10-K/A
Annual Report
SUNRISE REAL ESTATE GROUP INC
SRRE
NONE
CIK: 1083490
File #: 000-32585
Balance Sheet
68 line items · 2 periods
XBRL
| Item | Dec 31, 2023 | Dec 31, 2022 |
|---|---|---|
CONSOLIDATED BALANCE SHEETS | ||
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 20,453,464 | 33,201,354 |
Restricted cash (Note 3) | 2,723,667 | 43,869,156 |
Transactional financial assets (Note 4) | 26,505,532 | 10,960,511 |
Wealth management investment products - Level 1 - Recurring | 16,337,459 | 6,164,649 |
Wealth management investment products - Recurring | 16,337,458 | 6,164,649 |
Level 1 - Recurring | 26,505,424 | 10,960,511 |
Recurring | 26,505,424 | 10,960,511 |
Bank wealth management investment products | 26,505,532 | — |
Accounts receivable, net | 552,964 | 204,518 |
Real estate property under development (Note 5) | 88,742,269 | 120,302,022 |
Amount due from unconsolidated affiliates (Note 9) | 16,203,433 | 16,502,409 |
Employees | 20,042 | 327,262 |
Other receivables and deposits, net (Note 6) | 9,321,913 | 10,733,460 |
Total current assets | 164,503,242 | 235,773,430 |
Property and equipment, net (Note 7) | 728,094 | 1,001,077 |
Investment properties, net (Note 8) | 28,910,575 | 22,673,139 |
Investments in unconsolidated affiliates (Note 9) | 13,091,335 | 12,751,061 |
SHTX | 28,238 | — |
Shanghai Da Er Wei Trading Company Limited ("SHDEW") | 12,510,206 | — |
Shanghai Da Er Wei Industry Co., Ltd.("DEWSY") | 552,891 | — |
Other investments, net (Note 10) | 641,810 | 652,693 |
ASU 2016-01 | 641,810 | 652,693 |
Goodwill | 0 | 1,243,194 |
Total assets | 207,875,056 | 274,094,594 |
Operating Segments - Others | 40,334,398 | 88,038,312 |
Operating Segments - Real Estate Development | 116,436,604 | 144,727,138 |
Operating Segments - Property Brokerage Services | 10,865,377 | 16,964,879 |
Operating Segments - Investment Transaction | 40,238,677 | 24,364,265 |
Operating Segments | 207,875,056 | 274,094,594 |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Current liabilities | ||
Promissory notes payable (Note 11) | 1,411,891 | 1,435,833 |
Accounts payable (Note13) | 24,885,181 | 22,372,938 |
SHSJ, a shareholder of HATX - Affiliated Entity | 500,014 | — |
Directors | 472,104 | 480,109 |
Affiliated Entity | 32,068,741 | 49,251,273 |
SHSJ, a shareholder of HATX | 6,648,142 | — |
JXSY | 31,568,727 | — |
Customer deposits (Note 14) | 23,318,011 | 34,742,361 |
HATX project | 14,511,151 | — |
Linyi project | 8,755,843 | — |
Other payables and accrued expenses (Note 16) | 7,352,352 | 7,587,515 |
Other taxes payable | 247,516 | 255,175 |
Dividends payables | — | 10,303,789 |
Income Taxes payable (Note 17) | 1,926,888 | 1,848,666 |
Total current liabilities | 91,682,684 | 128,277,659 |
Long-term income tax payable (Note 17) | — | 1,078,422 |
Total liabilities | 91,682,684 | 129,356,081 |
Shareholders' equity | ||
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 and 68,691,925 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 686,919 | 686,919 |
Additional paid-in capital | 8,110,008 | 8,110,008 |
Statutory reserve (Note 18) | 3,986,618 | 3,986,618 |
PRC subsidiary | 3,986,618 | — |
Retained earnings | 99,169,737 | 109,300,636 |
Accumulated other comprehensive income | 7,311,786 | 9,447,265 |
Total equity of Sunrise Real Estate Group, Inc. | 119,265,068 | 131,531,446 |
Non-controlling interests | (3,072,696) | 13,207,067 |
Total shareholders' equity | 116,192,372 | 144,738,513 |
Retained Earnings (Deficits) | 99,169,737 | 109,300,636 |
Non-controlling Interests | (3,072,696) | 13,207,067 |
Additional Paid-in Capital | 8,110,008 | 8,110,008 |
Accumulated Other Comprehensive Income | 7,311,786 | 9,447,265 |
Statutory Reserve | 3,986,618 | 3,986,618 |
Common Stock | 686,919 | 686,919 |
Total liabilities and shareholders' equity | 207,875,056 | 274,094,594 |