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 | Jun 30, 2024 | Dec 31, 2023 |
|---|---|---|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 25,501,806 | 20,453,464 |
Restricted cash (Note 3) | 2,210,499 | 2,723,667 |
Transactional financial assets (Note 4) | 17,416,588 | 26,505,532 |
Bank wealth management investment products | 17,416,588 | — |
Accounts receivable | 191,080 | 552,964 |
Real estate property under development (Note 5) | 83,502,785 | 88,742,269 |
Amount due from an unconsolidated affiliate | 16,102,627 | 16,203,433 |
Employees | 103,635 | 20,042 |
Other receivables and deposits, net (Note 6) | 8,758,811 | 9,321,913 |
Total current assets | 153,684,196 | 164,503,242 |
Property and equipment, net (Note 7) | 629,044 | 728,094 |
Investment properties, net (Note 8) | 27,842,067 | 28,910,575 |
Investment in an unconsolidated affiliate (Note 9) | 13,010,327 | 13,091,335 |
SHTX | 28,063 | — |
Shanghai Da Er Wei Trading Company Limited ("SHDEW") | 12,432,794 | — |
Shanghai Da Er Wei Industry Co., Ltd.("DEWSY") | 549,470 | — |
Other investments (Note 10) | 637,838 | 641,810 |
ASU 2016-01 | 637,838 | 641,810 |
Total assets | 195,803,472 | 207,875,056 |
Operating Segments - Others | 39,164,342 | — |
Operating Segments - Real Estate Development | 113,291,506 | — |
Operating Segments - Property Brokerage Services | 12,282,871 | — |
Operating Segments - Investment Transaction | 31,064,753 | — |
Operating Segments | 195,803,472 | — |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Current liabilities | ||
Promissory notes payable (Note 11) | 1,403,154 | 1,411,891 |
Accounts payable (Note 14) | 20,637,485 | 24,885,181 |
Directors | 462,093 | 472,104 |
Affiliated Entity | 32,992,573 | 32,068,741 |
SHSJ, a shareholder of HATX | 32,495,906 | — |
JXSY | 496,667 | — |
Customer deposits (Note 16) | 25,101,324 | 23,318,011 |
HATX project | 14,188,620 | — |
Linyi project | 10,883,192 | — |
Other payables and accrued expenses (Note 13) | 7,592,373 | 7,352,352 |
Other taxes payable | 225,347 | 247,516 |
Income taxes payable (Note 17) | 1,075,063 | 1,926,888 |
Total current liabilities | 89,489,412 | 91,682,684 |
Total liabilities | 89,489,412 | 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 June 30, 2024 and December 31, 2023, respectively | 686,919 | 686,919 |
Additional paid-in capital | 8,110,008 | 8,110,008 |
Statutory reserve (Note 19) | 3,986,618 | 3,986,618 |
PRC subsidiary | 3,986,618 | 3,986,618 |
Retained Earnings | 91,562,848 | 99,169,737 |
Accumulated other comprehensive income | 6,493,369 | 7,311,786 |
Total equity of Sunrise Real Estate Group, Inc. | 110,839,762 | 119,265,068 |
Non-controlling interests | (4,525,702) | (3,072,696) |
Total shareholders' equity | 106,314,060 | 116,192,372 |
Retained Earnings (Deficits) | 91,562,848 | 99,169,737 |
Non-controlling Interests | (4,525,702) | (3,072,696) |
Additional Paid-in Capital | 8,110,008 | 8,110,008 |
Accumulated Other Comprehensive Income | 6,493,369 | 7,311,786 |
Statutory Reserve | 3,986,618 | 3,986,618 |
Common Stock | 686,919 | 686,919 |
Total liabilities and shareholders' equity | 195,803,472 | 207,875,056 |