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 June 30,
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 Floor, 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 x
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: February
26, 2016– 68,691,925 shares of Common Stock.
FORM 10-Q
For the Quarter Ended June 30, 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)
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 2,167,437 | | |
$ | 3,503,510 | |
Restricted cash (Note 3) | |
| 23,464 | | |
| 246,895 | |
Accounts receivable | |
| 1,145,849 | | |
| 1,289,469 | |
Promissory deposits (Note 4) | |
| 747,627 | | |
| 754,482 | |
Real estate property under development (Note 5) | |
| 35,368,142 | | |
| 31,119,043 | |
Amount due from an affiliate (Note 9) | |
| 2,421,280 | | |
| 3,086,185 | |
Other receivables and deposits (Note 6) | |
| 10,288,089 | | |
| | |
Total current assets | |
| 52,161,889 | | |
| 40,204,141 | |
| |
| | | |
| | |
Property and equipment, net (Note 7) | |
| 8,722,911 | | |
| 9,139,734 | |
Investment properties, net (Note 8) | |
| 5,903,517 | | |
| 6,137,819 | |
Deferred tax assets | |
| 766,914 | | |
| 469,400 | |
Investment in affiliates(Note 9) | |
| 5,362,799 | | |
| 5,642,909 | |
Other investments, net of allowance for impairment loss | |
| 146,275 | | |
| 104,315 | |
Total
assets | |
$ | 73,064,305 | | |
$ | 61,698,318 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Short term borrowings (Note 12) | |
| 18,446,886 | | |
| 18,616,018 | |
Current portion of long term borrowings (Note 13) | |
| 7,963,854 | | |
| 8,036,871 | |
Promissory notes payable (Note 14) | |
| 17,767,609 | | |
| 5,076,547 | |
Accounts payable | |
$ | 638,352 | | |
$ | 489,582 | |
Amounts due to directors (Note 10) | |
| 10,196,003 | | |
| 10,440,238 | |
Amount due to an affiliate | |
| 67,754 | | |
| - | |
Customer deposits | |
| 5,959,411 | | |
| 3,168,369 | |
Other payables and accrued expenses (Note 11) | |
| 5,176,196 | | |
| 3,001,581 | |
Other taxes payable | |
| 207,849 | | |
| 190,036 | |
Income taxes payable | |
| 123,473 | | |
| 190,152 | |
Dividends payables | |
| 288,594 | | |
| - | |
Total current liabilities | |
| 66,835,802 | | |
| 49,209,394 | |
| |
| | | |
| | |
Long term bank loan (Note 13) | |
| 0 | | |
| 3,444,374 | |
Deferred government subsidy (Note 15) | |
| 5,391,922 | | |
| 5,441,360 | |
Total liabilities | |
| 72,227,723 | | |
| 58,095,128 | |
SUNRISE REAL ESTATE GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Continued)
(Expressed in U.S. Dollars)
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| | |
| |
Shareholders’ equity | |
| | | |
| | |
Common stock, par value $0.01 per share;
200,000,000 shares authorized; 28,691,925 and 28,691,925 shares issued and outstanding as of June 30, 2014 and December 31,
2013, respectively | |
$ | 286,919 | | |
$ | 286,919 | |
Additional paid-in capital | |
| 4,570,008 | | |
| 4,570,008 | |
Statutory reserve (Note 16) | |
| 783,101 | | |
| 782,987 | |
Accumulated losses | |
| (16,574,585 | ) | |
| (14,668,376 | ) |
Accumulated other comprehensive income | |
| 122,037 | | |
| 172,214 | |
Total deficit of Sunrise Real Estate Group, Inc. | |
| (10,812,520 | ) | |
| (8,856,248 | ) |
Non-controlling interests | |
| 11,649,102 | | |
| 12,459,438 | |
Total shareholders’
equity | |
| 836,582 | | |
| 3,603,190 | |
Total liabilities and shareholders’
equity | |
$ | 73,064,305 | | |
$ | 61,698,318 | |
See accompanying notes to unaudited
condensed consolidated financial statements.
SUNRISE REAL ESTATE
GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
(Expressed in U.S. Dollars)
| |
Three Months Ended June 30, | | |
Six Months Ended 30 June, | |
| |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| |
| | |
| | |
| | |
| |
Net revenues | |
$ | 1,481,098 | | |
$ | 4,487,385 | | |
$ | 4,202,251 | | |
$ | 6,600,814 | |
Cost of revenues | |
| (929,877 | ) | |
| (1,216,265 | ) | |
| (2,251,795 | ) | |
| (2,380,204 | ) |
Gross income | |
| 551,221 | | |
| 3,271,120 | | |
| 1,950,456 | | |
| 4,220,610 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| (313,745 | ) | |
| (372,891 | ) | |
| (944,818 | ) | |
| (685,815 | ) |
General and administrative expenses | |
| (839,885 | ) | |
| (771,099 | ) | |
| (1,673,524 | ) | |
| (1,822,858 | ) |
Operating
income (loss) | |
| (602,409 | ) | |
| 2,127,130 | | |
| (667,887 | ) | |
| 1,711,937 | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 100,686 | | |
| 221,270 | | |
| 200,954 | | |
| 379,218 | |
Interest expense | |
| (835,184 | ) | |
| (957,045 | ) | |
| (1,665,943 | ) | |
| (1,872,192 | ) |
Other income (loss), net | |
| 224 | | |
| 932 | | |
| (12,702 | ) | |
| 16,243 | |
Total other expenses | |
| (734,275 | ) | |
| (734,843 | ) | |
| (1,477,691 | ) | |
| (1,476,731 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income (Loss) before income taxes | |
| (1,336,683 | ) | |
| 1,392,287 | | |
| (2,145,578 | ) | |
| 235,206 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax benefit (expense) | |
| 88,536 | | |
| (35,419 | ) | |
| 293,263 | | |
| (19,638 | ) |
Equity in net loss of unconsolidated
affiliates, net of income taxes | |
| (117,071 | ) | |
| (79,765 | ) | |
| (229,450 | ) | |
| (272,787 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (1,365,219 | ) | |
| 1,277,103 | | |
| (2,081,766 | ) | |
| (57,219 | ) |
Less: Net income (loss) attributable
to non-controlling interests | |
| 200,125 | | |
| (54,716 | ) | |
| 534,544 | | |
| 75,353 | |
Net income (loss) attributable
to shareholders of Sunrise Real Estate Group, Inc. | |
$ | (1,165,094 | ) | |
$ | 1,222,387 | | |
$ | (1,547,221 | ) | |
$ | 18,134 | |
Loss per share – basic and fully diluted | |
$ | (0.04 | ) | |
$ | (0.04 | ) | |
$ | (0.06 | ) | |
| (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
- Basic and fully diluted | |
| 28,691,925 | | |
| 28,691,925 | | |
| 28,691,925 | | |
| 28,691,925 | |
See accompanying notes to unaudited
condensed consolidated financial statements.
SUNRISE REAL ESTATE
GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
(Expressed in U.S. Dollars)
| |
Three Months Ended June 30, | | |
Six Months Ended 30 June, | |
| |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| |
| | |
| | |
| | |
| |
Net loss | |
| (1,365,219 | ) | |
| 1,277,103 | | |
| (2,081,766 | ) | |
| (57,219 | ) |
Other comprehensive income (loss) | |
| | | |
| | | |
| | | |
| | |
- Foreign currency translation
adjustment | |
| 58 | | |
| 120,915 | | |
| (325,969 | ) | |
| 147,781 | |
Total comprehensive loss | |
| (1,365,161 | ) | |
| 1,398,018 | | |
| (2,407,735 | ) | |
| 90,562 | |
| |
| | | |
| | | |
| | | |
| | |
Less: Comprehensive income attributable to non-controlling interests | |
| 201,861 | | |
| (244,638 | ) | |
| 810,336 | | |
$ | (145,886 | ) |
Total comprehensive income attributable to shareholders of Sunrise Real
Estate Group, Inc. | |
| (1,163,300 | ) | |
| 1,153,380 | | |
| (1,597,399 | ) | |
| (55,324 | ) |
Total comprehensive income attributable to shareholders
of Sunrise Real Estate Group, Inc. | |
| (1,163,300 | ) | |
| 1,153,380 | | |
| (1,597,399 | ) | |
| (55,324 | ) |
SUNRISE REAL ESTATE
GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(Expressed in U.S. Dollars)
| |
Six Months Ended June 30, | |
| |
2014 | | |
2013 | |
Cash flows from operating activities | |
| | | |
| | |
Net Loss | |
$ | (2,081,766 | ) | |
$ | (57,219 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Loss on disposal of property, plant and equipment | |
| 14,092 | | |
| 326 | |
Depreciation and amortization | |
| 559,113 | | |
| 559,088 | |
Bad debts | |
| (1,454 | ) | |
| - | |
Equity in net loss of an unconsolidated affiliate | |
| 229,450 | | |
| 193,022 | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| 132,255 | | |
| 896,835 | |
Promissory deposits | |
| - | | |
| 309,786 | |
Real estate property under development | |
| (4,543,862 | ) | |
| (4,869,856 | ) |
Customer deposits | |
| 2,827,318 | | |
| - | |
Amount due from unconsolidated affiliates | |
| (638,558 | ) | |
| - | |
Other receivables and deposits | |
| (10,110,726 | ) | |
| (158,281 | ) |
Deferred tax assets | |
| (302,582 | ) | |
| (42,592 | ) |
Accounts payable | |
| 153,626 | | |
| (126,917 | ) |
Amount due to an affiliate | |
| 67,754 | | |
| | |
Other payables and accrued expenses | |
| 2,207,734 | | |
| (2,269,731 | ) |
Interest payable on promissory notes | |
| 689,447 | | |
| 59,694 | |
Interest payable on amounts due to directors | |
| 563,742 | | |
| 444,313 | |
Other taxes payable | |
| 19,591 | | |
| (14,840 | ) |
Income taxes payable | |
| (65,124 | ) | |
| (103,635 | ) |
Deposits received from underwriting sales | |
| - | | |
| (834,411 | ) |
Net cash used in operating activities | |
| (9,002,834 | ) | |
| (6,014,418 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Advances to an unconsolidated affiliate, net | |
| - | | |
| (2,841,709 | ) |
Acquisition of property and equipment | |
| (56,537 | ) | |
| (7,431 | ) |
Acquisition of equity investment | |
| - | | |
| (138,450 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (56,537 | ) | |
| (2,987,590 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Capital contribution from non-controlling interests of new consolidated
subsidiaries | |
| - | | |
| 40,128 | |
Bank loan repayments | |
| (5,093,421 | ) | |
| - | |
Restricted cash | |
| 221,776 | | |
| - | |
New bank loans | |
| 1,666,600 | | |
| 12,638,824 | |
Advances from directors | |
| 1,722,177 | | |
| 8,179,198 | |
Repayments of advances from directors | |
| (2,530,154 | ) | |
| (6,161,859 | ) |
Proceeds from new promissory notes | |
| 12,726,428 | | |
| 963,066 | |
Repayment of promissory notes | |
| (724,811 | ) | |
| (1,765,621 | ) |
Dividend paid to non-controlling interests | |
| (69,544 | ) | |
| (144,460 | ) |
Net cash provided by financing activities | |
| 7,919,051 | | |
| 13,749,276 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (195,753 | ) | |
| 69,028 | |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (1,336,072 | ) | |
| 4,816,296 | |
Cash and cash equivalents at beginning of period | |
| 3,503,510 | | |
| 934,123 | |
Cash and cash equivalents at end of period | |
$ | 2,167,438 | | |
$ | 5,750,419 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information | |
| | | |
| | |
Income taxes paid | |
$ | 75,898 | | |
$ | 164,827 | |
Interest paid | |
| 2,059,320 | | |
| 1,510,076 | |
See accompanying notes to unaudited
condensed consolidated financial statements.
SUNRISE REAL ESTATE
GROUP, INC. AND SUBSIDIARIES
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 June 30, 2014, the Company has the
following major subsidiaries and equity investments.
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 XinJi 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 GaoFengHui 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 | %1 | |
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 | %2 | |
Subsidiary | |
Real estate development |
Shangqiu Shang Yang Real Estate Consultation Company
Limited (“SQSY”) | |
October 20, 2010 | |
PRC | |
| 100 | % | |
Subsidiary | |
Property brokerage services |
Wuhan GaoFengHui 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 RuiJian Design Company Limited (“SHRJ”) | |
August 15, 2011 | |
PRC | |
| 100 | % | |
Subsidiary | |
Property brokerage services |
LinyiRui Lin Construction and Design Company Limited
(“LYRL”) | |
March 6, 2012 | |
PRC | |
| 100 | %3 | |
Subsidiary | |
Investment holding |
PutianXinJi Yang Real Estate Consultation Company
Limited (“PTXJY”) | |
June 5, 2012 | |
PRC | |
| 55 | % | |
Subsidiary | |
Property brokerage services |
Company Name | |
Date of Incorporation | |
Place of Incorporation | |
% of Ownership held by the Company | | |
Relationship with the Company | |
Principal activity |
Shanghai XinJi Yang Real Estate Brokerage
Company Limited (“SHXJYB”) | |
January 28, 2013 | |
PRC | |
| 75 | %4 | |
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 Daerwei Commercial Company, Ltd. | |
June 6, 2013 | |
PRC | |
| 30 | % | |
Equity Investment | |
Import and export trading |
| 1. | 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. |
| 2. | 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. |
| 3. | The equity interest in LYRL is held
by three Chinese individuals in trust for SHXJY. |
| 4. | On January28, 2013, CY-SRRE, SZXJY
and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding
a 15% equity interest and SZXJY holding a 60% equity interest in SHXYJB. |
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 the Company as of June 30, 2014 and the results of operations for the
three months and six months ended June 30, 2014 and 2013, and the cash flows for the six months ended June 30, 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 and
six months ended June 30, 2014 are not necessarily indicative of the results that 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 June 30,
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 condensed 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 condensed 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 condensed consolidated statements
of operations. The effect of foreign currency translation adjustments are included as a component of accumulated other comprehensive
income in shareholders’ equity.
The exchange rates as of June 30, 2014
and December 31, 2013 are $1: RMB 6.1528 and $1: RMB 6.0969 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.
Major Customers
There were no customers that accounted
for more than 10% or our net revenues during the six months ended June 30, 2014, and there was one customer that accounted for
29%of our net revenues, during the six months ended June 30, 2013. There were no accounts receivable from these customers as of
June 30, 2014 and December 31, 2013.
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 and six months ended
June 30, 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
in the condensed consolidated balance sheets.
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 Company has received refundable government
subsidy of $5,391,922as of June 30, 2014. 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 according to the agreed schedules. The Company recorded the subsidy received as a
deferred government subsidy.
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 June 30,
2014 and December 31, 2013, the Company held cash deposits of $23,464 and $246,895 respectively, as security for its bank loans
(see Note 12). 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
in the 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 2012 fiscal year.
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 is located in the 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 June
30, 2014, land use rights included in real estate property under development totaled $35,368,142.
Real estate property under development
as of June 30, 2014 has been pledged as collateral for the Company’s bank loans (See Note 13).
NOTE 6 - OTHER RECEIVABLES AND DEPOSITS,
NET
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Advances to staff | |
$ | 13,110 | | |
| 40,477 | |
Rental deposits | |
| 134,576 | | |
| 44,154 | |
Prepaid expenses | |
| 60,949 | | |
| - | |
Prepaid tax | |
| 352,244 | | |
| - | |
GuangXinlu Project | |
| 9,515,716 | | |
| - | |
Other receivables | |
| 211,493 | | |
| 269,144 | |
| |
$ | 10,288,089 | | |
$ | 204,557 | |
Other receivables
and deposits as of June 30, 2014 and December 31, 2013 are stated net of allowance for doubtful
accounts of $109,223 and $99,437, respectively.
NOTE 7 – PROPERTY AND EQUIPMENT,
NET
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Furniture and fixtures | |
$ | 249,580 | | |
$ | 423,461 | |
Computer and office equipment | |
| 279,674 | | |
| 293,100 | |
Motor vehicles | |
| 747,570 | | |
| 878,732 | |
Properties | |
| 9,794,262 | | |
| 9,657,427 | |
| |
| 11,071,086 | | |
| 11,252,720 | |
Less: Accumulated depreciation | |
| (2,348,175 | ) | |
| (2,112,986 | ) |
| |
$ | 8,722,911 | | |
$ | 9,139,734 | |
Depreciation and amortization expense
for property and equipment amounted to$380,100 and $286,372 for the six months ended June 30, 2014 and 2013, respectively.
All properties as of June 30, 2014 and December
31, 2013were pledged as collateral for the Company’s bank loans (See Note 12).
NOTE 8 – INVESTMENT PROPERTIES,
NET
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Investment properties | |
$ | 10,063,845 | | |
$ | 10,156,116 | |
Less: Accumulated depreciation | |
| (4,160,328 | ) | |
| (4,018,297 | ) |
| |
$ | 5,903,517 | | |
$ | 6,137,819 | |
Depreciation and amortization expense
for investment properties amounted to$179,013and $272,716 for the six months ended June 30, 2014 and 2013, respectively.
All investment properties as of June 30,
2014 and December 31, 2013were pledged as collateral for the Company’s bank loans (See Note12).
NOTE 9 – INVESTMENT IN AND AMOUNT
DUE FROM AN UNCONSOLIDATED AFFILIATE
In 2011, the Company invested $4,147,027
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 June
30, 2014, the net investment in WHYYL was $5,362,799 which included its equity in net loss of WHYYL,
net of income taxes, totaling $468,266 as of June 30, 2014. The Company’s equity in net loss of the unconsolidated affiliate,
net of income taxes, during the three months ended June 30, 2014 and 2013 amounted to $117,071 and $79,765, respectively; and
during the six months ended June 30, 2014 and 2013 amounted to $229,450 and $272,787, respectively.
The following table sets forth the financial
information of WHYYL.
| |
Three Months Ended June 30, | | |
Six Months Ended 30 June, | |
| |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| 238,921 | | |
| 162,786 | | |
| 468,266 | | |
| 556,708 | |
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Current assets | |
$ | 62,012,718 | | |
$ | 56,344,599 | |
Non-current assets | |
| 876,735 | | |
| 794,446 | |
Total assets | |
| 62,889,453 | | |
| 57,139,045 | |
| |
| | | |
| | |
Current liabilities | |
| 51,944,402 | | |
| 45,581,987 | |
Total equity | |
$ | 11,003,357 | | |
$ | 11,557,058 | |
As of June
30, 2014 and December 31, 2013, the Company has a balance of $2,416,836 and $3,086,185 due from WHYYL,
which bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. The Company recorded interest
income from WHYYL of $97,838 and $195,156, respectively, for the three months and six months ended June 30, 2014. There was no
interest income from WHYYL during 2013.
During the three months and six months
ended June 30, 2014 and 2013, the Company had no impairment loss for investment in an unconsolidated affiliate.
NOTE 10– AMOUNTS DUE TO DIRECTORS
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Lin Chi-Jung | |
$ | 10,148,221 | | |
$ | 10,398,904 | |
Lin Hsin-Hung | |
| 47,782 | | |
| 1,484 | |
Lin Chao-Chin | |
| - | | |
| 39,850 | |
| |
$ | 10,196,003 | | |
$ | 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 June 30, 2014 and December 31, 2013 were $10,148,221 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. |
The interest expenses on amounts due to
directors amounted to $434,145 and $396,612 for the three months ended June 30, 2014 and 2013; and $930,400 and $741,179, respectively,
for the six months ended June 30, 2014 and 2013.
NOTE 11- OTHER PAYABLES AND ACCRUED
EXPENSES
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Accrued staff commission and bonus | |
$ | 475,853 | | |
$ | 1,058,882 | |
Rental deposits received | |
| 527,806 | | |
| 687,700 | |
Customer deposits | |
| 87,698 | | |
| 151,243 | |
GuangXinLu Project | |
| 3,029,546 | | |
| - | |
Accrued expenses | |
| - | | |
| 597,453 | |
Other payables | |
| 1,055,293 | | |
| 506,303 | |
| |
$ | 5,176,196 | | |
$ | 3,001,581 | |
Other payables amount of $1,055,293 including
payables to Nanjing Longchang, Xu Zhiling, Huiying, Mclaughlin & Stern, LLP, amount of $455,077, $162,527, $109,040 and $58,831,
respectively.
NOTE 12 – BANK LOANS
In January 2014, the Company
obtained a bank loan of $1,300,221 (RMB 8,000,000) 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. This loan is renewed automatically
every year. This loan will mature on March 1, 2015. As of June 30, 2014, the outstanding balance of this loan was $1,300,221.
As of December 31, 2013, the outstanding balance of this loan was $1,312,143.
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 $4,957,093 (RMB 30,500,000) as of June 30,
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 six months ended June 30, 2014 was 7.6875% per annum. The credit
facility is secured by all of the Company’s properties included in property and equipment (See Note 7), 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 12 months and are due no later than March 31, 2015. As of June 30, 2014
and December 31, 2013, the Company had outstanding loan balances of $4,957,093 (RMB 30,500,000) and $5,002,543
(RMB 30,500,000), 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 $12,189,572 (RMB 75,000,000) as of June
30, 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 the six months ended June 30, 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 June 30, 2014 and December 31, 2013, the
Company had outstanding loan balances of $12,189,572 (RMB 75,000,000) and $12,301,332 (RMB 75,000,000), respectively, under
this facility line of credit.
NOTE 13- 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 (RMB 70,000,000) at an interest rate of 14.21% per annum,
which is 8.06% over the benchmark lending rate from PBOC.
| |
June 30, | | |
December 31, | |
| |
2014 | | |
2013 | |
| |
| |
Outstanding borrowings | |
$ | 7,963,854 | | |
$ | 11,481,245 | |
Less: Current portion of long term borrowings | |
| 7,963,854 | | |
| 8,036,871 | |
| |
| 0 | | |
| 3,444,374 | |
For the period ended June 30, 2014, total
loan interest was approximately $812,822, 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 $34,035,913 as of June 30, 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,
the cash restricted in relation to the borrowings from China CITIC Bank was $23,464 (2013: $246,895). In May 2014, the
Company paid $3,413,080(RMB 21,000,000) to the bank. As of June 30, 2014, the Company had outstanding loan balance of
$7,963,854 (RMB 49,000,000) under this facility line of credit.
NOTE 14 – PROMISSORY NOTES PAYABLE
The promissory notes payable consist of
the following unsecured notes to unrelated parties.
The promissory notes payable consist of
the following unsecured notes to unrelated parties. Included in the balances are promissory notes with an aggregate outstanding
principal and unpaid interest are $17,767,609 and $5,076,547 as of June 30, 2014 and December 31, 2013, respectively.
The promissory
note with an outstanding principal of $1,963,164 bears interest at a rate of 12% per annum,
is unsecured and has a maturity date of January 31, 2013 and the new terms of repayment had
not been determined with the debtor and therefore has no fixed term of repayment As of June
30, 2014 and December 31, 2013, the outstanding principal in default and unpaid interest related to this promissory note amounted
to $1,980,600 and $2,308,974, respectively. The Company is currently making payments towards this loan.
The promissory note with a principal of
$812,638 bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment.
As of June 30, 2014 and December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted
to $1,174,574 and $1,252,276, respectively.
The promissory note with a principal of
$812,638 bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of June 30, 2014 and December
31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted to $1,107,192 and $1,056,342,
respectively.
The promissory note with a principal of
$1,625,276bears an interest rate of 20% per annum is unsecured and has no fixed term of repayment. As of June 30, 2014, the outstanding
principal and unpaid interest related to this promissory note amounted to $1,719,676.
The promissory note with a principal and
unpaid interest of $4,875,829 as of June 30, 2014 bears interest at the rate of 26.7% per annum, is unsecured and has no fixed
term of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted
to $5,207,160.
The promissory note with a principal and
unpaid interest of $162,528 as of June 30, 2014 bears interest at the rate of 20% per annum is unsecured and has no fixed term
of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $170,899.
The promissory note with a principal and
unpaid interest of $2,299,766 as of June 30, 2014 bears interest at the rate of rate of 36% per annum is unsecured and has no
fixed term of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted
to $1,974,711.
The promissory note with a principal and
unpaid interest of $812,638 as of June 30, 2014 bears interest at the rate of 15% per annum is unsecured and has no fixed term
of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $825,997.
The promissory note with a principal of
$3,250,922 bears no interest, is unsecured and has no fixed terms of repayment. As of June 30, 2014, the outstanding principal
and unpaid interest related to this promissory note amounted to $3,250,922.
The promissory note with a principal of
$300,000 bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment.
As of June 30, 2014 and December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted
to $356,250 and $280,176, respectively.
The outstanding principal and unpaid
interest related to a promissory note of $178,779 at December 31, 2013 was paid in the first quarter of 2014.
The interest expense on promissory notes
amounted to $636,930 and $174,821 for the three months ended June 30, 2014 and 2013; and $814,342 and $405,986, respectively,
for the six months ended June 30, 2014 and 2013.
NOTE 15 – DEFERRED GOVERNMENT
SUBSIDY
Deferred government subsidy consists of
the cash subsidy provided by the local government.
Government subsidies received as of
June 30, 2014 and December 31, 2013 were $5,391,922 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 the condensed consolidated balance sheets.
NOTE 16– 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 June 30, 2014 and December
31, 2013, the Company’s statutory reserve funds were $783,101 and$782,987, respectively.
NOTE 17- 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 were $55,510 and $95,522 for the three months ended June 30, 2014 and 2013, respectively; and $120,785
and $95,522 for the six months ended June 30, 2014 and 2013, respectively.
As of June 30, 2014, the Company had the
following operating lease obligations falling due.
| |
Amount | |
| |
| |
Within one year | |
$ | 73,139 | |
Two to five years | |
| 6,800 | |
| |
$ | 79,939 | |
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, loss from operations and net loss. The following
tables show the operations of the Company's operating segments:
| |
Three Months Ended June
30, 2014 | |
| |
Property | | |
| | |
| | |
| |
| |
Brokerage | | |
Real Estate | | |
| | |
| |
| |
Services | | |
Development | | |
Corporate | | |
Total | |
Net revenues | |
| 1,481,098 | | |
$ | - | | |
$ | - | | |
$ | 1,481,098 | |
Cost of revenues | |
| (929,877 | ) | |
| - | | |
| - | | |
| (929,877 | ) |
Gross income | |
| 551,221 | | |
| - | | |
| - | | |
| 551,221 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| (220,655 | ) | |
| (93,090 | ) | |
| - | | |
| (313,745 | ) |
General and administrative
expenses | |
| (640,757 | ) | |
| (117,530 | ) | |
| (81,598 | ) | |
| (839,885 | ) |
Operating profit(loss) | |
| (310,191 | ) | |
| (210,620 | ) | |
| (81,598 | ) | |
| (602,409 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 100,372 | | |
| 314 | | |
| - | | |
| 100,686 | |
Interest expense | |
| (823,935 | ) | |
| 2,775 | | |
| (11,250 | ) | |
| (835,184 | ) |
Other income, Net | |
| (2,551 | ) | |
| 2,775 | | |
| - | | |
| 224 | |
Total other (expenses) income | |
| (726,113 | ) | |
| 3,088 | | |
| (11,250 | ) | |
| (734,275 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) before income tax | |
| (1,036,304 | ) | |
| (207,532 | ) | |
| (92,848 | ) | |
| (1,336,683 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 79,724 | | |
| 8,812 | | |
| - | | |
| 88,536 | |
Equity in net loss of an affiliate of income taxes | |
| (117,071 | ) | |
| - | | |
| - | | |
| (117,071 | ) |
Net income (loss) | |
$ | 1,073,652 | | |
$ | (198,719 | ) | |
$ | (92,848 | ) | |
$ | (1,365,219 | ) |
| |
Three Months Ended June
30, 2013 | |
| |
Property Brokerage Services | | |
Real Estate Development | | |
Corporate | | |
Total | |
Net revenues | |
| 4,487,385 | | |
$ | - | | |
$ | - | | |
$ | 4,487,385 | |
Cost of revenues | |
| (1,216,265 | ) | |
| - | | |
| - | | |
| (1,216,265 | ) |
Gross income | |
| 3,271,120 | | |
| - | | |
| - | | |
| 3,271,120 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| (321,058 | ) | |
| (51,833 | ) | |
| - | | |
| (372,891 | ) |
General and administrative expenses | |
| (667,226 | ) | |
| (81,233 | ) | |
| (22,640 | ) | |
| (771,099 | ) |
Operating
profit(loss) | |
| 2,282,836 | | |
| (133,066 | ) | |
| (22,640 | ) | |
| 2,127,130 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 195,423 | | |
| 25,847 | | |
| - | | |
| 221,270 | |
Interest expense | |
| (955,030 | ) | |
| - | | |
| (2,015 | ) | |
| (957,045 | ) |
Other income, Net | |
| 932 | | |
| - | | |
| - | | |
| 932 | |
Total other (expenses) income | |
| (758,675 | ) | |
| 25,847 | | |
| (2,015 | ) | |
| (734,843 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) before income tax | |
| 1,524,161 | | |
| (107,219 | ) | |
| (24,655 | ) | |
| 1,392,287 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| (35,419 | ) | |
| - | | |
| - | | |
| (35,419 | ) |
Equity in net loss of an affiliate of income taxes | |
| - | | |
| (79,765 | ) | |
| - | | |
| (79,765 | ) |
Net income (loss) | |
$ | 1,488,742 | | |
$ | (186,984 | ) | |
$ | (24,655 | ) | |
$ | 1,277,103 | |
| |
Six Months Ended June
30, 2014 | |
| |
Property | | |
| | |
| | |
| |
| |
Brokerage | | |
Real Estate | | |
| | |
| |
| |
Services | | |
Development | | |
Corporate | | |
Total | |
Net revenues | |
| 4,202,251 | | |
$ | - | | |
$ | - | | |
$ | 4,202,251 | |
Cost of revenues | |
| (2,251,795 | ) | |
| - | | |
| - | | |
| (2,251,795 | ) |
Gross income | |
| 1,950,456 | | |
| - | | |
| - | | |
| 1,950,456 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| (496,233 | ) | |
| (448,585 | ) | |
| - | | |
| (944,818 | ) |
General and administrative expenses | |
| (1,303,768 | ) | |
| (253,589 | ) | |
| (116,168 | ) | |
| (1,673,524 | ) |
Operating income(loss) | |
| 150,456 | | |
| (702,174 | ) | |
| (116,168 | ) | |
| (667,887 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 200,076 | | |
| 878 | | |
| - | | |
| 200,954 | |
Interest expense | |
| (1,643,443 | ) | |
| - | | |
| (22,500 | ) | |
| (1,665,943 | ) |
Other income, Net | |
| (14,967 | ) | |
| 2,264 | | |
| - | | |
| (12,702 | ) |
Total other (expenses) income | |
| (1,458,334 | ) | |
| 3,142 | | |
| (22,500 | ) | |
| (1,477,691 | ) |
| |
| | | |
| | | |
| | | |
| | |
Profit/ (loss) before income taxes | |
| (1,307,878 | ) | |
| (699,032 | ) | |
| (138,668 | ) | |
| (2,145,578 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax (expense) benefit | |
| 168,932 | | |
| 130,034 | | |
| (5,704 | ) | |
| 293,263 | |
Equity in net loss of unconsolidated affiliate | |
| (229,450 | ) | |
| - | | |
| - | | |
| (229,450 | ) |
Net loss | |
$ | (1,368,396 | ) | |
$ | (568,998 | ) | |
$ | (144,372 | ) | |
$ | (2,081,766 | ) |
| |
Six
Months Ended June 30, 2013 | |
| |
Property
Brokerage Services | | |
Real Estate | | |
Corporate | | |
Total | |
Net revenues | |
$ | 6,600,814 | | |
$ | - | | |
$ | - | | |
$ | 6,600,814 | |
Cost of revenues | |
| (2,380,204 | ) | |
| - | | |
| - | | |
| (2,380,204 | ) |
Gross income | |
| 4,220,610 | | |
| - | | |
| - | | |
| 4,220,610 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| (622,491 | ) | |
| (63,324 | ) | |
| - | | |
| (685,815 | ) |
General
and administrative expenses | |
| (1,478,540 | ) | |
| (153,669 | ) | |
| (190,650 | ) | |
| (1,822,858 | ) |
Operating
income (loss) | |
| 2,119,579 | | |
| (216,993 | ) | |
| (190,650 | ) | |
| 1,711,937 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 329,382 | | |
| 49,836 | | |
| - | | |
| 379,218 | |
Interest expense | |
| (1,845,661 | ) | |
| - | | |
| (26,531 | ) | |
| (1,872,192 | ) |
Other income, Net | |
| 16,243 | | |
| - | | |
| - | | |
| 16,243 | |
Total
other (expenses) income | |
| (1,500,036 | ) | |
| 49,836 | | |
| (26,531 | ) | |
| (1,476,732 | ) |
| |
| | | |
| | | |
| | | |
| | |
Profit/ (loss) before income taxes | |
| 619,543 | | |
| (167,157 | ) | |
| (217,181 | ) | |
| 235,205 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax (expense) benefit | |
| (35,419 | ) | |
| 15,781 | | |
| - | | |
| (19,638 | ) |
Equity in net loss of an affiliate of income taxes | |
| (79,765 | ) | |
| (193,022 | ) | |
| - | | |
| (272,787 | ) |
Net
income/ (loss) | |
$ | 504,359 | | |
$ | (344,398 | ) | |
$ | (217,181 | ) | |
$ | (57,220 | ) |
| |
Property | | |
| | |
| | |
| |
| |
Brokerage | | |
Real Estate | | |
| | |
| |
| |
Services | | |
Development | | |
Corporate | | |
Total | |
As of June 30, 2014 | |
| | | |
| | | |
| | | |
| | |
Real estate property under development | |
$ | - | | |
$ | 35,368,142 | | |
$ | - | | |
$ | 35,368,142 | |
Total assets | |
| 35,618,357 | | |
| 37,430,892 | | |
| 15,056 | | |
| 73,064,305 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2013 | |
| | | |
| | | |
| | | |
| | |
Real estate property under development | |
$ | - | | |
$ | 31,119,043 | | |
$ | - | | |
$ | 31,119,043 | |
Total assets | |
| 19,282,576 | | |
| 42,400,822 | | |
| 14,921 | | |
| 61,698,318 | |
NOTE 19 - SUBSEQUENT EVENTS
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 a 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 (“GAAP”)
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 XinJi Yang Real Estate Consultation Company Limited (“SHXJY”), Shanghai Shang Yang Real
Estate Consultation Company, Ltd. (“SHSY”), Suzhou GaoFengHui Property Management Company, Ltd,
(“SZGFH”), Suzhou Shang Yang Real Estate Consultation Company (“SZSY”), Suzhou XinJi Yang Real Estate
Consultation Company, Ltd. (“SZXJY”), Linyi Shang Yang Real Estate Development Company Ltd (“LYSY”),
Shangqiu Shang Yang Real Estate Consultation Company, Ltd., (“SQSY”), Wuhan GaoFengHui Consultation Company Ltd.
(“WHGFH”), Sanya Shang Yang Real Estate Consultation Company, Ltd. (“SYSH”), Shanghai RuiJian Design
Company, Ltd., (“SHRJ”), Shanghai XinJi Yang Real Estate Brokerage Company Limited (“SHXJYB”), and
its equity investment in an affiliate, namely 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. We commenced the construction of Phase 1 of the project in the third quarter
of 2012 and the pre-sale of Phase 1 in the first quarter of 2013. We have begun Phase 2 construction of the project in the second
quarter of 2013 and the pre-sale of Phase 2 was started in mid-August. The Wuhan project is planned to include seven residential
buildings with three buildings being part of Phase 1 and four buildings in Phase 2.
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 got the
right to develop the Guangxinglu Project, which is located on 182 lane Guangxinglu, Putuo district, Shanghai, PRC. This
project covers a site area of approximately 2,502 square meters for the development of one building of apartment.
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 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 for fiscal years
starting from January 1, 2013. The adoption of this guidance did not have a material impact on the Company’s 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 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
financial statements.
In July 2013, the FASB issued ASU 2013-11
Topic 740 – Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar
Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). This update applies to all entities that have
unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the
reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial
statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward,
unless otherwise provided in the update. The amendments in this update 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 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 the 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 the 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.
For the three months and six months
ended June 30, 2014 and 2013, the Company had not recognized any impairment for real estate property under development.
Impairment of Long-lived Assets
In accordance with ASC 360, "Accounting
for the Impairment or Disposal of Long-Lived Assets", the Company is required to review its long-lived assets for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated
undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists,
an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.
The Company tests long-lived assets, including
property and equipment, investment properties and other assets, for recoverability when events or circumstances indicate that
the net carrying amount is greater than its fair value. Assets are grouped and evaluated at the lowest level for their identifiable
cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance
and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the
future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated
expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the
asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted
cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal
projections, and other available information as considered necessary. There is no impairment of long-lived assets during the three
months and six months ended June 30, 2014 and 2013.
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 and six months ended June 30, 2014 and 2013.
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.
As of June 30, 2014, the Company received
refundable government subsidies of $5,391,922. 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 by the agreed date. The Company recorded the subsidy received as a deferred government subsidy in
the condensed consolidated balance sheets.
RESULTS OF OPERATIONS
We provide the following discussion and
analyses of our changes in financial condition and results of operations for the three months and six months ended June 30, 2014
with comparisons to the three months and six months ended June 30, 2013.
Net Revenues
The following table shows the net revenues
detail by line of business:
| |
Three Months Ended June
30, | | |
Six Months Ended June
30, | |
| |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | | |
2014 | | |
% to total | | |
2013 | | |
% to
total | | |
% change | |
Agency sales | |
| 826,641 | | |
| 56 | | |
| 3,467,371 | | |
| 77 | | |
| (76 | ) | |
| 2,497,516 | | |
| 59 | | |
| 4,421,301 | | |
| 67 | | |
| (44 | ) |
Property management | |
| 654,456 | | |
| 44 | | |
| 649,689 | | |
| 15 | | |
| 1 | | |
| 1,704,735 | | |
| 41 | | |
| 1,089,248 | | |
| 17 | | |
| 57 | |
Underwriting sales | |
| - | | |
| 0 | | |
| 370,305 | | |
| 8 | | |
| (100 | ) | |
| - | | |
| 0 | | |
| 1,090,265 | | |
| 17 | | |
| (100 | ) |
Net revenues | |
| 1,481,097 | | |
| 100 | | |
| 4,487,365 | | |
| 100 | | |
| (67 | ) | |
| 4,202,251 | | |
| 100.00 | | |
| 6,600,814 | | |
| 100.00 | | |
| (36 | ) |
The net revenue in the second quarter
of 2014 was $1,481,097, which decreased 67% from $4,487,365 in the second quarter of 2013. The net revenues of the first two quarters
of 2014 were$4,202,251, which decreased 36% from $6,600,814 of the first two quarters of 2013. In the second quarter of 2014,
agency sales represented 56% of our net revenues, property management represented 44%, and underwriting sales represented 0%.
In the first two quarters of 2014, agency sales represented 59% of our net revenues property management represented 41%, and underwriting
sales represented 0%. The decrease in net revenue was due to the decrease in agency sales projects as well as the revenue from
property management.
Agency sales
In the second quarter and first two quarters
of 2014, 56% and 59%, respectively, of our net revenues were attributable to agency sales. As compared with similar periods in
2013, net revenue of agency sales decreased 76% and 44%, respectively, in the second quarter and the first two quarters of 2013.
The primary reason was that there were less sales agency projects that were completed during the second quarter of 2014, which
contributed to the decrease in our agency sales revenue.
Because of our diverse market locations,
the risk of market fluctuations has reduced our business operations in agency sales in 2014, and we are seeking stable growth
in our agency sales business in 2014. However, there can be no assurance that we will be able to do so.
Property management
In 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. Regarding 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%.The leasing period started
in the second quarter, of 2006, and the Company has the right to sublease the leased properties to cover these lease commitments
in the leasing period.
As of 2014 the sub-leasing program is
complete and there are no more subleasing obligations.
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. 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 negotiate 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.
The Company accounts for its underwriting
sales revenue with underwriting rent guarantees in accordance with ASC976-605, “Accounting for Sales of Real Estate”
(Formerly Statement of Financial Accounting Standards No. 66, “Accounting for Sales of Real Estate”). The deposit
method has been 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. As of 2014 there was no more underwriting
obligation.
Cost of Revenues
The following table shows the cost of revenues
detail by line of business:
| |
Three Months Ended June
30, | | |
Six Months Ended June
30, | |
| |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | | |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | |
Agency sales | |
| 534,418 | | |
| 57 | | |
| 666,401 | | |
| 55 | | |
| (20 | ) | |
| 1,204,714 | | |
| 54 | | |
| 1,205,204 | | |
| 50 | | |
| 0 | |
Property management | |
| 395,459 | | |
| 43 | | |
| 459,573 | | |
| 38 | | |
| (14 | ) | |
| 1,047,081 | | |
| 46 | | |
| 920,383 | | |
| 39 | | |
| 14 | |
Underwriting sales | |
| 0 | | |
| 0 | | |
| 90,291 | | |
| 7 | | |
| (100 | ) | |
| 0 | | |
| 0 | | |
| 254,617 | | |
| 11 | | |
| (100 | ) |
Cost of revenues | |
| 929,877 | | |
| 100.00 | | |
| 1,216,265 | | |
| 100 | | |
| (24 | ) | |
| 2,251,795 | | |
| 100.00 | | |
| 2,380,204 | | |
| 100 | | |
| (5 | ) |
The cost of revenues of the second quarter
of 2014 was $929,877, which decreased 24% from $1,216,265 during the second quarter of 2013. The cost of revenues of the first
two quarters of 2014 was $2,251,795, which decreased 5% from $2,380,204 during the first two quarters of 2013. In the second quarter
of 2014 agency sales represented 57% of our cost of revenues, property management represented 43%, and underwriting sales represented
0%. In the first two quarters of 2014, agency sales represented 54% of our cost of revenues, property management represented 46%,
and underwriting sales represented 0%. The increase in cost of revenue in the second quarter and first two quarters of 2014 was
mainly due to the increase in the cost of revenue for our agency sales and property management.
Agency sales
As compared with similar periods in 2013,
cost of revenue of agency sales decreased 20% in the second quarter of 2014 and almost no change for the first two quarters of
2014 and 2013, respectively.=The decrease was due to less commission paid resulting from the decrease in agency sales.
Property management
The cost of revenue from property management
of the second quarter of 2014 was $395,459, which decreased 14% from $459,573 for the second quarter of 2013. The cost of revenue
of the first two quarters of 2014 was $1,047,081, which increased 14% from $920,383 during the first two quarters of 2013. This
decrease in cost was an overall cost saving in marketing, promotion and minor staff costs.
Underwriting sales
We had no underwriting cost for the six
months ended June 30, 2014 as the underwriting operation has been terminated.
Operating Expenses
The following table shows operating expenses
detail by line of business:
| |
Three Months Ended June
30, | | |
Six Months Ended June
30, | |
| |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | | |
2014 | | |
% to total | | |
2013 | | |
% to total | | |
% change | |
Agency sales | |
| 192,598 | | |
| 61 | | |
| 304,081 | | |
| 92 | | |
| (37 | ) | |
| 452,485 | | |
| 48 | | |
| 583,488 | | |
| 85 | | |
| (22 | ) |
Property management | |
| 28,057 | | |
| 9 | | |
| 16,977 | | |
| 8 | | |
| 65 | | |
| 43,748 | | |
| 5 | | |
| 39,003 | | |
| 6 | | |
| 12 | |
Real estate development | |
| 93,090 | | |
| 30 | | |
| 51,833 | | |
| 0 | | |
| 80 | | |
| 448,585 | | |
| 47 | | |
| 63,324 | | |
| 9 | | |
| 608 | |
Operating expenses | |
| 313,745 | | |
| 100 | | |
| 372,891 | | |
| 100 | | |
| (16 | ) | |
| 944,818 | | |
| 100 | | |
| 685,815 | | |
| 100 | | |
| 38 | |
The operating expenses for the second
quarter of 2014 were $313,745, which decreased 16% from $372,891 for the same period in 2013. The total operating expenses for
the first two quarters of 2014 were $944,818, which increased 38% from $685,815 for the same period in 2013. In the second quarter
of 2014, agency sales represented 61% of the total operating expenses, property management represented 9%, and real estate development
represented 30%. In the first two quarters of 2014, agency sales represented 48% of the total operating expenses, property management
represented 5%, and real estate development represented 47%. The increase in the overall operating expense was due to the increase
in real estate development for the second quarter and the first two quarters of 2014.
Agency sales
Compared to the same periods in 2013,
the operating expenses for agency sales in the second quarter and the first two quarters of 2014 decreased by 37% and 22%, respectively.
The reason for the decrease was less sales activity and therefore less expenses such as travel and marketing expenses.
Property management
Compared to same periods in
2013, the operating expenses for property management in the second quarter and first two quarters of 2014 increased by 65% and
12%, respectively. This increase was due to the increase in new personnel expenses.
Real estate development
The Company commenced the construction
of its real estate development project in mid-2012. During the second quarter and the first two quarters of 2014, the Company’s
real estate development operation incurred operating expenses of $93,090 and $448,585 respectively.
General and Administrative Expenses
General and administrative expenses increased
in the second quarter and first two quarters in 2014 by 9% and decreased by 8%, respectively, as compared to the same periods
in 2013. This increase was due to staff expenditure expenses.
Operating Income (Loss)
In the second quarter and first two quarters
of 2014, the Company had an operating loss of $602,409 and $667,887, respectively, as compared to our operating income of $2,127,130
and $1,711,937, respectively, in the similar periods in 2013. The reason for the loss for the same periods in 2014 is due to the
decrease in revenues from all our operations.
Interest Income
Interest income decreased to $100,686
in the second quarter of 2014 from $221,270 in the same period of 2013, and decreased to $200,954 in the first two quarters of
2014 from $379,218 during the same period in 2013. The decrease was mainly due to the decrease of interest income from WHYYL,
which had got a bank loan carried lower interest rates and borrowing from the Company had been repaid a lot.
Interest Expense
Interest expenses in the second quarter
and first two quarters of 2014 were $835,184 and $1,665,943, respectively, which decreased from $957,054 and $1,872,192 for the
similar periods 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.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2014, our principal sources
of cash were revenues from our agency sales and property management business, new bank loan and promissory notes, and advances
from directors. 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,
and the repayments of our bank loans, promissory notes and advances from directors.
We ended the period with a cash position
of $2,167,437.
Net cash used in operating activities
Net cash used in the Company’s operating
activities for the six months ended June 30, 2014 was $9,002,834, representing an increase of $2,988,416 as compared to the cash
used in operating activities for the six months ended June 30, 2013. The increase was primarily attributable to the increase in
other receivables and deposits of $9,952,445 in the six months ended June 30, 2014 as compared to the same period in 2013.
Net cash used by investing activities
Net cash used in the Company’s investing
activities for the six months ended June 30, 2014 was $56,537, representing a decrease of $2,931,053 as compared to cash used
in investing activities of $2,987,590 for the same period in 2013. The decrease was primarily due to the advances from an unconsolidated
affiliate of $2,841,709 and the payment to acquire equity interest of $138,450 during the six months ended June 30, 2013.
Net cash provided by financing activities
Net cash provided by financing activities
for the six months ended June 30, 2014 was $7,919,051, representing a decrease of $5,830,225 from the same period in 2013. The
reason was during the six months ended June 30, 2014, and the Company paid the bank loan of $5,093,421
Indebtedness
The company’s indebtedness is described
under “Note 10- Amounts due to directors”, “Note 12- Bank Loans”, “Note 14- Promissory Notes Payable,
and “Note 13- Current portion of long term borrowings” to the Company’s accompanying unaudited condensed consolidated
financial statements in Item 1 of Part I.
Promissory Notes as of June 30, 2014,
the Company had an aggregate amount due under outstanding promissory notes to parties other than banks in the amount of $17,767,609
bearing interest at rates varying from 12% to 22%. The interest expense on promissory notes amounted
to $636,930 and $174,821 for the three months ended June 30, 2014 and 2013; and $814,342 and $405,986, respectively, for the six
months ended June 30, 2014 and 2013.
Bank
Loans - In January 2014, the Company obtained a bank loan of $1,300,221 (RMB 8,000,000) 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 matures on March 1,
2015. As of June 30, 2014, the outstanding balance of this loan was
$1,300,221.
As of June 30, 2014, the Company had outstanding
bank loans totaling $18,446,886 bearing interest at rates ranging from 7.56% to 14.20% per annum. Interest expenses amounted to
$385,696 and $178,815 for the three months ended June 30, 2014 and 2013, respectively; and $725,027 and $352,022 for the six months
ended June 30, 2014 and 2013, respectively.
Advances from Officers and Directors - The Company has also
financed its operations in part with advances from officers and directors. At June 30, 2014, the Company had borrowings together
with unpaid interest expense of $10,863,306 from officers and directors, including $10,815,524 from Lin Chi-Jung, our Chief Executive
Officer, President and Chairman.
The interest expense on amounts due to
directors amounted to $396,612 and $242,022 for the three months ended June 30, 2014 and 2013; and $741,179 and $487,048, respectively,
for the six months ended June 30, 2014 and 2013.
Capital resources
The cash needs for 2014 will be for the
repayments of our bank loans, promissory notes and advances from directors and funds required to finance promissory deposits for
various future property projects as well as our real estate development projects in Wuhan and Linyi.
If our business grows more rapidly than
we 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 and affiliates,
as we have done previously, but there can be no guarantee that we will be able to obtain such funds through the issuance of debt
or equity that are with terms satisfactory to management and our board of directors.
As of June 30, 2014, the Company had a
working capital deficit of $14,673,913, an accumulated deficit from recurring net losses of $16,574,585 and short-term debt obligations
of $54,442,106. 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, including advances from affiliates. We have been able to secure new bank lines
of credit and secure additional loans from affiliates to fund our operations to date. However, 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.
OFF BALANCE SHEET ARRANGEMENTS
The Company does not have any outstanding
derivative financial instruments, off-balance sheet guarantees or interest rate swap transactions of foreign currency forward
contracts. The Company does not have any retained or contingent interest in assets transferred to an unconsolidated
entity that serves as credit, liquidity or market risk support to such entity. The Company does not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to the Company or that
engages in leasing, hedging or research and development services with the Company.
ITEM 3. QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
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 was 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 undertaking 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. |
During the six months ended June 30, 2014,
additional qualified accounting personnel have been hired and put into place to assist in 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 |
During the six months ended June 30,
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.
ITEM 1A. RISK FACTORS
Not required.
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.
ITEM 6. EXHIBITS
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 and 32.2* |
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: March 17,
2016 |
|
|
By: |
/s/ Lin, Chi-Jung |
|
|
Lin, Chi-Jung, Chief Executive Officer |
|
|
|
|
|
Date: March 17,
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 June 30, 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: March 17,
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 June 30, 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: March 17,
2016 |
|
|
By: |
/s/ Mi, Yong Jun |
|
|
Mi, Yong Jun, Chief Financial Officer |
|
EXHIBIT 32.1 and 32.2
Section 1350 Certification
In connection with this
Quarterly Report of SUNRISE REAL ESTATE GROUP, INC. (the "Company") on Form 10−Q for the period ended June
30, 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) of the 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: March 17,
2016 |
|
|
By: |
/s/ Lin, Chi-Jung |
|
|
Lin, Chi-Jung, Chief Executive Officer |
|
|
|
|
|
Date: March 17,
2016 |
|
|
By: |
/s/ Mi, Yong Jun |
|
|
Mi, Yong Jun, Chief Financial Officer |
|
v3.3.1.900
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
Jun. 30, 2014 |
Dec. 31, 2013 |
Current assets |
|
|
Cash and cash equivalents |
$ 2,167,437
|
$ 3,503,510
|
Restricted cash (Note 3) |
23,464
|
246,895
|
Accounts receivable |
1,145,849
|
1,289,469
|
Promissory deposits (Note 4) |
747,627
|
754,482
|
Real estate property under development (Note 5) |
35,368,142
|
31,119,043
|
Amount due from an affiliate (Note 9) |
2,421,280
|
3,086,185
|
Other receivables and deposits (Note 6) |
10,288,089
|
0
|
Total current assets |
52,161,889
|
40,204,141
|
Property and equipment, net (Note 7) |
8,722,911
|
9,139,734
|
Investment properties, net (Note 8) |
5,903,517
|
6,137,819
|
Deferred tax assets |
766,914
|
469,400
|
Investment in affiliates (Note 9) |
5,362,799
|
5,642,909
|
Other investments, net of allowance for impairment loss |
146,275
|
104,315
|
Total assets |
73,064,305
|
61,698,318
|
Current liabilities |
|
|
Short term borrowings (Note 12) |
18,446,886
|
18,616,018
|
Current portion of long term borrowings (Note 13) |
7,963,854
|
8,036,871
|
Promissory notes payable (Note 14) |
17,767,609
|
5,076,547
|
Accounts payable |
638,352
|
489,582
|
Amounts due to directors (Note 10) |
10,196,003
|
10,440,238
|
Amount due to an affiliate |
67,754
|
0
|
Customer deposits |
5,959,411
|
3,168,369
|
Other payables and accrued expenses (Note 11) |
5,176,196
|
3,001,581
|
Other taxes payable |
207,849
|
190,036
|
Income taxes payable |
123,473
|
190,152
|
Dividends payables |
288,594
|
0
|
Total current liabilities |
66,835,802
|
49,209,394
|
Long term bank loan (Note 13) |
0
|
3,444,374
|
Deferred government subsidy (Note 15) |
5,391,922
|
5,441,360
|
Total liabilities |
72,227,723
|
58,095,128
|
Shareholders' equity |
|
|
Common stock, par value $0.01 per share; 200,000,000 shares authorized; 28,691,925 and 28,691,925 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively |
286,919
|
286,919
|
Additional paid-in capital |
4,570,008
|
4,570,008
|
Statutory reserve (Note16) |
783,101
|
782,987
|
Accumulated losses |
(16,574,585)
|
(14,668,376)
|
Accumulated other comprehensive income |
122,037
|
172,214
|
Total deficit of Sunrise Real Estate Group, Inc. |
(10,812,520)
|
(8,856,248)
|
Non-controlling interests |
11,649,102
|
12,459,438
|
Total shareholders' equity |
836,582
|
3,603,190
|
Total liabilities and shareholders’ equity |
$ 73,064,305
|
$ 61,698,318
|
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares
|
Jun. 30, 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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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2014 |
Jun. 30, 2013 |
Jun. 30, 2014 |
Jun. 30, 2013 |
Net revenues |
$ 1,481,098
|
$ 4,487,385
|
$ 4,202,251
|
$ 6,600,814
|
Cost of revenues |
(929,877)
|
(1,216,265)
|
(2,251,795)
|
(2,380,204)
|
Gross income |
551,221
|
3,271,120
|
1,950,456
|
4,220,610
|
Operating expenses |
(313,745)
|
(372,891)
|
(944,818)
|
(685,815)
|
General and administrative expenses |
(839,885)
|
(771,099)
|
(1,673,524)
|
(1,822,858)
|
Operating income (loss) |
(602,409)
|
2,127,130
|
(667,887)
|
1,711,937
|
Other income (expenses) |
|
|
|
|
Interest income |
100,686
|
221,270
|
200,954
|
379,218
|
Interest expense |
(835,184)
|
(957,045)
|
(1,665,943)
|
(1,872,192)
|
Other income (loss), net |
224
|
932
|
(12,702)
|
16,243
|
Total other expenses |
(734,275)
|
(734,843)
|
(1,477,691)
|
(1,476,731)
|
Income (Loss) before income taxes |
(1,336,683)
|
1,392,287
|
(2,145,578)
|
235,206
|
Income tax benefit (expense) |
88,536
|
(35,419)
|
293,263
|
(19,638)
|
Equity in net loss of an unconsolidated affiliates, net of income taxes |
(117,071)
|
(79,765)
|
(229,450)
|
(272,787)
|
Net loss |
(1,365,219)
|
1,277,103
|
(2,081,766)
|
(57,219)
|
Less: Net income (loss) attributable to non-controlling interests |
200,125
|
(54,716)
|
534,544
|
75,353
|
Net income (loss) attributable to shareholders of Sunrise Real Estate Group, Inc. |
$ (1,165,094)
|
$ 1,222,387
|
$ (1,547,221)
|
$ 18,134
|
Loss per share - basic and fully diluted (in dollars per share) |
$ (0.04)
|
$ (0.04)
|
$ (0.06)
|
$ (0.00)
|
Weighted average common shares outstanding - Basic and fully diluted (in shares) |
28,691,925
|
28,691,925
|
28,691,925
|
28,691,925
|
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- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.3.1.900
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2014 |
Jun. 30, 2013 |
Jun. 30, 2014 |
Jun. 30, 2013 |
Net Loss |
$ (1,365,219)
|
$ 1,277,103
|
$ (2,081,766)
|
$ (57,219)
|
Other comprehensive income (loss) - Foreign currency translation adjustment |
58
|
120,915
|
(325,969)
|
147,781
|
Total comprehensive loss |
(1,365,161)
|
1,398,018
|
(2,407,735)
|
90,562
|
Less: Comprehensive income attributable to non-controlling interests |
201,861
|
(244,638)
|
810,336
|
(145,886)
|
Total comprehensive income attributable to shareholders of Sunrise Real Estate Group, Inc. |
$ (1,163,300)
|
$ 1,153,380
|
$ (1,597,399)
|
$ (55,324)
|
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Jun. 30, 2014 |
Jun. 30, 2013 |
Cash flows from operating activities |
|
|
Net Loss |
$ (2,081,766)
|
$ (57,219)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Loss on disposal of property, plant and equipment |
14,092
|
326
|
Depreciation and amortization |
559,113
|
559,088
|
Bad debts |
(1,454)
|
0
|
Equity in net loss of an unconsolidated affiliate |
229,450
|
272,787
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
132,255
|
896,835
|
Promissory deposits |
0
|
309,786
|
Real estate property under development |
(4,543,862)
|
(4,869,856)
|
Customer deposits |
2,827,318
|
0
|
Amount due from unconsolidated affiliates |
(638,558)
|
0
|
Other receivables and deposits |
(10,110,726)
|
(158,281)
|
Deferred tax assets |
(302,582)
|
(42,592)
|
Accounts payable |
153,626
|
(126,917)
|
Amount due to an affiliate |
67,754
|
|
Other payables and accrued expenses |
2,207,734
|
(2,269,731)
|
Interest payable on promissory notes |
689,447
|
59,694
|
Interest payable on amounts due to directors |
563,742
|
444,313
|
Other taxes payable |
19,591
|
(14,840)
|
Income taxes payable |
(65,124)
|
(103,635)
|
Deposits received from underwriting sales |
0
|
(834,411)
|
Net cash used in operating activities |
(9,002,834)
|
(6,014,418)
|
Cash flows from investing activities |
|
|
Advances to an unconsolidated affiliate, net |
0
|
(2,841,709)
|
Acquisition of property and equipment |
(56,537)
|
(7,431)
|
Acquisition of equity investment |
0
|
(138,450)
|
Net cash used in investing activities |
(56,537)
|
(2,987,590)
|
Cash flows from financing activities |
|
|
Capital contribution from non-controlling interests of new consolidated subsidiaries |
0
|
40,128
|
Bank loan repayments |
(5,093,421)
|
0
|
Restricted cash |
221,776
|
0
|
New bank loans |
1,666,600
|
12,638,824
|
Advances from directors |
1,722,177
|
8,179,198
|
Repayments of advances from directors |
(2,530,154)
|
(6,161,859)
|
Proceeds from new promissory notes |
12,726,428
|
963,066
|
Repayment of promissory notes |
(724,811)
|
(1,765,621)
|
Dividend paid to non-controlling interests |
(69,544)
|
(144,460)
|
Net cash provided by financing activities |
7,919,051
|
13,749,276
|
Effect of exchange rate changes on cash and cash equivalents |
(195,753)
|
69,028
|
Net decrease in cash and cash equivalents |
(1,336,072)
|
4,816,296
|
Cash and cash equivalents at beginning of period |
3,503,510
|
934,123
|
Cash and cash equivalents at end of period |
2,167,438
|
5,750,419
|
Supplemental disclosure of cash flow information |
|
|
Income taxes paid |
75,898
|
164,827
|
Interest paid |
$ 2,059,320
|
$ 1,510,076
|
X |
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
6 Months Ended |
Jun. 30, 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 June 30, 2014, the Company has the following major subsidiaries and equity investments. 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 XinJi 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 GaoFengHui 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 | %1 | 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 | %2 | Subsidiary | | Real estate development | | Shangqiu Shang Yang Real Estate Consultation Company Limited (“SQSY”) | | October 20, 2010 | | PRC | | 100 | % | Subsidiary | | Property brokerage services | | Wuhan GaoFengHui 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 RuiJian Design Company Limited (“SHRJ”) | | August 15, 2011 | | PRC | | 100 | % | Subsidiary | | Property brokerage services | | LinyiRui Lin Construction and Design Company Limited (“LYRL”) | | March 6, 2012 | | PRC | | 100 | %3 | Subsidiary | | Investment holding | | PutianXinJi Yang Real Estate Consultation Company Limited (“PTXJY”) | | June 5, 2012 | | PRC | | 55 | % | Subsidiary | | Property brokerage services | | Company Name | | Date of Incorporation | | Place of Incorporation | | % of Ownership held by the Company | | Relationship with the Company | | Principal activity | | Shanghai XinJi Yang Real Estate Brokerage Company Limited (“SHXJYB”) | | January 28, 2013 | | PRC | | 75 | %4 | 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 Daerwei Commercial Company, Ltd. | | June 6, 2013 | | PRC | | 30 | % | Equity Investment | | Import and export trading | | | 1. | 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. | | 2. | 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. | | 3. | The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. | | 4. | On January28, 2013, CY-SRRE, SZXJY and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding a 15% equity interest and SZXJY holding a 60% equity interest in SHXYJB. | 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 the Company as of June 30, 2014 and the results of operations for the three months and six months ended June 30, 2014 and 2013, and the cash flows for the six months ended June 30, 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 and six months ended June 30, 2014 are not necessarily indicative of the results that 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
|
6 Months Ended |
Jun. 30, 2014 |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] |
|
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 June 30, 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 condensed 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 condensed 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 condensed consolidated statements of operations. The effect of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of June 30, 2014 and December 31, 2013 are $1: RMB 6.1528 and $1: RMB 6.0969 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. Major Customers There were no customers that accounted for more than 10% or our net revenues during the six months ended June 30, 2014, and there was one customer that accounted for 29%of our net revenues, during the six months ended June 30, 2013. There were no accounts receivable from these customers as of June 30, 2014 and December 31, 2013. 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 and six months ended June 30, 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 in the condensed consolidated balance sheets. 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 Company has received refundable government subsidy of $5,391,922as of June 30, 2014. 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 according to the agreed schedules. The Company recorded the subsidy received as a deferred government subsidy. 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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v3.3.1.900
RESTRICTED CASH
|
6 Months Ended |
Jun. 30, 2014 |
Restricted Cash [Abstract] |
|
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 June 30, 2014 and December 31, 2013, the Company held cash deposits of $23,464 and $246,895 respectively, as security for its bank loans (see Note 12). These balances are subject to withdrawal restrictions and are not covered by insurance.
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v3.3.1.900
REAL ESTATE PROPERTY UNDER DEVELOPMENT
|
6 Months Ended |
Jun. 30, 2014 |
Real Estate Held For Development and Sale [Abstract] |
|
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 in the 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 2012 fiscal year. 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 is located in the 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 June 30, 2014, land use rights included in real estate property under development totaled $35,368,142. Real estate property under development as of June 30, 2014 has been pledged as collateral for the Company’s bank loans (See Note 13).
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v3.3.1.900
OTHER RECEIVABLES AND DEPOSITS, NET
|
6 Months Ended |
Jun. 30, 2014 |
Receivables [Abstract] |
|
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
NOTE 6 - OTHER RECEIVABLES AND DEPOSITS, NET | | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Advances to staff | | $ | 13,110 | | | 40,477 | | Rental deposits | | | 134,576 | | | 44,154 | | Prepaid expenses | | | 60,949 | | | - | | Prepaid tax | | | 352,244 | | | - | | GuangXinlu Project | | | 9,515,716 | | | - | | Other receivables | | | 211,493 | | | 269,144 | | | | $ | 10,288,089 | | $ | 204,557 | | Other receivables and deposits as of June 30, 2014 and December 31, 2013 are stated net of allowance for doubtful accounts of $109,223 and $99,437, respectively.
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v3.3.1.900
PROPERTY AND EQUIPMENT, NET
|
6 Months Ended |
Jun. 30, 2014 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment Disclosure [Text Block] |
NOTE 7 PROPERTY AND EQUIPMENT, NET | | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Furniture and fixtures | | $ | 249,580 | | $ | 423,461 | | Computer and office equipment | | | 279,674 | | | 293,100 | | Motor vehicles | | | 747,570 | | | 878,732 | | Properties | | | 9,794,262 | | | 9,657,427 | | | | | 11,071,086 | | | 11,252,720 | | Less: Accumulated depreciation | | | (2,348,175) | | | (2,112,986) | | | | $ | 8,722,911 | | $ | 9,139,734 | | Depreciation and amortization expense for property and equipment amounted to$380,100 and $286,372 for the six months ended June 30, 2014 and 2013, respectively. All properties as of June 30, 2014 and December 31, 2013were pledged as collateral for the Company’s bank loans (See Note 12).
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v3.3.1.900
INVESTMENT PROPERTIES, NET
|
6 Months Ended |
Jun. 30, 2014 |
Real Estate [Abstract] |
|
Real Estate Disclosure [Text Block] |
NOTE 8 INVESTMENT PROPERTIES, NET | | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Investment properties | | $ | 10,063,845 | | $ | 10,156,116 | | Less: Accumulated depreciation | | | (4,160,328) | | | (4,018,297) | | | | $ | 5,903,517 | | $ | 6,137,819 | | Depreciation and amortization expense for investment properties amounted to$179,013and $272,716 for the six months ended June 30, 2014 and 2013, respectively. All investment properties as of June 30, 2014 and December 31, 2013were pledged as collateral for the Company’s bank loans (See Note12).
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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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v3.3.1.900
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
|
6 Months Ended |
Jun. 30, 2014 |
Equity Method Investments and Joint Ventures [Abstract] |
|
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 $4,147,027 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 June 30, 2014, the net investment in WHYYL was $5,362,799 which included its equity in net loss of WHYYL, net of income taxes, totaling $468,266 as of June 30, 2014. The Company’s equity in net loss of the unconsolidated affiliate, net of income taxes, during the three months ended June 30, 2014 and 2013 amounted to $117,071 and $79,765, respectively; and during the six months ended June 30, 2014 and 2013 amounted to $229,450 and $272,787, respectively. The following table sets forth the financial information of WHYYL. | | Three Months Ended June 30, | | Six Months Ended 30 June, | | | | 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | | | Revenue | | $ | - | | $ | - | | $ | - | | $ | - | | | | | | | | | | | | | | | | Net loss | | | 238,921 | | | 162,786 | | | 468,266 | | | 556,708 | | | | June 30, | | December 31, | | | | 2014 | | 2013 | | Current assets | | $ | 62,012,718 | | $ | 56,344,599 | | Non-current assets | | | 876,735 | | | 794,446 | | Total assets | | | 62,889,453 | | | 57,139,045 | | | | | | | | | | Current liabilities | | | 51,944,402 | | | 45,581,987 | | Total equity | | $ | 11,003,357 | | $ | 11,557,058 | | As of June 30, 2014 and December 31, 2013, the Company has a balance of $2,416,836 and $3,086,185 due from WHYYL, which bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. The Company recorded interest income from WHYYL of $97,838 and $195,156, respectively, for the three months and six months ended June 30, 2014. There was no interest income from WHYYL during 2013. During the three months and six months ended June 30, 2014 and 2013, the Company had no impairment loss for investment in an unconsolidated affiliate.
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v3.3.1.900
AMOUNTS DUE TO DIRECTORS
|
6 Months Ended |
Jun. 30, 2014 |
Related Party Transactions [Abstract] |
|
Related Party Transactions Disclosure [Text Block] |
NOTE 10 AMOUNTS DUE TO DIRECTORS | | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Lin Chi-Jung | | $ | 10,148,221 | | $ | 10,398,904 | | Lin Hsin-Hung | | | 47,782 | | | 1,484 | | Lin Chao-Chin | | | - | | | 39,850 | | | | $ | 10,196,003 | | $ | 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 June 30, 2014 and December 31, 2013 were $10,148,221 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. | The interest expenses on amounts due to directors amounted to $434,145 and $396,612 for the three months ended June 30, 2014 and 2013; and $930,400 and $741,179, respectively, for the six months ended June 30, 2014 and 2013.
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v3.3.1.900
OTHER PAYABLES AND ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2014 |
Payables and Accruals [Abstract] |
|
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] |
NOTE 11- OTHER PAYABLES AND ACCRUED EXPENSES | | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Accrued staff commission and bonus | | $ | 475,853 | | $ | 1,058,882 | | Rental deposits received | | | 527,806 | | | 687,700 | | Customer deposits | | | 87,698 | | | 151,243 | | GuangXinLu Project | | | 3,029,546 | | | - | | Accrued expenses | | | - | | | 597,453 | | Other payables | | | 1,055,293 | | | 506,303 | | | | $ | 5,176,196 | | $ | 3,001,581 | | Other payables amount of $1,055,293 including payables to Nanjing Longchang, Xu Zhiling, Huiying, Mclaughlin & Stern, LLP, amount of $455,077, $162,527, $109,040 and $58,831, respectively.
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v3.3.1.900
BANK LOANS
|
6 Months Ended |
Jun. 30, 2014 |
Debt Disclosure [Abstract] |
|
Long-term Debt [Text Block] |
NOTE 12 BANK LOANS In January 2014, the Company obtained a bank loan of $1,300,221 (RMB 8,000,000) 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. This loan is renewed automatically every year. This loan will mature on March 1, 2015. As of June 30, 2014, the outstanding balance of this loan was $1,300,221. As of December 31, 2013, the outstanding balance of this loan was $1,312,143. 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 $4,957,093 (RMB 30,500,000) as of June 30, 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 six months ended June 30, 2014 was 7.6875% per annum. The credit facility is secured by all of the Company’s properties included in property and equipment (See Note 7), 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 12 months and are due no later than March 31, 2015. As of June 30, 2014 and December 31, 2013, the Company had outstanding loan balances of $4,957,093 (RMB 30,500,000) and $5,002,543 (RMB 30,500,000), 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 $12,189,572 (RMB 75,000,000) as of June 30, 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 the six months ended June 30, 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 June 30, 2014 and December 31, 2013, the Company had outstanding loan balances of $12,189,572 (RMB 75,000,000) and $12,301,332 (RMB 75,000,000), respectively, under this facility line of credit.
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v3.3.1.900
CURRENT PORTION OF LONG TERM BORROWINGS
|
6 Months Ended |
Jun. 30, 2014 |
Debt Disclosure [Abstract] |
|
Debt Disclosure [Text Block] |
NOTE 13- 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 (RMB 70,000,000) at an interest rate of 14.21% per annum, which is 8.06% over the benchmark lending rate from PBOC. | | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Outstanding borrowings | | $ | 7,963,854 | | $ | 11,481,245 | | Less: Current portion of long term borrowings | | | 7,963,854 | | | 8,036,871 | | | | | 0 | | | 3,444,374 | | For the period ended June 30, 2014, total loan interest was approximately $812,822, 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 $34,035,913 as of June 30, 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, the cash restricted in relation to the borrowings from China CITIC Bank was $23,464 (2013: $246,895). In May 2014, the Company paid $3,413,080(RMB 21,000,000) to the bank. As of June 30, 2014, the Company had outstanding loan balance of $7,963,854 (RMB 49,000,000) under this facility line of credit.
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v3.3.1.900
PROMISSORY NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2014 |
Debt Disclosure [Abstract] |
|
Notes Payable Disclosure [Text Block] |
NOTE 14 PROMISSORY NOTES PAYABLE The promissory notes payable consist of the following unsecured notes to unrelated parties. The promissory notes payable consist of the following unsecured notes to unrelated parties. Included in the balances are promissory notes with an aggregate outstanding principal and unpaid interest are $17,767,609 and $5,076,547 as of June 30, 2014 and December 31, 2013, respectively. The promissory note with an outstanding principal of $1,963,164 bears interest at a rate of 12% per annum, is unsecured and has a maturity date of January 31, 2013 and the new terms of repayment had not been determined with the debtor and therefore has no fixed term of repayment As of June 30, 2014 and December 31, 2013, the outstanding principal in default and unpaid interest related to this promissory note amounted to $1,980,600 and $2,308,974, respectively. The Company is currently making payments towards this loan. The promissory note with a principal of $812,638 bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of June 30, 2014 and December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted to $1,174,574 and $1,252,276, respectively. The promissory note with a principal of $812,638 bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of June 30, 2014 and December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted to $1,107,192 and $1,056,342, respectively. The promissory note with a principal of $1,625,276bears an interest rate of 20% per annum is unsecured and has no fixed term of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $1,719,676. The promissory note with a principal and unpaid interest of $4,875,829 as of June 30, 2014 bears interest at the rate of 26.7% per annum, is unsecured and has no fixed term of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $5,207,160. The promissory note with a principal and unpaid interest of $162,528 as of June 30, 2014 bears interest at the rate of 20% per annum is unsecured and has no fixed term of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $170,899. The promissory note with a principal and unpaid interest of $2,299,766 as of June 30, 2014 bears interest at the rate of rate of 36% per annum is unsecured and has no fixed term of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $1,974,711. The promissory note with a principal and unpaid interest of $812,638 as of June 30, 2014 bears interest at the rate of 15% per annum is unsecured and has no fixed term of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $825,997. The promissory note with a principal of $3,250,922 bears no interest, is unsecured and has no fixed terms of repayment. As of June 30, 2014, the outstanding principal and unpaid interest related to this promissory note amounted to $3,250,922. The promissory note with a principal of $300,000 bears interest at a rate of 15% per annum, is unsecured and has no fixed term of repayment. As of June 30, 2014 and December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted to $356,250 and $280,176, respectively. The outstanding principal and unpaid interest related to a promissory note of $178,779 at December 31, 2013 was paid in the first quarter of 2014. The interest expense on promissory notes amounted to $636,930 and $174,821 for the three months ended June 30, 2014 and 2013; and $814,342 and $405,986, respectively, for the six months ended June 30, 2014 and 2013.
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v3.3.1.900
DEFERRED GOVERNEMNET SUBSIDY
|
6 Months Ended |
Jun. 30, 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 subsidies received as of June 30, 2014 and December 31, 2013 were $5,391,922 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 the condensed consolidated balance sheets.
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v3.3.1.900
STATUTORY RESERVE
|
6 Months Ended |
Jun. 30, 2014 |
Statutory Reserve [Abstract] |
|
Statutory Reserve Disclosure [Text Block] |
NOTE 16 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 June 30, 2014 and December 31, 2013, the Company’s statutory reserve funds were $783,101 and$782,987, respectively.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies Disclosure [Text Block] |
NOTE 17- 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 were $55,510 and $95,522 for the three months ended June 30, 2014 and 2013, respectively; and $120,785 and $95,522 for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, the Company had the following operating lease obligations falling due. | | Amount | | | | | | | Within one year | | $ | 73,139 | | Two to five years | | | 6,800 | | | | $ | 79,939 | |
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v3.3.1.900
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 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, loss from operations and net loss. The following tables show the operations of the Company's operating segments: | | Three Months Ended June 30, 2014 | | | | Property | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | | 1,481,098 | | $ | - | | $ | - | | $ | 1,481,098 | | Cost of revenues | | | (929,877) | | | - | | | - | | | (929,877) | | Gross income | | | 551,221 | | | - | | | - | | | 551,221 | | | | | | | | | | | | | | | | Operating expenses | | | (220,655) | | | (93,090) | | | - | | | (313,745) | | General and administrative expenses | | | (640,757) | | | (117,530) | | | (81,598) | | | (839,885) | | Operating profit(loss) | | | (310,191) | | | (210,620) | | | (81,598) | | | (602,409) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 100,372 | | | 314 | | | - | | | 100,686 | | Interest expense | | | (823,935) | | | 2,775 | | | (11,250) | | | (835,184) | | Other income, Net | | | (2,551) | | | 2,775 | | | - | | | 224 | | Total other (expenses) income | | | (726,113) | | | 3,088 | | | (11,250) | | | (734,275) | | | | | | | | | | | | | | | | Income (loss) before income tax | | | (1,036,304) | | | (207,532) | | | (92,848) | | | (1,336,683) | | | | | | | | | | | | | | | | Income tax expense | | | 79,724 | | | 8,812 | | | - | | | 88,536 | | Equity in net loss of an affiliate of income taxes | | | (117,071) | | | - | | | - | | | (117,071) | | Net income (loss) | | $ | 1,073,652 | | $ | (198,719) | | $ | (92,848) | | $ | (1,365,219) | | | | Three Months Ended June 30, 2013 | | | | Property Brokerage Services | | Real Estate Development | | Corporate | | Total | | Net revenues | | | 4,487,385 | | $ | - | | $ | - | | $ | 4,487,385 | | Cost of revenues | | | (1,216,265) | | | - | | | - | | | (1,216,265) | | Gross income | | | 3,271,120 | | | - | | | - | | | 3,271,120 | | | | | | | | | | | | | | | | Operating expenses | | | (321,058) | | | (51,833) | | | - | | | (372,891) | | General and administrative expenses | | | (667,226) | | | (81,233) | | | (22,640) | | | (771,099) | | Operating profit(loss) | | | 2,282,836 | | | (133,066) | | | (22,640) | | | 2,127,130 | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 195,423 | | | 25,847 | | | - | | | 221,270 | | Interest expense | | | (955,030) | | | - | | | (2,015) | | | (957,045) | | Other income, Net | | | 932 | | | - | | | - | | | 932 | | Total other (expenses) income | | | (758,675) | | | 25,847 | | | (2,015) | | | (734,843) | | | | | | | | | | | | | | | | Income (loss) before income tax | | | 1,524,161 | | | (107,219) | | | (24,655) | | | 1,392,287 | | | | | | | | | | | | | | | | Income tax expense | | | (35,419) | | | - | | | - | | | (35,419) | | Equity in net loss of an affiliate of income taxes | | | - | | | (79,765) | | | - | | | (79,765) | | Net income (loss) | | $ | 1,488,742 | | $ | (186,984) | | $ | (24,655) | | $ | 1,277,103 | | | | Six Months Ended June 30, 2014 | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | | 4,202,251 | | $ | - | | $ | - | | $ | 4,202,251 | | Cost of revenues | | | (2,251,795) | | | - | | | - | | | (2,251,795) | | Gross income | | | 1,950,456 | | | - | | | - | | | 1,950,456 | | | | | | | | | | | | | | | | Operating expenses | | | (496,233) | | | (448,585) | | | - | | | (944,818) | | General and administrative expenses | | | (1,303,768) | | | (253,589) | | | (116,168) | | | (1,673,524) | | Operating income(loss) | | | 150,456 | | | (702,174) | | | (116,168) | | | (667,887) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 200,076 | | | 878 | | | - | | | 200,954 | | Interest expense | | | (1,643,443) | | | - | | | (22,500) | | | (1,665,943) | | Other income, Net | | | (14,967) | | | 2,264 | | | - | | | (12,702) | | Total other (expenses) income | | | (1,458,334) | | | 3,142 | | | (22,500) | | | (1,477,691) | | | | | | | | | | | | | | | | Profit/ (loss) before income taxes | | | (1,307,878) | | | (699,032) | | | (138,668) | | | (2,145,578) | | | | | | | | | | | | | | | | Income tax (expense) benefit | | | 168,932 | | | 130,034 | | | (5,704) | | | 293,263 | | Equity in net loss of unconsolidated affiliate | | | (229,450) | | | - | | | - | | | (229,450) | | Net loss | | $ | (1,368,396) | | $ | (568,998) | | $ | (144,372) | | $ | (2,081,766) | | | | Six Months Ended June 30, 2013 | | | | Property Brokerage Services | | Real Estate | | Corporate | | Total | | Net revenues | | $ | 6,600,814 | | $ | - | | $ | - | | $ | 6,600,814 | | Cost of revenues | | | (2,380,204) | | | - | | | - | | | (2,380,204) | | Gross income | | | 4,220,610 | | | - | | | - | | | 4,220,610 | | | | | | | | | | | | | | | | Operating expenses | | | (622,491) | | | (63,324) | | | - | | | (685,815) | | General and administrative expenses | | | (1,478,540) | | | (153,669) | | | (190,650) | | | (1,822,858) | | Operating income (loss) | | | 2,119,579 | | | (216,993) | | | (190,650) | | | 1,711,937 | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 329,382 | | | 49,836 | | | - | | | 379,218 | | Interest expense | | | (1,845,661) | | | - | | | (26,531) | | | (1,872,192) | | Other income, Net | | | 16,243 | | | - | | | - | | | 16,243 | | Total other (expenses) income | | | (1,500,036) | | | 49,836 | | | (26,531) | | | (1,476,732) | | | | | | | | | | | | | | | | Profit/ (loss) before income taxes | | | 619,543 | | | (167,157) | | | (217,181) | | | 235,205 | | | | | | | | | | | | | | | | Income tax (expense) benefit | | | (35,419) | | | 15,781 | | | - | | | (19,638) | | Equity in net loss of an affiliate of income taxes | | | (79,765) | | | (193,022) | | | - | | | (272,787) | | Net income/ (loss) | | $ | 504,359 | | $ | (344,398) | | $ | (217,181) | | $ | (57,220) | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | As of June 30, 2014 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 35,368,142 | | $ | - | | $ | 35,368,142 | | Total assets | | | 35,618,357 | | | 37,430,892 | | | 15,056 | | | 73,064,305 | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 31,119,043 | | $ | - | | $ | 31,119,043 | | Total assets | | | 19,282,576 | | | 42,400,822 | | | 14,921 | | | 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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6 Months Ended |
Jun. 30, 2014 |
Subsequent Events [Abstract] |
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Subsequent Events [Text Block] |
NOTE 19 - SUBSEQUENT EVENTS 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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6 Months Ended |
Jun. 30, 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 June 30, 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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Major Customers, Policy [Policy Text Block] |
Major Customers There were no customers that accounted for more than 10% or our net revenues during the six months ended June 30, 2014, and there was one customer that accounted for 29%of our net revenues, during the six months ended June 30, 2013. There were no accounts receivable from these customers as of June 30, 2014 and December 31, 2013.
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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 condensed 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 condensed 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 condensed consolidated statements of operations. The effect of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of June 30, 2014 and December 31, 2013 are $1: RMB 6.1528 and $1: RMB 6.0969 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 and six months ended June 30, 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 in the condensed consolidated balance sheets.
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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. The Company has received refundable government subsidy of $5,391,922as of June 30, 2014. 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 according to the agreed schedules. The Company recorded the subsidy received as a deferred government subsidy.
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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)
|
6 Months Ended |
Jun. 30, 2014 |
Organization and Description Of Business [Abstract] |
|
Consolidation Entities Nature Of Business [Table Text Block] |
As of June 30, 2014, the Company has the following major subsidiaries and equity investments. 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 XinJi 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 GaoFengHui 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 | %1 | 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 | %2 | Subsidiary | | Real estate development | | Shangqiu Shang Yang Real Estate Consultation Company Limited (“SQSY”) | | October 20, 2010 | | PRC | | 100 | % | Subsidiary | | Property brokerage services | | Wuhan GaoFengHui 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 RuiJian Design Company Limited (“SHRJ”) | | August 15, 2011 | | PRC | | 100 | % | Subsidiary | | Property brokerage services | | LinyiRui Lin Construction and Design Company Limited (“LYRL”) | | March 6, 2012 | | PRC | | 100 | %3 | Subsidiary | | Investment holding | | PutianXinJi Yang Real Estate Consultation Company Limited (“PTXJY”) | | June 5, 2012 | | PRC | | 55 | % | Subsidiary | | Property brokerage services | | Company Name | | Date of Incorporation | | Place of Incorporation | | % of Ownership held by the Company | | Relationship with the Company | | Principal activity | | Shanghai XinJi Yang Real Estate Brokerage Company Limited (“SHXJYB”) | | January 28, 2013 | | PRC | | 75 | %4 | 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 Daerwei Commercial Company, Ltd. | | June 6, 2013 | | PRC | | 30 | % | Equity Investment | | Import and export trading | | | 1. | 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. | | 2. | 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. | | 3. | The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. | | 4. | On January28, 2013, CY-SRRE, SZXJY and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding a 15% equity interest and SZXJY holding a 60% equity interest in SHXYJB. |
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v3.3.1.900
OTHER RECEIVABLES AND DEPOSITS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2014 |
Receivables [Abstract] |
|
Schedule Of Other Receivables and Deposit [Table Text Block] |
| | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Advances to staff | | $ | 13,110 | | | 40,477 | | Rental deposits | | | 134,576 | | | 44,154 | | Prepaid expenses | | | 60,949 | | | - | | Prepaid tax | | | 352,244 | | | - | | GuangXinlu Project | | | 9,515,716 | | | - | | Other receivables | | | 211,493 | | | 269,144 | | | | $ | 10,288,089 | | $ | 204,557 | |
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v3.3.1.900
PROPERTY AND EQUIPMENT, NET (Tables)
|
6 Months Ended |
Jun. 30, 2014 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment [Table Text Block] |
| | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Furniture and fixtures | | $ | 249,580 | | $ | 423,461 | | Computer and office equipment | | | 279,674 | | | 293,100 | | Motor vehicles | | | 747,570 | | | 878,732 | | Properties | | | 9,794,262 | | | 9,657,427 | | | | | 11,071,086 | | | 11,252,720 | | Less: Accumulated depreciation | | | (2,348,175) | | | (2,112,986) | | | | $ | 8,722,911 | | $ | 9,139,734 | |
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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v3.3.1.900
INVESTMENT PROPERTIES, NET (Tables)
|
6 Months Ended |
Jun. 30, 2014 |
Real Estate [Abstract] |
|
Schedule of Real Estate Properties [Table Text Block] |
| | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Investment properties | | $ | 10,063,845 | | $ | 10,156,116 | | Less: Accumulated depreciation | | | (4,160,328) | | | (4,018,297) | | | | $ | 5,903,517 | | $ | 6,137,819 | |
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v3.3.1.900
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE (Tables)
|
6 Months Ended |
Jun. 30, 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 June 30, | | Six Months Ended 30 June, | | | | 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | | | Revenue | | $ | - | | $ | - | | $ | - | | $ | - | | | | | | | | | | | | | | | | Net loss | | | 238,921 | | | 162,786 | | | 468,266 | | | 556,708 | | | | June 30, | | December 31, | | | | 2014 | | 2013 | | Current assets | | $ | 62,012,718 | | $ | 56,344,599 | | Non-current assets | | | 876,735 | | | 794,446 | | Total assets | | | 62,889,453 | | | 57,139,045 | | | | | | | | | | Current liabilities | | | 51,944,402 | | | 45,581,987 | | Total equity | | $ | 11,003,357 | | $ | 11,557,058 | |
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v3.3.1.900
AMOUNTS DUE TO DIRECTORS (Tables)
|
6 Months Ended |
Jun. 30, 2014 |
Related Party Transactions [Abstract] |
|
Schedule of Related Party Transactions [Table Text Block] |
| | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Lin Chi-Jung | | $ | 10,148,221 | | $ | 10,398,904 | | Lin Hsin-Hung | | | 47,782 | | | 1,484 | | Lin Chao-Chin | | | - | | | 39,850 | | | | $ | 10,196,003 | | $ | 10,440,238 | |
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- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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 (Tables)
|
6 Months Ended |
Jun. 30, 2014 |
Payables and Accruals [Abstract] |
|
Schedule of Other Accounts Payable and Accrued Liabilities [Table Text Block] |
| | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Accrued staff commission and bonus | | $ | 475,853 | | $ | 1,058,882 | | Rental deposits received | | | 527,806 | | | 687,700 | | Customer deposits | | | 87,698 | | | 151,243 | | GuangXinLu Project | | | 3,029,546 | | | - | | Accrued expenses | | | - | | | 597,453 | | Other payables | | | 1,055,293 | | | 506,303 | | | | $ | 5,176,196 | | $ | 3,001,581 | |
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v3.3.1.900
CURRENT PORTION OF LONG TERM BORROWINGS (Tables)
|
6 Months Ended |
Jun. 30, 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 (RMB 70,000,000) at an interest rate of 14.21% per annum, which is 8.06% over the benchmark lending rate from PBOC. | | June 30, | | December 31, | | | | 2014 | | 2013 | | | | | | | | | | Outstanding borrowings | | $ | 7,963,854 | | $ | 11,481,245 | | Less: Current portion of long term borrowings | | | 7,963,854 | | | 8,036,871 | | | | | 0 | | | 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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v3.3.1.900
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 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 June 30, 2014 | | | | Property | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | | 1,481,098 | | $ | - | | $ | - | | $ | 1,481,098 | | Cost of revenues | | | (929,877) | | | - | | | - | | | (929,877) | | Gross income | | | 551,221 | | | - | | | - | | | 551,221 | | | | | | | | | | | | | | | | Operating expenses | | | (220,655) | | | (93,090) | | | - | | | (313,745) | | General and administrative expenses | | | (640,757) | | | (117,530) | | | (81,598) | | | (839,885) | | Operating profit(loss) | | | (310,191) | | | (210,620) | | | (81,598) | | | (602,409) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 100,372 | | | 314 | | | - | | | 100,686 | | Interest expense | | | (823,935) | | | 2,775 | | | (11,250) | | | (835,184) | | Other income, Net | | | (2,551) | | | 2,775 | | | - | | | 224 | | Total other (expenses) income | | | (726,113) | | | 3,088 | | | (11,250) | | | (734,275) | | | | | | | | | | | | | | | | Income (loss) before income tax | | | (1,036,304) | | | (207,532) | | | (92,848) | | | (1,336,683) | | | | | | | | | | | | | | | | Income tax expense | | | 79,724 | | | 8,812 | | | - | | | 88,536 | | Equity in net loss of an affiliate of income taxes | | | (117,071) | | | - | | | - | | | (117,071) | | Net income (loss) | | $ | 1,073,652 | | $ | (198,719) | | $ | (92,848) | | $ | (1,365,219) | | | | Three Months Ended June 30, 2013 | | | | Property Brokerage Services | | Real Estate Development | | Corporate | | Total | | Net revenues | | | 4,487,385 | | $ | - | | $ | - | | $ | 4,487,385 | | Cost of revenues | | | (1,216,265) | | | - | | | - | | | (1,216,265) | | Gross income | | | 3,271,120 | | | - | | | - | | | 3,271,120 | | | | | | | | | | | | | | | | Operating expenses | | | (321,058) | | | (51,833) | | | - | | | (372,891) | | General and administrative expenses | | | (667,226) | | | (81,233) | | | (22,640) | | | (771,099) | | Operating profit(loss) | | | 2,282,836 | | | (133,066) | | | (22,640) | | | 2,127,130 | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 195,423 | | | 25,847 | | | - | | | 221,270 | | Interest expense | | | (955,030) | | | - | | | (2,015) | | | (957,045) | | Other income, Net | | | 932 | | | - | | | - | | | 932 | | Total other (expenses) income | | | (758,675) | | | 25,847 | | | (2,015) | | | (734,843) | | | | | | | | | | | | | | | | Income (loss) before income tax | | | 1,524,161 | | | (107,219) | | | (24,655) | | | 1,392,287 | | | | | | | | | | | | | | | | Income tax expense | | | (35,419) | | | - | | | - | | | (35,419) | | Equity in net loss of an affiliate of income taxes | | | - | | | (79,765) | | | - | | | (79,765) | | Net income (loss) | | $ | 1,488,742 | | $ | (186,984) | | $ | (24,655) | | $ | 1,277,103 | | | | Six Months Ended June 30, 2014 | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | Net revenues | | | 4,202,251 | | $ | - | | $ | - | | $ | 4,202,251 | | Cost of revenues | | | (2,251,795) | | | - | | | - | | | (2,251,795) | | Gross income | | | 1,950,456 | | | - | | | - | | | 1,950,456 | | | | | | | | | | | | | | | | Operating expenses | | | (496,233) | | | (448,585) | | | - | | | (944,818) | | General and administrative expenses | | | (1,303,768) | | | (253,589) | | | (116,168) | | | (1,673,524) | | Operating income(loss) | | | 150,456 | | | (702,174) | | | (116,168) | | | (667,887) | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 200,076 | | | 878 | | | - | | | 200,954 | | Interest expense | | | (1,643,443) | | | - | | | (22,500) | | | (1,665,943) | | Other income, Net | | | (14,967) | | | 2,264 | | | - | | | (12,702) | | Total other (expenses) income | | | (1,458,334) | | | 3,142 | | | (22,500) | | | (1,477,691) | | | | | | | | | | | | | | | | Profit/ (loss) before income taxes | | | (1,307,878) | | | (699,032) | | | (138,668) | | | (2,145,578) | | | | | | | | | | | | | | | | Income tax (expense) benefit | | | 168,932 | | | 130,034 | | | (5,704) | | | 293,263 | | Equity in net loss of unconsolidated affiliate | | | (229,450) | | | - | | | - | | | (229,450) | | Net loss | | $ | (1,368,396) | | $ | (568,998) | | $ | (144,372) | | $ | (2,081,766) | | | | Six Months Ended June 30, 2013 | | | | Property Brokerage Services | | Real Estate | | Corporate | | Total | | Net revenues | | $ | 6,600,814 | | $ | - | | $ | - | | $ | 6,600,814 | | Cost of revenues | | | (2,380,204) | | | - | | | - | | | (2,380,204) | | Gross income | | | 4,220,610 | | | - | | | - | | | 4,220,610 | | | | | | | | | | | | | | | | Operating expenses | | | (622,491) | | | (63,324) | | | - | | | (685,815) | | General and administrative expenses | | | (1,478,540) | | | (153,669) | | | (190,650) | | | (1,822,858) | | Operating income (loss) | | | 2,119,579 | | | (216,993) | | | (190,650) | | | 1,711,937 | | | | | | | | | | | | | | | | Other income (expenses) | | | | | | | | | | | | | | Interest income | | | 329,382 | | | 49,836 | | | - | | | 379,218 | | Interest expense | | | (1,845,661) | | | - | | | (26,531) | | | (1,872,192) | | Other income, Net | | | 16,243 | | | - | | | - | | | 16,243 | | Total other (expenses) income | | | (1,500,036) | | | 49,836 | | | (26,531) | | | (1,476,732) | | | | | | | | | | | | | | | | Profit/ (loss) before income taxes | | | 619,543 | | | (167,157) | | | (217,181) | | | 235,205 | | | | | | | | | | | | | | | | Income tax (expense) benefit | | | (35,419) | | | 15,781 | | | - | | | (19,638) | | Equity in net loss of an affiliate of income taxes | | | (79,765) | | | (193,022) | | | - | | | (272,787) | | Net income/ (loss) | | $ | 504,359 | | $ | (344,398) | | $ | (217,181) | | $ | (57,220) | | | | Property | | | | | | | | | | | | | Brokerage | | Real Estate | | | | | | | | | | Services | | Development | | Corporate | | Total | | As of June 30, 2014 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 35,368,142 | | $ | - | | $ | 35,368,142 | | Total assets | | | 35,618,357 | | | 37,430,892 | | | 15,056 | | | 73,064,305 | | | | | | | | | | | | | | | | As of December 31, 2013 | | | | | | | | | | | | | | Real estate property under development | | $ | - | | $ | 31,119,043 | | $ | - | | $ | 31,119,043 | | Total assets | | | 19,282,576 | | | 42,400,822 | | | 14,921 | | | 61,698,318 | |
|
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)
|
6 Months Ended |
Jun. 30, 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 |
55.00%
|
|
Subsidiaries, Principal activity |
Property brokerage services
|
|
Shanghai XinJi Yang Real Estate Brokerage Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Subsidiaries, Date of Incorporation |
Jan. 28, 2013
|
|
Subsidiaries, Place of Incorporation |
PRC
|
|
Subsidiaries, % of Ownership held by the Company |
75.00%
|
[4] |
Subsidiaries, Principal activity |
Property brokerage services
|
|
Wuhan Yuan Yu Long Real Estate Development Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Equity investment, Date of Incorporation |
Dec. 28, 2009
|
|
Equity investment, Place of Incorporation |
PRC
|
|
Equity investment, % of Ownership held by the Company |
49.00%
|
|
Equity investment, Principal activity |
Real Estate development
|
|
Shanghai Xin Xing Yang Real Estate Brokerage Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Equity investment, Date of Incorporation |
Sep. 28, 2011
|
|
Equity investment, Place of Incorporation |
PRC
|
|
Equity investment, % of Ownership held by the Company |
40.00%
|
|
Equity investment, Principal activity |
Property brokerage services
|
|
Xin Guang Investment Management and Consulting Company Limited [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Equity investment, Date of Incorporation |
Dec. 17, 2012
|
|
Equity investment, Place of Incorporation |
PRC
|
|
Equity investment, % of Ownership held by the Company |
49.00%
|
|
Equity investment, Principal activity |
Investment management and consulting
|
|
Shanghai Daerwei Commercial Company, Ltd. [Member] |
|
|
Organization And Description Of Business [Line Items] |
|
|
Equity investment, Date of Incorporation |
Jun. 06, 2013
|
|
Equity investment, Place of Incorporation |
PRC
|
|
Equity investment, % of Ownership held by the Company |
30.00%
|
|
Equity investment, Principal activity |
Import and export trading
|
|
|
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)
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6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2014
USD ($)
$ / shares
|
Jun. 30, 2013 |
Dec. 31, 2013
USD ($)
$ / shares
|
Jun. 30, 2014
¥ / shares
|
Dec. 31, 2013
¥ / shares
|
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
Foreign Currency Exchange Rate Translation | (per share) |
$ 1
|
|
$ 1
|
¥ 6.1528
|
¥ 6.0969
|
Significant Influence Percentage Description |
20.00%
|
|
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|
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Proceeds From Government Subsidies |
$ 5,391,922
|
|
$ 5,441,360
|
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10.00%
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29.00%
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v3.3.1.900
OTHER RECEIVABLES AND DEPOSITS, NET (Details) - USD ($)
|
Jun. 30, 2014 |
Dec. 31, 2013 |
Other Receivables And Deposits [Line Items] |
|
|
Advances to staff |
$ 13,110
|
$ 40,477
|
Rental deposits |
134,576
|
44,154
|
Prepaid expenses |
60,949
|
0
|
Prepaid tax |
352,244
|
0
|
GuangXinlu Project |
9,515,716
|
0
|
Other receivables |
211,493
|
269,144
|
Other Receivables And Deposit, Net |
$ 10,288,089
|
$ 0
|
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PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
|
Jun. 30, 2014 |
Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
$ 11,071,086
|
$ 11,252,720
|
Less: Accumulated depreciation |
(2,348,175)
|
(2,112,986)
|
Property, Plant and Equipment, Net |
8,722,911
|
9,139,734
|
Furniture and fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
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Property, Plant and Equipment, Gross |
249,580
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423,461
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|
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Property, Plant and Equipment [Line Items] |
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Property, Plant and Equipment, Gross |
279,674
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293,100
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Property, Plant and Equipment [Line Items] |
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Property, Plant and Equipment, Gross |
747,570
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878,732
|
Properties [Member] |
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Property, Plant and Equipment [Line Items] |
|
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Property, Plant and Equipment, Gross |
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PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($)
|
6 Months Ended |
Jun. 30, 2014 |
Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] |
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$ 559,113
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$ 559,088
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Property And Equipment [Member] |
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$ 286,372
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INVESTMENT PROPERTIES, NET (Details) - USD ($)
|
Jun. 30, 2014 |
Dec. 31, 2013 |
Investment Properties [Line Items] |
|
|
Investment properties |
$ 10,063,845
|
$ 10,156,116
|
Less: Accumulated depreciation |
(4,160,328)
|
(4,018,297)
|
Real Estate Investment Property, Net |
$ 5,903,517
|
$ 6,137,819
|
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INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2014 |
Jun. 30, 2013 |
Jun. 30, 2014 |
Jun. 30, 2013 |
Dec. 31, 2013 |
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] |
|
|
|
|
|
Revenues |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
Net loss |
238,921
|
$ 162,786
|
468,266
|
$ 556,708
|
|
Current assets |
62,012,718
|
|
62,012,718
|
|
$ 56,344,599
|
Non-current assets |
876,735
|
|
876,735
|
|
794,446
|
Total assets |
62,889,453
|
|
62,889,453
|
|
57,139,045
|
Current liabilities |
51,944,402
|
|
51,944,402
|
|
45,581,987
|
Total equity |
$ 11,003,357
|
|
$ 11,003,357
|
|
$ 11,557,058
|
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INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE (Details Textual)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2014
USD ($)
|
Jun. 30, 2013
USD ($)
|
Jun. 30, 2014
USD ($)
|
Jun. 30, 2013
USD ($)
|
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|
Dec. 31, 2011
USD ($)
m²
|
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] |
|
|
|
|
|
|
Investment in an unconsolidated affiliate (Note 9) |
$ 5,362,799
|
|
$ 5,362,799
|
|
$ 5,642,909
|
|
Amount due from an unconsolidated affiliate (Note 9) |
2,421,280
|
|
$ 2,421,280
|
|
3,086,185
|
|
Due From Related Parties Percentage Of Interest |
|
|
15.00%
|
|
|
|
Income (Loss) From Equity Method Investments |
(117,071)
|
$ (79,765)
|
$ (229,450)
|
$ (272,787)
|
|
|
Equity Method Investment, Summarized Financial Information, Net Income (Loss) |
238,921
|
$ 162,786
|
468,266
|
556,708
|
|
|
Equity Method Investments |
5,362,799
|
|
5,362,799
|
|
5,642,909
|
|
WHYYL [Member] |
|
|
|
|
|
|
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] |
|
|
|
|
|
|
Investment in an unconsolidated affiliate (Note 9) |
5,362,799
|
|
5,362,799
|
|
|
$ 4,147,027
|
Area of Land | m² |
|
|
|
|
|
27,950
|
Equity Method Investment Summarized Financial Information Interest Income |
|
|
97,838
|
$ 195,156
|
|
|
Amount due from an unconsolidated affiliate (Note 9) |
2,416,836
|
|
2,416,836
|
|
$ 3,086,185
|
|
Equity Method Investment, Ownership Percentage |
|
|
|
|
|
49.00%
|
Equity Method Investment, Summarized Financial Information, Net Income (Loss) |
|
|
468,266
|
|
|
|
Equity Method Investments |
$ 5,362,799
|
|
$ 5,362,799
|
|
|
$ 4,147,027
|
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v3.3.1.900
AMOUNTS DUE TO DIRECTORS (Details) - USD ($)
|
Jun. 30, 2014 |
Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
Amounts due to directors (Note 10) |
$ 10,196,003
|
$ 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 10) |
10,148,221
|
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 10) |
0
|
39,850
|
Lin Hsin Hung [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
Amounts due to directors (Note 10) |
$ 47,782
|
$ 1,484
|
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AMOUNTS DUE TO DIRECTORS (Details Textual) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2014 |
Jun. 30, 2013 |
Jun. 30, 2014 |
Jun. 30, 2013 |
Dec. 31, 2013 |
Lin Chi Jung [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Officers Or Stockholders Advances |
$ 10,148,221
|
|
$ 10,148,221
|
|
$ 10,398,904
|
Lin Chi Jung [Member] | Minimum [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Related Party Transaction, Rate |
|
|
18.00%
|
|
|
Lin Chi Jung [Member] | Maximum [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Related Party Transaction, Rate |
|
|
30.00%
|
|
|
Lin Chao Chin and Lin Hsin Hung [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Interest Expense, Related Party |
$ 434,145
|
$ 396,612
|
$ 930,400
|
$ 741,179
|
|
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OTHER PAYABLES AND ACCRUED EXPENSES (Details) - USD ($)
|
Jun. 30, 2014 |
Dec. 31, 2013 |
Other Payables And Accrued Expenses [Line Items] |
|
|
Accrued staff commission and bonus |
$ 475,853
|
$ 1,058,882
|
Rental deposits received |
527,806
|
687,700
|
Customer deposits |
87,698
|
151,243
|
GuangXinlu Project |
3,029,546
|
0
|
Accrued expenses |
0
|
597,453
|
Other payables |
1,055,293
|
506,303
|
Accrued Liabilities and Other Liabilities |
$ 5,176,196
|
$ 3,001,581
|
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v3.3.1.900
BANK LOANS (Details Textual)
|
6 Months Ended |
|
|
|
Jun. 30, 2014
USD ($)
|
Jun. 30, 2014
CNY (¥)
|
May. 31, 2014
USD ($)
|
May. 31, 2014
CNY (¥)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2013
CNY (¥)
|
Long-Term Debt, Gross |
|
|
$ 3,413,080
|
¥ 21,000,000
|
|
|
Bank Of China [Member] |
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 1,300,221
|
¥ 8,000,000
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
7.56%
|
7.56%
|
|
|
|
|
Long-Term Debt, Gross |
$ 1,300,221
|
|
|
|
$ 1,312,143
|
|
Debt Instrument, Maturity Date |
Mar. 01, 2014
|
|
|
|
|
|
First Sino Bank Loan August 2012 [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 4,957,093
|
¥ 30,500,000
|
|
|
|
|
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, Expiration Date |
Mar. 31, 2015
|
|
|
|
|
|
Line of Credit Facility, Interest Rate at Period End |
7.6875%
|
7.6875%
|
|
|
|
|
Long-term Line of Credit |
$ 4,957,093
|
¥ 30,500,000
|
|
|
5,002,543
|
¥ 30,500,000
|
First Sino Bank Loan April 2012 [Member] | Non Revolving Credit Facility [Member] |
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 12,189,572
|
¥ 75,000,000
|
|
|
|
|
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, Expiration Date |
Mar. 31, 2015
|
|
|
|
|
|
Line of Credit Facility, Interest Rate at Period End |
7.6875%
|
7.6875%
|
|
|
|
|
Long-term Line of Credit |
$ 12,189,572
|
¥ 75,000,000
|
|
|
$ 12,301,332
|
¥ 75,000,000
|
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v3.3.1.900
CURRENT PORTION OF LONG TERM BORROWINGS (Details) - USD ($)
|
Jun. 30, 2014 |
Dec. 31, 2013 |
Debt Instrument [Line Items] |
|
|
Outstanding borrowings |
$ 7,963,854
|
$ 11,481,245
|
Less: Current portion of long term borrowings |
7,963,854
|
8,036,871
|
Long-term Debt, Excluding Current Maturities |
$ 0
|
$ 3,444,374
|
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v3.3.1.900
CURRENT PORTION OF LONG TERM BORROWINGS (Details Textual)
|
1 Months Ended |
6 Months Ended |
|
|
|
|
May. 16, 2013
USD ($)
|
Jun. 30, 2014
USD ($)
|
Jun. 30, 2014
CNY (¥)
|
May. 31, 2014
USD ($)
|
May. 31, 2014
CNY (¥)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2013
CNY (¥)
|
May. 16, 2013
CNY (¥)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Accumulated Capitalized Interest Costs |
|
$ 812,822
|
|
|
|
|
|
|
Pledged Assets, Not Separately Reported, Real Estate |
|
$ 34,035,913
|
|
|
|
|
|
|
Floating Mortgage Ratio |
|
50.00%
|
|
|
|
|
|
|
Restricted Cash and Cash Equivalents |
|
$ 23,464
|
|
|
|
$ 246,895
|
|
|
Obligation To Repay Debt |
|
7,963,854
|
¥ 49,000,000
|
|
|
|
|
|
Long-Term Debt, Gross |
|
|
|
$ 3,413,080
|
¥ 21,000,000
|
|
|
|
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 |
|
$ 23,464
|
|
|
|
|
¥ 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)
|
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 30, 2014
USD ($)
|
Jun. 30, 2013
USD ($)
|
Jun. 30, 2014
USD ($)
|
Jun. 30, 2013
USD ($)
|
May. 31, 2014
USD ($)
|
May. 31, 2014
CNY (¥)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term Debt, Gross |
|
|
|
|
$ 3,413,080
|
¥ 21,000,000
|
|
|
Interest Expense, Debt |
$ 636,930
|
$ 174,821
|
$ 814,342
|
$ 405,986
|
|
|
|
|
Notes Payable, Current |
17,767,609
|
|
17,767,609
|
|
|
|
|
$ 5,076,547
|
Unsecured Notes Payable One [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Notes Payable, Current |
17,767,609
|
|
17,767,609
|
|
|
|
|
5,076,547
|
Unsecured Notes Payable Two [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 1,963,164
|
|
$ 1,963,164
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
12.00%
|
|
12.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 1,980,600
|
|
$ 1,980,600
|
|
|
|
|
2,308,974
|
Unsecured Notes Payable Three [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 812,638
|
|
$ 812,638
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
15.00%
|
|
15.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 1,174,574
|
|
$ 1,174,574
|
|
|
|
|
1,252,276
|
Unsecured Notes Payable Four [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 812,638
|
|
$ 812,638
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
15.00%
|
|
15.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 1,107,192
|
|
$ 1,107,192
|
|
|
|
|
1,056,342
|
Unsecured Notes Payable Five [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 1,625,276
|
|
$ 1,625,276
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
20.00%
|
|
20.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 1,719,676
|
|
$ 1,719,676
|
|
|
|
|
|
Unsecured Notes Payable Six [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 4,875,829
|
|
$ 4,875,829
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
26.70%
|
|
26.70%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 5,207,160
|
|
$ 5,207,160
|
|
|
|
|
|
Unsecured Notes Payable Seven [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 162,528
|
|
$ 162,528
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
20.00%
|
|
20.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 170,899
|
|
$ 170,899
|
|
|
|
|
|
Unsecured Notes Payable Eight [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 2,299,766
|
|
$ 2,299,766
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
36.00%
|
|
36.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 1,974,711
|
|
$ 1,974,711
|
|
|
|
|
|
Unsecured Notes Payable Nine [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 812,638
|
|
$ 812,638
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
15.00%
|
|
15.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 825,997
|
|
$ 825,997
|
|
|
|
|
|
Unsecured Notes Payable Ten [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
3,250,922
|
|
3,250,922
|
|
|
|
|
|
Long-term Debt, Gross |
3,250,922
|
|
3,250,922
|
|
|
|
|
|
Unsecured Notes Payable Eleven [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 300,000
|
|
$ 300,000
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
15.00%
|
|
15.00%
|
|
|
|
|
|
Long-term Debt, Gross |
$ 356,250
|
|
$ 356,250
|
|
|
|
|
$ 280,176
|
Unsecured Notes Payable Twelve [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Long-term Debt, Gross |
|
|
|
|
|
|
$ 178,779
|
|
X |
- DefinitionAmount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer.
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v3.3.1.900
SEGMENT INFORMATION (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2014 |
Jun. 30, 2013 |
Jun. 30, 2014 |
Jun. 30, 2013 |
Dec. 31, 2013 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net revenues |
$ 1,481,098
|
$ 4,487,385
|
$ 4,202,251
|
$ 6,600,814
|
|
Cost of revenues |
(929,877)
|
(1,216,265)
|
(2,251,795)
|
(2,380,204)
|
|
Gross income |
551,221
|
3,271,120
|
1,950,456
|
4,220,610
|
|
Operating expenses |
(313,745)
|
(372,891)
|
(944,818)
|
(685,815)
|
|
General and administrative expenses |
(839,885)
|
(771,099)
|
(1,673,524)
|
(1,822,858)
|
|
Operating income (loss) |
(602,409)
|
2,127,130
|
(667,887)
|
1,711,937
|
|
Other income (expenses) |
|
|
|
|
|
Interest income |
100,686
|
221,270
|
200,954
|
379,218
|
|
Interest expense |
(835,184)
|
(957,045)
|
(1,665,943)
|
(1,872,192)
|
|
Other income, Net |
224
|
932
|
(12,702)
|
16,243
|
|
Total other (expenses) income |
(734,275)
|
(734,843)
|
(1,477,691)
|
(1,476,731)
|
|
Income (loss) before income tax |
(1,336,683)
|
1,392,287
|
(2,145,578)
|
235,206
|
|
Income tax expense |
88,536
|
(35,419)
|
293,263
|
(19,638)
|
|
Equity in net loss of an affiliate of income taxes |
(117,071)
|
(79,765)
|
(229,450)
|
(272,787)
|
|
Net income(loss) |
(1,365,219)
|
1,277,103
|
(2,081,766)
|
(57,219)
|
|
Real estate property under development |
35,368,142
|
|
35,368,142
|
|
$ 31,119,043
|
Total assets |
73,064,305
|
|
73,064,305
|
|
61,698,318
|
Corporate [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net revenues |
0
|
0
|
0
|
0
|
|
Cost of revenues |
0
|
0
|
0
|
0
|
|
Gross income |
0
|
0
|
0
|
0
|
|
Operating expenses |
0
|
0
|
0
|
0
|
|
General and administrative expenses |
(81,598)
|
(22,640)
|
(116,168)
|
(190,650)
|
|
Operating income (loss) |
(81,598)
|
(22,640)
|
(116,168)
|
(190,650)
|
|
Other income (expenses) |
|
|
|
|
|
Interest income |
0
|
0
|
0
|
0
|
|
Interest expense |
(11,250)
|
(2,015)
|
(22,500)
|
(26,531)
|
|
Other income, Net |
0
|
0
|
0
|
0
|
|
Total other (expenses) income |
(11,250)
|
(2,015)
|
(22,500)
|
(26,531)
|
|
Income (loss) before income tax |
(92,848)
|
(24,655)
|
(138,668)
|
(217,181)
|
|
Income tax expense |
0
|
0
|
(5,704)
|
0
|
|
Equity in net loss of an affiliate of income taxes |
0
|
0
|
0
|
0
|
|
Net income(loss) |
(92,848)
|
(24,655)
|
(144,372)
|
(217,181)
|
|
Real estate property under development |
0
|
|
0
|
|
0
|
Total assets |
15,056
|
|
15,056
|
|
14,921
|
Property Brokerage Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net revenues |
1,481,098
|
4,487,385
|
4,202,251
|
6,600,814
|
|
Cost of revenues |
(929,877)
|
(1,216,265)
|
(2,251,795)
|
(2,380,204)
|
|
Gross income |
551,221
|
3,271,120
|
1,950,456
|
4,220,610
|
|
Operating expenses |
(220,655)
|
(321,058)
|
(496,233)
|
(622,491)
|
|
General and administrative expenses |
(640,757)
|
(667,226)
|
(1,303,768)
|
(1,478,540)
|
|
Operating income (loss) |
(310,191)
|
2,282,836
|
150,456
|
2,119,579
|
|
Other income (expenses) |
|
|
|
|
|
Interest income |
100,372
|
195,423
|
200,076
|
329,382
|
|
Interest expense |
(823,935)
|
(955,030)
|
(1,643,443)
|
(1,845,661)
|
|
Other income, Net |
(2,551)
|
932
|
(14,967)
|
16,243
|
|
Total other (expenses) income |
(726,113)
|
(758,675)
|
(1,458,334)
|
(1,500,036)
|
|
Income (loss) before income tax |
(1,036,304)
|
1,524,161
|
(1,307,878)
|
619,543
|
|
Income tax expense |
79,724
|
(35,419)
|
168,932
|
(35,419)
|
|
Equity in net loss of an affiliate of income taxes |
(117,071)
|
0
|
(229,450)
|
(79,765)
|
|
Net income(loss) |
1,073,652
|
1,488,742
|
(1,368,396)
|
504,359
|
|
Real estate property under development |
0
|
|
0
|
|
0
|
Total assets |
35,618,357
|
|
35,618,357
|
|
19,282,576
|
Real Estate Development [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net revenues |
0
|
0
|
0
|
0
|
|
Cost of revenues |
0
|
0
|
0
|
0
|
|
Gross income |
0
|
0
|
0
|
0
|
|
Operating expenses |
(93,090)
|
(51,833)
|
(448,585)
|
(63,324)
|
|
General and administrative expenses |
(117,530)
|
(81,233)
|
(253,589)
|
(153,669)
|
|
Operating income (loss) |
(210,620)
|
(133,066)
|
(702,174)
|
(216,993)
|
|
Other income (expenses) |
|
|
|
|
|
Interest income |
314
|
25,847
|
878
|
49,836
|
|
Interest expense |
2,775
|
0
|
0
|
0
|
|
Other income, Net |
2,775
|
0
|
2,264
|
0
|
|
Total other (expenses) income |
3,088
|
25,847
|
3,142
|
49,836
|
|
Income (loss) before income tax |
(207,532)
|
(107,219)
|
(699,032)
|
(167,157)
|
|
Income tax expense |
8,812
|
0
|
130,034
|
15,781
|
|
Equity in net loss of an affiliate of income taxes |
0
|
(79,765)
|
0
|
(193,022)
|
|
Net income(loss) |
(198,719)
|
$ (186,984)
|
(568,998)
|
$ (344,398)
|
|
Real estate property under development |
35,368,142
|
|
35,368,142
|
|
31,119,043
|
Total assets |
$ 37,430,892
|
|
$ 37,430,892
|
|
$ 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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