SUIC Worldwide Holdings Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SUIC Worldwide Holdings Ltd. has submitted its 2023 annual report on Form 10-K, detailing its operations and financial status.</b>

AI Summary

SUIC Worldwide Holdings Ltd. (SUIC) filed a Annual Report (10-K) with the SEC on April 15, 2024. SUIC Worldwide Holdings Ltd. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Sino United Worldwide Consolidated Ltd., AJ Greentech Holdings, and AMERICAN JIANYE GREENTECH HOLDINGS, LTD. The filing indicates the company is in the Industrial Organic Chemicals sector (SIC code 2860). The company's principal business address is located in Flushing, NY. The report covers the fiscal year from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking SUIC Worldwide Holdings Ltd., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SUIC Worldwide Holdings Ltd.'s financial performance and business activities for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The historical name changes listed in the filing (Sino United Worldwide Consolidated Ltd., AJ Greentech Holdings, AMERICAN JIANYE GREENTECH HOLDINGS, LTD.) are important for understanding the company's evolution and potential legacy issues or strategic shifts.

Risk Assessment

Risk Level: low — SUIC Worldwide Holdings Ltd. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative financial disclosures within the provided header information.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand SUIC Worldwide Holdings Ltd.'s operational performance and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end date)
• 2024-04-15 — Filing Date (Date the report was filed)
• 2023-01-01 — Fiscal Year Start (Start date of the reported fiscal year)
• 2860 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

• SUIC Worldwide Holdings Ltd. (company) — Filer name
• Sino United Worldwide Consolidated Ltd. (company) — Former company name
• AJ Greentech Holdings (company) — Former company name
• AMERICAN JIANYE GREENTECH HOLDINGS, LTD. (company) — Former company name
• Flushing, NY (location) — Business address city and state

FAQ

Industry Context

The company operates within the Industrial Organic Chemicals sector, indicated by its SIC code 2860.

Regulatory Implications

As a publicly traded company in the United States, SUIC Worldwide Holdings Ltd. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the full financial statements within the 10-K for revenue, net income, and balance sheet details.
2. Identify and review the 'Risk Factors' section for potential business and financial challenges.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into performance drivers and outlook.

Key Dates

• 2024-04-15: 10-K Filing — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End date of the reporting period
• 2023-01-01: Fiscal Year Start — Start date of the reporting period

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing; comparative data from the previous year's filing is not available in this snippet.

Key Financial Figures

• $2.10 — ately $ 10,923,755 (5,201,788 shares at $2.10 per share). As of December 31, 2023,
• $0.01 — 8 shares of the Company's common stock, $0.01 par value, were issued and outstanding

Filing Documents

• suic0415form10k.htm (10-K) — 625KB
• suic0415form10kexh31_1.htm (EX-31.1) — 7KB
• suic0415form10kexh31_2.htm (EX-31.2) — 7KB
• suic0415form10kexh32_1.htm (EX-32.1) — 4KB
• suic0415form10kexh32_2.htm (EX-32.2) — 4KB
• 0001554795-24-000105.txt (&nbsp;) — 2588KB
• suic-20231231.xsd (EX-101.SCH) — 24KB
• suic-20231231_cal.xml (EX-101.CAL) — 41KB
• suic-20231231_def.xml (EX-101.DEF) — 29KB
• suic-20231231_lab.xml (EX-101.LAB) — 171KB
• suic-20231231_pre.xml (EX-101.PRE) — 129KB
• suic0415form10k_htm.xml (XML) — 213KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 5 Item 1B. Unresolved Staff Comments 8 Item 2.

Properties

Properties 8 Item 3.

Legal Proceedings

Legal Proceedings 8 Item 4. Mine and Safety Disclosures 8 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9 Item 6.

Selected Financial Data

Selected Financial Data 10 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item7A. Quantitative and Qualitative Disclosures About Market Risk 15 Item 8.

Financial Statements and

Financial Statements and Supplementary Financial Data 15 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 15 Item 9A

Controls and Procedures

Controls and Procedures 15 Item 9B. Other Information. 16 PART III Item 10. Directors, Executive Officers and Corporate Governance 17 Item 11.

Executive Compensation

Executive Compensation 18 Item 12.

Security Ownership of Certain

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 19 Item 13. Certain Relationships and Related Party Transactions, and director independence 20 Item 14. Principal Accountant Fees and Services 20 PART IV Item 15. Exhibits, Financial Statements, Schedules 21

SIGNATURES

SIGNATURES 33 Forward-Looking contained in this Annual Report include "forward-looking statements" within the meaning of such term in Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause actual financial or operating results, performances or achievements expressed or implied by such forward-looking results, performances or achievements, predicated upon current conditions and the most recent results of the companies involved and their respective industries. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "could," "should," "project," "expect," "believe," "estimate," "anticipate," "intend," "continue," "potential," "opportunity" or similar terms, variations of those terms or the negative of those terms or other variations of those terms or comparable words or expressions. Potential risks and uncertainties include, among other things, such factors as: our heavy reliance on limited number of consumers; Strong competition in our industry; increases in our raw material costs; and an inability to fund our capital requirements. Additional disclosures regarding factors that could cause our results and performance to differ from results or performance anticipated by this annual report are discussed in Item 1A. "Risk Factors." Readers are urged to carefully review and consider the various disclosures made by us in this annual report and our other filings with the SEC. These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of operations and prospects. The forward-looking statements made in this annual report speak only as of the date he

BUSINESS

BUSINESS SUIC Worldwide Holdings Ltd (SUIC) is a Nevada corporation incorporated on August 30, 2006, under the name Gateway Certifications, Inc. On November 16, 2009, our corporate name was changed to American Jianye Greentech Holdings, Ltd. On February 13, 2014, our corporate name was changed to AJ Greentech Holdings, Ltd. and on July 17, 2017, our corporate name was changed to Sino United Worldwide Consolidated Ltd. On November 9, 2022, our corporate name was changed to SUIC Worldwide Holdings Ltd. From November 2009 until October, 2013, through our China and Taiwan subsidiaries, we were engaged in renewable energy business. From October 2013 until September 2017, through our Taiwan subsidiary, we were engaged in the driving record management system (DMS) business. Both Subsidiaries were spun off through stock transfer and debt cancellation for the best interest of shareholders. From 2018 to present, the Company focused in products and services that adopt IT, cloud computing, mobile payments, Big Data, Blockchain and AI, and other new and exciting business models that will create revolutionary products and services. From 2020 to present, the Company through promissory notes becomes major creditor and stakeholder in Beneway Holdings Group (its corporate name was changed from Sinoway International Corp.). As of December 31, 2023, Midas Touch Technology Co. Ltd. had nominal operations and nominal assets. The Company works with Beneway Holdings Group ("Beneway") in several new business ventures with focus on the following fields: Fintech - Through Boom Fintech, the major subsidiary of Beneway USA, the company holds nine revolutionary fintech patents. Boom Fintech integrates payment systems, electronic invoice devices, mobile cash registers, POS system devices and ERP, as well as Big Data, AI and other services, to all-in-one products that provide standardized intellectual property that's modular to all industries, from chain department stores to night market

PROPERTIES

PROPERTIES Our company has a rental office which is located at 136-20 38th Ave. Unit 3G Flushing, NY 11314, USA. Telephone no. is 929-391-2550. ITEM 3. LEGAL PROCEEDINGS None. ITEM 4. MINE AND SAFETY DISCLOSURES Not Applicable. 8 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market for Our Common Stock The following table sets forth, for the periods indicated, the high and low closing prices of our common stock. These prices reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions. Closing Prices (1) High Low Year Ended December 31, 2023 1st Quarter $ 7.500 $ 2.000 2nd Quarter $ 2.900 $ 1.260 3rd Quarter $ 3.000 $ 0.950 4th Quarter $ 2.750 $ 1.370 Year Ended December 31, 2022 1st Quarter $ 0.4500 $ 0.4500 2nd Quarter $ 0.3500 $ 0.3100 3rd Quarter $ 0.3100 $ 0.1800 4th Quarter $ 0.2360 $ 0.2000 (1) The above tables set forth the range of high and low closing prices per share of our common stock as reported by OTC Bulletin Board and the Pink Sheets, as applicable, for the periods indicated. Approximate Number of Holders of Our Common Stock On December 31, 2023, there were approximately 108 stockholders of record of our common stock. Dividend Policy The Company has not declared or paid cash dividends or made distributions in the past, and we do not anticipate that we will pay cash dividends or make distributions in the foreseeable future. We currently intend to retain and reinvest future earnings, if any, to finance our operations. Recent Sales of Unregistered Securities None. Repurchase of Equity Securities . There is no sale of unregistered securities during the fiscal year ending December 31, 2023. Securities Authorized for Issuance under Equity Compensation Plans We currently do not have any equity compensa

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View this 10-K filing on SEC EDGAR