UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended: December 31, 2022 For the transition period from ____________ to ____________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 On June 22, 2021, the U.S Senate has passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on ...

Financial Performance - For the nine months ended September 30, 2022, the company reported a net loss of $1,113,906 compared to a net income of $1,386,773 for the same period in 2021[134]. - Net loss for the nine months ended September 30, 2022, was $1,113,906, an increase of net loss of $2,500,679 compared to net income of $1,386,773 in 2021[160]. - Net cash used in operating activities for the nine months ended September 30, 2022, was $309,125, a decrease from $1,583,918 in 2021[167]. - Net non-operating expense for the nine months ended September 30, 2022, was $525,131 compared to non-operating income of $2,063,914 in 2021[159]. - Income tax expense for the nine months ended September 30, 2022, was $36,511, compared to an income tax benefit of $87,051 in 2021[160]. - Net loss for the three months ended September 30, 2022, was $447,637, a decrease of $108,937 compared to $556,574 in 2021[165]. Cash and Liquidity - As of September 30, 2022, the company had $136.22 million in cash, sufficient to meet its estimated liquidity needs for the next 12 months[134]. - Cash and equivalents as of September 30, 2022, were $136.22 million, with a current ratio of 6.45:1 and a liability-to-equity ratio of 0.23:1[166]. - The Company has sufficient cash in the bank of $136.22 million as of September 30, 2022, to meet its working capital needs[184]. Operating Expenses - Operating expenses for the nine months ended September 30, 2022, were $552,264, a decrease of $211,928 or 27.7% compared to $764,192 in 2021[158]. - Operating expenses for the three months ended September 30, 2022, were $168,758, a decrease of $211,282 or 55.6% compared to $380,040 in 2021[163]. Accumulated Deficit and Obligations - The company has an accumulated deficit of $56.38 million as of September 30, 2022[134]. - The Company has an unrestricted accumulated deficit of $(56,382,103) as of September 30, 2022, compared to $(55,281,680) as of December 31, 2021[181]. - Total contractual obligations as of September 30, 2022, amount to $17,098,003, with $5,911,991 due within one year and $11,186,012 due after one year[184]. Business Strategy and Operations - The company is transforming into an energy storage integrated solution provider and plans to expand into new market areas with high growth potential[131]. - The company is actively exploring opportunities to apply energy storage technologies to various industries, including large-scale photovoltaic and wind power stations[131]. - The company intends to raise additional funds through private or public offerings or bank loans to support its business plan[135]. Joint Ventures and Income Recognition - The company has two power generation systems with a total capacity of 45 MW in its joint venture with Erdos Metallurgy Co., Ltd.[141]. - The company has not recognized any income from its joint venture due to uncertainty of collection, despite receiving monthly compensation of RMB 1 million ($145,460) from Erdos during the operational downtime[141]. Regulatory and Dividend Restrictions - The Company relies on dividends from its PRC subsidiaries for working capital, but these subsidiaries are restricted in their ability to pay dividends due to PRC regulations[176]. - The Company’s ability to conduct operations may be adversely affected if its subsidiaries cannot pay dividends or make cash payments when needed[176]. - The Company’s operations are primarily conducted through its subsidiaries, which are subject to PRC regulations on capital transfers and dividend payments[175]. - The Company is subject to covenants and consent requirements that may restrict its subsidiaries' ability to distribute profits[175]. - The Company's PRC subsidiaries are required to set aside at least 10% of their annual after-tax profit as statutory surplus reserves until the cumulative amount reaches 50% of their registered capital[178]. Impact of External Factors - The company’s operations have been adversely impacted by periodic short-term lockdowns and travel restrictions due to COVID-19[132].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 000-12536 China Recycling Energy Corporation (Exact name of registrant as specified in its c ...