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, 2024 | Dec 31, 2023 |
|---|---|---|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 23,765,079 | 20,453,464 |
Restricted cash (Note 3) | 1,879,923 | 2,723,667 |
Transactional financial assets (Note 4) | 19,416,798 | 26,505,532 |
Bank wealth management investment products | 19,416,798 | — |
Accounts receivable | 253,771 | 552,964 |
Real estate property under development (Note 5) | 82,177,354 | 88,742,269 |
Amount due from an unconsolidated affiliate | 16,377,001 | 16,203,433 |
Employees | 11,825 | 20,042 |
Other receivables and deposits, net (Note 6) | 9,094,516 | 9,321,913 |
Total current assets | 152,964,442 | 164,503,242 |
Property and equipment, net (Note 7) | 484,927 | 728,094 |
Investment properties, net (Note 8) | 28,137,772 | 28,910,575 |
Investment in an unconsolidated affiliate (Note 9) | 13,601,446 | 13,091,335 |
Shanghai Zhuangyanting Trading Co., Ltd | 284,181 | — |
SHTX | 28,541 | — |
Shanghai Da Er Wei Trading Company Limited ("SHDEW") | 12,644,638 | — |
Shanghai Da Er Wei Industry Co., Ltd.("DEWSY") | (558,832) | — |
Shanghai Aoyue Biotech Co., Ltd | 85,254 | — |
Other investments (Note 10) | 648,707 | 641,810 |
ASU 2016-01 | 648,707 | 641,810 |
Total assets | 195,837,294 | 207,875,056 |
Operating Segments - Others | 38,356,614 | — |
Operating Segments - Real Estate Development | 109,910,281 | — |
Operating Segments - Property Brokerage Services | 13,903,448 | — |
Operating Segments - Investment Transaction | 33,666,951 | — |
Operating Segments | 195,837,394 | — |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Current liabilities | ||
Promissory notes payable (Note 11) | 1,427,063 | 1,411,891 |
Accounts payable (Note 14) | 21,390,605 | 24,885,181 |
Directors | 469,966 | 472,104 |
Affiliated Entity | 34,126,077 | 32,068,741 |
SHSJ, a shareholder of HATX | 33,620,433 | — |
JXSY | 505,644 | — |
Customer deposits (Note 16) | 18,813,194 | 23,318,011 |
Other payables and accrued expenses (Note 13) | 7,305,181 | 7,352,352 |
Other taxes payable | 243,220 | 247,516 |
Income taxes payable (Note 17) | 4,114 | 1,926,888 |
Total current liabilities | 83,779,420 | 91,682,684 |
Total liabilities | 83,779,420 | 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 September 30, 2024 and December 31, 2023, respectively | 686,919 | 686,919 |
Additional paid-in capital | 8,110,008 | 8,110,008 |
Statutory reserve (Note 20) | 3,893,120 | 3,986,618 |
PRC subsidiary | 3,893,120 | 3,986,618 |
Retained Earnings | 94,974,603 | 99,169,737 |
Accumulated other comprehensive income | 8,814,140 | 7,311,786 |
Total deficit of Sunrise Real Estate Group, Inc. | 116,478,790 | 119,265,068 |
Non-controlling interests | (4,420,916) | (3,072,696) |
Total shareholders' equity | 112,057,874 | 116,192,372 |
Retained Earnings (Deficits) | 94,974,603 | 99,169,737 |
Non-controlling Interests | (4,420,916) | (3,072,696) |
Additional Paid-in Capital | 8,110,008 | 8,110,008 |
Accumulated Other Comprehensive Income | 8,814,140 | 7,311,786 |
Statutory Reserve | 3,893,120 | 3,986,618 |
Common Stock | 686,919 | 686,919 |
Total liabilities and shareholders' equity | 195,837,294 | 207,875,056 |