2019 Q3 Form 10-K Financial Statement

#000114420419041558 Filed on August 23, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018
Revenue $724.8K $3.081M $8.244M
YoY Change -56.45% -45.28% -70.08%
Cost Of Revenue $749.2K $3.603M $6.690M
YoY Change -25.05% -20.5% -70.36%
Gross Profit -$24.41K -$521.5K $1.554M
YoY Change -103.67% -147.42% -68.81%
Gross Profit Margin -3.37% -16.92% 18.85%
Selling, General & Admin $1.736M $1.023M $2.920M
YoY Change 122.7% -31.3% -20.09%
% of Gross Profit 187.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.122M $116.3K $480.0K
YoY Change 882.35% 2.21% -4.72%
% of Gross Profit 30.9%
Operating Expenses $2.284M $1.555M $4.758M
YoY Change 129.99% -16.57% -1.69%
Operating Profit -$2.309M -$2.076M -$3.204M
YoY Change 602.52% 171.85% -2357.31%
Interest Expense $48.93K -$11.27M $2.142M
YoY Change -187.33% -164.37% 405.42%
% of Operating Profit
Other Income/Expense, Net $305.4K -$696.1K $51.31M
YoY Change -99.1% -309.53% -23.27%
Pretax Income -$1.954M -$14.05M $48.11M
YoY Change -105.82% -182.23% -28.21%
Income Tax $360.00 $0.00 $1.574M
% Of Pretax Income 3.27%
Net Earnings -$1.856M -$13.94M $46.89M
YoY Change -105.73% -197.27% -25.17%
Net Earnings / Revenue -256.12% -452.33% 568.75%
Basic Earnings Per Share
Diluted Earnings Per Share -$27.03K -$202.9K $682.5K
COMMON SHARES
Basic Shares Outstanding 68.69M 68.69M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.58M $67.22M $67.22M
YoY Change 50.77% 130.66% 130.66%
Cash & Equivalents $19.33M $19.21M $17.66M
Short-Term Investments $27.25M $49.57M $49.57M
Other Short-Term Assets $85.73M $65.97M $65.97M
YoY Change 34.38% -4.44% -4.44%
Inventory
Prepaid Expenses
Receivables $49.35K $234.4K $234.4K
Other Receivables $5.048M $4.081M $14.59M
Total Short-Term Assets $137.4M $148.0M $148.0M
YoY Change 28.99% 37.13% 37.13%
LONG-TERM ASSETS
Property, Plant & Equipment $28.13M $1.099M $4.806M
YoY Change 2398.38% -14.41% -13.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.67M $30.86M $31.00M
YoY Change -88.44% -39.11% -39.01%
Other Assets $63.09K $0.00 $0.00
YoY Change -90.16% -100.0% -100.0%
Total Long-Term Assets $40.86M $35.81M $35.81M
YoY Change -64.56% -37.13% -37.13%
TOTAL ASSETS
Total Short-Term Assets $137.4M $148.0M $148.0M
Total Long-Term Assets $40.86M $35.81M $35.81M
Total Assets $178.3M $183.8M $183.8M
YoY Change -19.64% 11.48% 11.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.228M $5.268M $5.268M
YoY Change 10.02% 39.84% 39.84%
Accrued Expenses $386.4K $214.5K $214.5K
YoY Change 77.02% -18.01% -18.01%
Deferred Revenue
YoY Change
Short-Term Debt $1.414M $1.457M $1.457M
YoY Change -2.74% -4.79%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.97M $58.45M $58.45M
YoY Change -52.86% -19.5% -19.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.706M $8.108M $8.108M
YoY Change -5.83% -6.76% -6.76%
Total Long-Term Liabilities $7.706M $8.108M $8.108M
YoY Change -5.83% -6.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.97M $58.45M $58.45M
Total Long-Term Liabilities $7.706M $8.108M $8.108M
Total Liabilities $46.87M $66.56M $68.45M
YoY Change -44.52% -18.14% -18.17%
SHAREHOLDERS EQUITY
Retained Earnings $106.7M
YoY Change 54.73%
Common Stock $8.257M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.4M $115.4M $115.4M
YoY Change
Total Liabilities & Shareholders Equity $178.3M $183.8M $183.8M
YoY Change -19.64% 11.48% 11.48%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$1.856M -$13.94M $46.89M
YoY Change -105.73% -197.27% -25.17%
Depreciation, Depletion And Amortization $1.122M $116.3K $480.0K
YoY Change 882.35% 2.21% -4.72%
Cash From Operating Activities -$2.653M -$1.481M -$8.530M
YoY Change 14.38% -63.21% 208.38%
INVESTING ACTIVITIES
Capital Expenditures $3.610K -$870.00 -$4.540K
YoY Change -198.37% -84.79% -71.12%
Acquisitions
YoY Change
Other Investing Activities $8.577M $43.03M $42.95M
YoY Change 395.61% 36.63% 22.68%
Cash From Investing Activities $8.580M $43.03M $42.94M
YoY Change 396.87% 36.65% 22.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.771M -30.29M -20.47M
YoY Change 675.32% -35.77% -44.24%
NET CHANGE
Cash From Operating Activities -2.653M -1.481M -8.530M
Cash From Investing Activities 8.580M 43.03M 42.94M
Cash From Financing Activities -3.771M -30.29M -20.47M
Net Change In Cash 2.156M 11.27M 12.27M
YoY Change -299.81% -157.23% -695.76%
FREE CASH FLOW
Cash From Operating Activities -$2.653M -$1.481M -$8.530M
Capital Expenditures $3.610K -$870.00 -$4.540K
Free Cash Flow -$2.657M -$1.480M -$8.525M
YoY Change 14.71% -63.18% 209.98%

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CY2018 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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0
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6869193
CY2018 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
CY2018 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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0
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in accordance with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;Actual results could differ from those estimates.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018 us-gaap Concentration Risk Credit Risk
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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentrations of Credit Risk</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, other receivables and deposits, and amount due from an unconsolidated affiliate. The Company places its cash and cash equivalents with reputable financial institutions with high credit ratings.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company conducts credit evaluations of customers and generally does not require collateral or other security from customers. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors relevant to determining the credit risk of specific customers. The amount of receivables ultimately not collected by the Company has generally been consistent with management's expectations and the allowance established for doubtful accounts.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.10
CY2017 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.10
CY2018 srre Real Estate Investment Property Estimated Useful Lives
RealEstateInvestmentPropertyEstimatedUsefulLives
20 years
CY2012 srre Government Subsidies
GovernmentSubsidies
33175416
CY2012 srre Government Subsidies
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CY2017 srre Proceeds From Government Subsidies
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0.49
CY2011Q1 srre Real Estate Project Land Of Developing Square Meters
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27950
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P3Y
CY2017Q4 us-gaap Allowance For Doubtful Other Receivables Current
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674478
CY2018Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.1
CY2018 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2018-12-28
CY2018 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2019-01-28
CY2018 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
0
CY2018Q4 srre Deferred Government Subsidy
DeferredGovernmentSubsidy
4829440
CY2017 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2018 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2018Q4 us-gaap Due To Officers Or Stockholders Current
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1767609
CY2017Q4 us-gaap Due To Officers Or Stockholders Current
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5263171
CY2018 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0
CY2018 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.00
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0197
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.064
CY2017 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.0
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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591300
CY2018Q4 us-gaap Deferred Tax Assets Gross
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0
CY2017Q4 us-gaap Deferred Tax Assets Gross
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591300
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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0
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2018Q4 us-gaap Deferred Tax Assets Net
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0
CY2017Q4 us-gaap Deferred Tax Assets Net
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591300
CY2018Q4 us-gaap Income Tax Expense Benefit
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0
CY2018Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2016Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
591300
CY2018 dei Trading Symbol
TradingSymbol
srre
CY2019Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
68691925
CY2018 dei Security12b Title
Security12bTitle
Common Stock
CY2018 dei Security Exchange Name
SecurityExchangeName
NONE
CY2018 dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
79834369
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
67011508
CY2017Q4 us-gaap Accrued Salaries Current And Noncurrent
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CY2018 us-gaap Net Income Loss
NetIncomeLoss
46885066
CY2017 us-gaap Net Income Loss
NetIncomeLoss
62654630
CY2018Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
6869193
CY2017Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
0
CY2018Q4 us-gaap Common Stock Value
CommonStockValue
686919
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
686919
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2018 dei Entity Small Business
EntitySmallBusiness
true
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2017 us-gaap Revenues
Revenues
27555845
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68691925
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68691925
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-5985676
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.231
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.253
CY2018Q4 srre Accrued Bid Bond Current
AccruedBidBondCurrent
203986
CY2017Q4 srre Accrued Bid Bond Current
AccruedBidBondCurrent
0
CY2017 srre New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Cash Flow Of Financing Activities
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnCashFlowOfFinancingActivities
722337
CY2018 srre New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Cash Flow Of Financing Activities
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnCashFlowOfFinancingActivities
552505
CY2018 dei Document Type
DocumentType
10-K
CY2018 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
No
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 dei Entity Registrant Name
EntityRegistrantName
SUNRISE REAL ESTATE GROUP INC
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001083490
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018Q2 dei Entity Public Float
EntityPublicFloat
153348

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