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Smart Powerr Corp. (CREG-1.75%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Smart Powerr Corp. had no sales for the nine months ended September 30, 2024, and reported a net loss of $952,285, compared to a net loss of $518,069 for the same period in 2023.
Operating expenses increased to $747,540 from $606,105 in the previous year, primarily due to increased stock compensation and legal expenses.
Net non-operating expenses were $190,577, compared to non-operating income of $185,176 in the previous year, due to decreased interest income and increased loss on note conversion.
The company reported no income tax expense for the three months ended September 30, 2024, compared to $34,648 in the previous year.
Smart Powerr Corp. had cash and equivalents of $69.12 million as of September 30, 2024, with a working capital of $113.51 million.
The company is in the process of transforming into an energy storage integrated solution provider, exploring opportunities in industrial and commercial complexes, large scale photovoltaic and wind power stations, and smart energy cities.
Smart Powerr Corp. plans to raise additional funds through private or public offerings or loans to support its operations.
The company is involved in legal proceedings with Beijing Hongyuan Recycling Energy Investment Center, with a judgment enforcement procedure ongoing.
The filing includes details on the company's subsidiaries, including Erdos TCH, which currently holds five power generating systems that are not producing electricity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Smart Powerr Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.