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 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 21,747,504 | 20,453,464 |
Restricted cash (Note 3) | 2,323,756 | 2,723,667 |
Transactional financial assets (Note 4) | 21,886,612 | 26,505,532 |
Bank wealth management investment products | 21,886,612 | — |
Accounts receivable, net | 78,782 | 552,964 |
Real estate property under development (Note 5) | 88,985,534 | 88,742,269 |
Amount due from an unconsolidated affiliate (Note 9) | 16,179,711 | 16,203,433 |
Employees | 51,283 | 20,042 |
Other receivables and deposits, net (Note 6) | 9,481,216 | 9,321,913 |
Total current assets | 160,683,115 | 164,503,242 |
Property and equipment, net (Note 7) | 673,833 | 728,094 |
Investment properties, net (Note 8) | 28,413,656 | 28,910,575 |
Investment in an unconsolidated affiliate (Note 9) | 13,068,639 | 13,091,335 |
SHTX | 28,189 | — |
Shanghai Da Er Wei Trading Company Limited ("SHDEW") | 12,488,518 | — |
Shanghai Da Er Wei Industry Co., Ltd.("DEWSY") | 551,932 | — |
Other investments (Note 10) | 640,697 | 641,810 |
ASU 2016-01 | 640,697 | 641,810 |
Total assets | 203,479,940 | 207,875,056 |
Operating Segments - Others | 39,341,512 | — |
Operating Segments - Real Estate Development | 116,834,374 | — |
Operating Segments - Property Brokerage Services | 11,708,106 | — |
Operating Segments - Investment Transaction | 35,595,948 | — |
Operating Segments | 203,479,940 | — |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Current liabilities | ||
Promissory notes payable (Note 12) | 1,409,443 | 1,411,891 |
Accounts payable (Note 15) | 24,740,937 | 24,885,181 |
Directors | 457,840 | 472,104 |
Affiliated Entity | 32,576,670 | 32,068,741 |
SHSJ, a shareholder of HATX | 32,077,776 | — |
JXSY | 498,894 | — |
Customer deposits (Note 17) | 24,410,557 | 23,318,011 |
HATX | 14,567,055 | — |
Linyi project | 9,790,725 | — |
Other payables and accrued expenses (Note 14) | 7,508,908 | 7,352,352 |
Other taxes payable | 242,678 | 247,516 |
Income taxes payable (Note 18) | 1,064,147 | 1,926,888 |
Total current liabilities | 92,411,180 | 91,682,684 |
Total liabilities | 92,411,180 | 91,682,684 |
Shareholders' equity | ||
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 shares issued and outstanding as of March 31, 2024 and December 31, 2023, 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 | 95,162,757 | 99,169,737 |
Accumulated other comprehensive income | 6,981,960 | 7,311,786 |
Total Equity of Sunrise Real Estate Group, Inc. | 114,928,262 | 119,265,068 |
Non-controlling interests | (3,859,502) | (3,072,696) |
Total shareholders' equity | 111,068,760 | 116,192,372 |
Retained Earnings (Deficits) | 95,162,757 | 99,169,737 |
Non-controlling Interests | (3,859,502) | (3,072,696) |
Additional Paid-in Capital | 8,050,008 | 8,050,008 |
Accumulated Other Comprehensive Income | 6,981,960 | 7,311,786 |
Statutory Reserve | 3,986,618 | 3,986,618 |
Common Stock | 686,919 | 686,919 |
Total liabilities and shareholders' equity | 203,479,940 | 207,875,056 |