10-Q
Quarterly Report
SUNRISE REAL ESTATE GROUP, INC.
SRRE
NONE
CIK: 1083490
File #: 000-32585
Balance Sheet
60 line items · 2 periods
XBRL
| Item | Sep 30, 2023 | Dec 31, 2022 |
|---|---|---|
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 26,704,900 | 33,201,354 |
Restricted cash (Note 3) | 37,442,318 | 43,869,156 |
Transactional financial assets (Note 4) | 7,897,585 | 10,960,511 |
Bank wealth management investment products | 7,897,585 | — |
Accounts receivable | 127,503 | 204,518 |
Real estate property under development (Note 5) | 115,543,857 | 120,302,022 |
Amount due from an unconsolidated affiliate | 15,983,760 | 16,502,409 |
Other receivables and deposits, net (Note 6) | 11,056,855 | 10,733,460 |
Total current assets | 214,756,778 | 235,773,430 |
Property and equipment, net (Note 7) | 771,440 | 1,001,077 |
Investment properties, net (Note 8) | 20,945,736 | 22,673,139 |
Investment in an unconsolidated affiliate (Note 9) | 12,368,874 | 12,751,061 |
Shanghai Daerwei Trading Company Limited | 12,341,018 | — |
SHTX | 227,856 | — |
Goodwill (Note 11) | 1,044,450 | 1,243,194 |
Other investments (Note 10) | 633,131 | 652,693 |
ASU 2016-01 | 633,131 | 652,693 |
Total assets | 250,520,409 | 274,094,594 |
Operating Segments - Others | 74,747,870 | — |
Operating Segments - Real Estate Development | 138,803,602 | — |
Operating Segments - Property Brokerage Services | 16,069,347 | — |
Operating Segments - Investment Transaction | 20,899,590 | — |
Operating Segments | 250,520,409 | — |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Current liabilities | ||
Promissory notes payable (Note 12) | 1,392,796 | 1,435,833 |
Accounts payable (Note 15) | 24,274,026 | 22,372,938 |
Affiliated Entity | 50,281,597 | 49,251,273 |
SHSJ, a shareholder of HATX | 49,788,345 | — |
Shareholders | 528,394 | 480,109 |
JXSY | 493,252 | — |
Customer deposits (Note 17) | 27,199,652 | 34,742,361 |
Linyi project | 27,199,652 | 34,742,361 |
Other payables and accrued expenses (Note 14) | 7,273,304 | 7,587,515 |
Other taxes payable | 245,815 | 255,175 |
Income taxes payable (Note 18) | 1,657,239 | 1,848,666 |
Dividends payables | — | 10,303,789 |
Total current liabilities | 112,852,823 | 128,277,659 |
Long-term income tax payable (Note 18) | 269,606 | 1,078,422 |
Total liabilities | 113,122,429 | 129,356,081 |
Shareholders' equity | ||
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 686,919 | 686,919 |
Additional paid-in capital | 8,110,008 | 8,110,008 |
Statutory reserve (Note 20) | 3,986,618 | 3,986,618 |
PRC subsidiary | 3,986,618 | 3,986,618 |
Retained Earnings | 107,084,787 | 109,300,636 |
Accumulated other comprehensive income | 5,359,260 | 9,447,265 |
Total deficit of Sunrise Real Estate Group, Inc. | 125,227,592 | 131,531,446 |
Non-controlling interests | 12,170,388 | 13,207,067 |
Total shareholders' equity | 137,397,980 | 144,738,513 |
Retained Earnings (Deficits) | 107,084,787 | 109,300,636 |
Non-controlling Interests | 12,170,388 | 13,207,067 |
Additional Paid-in Capital | 8,110,008 | 8,110,008 |
Accumulated Other Comprehensive Income | 5,359,260 | 9,447,265 |
Statutory Reserve | 3,986,618 | 3,986,618 |
Common Stock | 686,919 | 686,919 |
Total liabilities and shareholders' equity | 250,520,409 | 274,094,594 |