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10-Q Filing

SUNRISE REAL ESTATE GROUP INC CIK: 1083490 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001144204-18-028581
Period End Date 20180331
Filing Date 20180515
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance srre-20180331.xml
Filing Contents
Balance Sheet 82 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 $6.66M USD Point-in-time
Cash and cash equivalents CashEquivalentsAtCarryingValue $5.87M 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
Restricted cash (Note 3) RestrictedCashAndCashEquivalentsAtCarryingValue $1.07M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.69M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.69M shares Point-in-time
Restricted cash (Note 3) RestrictedCashAndCashEquivalentsAtCarryingValue $1.11M USD Point-in-time
Transactional financial assets(Note 4) MarketableSecuritiesCurrent $23.15M USD Point-in-time
Transactional financial assets(Note 4) MarketableSecuritiesCurrent $28.19M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $479.49K USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $350.52K USD Point-in-time
Promissory deposits (Note 5) DepositsAssetsCurrent $120.53K USD Point-in-time
Promissory deposits (Note 5) DepositsAssetsCurrent $125.25K USD Point-in-time
Real estate property under development (Note 6) LandAvailableForDevelopment $70.16M USD Point-in-time
Real estate property under development (Note 6) LandAvailableForDevelopment $67.97M USD Point-in-time
Amount due from an unconsolidated affiliate (Note 9) DueFromRelatedPartiesCurrent $2.69M USD Point-in-time
Amount due from an unconsolidated affiliate (Note 9) DueFromRelatedPartiesCurrent $2.79M USD Point-in-time
Other receivables and deposits, net (Note 7) OtherReceivablesAndDepositNetCurrent $7.01M USD Point-in-time
Other receivables and deposits, net (Note 7) OtherReceivablesAndDepositNetCurrent $6.72M USD Point-in-time
Total current assets AssetsCurrent $107.94M USD Point-in-time
Total current assets AssetsCurrent $116.53M USD Point-in-time
Property and equipment, net (Note 8) PropertyPlantAndEquipmentNet $1.28M USD Point-in-time
Property and equipment, net (Note 8) PropertyPlantAndEquipmentNet $1.30M USD Point-in-time
Investment properties, net (Note 9) RealEstateInvestmentPropertyNet $4.33M USD Point-in-time
Investment properties, net (Note 9) RealEstateInvestmentPropertyNet $4.26M USD Point-in-time
Deferred tax assets DeferredTaxAssetsLiabilitiesNetNoncurrent $591.30K USD Point-in-time
Deferred tax assets DeferredTaxAssetsLiabilitiesNetNoncurrent $678.94K USD Point-in-time
Investment in an unconsolidated affiliate (Note 10) EquityMethodInvestments $74.70M USD Point-in-time
Investment in an unconsolidated affiliate (Note 10) EquityMethodInvestments $50.68M USD Point-in-time
Other investments CostMethodInvestments $153.04K USD Point-in-time
Other investments CostMethodInvestments $159.03K USD Point-in-time
Total assets Assets $164.90M USD Point-in-time
Total assets Assets $197.70M USD Point-in-time
Promissory notes payable (Note 11) NotesPayableCurrent $1.59M USD Point-in-time
Promissory notes payable (Note 11) NotesPayableCurrent $1.53M USD Point-in-time
Accounts payable (Note 14) AccountsPayableCurrent $5.26M USD Point-in-time
Accounts payable (Note 14) AccountsPayableCurrent $2.36M USD Point-in-time
Amounts due to directors (Note 12) DueToOfficersOrStockholdersCurrent $3.77M USD Point-in-time
Amounts due to directors (Note 12) DueToOfficersOrStockholdersCurrent $1.48M USD Point-in-time
Amount due to an affiliate (Note 15) DueToAffiliateCurrent $31.30M USD Point-in-time
Amount due to an affiliate (Note 15) DueToAffiliateCurrent $18.58M USD Point-in-time
Customer deposits (Note 16) CustomerDepositsCurrent $41.61M USD Point-in-time
Customer deposits (Note 16) CustomerDepositsCurrent $41.47M USD Point-in-time
Other payables and accrued expenses (Note 13) AccruedLiabilitiesAndOtherLiabilities $961.24K USD Point-in-time
Other payables and accrued expenses (Note 13) AccruedLiabilitiesAndOtherLiabilities $953.79K USD Point-in-time
Other taxes payable AccrualForTaxesOtherThanIncomeTaxesCurrent $257.82K USD Point-in-time
Other taxes payable AccrualForTaxesOtherThanIncomeTaxesCurrent $261.63K USD Point-in-time
Income taxes payable (Note 17) AccruedIncomeTaxesCurrent $776.11K USD Point-in-time
Income taxes payable (Note 17) AccruedIncomeTaxesCurrent $906.22K USD Point-in-time
Total current liabilities LiabilitiesCurrent $72.61M USD Point-in-time
Total current liabilities LiabilitiesCurrent $80.47M USD Point-in-time
Long term income tax payable (Note 17) AccruedIncomeTaxesNoncurrent $3.62M USD Point-in-time
Long term income tax payable (Note 17) AccruedIncomeTaxesNoncurrent $3.54M USD Point-in-time
Deferred government subsidy (Note 18) DeferredGovernmentSubsidy $5.27M USD Point-in-time
Deferred government subsidy (Note 18) DeferredGovernmentSubsidy $5.07M USD Point-in-time
Total liabilities Liabilities $81.30M USD Point-in-time
Total liabilities Liabilities $89.28M USD Point-in-time
Commitments and contingencies (Note 19) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 19) 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, 2018 and December 31, 2017, 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, 2018 and December 31, 2017, 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 $931.51K USD Point-in-time
Statutory reserve (Note 20) StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends $931.51K USD Point-in-time
Retained Earnings RetainedEarningsAccumulatedDeficit $68.98M USD Point-in-time
Retained Earnings RetainedEarningsAccumulatedDeficit $90.16M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $6.70M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $3.10M USD Point-in-time
Total Equity of Sunrise Real Estate Group, Inc. StockholdersEquity $81.26M USD Point-in-time
Total Equity of Sunrise Real Estate Group, Inc. StockholdersEquity $106.04M USD Point-in-time
Non-controlling interests MinorityInterest $2.38M USD Point-in-time
Non-controlling interests MinorityInterest $2.34M USD Point-in-time
Total shareholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $108.42M USD Point-in-time
Total shareholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $83.60M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $164.90M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $197.70M USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Net revenues SalesRevenueNet $2.58M USD 1 Quarter
Net revenues SalesRevenueNet $1.58M USD 1 Quarter
Cost of revenues CostOfRevenue $311.74K USD 1 Quarter
Cost of revenues CostOfRevenue $1.08M USD 1 Quarter
Gross profit GrossProfit $495.35K USD 1 Quarter
Gross profit GrossProfit $2.27M USD 1 Quarter
Operating expenses OperatingCostsAndExpenses $793.52K USD 1 Quarter
Operating expenses OperatingCostsAndExpenses $426.04K USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $589.10K USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $485.15K USD 1 Quarter
Operating profit (loss) OperatingIncomeLoss $-783.32K USD 1 Quarter
Operating profit (loss) OperatingIncomeLoss $1.25M USD 1 Quarter
Interest income InvestmentIncomeInterest $9.37K USD 1 Quarter
Interest income InvestmentIncomeInterest $10.85K USD 1 Quarter
Interest expense InterestExpense - USD 1 Quarter
Interest expense InterestExpense $118.98K USD 1 Quarter
Equity in net gain of an affiliate GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments $22.75M USD 1 Quarter
Equity in net gain of an affiliate GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments $21.78M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $150.73K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $1.11M USD 1 Quarter
Total Other Income NonoperatingIncomeExpense $21.95M USD 1 Quarter
Total Other Income NonoperatingIncomeExpense $23.75M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $21.16M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $25.00M USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $31.68K USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-62.11K USD 1 Quarter
Net income ProfitLoss $25.06M USD 1 Quarter
Net income ProfitLoss $21.13M USD 1 Quarter
Less: Net (income) loss attributable to non-controlling Interests NetIncomeLossAttributableToNoncontrollingInterest $-385.01K USD 1 Quarter
Less: Net (income) loss attributable to non-controlling Interests NetIncomeLossAttributableToNoncontrollingInterest $-50.31K USD 1 Quarter
Net income attributable to shareholders of Sunrise Real Estate Group, Inc. NetIncomeLoss $21.18M USD 1 Quarter
Net income attributable to shareholders of Sunrise Real Estate Group, Inc. NetIncomeLoss $25.45M USD 1 Quarter
Earnings per share - basic and fully diluted EarningsPerShareBasicAndDiluted $0.36 USD 1 Quarter
Earnings per share - basic and fully diluted EarningsPerShareBasicAndDiluted $0.31 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 68.69M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $25.06M USD 1 Quarter
Net income ProfitLoss $21.13M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $130.73K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $126.77K USD 1 Quarter
Loss on disposal of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $-4.29K USD 1 Quarter
Loss on disposal of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment - USD 1 Quarter
Equity in net loss (income) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $22.68M USD 1 Quarter
Equity in net loss (income) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $21.78M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $113.89K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-37.85K USD 1 Quarter
Promissory deposits IncreaseDecreaseInDepositOtherAssets - USD 1 Quarter
Promissory deposits IncreaseDecreaseInDepositOtherAssets $8.72K USD 1 Quarter
Real estate property under development IncreaseDecreaseInRealEstatePropertyUnderDevelopment $831.13K USD 1 Quarter
Real estate property under development IncreaseDecreaseInRealEstatePropertyUnderDevelopment $724.88K USD 1 Quarter
Customer Deposits IncreaseDecreaseInCustomerDeposits $-1.46M USD 1 Quarter
Customer Deposits IncreaseDecreaseInCustomerDeposits $8.66M USD 1 Quarter
Amount due from unconsolidated affiliates IncreaseDecreaseDueFromAffiliates $2.83K USD 1 Quarter
Amount due from unconsolidated affiliates IncreaseDecreaseDueFromAffiliates $2.67K USD 1 Quarter
Other receivables and deposits IncreaseDecreaseInOtherReceivablesAndDeposits $1.16M USD 1 Quarter
Other receivables and deposits IncreaseDecreaseInOtherReceivablesAndDeposits $26.75K USD 1 Quarter
Deferred tax assets IncreaseDecreaseInDeferredTaxAssets $62.11K USD 1 Quarter
Deferred tax assets IncreaseDecreaseInDeferredTaxAssets - USD 1 Quarter
Accounts payable IncreaseDecreaseInOtherAccountsPayable $-1.54M USD 1 Quarter
Accounts payable IncreaseDecreaseInOtherAccountsPayable $-761.24K USD 1 Quarter
Other payables and accrued expenses IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-602.25K USD 1 Quarter
Other payables and accrued expenses IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-44.53K USD 1 Quarter
Other taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $-13.89K USD 1 Quarter
Other taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $33.01K USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-149.07K USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $12.28K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $7.77M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-4.54M USD 1 Quarter
Acquisition of property, plant and equipment PaymentsToAcquireProductiveAssets - USD 1 Quarter
Acquisition of property, plant and equipment PaymentsToAcquireProductiveAssets $28.41K USD 1 Quarter
Capital injection to unconsolidated affiliates PaymentsForCapitalImprovements $318.87K USD 1 Quarter
Capital injection to unconsolidated affiliates PaymentsForCapitalImprovements - USD 1 Quarter
Net cash from transactional financial assets PaymentsToAcquireInvestments - USD 1 Quarter
Net cash from transactional financial assets PaymentsToAcquireInvestments $4.09M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-4.09M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-347.29K USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCash $650.00 USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCash $684.56K USD 1 Quarter
Bank loan repayments RepaymentsOfBankDebt $5.53M USD 1 Quarter
Bank loan repayments RepaymentsOfBankDebt - USD 1 Quarter
Advances from directors ProceedsFromDirectorsAdvance $11.17K USD 1 Quarter
Advances from directors ProceedsFromDirectorsAdvance $-26.71K USD 1 Quarter
Repayments of advances from directors RepaymentsOfRelatedPartyDebt $3.91M USD 1 Quarter
Repayments of advances from directors RepaymentsOfRelatedPartyDebt - USD 1 Quarter
Advances from an affiliate ProceedsFromAffiliate $12.00M USD 1 Quarter
Advances from an affiliate ProceedsFromAffiliate - USD 1 Quarter
Repayments to an affiliate RepaymentsToAffiliate $2.31M USD 1 Quarter
Repayments to an affiliate RepaymentsToAffiliate $3.82K USD 1 Quarter
Proceeds from new promissory notes ProceedsFromNotesPayable $545.00 USD 1 Quarter
Proceeds from new promissory notes ProceedsFromNotesPayable - USD 1 Quarter
Repayments of promissory notes ProceedsFromRepaymentsOfNotesPayable $-21.81K USD 1 Quarter
Repayments of promissory notes ProceedsFromRepaymentsOfNotesPayable - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-8.53M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $8.05M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $1.36M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-270.78K USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $793.51K USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-1.37M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $8.69M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $5.87M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $7.32M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $6.66M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $8.69M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $5.87M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $7.32M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $6.66M USD Point-in-time
Income taxes paid IncomeTaxesPaid - USD 1 Quarter
Income taxes paid IncomeTaxesPaid $52.51K USD 1 Quarter
Interest paid InterestPaidNet - USD 1 Quarter
Interest paid InterestPaidNet $258.13K USD 1 Quarter
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net Income ProfitLoss $25.06M USD 1 Quarter
Net Income ProfitLoss $21.13M USD 1 Quarter
Other comprehensive income (loss) - Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-504.31K USD 1 Quarter
Other comprehensive income (loss) - Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.70M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $24.56M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $24.83M USD 1 Quarter
Less: Comprehensive (income) loss attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-365.88K USD 1 Quarter
Less: Comprehensive (income) loss attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $40.66K USD 1 Quarter
Total comprehensive income attributable to stockholders of Sunrise Real Estate Group, Inc. ComprehensiveIncomeNetOfTax $24.93M USD 1 Quarter
Total comprehensive income attributable to stockholders of Sunrise Real Estate Group, Inc. ComprehensiveIncomeNetOfTax $24.78M USD 1 Quarter

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

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