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10-K Filing

SUNRISE REAL ESTATE GROUP INC CIK: 1083490 FY 2020
Filing Information
Form Type 10-K
Accession Number 0001104659-21-058970
Period End Date 20201231
Filing Date 20210430
Fiscal Year 2020
Fiscal Period FY
XBRL Instance srre-20201231.xml
Balance Sheet 83 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 68.69M shares Point-in-time
Cash and cash equivalents CashEquivalentsAtCarryingValue $40.37M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 68.69M shares Point-in-time
Cash and cash equivalents CashEquivalentsAtCarryingValue $15.90M USD Point-in-time
Restricted cash (Note 3) RestrictedCashAndCashEquivalentsAtCarryingValue $8.38M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.69M shares Point-in-time
Restricted cash (Note 3) RestrictedCashAndCashEquivalentsAtCarryingValue $56.05M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.69M shares Point-in-time
Transactional financial assets (Note 4) MarketableSecuritiesCurrent $27.82M USD Point-in-time
Transactional financial assets (Note 4) MarketableSecuritiesCurrent $25.01M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $77.46K USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $24.41K USD Point-in-time
Real estate property under development (Note 5) LandAvailableForDevelopment $85.91M USD Point-in-time
Real estate property under development (Note 5) LandAvailableForDevelopment $166.24M USD Point-in-time
Amount due from unconsolidated affiliates (Note 9) DueFromRelatedPartiesCurrent $257.63K USD Point-in-time
Amount due from unconsolidated affiliates (Note 9) DueFromRelatedPartiesCurrent $549.99K USD Point-in-time
Other receivables and deposits, net (Note 6) OtherReceivablesAndDepositNetCurrent $14.60M USD Point-in-time
Other receivables and deposits, net (Note 6) OtherReceivablesAndDepositNetCurrent $7.54M USD Point-in-time
Total current assets AssetsCurrent $302.89M USD Point-in-time
Total current assets AssetsCurrent $145.83M USD Point-in-time
Property and equipment, net (Note 7) PropertyPlantAndEquipmentNet $1.38M USD Point-in-time
Property and equipment, net (Note 7) PropertyPlantAndEquipmentNet $1.20M USD Point-in-time
Investment properties, net (Note 8) RealEstateInvestmentPropertyNet $26.95M USD Point-in-time
Investment properties, net (Note 8) RealEstateInvestmentPropertyNet $27.28M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $380.63K USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $955.37K USD Point-in-time
Investments in unconsolidated affiliates (Note 9) EquityMethodInvestments $13.61M USD Point-in-time
Investments in unconsolidated affiliates (Note 9) EquityMethodInvestments $12.78M USD Point-in-time
Other investments, net (Note 10) OtherInvestments $143.34K USD Point-in-time
Other investments, net (Note 10) OtherInvestments $696.68K USD Point-in-time
Goodwill (Note 11) Goodwill $1.69M USD Point-in-time
Goodwill (Note 11) Goodwill - USD Point-in-time
Total assets Assets $187.28M USD Point-in-time
Total assets Assets $348.51M USD Point-in-time
Promissory notes payable (Note 12) NotesPayableCurrent $1.53M USD Point-in-time
Promissory notes payable (Note 12) NotesPayableCurrent $1.43M USD Point-in-time
Amounts due to directors (Note 13) DueToOfficersOrStockholdersCurrent $23.41M USD Point-in-time
Amounts due to directors (Note 13) DueToOfficersOrStockholdersCurrent $1.47M USD Point-in-time
Accounts payable (Note 14) AccountsPayableCurrent $20.45M USD Point-in-time
Accounts payable (Note 14) AccountsPayableCurrent $4.35M USD Point-in-time
Customer deposits (Note 15) ContractWithCustomerRefundLiabilityCurrent $21.70M USD Point-in-time
Customer deposits (Note 15) ContractWithCustomerRefundLiabilityCurrent $116.16M USD Point-in-time
Amount due to an affiliate (Note 16) DueToAffiliateCurrent $504.80K USD Point-in-time
Amount due to an affiliate (Note 16) DueToAffiliateCurrent $31.44M USD Point-in-time
Other payables and accrued expenses (Note 17) AccruedLiabilitiesAndOtherLiabilities $8.59M USD Point-in-time
Other payables and accrued expenses (Note 17) AccruedLiabilitiesAndOtherLiabilities $14.53M USD Point-in-time
Other taxes payable AccrualForTaxesOtherThanIncomeTaxesCurrent $382.21K USD Point-in-time
Other taxes payable AccrualForTaxesOtherThanIncomeTaxesCurrent $452.53K USD Point-in-time
Income Taxes payable (Note 18) AccruedIncomeTaxesCurrent $1.04M USD Point-in-time
Income Taxes payable (Note 18) AccruedIncomeTaxesCurrent $1.03M USD Point-in-time
Total current liabilities LiabilitiesCurrent $45.41M USD Point-in-time
Total current liabilities LiabilitiesCurrent $203.06M USD Point-in-time
Long-term income tax payable (Note 18) AccruedIncomeTaxesNoncurrent $2.93M USD Point-in-time
Long-term income tax payable (Note 18) AccruedIncomeTaxesNoncurrent $2.59M USD Point-in-time
Deferred government subsidy (Note 19) DeferredGovernmentSubsidy $4.75M USD Point-in-time
Deferred government subsidy (Note 19) DeferredGovernmentSubsidy $5.08M USD Point-in-time
Total liabilities Liabilities $210.73M USD Point-in-time
Total liabilities Liabilities $53.10M USD Point-in-time
Commitments and contingencies (Note 21) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 21) CommitmentsAndContingencies - USD Point-in-time
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 and 68,691,925 shares issued and outstanding as of December 31, 2020 and 2019, respectively CommonStockValue $686.92K USD Point-in-time
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 and 68,691,925 shares issued and outstanding as of December 31, 2020 and 2019, respectively CommonStockValue $686.92K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $7.57M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $7.57M USD Point-in-time
Statutory reserve (Note 20) StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends $3.99M USD Point-in-time
Statutory reserve (Note 20) StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends $3.19M USD Point-in-time
Retained Earnings RetainedEarningsAccumulatedDeficit $105.33M USD Point-in-time
Retained Earnings RetainedEarningsAccumulatedDeficit $100.29M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $13.68M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $22.98M USD Point-in-time
Total equity of Sunrise Real Estate Group, Inc. StockholdersEquity $135.52M USD Point-in-time
Total equity of Sunrise Real Estate Group, Inc. StockholdersEquity $130.45M USD Point-in-time
Non-controlling interests MinorityInterest $2.26M USD Point-in-time
Non-controlling interests MinorityInterest $3.73M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $137.78M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $117.28M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $134.19M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $187.28M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $348.51M USD Point-in-time
Income Statement 35 line items
Line Item Tag Value Unit Period
Net revenues Revenues $32.99M USD Annual
Net revenues Revenues $5.89M USD Annual
Cost of revenues CostOfRevenue $26.81M USD Annual
Cost of revenues CostOfRevenue $5.35M USD Annual
Gross profit GrossProfit $6.18M USD Annual
Gross profit GrossProfit $539.36K USD Annual
Operating expenses OperatingCostsAndExpenses $3.70M USD Annual
Operating expenses OperatingCostsAndExpenses $3.08M USD Annual
General and administrative expenses GeneralAndAdministrativeExpense $24.62M USD Annual
General and administrative expenses GeneralAndAdministrativeExpense $10.05M USD Annual
Operating profit (loss) OperatingIncomeLoss $-6.95M USD Annual
Operating profit (loss) OperatingIncomeLoss $-27.78M USD Annual
Interest income InvestmentIncomeInterest $582.79K USD Annual
Interest income InvestmentIncomeInterest $151.76K USD Annual
Interest expense InterestIncomeExpenseNet $48.00 USD Annual
Interest expense InterestIncomeExpenseNet - USD Annual
Other income (loss) OtherNonoperatingIncomeExpense $25.19M USD Annual
Other income (loss) OtherNonoperatingIncomeExpense $1.89M USD Annual
Total Other Income (Expenses) NonoperatingIncomeExpense $25.77M USD Annual
Total Other Income (Expenses) NonoperatingIncomeExpense $2.04M USD Annual
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-2.02M USD Annual
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-4.90M USD Annual
Income taxes (Note 18) IncomeTaxExpenseBenefit $2.23M USD Annual
Income taxes (Note 18) IncomeTaxExpenseBenefit - USD 1 Quarter
Income taxes (Note 18) IncomeTaxExpenseBenefit $-384.05K USD Annual
Net income ProfitLoss $-4.52M USD Annual
Net income ProfitLoss $-4.24M USD Annual
Less: Net (income) loss attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $-141.65K USD Annual
Less: Net (income) loss attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $-2.77M USD Annual
Net income attributable to shareholders of Sunrise Real Estate Group, Inc. NetIncomeLoss $-1.75M USD Annual
Net income attributable to shareholders of Sunrise Real Estate Group, Inc. NetIncomeLoss $-4.24M USD Annual
Earnings per share - basic and fully diluted EarningsPerShareBasicAndDiluted $-0.06 USD Annual
Earnings per share - basic and fully diluted EarningsPerShareBasicAndDiluted $-0.03 USD Annual
Weighted average common shares outstanding - Basic and fully diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 68.69M shares Annual
Weighted average common shares outstanding - Basic and fully diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 68.69M shares Annual
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-4.52M USD Annual
Net income (loss) ProfitLoss $-4.24M USD Annual
Depreciation and amortization DepreciationDepletionAndAmortization $2.55M USD Annual
Depreciation and amortization DepreciationDepletionAndAmortization $1.67M USD Annual
Loss (gain) on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-19.96K USD Annual
Loss (gain) on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-14.89K USD Annual
Bad debts BadDebtsRecovered $-2.52M USD Annual
Bad debts BadDebtsRecovered - USD Annual
Equity in net loss (gain) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $23.87M USD Annual
Equity in net loss (gain) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments - USD Annual
Accounts receivable IncreaseDecreaseInAccountsReceivable $48.46K USD Annual
Accounts receivable IncreaseDecreaseInAccountsReceivable $-208.78K USD Annual
Net cash from directors IncreaseDecreaseInNetCashFromDirectors $-20.60M USD Annual
Net cash from directors IncreaseDecreaseInNetCashFromDirectors $269.37K USD Annual
Real estate property under development IncreaseDecreaseInRealEstatePropertyUnderDevelopment $47.25M USD Annual
Real estate property under development IncreaseDecreaseInRealEstatePropertyUnderDevelopment $70.18M USD Annual
Customer Deposits IncreaseDecreaseInContractWithCustomerLiability $87.70M USD Annual
Customer Deposits IncreaseDecreaseInContractWithCustomerLiability $-18.57M USD Annual
Amount due from unconsolidated affiliates IncreaseDecreaseDueFromAffiliates $-4.79M USD Annual
Amount due from unconsolidated affiliates IncreaseDecreaseDueFromAffiliates $-3.02M USD Annual
Other receivables and deposits IncreaseDecreaseInOtherReceivablesAndDeposits $6.17M USD Annual
Other receivables and deposits IncreaseDecreaseInOtherReceivablesAndDeposits $-1.11M USD Annual
Deferred tax assets IncreaseDecreaseInDeferredTaxAssets $517.41K USD Annual
Deferred tax assets IncreaseDecreaseInDeferredTaxAssets $385.47K USD Annual
Accounts payable IncreaseDecreaseInOtherAccountsPayable $14.91M USD Annual
Accounts payable IncreaseDecreaseInOtherAccountsPayable $-846.06K USD Annual
Other payables and accrued expenses IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $13.79M USD Annual
Other payables and accrued expenses IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-6.56M USD Annual
Taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-421.40K USD Annual
Taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-21.91K USD Annual
Other taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $173.36K USD Annual
Other taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $41.40K USD Annual
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-49.35M USD Annual
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $18.59M USD Annual
Acquisition of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $288.50K USD Annual
Acquisition of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $355.89K USD Annual
Proceeds from disposal of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD Annual
Proceeds from disposal of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $45.98K USD Annual
Capital injection to unconsolidated affiliates, net CapitalInjectionToUnconsolidatedAffiliates - USD Annual
Capital injection to unconsolidated affiliates, net CapitalInjectionToUnconsolidatedAffiliates $543.42K USD Annual
Acquisition of investment PaymentsForProceedsFromInvestments - USD Annual
Acquisition of investment PaymentsForProceedsFromInvestments $1.41M USD Annual
Transactional financial assets ProceedsFromTransactionalFinancialAssets $21.10M USD Annual
Transactional financial assets ProceedsFromTransactionalFinancialAssets $4.46M USD Annual
Dividend distribution of affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $39.15M USD Annual
Dividend distribution of affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $23.87M USD Annual
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $26.07M USD Annual
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $59.96M USD Annual
Advances from an affiliate ProceedsFromAffiliate - USD Annual
Advances from an affiliate ProceedsFromAffiliate $24.11M USD Annual
Dividends paid PaymentsOfDividends - USD Annual
Dividends paid PaymentsOfDividends $6.87M USD Annual
Restricted cash IncreaseDecreaseInRestrictedCash $44.43M USD Annual
Restricted cash IncreaseDecreaseInRestrictedCash $6.94M USD Annual
Net cash (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-20.32M USD Annual
Net cash (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-13.81M USD Annual
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $126.41K USD Annual
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.45M USD Annual
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $24.47M USD Annual
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.76M USD Annual
Cash, cash equivalents, and restricted cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.90M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $40.37M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.66M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.90M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $40.37M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.66M USD Point-in-time
Income taxes paid IncomeTaxesPaid $7.59K USD Annual
Income taxes paid IncomeTaxesPaid $3.10M USD Annual
Interest paid InterestPaidNet - USD Annual
Interest paid InterestPaidNet - USD Annual
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $137.78M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $117.28M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $134.19M USD Point-in-time
Profit (loss) for the year ProfitLosses $-4.24M USD Annual
Profit (loss) for the year ProfitLosses $-4.52M USD Annual
Company purchase CompanyPurchase $353.15K USD Annual
Company purchase CompanyPurchase - USD Annual
Discontinuation of the equity method for an investment OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForInvestmentTransferredFromEquityMethodToAvailableForSaleAfterTax - USD Annual
Discontinuation of the equity method for an investment OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForInvestmentTransferredFromEquityMethodToAvailableForSaleAfterTax $21.00M USD Annual
Capital contribution from non-controlling interests of new consolidated subsidiaries NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance - USD Annual
Capital contribution from non-controlling interests of new consolidated subsidiaries NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance - USD Annual
Translation of foreign operations OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax $-72.71K USD Annual
Translation of foreign operations OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax $-7.83M USD Annual
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $137.78M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $117.28M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $134.19M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-4.52M USD Annual
Net income (loss) ProfitLoss $-4.24M USD Annual
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $72.71K USD Annual
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $7.83M USD Annual
Discontinuation of the equity method for an investment OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForInvestmentTransferredFromEquityMethodToAvailableForSaleAfterTax - USD Annual
Discontinuation of the equity method for an investment OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForInvestmentTransferredFromEquityMethodToAvailableForSaleAfterTax $21.00M USD Annual
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $16.56M USD Annual
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.59M USD Annual
Less: Comprehensive income attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $1.84M USD Annual
Less: Comprehensive income attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-1.47M USD Annual
Total comprehensive income attributable to stockholders of Sunrise Real Estate Group, Inc. ComprehensiveIncomeNetOfTax $14.71M USD Annual
Total comprehensive income attributable to stockholders of Sunrise Real Estate Group, Inc. ComprehensiveIncomeNetOfTax $5.06M USD Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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