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SUNRISE REAL ESTATE GROUP, INC.

(SRRE)
  Report
Delayed OTC Markets  -  10:08 2022-12-02 am EST
0.3000 USD   +20.00%
11/21SUNRISE REAL ESTATE GROUP INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANICAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
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11/21Sunrise Real Estate Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
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09/13Sunrise Real Estate Group Inc : Other Events (form 8-K)
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SUNRISE REAL ESTATE : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANICAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

04/12/2021 | 02:43pm EST
RISKS ASSOCIATED WITH FORWARD-LOOKING STATEMENTS INCLUDED IN THIS FORM 10-Q



In addition to historical information, this Form 10-Q contains forward-looking
statements. Forward-looking statements are based on our current beliefs and
expectations, information currently available to us, estimates and projections
about our industry, and certain assumptions made by our management. These
statements are not historical facts. We use words such as "anticipates",
"expects", "intends", "plans", "believes", "seeks", "estimates", and similar
expressions to identify our forward-looking statements, which include, among
other things, our anticipated revenue and cost of our agency and investment
business.



Because we are unable to control or predict many of the factors that will
determine our future performance and financial results, including future
economic, competitive, and market conditions, our forward-looking statements are
not guarantees of future performance. They are subject to risks, uncertainties,
and errors in assumptions that could cause our actual results to differ
materially from those reflected in our forward-looking statements. We believe
that the assumptions underlying our forward-looking statements are reasonable.
However, the investor should not place undue reliance on these forward-looking
statements. They only reflect our view and expectations as of the date of this
Form 10-Q. We undertake no obligation to publicly update or revise any
forward-looking statement in light of new information, future events, or other
occurrences.


There are several risks and uncertainties, including those relating to our
ability to raise money and grow our business and potential difficulties in
integrating new acquisitions with our current operations, especially as they
pertain to foreign markets and market conditions. These risks and uncertainties
can materially affect the results predicted. The Company's future operating
results over both the short and long term will be subject to annual and
quarterly fluctuations due to several factors, some of which are outside our
control. These factors include but are not limited to fluctuating market demand
for our services, and general economic conditions.



The following Management's Discussion and Analysis ("MD&A") is intended to help
the reader understand Sunrise Real Estate Group, Inc. ("SRRE"). MD&A is provided
as a supplement to, and should be read in conjunction with, our financial
statements and the accompanying notes.



OVERVIEW


In October 2004, the former shareholders of Sunrise Real Estate Development
Group, Inc. (Cayman Islands) ("CY-SRRE") and LIN RAY YANG Enterprise Ltd.
("LRY") acquired a majority of our voting interests in share exchange. Before
the completion of the share exchange, SRRE had no continuing operations, and its
historical results would not be meaningful if combined with the historical
results of CY-SRRE, LRY and their subsidiaries.



As a result of the acquisition, the former owners of CY-SRRE and LRY hold a
majority interest in the combined entity. Generally accepted accounting
principles require in certain circumstances that a company whose shareholders
retain the majority voting interest in the combined business be treated as the
acquirer for financial reporting purposes. Accordingly, the acquisition has been
accounted for as a "reverse acquisition" arrangement whereby CY-SRRE and LRY are
deemed to have purchased SRRE. However, SRRE remains the legal entity and the
Registrant for Securities and Exchange Commission reporting purposes. The
historical financial statements prior to October 5, 2004 are those of CY-SRRE
and LRY and their subsidiaries. All equity information and per share data prior
to the acquisition have been restated to reflect the stock issuance as a
recapitalization of CY-SRRE and LRY.



SRRE and its subsidiaries, namely, CY-SRRE, LRY, Shanghai Xin Ji Yang Real
Estate Consultation Company Limited ("SHXJY"), Shanghai Shang Yang Real Estate
Consultation Company, Ltd. ("SHSY"), Suzhou Gao Feng Hui Property Management
Company, Ltd, ("SZGFH"), Suzhou Shang Yang Real Estate Consultation Company
("SZSY"), Suzhou Xin Ji Yang Real Estate Consultation Company, Ltd. ("SZXJY"),
Linyi Shang Yang Real Estate Development Company Ltd ("LYSH"), Shangqiu Shang
Yang Real Estate Consultation Company, Ltd., ("SQSY"), Wuhan Gao Feng Hui
Consultation Company Ltd.(WHGFH), Sanya Shang Yang Real Estate Consultation
Company, Ltd. ("SYSH"), Shanghai Rui Jian Design Company, Ltd., ("SHRJ"), Wuhan
Yuan Yu Long Real Estate Development Company, Ltd. ("WHYYL"), and Shanghai Da Er
Wei Trading Company Limited ("SHDEW") are sometimes hereinafter collectively
referred to as "the Company", "we", "our", or "us".



The principal activities of the Company are real estate agency sales, real estate marketing services, real estate investments, property leasing services, property management services, and real estate development in the PRC.



RECENT DEVELOPMENTS



Our major business is real estate agency sales, real estate marketing services,
real estate investments, property leasing services, property management
services, and real estate development in the PRC. Additionally, we expand our
business to the field of financial activities such as entity investment, fund
management, financial services and so on.



                                      19




Since we started our agency sales operations in 2001, we have established a
reputation as a sales and marketing agency for new projects. With our
accumulated expertise and experience, we intend to take a more aggressive role
by participating in property investments. We plan to select property developers
with outstanding qualifications as our strategic partners, and continue to build
strength in design, planning, positioning and marketing services.



In October 2011, we established LYSY and own 24% of the company. On May 27,
2020, LYRL received 10% of the shares of LYSY from Nanjing Longchang Real Estate
Development Group. LYRL owns 34% of LYSY as of May 2020. During the first
quarter of 2012, we acquired approximately 103,385 square meters for the purpose
of developing villa-style residential housing. The LYSY project has divided into
phase 1 and phase 2. The phase 1 has completed construction of 121 units in May
2015 and the phase 2 will complete construction of 84 units at the end of the
year of 2020. The sales of phase 1 started in November 2013; we have sold 118
units out of all 121 units by November 30, 2020. We have pre-sold 82 units out
of all 84 units during phase 2 by November 30, 2020. In September 2020, LYSY
purchased a land of area 54,314 square meters for RMB228,120,000 (approximately
USD32,197,146), which is attached to the south border of our developed land.



On March 13, 2014, the Company signed a joint development agreement with Zhongji
Pufa Real Estate Co. According to this agreement, the Company has obtained a
right to develop the Guangxinglu ("GXL") project, which is located on 182 lane
Guangxinglu, Putuo district, Shanghai, PRC. This project covers a site area of
approximately 2,502 square meters for the development of one building of
apartments. In 2016, the government issued a regulation prohibiting the by-unit
sale of commercial-use buildings. The apartment unit sale for the GXL project
was put on hold until the government reviewed our project's status. Since then,
we rented out the unsold apartment units while not recognizing the units
previously sold before the regulation. In March 2019, we received government
confirmation that our project cannot be sold on a unit-by-unit basis going
forward. The Company decided to continue operating the project by renting the
units. These unsold units are recognized as investment in properties in Note 9.
We also recognized all the units that were sold before the regulation in our
financial statement of the second quarter in 2019.



SHDEW was established in June 2013 with its business as a skincare and cosmetic
company. SHDEW's online Wechat stores had a membership of over ten million
members as of July 12, 2020. SHDEW develops its own skincare products as well as
improving its online ecommerce platform. SHDEW sells products under its own
brands as well as the products from third parties. The products include
skincare, cosmetics, personal care products such as soaps, shampoos, skin care
devices and children's apparel. SHDEW has an online shopping app, "???," where
consumers can purchase its cosmetics and skincare products as well as products
imported into China.


In October 2018, we established HATX for real estate development in Huai'an
through HAZB of which we have 78.46% ownership. HAZB purchased the property in
Qingjiang Pu district, Huai'an city, with an area of 78,030 square meters and
the Company, through HATX, invested 78.46% shares in HAZB. The Huai'an project,
named Tianxi Times, started its first phase development in early 2019 with a GFA
of 82,218 sqm totaling 679 units. As of November 30, 2020, the Company pre-sold
672 out of 679 units.



In December 2019, SHDEW issued stock to certain employees pursuant to an
employee stock bonus. This stock issuance resulted in the dilution of our
ownership of SHDEW from 20.38% to 19.91%. The financial statements for 2018 will
follow the equity method for the accounting treatment regarding our investment
in SHDEW and from the beginning of 2019 and going forward, we will be using the
measurement alternative method instead. This change in accounting method may
have an impact in our financial statements.



RECENTLY ADOPTED ACCOUNTING STANDARDS

In June 2016, the Financial Accounting Standards Board (FASB) issued a new
accounting standard that amends the guidance for measuring and recording credit
losses on financial assets measured at amortized cost by replacing the
incurred-loss model with an expected-loss model. Accordingly, these financial
assets are now presented at the net amount expected to be collected. This new
standard also requires that credit losses related to available-for-sale debt
securities be recorded as an allowance through net income rather than reducing
the carrying amount under the former other-than-temporary-impairment model. We
adopted this standard as of January 1, 2020, using a modified-retrospective
approach. Adoption of the standard did not have a material impact on our
consolidated financial statements.



In August 2018, the FASB issued a new accounting standard update which
eliminates, adds and modifies certain disclosure requirements for fair value
measurements. The update eliminates the requirement to disclose the amount of
and reasons for transfers between Level 1 and Level 2 of the fair value
hierarchy, and introduces a requirement to disclose the range and weighted
average of significant unobservable inputs used to develop Level 3 fair value
measurements. The Company adopted this new accounting standard on January 1,
2020, using the prospective method, and the adoption did not have a material
impact on our consolidated financial statements.



In November 2018, the FASB issued Accounting Standards Update No. 2018-18
"Collaborative Arrangements (Topic 808): Clarifying the Interaction between
Topic 808 and Topic 606" ("ASU 2018-18"). ASU 2018-18 clarifies that certain
transactions between participants in a collaborative arrangement should be
accounted for under Topic 606, "Revenue from Contracts with Customers" when the
counterparty is a customer. In addition, the update precludes an entity from
presenting consideration from a transaction in a collaborative arrangement as
customer revenue if the counterparty is not a customer for that transaction. On
January 1, 2020, we adopted this standard and applied it retrospectively to
January 1, 2018 when we initially adopted Topic 606. The adoption did not have
an impact on our consolidated financial statements.



                                      20




NEW ACCOUNTING PRONOUNCEMENTS

Accounting standards that have been issued or proposed by FASB that do not
require adoption until a future date are not expected to have a material impact
on the financial statements upon adoption. The Company does not discuss new
accounting pronouncements that are not anticipated to have an impact on or are
unrelated to its financial condition, results of operations, cash flows or
disclosures.



APPLICATION OF CRITICAL ACCOUNTING POLICIES




Our discussion and analysis of our financial condition and results of operations
are based upon our consolidated financial statements. These financial statements
are prepared in accordance with generally accepted accounting principles in the
United States ("U.S. GAAP"), which requires us to make estimates and assumptions
that affect the reported amounts of our assets and liabilities and revenues and
expenses, to disclose contingent assets and liabilities on the date of the
consolidated financial statements, and to disclose the reported amounts of
revenues and expenses incurred during the financial reporting period. The most
significant estimates and assumptions include revenue recognition, and the
useful lives and impairment of property and equipment, and investment
properties, the valuation of real estate property under development, the
recognition of government subsidies, and the provisions for income taxes. We
continue to evaluate these estimates and assumptions that we believe to be
reasonable under the circumstances. We rely on these evaluations as the basis
for making judgments about the carrying values of assets and liabilities that
are not readily apparent from other sources. Since the use of estimates is an
integral component of the financial reporting process, actual results could
differ from those estimates. Some of our accounting policies require higher
degrees of judgment than others in their application. We believe critical
accounting policies as disclosed in this Form 10-Q reflect the more significant
judgments and estimates used in preparation of our consolidated financial
statements. We believe there have been no material changes to our critical
accounting policies and estimates.



The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our condensed consolidated financial statements.




Revenue Recognition



Most of the Company's revenue is derived from real estate sales in the PRC. The
majority of the Company's contracts contain a single performance obligation
involving significant real estate development activities that are performed
together to deliver a real estate property to customers. Revenues arising from
real estate sales are recognized when or as the control of the asset is
transferred to the customer. The control of the asset may transfer over time or
at a point in time. For the sales of individual condominium units in a real
estate development project, the Company has an enforceable right to payment for
performance completed to date, revenue is recognized over time by measuring the
progress towards complete satisfaction of that performance obligation.
Otherwise, revenue is recognized at a point in time when the customer obtains
control of the asset.


All revenues represent gross revenues less sales and business tax.

ASC 606 requires an entity to recognize revenue when it transfers promised goods
or services to customers in an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or services. ASC
606 creates a five-step model that requires entities to exercise judgment when
considering the terms of the contract(s) which include (i) identifying the
contract(s) with the customer, (ii) identifying the separate performance
obligations in the contract, (iii) determining the transaction price, (iv)
allocating the transaction price to the separate performance obligations, and
(v) recognizing revenue when each performance obligation is satisfied. ASC 606
also specifies the accounting for the incremental costs of obtaining a contract
and the costs directly related to fulfilling a contract. In addition, ASC 606
requires extensive disclosures.



The Company adopted ASC 606 on January 1, 2018 using the modified retrospective
approach with no restatement of comparative periods and no cumulative-effect
adjustment to retained earnings recognized as of the date of adoption. A
significant portion of the Company's revenue is derived from development and
sales of condominium real estate property in the PRC, with revenue previously
recognized using the percentage of completion method. Under the new standard, to
recognize revenue over time similar to the percentage of completion method,
contractual provisions need to provide the Company with an enforceable right to
payment and the Company has no alternative use of the asset. Historically, all
contracts executed contained an enforceable right to home purchase payments and
the Company had no alternative use of assets, therefore, the adoption of ASC 606
did not have a material impact on the Company's consolidated financial
statements.



                                      21




Real Estate Property under Development

Real estate property under development, which consists of residential unit sites
and commercial and residential unit sites under development, is stated at the
lower of carrying amounts or fair value less selling costs.



Expenditures for land development, including cost of land use rights, deed tax,
pre-development costs and engineering costs, are capitalized and allocated to
development projects by the specific identification method. Costs are allocated
to specific units within a project based on the ratio of the sales value of
units to the estimated total sales value times the total project costs.



Costs of amenities transferred to buyers are allocated as common costs of the
project that are allocated to specific units as a component of total
construction costs. For amenities retained by the Company, costs in excess of
the related fair value of the amenity are also treated as common costs. Results
of operations of amenities retained by the Company are included in current
operating results.



In accordance with ASC 360, "Property, Plant and Equipment" ("ASC 360"), real
estate property under development is subject to valuation adjustments when the
carrying amount exceeds fair value. An impairment loss is recognized only if the
carrying amount of the assets is not recoverable and exceeds fair value. The
carrying amount is not recoverable if it exceeds the sum of the undiscounted
cash flows expected to be generated by the assets.



Government Subsidies


Government subsidies include cash subsidies received by the Company's subsidiaries from the local governments in the PRC.

In recognizing the benefit of government subsidies in accordance with U.S. GAAP,
the Company considers intended use of and restrictions of the subsidy, the
requirements for the receipt of funds, and whether or not the incentive is given
for immediate financial support, or to encourage activities such as land
development in specified area. Each grant is evaluated to determine the
propriety of classification on the consolidated statements of operations and
consolidated balance sheets. Those grants that are substantively reimbursements
of specified costs are matched with those costs and recorded as a reduction in
costs. Those benefits that are more general in nature or driven by business
performance measures are classified as revenue.



The government subsidy received by the Company is given to reimburse the land
acquisition costs and certain construction costs incurred for its property
development project in Linyi. The subsidy is repayable if the Company fails to
complete the subsidized property development project by the agreed date. The
Company recorded the subsidy received as a deferred government subsidy in
consolidated balance sheets.



Income Taxes



The Company accounts for income taxes under ASC 740, Income Taxes. Under the
asset and liability method of ASC 740, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between
the financial statements carrying amounts of existing assets and liabilities and
their respective tax bases. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in
which those temporary differences are expected to be recovered or settled. The
effect on deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period the enactment occurs. A valuation allowance
is provided for certain deferred tax assets if it is more likely than not that
the Company will not realize tax assets through future operations. Deferred tax
assets or liabilities were off-set by a 100% valuation allowance; therefore
there has been no recognized benefit as of December 31, 2020 and 2019.



RESULTS OF OPERATIONS



We provide the following discussion and analyses of our changes in financial
condition and results of operations for the period ended September 30, 2020 with
comparisons to the period ended September 30, 2019.



Revenue


The following table shows the net revenue detail by line of business:




                           Three Months Ended September 30,                                     Nine Months Ended September 30,
                            % to                       % to          %                         % to                          % to          %
               2020        total         2019         total        change        2020         total           2019          total        change
Agency
sales          44,708           56       123,152           17          (64 )     282,650           35          231,802            1           22
Property
management     35,503           44       199,432           28          (82 )     519,544           65          390,113            1           33
House
sales               -            0       402,243           55         (100 )           -            0       31,802,159           98         (100 )
Net
revenues       80,211          100       724,827          100          (89 )     802,194          100        5,162,387          100          (98 )




                                      22




The net revenue for the third quarter of 2020 was $80,211, which decreased 89%
from $724,827 from the third quarter of 2019. The net revenue for the first
three quarters of 2020 was $802,194, which represented a decrease of 98% from
$5,162,387 from the first three quarters of 2019. For the third quarter of 2020,
agency sales and property management represented 56% and 44% of our net
revenues, respectively. For the first three quarters of 2020, agency sales and
property management represented 35% and 65% of our net revenues, respectively.
The decrease in net revenue for the first three quarters of 2020 was mainly due
to the lack of any house sales r.



Agency sales



For the third quarter and first three quarters of 2020, 56% and 35%,
respectively, of our net revenues were attributable to agency sales. As compared
with the same period in 2019, net revenue of agency sales decreased 64% and
increase 22%, respectively, for the third quarter and the first three quarters
of 2020.



Property Management



Property management represented 44% of our revenue for the first three quarter
of 2020 and revenue from property management increased by 33% compared with
the
same period in 2019.



House sales



For the first three quarters of 2020, the Company has not recognized any house
sales. House sales represented 0% of our revenue for the first three quarters of
2020.



Cost of Revenue


The following table shows the cost of revenue detail by line of business:




                            Three Months Ended September 30,                                      Nine Months Ended September 30,
                             % to                       % to          %                           % to                          % to          %
               2020         total         2019         total        change         2020          total           2019          total        change
Agency
sales          137,119           26       107,118           14           28         395,422           23          185,502            1          113
Property
management     395,502           74       730,626           98          (46 )     1,298,168           77          913,852            3           42
House
sales                -            0       (88,508 )        (12 )       (100 )             -            0       25,131,903           96         (100 )
Cost of
revenues       532,622          100       749,236          100          (29 )     1,693,591          100       26,231,257          100          (93 )




The cost of revenue for the third quarter of 2020 was $532,622, which decreased
29% from $749,236 during the third quarter of 2019. The cost of revenues for the
first three quarters of 2020 was $1,693,591, which decreased 93% from
$26,231,257 during the first three quarters of 2019. For the third quarter of
2020, agency sales, property management, and house sales represented 26%, 74%
and 0% of our cost of revenue, respectively. For the first three quarters of
2020, agency sales, property management, and house sales represented 23% and 77%
and 0% of our cost of revenue, respectively. The decrease in the cost of revenue
in the third quarter and in the first three quarters of 2020 was mainly due to
none of cost of sales revenue was recognized.



Agency sales



The cost of revenue for agency sales for the first three quarters of 2020 was
$395,422, an increase of 113% from $185,502 in the same period in 2019. This
increase was mainly due to the increase in our commissions from the increase in
agency sales for the first three quarters of 2020.



Property management


The cost of revenue for property management for the first three quarters of 2020
was $1,298,168, an increase of 42% from $913,852 in the same period in 2019.
This was mainly due to more business for the property management as a whole.



Operating Expenses


The following table shows operating expenses detail by line of business:



                             Three Months Ended September 30,                                         Nine Months Ended September 30,
                             % to                        % to            %                           % to                          % to            %
               2020          total         2019          total        change          2020           total          2019           total        change
Agency
sales           22,138             4        23,944             4            (8 )        69,279             2          85,450             6           (19 )
Property
management     129,417            23       155,171            28           (17 )     1,260,001            43         454,278            33           177
House
sales          408,022            73       360,576            68            13       1,578,322            54         832,946            61            89
Operating
expenses       559,577           100       548,691           100             4       2,907,602           100       1,372,674           100           112




                                      23





The operating expenses for the third quarter of 2020 were $559,577, which
increased 4% from $548,691 for the same period in 2019. The total operating
expenses for the first three quarters of 2020 were $2,907,602, which increased
112% from $1,372,674 for the same period in 2019. For the third quarter of 2020,
agency sales, property management, and house sales represented 4%, 23%, and 73%
of the total operating expenses, respectively. For the first three quarters of
2020, agency sales, property management, and house sales represented 2%, 43%,
and 54% of the total operating expense, respectively. The increase in the
overall operating expense resulted from the increase in house sales and property
management for the third quarter and the first three quarters of 2020.



Agency sales


The operating expenses for agency sales for the first three quarters of 2020 were $69,279, a decrease of 19% from $85,450 in the same period in 2019.



Property management


The operating expenses for property management for the first three quarters of
2020 were $1,260,001, an increase of 117% from $454,278 in the same period in
2019. The increase is mainly due to the consulting expenses relating to the
business.



House sales


The operating expenses for house sales for the first three quarters of 2020 were
$1,578,322 which increased 89% from $832,946 in the same period in 2019. The
increase is mainly due to the operations of HATX project.



General and Administrative Expenses

General and administrative expenses in the first three quarters of 2020 were $2,202,127, a decrease of 76% from $9,141,400, in the same period in 2019.



Other income, net



Other income for the first three quarters of 2020 was $23,402,495, an increase
of 1427% from a gain of $1,573,414 for the same period in 2019. The increase in
income was mainly due to the dividend received from SHDEW and the gain of
transactional financial assets.



Major Related Party Transaction




A related party is an entity that can control or significantly influence the
management or operating policies of another entity to the extent one of the
entities may be prevented from pursuing its own interests. A related party may
also be any party the entity deals with that can exercise that control.



Amount due to directors


The total amount due to directors for September 30, 2020 was $535,054. The amounts due are as follows:




Amount due to Lin Chi-Jung



The balances due to Lin Chi-Jung consists of temporary advances at the amount of $513,770 and are unsecured, interest-free and have no fixed term of repayment.




Amount due to Lin Hsin Hung



The amount of $21,283 represents the salary payable to Lin Hsin Hung.



Amount due to affiliate


The amount due to JXSY, in the amount of $516,586 were intercompany transfers for day to day operation.



                                      24




LIQUIDITY AND CAPITAL RESOURCES




For the first three quarters of 2020, our principal sources of cash were
revenues from our house sales collection and property management business, as
well as the dividend receipt from the affiliates. Most of our cash resources
were used to fund our property development investment and revenue related
expenses, such as salaries and commissions paid to the sales force, daily
administrative expenses and the maintenance of regional offices.



We ended the period with a cash position of $18,872,784.




The Company's operating activities provided cash in the amount of $59,978,643,
which was primarily attributable to the receipts in advance of pre-sale of
real
estate development.


The Company's investing activities used cash resources of $24,433,581, which was primarily attributable to the investment in transactional financial assets.

The Company's financing activities used cash resources of $39,641,623, which was primarily attributable to the restricted cash of our real estate developments.




The potential cash needs for 2020 are for investment in transactional financial
assets, construction for our development projects in the Huai'an project (HATX)
and the Linyi project.



Capital Resources



Considering our cash position, available credit facilities and cash generated
from operating activities, we believe that we have sufficient funds to operate
our existing business for the next twelve months. If our business otherwise
grows more rapidly than we currently predict, we plan to raise funds through the
issuance of additional shares of our equity securities in one or more public or
private offerings. We will also consider raising funds through credit facilities
obtained with lending institutions. There can be no guarantee that we will be
able to obtain such funds through the issuance of debt or equity or obtain funds
that are with terms satisfactory to management and our board of directors.

OFF BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements.

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Financials (USD)
Sales 2021 54,1 M - -
Net income 2021 35,0 M - -
Net cash 2021 36,7 M - -
P/E ratio 2021 0,41x
Yield 2021 71,4%
Capitalization 20,6 M 20,6 M -
EV / Sales 2020 -2,14x
EV / Sales 2021 -0,41x
Nbr of Employees 103
Free-Float 18,7%
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Managers and Directors
Jian Zhang Chief Executive Officer & Director
Yong Jun Mi Chief Financial Officer
Hsin-Hung Lin Chairman
Xiao-Gang Li Independent Director
Xuan-Jie Fu Independent Director