SCIENTIFIC ENERGY, INC, a company primarily engaged in mobile ordering and delivery services through its subsidiary Macao E-Media Development Company Limited (MED), has released its Form 10-Q report for the third quarter of 2023. The report highlights the company's financial performance and operational activities during the period.
Financial Highlights
- Revenue: The company generated sales of $9.75 million for the three months ended September 30, 2023, compared to $11.25 million for the same period in 2022.
- Gross Profit: Gross profit for the three months ended September 30, 2023, was $4.62 million, up from $3.61 million for the same period in 2022.
- Net Profit/(Loss) from Operations: The company reported a net profit from operations of $0.75 million for the three months ended September 30, 2023, compared to a loss of $(0.57) million for the same period in 2022.
- Net Profit/(Loss): The company had a net profit of $0.72 million for the three months ended September 30, 2023, compared to a net loss of $(0.58) million for the same period in 2022.
- Net Profit/(Loss) Per Common Share: The net profit per common share was $0.003 for the three months ended September 30, 2023, compared to a net loss per share of $(0.002) for the same period in 2022.
Business Highlights
- Revenue Segments: The company's revenue is primarily generated through its 98.75% owned subsidiary, Macao E-Media Development Company Limited (MED), which operates a mobile platform for ordering and delivery services in Macau. This platform connects restaurants and merchants with consumers and delivery riders.
- Geographical Performance: The company operates mainly in Macau, with all sales and substantial assets located there. The business strategy has been adjusted to maintain market share and ensure profitability amidst changes in the macroeconomic environment.
- Sales Units: The company has focused on its main business of mobile ordering and delivery services, reducing costs and increasing efficiency by laying off some employees and suspending certain exploratory business activities.
- Future Outlook: The company plans to continue funding operations through cash on hand and private placements of securities until it can generate sufficient liquidity from operations. There is an emphasis on maintaining a stable market share and reducing costs to ensure profitability.
SEC Filing: