Sunrise Real Estate Group Inc. Q2 2024 Financial Update
Ticker: SRRE · Form: 10-Q · Filed: Sep 3, 2024 · CIK: 1083490
| Field | Detail |
|---|---|
| Company | Sunrise Real Estate Group Inc (SRRE) |
| Form Type | 10-Q |
| Filed Date | Sep 3, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: financials, real-estate, equity
TL;DR
SRRE Q2 2024 10-Q filed. Equity details updated. Check financials.
AI Summary
Sunrise Real Estate Group Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information, including retained earnings, noncontrolling interest, additional paid-in capital, accumulated other comprehensive income, and statutory reserves as of June 30, 2024, March 31, 2024, and December 31, 2023. The company is incorporated in Texas and its principal business address is in Shanghai, China.
Why It Matters
This filing provides investors with a snapshot of Sunrise Real Estate Group's financial health and equity structure as of the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company's international operations and specific financial details could present moderate risks.
Key Numbers
- 68691925 — Retained Earnings (As of June 30, 2024)
- 68691925 — Noncontrolling Interest (As of June 30, 2024)
Key Players & Entities
- SUNRISE REAL ESTATE GROUP INC (company) — Filer
- 20240630 (date) — Period of Report
- 0001083490 (company) — Central Index Key
- TX (location) — State of Incorporation
- SHANGHAI (location) — Business Address City
FAQ
What were the specific values for Retained Earnings, Noncontrolling Interest, Additional Paid-In Capital, Accumulated Other Comprehensive Income, and Statutory Reserve as of June 30, 2024?
As of June 30, 2024, Retained Earnings and Noncontrolling Interest were both 68,691,925. Specific values for Additional Paid-In Capital, Accumulated Other Comprehensive Income, and Statutory Reserve are not explicitly detailed in the provided snippet but are listed as members.
How do the financial figures for June 30, 2024, compare to March 31, 2024, for key equity accounts?
The filing indicates that Retained Earnings, Noncontrolling Interest, Additional Paid-In Capital, Accumulated Other Comprehensive Income, and Statutory Reserve were reported for both periods, suggesting a comparison is possible within the full document.
What is the company's primary business activity according to the SIC code?
The Standard Industrial Classification (SIC) code is 6513, which corresponds to 'Operators of Apartment Buildings'.
When was Sunrise Real Estate Group Inc. formerly known as Parallax Entertainment Inc.?
The company changed its name from Parallax Entertainment Inc. on April 10, 2001.
Where is Sunrise Real Estate Group Inc. incorporated and what is its primary business address?
The company is incorporated in Texas (TX) and its business address is located in Shanghai, China.
Filing Stats: 4,441 words · 18 min read · ~15 pages · Grade level 14.5 · Accepted 2024-09-03 14:59:29
Filing Documents
- srre-20240630x10q.htm (10-Q) — 1769KB
- srre-20240630xex31d1.htm (EX-31.1) — 10KB
- srre-20240630xex31d2.htm (EX-31.2) — 10KB
- srre-20240630xex32d1.htm (EX-32.1) — 7KB
- 0001410578-24-001578.txt ( ) — 7738KB
- srre-20240630.xsd (EX-101.SCH) — 57KB
- srre-20240630_cal.xml (EX-101.CAL) — 47KB
- srre-20240630_def.xml (EX-101.DEF) — 177KB
- srre-20240630_lab.xml (EX-101.LAB) — 333KB
- srre-20240630_pre.xml (EX-101.PRE) — 289KB
- srre-20240630x10q_htm.xml (XML) — 1630KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30,2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for The Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for The Six Months and Three Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for The Six Months and Three Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for The Six Months Ended June 30, 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 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 26 PART II. OTHER INFORMATION 27 Item 1.
Legal Proceedings
Legal Proceedings 27 Item 1A
Risk Factors
Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28
SIGNATURES
SIGNATURES 29 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) June 30, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 25,501,806 $ 20,453,464 Restricted cash (Note 3) 2,210,499 2,723,667 Transactional financial assets (Note 4) 17,416,588 26,505,532 Accounts receivable 191,080 552,964 Real estate property under development (Note 5) 83,502,785 88,742,269 Amount due from an unconsolidated affiliate 16,102,627 16,203,433 Other receivables and deposits, net (Note 6) 8,758,811 9,321,913 Total current assets 153,684,196 164,503,242 Property and equipment, net (Note 7) 629,044 728,094 Investment properties, net (Note 8) 27,842,067 28,910,575 Investment in an unconsolidated affiliate (Note 9) 13,010,327 13,091,335 Other investments (Note 10) 637,838 641,810 Total assets $ 195,803,472 $ 207,875,056 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities Promissory notes payable (Note 11) 1,403,154 1,411,891 Accounts payable (Note 14) 20,637,485 24,885,181 Amounts due to directors (Note 12) 462,093 472,104 Amount due to an affiliate (Note 15) 32,992,573 32,068,741 Customer deposits (Note 16) 25,101,324 23,318,011 Other payables and accrued expenses (Note 13) 7,592,373 7,352,352 Other taxes payable 225,347 247,516 Income taxes payable (Note 17) 1,075,063 1,926,888 Total current liabilities 89,489,412 91,682,684 Long-term income tax payable (Note 17) — — Total liabilities 89,489,412 91,682,684 Commitments and contingencies (Note 18) Shareholders' equity Common stock, par value $ 0.01 per share; 200,000,000 shares Authorized; 68,691,925 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 686,919 686,919 Additional paid-in capital 8,110,