UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM 10-Q
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31,
2014
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________
to __________
Commission File
Number 000-32585
SUNRISE REAL ESTATE
GROUP, INC.
(Exact name of registrant as specified
in its charter)
Texas |
|
75-2713701 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
No. 638, Hengfeng
Road 25th Fl, Building A
Shanghai, PRC 200070
(Address of Principal Executive Offices)
(Zip Code)
Issuer's telephone number: + 86-21-6167-2800
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes ¨ No ¨
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes x
No ¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,”“accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act. (Check one):
Large accelerated filer ¨ |
Accelerated filer ¨ |
Non-accelerated filer ¨ |
Smaller reporting company x |
Indicate by checkmark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ¨
No x
Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable date: December 18, 2015 –68,691,925 shares
of Common Stock
FORM 10-Q
For the Quarter Ended March 31, 2014
INDEX
PART I - FINANCIAL INFORMATION
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, | |
| |
2014 | | |
2013 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,227,632 | | |
$ | 3,503,510 | |
Restricted cash (Note 3) | |
| 23,461 | | |
| 246,895 | |
Accounts receivable | |
| 1,190,598 | | |
| 1,289,469 | |
Promissory deposits (Note 4) | |
| 747,712 | | |
| 754,482 | |
Real estate property under development (Note 5) | |
| 32,766,496 | | |
| 31,119,043 | |
Amount due from an unconsolidated affiliate (Note
9) | |
| 2,211,185 | | |
| 3,086,185 | |
Other receivables and deposits,
net (Note 6) | |
| 8,558,308 | | |
| 204,557 | |
| |
| | | |
| | |
Total current assets | |
| 48,725,392 | | |
| 40,204,141 | |
| |
| | | |
| | |
Property and equipment, net (Note 7) | |
| 8,875,067 | | |
| 9,139,734 | |
Investment properties, net (Note 8) | |
| 5,998,986 | | |
| 6,137,819 | |
Deferred tax assets (Note 15) | |
| 679,423 | | |
| 469,400 | |
Investment in an unconsolidated affiliate (Note 9) | |
| 5,480,505 | | |
| 5,642,909 | |
Other investments | |
| 146,292 | | |
| 104,315 | |
| |
| | | |
| | |
Total
assets | |
$ | 69,905,665 | | |
$ | 61,698,318 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’
EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Bank loans (Note 10) | |
$ | 18,448,985 | | |
$ | 18,616,018 | |
Current portion of long term borrowings (Note 11) | |
| 7,964,760 | | |
| 8,036,871 | |
Promissory notes payable (Note 12) | |
| 15,198,449 | | |
| 5,076,547 | |
Accounts payable | |
| 748,125 | | |
| 489,582 | |
Amounts due to directors (Note 13) | |
| 8,501,057 | | |
| 10,440,238 | |
Amount due to an affiliate | |
| 69,641 | | |
| - | |
Customer deposits | |
| 5,016,220 | | |
| 3,168,369 | |
Other payables and accrued expenses (Note 14) | |
| 2,285,966 | | |
| 3,001,581 | |
Other taxes payable | |
| 174,895 | | |
| 190,036 | |
Dividends payables | |
| 355,924 | | |
| - | |
Income taxes payable | |
| 135,093 | | |
| 190,152 | |
| |
| | | |
| | |
Total current
liabilities | |
| 58,899,115 | | |
| 49,209,394 | |
| |
| | | |
| | |
Long term bank loan (Note 11) | |
| 3,413,469 | | |
| 3,444,374 | |
Deferred government subsidy (Note
15) | |
| 5,392,535 | | |
| 5,441,360 | |
| |
| | | |
| | |
Total liabilities | |
| 67,705,119 | | |
| 58,095,128 | |
| |
| | | |
| | |
Commitments and contingencies (Note
16) | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Common stock, par value $0.01 per share; 200,000,000
shares
Authorized; 28,691,925 shares issued and outstanding as of
March 31, 2014 and December 31, 2013, respectively | |
| 286,919 | | |
| 286,919 | |
Additional paid-in capital | |
| 4,570,008 | | |
| 4,570,008 | |
Statutory reserve (Note 17) | |
| 783,101 | | |
| 782,987 | |
Accumulated losses | |
| (15,410,688 | ) | |
| (14,668,376 | ) |
Accumulated other comprehensive
income | |
| 120,242 | | |
| 172,214 | |
| |
| | | |
| | |
Total deficit of Sunrise Real Estate
Group, Inc. | |
| (9,650,418 | ) | |
| (8,856,248 | ) |
| |
| | | |
| | |
Non-controlling interests | |
| 11,850,964 | | |
| 12,459,438 | |
| |
| | | |
| | |
Total
shareholders’ equity | |
| 2,200,546 | | |
| 3,603,190 | |
| |
| | | |
| | |
Total
liabilities and shareholders’ equity | |
$ | 69,905,665 | | |
$ | 61,698,318 | |
See accompanying notes to consolidated
financial statements.
SUNRISE REAL ESTATE GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
(Expressed in U.S. Dollars)
| |
Three Months Ended March 31, | |
| |
2014 | | |
2013 | |
Net revenues | |
$ | 2,721,154 | | |
$ | 2,113,429 | |
Cost of
revenues | |
| (1,321,918 | ) | |
| (1,163,939 | ) |
| |
| | | |
| | |
Gross profit | |
| 1,399,236 | | |
| 949,490 | |
| |
| | | |
| | |
Operating expenses | |
| (631,074 | ) | |
| (312,924 | ) |
General and administrative expenses | |
| (833,640 | ) | |
| (1,051,759 | ) |
Operating
loss | |
| (65,478 | ) | |
| (415,193 | ) |
| |
| | | |
| | |
Other income (expenses) | |
| | | |
| | |
Interest income | |
| 100,269 | | |
| 157,948 | |
Interest expense | |
| (830,759 | ) | |
| (915,147 | ) |
Other income, net | |
| (12,926 | ) | |
| 15,311 | |
| |
| | | |
| | |
Total Other
Expenses | |
| (743,416 | ) | |
| (741,888 | ) |
| |
| | | |
| | |
Loss before income taxes and equity in net loss of
an unconsolidated affiliate | |
| (808,894 | ) | |
| (1,157,081 | ) |
| |
| | | |
| | |
Income tax benefit (expense) | |
| 204,726 | | |
| 15,781 | |
Equity in net gain (loss) of an
unconsolidated affiliate, net of income taxes | |
| (112,379 | ) | |
| (193,022 | ) |
| |
| | | |
| | |
Net loss | |
| (716,547 | ) | |
| (1,334,322 | ) |
Less: Net loss attributable to
non-controlling Interests | |
| 334,420 | | |
| 130,069 | |
Net loss attributable to shareholders
of Sunrise Real Estate Group, Inc. | |
$ | (382,127 | ) | |
$ | (1,204,253 | ) |
| |
| | | |
| | |
Loss
per share – basic and fully diluted | |
$ | (0.04 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
Weighted average common shares outstanding | |
| | | |
| | |
- Basic and
fully diluted | |
| 28,691,925 | | |
| 28,691,925 | |
See accompanying notes to consolidated
financial statements.
SUNRISE REAL ESTATE GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (UNAUDITED)
(Expressed in U.S. Dollars)
| |
Three Months Ended March 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Net Loss | |
$ | (716,547 | ) | |
$ | (1,334,322 | ) |
| |
| | | |
| | |
Other comprehensive income (loss) | |
| | | |
| | |
- Foreign currency translation
adjustment | |
| (326,027 | ) | |
| 26,866 | |
| |
| | | |
| | |
Total comprehensive loss | |
| (1,042,574 | ) | |
| (1,307,456 | ) |
Less: Comprehensive loss (income)
attributable to non-controlling interests | |
| 608,475 | | |
| 98,752 | |
| |
| | | |
| | |
Total comprehensive loss attributable
to stockholders of Sunrise Real Estate Group, Inc. | |
$ | (434,099 | ) | |
$ | (1,208,704 | ) |
See accompanying notes to consolidated
financial statements.
SUNRISE REAL ESTATE GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(Expressed in U.S. Dollars)
| |
Three Months Ended March 31, | |
| |
2014 | | |
2013 | |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (716,547 | ) | |
$ | (1,334,322 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss
to net cash used in operating activities | |
| | | |
| | |
Depreciation and amortization | |
| 299,740 | | |
| 284,450 | |
Bad debts | |
| (1,459 | ) | |
| - | |
Loss (Gain) on disposal of property, plant and equipment | |
| 14,133 | | |
| - | |
Equity in net loss of an unconsolidated affiliate | |
| 112,379 | | |
| 193,022 | |
Changes in assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| 87,774 | | |
| 992,564 | |
Promissory deposits | |
| - | | |
| (11,155 | ) |
Real estate property under development | |
| (1,937,124 | ) | |
| (1,822,566 | ) |
Customer Deposits | |
| 1,886,459 | | |
| - | |
Amount due from unconsolidated affiliates | |
| 851,906 | | |
| - | |
Other receivables and deposits | |
| (8,399,463 | ) | |
| (359,839 | ) |
Deferred tax assets | |
| (215,398 | ) | |
| (15,781 | ) |
Accounts payable | |
| 264,363 | | |
| (77,759 | ) |
Amount due to an affiliate | |
| 70,018 | | |
| - | |
Other payables and accrued expenses | |
| (692,420 | ) | |
| (1,374,024 | ) |
Deposits received from underwriting sales | |
| - | | |
| (551,625 | ) |
Interest payable on promissory notes | |
| 142,187 | | |
| 114,734 | |
Interest payable on amounts due to directors | |
| 312,399 | | |
| (665,718 | ) |
Other taxes payable | |
| (13,509 | ) | |
| (59,843 | ) |
Income taxes payable | |
| (53,641 | ) | |
| (144,829 | ) |
Net cash used
in operating activities | |
| (7,988,203 | ) | |
| (4,832,691 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchases of property and equipment | |
| (42,978 | ) | |
| (50,748 | ) |
Decrease in restricted cash | |
| - | | |
| 478,057 | |
Repayment of advances to an unconsolidated
affiliate | |
| - | | |
| 318,884 | |
Net cash used
in investing activities | |
| (42,978 | ) | |
| 746,193 | |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Restricted cash | |
| 222,419 | | |
| - | |
Bank loan repayments | |
| (1,666,966 | ) | |
| - | |
New bank loans | |
| 1,676,011 | | |
| 1,274,819 | |
Advances from directors | |
| 46,389 | | |
| 4,345,689 | |
Repayments of advances from directors | |
| (2,297,969 | ) | |
| (1,950,536 | ) |
Proceeds from new promissory notes | |
| 10,579,673 | | |
| 956,114 | |
Repayments of promissory notes | |
| (599,958 | ) | |
| - | |
Dividend paid to non-controlling
interests | |
| - | | |
| (79,233 | ) |
Net cash provided
by financing activities | |
| 7,959,599 | | |
| 4,546,853 | |
| |
| | | |
| | |
Effect of
exchange rate changes on cash and cash equivalents | |
| (204,296 | ) | |
| 71,822 | |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (275,878 | ) | |
| 532,177 | |
Cash and cash
equivalents at beginning of year | |
| 3,503,510 | | |
| 934,123 | |
Cash and
cash equivalents at end of year | |
$ | 3,227,632 | | |
$ | 1,466,300 | |
| |
| | | |
| | |
Supplemental disclosure of cash
flow information | |
| | | |
| | |
Income taxes paid | |
$ | 56,842 | | |
$ | 144,830 | |
Interest paid | |
| 933,498 | | |
| 1,429,348 | |
See accompanying notes to consolidated
financial statements.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 1 – ORGANIZATION AND DESCRIPTION
OF BUSINESS
Sunrise Real Estate Group, Inc. “SRRE”
was incorporated in Texas on October 10, 1996 under the name of Parallax Entertainment, Inc. SRRE together with its subsidiaries
and equity investment described below is collectively referred to as “the Company”, “our” or “us”.
The Company is primarily engaged in the provision of property brokerage services, which include property marketing, leasing and
management services; and real estate development in the People’s Republic of China (the “PRC”).
As of March 31, 2014, the Company has
the following major subsidiaries and equity investment.
Company
Name |
|
Date
of
Incorporation |
|
Place
of
Incorporation |
|
% of
Ownership
held by the
Company |
|
Relationship
with the
Company |
|
Principal
activity |
Sunrise Real Estate Development
Group, Inc. (CY-SRRE) |
|
April 30, 2004 |
|
Cayman Islands |
|
100% |
|
Subsidiary |
|
Investment holding |
Lin Ray Yang Enterprise
Limited (“LRY”) |
|
November 13, 2003 |
|
British Virgin Islands |
|
100% |
|
Subsidiary |
|
Investment holding |
Shanghai Xin Ji Yang
Real Estate Consultation Company Limited (“SHXJY”) |
|
August 20, 2001 |
|
PRC |
|
100% |
|
Subsidiary |
|
Property brokerage services |
Shanghai Shang Yang Real
Estate consultation Company Limited (“SHSY”) |
|
February 5, 2004 |
|
PRC |
|
100% |
|
Subsidiary |
|
Property brokerage services |
Suzhou Gao Feng Hui Property
Management Company Limited (“SZGFH”) |
|
January 10, 2005 |
|
PRC |
|
100% |
|
Subsidiary |
|
Property management and leasing services |
Suzhou Shang Yang Real
Estate Consultation Company Limited (“SZSY”) |
|
November 24, 2006 |
|
PRC |
|
38.5%* |
|
Subsidiary |
|
Property brokerage and management services |
Suzhou Xi Ji Yang Real
Estate Consultation Company Limited (“SZXJY”) |
|
June 25, 2004 |
|
PRC |
|
75% |
|
Subsidiary |
|
Property brokerage services |
Linyi Shangyang Real
Estate Development Company Limited (“LYSY”) |
|
October 13, 2011 |
|
PRC |
|
24%** |
|
Subsidiary |
|
Real estate development |
Shangqiu Shang Yang Real
Estate Consultation Company Limited (“SQSY”) |
|
October 20, 2010 |
|
PRC |
|
100% |
|
Subsidiary |
|
Property brokerage services |
Wuhan Gao Feng Hui Consultation
Company Limited (“WHGFH”) |
|
November 10, 2010 |
|
PRC |
|
60% |
|
Subsidiary |
|
Property brokerage services |
Sanya Shang Yang Real
Estate Consultation Company Limited (“SYSY”) |
|
September 18, 2008 |
|
PRC |
|
100% |
|
Subsidiary |
|
Property brokerage services |
Shanghai Rui Jian Design
Company Limited (“SHRJ”) |
|
August 15, 2011 |
|
PRC |
|
100% |
|
Subsidiary |
|
Property brokerage services |
Linyi Rui Lin Construction
and Design Company Limited (“LYRL”) |
|
March 6, 2012 |
|
PRC |
|
100%*** |
|
Subsidiary |
|
Investment holding |
Putian Xin Ji Yang Real
Estate Consultation Company Limited (“PTXJY”) |
|
June 5, 2012 |
|
PRC |
|
100% |
|
Subsidiary |
|
Property brokerage services |
Wuhan Yuan Yu Long Real
Estate Development Company Limited (“WHYYL”) |
|
December 28, 2009 |
|
PRC |
|
49% |
|
Equity investment |
|
Real estate development |
Shanghai Xin Xing Yang
Real Estate Brokerage Company Limited (“SHXXY”) |
|
September 28, 2011 |
|
PRC |
|
40% |
|
Equity investment |
|
Property brokerage services |
Xin Guang Investment
Management and Consulting Company Limited (“XG”) |
|
December 17, 2012 |
|
PRC |
|
49% |
|
Equity investment |
|
Investment management and consulting |
Shanghai Da Er Wei Trading
Company Limited (“SHDEW”) |
|
June 6, 2013 |
|
PRC |
|
30% |
|
Equity investment |
|
Import and export trading |
| * | The Company and a shareholder
of SZSY, which holds 12.5% equity interest in SZSY, entered into a voting agreement that
the Company is entitled to exercise the voting rights in respect of the shareholder’s
12.5% equity interest in SZSY. The Company effectively holds 51% voting rights in SZSY
and therefore considers SZSY as a subsidiary of the Company. |
| ** | The Company and a shareholder of LYSY,
which holds 51% equity interest in LYSY, entered into a voting agreement that the Company
is entitled to exercise the voting rights in respect of her 51% equity interest in LYSY.
The Company effectively holds 75% voting rights in LYSY and therefore considers LYSY
as a subsidiary of the Company. |
| *** | The
equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. |
The
accompanying condensed consolidated balance sheet as of December 31, 2013, which has been derived from the audited consolidated
financial statements and the accompanying unaudited condensed consolidated financial statements, have been prepared pursuant to
the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures
normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations and the Company
believes that the disclosures made are adequate to make the information not misleading.
In the opinion of management, these
condensed consolidated financial statements reflect all adjustments which are of a normal recurring nature and which are
necessary to present fairly the financial position of Sunrise Real Estate as of March 31, 2014 and the results of operations
for the three months ended March 31, 2014 and 2013, and the cash flows for the three months ended March 31, 2014 and 2013.
These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s
annual report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three months ended
March 31, 2014 are not necessarily indicative of the results which may be expected for the entire fiscal year.
The preparation of condensed consolidated
financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
NOTE 2 –SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis of Accounting and Principles
of Consolidation
The condensed
consolidated financial statements include the financial statements of Sunrise Real Estate Group,
Inc. and its subsidiaries. All significant inter-company accounts and transactions have been eliminated on consolidation.
Investments in business entities, in which
the Company does not have control but has the ability to exercise significant influence over operating and financial policies,
are accounted for using the equity method.
Going Concern
The Company’s condensed
consolidated financial statements have been prepared on a going concern, which contemplates the realization of assets and
satisfaction of liabilities and commitments in the normal course of business. As of March 31, 2014, the Company has a working
capital deficiency, accumulated deficit from recurring net losses, and significant short-term debt obligations currently in
default or maturing in less than one year. These factors raise substantial doubts about the Company’s ability to
continue as a going concern.
Management believes that the Company will
generate sufficient cash flows to fund its operations and to meet its obligations on timely basis for the next twelve months by
successful implementation of its business plans, obtaining continued support from its lenders to rollover debts when they became
due, and securing additional financing as needed. There is no assurance that the Company will be able to obtain additional financing
on acceptable terms and any financing that the Company does obtain will be sufficient to meet its needs in the long term. Even
if the Company is able to obtain additional financing, it may contain undue restrictions on our operations in the case of debt
financing, or cause substantial dilution for our shareholders in the case of equity financing. If events or circumstances
occur that the Company is unable to successfully implement its business plans, fails to obtain continued supports from its lenders
or to secure additional financing, or incurs significant unplanned cash outlays, the Company may be required to suspend operations
or cease business entirely.
The accompanying condensed consolidated
financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts
and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
Foreign Currency Translation and Transactions
The functional currency of SRRE, CY-SRRE
and LRY is U.S. dollars (“$”) and their financial records are maintained and the financial statements prepared in
U.S. dollars. The functional currency of the Company’s subsidiaries and affiliate in China is Renminbi (“RMB”)
and their financial records and statements are maintained and prepared in RMB.
Foreign currency transactions during the
period are translated into each company’s denominated currency at the exchange rates ruling at the transaction dates. Gain
and loss resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities
denominated in foreign currencies at the balance sheet date are translated into each company’s denominated currency at period-end
exchange rates. All exchange differences are dealt with in the consolidated statements of operations.
The financial statements of the Company’s
operations based outside of the United States have been translated into U.S. dollars in accordance with ASC830. Management has
determined that the functional currency for each of the Company’s foreign operations is its applicable local currency. When
translating functional currency financial statements into U.S. dollars, period-end exchange rates are applied to the condensed
consolidated balance sheets, while average exchange rates as to revenues and expenses are applied to consolidated statements of
operations. The effect of foreign currency translation adjustments is included as a component of accumulated other comprehensive
income in shareholders’ equity.
The exchange rates as of March 31,
2014 and December 31, 2013 are $1: RMB6.1521 and $1: RMB6.0969, respectively.
The RMB is not freely convertible into
foreign currency and all foreign exchange transaction must take place through authorized institutions. No representation is made
that the RMB amounts could have been, or could be, converted into U.S. dollars at the rate used in translation.
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.
For the three months ended March 31, 2014
and 2013, the Company had not recognized any impairment for real estate property under development.
Long Term Investments
The Company accounts for long term investments
in equities as follows.
Investment in Unconsolidated Affiliates
Affiliates are entities over which the
Company has significant influence, but which it does not control. The Company generally considers an ownership interest of 20%
or higher to represent significant influence. Investments in unconsolidated affiliates are accounted for by the equity method
of accounting. Under this method, the Company’s share of the post-acquisition profits or losses of affiliates is recognized
in the income statement and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive
income. Unrealized gains on transactions between the Company and its affiliates are eliminated to the extent of the Company’s
interest in the affiliates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
When the Company’s share of losses
in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company
has incurred obligations or made payments on behalf of the affiliate.
The Company is required to perform an
impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value
of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment
that is other than temporary. The Company recorded any impairment losses in any of the periods reported.
Other Investments
Where the Company has no significant influence,
the investment is classified as other assets in the balance sheet and is carried under the cost method. Investment income is recognized
by the Company when the investee declares a dividend and the Company believes it is collectible. The Company periodically evaluates
the carrying value of its investment under the cost method and any decline in value is included in impairment of cost of the investment.
Government Subsidies
Government subsidies include cash subsidies
received by the Company’s subsidiaries in the PRC from local governments.
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.
Government subsidy was received in 2012
and as of March 31, 2014 and December 31, 2013, the Company received $5,392,535 and $5,441,360, respectively. The subsidy is given
to reimburse the land acquisition costs and certain construction costs incurred for the Company’s property development project
in Linyi, and are 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.
Revenue Recognition
Agency commission revenue from property
brokerage is recognized when the property developer and the buyer complete a property sales transaction, and the property developer
grants confirmation to us to be able to invoice them accordingly. The time when we receive the commission is normally at the time
when the property developer receives from the buyer a portion of the sales proceeds in accordance with the terms of the relevant
property sales agreement, or the balance of the bank loan to the buyer has been funded, or recognized under the sales schedule
or other specific items of agency sales agreement with developer. At no point does the Company handle any monetary transactions
nor act as an escrow intermediary between the developer and the buyer.
Revenue from marketing consultancy services
is recognized when services are provided to clients, fees associated to services are fixed or determinable, and collection of
the fees is assured.
Rental revenue from property management
and rental business is recognized on a straight-line basis according to the time pattern of the leasing agreements.
The Company accounts for underwriting
sales in accordance with ASC 976-605 “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting
Standards No. 66) (“ASC 976-605”). The commission revenue on underwriting sales is recognized when sales have been
consummated, generally when title is transferred and the Company no longer has substantial continuing involvement with the real
estate asset sold. If the Company provides certain rent guarantees or other forms of support where the maximum exposure to loss
exceeds the gain, it defers the related commission income and expenses by applying the deposit method. In future periods, the
commission income and related expenses are recognized when the remaining maximum exposure to loss is reduced below the amount
of income deferred.
All revenues represent gross revenues
less sales and business taxes.
Net Earnings (Loss) per Common Share
The Company computes net earnings (loss)
per share in accordance with ASC 260, “Earnings per Share” (“ASC 260”). Under the provisions of ASC 260,
basic net earnings (loss) per share is computed by dividing net earnings (loss) available to common shareholders for the period
by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net earnings
(loss) per share recognizes common stock equivalents, however; potential common stock in the diluted EPS computation is excluded
in net loss periods, as their effect is anti-dilutive.
Recently Adopted Accounting Standards
In December 2011, the FASB issued ASU
No. 2011-11, Topic 210 - Balance Sheet: Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11
requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements
to understand the effect of those arrangements on its financial position. ASU 2011-11 became effective for fiscal years beginning
on or after January 1, 2013, with retrospective application for all comparable periods presented. The adoption of this guidance
did not have a material impact on the Company’s condensed consolidated financial statements.
In February 2013, the FASB issued ASU
2013-12, Topic 220 - Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 changes the presentation
requirements of significant reclassifications out of accumulated other comprehensive income in their entirety and their corresponding
effect on net income. For other significant amounts that are not required to be reclassified in their entirety, the standard requires
the company to cross-reference to related footnote disclosures. ASU 2013-02 became effective for the company on January 1, 2013.
The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.
New Accounting Pronouncements
In March 2013, the FASB issued ASU 2013-05
Topic 830 – Foreign Currency Matters (“ASU 2013-05”). ASU 2013-05 resolves the diversity in practice about whether
Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, ASU 2013-05 applies to the release of the cumulative translation
adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a
controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale
of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments
in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also
referred to as step acquisitions) involving a foreign entity. ASU 2013-02 became effective for the company prospectively for fiscal
years (and interim reporting periods within those years) beginning after December 15, 2013. The Company does not expect the adoption
of this guidance to have a material effect on the Company’s condensed consolidated financial statements.
The FASB has issued ASU 2013-04 Topic
405 - Liabilities: Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation
Is Fixed at the Reporting Date (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement, and
disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation
within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S.
GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay
on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf
of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning
after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s
condensed consolidated financial statements.
NOTE 3– RESTRICTED CASH
The Company is required to maintain certain deposits with
the bank that provides secured loans to the Company. As of March 31, 2014 and December 31, 2013, the Company held cash
deposits of $23,461 and $246,895, respectively, as security for its bank loans (see Note 11). These balances are subject to
withdrawal restrictions and are not covered by insurance.
NOTE 4- PROMISSORY
DEPOSITS
Promissory deposits are paid to property developers in respect
of the real estate projects where the Company has been appointed as sales agent. The balances are unsecured, interest free and
recoverable on completion of the respective projects.
NOTE 5 – REAL ESTATE PROPERTY
UNDER DEVELOPMENT
Real estate property under development
represents the Company’s real estate development project in Linyi, the PRC (“Linyi Project”), which is located
on the junction of Xiemen Road and Hong Kong Road in Linyi City Economic Development Zone, Shandong Province, PRC. This project
covers a site area of approximately 103,385 square meters for the development of villa-style residential housing buildings. The
Company acquired the site and commenced construction of this project during the fiscal year of 2012.
On March 13, 2014, the Company has 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 Project, which 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 apartment.
As of March 31, 2014, land use rights
included in real estate property under development totaled $32,766,496.
NOTE 6 - OTHER RECEIVABLES AND DEPOSITS,
NET
| |
March 31, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Advances to staff | |
$ | 16,999 | | |
| 56,161 | |
Rental deposits | |
| 169,244 | | |
| 7,483 | |
Prepaid expense | |
| 60,956 | | |
| - | |
Prepaid tax | |
| 55,445 | | |
| - | |
GuangXinlu Project | |
| 8,127,306 | | |
| - | |
Other receivables | |
| 128,358 | | |
| 140,913 | |
| |
$ | 8,558,308 | | |
$ | 204,557 | |
Other receivables and deposits as of March
31, 2014 and December 31, 2013 are stated net of allowance for doubtful accounts of $109,235 and $99,437, respectively.
NOTE 7 – PROPERTY AND EQUIPMENT,
NET
| |
March 31, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Furniture and fixtures | |
$ | 245,793 | | |
$ | 423,461 | |
Computer and office equipment | |
| 269,873 | | |
| 293,100 | |
Motor vehicles | |
| 747,655 | | |
| 878,732 | |
Properties | |
| 9,795,377 | | |
| 9,657,427 | |
| |
| 11,058,699 | | |
| 11,252,720 | |
Less: Accumulated depreciation | |
| (2,183,632 | ) | |
| (2,112,986 | ) |
| |
$ | 8,875,067 | | |
$ | 9,139,734 | |
Depreciation and amortization expense
for property and equipment amounted to $215,524 and $152,350 for the three months ended March 31, 2014 and 2013, respectively.
All properties as of March 31, 2014 and December
31, 2013 were pledged as collateral for the Company’s bank loans (See Note 10).
NOTE 8 – INVESTMENT PROPERTIES,
NET
| |
March 31, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Investment properties | |
$ | 10,064,990 | | |
$ | 10,156,116 | |
Less: Accumulated depreciation | |
| (4,066,004 | ) | |
| (4,018,297 | ) |
| |
$ | 5,998,986 | | |
$ | 6,137,819 | |
Depreciation and amortization
expense for investment properties amounted to $84,216 and $132,100 for the three months ended March 31, 2014 and 2013,
respectively.
All investment properties as of March
31, 2014 and December 31, 2013 were pledged as collateral for the Company’s bank loans (See Note 10).
NOTE 9 – INVESTMENT IN AND AMOUNT
DUE FROM AN UNCONSOLIDATED AFFILIATE
In 2011, the Company invested $4,697,686
for acquiring 49% equity interest in WHYYL to expand its operations to real estate development business. WHYYL is developing a
real estate project in Wuhan, the PRC on a parcel of land covering approximately 27,950 square meters with a 3-year planned construction
period. The Company has accounted for this investment using the equity method as the Company has the ability to exercise significant
influence over their activities.
As of March 31, 2014 the investment
in WHYYL was $5,480,505, which included its equity in net loss of WHYYL, net of income taxes, totaling $229,345 as of March
31, 2014. The following table sets forth the financial information of WHYYL.
| |
Three Months Ended March 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Revenues | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Net loss | |
$ | 229,345 | | |
$ | 393,922 | |
| |
March 31, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Current assets | |
$ | 57,329,182 | | |
$ | 56,344,599 | |
Non-current assets | |
| 853,887 | | |
| 794,446 | |
Total assets | |
| 58,183,069 | | |
| 57,139,045 | |
| |
| | | |
| | |
Current liabilities | |
| 46,997,800 | | |
| 45,581,987 | |
Total equity | |
$ | 11,185,269 | | |
$ | 11,557,058 | |
As of March 31, 2014 and December
31, 2013, the Company has a balance of $2,202,783 and $4,316,031 due from WHYYL, which bears interest at a rate of 15% per
annum, is unsecured and has no fixed term of repayment. During the three months ended March 31, 2014 and 2013, the Company
recorded interest income of $97,318 and $132,063 from WHYYL, respectively.
During the three months ended March
31, 2014 and 2013, the Company had no impairment loss for investment in an unconsolidated affiliate.
NOTE 10 – BANK LOANS
In January 2013, the Company obtained
a bank loan of $1,300,369 (RMB8,000,000) from the Bank of China, bearing interest at a rate of 7.56% per annum. The loan is secured
by the properties of two unrelated parties and matured on March 1, 2014. As of March 31, 2014 and December 31, 2013, the outstanding
balance of this loan was $1,300,369 (RMB8, 000,000) and $1,312,142. This loan is renewed automatically every year. This loan will
mature on March 1, 2015.
In August 2012, the Company entered
into a 3-year revolving facility line of credit agreement with First Sino Bank. Under the terms of the agreement, the Company
could borrow a maximum amount of $4,957,657 (RMB30,500,000) as of March 31, 2014. The borrowings under this facility bear
interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as
announced by the People’s Bank of China (“PBOC”). The average interest rate for the three months ended
March 31, 2014 was 7.6875% per annum. The facility of credit is secured by all of the Company’s properties included in
property and equipment (See Note 7) and the restricted cash of $Nil (See Note 3), guaranteed by a director of the Company,
and matures on March 31, 2015. Borrowings under this facility are renewable for an additional period not longer than 12
months and are due not later than March 31, 2015. In September 2013, the Company paid $861,494 (RMB5,300,000) to the bank. As
of March 31, 2014 and December 31, 2013, the Company had outstanding loan balances of $4,957,657 (RMB30,500,000) and
$5,002,543 (RMB30,500,000), respectively, under this facility line of credit.
In April 2012, the Company entered
into a 3-year non-revolving facility line of credit agreement with First Sino Bank. Under the terms of the agreement, the
Company could borrow a maximum amount of $12,190,959 (RMB75,000,000) as of March 31, 2014. The borrowings under this facility
bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3
years as announced by PBOC. The average interest rate for three months ended March 31, 2014 was 7.6875% per annum. The
facility of credit is secured by all of the Company’s investment properties (See Note 8) and guaranteed by a director
of the Company, and matures on March 31, 2015. Borrowings under this facility are renewable for an additional period no
longer than 36 months and are due no later than March 31, 2015. As of March 31, 2014 and December 31, 2013, the Company had
outstanding loan balances of $12,190,959 (RMB75,000,000) and $12,301,332 (RMB75,000,000), respectively, under this facility
line of credit.
NOTE 11- CURRENT PORTION OF LONG TERM
BORROWINGS
On May 16, 2013, the Company entered into
a project finance loan agreement with China CITIC Bank to finance the development of the Company’s Linyi Project. The loan
has a 2-year term in the principal amount of $11,379,229 (RMB70,000,000) at an interest rate of 14.21% per annum, which is 8.06%
over the benchmark lending rate from PBOC.
| |
March 31, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Outstanding borrowings | |
$ | 11,378,229 | | |
$ | 11,481,245 | |
Less: Current portion of long term borrowings | |
| 7,965,760 | | |
| 8,036,871 | |
| |
| 3,413,469 | | |
| 3,444,374 | |
For the period ended March 31, 2014, total
loan interest was approximately $1,154,249, which was capitalized in the development cost of the Linyi project.
The Company pledged its real estate properties
in the Linyi project with carrying value of $32,766,496 as of March 31, 2014. The loan is also subject to certain covenants including
floating mortgage ratio not more than 50%. Floating mortgage rate is calculated as the outstanding principal and unpaid interest
after deduction of guaranteed funds kept in the stipulated bank account divided by the value of pledged properties. In addition,
the Company is required to maintain all monies received from sales of any properties relating to the Linyi project in a stipulated
bank account as guaranteed funds, which will be classified as restricted cash. As of March 31, 2014, the cash restricted in relation
to the borrowings from China CITIC Bank was $23,461 (2013: $246,895).
NOTE 12– PROMISSORY NOTES PAYABLE
The promissory notes payable consist of
the following unsecured notes to unrelated parties. Included in the balances, the promissory notes with outstanding principal
and unpaid interest of $15,198,449 and $5,076,547 are in default as of March 31, 2014 and December 31, 2013, respectively.
The promissory note with a principal of
$865,292 bearing an interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014
and December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted to $1,193,077 and
$1,252,276, respectively.
The promissory
note with a principal of $816,313 bearing an interest at
a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2013 and December 31, 2012, the outstanding
principal and unpaid interest related to this promissory note amounted to $1,076,924 and $1,056,342, respectively.
The
promissory note with a principal of $3,783,681 bearing an interest
at a rate of 12% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2013 and December 31, 2012, the
outstanding principal and unpaid interest related to this promissory note amounted to $1,961,565 and $2,767,929,
respectively.
The promissory
note with a principal of $1,625,461 bearing an interest
at a rate of 20% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and
unpaid interest related to this promissory note amounted to $1,638,821.
The promissory
note with a principal of $4,876,384 bearing an interest
at a rate of 26.7% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal
and unpaid interest related to this promissory note amounted to $4,883,510.
The promissory
note with a principal of $162,546 bearing an interest at
a rate of 20% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and
unpaid interest related to this promissory note amounted to $162,813.
The promissory
note with a principal of up to $1,324,751 bearing an interest
at a rate of 36% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and
unpaid interest related to this promissory note amounted to $674,566.
The promissory
note with a principal of $300,000 bearing an interest at
a rate of 15% per annum, is unsecured and has no fixed terms of repayment. As of March 31, 2014, the outstanding principal and
unpaid interest related to this promissory note amounted to $356,250.
The promissory
note with a principal of $3,250,922 bearing no interest
rate, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and unpaid interest related
to this promissory note amounted to $3,250,922.
During the three months ended March 31,
2014 and 2013, the interest expenses related to these promissory notes were $177,412 and $231,165, respectively.
NOTE 13– AMOUNTS DUE TO DIRECTORS
| |
March 31, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Lin Chi-Jung | |
$ | 8,457,417 | | |
$ | 10,398,904 | |
Lin Hsin-Hung | |
| 43,640 | | |
| 1,484 | |
Lin Chao-Chin | |
| - | | |
| 39,850 | |
| |
$ | 8,501,057 | | |
$ | 10,440,238 | |
| (a) | The balance due to Lin Chi-Jung consists of unpaid salaries and
reimbursements and advances together with unpaid interest. |
The balances are unsecured, interest-free and have
no fixed term of repayment.
The advances
together with unpaid interest as of March 31, 2014 and December 31, 2013 were $8,457,417 and $10,398,904,
respectively. The balances are unsecured and interest bearing at rates ranging from 18% to 30% per annum.
| (b) | The balances due to Lin Chao-Chin
and Lin Hsin-Hung are unsecured, interest-free and have no fixed term of repayment. |
NOTE 14- OTHER PAYABLES AND ACCRUED
EXPENSES
| |
March 31, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Accrued staff commission and bonus | |
$ | 488,063 | | |
$ | 1,058,882 | |
Rental deposits received | |
| 603,515 | | |
| 687,700 | |
Customer deposits | |
| 88,708 | | |
| 151,243 | |
Accrued expenses | |
| - | | |
| 597,453 | |
Guang Xin Lu Project | |
| 670,974 | | |
| - | |
Other payables | |
| 434,706 | | |
| 506,303 | |
| |
$ | 2,285,966 | | |
$ | 3,001,581 | |
NOTE 15– DEFERRED GOVERNMENT
SUBSIDY
Deferred government subsidy consists of
the cash subsidy provided by the local government.
Government subsidy was received in
2012, and as of March 31, 2014 and December 31, 2013, the Company received $5,392,535 and $5,441,360, respectively. The
subsidy is given to reimburse the land acquisition costs and certain construction costs incurred for the Company’s
property development project, and are repayable if the Company fails to complete the subsidized property development project
before the agreed date. The entire government subsidy is deferred and included as deferred government subsidy in consolidated
balance sheets.
NOTE 16- COMMITMENTS AND CONTINGENCIES
Operating Lease Commitments
The Company leases certain of its office
properties under non-cancellable operating lease arrangements. Payments under operating leases are expensed on a straight-line
basis over the periods of their respective terms, and the terms of the leases do not contain rent escalation, or contingent rent,
renewal, or purchase options. There are no restrictions placed upon the Company by entering into these leases. Rental expenses
under operating leases for the three months ended March 31, 2014 and 2013 were $61,494 and $49,858, respectively.
As of March 31, 2014, the Company had
the following operating lease obligations.
| |
Amount | |
| |
| |
Within one year | |
$ | 90,231 | |
Two to five years | |
| 16,753 | |
| |
$ | 106,984 | |
NOTE 17– STATUTORY RESERVE
According to the relevant corporation
laws in the PRC, a PRC company is required to transfer at least 10% of its profit after taxes, as determined under accounting
principles generally accepted in the PRC, to the statutory reserve until the balance reaches 50% of its registered capital. The
statutory reserve can be used to make good on losses or to increase the capital of the relevant company.
According to the Law of the PRC on Enterprises
with Wholly-Owned Foreign Investment, the Company PRC’s subsidiaries are required to make appropriations from after-tax
profits as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) to non-distributable
reserves. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion reserve
and (iii) a staff bonus and welfare fund. A wholly-owned PRC subsidiary is not required to make appropriations to the enterprise
expansion reserve but annual appropriations to the general reserve are required to be made at 10% of the profit after tax as determined
under PRC GAAP at each year-end, until such fund has reached 50% of its respective registered capital. The staff welfare and bonus
reserve is determined by the board of directors. The general reserve is used to offset future losses. The subsidiary may, upon
a resolution passed by the stockholders, convert the general reserve into capital. The staff welfare and bonus reserve are used
for the collective welfare of the employees of the subsidiary. The enterprise expansion reserve is for the expansion of the subsidiary
operations and can be converted to capital subject to approval by the relevant authorities. These reserves represent appropriations
of the retained earnings determined in accordance with Chinese law.
In addition to the general reserve, the
Company’s PRC subsidiaries are required to obtain approval from the local PRC government prior to distributing any registered
share capital. Accordingly, both the appropriations to general reserve and the registered share capital of the Company’s
PRC subsidiary are considered as restricted net assets and are not distributable as cash dividends. As of March 31, 2014 and December
31, 2013, the Company’s statutory reserve fund was $783,101 and $782,987, respectively.
NOTE 18 - SEGMENT INFORMATION
The Company's chief executive officer
and chief operating officer have been identified as the chief operating decision makers. The Company's chief operating decision
makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment.
The Company evaluates performance based
on several factors, including net revenue, cost of revenue, operating expenses, and income from operations. The following tables
show the operations of the Company's operating segments:
| |
Three Months Ended March 31, 2014 | |
| |
Property | | |
| | |
| | |
| |
| |
Brokerage | | |
Real Estate | | |
| | |
| |
| |
Services | | |
Development | | |
Corporate | | |
Total | |
Net revenues | |
$ | 2,721,154 | | |
$ | - | | |
$ | - | | |
$ | 2,721,154 | |
Cost of revenues | |
| (1,321,918 | ) | |
| - | | |
| - | | |
| (1,321,918 | ) |
Gross profit | |
| 1,399,236 | | |
| - | | |
| - | | |
| 1,399,236 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| (275,579 | ) | |
| (355,495 | ) | |
| - | | |
| (631,074 | ) |
General and administrative expenses | |
| (663,011 | ) | |
| (136,059 | ) | |
| (34,570 | ) | |
| (833,640 | ) |
Operating loss | |
| 460,646 | | |
| (491,554 | ) | |
| (34,570 | ) | |
| (65,478 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 99,704 | | |
| 564 | | |
| - | | |
| 100,269 | |
Interest expense | |
| (819,509 | ) | |
| - | | |
| (11,250 | ) | |
| (830,759 | ) |
Other income, Net | |
| (12,416 | ) | |
| (511 | ) | |
| - | | |
| (12,926 | ) |
Total other (expenses) income | |
| (732,220 | ) | |
| 54 | | |
| (11,250 | ) | |
| (743,416 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss before income taxes and equity in net loss
of an unconsolidated affiliate | |
| (271,574 | ) | |
| (491,500 | ) | |
| (45,820 | ) | |
| (808,894 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax | |
| 89,209 | | |
| 121,222 | | |
| (5,705 | ) | |
| 204,727 | |
Equity in net loss of an unconsolidated affiliate,
net of income taxes | |
| (112,379 | ) | |
| - | | |
| - | | |
| (112,379 | ) |
Net loss | |
$ | (294,744 | ) | |
$ | (370,278 | ) | |
$ | (51,524 | ) | |
$ | (716,547 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months ended March 31, 2013 | |
| |
Property | | |
| | |
| | |
| |
| |
Brokerage | | |
Real Estate | | |
| | |
| |
| |
Services | | |
Development | | |
Corporate | | |
Total | |
Net revenues | |
$ | 2,113,429 | | |
$ | - | | |
$ | - | | |
$ | 2,113,429 | |
Cost of revenues | |
| (1,163,939 | ) | |
| - | | |
| - | | |
| (1,163,939 | ) |
Gross profit | |
| 949,490 | | |
| - | | |
| - | | |
| 949,490 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| (301,433 | ) | |
| (11,491 | ) | |
| - | | |
| (312,924 | ) |
General and administrative expenses | |
| (811,314 | ) | |
| (72,436 | ) | |
| (168,009 | ) | |
| (1,051,759 | ) |
Operating loss | |
| (163,257 | ) | |
| (83,927 | ) | |
| (168,009 | ) | |
| (415,193 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 133,959 | | |
| 23,989 | | |
| - | | |
| 157,948 | |
Interest expense | |
| (890,631 | ) | |
| - | | |
| (24,516 | ) | |
| (915,147 | ) |
Miscellaneous | |
| 15,311 | | |
| - | | |
| - | | |
| 15,311 | |
Total other (expenses) income | |
| (741,361 | ) | |
| 23,989 | | |
| (24,516 | ) | |
| (2,142,140 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss before income taxes and equity in net loss
of an unconsolidated affiliate | |
| (904,618 | ) | |
| (59,938 | ) | |
| (192,525 | ) | |
| (1,157,081 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax benefit | |
| - | | |
| 15,781 | | |
| - | | |
| 15,781 | |
Equity in net loss of an unconsolidated affiliate,
net of income taxes | |
| - | | |
| (193,022 | ) | |
| - | | |
| (193,022 | ) |
Net loss | |
$ | (904,618 | ) | |
$ | (237,179 | ) | |
$ | (192,525 | ) | |
$ | (1,334,322 | ) |
| |
Property | | |
| | |
| | |
| |
| |
Brokerage | | |
Real Estate | | |
| | |
| |
| |
Services | | |
Development | | |
Corporate | | |
Total | |
As of March 31, 2014 | |
| | | |
| | | |
| | | |
| | |
Real estate property under development | |
$ | - | | |
$ | 32,766,496 | | |
$ | - | | |
$ | 32,766,496 | |
Total assets | |
| 31,202,802 | | |
| 38,697,292 | | |
| 5,571 | | |
| 69,905,665 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2013 | |
| | | |
| | | |
| | | |
| | |
Real estate property under development | |
$ | - | | |
$ | 31,119,043 | | |
$ | - | | |
$ | 31,119,043 | |
Total assets | |
| 19,282,576 | | |
| 42,400,822 | | |
| 14,920 | | |
| 61,698,318 | |
NOTE 19 - SUBSEQUENT EVENTS
Effective April 14, 2014, Mr. Zhang Xi
had resigned as an independent director of Sunrise Real Estate Group, Inc. for personal reasons.
On August 20, 2014, the Company entered into a Share Purchase
Agreement with Ace Develop Properties Limited (“Ace”) to issue 20 million shares to Ace for RMB 10,472,000 (US $1,700,000
equivalent). This agreement, subject to standard closing terms and conditions, is scheduled to close on or before August 31, 2014.
Ace is wholly-owned by Lin Chi-Jung, our Chief Executive Officer, President and Chairman of the Board. On August 30, 2014 the
Company received the funds from Ace and has issued 20 million shares of common stock to Ace.
On November 10, 2014, the Company entered into a Share Purchase
Agreement with Ace Develop Properties Limited (“Ace”) to issue 20 million shares to Ace for RMB 10,460,000 (US $1,700,000
equivalent). This agreement, subject to standard closing terms and conditions, is scheduled to close on or before November 28,
2014. Ace is wholly-owned by Lin Chi-Jung, our Chief Executive Officer, President and Chairman of the Board.
On March 13, 2015, our Board of Directors
engaged Kenne Ruan, CPA, P.C. (“Kenne Ruan”) as the Registrant’s certifying accountant to audit the registrant's
financial statements, replacing its former certifying accountant, Finesse CPA, P.C. (“Finesse”). Upon receipt of the
notice that the Registrant’s acceptance of the proposal from Kenne Ruan to audit its consolidated financial statements for
the fiscal year ending December 31, 2014, Finesse resigned as the Registrant’s certifying accountant on March 13, 2015.
ITEM 2 MANAGEMENT’S DISCUSSION
AND ANALYSIS OF FINANICAL CONDITION AND RESULTS OF OPERATIONS
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”), and Wuhan Yuan Yu Long Real Estate Development
Company, Ltd. (“WHYYL”) are sometimes hereinafter collectively referred to as “the Company,” “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 was agency sales, whereby
our Chinese subsidiaries contracted with property developers to market and sell their newly developed property units. For these
services we earned a commission fee calculated as a percentage of the sales prices. We have focused our sales on the whole China
market, especially in secondary cities. To
expand our agency business, we have established subsidiaries and branches in Shanghai, Suzhou, Yangzhou, Chongqing, Quanjiao,
Hainan, Shangqiu, Chengdu, Wuhan, Kunshan and Linyi.
In mid-2011, we established a project
company in Wuhan in which we have a 49% ownership. . The Wuhan project was supposed to have its handover from the construction
contractor, Hubei Fifth Constructions Co. (“HFCC”), on December 31, 2014, but because of a dispute between the Company
and HFCC, the handover was delayed and is currently under court review.
In January 2012, we established Linyi
Shang Yang Real Estate Development (“LYSY”) in which we have a 24% ownership. During the first quarter of 2012, we
acquired approximately 103,385 square meters for the purpose of developing villa-style residential housing. We began construction
in mid-2012 and to date have constructed 98 units which encompasses approximately one-third of the gross sales area. Proceeds
from sales will be used to finance the construction of the subsequent phases of the project. We are applying for bank loans and
other forms of funding, however, there are no assurances we will be able to obtain future financings.
In March 13, 2014, the Company has signed
a joint development agreement with Zhongji Pufa Real Estate Co. According to this agreement, the Company has the right to develop
the Guangxinglu Project, located in the Putuo district, Shanghai, PRC. This project covers a site area of approximately 2,502
square meters for the development of one apartment building.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In December 2011, the FASB issued ASU
No. 2011-11, Topic 210 - Balance Sheet: Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11
requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements
to understand the effect of those arrangements on its financial position. ASU 2011-11 became effective for fiscal years beginning
on or after January 1, 2013, with retrospective application for all comparable periods presented. The adoption of this guidance
did not have a material impact on the Company’s condensed consolidated financial statements.
In February 2013, the FASB issued ASU
2013-12, Topic 220 - Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 changes the presentation
requirements of significant reclassifications out of accumulated other comprehensive income in their entirety and their corresponding
effect on net income. For other significant amounts that are not required to be reclassified in their entirety, the standard requires
the company to cross-reference to related footnote disclosures. ASU 2013-02 became effective for the company on January 1, 2013.
The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.
NEW ACCOUNTING PRONOUNCEMENTS
In March 2013, the FASB issued ASU 2013-05
Topic 830 – Foreign Currency Matters (“ASU 2013-05”). ASU 2013-05 resolves the diversity in practice about whether
Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, ASU 2013-05 applies to the release of the cumulative translation
adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a
controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale
of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments
in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also
referred to as step acquisitions) involving a foreign entity. ASU 2013-02 became effective for the company prospectively for fiscal
years (and interim reporting periods within those years) beginning after December 15, 2013. The Company does not expect the adoption
of this guidance to have a material effect on the Company’s condensed consolidated financial statements.
The FASB has issued ASU 2013-04 Topic
405 - Liabilities: Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation
Is Fixed at the Reporting Date (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement, and
disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation
within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S.
GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay
on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf
of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning
after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s
condensed consolidated financial statements.
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
Agency commission revenue from property
brokerage is recognized when the property developer and the buyer complete a property sales transaction, and the property developer
grants confirmation to us to be able to invoice them accordingly. The time when we receive the commission is normally at the time
when the property developer receives from the buyer a portion of the sales proceeds in accordance with the terms of the relevant
property sales agreement, or the balance of the bank loan to the buyer has been funded, or recognized under the sales schedule
or other specific items of agency sales agreement with developer. At no point does the Company handle any monetary transactions
nor act as an escrow intermediary between the developer and the buyer.
Revenue from marketing consultancy services
is recognized when services are provided to clients, fees associated to services are fixed or determinable, and collection of
the fees is assured.
Rental revenue from property management
and rental business is recognized on a straight-line basis according to the time pattern of the leasing agreements.
The Company accounts for underwriting
sales in accordance with ASC 976-605 “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting
Standards No. 66) (“ASC 976-605”). The commission revenue on underwriting sales is recognized when sales have been
consummated, generally when title is transferred and the Company no longer has substantial continuing involvement with the real
estate asset sold. If the Company provides certain rent guarantees or other forms of support where the maximum exposure to loss
exceeds the gain, it defers the related commission income and expenses by applying the deposit method. In future periods, the
commission income and related expenses are recognized when the remaining maximum exposure to loss is reduced below the amount
of income deferred.
All revenues represent gross revenues
less sales and business taxes.
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 in the PRC from local governments.
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
in accordance with ASC 740, “Income Taxes” (“ASC 740”), which requires the recognition of deferred tax
assets and liabilities for the expected future tax consequences of events that have been included in the financial statements
or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences
between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax
laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The Company recognizes tax benefits that
satisfy a greater than 50% probability threshold and provides for the estimated impact of interest and penalties for such tax
benefits. The Company did not incur any interest or penalties related to potential underpaid income tax expenses during the three
months ended March 31, 2014 and 2013
RESULTS OF OPERATIONS
We provide the following discussion and
analyses of our changes in financial condition and results of operations for the period ended March 31, 2014 with comparisons
to the period ended March 31, 2013.
Revenue
The following table shows the net revenue
detail by line of business:
| |
Three months ended March 31 | |
| |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | |
Agency sales | |
| 1,670,875 | | |
| 61 | | |
| 953,920 | | |
| 45 | | |
| 75 | |
Property management | |
| 1,050,279 | | |
| 39 | | |
| 439,559 | | |
| 21 | | |
| 139 | |
Underwriting sales | |
| 0 | | |
| 0 | | |
| 719,950 | | |
| 34 | | |
| (100 | ) |
Net revenue | |
| 2,721,154 | | |
| 100 | | |
| 2,113,429 | | |
| 100 | | |
| 29 | |
The net revenue in the first quarter
of 2014 was $2,721,154, which was increased by 29% from $2,113,429 in the first quarter of 2013. In the first quarter of
2014, agency sales represented 61% of net revenue, underwriting sales represented 0% and property management represented
39%.The increase in net revenue in the first quarter of 2014 was mainly due to the increase in our agency sales and property
management
Agency sales
Agency sales represented 61% of our net
revenue in the first quarter of 2014 and revenue from agency sales increased by 75% compared with same period in 2013. The increase
in agency sales was due to taking in more projects.
Because of our diverse market locations,
the risk of market fluctuations has been decreased on our business operations in agency sales in 2014, and we are continually
seeking stable growth in our agency sales business in 2014. However, there can be no assurance that we will be able to do so.
Underwriting Sales
In February 2004, SHSY entered into an
agreement to underwrite an office building in Suzhou, known as Suzhou Sovereign Building. Being the sole distribution agent for
this office building, SHSY committed to a sales target of $56.53 million. Property underwriting sales are comparatively a higher
risk business model compared to our pure commission based agency business. Under this higher risk business model, the Underwriting
Model, our commission is not calculated as a percentage of the selling price; instead, our commission revenue is equivalent to
the price difference between the final selling price and underwriting price. We negotiated with a developer for an underwriting
price that is as low as possible, with the guarantee that all or a majority of the units will be sold by a specific date. In return,
we are given the flexibility to establish the final selling price and earn the price difference between the final selling price
and the underwriting price. The risk of this kind of arrangement is that if there is any unsold unit on the expiration date of
the agreement, we may have to absorb the unsold property units from developers at the underwriting price and hold them in our
inventory or as investments.
We started selling units in the Sovereign
Building in January 2005. As of March 1, 2007, we had sold or acquired all of the units in the building, and we achieved the sales
target by selling 47,093 square meters with a total sales price of $75.96 million.
The Company accounts for its
underwriting sales revenue with underwriting rent guarantees in accordance with SFAS No. 66 “Accounting for Sales of
Real Estate” (SFAS 66). Under SFAS 66, the deposit method should be used for the revenue from the sales of floor space
with underwriting rent guarantees until the revenues generated by sub-leasing properties exceed the guaranteed rental amount
due to the purchasers. Based on this accounting principle, a significant portion of underwriting revenue was deferred. As of
March 31, 2014, our entire underwriting obligation has been completed.
Property Management
During 2005 and 2006, SZGFH entered
into leasing agreements with certain buyers of the Sovereign Building underwriting project to lease the properties for them.
These leasing agreements on these properties are for 62% of the floor space that was sold to third party buyers. In
accordance with the leasing agreements, the owners of the properties can have a rental return of 8.5% and 8.8% per annum for
a period of 5 years and 8 years, respectively. In regards to the leasing agreements, we have negotiated with the buyers and
have lowered the annual rental return rate for the remaining leasing period from 8.5% for 5 years to 5.8%, and from
8.8% for 8 years to 6%. As of March 31,2014, 55% of the buyers agreed upon the lowered rate, 3% of the buyers did not
agree to a lowered rate and 42% of the buyers agreed to cancel the leasing agreements. The leasing period started in the
second quarter, 2006, and the Company has the right to sublease the leased properties to cover these lease commitments in the
leasing period. As of March 31, 2014, there are no lease commitments.
Cost of Revenue
The following table shows the cost of
revenue detail by line of business:
| |
Three months ended March 31, | |
| |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | |
Agency sales | |
| 670,296 | | |
| 51 | | |
| 538,803 | | |
| 46 | | |
| 24 | |
Property management | |
| 651,622 | | |
| 49 | | |
| 460,810 | | |
| 40 | | |
| 41 | |
Underwriting sales | |
| 0 | | |
| 0 | | |
| 164,326 | | |
| 14 | | |
| (100 | ) |
Cost of revenue | |
| 1,321,918 | | |
| 100 | | |
| 1,163,939 | | |
| 100 | | |
| 14 | |
The cost of revenue in the first
quarter of 2014 was $1,321,918, an increase of 14% from $1,163,939 in the same period in 2013. In the first quarter of 2014,
cost of agency sales represented 51% of cost of revenue, cost of underwriting sales represented 0% and cost of property
management represented 49%. The increase in cost of revenue in first quarter of 2014 was mainly due to the increase in our
agency sales.
Agency sales
The cost of revenue for agency sales
in the first quarter, 2014 was $670,296, an increase of 24% from $538,803 in the same period in 2013. This increase was
mainly due to the increase in our commissions from the increase in sales of agency sales in the first quarter of 2014.
Underwriting Sales
There is no underwriting sales business
in the first quarter of 2014; also there are no costs of underwriting sales either.
Property management
The cost of revenue for property
management in the first quarter of 2014 was $651,622, increased by 41% from $460,810 in the same period in 2013. This was
mainly due to higher business for the property management as a whole.
Operating Expenses
The following table shows operating expenses
detail by line of business:
| |
Three months ended March 31, | |
| |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | |
Agency sales | |
| 259,887 | | |
| 41 | | |
| 279,407 | | |
| 89 | | |
| (7 | ) |
Property management | |
| 15,692 | | |
| 2 | | |
| 22,026 | | |
| 7 | | |
| (29 | ) |
Property development | |
| 355,495 | | |
| 57 | | |
| 11,491 | | |
| 4 | | |
| 2,994 | |
Operating expenses | |
| 631,074 | | |
| 100 | | |
| 312,942 | | |
| 100 | | |
| 102 | |
The operating expenses in the first
quarter of 2014 were $631,074, an increase of 102% from $312,942 in the same period of 2013. This was mainly due to the
promotion activity of Linyi project. In the first quarter of 2014, agency sales represented 41% of operating expenses,
property management represented 2% and property development represented 57% of operating expenses.
Agency sales
The operating expenses for agency sales
in the first quarter of 2014 were $259,887 which decreased by 7% from $279,407 in the same period in 2013.
Property management
The operating expenses for property management
in the first quarter of 2014 were $15,692 which decreased 29% from $22,026 in the same period in 2013.
Real estate development
The operating expenses for real estate
development in the first quarter of 2014 were $355,495 which increased 2,994% from $11,491 in the same period in 2013. This was
mainly due to the promotion activity of Linyi project.
General and Administrative Expenses
The general and administrative
expenses in the first quarter of 2014 were $833,640, decreased by 21% from $1,051,759 in the same period in 2013. This
decrease was mainly due to a decrease in staff cost, office expense and so on.
Operating loss
The operating loss in the first quarter
of 2014 was$65,478, decreased by 84% from $415,193 in the same period in 2013. This decrease was mainly due to the increase of
revenue and decrease in general and administrative expenses.
Interest income
The interest income in the first quarter
of 2014 was $100,269, decreased by 37% from $157,948 in the same period in 2013. This decrease was mainly due to the decrease
in borrowing to WHYYL.
Interest Expenses
Interest expenses in the first
quarter of 2014 were $830,759 decreased by 9% from $915,147 in the same period in 2013. The interest expenses were mainly
incurred for bank loans, promissory notes payable and amount due to directors. This decrease was mainly due to the
capitalized interest expenses of Linyi project.
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
March 31, 2014 was $8,501,057. The amounts due are as follows:
Amount due to Lin Chi-Jung
The balances are unsecured, interest-free and have no fixed
term of repayment.
The advances together with unpaid interest as of March
31, 2014 and December 31, 2013 were $8,501,057and $10,440,238, respectively. The balances are unsecured and interest bearing at
rates ranging from 18% to 36% per annum.
Amount due to Lin Hsin Hung
The amount of $43,640 represents the salary
payable to Lin Hsin Hung.
Amount due from related company
The amount of $2,202,783 is due from WHYYL,
our Wuhan project development company and $8,402 is due from SHDEW, Shanghai Daerwei.
Amount due to affiliate
A balance of $45,513, $3,972 and $20,156
is due to SZBFND, SHXXY and SHXG, respectively.
LIQUIDITY AND CAPITAL RESOURCES
In the first quarter of 2014, our principal
sources of cash were revenues from our agency sales and property management business. 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 $3,227,632.
The Company’s operating activities
used cash in the amount of $7,988,203, which was primarily attributable to the other receivables and deposits.
The Company’s investing activities
used cash resources of $42,978, which was primarily attributable to the acquisition of property, plant and equipment and long-term
investments.
The Company’s financing activities
obtained cash resources of $7,959,599, which was primarily attributable to funds received from capital increase.
The potential cash needs for 2014 will
be the repayments of our bank loans and promissory notes, the rental guarantee payments and promissory deposits for various property
projects as well as our development projects in Wuhan and Linyi.
Capital Resources
We currently have four bank loans payable,
including an $1,300,369 (RMB8,000,000) loan and $11,379,229 (RMB70,000,000) loan. Both of the loans were due on March 1, 2015
and May 25, 2015, and can be extended automatically for another years and both have been extended for another year to 2016. Another
two loan (RMB30,500,000) and (RMB75,000,000) , both were due on March 11, 2015 and have been extended for another year to 2016.
As of March 31, 2014, promissory notes
in the principal amount of $15,198,449 were in default compared to promissory notes in the principal amount of $5,076,547 that
were in default as of December 31, 2013.
Taking into account of 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.
ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
A smaller reporting company is not required
to provide the information required by this item.
ITEM 4. CONTROLS AND PROCEDURES
As discussed in Item 9A of our Annual
Report on Form 10-K for the year ended December 31, 2013, we identified one material weakness in the design
and operation of our internal controls. The material weakness is related to the Company’s accounting department personnel
having limited knowledge and experience in U.S. GAAP. In response to the above identified material weakness and to continue strengthening
the Company’s internal control over financial reporting, we are going to undertake the following remediation initiatives:
| · | hiring additional personnel with sufficient knowledge
and experience in U.S. GAAP; and |
| · | providing ongoing training course in U.S. GAAP to existing
personnel, including our Chief Financial Officer and Financial Controller. |
Since the first quarter of 2014, additional
qualified accounting personnel have been hired and put into place to assist preparation of financial information, as required
for interim and annual reporting, in accordance with generally accepted accounting principles in the U.S. As the newly implemented
remediation activities have not operated for a sufficient period of time to demonstrate operating effectiveness, we will continue
to monitor and assess our remediation activities to ensure that the aforementioned material weakness is remediated.
B. |
Evaluation of Disclosure Controls
and Procedures |
The Company maintains disclosure controls
and procedures and internal controls designed to ensure that information required to be disclosed in the Company’s filings
under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in
the Securities and Exchange Commission’s rules and forms. The Company’s management, with the participation of its
principal executive and financial officers, has evaluated the effectiveness of the Company’s disclosure controls and procedures
as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation and solely due to the unremediated
material weakness described above, the Company’s principal executive and financial officers have concluded that
such disclosure controls and procedures were ineffective for the purpose for which they were designed as of the end of such period.
As a result of this conclusion, the financial statements for the period covered by this report were prepared with particular attention
to the unremediated material weakness previously disclosed. Accordingly, management believes that the condensed consolidated financial
statements included in this report fairly present, in all material respects, the Company’s financial condition, results
of operations and cash flows as of and for the periods presented, in accordance with generally accepted accounting principles,
notwithstanding the unremediated weaknesses.
C. |
Changes in Internal Control
over Financial Reporting |
Since the first quarter of 2014, we put
into place additional qualified accounting personnel to address the aforementioned material weakness. This action strengthened
our internal controls over financial reporting.
Except for the above, there was no change
in the Company’s internal control over financial reporting that was identified in connection with such evaluation that occurred
during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. |
LEGAL PROCEEDINGS |
There have been no material developments
in any legal proceedings since the disclosures contained in the Registrant’s Form 10-K for the year ended December 31, 2013.
Not applicable.
ITEM 2. |
UNREGISTERED SALES OF EQUITY
SECURITIES AND USE OF PROCEEDS |
None.
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
None.
ITEM 4. |
MINE SAFETY DISCLOSURES |
Not Applicable.
ITEM 5. |
OTHER INFORMATION |
None.
Exhibit |
|
|
Number |
|
Description |
|
|
|
31.1* |
|
Section 302 Certification by the Corporation's Chief Executive
Officer. |
|
|
|
31.2* |
|
Section 302 Certification by the Corporation's Chief Financial
Officer. |
|
|
|
32.1* |
|
Section 1350 Certification by the Corporation's Chief Executive
Officer and Corporation's Chief Financial Officer. |
|
|
|
101* |
|
XBRL data files
of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q. |
* Filed herewith
SIGNATURES
In accordance with the requirements of
the Exchange Act, the Company caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SUNRISE REAL ESTATE GROUP, INC.
|
Date: January 13, 2016 |
|
By: |
/s/ Lin, Chi-Jung |
|
|
Lin, Chi-Jung, Chief Executive Officer |
|
|
|
Date: January 13, 2016 |
|
By: |
/s/ Mi, Yong Jun |
|
|
Mi,
Yong Jun, Chief Financial Officer |
EXHIBIT 31.1
Rules 13a−15(e) and 15d−15(e)
and Rules 13a−15(f) Certification of Chief Executive Officer
I, Lin Chi−Jung, certify that:
1. I have reviewed this Quarterly Report
for the period ended March 31, 2014 on Form 10−Q of SUNRISE REAL ESTATE GROUP, INC.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statement were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4. The small business issuer's other certifying
officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a−15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the small business issuer and have:
a) designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b) designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness the small business
issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the
small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal
control over financial reporting; and
5. The small business issuer's other certifying
officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business
issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect
the small business issuer's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that
involves management or other employees who have a significant role in the small business issuer's internal control over financial
reporting.
Date: January
13, 2016 |
|
By: |
/s/ Lin, Chi-Jung |
|
Lin, Chi-Jung, Chief Executive Officer |
|
EXHIBIT 31.2
Rules 13a−15(e) and 15d−15(e)
and Rules 13a−15(f) Certification of Chief Financial Officer
I, Mi, Yong Jun, certify that:
1. I have reviewed this Quarterly Report
for the period ended March 31, 2014 on Form 10-Q of SUNRISE REAL ESTATE GROUP, INC.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statement were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4. The small business issuer other certifying
officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a−15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f))for the small business issuer and have:
a) designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b) designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the small
business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the
small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent
fiscal quarter that materially affected, or is reasonably likely to materially affect, the small business issuer's internal control
over financial reporting; and
5. The small business issuer's other certifying
officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business
issuer's auditors and the audit committee of the small business issuer's I board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect
the small business issuer's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that
involves management or other employees who have a significant role in the small business issuer's internal control over financial
reporting.
Date: January
13, 2016 |
|
By: |
/s/ Mi, Yong Jun |
|
Mi, Yong Jun, Chief Financial Officer |
|
EXHIBIT 32.1
Section 1350 Certification
In connection with this Quarterly Report of
SUNRISE REAL ESTATE GROUP, INC. (the "Company") on Form 10−Q for the three months ended March 31, 2014 as filed
with the Securities and Exchange Commission on the date hereof (the"Report"), the undersigned Chief Executive Officer
and Chief Financial Officer of the Company certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes−Oxley Act of 2002 that:
(1) The Report fully complies with the requirements
of Section 13(a) or 15(d) ofthe Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operation of the Company.
A signed original of this written statement
required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities
and Exchange Commission or its staff upon request and for the periods indicated.
Date: January
13, 2016 |
|
By: |
/s/ Lin, Chi-Jung |
|
Lin, Chi-Jung, Chief Executive Officer |
|
|
|
Date: January
13, 2016 |
|
By: |
/s/ Mi, Yong Jun |
|
Mi, Yong Jun, Chief Financial Officer |
|
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Current assets |
|
|
Cash and cash equivalents |
$ 3,227,632
|
$ 3,503,510
|
Restricted cash (Note 3) |
23,461
|
246,895
|
Accounts receivable |
1,190,598
|
1,289,469
|
Promissory deposits (Note 4) |
747,712
|
754,482
|
Real estate property under development (Note 5) |
32,766,496
|
31,119,043
|
Amount due from an unconsolidated affiliate (Note 9) |
2,211,185
|
3,086,185
|
Other receivables and deposits, net (Note 6) |
8,558,308
|
204,557
|
Total current assets |
48,725,392
|
40,204,141
|
Property and equipment, net (Note 7) |
8,875,067
|
9,139,734
|
Investment properties, net (Note 8) |
5,998,986
|
6,137,819
|
Deferred tax assets (Note 15) |
679,423
|
469,400
|
Investment in an unconsolidated affiliate (Note 9) |
5,480,505
|
5,642,909
|
Other investments |
146,292
|
104,315
|
Total assets |
69,905,665
|
61,698,318
|
Current liabilities |
|
|
Bank loans (Note 10) |
18,448,985
|
18,616,018
|
Current portion of long term borrowings (Note 11) |
7,964,760
|
8,036,871
|
Promissory notes payable (Note 12) |
15,198,449
|
5,076,547
|
Accounts payable |
748,125
|
489,582
|
Amounts due to directors (Note 13) |
8,501,057
|
10,440,238
|
Amount due to an affiliate |
69,641
|
0
|
Customer deposits |
5,016,220
|
3,168,369
|
Other payables and accrued expenses (Note 14) |
2,285,966
|
3,001,581
|
Other taxes payable |
174,895
|
190,036
|
Dividends payables |
355,924
|
0
|
Income taxes payable |
135,093
|
190,152
|
Total current liabilities |
58,899,115
|
49,209,394
|
Long term bank loan (Note 11) |
3,413,469
|
3,444,374
|
Deferred government subsidy (Note 15) |
5,392,535
|
5,441,360
|
Total liabilities |
$ 67,705,119
|
$ 58,095,128
|
Commitments and contingencies (Note 16) |
|
|
Stockholders’ equity |
|
|
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 28,691,925 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively |
$ 286,919
|
$ 286,919
|
Additional paid-in capital |
4,570,008
|
4,570,008
|
Statutory reserve (Note 17) |
783,101
|
782,987
|
Accumulated losses |
(15,410,688)
|
(14,668,376)
|
Accumulated other comprehensive income |
120,242
|
172,214
|
Total deficit of Sunrise Real Estate Group, Inc. |
(9,650,418)
|
(8,856,248)
|
Non-controlling interests |
11,850,964
|
12,459,438
|
Total shareholders’ equity |
2,200,546
|
3,603,190
|
Total liabilities and shareholders’ equity |
$ 69,905,665
|
$ 61,698,318
|
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CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
28,691,925
|
28,691,925
|
Common stock, shares outstanding |
28,691,925
|
28,691,925
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- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
Mar. 31, 2014 |
Mar. 31, 2013 |
Net revenues |
$ 2,721,154
|
$ 2,113,429
|
Cost of revenues |
(1,321,918)
|
(1,163,939)
|
Gross profit |
1,399,236
|
949,490
|
Operating expenses |
(631,074)
|
(312,924)
|
General and administrative expenses |
(833,640)
|
(1,051,759)
|
Operating loss |
(65,478)
|
(415,193)
|
Other income (expenses) |
|
|
Interest income |
100,269
|
157,948
|
Interest expense |
(830,759)
|
(915,147)
|
Other income, net |
(12,926)
|
15,311
|
Total other expenses |
(743,416)
|
(741,888)
|
Loss before income taxes and equity in net loss of an unconsolidated affiliate |
(808,894)
|
(1,157,081)
|
Income tax benefit (expense) |
204,726
|
15,781
|
Equity in net gain (loss) of an unconsolidated affiliate, net of income taxes |
(112,379)
|
(193,022)
|
Net loss |
(716,547)
|
(1,334,322)
|
Less: Net loss attributable to non-controlling Interests |
334,420
|
130,069
|
Net loss attributable to shareholders of Sunrise Real Estate Group, Inc. |
$ (382,127)
|
$ (1,204,253)
|
Loss per share - basic and fully diluted (in dollars per share) |
$ (0.04)
|
$ (0.04)
|
Weighted average common shares outstanding - Basic and fully diluted (in shares) |
28,691,925
|
28,691,925
|
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
|
3 Months Ended |
Mar. 31, 2014 |
Mar. 31, 2013 |
Net loss |
$ (716,547)
|
$ (1,334,322)
|
Other comprehensive income (loss) - Foreign currency translation adjustment |
(326,027)
|
26,866
|
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(1,042,574)
|
(1,307,456)
|
Less: Comprehensive loss (income) attributable to non-controlling interests |
608,475
|
98,752
|
Total comprehensive loss attributable to stockholders of Sunrise Real Estate Group, Inc. |
$ (434,099)
|
$ (1,208,704)
|
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
3 Months Ended |
Mar. 31, 2014 |
Mar. 31, 2013 |
Cash flows from operating activities |
|
|
Net loss |
$ (716,547)
|
$ (1,334,322)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Depreciation and amortization |
299,740
|
284,450
|
Bad debts |
(1,459)
|
0
|
Loss (Gain) on disposal of property, plant and equipment |
14,133
|
0
|
Equity in net loss of an unconsolidated affiliate |
112,379
|
193,022
|
Changes in assets and liabilities |
|
|
Accounts receivable |
87,774
|
992,564
|
Promissory deposits |
0
|
(11,155)
|
Real estate property under development |
(1,937,124)
|
(1,822,566)
|
Customer Deposits |
1,886,459
|
0
|
Amount due from unconsolidated affiliates |
851,906
|
0
|
Other receivables and deposits |
(8,399,463)
|
(359,839)
|
Deferred tax assets |
(215,398)
|
(15,781)
|
Accounts payable |
264,363
|
(77,759)
|
Amount due to an affiliate |
70,018
|
0
|
Other payables and accrued expenses |
(692,420)
|
(1,374,024)
|
Deposits received from underwriting sales |
0
|
(551,625)
|
Interest payable on promissory notes |
142,187
|
114,734
|
Interest payable on amounts due to directors |
312,399
|
(665,718)
|
Other taxes payable |
(13,509)
|
(59,843)
|
Income taxes payable |
(53,641)
|
(144,829)
|
Net cash used in operating activities |
(7,988,203)
|
(4,832,691)
|
Cash flows from investing activities |
|
|
Purchases of property and equipment |
(42,978)
|
(50,748)
|
Decrease in restricted cash |
0
|
478,057
|
Repayment of advances to an unconsolidated affiliate |
0
|
318,884
|
Net cash used in investing activities |
(42,978)
|
746,193
|
Cash flows from financing activities |
|
|
Restricted cash |
222,419
|
0
|
Bank loan repayments |
(1,666,966)
|
0
|
New bank loans |
1,676,011
|
1,274,819
|
Advances from directors |
46,389
|
4,345,689
|
Repayments of advances from directors |
(2,297,969)
|
(1,950,536)
|
Proceeds from new promissory notes |
10,579,673
|
956,114
|
Repayments of promissory notes |
(599,958)
|
0
|
Dividend paid to non-controlling interests |
0
|
(79,233)
|
Net cash provided by financing activities |
7,959,599
|
4,546,853
|
Effect of exchange rate changes on cash and cash equivalents |
(204,296)
|
71,822
|
Net decrease in cash and cash equivalents |
(275,878)
|
532,177
|
Cash and cash equivalents at beginning of year |
3,503,510
|
934,123
|
Cash and cash equivalents at end of year |
3,227,632
|
1,466,300
|
Supplemental disclosure of cash flow information |
|
|
Income taxes paid |
56,842
|
144,830
|
Interest paid |
$ 933,498
|
$ 1,429,348
|
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
3 Months Ended |
Mar. 31, 2014 |
Organization and Description Of Business [Abstract] |
|
Business Description and Basis of Presentation [Text Block] |
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS Sunrise Real Estate Group, Inc. “SRRE” was incorporated in Texas on October 10, 1996 under the name of Parallax Entertainment, Inc. SRRE together with its subsidiaries and equity investment described below is collectively referred to as “the Company”, “our” or “us”. The Company is primarily engaged in the provision of property brokerage services, which include property marketing, leasing and management services; and real estate development in the People’s Republic of China (the “PRC”). As of March 31, 2014, the Company has the following major subsidiaries and equity investment. Company Name | | Date of Incorporation | | Place of Incorporation | | % of Ownership held by the Company | | Relationship with the Company | | Principal activity | Sunrise Real Estate Development Group, Inc. (CY-SRRE) | | April 30, 2004 | | Cayman Islands | | 100% | | Subsidiary | | Investment holding | Lin Ray Yang Enterprise Limited (“LRY”) | | November 13, 2003 | | British Virgin Islands | | 100% | | Subsidiary | | Investment holding | Shanghai Xin Ji Yang Real Estate Consultation Company Limited (“SHXJY”) | | August 20, 2001 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Shanghai Shang Yang Real Estate consultation Company Limited (“SHSY”) | | February 5, 2004 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Suzhou Gao Feng Hui Property Management Company Limited (“SZGFH”) | | January 10, 2005 | | PRC | | 100% | | Subsidiary | | Property management and leasing services | Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) | | November 24, 2006 | | PRC | | 38.5%* | | Subsidiary | | Property brokerage and management services | Suzhou Xi Ji Yang Real Estate Consultation Company Limited (“SZXJY”) | | June 25, 2004 | | PRC | | 75% | | Subsidiary | | Property brokerage services | Linyi Shangyang Real Estate Development Company Limited (“LYSY”) | | October 13, 2011 | | PRC | | 24%** | | Subsidiary | | Real estate development | Shangqiu Shang Yang Real Estate Consultation Company Limited (“SQSY”) | | October 20, 2010 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Wuhan Gao Feng Hui Consultation Company Limited (“WHGFH”) | | November 10, 2010 | | PRC | | 60% | | Subsidiary | | Property brokerage services | Sanya Shang Yang Real Estate Consultation Company Limited (“SYSY”) | | September 18, 2008 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Shanghai Rui Jian Design Company Limited (“SHRJ”) | | August 15, 2011 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Linyi Rui Lin Construction and Design Company Limited (“LYRL”) | | March 6, 2012 | | PRC | | 100%*** | | Subsidiary | | Investment holding | Putian Xin Ji Yang Real Estate Consultation Company Limited (“PTXJY”) | | June 5, 2012 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Wuhan Yuan Yu Long Real Estate Development Company Limited (“WHYYL”) | | December 28, 2009 | | PRC | | 49% | | Equity investment | | Real estate development | Shanghai Xin Xing Yang Real Estate Brokerage Company Limited (“SHXXY”) | | September 28, 2011 | | PRC | | 40% | | Equity investment | | Property brokerage services | Xin Guang Investment Management and Consulting Company Limited (“XG”) | | December 17, 2012 | | PRC | | 49% | | Equity investment | | Investment management and consulting | Shanghai Da Er Wei Trading Company Limited (“SHDEW”) | | June 6, 2013 | | PRC | | 30% | | Equity investment | | Import and export trading | * | The Company and a shareholder of SZSY, which holds 12.5% equity interest in SZSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of the shareholder’s 12.5% equity interest in SZSY. The Company effectively holds 51% voting rights in SZSY and therefore considers SZSY as a subsidiary of the Company. | ** | The Company and a shareholder of LYSY, which holds 51% equity interest in LYSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of her 51% equity interest in LYSY. The Company effectively holds 75% voting rights in LYSY and therefore considers LYSY as a subsidiary of the Company. | *** | The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. | The accompanying condensed consolidated balance sheet as of December 31, 2013, which has been derived from the audited consolidated financial statements and the accompanying unaudited condensed consolidated financial statements, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations and the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, these condensed consolidated financial statements reflect all adjustments which are of a normal recurring nature and which are necessary to present fairly the financial position of Sunrise Real Estate as of March 31, 2014 and the results of operations for the three months ended March 31, 2014 and 2013, and the cash flows for the three months ended March 31, 2014 and 2013. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results which may be expected for the entire fiscal year. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2014 |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] |
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Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The condensed consolidated financial statements include the financial statements of Sunrise Real Estate Group, Inc. and its subsidiaries. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. Going Concern The Company’s condensed consolidated financial statements have been prepared on a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. As of March 31, 2014, the Company has a working capital deficiency, accumulated deficit from recurring net losses, and significant short-term debt obligations currently in default or maturing in less than one year. These factors raise substantial doubts about the Company’s ability to continue as a going concern. Management believes that the Company will generate sufficient cash flows to fund its operations and to meet its obligations on timely basis for the next twelve months by successful implementation of its business plans, obtaining continued support from its lenders to rollover debts when they became due, and securing additional financing as needed. There is no assurance that the Company will be able to obtain additional financing on acceptable terms and any financing that the Company does obtain will be sufficient to meet its needs in the long term. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations in the case of debt financing, or cause substantial dilution for our shareholders in the case of equity financing. If events or circumstances occur that the Company is unable to successfully implement its business plans, fails to obtain continued supports from its lenders or to secure additional financing, or incurs significant unplanned cash outlays, the Company may be required to suspend operations or cease business entirely. The accompanying condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Foreign Currency Translation and Transactions The functional currency of SRRE, CY-SRRE and LRY is U.S. dollars (“$”) and their financial records are maintained and the financial statements prepared in U.S. dollars. The functional currency of the Company’s subsidiaries and affiliate in China is Renminbi (“RMB”) and their financial records and statements are maintained and prepared in RMB. Foreign currency transactions during the period are translated into each company’s denominated currency at the exchange rates ruling at the transaction dates. Gain and loss resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into each company’s denominated currency at period-end exchange rates. All exchange differences are dealt with in the consolidated statements of operations. The financial statements of the Company’s operations based outside of the United States have been translated into U.S. dollars in accordance with ASC830. Management has determined that the functional currency for each of the Company’s foreign operations is its applicable local currency. When translating functional currency financial statements into U.S. dollars, period-end exchange rates are applied to the condensed consolidated balance sheets, while average exchange rates as to revenues and expenses are applied to consolidated statements of operations. The effect of foreign currency translation adjustments is included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of March 31, 2014 and December 31, 2013 are $1: RMB6.1521 and $1: RMB6.0969, respectively. The RMB is not freely convertible into foreign currency and all foreign exchange transaction must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rate used in translation. 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. For the three months ended March 31, 2014 and 2013, the Company had not recognized any impairment for real estate property under development. Long Term Investments The Company accounts for long term investments in equities as follows. Investment in Unconsolidated Affiliates Affiliates are entities over which the Company has significant influence, but which it does not control. The Company generally considers an ownership interest of 20% or higher to represent significant influence. Investments in unconsolidated affiliates are accounted for by the equity method of accounting. Under this method, the Company’s share of the post-acquisition profits or losses of affiliates is recognized in the income statement and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Company and its affiliates are eliminated to the extent of the Company’s interest in the affiliates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. The Company is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Company recorded any impairment losses in any of the periods reported. Other Investments Where the Company has no significant influence, the investment is classified as other assets in the balance sheet and is carried under the cost method. Investment income is recognized by the Company when the investee declares a dividend and the Company believes it is collectible. The Company periodically evaluates the carrying value of its investment under the cost method and any decline in value is included in impairment of cost of the investment. Government Subsidies Government subsidies include cash subsidies received by the Company’s subsidiaries in the PRC from local governments. 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. Government subsidy was received in 2012 and as of March 31, 2014 and December 31, 2013, the Company received $5,392,535 and $5,441,360, respectively. The subsidy is given to reimburse the land acquisition costs and certain construction costs incurred for the Company’s property development project in Linyi, and are 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. Revenue Recognition Agency commission revenue from property brokerage is recognized when the property developer and the buyer complete a property sales transaction, and the property developer grants confirmation to us to be able to invoice them accordingly. The time when we receive the commission is normally at the time when the property developer receives from the buyer a portion of the sales proceeds in accordance with the terms of the relevant property sales agreement, or the balance of the bank loan to the buyer has been funded, or recognized under the sales schedule or other specific items of agency sales agreement with developer. At no point does the Company handle any monetary transactions nor act as an escrow intermediary between the developer and the buyer. Revenue from marketing consultancy services is recognized when services are provided to clients, fees associated to services are fixed or determinable, and collection of the fees is assured. Rental revenue from property management and rental business is recognized on a straight-line basis according to the time pattern of the leasing agreements. The Company accounts for underwriting sales in accordance with ASC 976-605 “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting Standards No. 66) (“ASC 976-605”). The commission revenue on underwriting sales is recognized when sales have been consummated, generally when title is transferred and the Company no longer has substantial continuing involvement with the real estate asset sold. If the Company provides certain rent guarantees or other forms of support where the maximum exposure to loss exceeds the gain, it defers the related commission income and expenses by applying the deposit method. In future periods, the commission income and related expenses are recognized when the remaining maximum exposure to loss is reduced below the amount of income deferred. All revenues represent gross revenues less sales and business taxes. Net Earnings (Loss) per Common Share The Company computes net earnings (loss) per share in accordance with ASC 260, “Earnings per Share” (“ASC 260”). Under the provisions of ASC 260, basic net earnings (loss) per share is computed by dividing net earnings (loss) available to common shareholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net earnings (loss) per share recognizes common stock equivalents, however; potential common stock in the diluted EPS computation is excluded in net loss periods, as their effect is anti-dilutive. Recently Adopted Accounting Standards In December 2011, the FASB issued ASU No. 2011-11, Topic 210 - Balance Sheet: Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 became effective for fiscal years beginning on or after January 1, 2013, with retrospective application for all comparable periods presented. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. In February 2013, the FASB issued ASU 2013-12, Topic 220 - Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 changes the presentation requirements of significant reclassifications out of accumulated other comprehensive income in their entirety and their corresponding effect on net income. For other significant amounts that are not required to be reclassified in their entirety, the standard requires the company to cross-reference to related footnote disclosures. ASU 2013-02 became effective for the company on January 1, 2013. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. New Accounting Pronouncements In March 2013, the FASB issued ASU 2013-05 Topic 830 Foreign Currency Matters (“ASU 2013-05”). ASU 2013-05 resolves the diversity in practice about whether Subtopic 810-10, ConsolidationOverall, or Subtopic 830-30, ASU 2013-05 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. ASU 2013-02 became effective for the company prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material effect on the Company’s condensed consolidated financial statements. The FASB has issued ASU 2013-04 Topic 405 - Liabilities: Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s condensed consolidated financial statements.
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RESTRICTED CASH
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3 Months Ended |
Mar. 31, 2014 |
Restricted Cash [Abstract] |
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Cash And Cash Equivalents Restricted Cash And Cash Equivalents [Text Block] |
NOTE 3 RESTRICTED CASH The Company is required to maintain certain deposits with the bank that provides secured loans to the Company. As of March 31, 2014 and December 31, 2013, the Company held cash deposits of $23,461 and $246,895, respectively, as security for its bank loans (see Note 11). These balances are subject to withdrawal restrictions and are not covered by insurance.
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- DefinitionThe entire disclosure for cash and cash items which are restricted as to withdrawal or usage.
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REAL ESTATE PROPERTY UNDER DEVELOPMENT
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3 Months Ended |
Mar. 31, 2014 |
Real Estate Held For Development and Sale [Abstract] |
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Real Estate Held For Development and Sale [Text Block] |
NOTE 5 REAL ESTATE PROPERTY UNDER DEVELOPMENT Real estate property under development represents the Company’s real estate development project in Linyi, the PRC (“Linyi Project”), which is located on the junction of Xiemen Road and Hong Kong Road in Linyi City Economic Development Zone, Shandong Province, PRC. This project covers a site area of approximately 103,385 square meters for the development of villa-style residential housing buildings. The Company acquired the site and commenced construction of this project during the fiscal year of 2012. On March 13, 2014, the Company has 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 Project, which 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 apartment. As of March 31, 2014, land use rights included in real estate property under development totaled $32,766,496.
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v3.3.1.900
OTHER RECEIVABLES AND DEPOSITS, NET
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3 Months Ended |
Mar. 31, 2014 |
Receivables [Abstract] |
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Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
NOTE 6 - OTHER RECEIVABLES AND DEPOSITS, NET | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Advances to staff | | $ | 16,999 | | | 56,161 | | Rental deposits | | | 169,244 | | | 7,483 | | Prepaid expense | | | 60,956 | | | - | | Prepaid tax | | | 55,445 | | | - | | GuangXinlu Project | | | 8,127,306 | | | - | | Other receivables | | | 128,358 | | | 140,913 | | | | $ | 8,558,308 | | $ | 204,557 | | Other receivables and deposits as of March 31, 2014 and December 31, 2013 are stated net of allowance for doubtful accounts of $109,235 and $99,437, respectively.
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.3.1.900
PROPERTY AND EQUIPMENT, NET
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3 Months Ended |
Mar. 31, 2014 |
Property, Plant and Equipment [Abstract] |
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Property, Plant and Equipment Disclosure [Text Block] |
NOTE 7 PROPERTY AND EQUIPMENT, NET | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Furniture and fixtures | | $ | 245,793 | | $ | 423,461 | | Computer and office equipment | | | 269,873 | | | 293,100 | | Motor vehicles | | | 747,655 | | | 878,732 | | Properties | | | 9,795,377 | | | 9,657,427 | | | | | 11,058,699 | | | 11,252,720 | | Less: Accumulated depreciation | | | (2,183,632) | | | (2,112,986) | | | | $ | 8,875,067 | | $ | 9,139,734 | | Depreciation and amortization expense for property and equipment amounted to $215,524 and $152,350 for the three months ended March 31, 2014 and 2013, respectively. All properties as of March 31, 2014 and December 31, 2013 were pledged as collateral for the Company’s bank loans (See Note 10).
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- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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INVESTMENT PROPERTIES, NET
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3 Months Ended |
Mar. 31, 2014 |
Real Estate [Abstract] |
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Real Estate Disclosure [Text Block] |
NOTE 8 INVESTMENT PROPERTIES, NET | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Investment properties | | $ | 10,064,990 | | $ | 10,156,116 | | Less: Accumulated depreciation | | | (4,066,004) | | | (4,018,297) | | | | $ | 5,998,986 | | $ | 6,137,819 | | Depreciation and amortization expense for investment properties amounted to $84,216 and $132,100 for the three months ended March 31, 2014 and 2013, respectively. All investment properties as of March 31, 2014 and December 31, 2013 were pledged as collateral for the Company’s bank loans (See Note 10).
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- DefinitionThe entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.
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INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
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3 Months Ended |
Mar. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] |
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Equity Method Investments and Joint Ventures Disclosure [Text Block] |
NOTE 9 INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE In 2011, the Company invested $4,697,686 for acquiring 49% equity interest in WHYYL to expand its operations to real estate development business. WHYYL is developing a real estate project in Wuhan, the PRC on a parcel of land covering approximately 27,950 square meters with a 3-year planned construction period. The Company has accounted for this investment using the equity method as the Company has the ability to exercise significant influence over their activities. As of March 31, 2014 the investment in WHYYL was $5,480,505, which included its equity in net loss of WHYYL, net of income taxes, totaling $229,345 as of March 31, 2014. The following table sets forth the financial information of WHYYL. | | Three Months Ended March 31, | | | | 2014 | | 2013 | | | | | | | | | | Revenues | | $ | - | | $ | - | | | | | | | | | | Net loss | | $ | 229,345 | | $ | 393,922 | | | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Current assets | | $ | 57,329,182 | | $ | 56,344,599 | | Non-current assets | | | 853,887 | | | 794,446 | | Total assets | | | 58,183,069 | | | 57,139,045 | | | | | | | | | | Current liabilities | | | 46,997,800 | | | 45,581,987 | | Total equity | | $ | 11,185,269 | | $ | 11,557,058 | | As of March 31, 2014 and December 31, 2013, the Company has a balance of $2,202,783 and $4,316,031 due from WHYYL, which bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. During the three months ended March 31, 2014 and 2013, the Company recorded interest income of $97,318 and $132,063 from WHYYL, respectively. During the three months ended March 31, 2014 and 2013, the Company had no impairment loss for investment in an unconsolidated affiliate.
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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v3.3.1.900
BANK LOANS
|
3 Months Ended |
Mar. 31, 2014 |
Debt Disclosure [Abstract] |
|
Debt Disclosure [Text Block] |
NOTE 10 BANK LOANS In January 2013, the Company obtained a bank loan of $1,300,369 (RMB8,000,000) from the Bank of China, bearing interest at a rate of 7.56% per annum. The loan is secured by the properties of two unrelated parties and matured on March 1, 2014. As of March 31, 2014 and December 31, 2013, the outstanding balance of this loan was $1,300,369 (RMB8, 000,000) and $1,312,142. This loan is renewed automatically every year. This loan will mature on March 1, 2015. In August 2012, the Company entered into a 3-year revolving facility line of credit agreement with First Sino Bank. Under the terms of the agreement, the Company could borrow a maximum amount of $4,957,657 (RMB30,500,000) as of March 31, 2014. The borrowings under this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by the People’s Bank of China (“PBOC”). The average interest rate for the three months ended March 31, 2014 was 7.6875% per annum. The facility of credit is secured by all of the Company’s properties included in property and equipment (See Note 7) and the restricted cash of $Nil (See Note 3), guaranteed by a director of the Company, and matures on March 31, 2015. Borrowings under this facility are renewable for an additional period not longer than 12 months and are due not later than March 31, 2015. In September 2013, the Company paid $861,494 (RMB5,300,000) to the bank. As of March 31, 2014 and December 31, 2013, the Company had outstanding loan balances of $4,957,657 (RMB30,500,000) and $5,002,543 (RMB30,500,000), respectively, under this facility line of credit. In April 2012, the Company entered into a 3-year non-revolving facility line of credit agreement with First Sino Bank. Under the terms of the agreement, the Company could borrow a maximum amount of $12,190,959 (RMB75,000,000) as of March 31, 2014. The borrowings under this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by PBOC. The average interest rate for three months ended March 31, 2014 was 7.6875% per annum. The facility of credit is secured by all of the Company’s investment properties (See Note 8) and guaranteed by a director of the Company, and matures on March 31, 2015. Borrowings under this facility are renewable for an additional period no longer than 36 months and are due no later than March 31, 2015. As of March 31, 2014 and December 31, 2013, the Company had outstanding loan balances of $12,190,959 (RMB75,000,000) and $12,301,332 (RMB75,000,000), respectively, under this facility line of credit.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
CURRENT PORTION OF LONG TERM BORROWINGS
|
3 Months Ended |
Mar. 31, 2014 |
Debt Disclosure [Abstract] |
|
Long-term Debt [Text Block] |
NOTE 11- CURRENT PORTION OF LONG TERM BORROWINGS On May 16, 2013, the Company entered into a project finance loan agreement with China CITIC Bank to finance the development of the Company’s Linyi Project. The loan has a 2-year term in the principal amount of $11,379,229 (RMB70,000,000) at an interest rate of 14.21% per annum, which is 8.06% over the benchmark lending rate from PBOC. | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Outstanding borrowings | | $ | 11,378,229 | | $ | 11,481,245 | | Less: Current portion of long term borrowings | | | 7,965,760 | | | 8,036,871 | | | | | 3,413,469 | | | 3,444,374 | | For the period ended March 31, 2014, total loan interest was approximately $1,154,249, which was capitalized in the development cost of the Linyi project. The Company pledged its real estate properties in the Linyi project with carrying value of $32,766,496 as of March 31, 2014. The loan is also subject to certain covenants including floating mortgage ratio not more than 50%. Floating mortgage rate is calculated as the outstanding principal and unpaid interest after deduction of guaranteed funds kept in the stipulated bank account divided by the value of pledged properties. In addition, the Company is required to maintain all monies received from sales of any properties relating to the Linyi project in a stipulated bank account as guaranteed funds, which will be classified as restricted cash. As of March 31, 2014, the cash restricted in relation to the borrowings from China CITIC Bank was $23,461 (2013: $246,895).
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v3.3.1.900
PROMISSORY NOTES PAYABLE
|
3 Months Ended |
Mar. 31, 2014 |
Debt Disclosure [Abstract] |
|
Notes Payable Disclosure [Text Block] |
NOTE 12 PROMISSORY NOTES PAYABLE The promissory notes payable consist of the following unsecured notes to unrelated parties. Included in the balances, the promissory notes with outstanding principal and unpaid interest of $15,198,449 and $5,076,547 are in default as of March 31, 2014 and December 31, 2013, respectively. The promissory note with a principal of $865,292 bearing an interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014 and December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted to $1,193,077 and $1,252,276, respectively. The promissory note with a principal of $816,313 bearing an interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2013 and December 31, 2012, the outstanding principal and unpaid interest related to this promissory note amounted to $1,076,924 and $1,056,342, respectively. The promissory note with a principal of $3,783,681 bearing an interest at a rate of 12% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2013 and December 31, 2012, the outstanding principal and unpaid interest related to this promissory note amounted to $1,961,565 and $2,767,929, respectively. The promissory note with a principal of $1,625,461 bearing an interest at a rate of 20% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $1,638,821. The promissory note with a principal of $4,876,384 bearing an interest at a rate of 26.7% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $4,883,510. The promissory note with a principal of $162,546 bearing an interest at a rate of 20% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $162,813. The promissory note with a principal of up to $1,324,751 bearing an interest at a rate of 36% per annum, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $674,566. The promissory note with a principal of $300,000 bearing an interest at a rate of 15% per annum, is unsecured and has no fixed terms of repayment. As of March 31, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $356,250. The promissory note with a principal of $3,250,922 bearing no interest rate, is unsecured and has no fixed term of repayment. As of March 31, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $3,250,922. During the three months ended March 31, 2014 and 2013, the interest expenses related to these promissory notes were $177,412 and $231,165, respectively.
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v3.3.1.900
AMOUNTS DUE TO DIRECTORS
|
3 Months Ended |
Mar. 31, 2014 |
Related Party Transactions [Abstract] |
|
Related Party Transactions Disclosure [Text Block] |
NOTE 13 AMOUNTS DUE TO DIRECTORS | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Lin Chi-Jung | | $ | 8,457,417 | | $ | 10,398,904 | | Lin Hsin-Hung | | | 43,640 | | | 1,484 | | Lin Chao-Chin | | | - | | | 39,850 | | | | $ | 8,501,057 | | $ | 10,440,238 | | (a) | The balance due to Lin Chi-Jung consists of unpaid salaries and reimbursements and advances together with unpaid interest. | The balances are unsecured, interest-free and have no fixed term of repayment. The advances together with unpaid interest as of March 31, 2014 and December 31, 2013 were $8,457,417 and $10,398,904, respectively. The balances are unsecured and interest bearing at rates ranging from 18% to 30% per annum. (b) | The balances due to Lin Chao-Chin and Lin Hsin-Hung are unsecured, interest-free and have no fixed term of repayment. |
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
OTHER PAYABLES AND ACCRUED EXPENSES
|
3 Months Ended |
Mar. 31, 2014 |
Payables and Accruals [Abstract] |
|
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] |
NOTE 14- OTHER PAYABLES AND ACCRUED EXPENSES | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Accrued staff commission and bonus | | $ | 488,063 | | $ | 1,058,882 | | Rental deposits received | | | 603,515 | | | 687,700 | | Customer deposits | | | 88,708 | | | 151,243 | | Accrued expenses | | | - | | | 597,453 | | Guang Xin Lu Project | | | 670,974 | | | - | | Other payables | | | 434,706 | | | 506,303 | | | | $ | 2,285,966 | | $ | 3,001,581 | |
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v3.3.1.900
DEFERRED GOVERNEMNET SUBSIDY
|
3 Months Ended |
Mar. 31, 2014 |
Deferred Government Subsidy [Abstract] |
|
Deferred Government Subsidy [Text Block] |
NOTE 15 DEFERRED GOVERNMENT SUBSIDY Deferred government subsidy consists of the cash subsidy provided by the local government. Government subsidy was received in 2012, and as of March 31, 2014 and December 31, 2013, the Company received $5,392,535 and $5,441,360, respectively. The subsidy is given to reimburse the land acquisition costs and certain construction costs incurred for the Company’s property development project, and are repayable if the Company fails to complete the subsidized property development project before the agreed date. The entire government subsidy is deferred and included as deferred government subsidy in consolidated balance sheets.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies Disclosure [Text Block] |
NOTE 16- COMMITMENTS AND CONTINGENCIES Operating Lease Commitments The Company leases certain of its office properties under non-cancellable operating lease arrangements. Payments under operating leases are expensed on a straight-line basis over the periods of their respective terms, and the terms of the leases do not contain rent escalation, or contingent rent, renewal, or purchase options. There are no restrictions placed upon the Company by entering into these leases. Rental expenses under operating leases for the three months ended March 31, 2014 and 2013 were $61,494 and $49,858, respectively. As of March 31, 2014, the Company had the following operating lease obligations. | | Amount | | | | | | | Within one year | | $ | 90,231 | | Two to five years | | | 16,753 | | | | $ | 106,984 | |
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
STATUTORY RESERVE
|
3 Months Ended |
Mar. 31, 2014 |
Statutory Reserve [Abstract] |
|
Statutory Reserve Disclosure [Text Block] |
NOTE 17 STATUTORY RESERVE According to the relevant corporation laws in the PRC, a PRC company is required to transfer at least 10% of its profit after taxes, as determined under accounting principles generally accepted in the PRC, to the statutory reserve until the balance reaches 50% of its registered capital. The statutory reserve can be used to make good on losses or to increase the capital of the relevant company. According to the Law of the PRC on Enterprises with Wholly-Owned Foreign Investment, the Company PRC’s subsidiaries are required to make appropriations from after-tax profits as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) to non-distributable reserves. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion reserve and (iii) a staff bonus and welfare fund. A wholly-owned PRC subsidiary is not required to make appropriations to the enterprise expansion reserve but annual appropriations to the general reserve are required to be made at 10% of the profit after tax as determined under PRC GAAP at each year-end, until such fund has reached 50% of its respective registered capital. The staff welfare and bonus reserve is determined by the board of directors. The general reserve is used to offset future losses. The subsidiary may, upon a resolution passed by the stockholders, convert the general reserve into capital. The staff welfare and bonus reserve are used for the collective welfare of the employees of the subsidiary. The enterprise expansion reserve is for the expansion of the subsidiary operations and can be converted to capital subject to approval by the relevant authorities. These reserves represent appropriations of the retained earnings determined in accordance with Chinese law. In addition to the general reserve, the Company’s PRC subsidiaries are required to obtain approval from the local PRC government prior to distributing any registered share capital. Accordingly, both the appropriations to general reserve and the registered share capital of the Company’s PRC subsidiary are considered as restricted net assets and are not distributable as cash dividends. As of March 31, 2014 and December 31, 2013, the Company’s statutory reserve fund was $783,101 and $782,987, respectively.
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v3.3.1.900
SEGMENT INFORMATION
|
3 Months Ended |
Mar. 31, 2014 |
Segment Reporting [Abstract] |
|
Segment Reporting Disclosure [Text Block] |
NOTE 18 - SEGMENT INFORMATION The Company's chief executive officer and chief operating officer have been identified as the chief operating decision makers. The Company's chief operating decision makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company evaluates performance based on several factors, including net revenue, cost of revenue, operating expenses, and income from operations. The following tables show the operations of the Company's operating segments: | | Three Months Ended March 31, 2014 | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | $ | 2,721,154 | | $ | - | | $ | - | | $ | 2,721,154 | | Cost of revenues | | | (1,321,918) | | | - | | | - | | | (1,321,918) | | Gross profit | | | 1,399,236 | | | - | | | - | | | 1,399,236 | | | | | | | | | | | | | | | | Operating expenses | | | (275,579) | | | (355,495) | | | - | | | (631,074) | | General and administrative expenses | | | (663,011) | | | (136,059) | | | (34,570) | | | (833,640) | | Operating loss | | | 460,646 | | | (491,554) | | | (34,570) | | | (65,478) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 99,704 | | | 564 | | | - | | | 100,269 | | Interest expense | | | (819,509) | | | - | | | (11,250) | | | (830,759) | | Other income, Net | | | (12,416) | | | (511) | | | - | | | (12,926) | | Total other (expenses) income | | | (732,220) | | | 54 | | | (11,250) | | | (743,416) | | | | | | | | | | | | | | | | Loss before income taxes and equity in net loss of an unconsolidated affiliate | | | (271,574) | | | (491,500) | | | (45,820) | | | (808,894) | | | | | | | | | | | | | | | | Income tax | | | 89,209 | | | 121,222 | | | (5,705) | | | 204,727 | | Equity in net loss of an unconsolidated affiliate, net of income taxes | | | (112,379) | | | - | | | - | | | (112,379) | | Net loss | | $ | (294,744) | | $ | (370,278) | | $ | (51,524) | | $ | (716,547) | | | | Three Months ended March 31, 2013 | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | $ | 2,113,429 | | $ | - | | $ | - | | $ | 2,113,429 | | Cost of revenues | | | (1,163,939) | | | - | | | - | | | (1,163,939) | | Gross profit | | | 949,490 | | | - | | | - | | | 949,490 | | | | | | | | | | | | | | | | Operating expenses | | | (301,433) | | | (11,491) | | | - | | | (312,924) | | General and administrative expenses | | | (811,314) | | | (72,436) | | | (168,009) | | | (1,051,759) | | Operating loss | | | (163,257) | | | (83,927) | | | (168,009) | | | (415,193) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 133,959 | | | 23,989 | | | - | | | 157,948 | | Interest expense | | | (890,631) | | | - | | | (24,516) | | | (915,147) | | Miscellaneous | | | 15,311 | | | - | | | - | | | 15,311 | | Total other (expenses) income | | | (741,361) | | | 23,989 | | | (24,516) | | | (2,142,140) | | | | | | | | | | | | | | | | Loss before income taxes and equity in net loss of an unconsolidated affiliate | | | (904,618) | | | (59,938) | | | (192,525) | | | (1,157,081) | | | | | | | | | | | | | | | | Income tax benefit | | | - | | | 15,781 | | | - | | | 15,781 | | Equity in net loss of an unconsolidated affiliate, net of income taxes | | | - | | | (193,022) | | | - | | | (193,022) | | Net loss | | $ | (904,618) | | $ | (237,179) | | $ | (192,525) | | $ | (1,334,322) | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | As of March 31, 2014 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 32,766,496 | | $ | - | | $ | 32,766,496 | | Total assets | | | 31,202,802 | | | 38,697,292 | | | 5,571 | | | 69,905,665 | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 31,119,043 | | $ | - | | $ | 31,119,043 | | Total assets | | | 19,282,576 | | | 42,400,822 | | | 14,920 | | | 61,698,318 | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
SUBSEQUENT EVENTS
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3 Months Ended |
Mar. 31, 2014 |
Subsequent Events [Abstract] |
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Subsequent Events [Text Block] |
NOTE 19 - SUBSEQUENT EVENTS Effective April 14, 2014, Mr. Zhang Xi had resigned as an independent director of Sunrise Real Estate Group, Inc. for personal reasons. On August 20, 2014, the Company entered into a Share Purchase Agreement with Ace Develop Properties Limited (“Ace”) to issue 20 million shares to Ace for RMB 10,472,000 (US $1,700,000 equivalent). This agreement, subject to standard closing terms and conditions, is scheduled to close on or before August 31, 2014. Ace is wholly-owned by Lin Chi-Jung, our Chief Executive Officer, President and Chairman of the Board. On August 30, 2014 the Company received the funds from Ace and has issued 20 million shares of common stock to Ace. On November 10, 2014, the Company entered into a Share Purchase Agreement with Ace Develop Properties Limited (“Ace”) to issue 20 million shares to Ace for RMB 10,460,000 (US $1,700,000 equivalent). This agreement, subject to standard closing terms and conditions, is scheduled to close on or before November 28, 2014. Ace is wholly-owned by Lin Chi-Jung, our Chief Executive Officer, President and Chairman of the Board. On March 13, 2015, our Board of Directors engaged Kenne Ruan, CPA, P.C. (“Kenne Ruan”) as the Registrant’s certifying accountant to audit the registrant's financial statements, replacing its former certifying accountant, Finesse CPA, P.C. (“Finesse”). Upon receipt of the notice that the Registrant’s acceptance of the proposal from Kenne Ruan to audit its consolidated financial statements for the fiscal year ending December 31, 2014, Finesse resigned as the Registrant’s certifying accountant on March 13, 2015.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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3 Months Ended |
Mar. 31, 2014 |
Accounting Policies [Abstract] |
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Basis Of Accounting, Policy [Policy Text Block] |
Basis of Accounting and Principles of Consolidation The condensed consolidated financial statements include the financial statements of Sunrise Real Estate Group, Inc. and its subsidiaries. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method.
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Going Concern, Policy [Policy Text Block] |
Going Concern The Company’s condensed consolidated financial statements have been prepared on a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. As of March 31, 2014, the Company has a working capital deficiency, accumulated deficit from recurring net losses, and significant short-term debt obligations currently in default or maturing in less than one year. These factors raise substantial doubts about the Company’s ability to continue as a going concern. Management believes that the Company will generate sufficient cash flows to fund its operations and to meet its obligations on timely basis for the next twelve months by successful implementation of its business plans, obtaining continued support from its lenders to rollover debts when they became due, and securing additional financing as needed. There is no assurance that the Company will be able to obtain additional financing on acceptable terms and any financing that the Company does obtain will be sufficient to meet its needs in the long term. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations in the case of debt financing, or cause substantial dilution for our shareholders in the case of equity financing. If events or circumstances occur that the Company is unable to successfully implement its business plans, fails to obtain continued supports from its lenders or to secure additional financing, or incurs significant unplanned cash outlays, the Company may be required to suspend operations or cease business entirely. The accompanying condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
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Foreign Currency Transactions and Translations Policy [Policy Text Block] |
Foreign Currency Translation and Transactions The functional currency of SRRE, CY-SRRE and LRY is U.S. dollars (“$”) and their financial records are maintained and the financial statements prepared in U.S. dollars. The functional currency of the Company’s subsidiaries and affiliate in China is Renminbi (“RMB”) and their financial records and statements are maintained and prepared in RMB. Foreign currency transactions during the period are translated into each company’s denominated currency at the exchange rates ruling at the transaction dates. Gain and loss resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into each company’s denominated currency at period-end exchange rates. All exchange differences are dealt with in the consolidated statements of operations. The financial statements of the Company’s operations based outside of the United States have been translated into U.S. dollars in accordance with ASC830. Management has determined that the functional currency for each of the Company’s foreign operations is its applicable local currency. When translating functional currency financial statements into U.S. dollars, period-end exchange rates are applied to the condensed consolidated balance sheets, while average exchange rates as to revenues and expenses are applied to consolidated statements of operations. The effect of foreign currency translation adjustments is included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of March 31, 2014 and December 31, 2013 are $1: RMB6.1521 and $1: RMB6.0969, respectively. The RMB is not freely convertible into foreign currency and all foreign exchange transaction must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rate used in translation.
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Real Estate Held for Development and Sale, Policy [Policy Text Block] |
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. For the three months ended March 31, 2014 and 2013, the Company had not recognized any impairment for real estate property under development.
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Equity Method Investments, Policy [Policy Text Block] |
Long Term Investments The Company accounts for long term investments in equities as follows. Investment in Unconsolidated Affiliates Affiliates are entities over which the Company has significant influence, but which it does not control. The Company generally considers an ownership interest of 20% or higher to represent significant influence. Investments in unconsolidated affiliates are accounted for by the equity method of accounting. Under this method, the Company’s share of the post-acquisition profits or losses of affiliates is recognized in the income statement and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Company and its affiliates are eliminated to the extent of the Company’s interest in the affiliates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. The Company is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Company recorded any impairment losses in any of the periods reported. Other Investments Where the Company has no significant influence, the investment is classified as other assets in the balance sheet and is carried under the cost method. Investment income is recognized by the Company when the investee declares a dividend and the Company believes it is collectible. The Company periodically evaluates the carrying value of its investment under the cost method and any decline in value is included in impairment of cost of the investment.
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Government Subsidies Policy [Policy Text Block] |
Government Subsidies Government subsidies include cash subsidies received by the Company’s subsidiaries in the PRC from local governments. 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. Government subsidy was received in 2012 and as of March 31, 2014 and December 31, 2013, the Company received $5,392,535 and $5,441,360, respectively. The subsidy is given to reimburse the land acquisition costs and certain construction costs incurred for the Company’s property development project in Linyi, and are 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.
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Revenue Recognition, Policy [Policy Text Block] |
Revenue Recognition Agency commission revenue from property brokerage is recognized when the property developer and the buyer complete a property sales transaction, and the property developer grants confirmation to us to be able to invoice them accordingly. The time when we receive the commission is normally at the time when the property developer receives from the buyer a portion of the sales proceeds in accordance with the terms of the relevant property sales agreement, or the balance of the bank loan to the buyer has been funded, or recognized under the sales schedule or other specific items of agency sales agreement with developer. At no point does the Company handle any monetary transactions nor act as an escrow intermediary between the developer and the buyer. Revenue from marketing consultancy services is recognized when services are provided to clients, fees associated to services are fixed or determinable, and collection of the fees is assured. Rental revenue from property management and rental business is recognized on a straight-line basis according to the time pattern of the leasing agreements. The Company accounts for underwriting sales in accordance with ASC 976-605 “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting Standards No. 66) (“ASC 976-605”). The commission revenue on underwriting sales is recognized when sales have been consummated, generally when title is transferred and the Company no longer has substantial continuing involvement with the real estate asset sold. If the Company provides certain rent guarantees or other forms of support where the maximum exposure to loss exceeds the gain, it defers the related commission income and expenses by applying the deposit method. In future periods, the commission income and related expenses are recognized when the remaining maximum exposure to loss is reduced below the amount of income deferred. All revenues represent gross revenues less sales and business taxes.
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Earnings Per Share, Policy [Policy Text Block] |
Net Earnings (Loss) per Common Share The Company computes net earnings (loss) per share in accordance with ASC 260, “Earnings per Share” (“ASC 260”). Under the provisions of ASC 260, basic net earnings (loss) per share is computed by dividing net earnings (loss) available to common shareholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net earnings (loss) per share recognizes common stock equivalents, however; potential common stock in the diluted EPS computation is excluded in net loss periods, as their effect is anti-dilutive.
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Adoption Of New Accounting Pronouncements, Policy [Policy Text Block] |
Recently Adopted Accounting Standards In December 2011, the FASB issued ASU No. 2011-11, Topic 210 - Balance Sheet: Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 became effective for fiscal years beginning on or after January 1, 2013, with retrospective application for all comparable periods presented. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. In February 2013, the FASB issued ASU 2013-12, Topic 220 - Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 changes the presentation requirements of significant reclassifications out of accumulated other comprehensive income in their entirety and their corresponding effect on net income. For other significant amounts that are not required to be reclassified in their entirety, the standard requires the company to cross-reference to related footnote disclosures. ASU 2013-02 became effective for the company on January 1, 2013. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.
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New Accounting Pronouncements [Policy Text Block] |
New Accounting Pronouncements In March 2013, the FASB issued ASU 2013-05 Topic 830 Foreign Currency Matters (“ASU 2013-05”). ASU 2013-05 resolves the diversity in practice about whether Subtopic 810-10, ConsolidationOverall, or Subtopic 830-30, ASU 2013-05 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. ASU 2013-02 became effective for the company prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material effect on the Company’s condensed consolidated financial statements. The FASB has issued ASU 2013-04 Topic 405 - Liabilities: Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s condensed consolidated financial statements.
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Organization and Description Of Business [Abstract] |
|
Consolidation Entities Nature Of Business [Table Text Block] |
As of March 31, 2014, the Company has the following major subsidiaries and equity investment. Company Name | | Date of Incorporation | | Place of Incorporation | | % of Ownership held by the Company | | Relationship with the Company | | Principal activity | Sunrise Real Estate Development Group, Inc. (CY-SRRE) | | April 30, 2004 | | Cayman Islands | | 100% | | Subsidiary | | Investment holding | Lin Ray Yang Enterprise Limited (“LRY”) | | November 13, 2003 | | British Virgin Islands | | 100% | | Subsidiary | | Investment holding | Shanghai Xin Ji Yang Real Estate Consultation Company Limited (“SHXJY”) | | August 20, 2001 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Shanghai Shang Yang Real Estate consultation Company Limited (“SHSY”) | | February 5, 2004 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Suzhou Gao Feng Hui Property Management Company Limited (“SZGFH”) | | January 10, 2005 | | PRC | | 100% | | Subsidiary | | Property management and leasing services | Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) | | November 24, 2006 | | PRC | | 38.5%* | | Subsidiary | | Property brokerage and management services | Suzhou Xi Ji Yang Real Estate Consultation Company Limited (“SZXJY”) | | June 25, 2004 | | PRC | | 75% | | Subsidiary | | Property brokerage services | Linyi Shangyang Real Estate Development Company Limited (“LYSY”) | | October 13, 2011 | | PRC | | 24%** | | Subsidiary | | Real estate development | Shangqiu Shang Yang Real Estate Consultation Company Limited (“SQSY”) | | October 20, 2010 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Wuhan Gao Feng Hui Consultation Company Limited (“WHGFH”) | | November 10, 2010 | | PRC | | 60% | | Subsidiary | | Property brokerage services | Sanya Shang Yang Real Estate Consultation Company Limited (“SYSY”) | | September 18, 2008 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Shanghai Rui Jian Design Company Limited (“SHRJ”) | | August 15, 2011 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Linyi Rui Lin Construction and Design Company Limited (“LYRL”) | | March 6, 2012 | | PRC | | 100%*** | | Subsidiary | | Investment holding | Putian Xin Ji Yang Real Estate Consultation Company Limited (“PTXJY”) | | June 5, 2012 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Wuhan Yuan Yu Long Real Estate Development Company Limited (“WHYYL”) | | December 28, 2009 | | PRC | | 49% | | Equity investment | | Real estate development | Shanghai Xin Xing Yang Real Estate Brokerage Company Limited (“SHXXY”) | | September 28, 2011 | | PRC | | 40% | | Equity investment | | Property brokerage services | Xin Guang Investment Management and Consulting Company Limited (“XG”) | | December 17, 2012 | | PRC | | 49% | | Equity investment | | Investment management and consulting | Shanghai Da Er Wei Trading Company Limited (“SHDEW”) | | June 6, 2013 | | PRC | | 30% | | Equity investment | | Import and export trading | * | The Company and a shareholder of SZSY, which holds 12.5% equity interest in SZSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of the shareholder’s 12.5% equity interest in SZSY. The Company effectively holds 51% voting rights in SZSY and therefore considers SZSY as a subsidiary of the Company. | ** | The Company and a shareholder of LYSY, which holds 51% equity interest in LYSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of her 51% equity interest in LYSY. The Company effectively holds 75% voting rights in LYSY and therefore considers LYSY as a subsidiary of the Company. | *** | The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. |
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v3.3.1.900
OTHER RECEIVABLES AND DEPOSITS, NET (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Receivables [Abstract] |
|
Schedule Of Other Receivables and Deposit [Table Text Block] |
| | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Advances to staff | | $ | 16,999 | | | 56,161 | | Rental deposits | | | 169,244 | | | 7,483 | | Prepaid expense | | | 60,956 | | | - | | Prepaid tax | | | 55,445 | | | - | | GuangXinlu Project | | | 8,127,306 | | | - | | Other receivables | | | 128,358 | | | 140,913 | | | | $ | 8,558,308 | | $ | 204,557 | |
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v3.3.1.900
PROPERTY AND EQUIPMENT, NET (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment [Table Text Block] |
| | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Furniture and fixtures | | $ | 245,793 | | $ | 423,461 | | Computer and office equipment | | | 269,873 | | | 293,100 | | Motor vehicles | | | 747,655 | | | 878,732 | | Properties | | | 9,795,377 | | | 9,657,427 | | | | | 11,058,699 | | | 11,252,720 | | Less: Accumulated depreciation | | | (2,183,632) | | | (2,112,986) | | | | $ | 8,875,067 | | $ | 9,139,734 | |
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INVESTMENT PROPERTIES, NET (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Real Estate [Abstract] |
|
Schedule of Real Estate Properties [Table Text Block] |
| | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Investment properties | | $ | 10,064,990 | | $ | 10,156,116 | | Less: Accumulated depreciation | | | (4,066,004) | | | (4,018,297) | | | | $ | 5,998,986 | | $ | 6,137,819 | |
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v3.3.1.900
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Schedule of Equity Method Investments [Table Text Block] |
The following table sets forth the financial information of WHYYL. | | Three Months Ended March 31, | | | | 2014 | | 2013 | | | | | | | | | | Revenues | | $ | - | | $ | - | | | | | | | | | | Net loss | | $ | 229,345 | | $ | 393,922 | | | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Current assets | | $ | 57,329,182 | | $ | 56,344,599 | | Non-current assets | | | 853,887 | | | 794,446 | | Total assets | | | 58,183,069 | | | 57,139,045 | | | | | | | | | | Current liabilities | | | 46,997,800 | | | 45,581,987 | | Total equity | | $ | 11,185,269 | | $ | 11,557,058 | |
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v3.3.1.900
CURRENT PORTION OF LONG TERM BORROWINGS (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt Instruments [Table Text Block] |
The loan has a 2-year term in the principal amount of $11,379,229 (RMB70,000,000) at an interest rate of 14.21% per annum, which is 8.06% over the benchmark lending rate from PBOC. | | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Outstanding borrowings | | $ | 11,378,229 | | $ | 11,481,245 | | Less: Current portion of long term borrowings | | | 7,965,760 | | | 8,036,871 | | | | | 3,413,469 | | | 3,444,374 | |
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- DefinitionTabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
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AMOUNTS DUE TO DIRECTORS (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Related Party Transactions [Abstract] |
|
Schedule of Related Party Transactions [Table Text Block] |
| | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Lin Chi-Jung | | $ | 8,457,417 | | $ | 10,398,904 | | Lin Hsin-Hung | | | 43,640 | | | 1,484 | | Lin Chao-Chin | | | - | | | 39,850 | | | | $ | 8,501,057 | | $ | 10,440,238 | |
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OTHER PAYABLES AND ACCRUED EXPENSES (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Payables and Accruals [Abstract] |
|
Schedule of Other Accounts Payable and Accrued Liabilities [Table Text Block] |
| | March 31, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Accrued staff commission and bonus | | $ | 488,063 | | $ | 1,058,882 | | Rental deposits received | | | 603,515 | | | 687,700 | | Customer deposits | | | 88,708 | | | 151,243 | | Accrued expenses | | | - | | | 597,453 | | Guang Xin Lu Project | | | 670,974 | | | - | | Other payables | | | 434,706 | | | 506,303 | | | | $ | 2,285,966 | | $ | 3,001,581 | |
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SEGMENT INFORMATION (Tables)
|
3 Months Ended |
Mar. 31, 2014 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
The following tables show the operations of the Company's operating segments: | | Three Months Ended March 31, 2014 | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | $ | 2,721,154 | | $ | - | | $ | - | | $ | 2,721,154 | | Cost of revenues | | | (1,321,918) | | | - | | | - | | | (1,321,918) | | Gross profit | | | 1,399,236 | | | - | | | - | | | 1,399,236 | | | | | | | | | | | | | | | | Operating expenses | | | (275,579) | | | (355,495) | | | - | | | (631,074) | | General and administrative expenses | | | (663,011) | | | (136,059) | | | (34,570) | | | (833,640) | | Operating loss | | | 460,646 | | | (491,554) | | | (34,570) | | | (65,478) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 99,704 | | | 564 | | | - | | | 100,269 | | Interest expense | | | (819,509) | | | - | | | (11,250) | | | (830,759) | | Other income, Net | | | (12,416) | | | (511) | | | - | | | (12,926) | | Total other (expenses) income | | | (732,220) | | | 54 | | | (11,250) | | | (743,416) | | | | | | | | | | | | | | | | Loss before income taxes and equity in net loss of an unconsolidated affiliate | | | (271,574) | | | (491,500) | | | (45,820) | | | (808,894) | | | | | | | | | | | | | | | | Income tax | | | 89,209 | | | 121,222 | | | (5,705) | | | 204,727 | | Equity in net loss of an unconsolidated affiliate, net of income taxes | | | (112,379) | | | - | | | - | | | (112,379) | | Net loss | | $ | (294,744) | | $ | (370,278) | | $ | (51,524) | | $ | (716,547) | | | | Three Months ended March 31, 2013 | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | $ | 2,113,429 | | $ | - | | $ | - | | $ | 2,113,429 | | Cost of revenues | | | (1,163,939) | | | - | | | - | | | (1,163,939) | | Gross profit | | | 949,490 | | | - | | | - | | | 949,490 | | | | | | | | | | | | | | | | Operating expenses | | | (301,433) | | | (11,491) | | | - | | | (312,924) | | General and administrative expenses | | | (811,314) | | | (72,436) | | | (168,009) | | | (1,051,759) | | Operating loss | | | (163,257) | | | (83,927) | | | (168,009) | | | (415,193) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 133,959 | | | 23,989 | | | - | | | 157,948 | | Interest expense | | | (890,631) | | | - | | | (24,516) | | | (915,147) | | Miscellaneous | | | 15,311 | | | - | | | - | | | 15,311 | | Total other (expenses) income | | | (741,361) | | | 23,989 | | | (24,516) | | | (2,142,140) | | | | | | | | | | | | | | | | Loss before income taxes and equity in net loss of an unconsolidated affiliate | | | (904,618) | | | (59,938) | | | (192,525) | | | (1,157,081) | | | | | | | | | | | | | | | | Income tax benefit | | | - | | | 15,781 | | | - | | | 15,781 | | Equity in net loss of an unconsolidated affiliate, net of income taxes | | | - | | | (193,022) | | | - | | | (193,022) | | Net loss | | $ | (904,618) | | $ | (237,179) | | $ | (192,525) | | $ | (1,334,322) | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | As of March 31, 2014 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 32,766,496 | | $ | - | | $ | 32,766,496 | | Total assets | | | 31,202,802 | | | 38,697,292 | | | 5,571 | | | 69,905,665 | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 31,119,043 | | $ | - | | $ | 31,119,043 | | Total assets | | | 19,282,576 | | | 42,400,822 | | | 14,920 | | | 61,698,318 | |
|
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)
|
3 Months Ended |
Mar. 31, 2014 |
Sunrise Real Estate Development Group Inc [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Apr. 30, 2004
|
|
Subsidiaries, Place of Incorporation |
Cayman Islands
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Investment holding
|
|
Lin Ray Yang Enterprise Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Nov. 13, 2003
|
|
Subsidiaries, Place of Incorporation |
British Virgin Islands
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Investment holding
|
|
Shanghai Xin Ji Yang Real Estate Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Aug. 20, 2001
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Shanghai Shang Yang Real Estate Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Feb. 05, 2004
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Suzhou Gao Feng Hui Property Management Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Jan. 10, 2005
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Property management and leasing services
|
|
Suzhou Shang Yang Real Estate Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Nov. 24, 2006
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
38.50%
|
[1] |
Subsidiaries, Principal activity |
Property brokerage and management services
|
|
Suzhou Xi Ji Yang Real Estate Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Jun. 25, 2004
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
75.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Linyi Shangyang Real Estate Development Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Oct. 13, 2011
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
24.00%
|
[2] |
Subsidiaries, Principal activity |
Real estate development
|
|
Shangqiu Shang Yang Real Estate Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Oct. 20, 2010
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Wuhan Gao Feng Hui Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Nov. 10, 2010
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
60.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Sanya Shang Yang Real Estate Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Sep. 18, 2008
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Shanghai Rui Jian Design Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Aug. 15, 2011
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Linyi Rui Lin Construction and Design Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Mar. 06, 2012
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
[3] |
Subsidiaries, Principal activity |
Investment holding
|
|
Putian Xin Ji Yang Real Estate Consultation Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Jun. 05, 2012
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
100.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Wuhan Yuan Yu Long Real Estate Development Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Dec. 28, 2009
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
49.00%
|
|
Subsidiaries, Principal activity |
Real estate development
|
|
Shanghai Xin Xing Yang Real Estate Brokerage Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Sep. 28, 2011
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
40.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Xin Guang Investment Management and Consulting Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Dec. 17, 2012
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
49.00%
|
|
Subsidiaries, Principal activity |
Investment management and consulting
|
|
Shanghai Da Er Wei Trading Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Jun. 06, 2013
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
30.00%
|
|
Subsidiaries, Principal activity |
Import and export trading
|
|
|
|
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OTHER RECEIVABLES AND DEPOSITS, NET (Details) - USD ($)
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Other Receivables And Deposits [Line Items] |
|
|
Advances to staff |
$ 16,999
|
$ 56,161
|
Rental deposits |
169,244
|
7,483
|
Prepaid expense |
60,956
|
0
|
Prepaid tax |
55,445
|
0
|
GuangXinlu Project |
8,127,306
|
0
|
Other receivables |
128,358
|
140,913
|
Other Receivables And Deposit, Net |
$ 8,558,308
|
$ 204,557
|
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PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
$ 11,058,699
|
$ 11,252,720
|
Less: Accumulated depreciation |
(2,183,632)
|
(2,112,986)
|
Property, Plant and Equipment, Net |
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|
9,139,734
|
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|
423,461
|
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Property, Plant and Equipment [Line Items] |
|
|
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269,873
|
293,100
|
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Property, Plant and Equipment [Line Items] |
|
|
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747,655
|
878,732
|
Properties [Member] |
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|
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3 Months Ended |
Mar. 31, 2014 |
Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] |
|
|
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$ 299,740
|
$ 284,450
|
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INVESTMENT PROPERTIES, NET (Details) - USD ($)
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Investment Properties [Line Items] |
|
|
Investment properties |
$ 10,064,990
|
$ 10,156,116
|
Less: Accumulated depreciation |
(4,066,004)
|
(4,018,297)
|
Real Estate Investment Property, Net |
$ 5,998,986
|
$ 6,137,819
|
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INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2014 |
Mar. 31, 2013 |
Dec. 31, 2013 |
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] |
|
|
|
Revenues |
$ 0
|
$ 0
|
|
Net loss |
229,345
|
$ 393,922
|
|
Current assets |
57,329,182
|
|
$ 56,344,599
|
Non-current assets |
853,887
|
|
794,446
|
Total assets |
58,183,069
|
|
57,139,045
|
Current liabilities |
46,997,800
|
|
45,581,987
|
Total equity |
$ 11,185,269
|
|
$ 11,557,058
|
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|
|
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USD ($)
m²
|
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USD ($)
|
Dec. 31, 2013
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|
Jan. 31, 2011
USD ($)
|
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] |
|
|
|
|
Investment in an unconsolidated affiliate (Note 9) |
$ 5,480,505
|
|
$ 5,642,909
|
|
Amount due from an unconsolidated affiliate (Note 9) |
2,211,185
|
|
3,086,185
|
|
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229,345
|
$ 393,922
|
|
|
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|
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|
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|
|
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|
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$ 5,480,505
|
|
|
$ 4,697,686
|
Area of Land | m² |
27,950
|
|
|
|
Equity Method Investment Summarized Financial Information Interest Income |
$ 97,318
|
$ 132,063
|
|
|
Amount due from an unconsolidated affiliate (Note 9) |
$ 2,202,783
|
|
$ 4,316,031
|
|
Due From Related Parties Percentage Of Interest |
15.00%
|
|
|
|
Equity Method Investment, Ownership Percentage |
49.00%
|
|
|
|
Equity Method Investment, Summarized Financial Information, Net Income (Loss) |
$ 229,345
|
|
|
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v3.3.1.900
BANK LOANS (Details Textual)
|
3 Months Ended |
|
|
|
Mar. 31, 2014
USD ($)
|
Mar. 31, 2014
CNY (¥)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2013
CNY (¥)
|
Sep. 30, 2013
USD ($)
|
Sep. 30, 2013
CNY (¥)
|
Restricted Cash and Cash Equivalents |
$ 23,461
|
|
$ 246,895
|
|
$ 861,494
|
¥ 5,300,000
|
First Sino Bank Loan August 2012 [Member] |
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 4,957,657
|
¥ 30,500,000
|
|
|
|
|
First Sino Bank Loan August 2012 [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
Line of Credit Facility, Interest Rate Description |
The borrowings under this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by the Peoples Bank of China (PBOC).
|
|
|
|
|
|
Line of Credit Facility, Interest Rate at Period End |
7.6875%
|
7.6875%
|
|
|
|
|
Restricted Cash and Cash Equivalents |
$ 0
|
|
|
|
|
|
Long-term Line of Credit |
$ 4,957,657
|
¥ 30,500,000
|
5,002,543
|
¥ 30,500,000
|
|
|
Line of Credit Facility, Expiration Date |
Mar. 31, 2015
|
|
|
|
|
|
First Sino Bank Loan April 2012 [Member] |
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 12,190,959
|
¥ 75,000,000
|
|
|
|
|
First Sino Bank Loan April 2012 [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
Line of Credit Facility, Interest Rate Description |
this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by PBOC.
|
|
|
|
|
|
Line of Credit Facility, Interest Rate at Period End |
7.6875%
|
7.6875%
|
|
|
|
|
Long-term Line of Credit |
$ 12,190,959
|
¥ 75,000,000
|
12,301,332
|
¥ 75,000,000
|
|
|
Line of Credit Facility, Expiration Date |
Mar. 31, 2015
|
|
|
|
|
|
Bank Of China [Member] |
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 1,300,369
|
¥ 8,000,000
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
7.56%
|
7.56%
|
|
|
|
|
Long-Term Debt, Gross |
$ 1,300,369
|
¥ 8,000,000
|
$ 1,312,142
|
|
|
|
X |
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v3.3.1.900
CURRENT PORTION OF LONG TERM BORROWINGS (Details) - USD ($)
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Debt Instrument [Line Items] |
|
|
Outstanding borrowings |
$ 11,378,229
|
$ 11,481,245
|
Less: Current portion of long term borrowings |
7,964,760
|
8,036,871
|
Long-term Debt, Excluding Current Maturities |
$ 3,413,469
|
$ 3,444,374
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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CURRENT PORTION OF LONG TERM BORROWINGS (Details Textual)
|
1 Months Ended |
3 Months Ended |
|
|
|
May. 16, 2013
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Sep. 30, 2013
USD ($)
|
Sep. 30, 2013
CNY (¥)
|
May. 16, 2013
CNY (¥)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Accumulated Capitalized Interest Costs |
|
$ 1,154,249
|
|
|
|
|
Pledged Assets, Not Separately Reported, Real Estate |
|
$ 32,766,496
|
|
|
|
|
Floating Mortgage Ratio |
|
50.00%
|
|
|
|
|
Restricted Cash and Cash Equivalents |
|
$ 23,461
|
$ 246,895
|
$ 861,494
|
¥ 5,300,000
|
|
Benchmark Lending Rate [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt Instrument, Interest Rate During Period |
8.06%
|
|
|
|
|
|
China CITIC Bank [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Restricted Cash and Cash Equivalents |
|
$ 23,461
|
$ 246,895
|
|
|
|
Loan Payable To Bank [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 11,379,229
|
|
|
|
|
¥ 70,000,000
|
Debt Instrument, Interest Rate During Period |
14.21%
|
|
|
|
|
|
Debt Instrument, Maturity Date, Description |
2 year
|
|
|
|
|
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v3.3.1.900
PROMISSORY NOTES PAYABLE (Details Textual) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2014 |
Mar. 31, 2013 |
Dec. 31, 2013 |
Debt Instrument [Line Items] |
|
|
|
Interest Expense, Debt |
$ 177,412
|
$ 231,165
|
|
Unsecured Notes Payable One [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Long-term Debt, Gross |
15,198,449
|
|
$ 5,076,547
|
Unsecured Notes Payable Two [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 865,292
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
15.00%
|
|
|
Long-term Debt, Gross |
$ 1,193,077
|
|
1,252,276
|
Unsecured Notes Payable Three [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 816,313
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
15.00%
|
|
|
Long-term Debt, Gross |
$ 1,076,924
|
|
1,056,342
|
Unsecured Notes Payable Four [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 3,783,681
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
12.00%
|
|
|
Long-term Debt, Gross |
$ 1,961,565
|
|
$ 2,767,929
|
Unsecured Notes Payable Five [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 1,625,461
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
20.00%
|
|
|
Long-term Debt, Gross |
$ 1,638,821
|
|
|
Unsecured Notes Payable Six [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 4,876,384
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
26.70%
|
|
|
Long-term Debt, Gross |
$ 4,883,510
|
|
|
Unsecured Notes Payable Seven [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 162,546
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
20.00%
|
|
|
Long-term Debt, Gross |
$ 162,813
|
|
|
Unsecured Notes Payable Eight [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 1,324,751
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
36.00%
|
|
|
Long-term Debt, Gross |
$ 674,566
|
|
|
Unsecured Notes Payable Nine [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
$ 300,000
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
15.00%
|
|
|
Long-term Debt, Gross |
$ 356,250
|
|
|
Unsecured Notes Payable Ten [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Face Amount |
3,250,922
|
|
|
Long-term Debt, Gross |
$ 3,250,922
|
|
|
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AMOUNTS DUE TO DIRECTORS (Details) - USD ($)
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
Amounts due to directors (Note 13) |
$ 8,501,057
|
$ 10,440,238
|
Lin Chi Jung [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
Amounts due to directors (Note 13) |
8,457,417
|
10,398,904
|
Lin Chao Chin [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
Amounts due to directors (Note 13) |
0
|
39,850
|
Lin Hsin Hung [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
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$ 43,640
|
$ 1,484
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|
3 Months Ended |
12 Months Ended |
Mar. 31, 2014 |
Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
Officers Or Stockholders Advances |
$ 8,457,417
|
|
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|
$ 10,398,904
|
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|
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OTHER PAYABLES AND ACCRUED EXPENSES (Details) - USD ($)
|
Mar. 31, 2014 |
Dec. 31, 2013 |
Other Payables And Accrued Expenses [Line Items] |
|
|
Accrued staff commission and bonus |
$ 488,063
|
$ 1,058,882
|
Rental deposits received |
603,515
|
687,700
|
Customer deposits |
88,708
|
151,243
|
Accrued expenses |
0
|
597,453
|
Guang Xin Lu Project |
670,974
|
0
|
Other payables |
434,706
|
506,303
|
Accrued Liabilities and Other Liabilities |
$ 2,285,966
|
$ 3,001,581
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v3.3.1.900
SEGMENT INFORMATION (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2014 |
Mar. 31, 2013 |
Dec. 31, 2013 |
Segment Reporting Information [Line Items] |
|
|
|
Net revenues |
$ 2,721,154
|
$ 2,113,429
|
|
Cost of revenues |
(1,321,918)
|
(1,163,939)
|
|
Gross profit |
1,399,236
|
949,490
|
|
Operating expenses |
(631,074)
|
(312,924)
|
|
General and administrative expenses |
(833,640)
|
(1,051,759)
|
|
Operating loss |
(65,478)
|
(415,193)
|
|
Other income (expenses) |
|
|
|
Interest income |
100,269
|
157,948
|
|
Interest expense |
(830,759)
|
(915,147)
|
|
Other income, Net |
(12,926)
|
15,311
|
|
Total other (expenses) income |
(743,416)
|
(741,888)
|
|
Loss before income taxes and equity in net loss of an unconsolidated affiliates |
(808,894)
|
(1,157,081)
|
|
Income tax |
204,726
|
15,781
|
|
Equity in net loss of an unconsolidated affiliate, net of income taxes |
(112,379)
|
(193,022)
|
|
Net loss |
(716,547)
|
(1,334,322)
|
|
Real estate property under development |
32,766,496
|
|
$ 31,119,043
|
Total assets |
69,905,665
|
|
61,698,318
|
Corporate [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Net revenues |
0
|
0
|
|
Cost of revenues |
0
|
0
|
|
Gross profit |
0
|
0
|
|
Operating expenses |
0
|
0
|
|
General and administrative expenses |
(34,570)
|
(168,009)
|
|
Operating loss |
(34,570)
|
(168,009)
|
|
Other income (expenses) |
|
|
|
Interest income |
0
|
0
|
|
Interest expense |
(11,250)
|
(24,516)
|
|
Other income, Net |
0
|
0
|
|
Total other (expenses) income |
(11,250)
|
(24,516)
|
|
Loss before income taxes and equity in net loss of an unconsolidated affiliates |
(45,820)
|
(192,525)
|
|
Income tax |
(5,705)
|
0
|
|
Equity in net loss of an unconsolidated affiliate, net of income taxes |
0
|
0
|
|
Net loss |
(51,524)
|
(192,525)
|
|
Real estate property under development |
0
|
|
0
|
Total assets |
5,571
|
|
14,920
|
Property Brokerage Services [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Net revenues |
2,721,154
|
2,113,429
|
|
Cost of revenues |
(1,321,918)
|
(1,163,939)
|
|
Gross profit |
1,399,236
|
949,490
|
|
Operating expenses |
(275,579)
|
(301,433)
|
|
General and administrative expenses |
(663,011)
|
(811,314)
|
|
Operating loss |
460,646
|
(163,257)
|
|
Other income (expenses) |
|
|
|
Interest income |
99,704
|
133,959
|
|
Interest expense |
(819,509)
|
(890,631)
|
|
Other income, Net |
(12,416)
|
15,311
|
|
Total other (expenses) income |
(732,220)
|
(741,361)
|
|
Loss before income taxes and equity in net loss of an unconsolidated affiliates |
(271,574)
|
(904,618)
|
|
Income tax |
89,209
|
0
|
|
Equity in net loss of an unconsolidated affiliate, net of income taxes |
(112,379)
|
0
|
|
Net loss |
(294,744)
|
(904,618)
|
|
Real estate property under development |
0
|
|
0
|
Total assets |
31,202,802
|
|
19,282,576
|
Real Estate Development [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Net revenues |
0
|
0
|
|
Cost of revenues |
0
|
0
|
|
Gross profit |
0
|
0
|
|
Operating expenses |
(355,495)
|
(11,491)
|
|
General and administrative expenses |
(136,059)
|
(72,436)
|
|
Operating loss |
(491,554)
|
(83,927)
|
|
Other income (expenses) |
|
|
|
Interest income |
564
|
23,989
|
|
Interest expense |
0
|
0
|
|
Other income, Net |
(511)
|
0
|
|
Total other (expenses) income |
54
|
23,989
|
|
Loss before income taxes and equity in net loss of an unconsolidated affiliates |
(491,500)
|
(59,938)
|
|
Income tax |
121,222
|
15,781
|
|
Equity in net loss of an unconsolidated affiliate, net of income taxes |
0
|
(193,022)
|
|
Net loss |
(370,278)
|
$ (237,179)
|
|
Real estate property under development |
32,766,496
|
|
31,119,043
|
Total assets |
$ 38,697,292
|
|
$ 42,400,822
|
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v3.3.1.900
SUBSEQUENT EVENTS (Details Textual) - Ace Develop Properties Limited [Member] - Scenario, Forecast [Member] shares in Millions |
|
1 Months Ended |
Nov. 10, 2014
USD ($)
shares
|
Nov. 10, 2014
CNY (¥)
shares
|
Aug. 20, 2014
USD ($)
shares
|
Aug. 20, 2014
CNY (¥)
shares
|
Subsequent Event [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, New Issues |
20
|
20
|
20
|
20
|
Stock Issued During Period, Value, New Issues |
$ 1,700,000
|
¥ 10,460,000
|
$ 1,700,000
|
¥ 10,472,000
|
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Sunrise Real Estate (PK) (USOTC:SRRE)
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