Sunrise Real Estate Group Inc. Amends 2023 10-K

TL;DR

Sunrise Real Estate Group Inc. filed an amendment to its 2023 10-K on 10/22/2024.

AI Summary

Sunrise Real Estate Group Inc. filed an amendment to its 2023 10-K on October 22, 2024. The filing pertains to their fiscal year ending December 31, 2023. The company, formerly known as Sunrise Real Estate Development Group Inc. and Parallax Entertainment Inc., is incorporated in Texas and headquartered in Shanghai, China.

Why It Matters

This amendment provides updated financial information and disclosures for Sunrise Real Estate Group Inc.'s 2023 fiscal year, crucial for investors assessing the company's performance and financial health.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous 10-K, indicating updates rather than new material events.

Key Numbers

• 20231231 — Fiscal Year End (The period for which the 10-K/A filing provides updated information.)
• 20241022 — Filing Date (The date this amendment was filed with the SEC.)

Key Players & Entities

• SUNRISE REAL ESTATE GROUP INC (company) — Filer
• Sunrise Real Estate Development Group Inc (company) — Former Company Name
• Parallax Entertainment Inc (company) — Former Company Name
• 20231231 (date) — Fiscal Year End
• 20241022 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share SRRE N/A Securities reg
• $0.39 — he average opening and closing price of $0.39 for the Common Stock on June 30, 2023.
• $25,375,686 — result, LRY received 180 million RMB ( $25,375,686) net of taxes. On March 2023, LRY trans
• $10,303,789 — f taxes. On March 2023, LRY transferred $10,303,789 to SRRE to pay a dividend to our shareh

Filing Documents

• srre-20231231x10ka.htm (10-K/A) — 2538KB
• srre-20231231xex4d1.htm (EX-4.1) — 6KB
• srre-20231231xex31d1.htm (EX-31.1) — 8KB
• srre-20231231xex31d2.htm (EX-31.2) — 8KB
• srre-20231231xex32d1.htm (EX-32.1) — 5KB
• srre-20231231xex32d2.htm (EX-32.2) — 5KB
• srre-20231231x10ka001.jpg (GRAPHIC) — 164KB
• 0001410578-24-001694.txt ( ) — 9882KB
• srre-20231231.xsd (EX-101.SCH) — 71KB
• srre-20231231_cal.xml (EX-101.CAL) — 58KB
• srre-20231231_def.xml (EX-101.DEF) — 221KB
• srre-20231231_lab.xml (EX-101.LAB) — 425KB
• srre-20231231_pre.xml (EX-101.PRE) — 380KB
• srre-20231231x10ka_htm.xml (XML) — 1611KB

Business

Item 1. Business The Company has added disclosure regarding the legal and operational risks of doing business in China and revised the Summary of Risks of Doing Business in China to provide cross references to the relevant risks in Item 1A – Risk Factors. The Company has added disclosure regarding the amount of revenue generated by the Company's operating subsidiaries during the fiscal year ended December 31, 2023. The Company has added disclosure regarding government regulations on foreign-invested real estate enterprises.

Risk Factors

Item 1A. Risk Factors The Company has modified certain risk factors and added disclosure regarding the extent to which future laws and regulations regarding cybersecurity, data security and personal information protection could affect our operations. There are no other changes to the Form 10-K other than those set forth in this amendment. This amendment does not reflect events occurring after the filing of the Form 10-K, other than the amendments noted above, the filing of consents of our independent registered public accounting firm, and the filing of certifications of our principal executive officer and principal financial officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934 and Section 906 of the Sarbanes-Oxley Act of 200, nor does it modify or update disclosures therein in any way other than as required to reflect the amended sections of the Form 10-K as set forth in this amendment. Among other things, forward-looking statements made in the Form 10-K have not been revised to reflect events that occurred or facts that became known to us after the filing of the Form 10-K, and such forward-looking statements should be read in their historical context. Table of Contents TABLE OF CONTENTS PART I Item 1.

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 38 Item 1C Cybersecurity 39 Item 2. Property 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6.

Selected Financial Data

Selected Financial Data 40 Item 7.

Management's Discussion and Analysis of Financial Condition, and Results of Operations

Management's Discussion and Analysis of Financial Condition, and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 71 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 72 PART III Item 10. Directors, Executive Officers and Corporate Governance 73 Item 11.

Executive Compensation

Executive Compensation 77 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions and Director Independence 79 Item 14. Principal Accountant Fees and Services 80 PART IV Item 15. Exhibits and Financial Statement Schedules 81 1 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Background Sunrise Real Estate Group, Inc. (" SRRE ") is a Texas holding company and conducts business primarily through its operating subsidiaries in China. The principal activities of SRRE and its subsidiaries (collectively referred to as the " Company ") are real estate development including property leasing services; and property management services in the People's Republic of China (" PRC "). Our investors hold shares of common stock in SRRE, the Texas holding company Our current ownership interests in our various subsidiaries and other entities are set forth in the organizational chart below. We operate through our wholly owned subsidiaries, CY-SRRE and LRY. CY-SRRE and LRY do not have operations themselves but conduct operations in Mainland China through their respective subsidiaries that are based in the PRC. CY-SRRE operates through its wholly owned subsidiary, Shanghai Xin Ji Yang Real Estate Consultation Company Limited ("SHXJY"). LRY operates primarily through its wholly owned subsidiary, Shanghai Shang Yang Investment Management and Consulting Company Limited ("SHSY") and majority owned subsidiary, Huaian Zhanbao Industrial Co., Ltd. SHSY and SHXJY and are property agency businesses earning commission revenue from marketing and sales services to developers. We and our subsidiaries do not have material contractual arrangements with one or more variable interest entities (VIEs) based in China. Pursuant to the Special Administrative Measures on the Access of Foreign Investment (Negative List) (2021 Edition), or the 2021 Negative List, jointly issued by the NDRC and the MOFCOM on December 27, 2021 and enforced on January 1, 2022, the foreign investment related to real estate development does not fall within the category of industries in which foreign investment is restricted or prohibited. See "Government Regulation -. Regulations on Foreign-Invested Real Estate Enterprise. Legal and Operational Risks Associated With Being Based and

View Full Filing

View this 10-K/A filing on SEC EDGAR