Sunrise Real Estate Group Inc. Files Q3 2024 10-Q

TL;DR

SRRE Q3 10-Q filed. Based in Shanghai, operates apartment buildings.

AI Summary

Sunrise Real Estate Group Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Parallax Entertainment Inc. and Sunrise Real Estate Development Group Inc., is incorporated in Texas and operates in the apartment building sector. Its principal executive offices are located in Shanghai, China.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Sunrise Real Estate Group Inc. during the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• 68691925 — Total Equity (As of September 30, 2024, and June 30, 2024.)
• 68691925 — Total Equity (As of December 31, 2023.)

Key Players & Entities

• SUNRISE REAL ESTATE GROUP INC (company) — Filer
• 0001410578-24-002051 (other) — Accession Number
• 20240930 (date) — Period of Report
• 20241125 (date) — Filing Date
• SUNRISE REAL ESTATE DEVELOPMENT GROUP INC (company) — Former Company Name
• PARALLAX ENTERTAINMENT INC (company) — Former Company Name
• SHANGHAI (location) — Business Address City

FAQ

Filing Documents

• srre-20240930x10q.htm (10-Q) — 1723KB
• srre-20240930xex31d1.htm (EX-31.1) — 9KB
• srre-20240930xex31d2.htm (EX-31.2) — 9KB
• srre-20240930xex32d1.htm (EX-32.1) — 7KB
• 0001410578-24-002051.txt ( ) — 7742KB
• srre-20240930.xsd (EX-101.SCH) — 58KB
• srre-20240930_cal.xml (EX-101.CAL) — 47KB
• srre-20240930_def.xml (EX-101.DEF) — 176KB
• srre-20240930_lab.xml (EX-101.LAB) — 336KB
• srre-20240930_pre.xml (EX-101.PRE) — 291KB
• srre-20240930x10q_htm.xml (XML) — 1653KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of September 30,2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for The Three Months and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for The Nine Months Ended September 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) September 30, December 31, 2024 2023 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 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 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 Other investments (Note 10) 648,707 641,810 Total assets $ 195,837,294 $ 207,875,056 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 Amounts due to directors (Note 12) 469,966 472,104 Amount due to an affiliate (Note 15) 34,126,077 32,068,741 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 Dividends payables — — Total current liabilities 83,779,420 91,682,684 Long-term income tax payable (Note 17) — — Total liabilities 83,779,420 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 September 30, 2024 and December 31, 2023, respectively 686,919 686,919 Additional paid-in capital 8

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View this 10-Q filing on SEC EDGAR