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10-Q Filing

SUNRISE REAL ESTATE GROUP INC CIK: 1083490 Q1 2015
Filing Information
Form Type 10-Q
Accession Number 0001144204-17-053417
Period End Date 20150331
Filing Date 20171020
Fiscal Year 2015
Fiscal Period Q1
XBRL Instance srre-20150331.xml
Filing Contents
Balance Sheet 90 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
Cash and cash equivalents CashEquivalentsAtCarryingValue $2.62M USD Point-in-time
Cash and cash equivalents CashEquivalentsAtCarryingValue $1.63M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 68.69M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 68.69M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.69M shares Point-in-time
Restricted cash (Note 3) RestrictedCashAndCashEquivalentsAtCarryingValue $1.54M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.69M shares Point-in-time
Restricted cash (Note 3) RestrictedCashAndCashEquivalentsAtCarryingValue $125.95K USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $1.31M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $1.27M USD Point-in-time
Promissory deposits (Note 4) DepositsAssetsCurrent $1.19M USD Point-in-time
Promissory deposits (Note 4) DepositsAssetsCurrent $1.21M USD Point-in-time
Real estate property under development (Note 5) LandAvailableForDevelopment $73.22M USD Point-in-time
Real estate property under development (Note 5) LandAvailableForDevelopment $71.38M USD Point-in-time
Amount due from an unconsolidated affiliate (Note 9) DueFromRelatedPartiesCurrent $2.45M USD Point-in-time
Amount due from an unconsolidated affiliate (Note 9) DueFromRelatedPartiesCurrent $2.70M USD Point-in-time
Other receivables and deposits, net (Note 6) OtherReceivablesAndDepositNetCurrent $1.81M USD Point-in-time
Other receivables and deposits, net (Note 6) OtherReceivablesAndDepositNetCurrent $2.97M USD Point-in-time
Total current assets AssetsCurrent $83.90M USD Point-in-time
Total current assets AssetsCurrent $81.51M USD Point-in-time
Property and equipment, net (Note 7) PropertyPlantAndEquipmentNet $8.47M USD Point-in-time
Property and equipment, net (Note 7) PropertyPlantAndEquipmentNet $8.39M USD Point-in-time
Investment properties, net (Note 8) RealEstateInvestmentPropertyNet $5.70M USD Point-in-time
Investment properties, net (Note 8) RealEstateInvestmentPropertyNet $5.58M USD Point-in-time
Deferred tax assets (Note 15) DeferredTaxAssetsLiabilitiesNetNoncurrent $63.37K USD Point-in-time
Deferred tax assets (Note 15) DeferredTaxAssetsLiabilitiesNetNoncurrent $17.20K USD Point-in-time
Investment in an unconsolidated affiliate (Note 9) EquityMethodInvestments $5.51M USD Point-in-time
Investment in an unconsolidated affiliate (Note 9) EquityMethodInvestments $5.48M USD Point-in-time
Other investments CostMethodInvestments $162.81K USD Point-in-time
Other investments CostMethodInvestments $163.43K USD Point-in-time
Total assets Assets $103.62M USD Point-in-time
Total assets Assets $101.34M USD Point-in-time
Total assets Assets $70.72M USD Point-in-time
Bank loans (Note 10) ShortTermBorrowings $18.55M USD Point-in-time
Bank loans (Note 10) ShortTermBorrowings $17.01M USD Point-in-time
Current portion of long term borrowings (Note 11) LongTermDebtCurrent 42.00M CNY Point-in-time
Current portion of long term borrowings (Note 11) LongTermDebtCurrent $6.84M USD Point-in-time
Current portion of long term borrowings (Note 11) LongTermDebtCurrent $6.89M USD Point-in-time
Promissory notes payable (Note 12) NotesPayableCurrent $13.66M USD Point-in-time
Promissory notes payable (Note 12) NotesPayableCurrent $13.40M USD Point-in-time
Accounts payable AccountsPayableCurrent $8.89M USD Point-in-time
Accounts payable AccountsPayableCurrent $10.53M USD Point-in-time
Amounts due to directors (Note 13) DueToOfficersOrStockholdersCurrent $7.94M USD Point-in-time
Amounts due to directors (Note 13) DueToOfficersOrStockholdersCurrent $10.13M USD Point-in-time
Amount due to an affiliate DueToAffiliateCurrent $17.40M USD Point-in-time
Amount due to an affiliate DueToAffiliateCurrent $20.49M USD Point-in-time
Customer deposits CustomerDepositsCurrent $14.08M USD Point-in-time
Customer deposits CustomerDepositsCurrent $12.31M USD Point-in-time
Other payables and accrued expenses (Note 14) AccruedLiabilitiesAndOtherLiabilities $1.19M USD Point-in-time
Other payables and accrued expenses (Note 14) AccruedLiabilitiesAndOtherLiabilities $1.42M USD Point-in-time
Other taxes payable AccrualForTaxesOtherThanIncomeTaxesCurrent $301.77K USD Point-in-time
Other taxes payable AccrualForTaxesOtherThanIncomeTaxesCurrent $280.23K USD Point-in-time
Dividends payables DividendsPayableCurrent - USD Point-in-time
Dividends payables DividendsPayableCurrent - USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $120.04K USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $120.50K USD Point-in-time
Total current liabilities LiabilitiesCurrent $90.50M USD Point-in-time
Total current liabilities LiabilitiesCurrent $91.04M USD Point-in-time
Long term bank loan (Note 11) LongTermDebtNoncurrent $13.02M USD Point-in-time
Long term bank loan (Note 11) LongTermDebtNoncurrent $8.17M USD Point-in-time
Deferred government subsidy (Note 15) DeferredGovernmentSubsidy $5.40M USD Point-in-time
Deferred government subsidy (Note 15) DeferredGovernmentSubsidy $5.42M USD Point-in-time
Total liabilities Liabilities $73.33M USD Point-in-time
Total liabilities Liabilities $108.92M USD Point-in-time
Total liabilities Liabilities $104.63M USD Point-in-time
Commitments and contingencies (Note 16) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 16) CommitmentsAndContingencies - USD Point-in-time
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively CommonStockValue $686.92K USD Point-in-time
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 shares issued and outstanding as of March 31, 2015 and December 31, 2014, 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 17) StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends $812.58K USD Point-in-time
Statutory reserve (Note 17) StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends $851.73K USD Point-in-time
Accumulated losses RetainedEarningsAccumulatedDeficit $-21.34M USD Point-in-time
Accumulated losses RetainedEarningsAccumulatedDeficit $-19.78M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $259.17K USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $340.81K USD Point-in-time
Total deficit of Sunrise Real Estate Group, Inc. StockholdersEquity $-10.45M USD Point-in-time
Total deficit of Sunrise Real Estate Group, Inc. StockholdersEquity $-11.89M USD Point-in-time
Total deficit of Sunrise Real Estate Group, Inc. StockholdersEquity $11.01M USD Point-in-time
Non-controlling interests MinorityInterest $6.58M USD Point-in-time
Non-controlling interests MinorityInterest $7.16M USD Point-in-time
Total shareholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-5.31M USD Point-in-time
Total shareholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.29M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $101.34M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $103.62M USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Net revenues SalesRevenueNet $2.17M USD 1 Quarter
Net revenues SalesRevenueNet $1.40M USD 1 Quarter
Cost of revenues CostOfRevenue $1.26M USD 1 Quarter
Cost of revenues CostOfRevenue $732.90K USD 1 Quarter
Gross profit GrossProfit $662.52K USD 1 Quarter
Gross profit GrossProfit $911.39K USD 1 Quarter
Operating expenses OperatingCostsAndExpenses $472.03K USD 1 Quarter
Operating expenses OperatingCostsAndExpenses $561.19K USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $1.08M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $827.79K USD 1 Quarter
Operating loss OperatingIncomeLoss $-979.31K USD 1 Quarter
Operating loss OperatingIncomeLoss $-388.43K USD 1 Quarter
Interest income InvestmentIncomeInterest $213.57K USD 1 Quarter
Interest income InvestmentIncomeInterest $27.93K USD 1 Quarter
Interest expense InterestExpense $851.41K USD 1 Quarter
Interest expense InterestExpense $650.82K USD 1 Quarter
Equity in net gain (loss) of unconsolidated affiliates GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments $-130.09K USD 1 Quarter
Equity in net gain (loss) of unconsolidated affiliates GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments $-213.87K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $-248.83K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $-12.94K USD 1 Quarter
Total Other Expenses NonoperatingIncomeExpense $-780.87K USD 1 Quarter
Total Other Expenses NonoperatingIncomeExpense $-1.09M USD 1 Quarter
Loss before income taxes and equity in net loss of an unconsolidated affiliate IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.17M USD 1 Quarter
Loss before income taxes and equity in net loss of an unconsolidated affiliate IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-2.06M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $-17.58K USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $-46.23K USD 1 Quarter
Net loss ProfitLoss $-2.02M USD 1 Quarter
Net loss ProfitLoss $-1.15M USD 1 Quarter
Less: Net loss attributable to non-controlling Interests NetIncomeLossAttributableToNoncontrollingInterest $-276.04K USD 1 Quarter
Less: Net loss attributable to non-controlling Interests NetIncomeLossAttributableToNoncontrollingInterest $-462.56K USD 1 Quarter
Net loss attributable to shareholders of Sunrise Real Estate Group, Inc. NetIncomeLoss $-1.56M USD 1 Quarter
Net loss attributable to shareholders of Sunrise Real Estate Group, Inc. NetIncomeLoss $-875.68K USD 1 Quarter
Loss per share - basic and fully diluted EarningsPerShareBasicAndDiluted $-0.03 USD 1 Quarter
Loss per share - basic and fully diluted EarningsPerShareBasicAndDiluted $-0.02 USD 1 Quarter
Weighted average common shares outstanding - Basic and fully diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 68.69M shares 1 Quarter
Weighted average common shares outstanding - Basic and fully diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 28.69M shares 1 Quarter
Cash Flow Statement 86 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-2.02M USD 1 Quarter
Net loss ProfitLoss $-1.15M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $262.68K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $265.41K USD 1 Quarter
Bad debts BadDebtRecovered $-191.76K USD 1 Quarter
Bad debts BadDebtRecovered - USD 1 Quarter
Loss (Gain) on disposal of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $-13.93K USD 1 Quarter
Loss (Gain) on disposal of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment - USD 1 Quarter
Equity loss of an unconsolidated affiliate GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments $-130.09K USD 1 Quarter
Equity loss of an unconsolidated affiliate GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments $-213.87K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-50.68K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $238.02K USD 1 Quarter
Promissory deposits IncreaseDecreaseInDepositOtherAssets $26.05K USD 1 Quarter
Promissory deposits IncreaseDecreaseInDepositOtherAssets $21.93K USD 1 Quarter
Real estate property under development IncreaseDecreaseInRealEstatePropertyUnderDevelopment $2.37M USD 1 Quarter
Real estate property under development IncreaseDecreaseInRealEstatePropertyUnderDevelopment $2.11M USD 1 Quarter
Customer Deposits IncreaseDecreaseInCustomerDeposits $1.82M USD 1 Quarter
Customer Deposits IncreaseDecreaseInCustomerDeposits $1.97M USD 1 Quarter
Amount due from unconsolidated affiliates IncreaseDecreaseDueFromAffiliates $-914.02K USD 1 Quarter
Amount due from unconsolidated affiliates IncreaseDecreaseDueFromAffiliates $-166.55K USD 1 Quarter
Other receivables and deposits IncreaseDecreaseInOtherReceivablesAndDeposits $8.32M USD 1 Quarter
Other receivables and deposits IncreaseDecreaseInOtherReceivablesAndDeposits $1.16M USD 1 Quarter
Deferred tax assets IncreaseDecreaseInDeferredTaxAssets $21.55K USD 1 Quarter
Deferred tax assets IncreaseDecreaseInDeferredTaxAssets $46.23K USD 1 Quarter
Accounts payable IncreaseDecreaseInOtherAccountsPayable $174.43K USD 1 Quarter
Accounts payable IncreaseDecreaseInOtherAccountsPayable $-1.60M USD 1 Quarter
Other payables and accrued expenses IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $212.74K USD 1 Quarter
Other payables and accrued expenses IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-214.85K USD 1 Quarter
Deposits received from underwriting sales IncreaseDecreaseInDepositFromUnderwritingSales - USD 1 Quarter
Deposits received from underwriting sales IncreaseDecreaseInDepositFromUnderwritingSales $405.40K USD 1 Quarter
Interest payable on promissory notes IncreaseDecreaseInInterestPayableNet $1.05M USD 1 Quarter
Interest payable on promissory notes IncreaseDecreaseInInterestPayableNet $69.96K USD 1 Quarter
Interest payable on amounts due to directors IncreaseDecreaseInDueToOfficersAndStockholdersCurrent $382.02K USD 1 Quarter
Interest payable on amounts due to directors IncreaseDecreaseInDueToOfficersAndStockholdersCurrent $424.07K USD 1 Quarter
Other taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $-20.41K USD 1 Quarter
Other taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $-39.43K USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable - USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-52.27K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-8.16M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-3.35M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquireProductiveAssets $3.42K USD 1 Quarter
Purchases of property and equipment PaymentsToAcquireProductiveAssets $122.58K USD 1 Quarter
Capital injection to unconsolidated affiliates PaymentsForCapitalImprovements $270.26K USD 1 Quarter
Capital injection to unconsolidated affiliates PaymentsForCapitalImprovements - USD 1 Quarter
Advances to unconsolidated affiliates, net PaymentsForAdvancesToAffiliate $3.18K USD 1 Quarter
Advances to unconsolidated affiliates, net PaymentsForAdvancesToAffiliate $3.05K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-6.46K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-396.02K USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCash $-224.41K USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCash $-1.40M USD 1 Quarter
Bank loan repayments RepaymentsOfBankDebt $5.11M USD 1 Quarter
Bank loan repayments RepaymentsOfBankDebt $2.69M USD 1 Quarter
New bank loans ProceedsFromBankDebt $6.11M USD 1 Quarter
New bank loans ProceedsFromBankDebt $5.11M USD 1 Quarter
Advances from directors ProceedsFromDirectorsAdvance $180.40K USD 1 Quarter
Advances from directors ProceedsFromDirectorsAdvance $19.64K USD 1 Quarter
Repayments of advances from directors RepaymentsOfRelatedPartyDebt $2.56M USD 1 Quarter
Repayments of advances from directors RepaymentsOfRelatedPartyDebt $2.55M USD 1 Quarter
Advances from an affiliate ProceedsFromAffiliate - USD 1 Quarter
Advances from an affiliate ProceedsFromAffiliate $2.77M USD 1 Quarter
Repayments from an affiliate RepaymentsToAffiliate $172.58K USD 1 Quarter
Repayments from an affiliate RepaymentsToAffiliate - USD 1 Quarter
Proceeds from new promissory notes ProceedsFromNotesPayable $11.60M USD 1 Quarter
Proceeds from new promissory notes ProceedsFromNotesPayable $18.11K USD 1 Quarter
Repayments of promissory notes ProceedsFromRepaymentsOfNotesPayable $-1.18M USD 1 Quarter
Repayments of promissory notes ProceedsFromRepaymentsOfNotesPayable $-184.74K USD 1 Quarter
Dividend paid to non-controlling interests PaymentsToMinorityShareholders $358.73K USD 1 Quarter
Dividend paid to non-controlling interests PaymentsToMinorityShareholders - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $7.92M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $4.71M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $27.27K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $1.80K USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-245.62K USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $989.75K USD 1 Quarter
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $2.06M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $2.62M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $1.81M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $1.63M USD Point-in-time
Cash and cash equivalents at end of year CashAndCashEquivalentsAtCarryingValue $2.06M USD Point-in-time
Cash and cash equivalents at end of year CashAndCashEquivalentsAtCarryingValue $2.62M USD Point-in-time
Cash and cash equivalents at end of year CashAndCashEquivalentsAtCarryingValue $1.81M USD Point-in-time
Cash and cash equivalents at end of year CashAndCashEquivalentsAtCarryingValue $1.63M USD Point-in-time
Income taxes paid IncomeTaxesPaid $54.31K USD 1 Quarter
Income taxes paid IncomeTaxesPaid $50.27K USD 1 Quarter
Interest paid InterestPaidNet $5.35M USD 1 Quarter
Interest paid InterestPaidNet $943.87K USD 1 Quarter
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net Loss ProfitLoss $-2.02M USD 1 Quarter
Net Loss ProfitLoss $-1.15M USD 1 Quarter
Other comprehensive income (loss) - Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-34.88K USD 1 Quarter
Other comprehensive income (loss) - Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $12.59K USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.14M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-2.05M USD 1 Quarter
Less: Comprehensive loss (income) attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-579.07K USD 1 Quarter
Less: Comprehensive loss (income) attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-355.63K USD 1 Quarter
Total comprehensive loss attributable to stockholders of Sunrise Real Estate Group, Inc. ComprehensiveIncomeNetOfTax $-1.47M USD 1 Quarter
Total comprehensive loss attributable to stockholders of Sunrise Real Estate Group, Inc. ComprehensiveIncomeNetOfTax $-783.50K USD 1 Quarter

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

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