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Smart Powerr (CREG) - 2024 Q4 - Annual Report
CREGSmart Powerr (CREG)2025-03-28 14:57

Financial Performance - The Company reported a net loss of 1,559,012fortheyearendedDecember31,2024,comparedtoanetlossof1,559,012 for the year ended December 31, 2024, compared to a net loss of 746,786 for 2023, indicating an increase in losses of approximately 108.5%[299] - Total operating expenses for 2024 were 1,093,468,upfrom1,093,468, up from 798,473 in 2023, reflecting a year-over-year increase of approximately 37%[324] - The net loss for the year ended December 31, 2024, was 1,559,012,anincreaseof1,559,012, an increase of 812,226 from a net loss of 746,786in2023,drivenbyincreasedoperatingexpensesandimpairmentprovisions[330]−Netnon−operatingexpensesfor2024were746,786 in 2023, driven by increased operating expenses and impairment provisions[330] - Net non-operating expenses for 2024 were 451,547, a significant decline from non-operating income of 148,387in2023,largelyduetoa148,387 in 2023, largely due to a 200,000 bad debt provision[328] - The company reported a total accumulated deficit of 46,864,738asofDecember31,2024,comparedto46,864,738 as of December 31, 2024, compared to 45,305,726 in 2023[348] Operational Status - The Company currently holds five power generating systems that are not producing electricity, indicating a need for operational improvements[299] - The company incurred an operating loss of 1.1millionandgeneratednegativeoperatingcashflowsof1.1 million and generated negative operating cash flows of 10.8 million for the year ended December 31, 2024[338] Cash Flow and Liquidity - The cash flow forecast suggests the Company will have sufficient cash to fund operations for the next 12 months[299] - As of December 31, 2024, the company had cash and equivalents of 25,341,withcurrentliabilitiesof25,341, with current liabilities of 13.10 million and a current ratio of 9.25:1[331] - Net cash used in operating activities decreased to 10,764,096in2024from10,764,096 in 2024 from 68,099,899 in 2023, mainly due to reduced cash outflow related to an entrusted loan[332] - The company believes it has sufficient cash and access to commercial institutions to meet its working capital needs as of December 31, 2024[350] Strategic Direction - The Company is transitioning to an energy storage integrated solution provider and is exploring opportunities in high-growth potential industries such as large-scale photovoltaic and wind power stations[298] - The Company plans to pursue disciplined and targeted expansion strategies in market areas currently not served[298] Revenue Generation - Total sales for the years ended December 31, 2024 and 2023 were reported as 0,indicatingnorevenuegenerationduringtheseperiods[324]−TheCompanyhasnotrecognizedanyincomefromErdosTCHduetouncertaintiesregardingcollection,despiteexpectingcompensationofRMB1million(0, indicating no revenue generation during these periods[324] - The Company has not recognized any income from Erdos TCH due to uncertainties regarding collection, despite expecting compensation of RMB 1 million (145,460) per month until operations resume[307] Financial Instruments and Guarantees - The company has not entered into any financial guarantees or derivative contracts that are indexed to its shares[349] Accounting Standards - The Company’s financial statements are prepared in accordance with US GAAP and in US Dollars[296]