Sunrise Real Estate Group Inc. Q1 2024 10-Q Filed

TL;DR

SRRE filed its Q1 24 10-Q. Equity details are in. Check it.

AI Summary

Sunrise Real Estate Group Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial information including retained earnings, noncontrolling interest, additional paid-in capital, accumulated other comprehensive income, and statutory reserves as of March 31, 2024, and comparative periods. The company's principal business is the operation of apartment buildings.

Why It Matters

This filing provides investors with a quarterly update on Sunrise Real Estate Group Inc.'s financial health and equity structure, crucial for assessing investment value and risk.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new disclosures.

Key Numbers

• 68,691,925 — Equity (Total equity as of March 31, 2024)
• 68,691,925 — Equity (Total equity as of December 31, 2023)

Key Players & Entities

• SUNRISE REAL ESTATE GROUP INC (company) — Filer of the 10-Q
• 20240331 (date) — End of the reporting period
• 20240625 (date) — Filing date
• 6513 (other) — Standard Industrial Classification code for Operators of Apartment Buildings
• TX (other) — State of incorporation

FAQ

Filing Documents

• srre-20240331x10q.htm (10-Q) — 1231KB
• srre-20240331xex31d1.htm (EX-31.1) — 8KB
• srre-20240331xex31d2.htm (EX-31.2) — 8KB
• srre-20240331xex32d1.htm (EX-32.1) — 6KB
• 0001410578-24-001046.txt ( ) — 6323KB
• srre-20240331.xsd (EX-101.SCH) — 58KB
• srre-20240331_cal.xml (EX-101.CAL) — 47KB
• srre-20240331_def.xml (EX-101.DEF) — 178KB
• srre-20240331_lab.xml (EX-101.LAB) — 341KB
• srre-20240331_pre.xml (EX-101.PRE) — 293KB
• srre-20240331x10q_htm.xml (XML) — 1143KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31,2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for The Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Gain for The Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for The Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for The Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II. OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SUNRISE REAL ESTATE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Expressed in U.S. Dollars) March 31, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 21,747,504 $ 20,453,464 Restricted cash (Note 3) 2,323,756 2,723,667 Transactional financial assets (Note 4) 21,886,612 26,505,532 Accounts receivable, net 78,782 552,964 Real estate property under development (Note 5) 88,985,534 88,742,269 Amount due from an unconsolidated affiliate (Note 9) 16,179,711 16,203,433 Other receivables and deposits, net (Note 6) 9,481,216 9,321,913 Total current assets 160,683,115 164,503,242 Property and equipment, net (Note 7) 673,833 728,094 Investment properties, net (Note 8) 28,413,656 28,910,575 Investment in an unconsolidated affiliate (Note 9) 13,068,639 13,091,335 Other investments (Note 10) 640,697 641,810 Total assets $ 203,479,940 $ 207,875,056 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities Promissory notes payable (Note 12) 1,409,443 1,411,891 Accounts payable (Note 15) 24,740,937 24,885,181 Amounts due to directors (Note 13) 457,840 472,104 Amount due to an affiliate (Note 16) 32,576,670 32,068,741 Customer deposits (Note 17) 24,410,557 23,318,011 Other payables and accrued expenses (Note 14) 7,508,908 7,352,352 Other taxes payable 242,678 247,516 Income taxes payable (Note 18) 1,064,147 1,926,888 Total current liabilities 92,411,180 91,682,684 Long term income tax payable (Note 18) — — Total liabilities 92,411,180 91,682,684 Commitments and contingencies (Note 19) Shareholders' equity Common stock, par value $ 0.01 per share; 200,000,000 shares Authorized; 68,691,925 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 686,919 686,919 Additional paid-in c

View Full Filing

View this 10-Q filing on SEC EDGAR