The Super Mental Automatic Replacement Technology Cape, or "S.M.A.R.T." Cape, is a gadget of LarryBoy.
It is usually connected to the Larry-Suit.
The timeframe of the cape's creation by Alfred Asparagus retcons the previous timeframe of the cartoon LarryBoy series, as LarryBoy always uses the cape in that show, meaning that the cartoon series happens after LarryBoy and the Bad Apple, but before The League of Incredible Vegetables.
In the LarryBoy and the Bad Apple video game
"And now, Master Larry, allow me to introduce to you a brand new gadget."
"I call it the Super Mental Automatic Replacement Technology Cape...or, S.M.A.R.T. cape, for short."
"Uh, S.M.A.R.T. rather, Master Larry."
--Alfred Asparagus and LarryBoy, upon Alfred introducing Larry to the S.M.A.R.T. Cape.