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Scientific Energy, Inc. (SCGY0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $19,378,637 from $9,748,254 in the same quarter the previous year. The increase is attributed to sales from the newly incorporated subsidiary, Graphite Energy, Inc.
Cost of revenue for the quarter was $12,871,058, compared to $5,124,456 in the same quarter of the previous year. This increase is due to delivery rider costs and purchase of inventory.
The company reported a gross profit of $6,507,579 for the quarter, compared to $4,623,798 in the previous year.
Selling, general, and administrative expenses increased to $4,845,065 from $3,877,832, primarily due to increased wages and promotion expenses in Macao and Zhuhai subsidiaries.
Net profit for the quarter was $1,647,454, up from $732,296 in the previous year. The increase is primarily due to higher sales.
Cash provided by operating activities was $3,136,526, while cash used in investing and financing activities was $388,148 and $91,846, respectively.
Scientific Energy had a working capital deficit of $3,583,956 as of September 30, 2024. The company intends to fund operations through private debt or equity placements.
The filing also details the acquisition of Citysearch Technology (HK) Company Limited and Fresh Life Technology Company Limited, expanding its operations in Hong Kong and Macao.
The company does not have any off-balance sheet arrangements and has not reported any significant legal proceedings.
Scientific Energy continues to focus on expanding its graphite production business through its subsidiary, Graphite Energy, Inc., with plans to establish a production line in Madagascar.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Scientific Energy quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.