Scientific Energy Signs Material Definitive Agreement
Ticker: SCGY · Form: 8-K · Filed: Mar 27, 2024 · CIK: 1276531
| Field | Detail |
|---|---|
| Company | Scientific Energy, Inc (SCGY) |
| Form Type | 8-K |
| Filed Date | Mar 27, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $200, $0.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financials
TL;DR
SCI ENERGY SIGNS NEW DEAL, FILING INCLUDES FINANCIALS.
AI Summary
Scientific Energy, Inc. entered into a material definitive agreement on March 22, 2024. The filing also includes financial statements and exhibits related to this agreement. The company is incorporated in Utah and its principal executive offices are located in Macau.
Why It Matters
This filing indicates a significant new business relationship or transaction for Scientific Energy, Inc., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The filing is a standard 8-K for a material agreement, but without details of the agreement, the specific risks are unknown.
Key Players & Entities
- SCIENTIFIC ENERGY, INC. (company) — Registrant
- March 22, 2024 (date) — Date of earliest event reported
- Utah (jurisdiction) — State of Incorporation
- Macau (location) — Address of principal executive offices
FAQ
What is the nature of the material definitive agreement entered into by Scientific Energy, Inc.?
The filing does not specify the details of the material definitive agreement, only that one was entered into on March 22, 2024.
What is the significance of the financial statements and exhibits included in this filing?
The financial statements and exhibits are filed in connection with the material definitive agreement, suggesting they are relevant to its terms or implications.
When was Scientific Energy, Inc. incorporated, and where are its main offices located?
Scientific Energy, Inc. was incorporated in Utah, and its principal executive offices are located in Macau.
What is the IRS Employer Identification Number for Scientific Energy, Inc.?
The IRS Employer Identification Number for Scientific Energy, Inc. is 87-0680657.
What is the SEC file number for Scientific Energy, Inc.?
The SEC file number for Scientific Energy, Inc. is 000-50559.
Filing Stats: 788 words · 3 min read · ~3 pages · Grade level 12.6 · Accepted 2024-03-27 09:54:00
Key Financial Figures
- $200 — any shall pay Supplier a fixed price of $200, regardless of how many metric tons of
- $0.50 — its common stock shares, at a price of $0.50 per share. The Company's share payment
Filing Documents
- 8-kamendedgraphiteagre.htm (8-K) — 16KB
- amendedagreement.htm (EX-10) — 26KB
- 0001276531-24-000004.txt ( ) — 43KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. As previously reported, on January 18, 2024, Scientific Energy, Inc., a Utah corporation (the "Company") entered into a Base Agreement for Purchase of Graphite Ore (the "Original Agreement") with Madagascar Graphite Limited (the "Supplier"). On March 22, 2024, the Original Agreement was amended and restated by the parties. Under the amended and restated agreement, the Company will not make advance payments to Supplier for the purchase of graphite ore; instead, payments will be made after manufacturing graphite products using the ore as raw material. The agreement term is one year, ending on March 30, 2025. During the term, Supplier agrees to sell and deliver to the Company, and the Company agrees to purchase and accept from Supplier sufficient amount of graphite ore so that the Company can produce up to 100,000 tons of graphite refined powder products with a carbon content of more than 95%. Parties agree to decide whether to renew or reach a new agreement 30 days before the expiration of this agreement. Due to the uncontrollable variations among different grades of graphite ore, such as volume, weight, carbon content, as well as inaccuracies in testing, to protect each party's interest and simplify the process of pricing, parties agree that the price for the graphite ore used for the production of refined graphite powder shall be calculated on an output based formula as follows: (i) for each metric ton of refined graphite powder output, the Company shall pay Supplier a fixed price of $200, regardless of how many metric tons of graphite ore used as input; and (ii) This fixed price shall cover all mining and transporting the graphite ore to the warehousing facility at the Company's production line in Tamatave, Madagascar by Supplier. Parties agree that purchase price shall be paid to Supplier by the Company's issuance of its common stock shares, at a price of $0.50 per share. The Company's share payment shal
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Amended and Restated Agreement for Purchase of Graphite Ore dated March 22, 2024, by and between the Company and Purchaser therein.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SCIENTIFIC ENERGY, INC. By:/s/ Stanley Chan Stanley Chan Chief Executive Officer March 27, 2024