Business
China Recycling Energy Corporation Reports Third Quarter and Nine Months of 2019 Unaudited Financial Results
XI'AN, China, Nov. 15, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or "the Company"), an industrial waste-to-energy
About this update from Smart Powerr Corp.
[{"type":"text","content":"XI'AN, China, Nov. 15, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation (Nasdaq: CREG) (\"CREG\" or \"the Company\"), an industrial waste-to-energy solution provider in China, today reported certain highlights of its unaudited fiscal third quarter financial results for the three months and nine months ended September 30, 2019.\n “As of September 30, 2019, we maintained a strong cash and cash equivalent balance of $50.85 million, although this represents a slight decrease of $2.37 million compared to $53.22 million as of December 31, 2018,” stated Mr. Guohua Ku, Chairman and CEO of the Company. “At the current time, we have evaluated several exciting strategic opportunities for the use of our cash to reinvest in innovative growth initiatives that will reposition our energy sustainability business in direct relation to smart power integrated solutions. Our objective is to vastly improve climate change efficiency in China, which we believe will better serve our clients, employees and shareholders. We look forward to potentially unveiling a major strategic initiative in the near future.” Financial Summary for the Three Months ended September 30, 2019 Cash and cash equivalent were $50.85 million as of September 30, 2019, a decrease of $2.37 million as compared to $53.22 million as of December 31, 2018.Net sales were $nil as compared to $1.14 million for the same period of 2018. The Company’s recent sales were generated by Erdos TCH Energy Saving Development Co. (“Erdos TCH”) to Erdos Metallurgy Co. Ltd. (“Erdos”). As of May 2019, Erdos TCH ceased its operations due to renovations and furnace safety upgrades of Erdos, and the Company expects the resumption of operations in 2020. During this period, Erdos will compensate Erdos TCH approximately $145,460 per month until operations resume; the Company expects the resumption of operations of Erdos TCH in February 2020.Interest income on sales-type leases was $nil as compared to $0.51 million for the same period of 2018. The decreased interest income was due to the transfer of the Shenqiu Phase I and II systems to Mr. Bai in February 2019. During the three months ended September 30, 2019, there was no interest income; in February 2019, the Shenqiu Phase I and II systems were transferred to Mr. Bai, and the Company only had Pucheng Phase I and II systems during three months ended...