualitative Disclosure about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 6. Exhibits 30

Financial Statements

Item 1. Financial Statements 4 SCIENTIFIC ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 ASSETS unaudited Current assets: Cash and cash equivalents $ 6,795,889 $ 3,164,464 Loan receivables 1,190,029 958,534 Accounts receivable 5,785,224 1,338,318 Other receivables 1,210,471 593,415 Amount due from related companies 396,524 491,256 Amount due from joint venture 319 24,679 Inventories 112,155 67,569 Prepaid expense 2,419,790 645,667 Total current assets 17,910,401 7,283,902 Non-current assets: Property, plant and equipment, net 168,423 192,336 Intangible assets 1,323,958 1,423,234 Goodwill 72,667,589 72,667,589 Operating lease right to use assets 443,357 236,478 Deposits 173,971 145,532 Total non-current assets 74,777,298 74,665,169 Total assets $ 92,687,699 $ 81,949,071 LIABILITIES AND STOCKHOLDERS' SURPLUS Current liabilities: Accounts payable $ 12,529,512 $ 5,077,329 Accrued expenses 2,509,645 2,699,239 Deposit received 1,548,094 1,762,678 Other payables 2,302,643 1,308,957 Bank loans 2,358,738 2,239,534 Operating lease liabilities 245,725 188,214 Total current liabilities 21,494,357 13,275,951 Non-current liabilities: Bank loans - 18,647 Operating lease liability 197,632 48,264 Total non-current liabilities 197,632 66,911 Total liabilities 21,691,989 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 September 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 ( 8,980,282 ) ( 11,946,908 ) Accumulated other comprehensive in

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