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Sunrise Real Estate Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $7,221,619 from $5,396,883 in the same quarter the previous year. This increase is attributed to higher house sales revenue.
Cost of revenues for the quarter was $5,705,763, representing 79% of net revenues, compared to 86% in the same quarter of the previous year. This reflects a decrease in the cost ratio.
The company reported a gross profit of $1,515,856 for the quarter, compared to $741,481 in the previous year, with the increase attributed to improved revenue performance.
Operating expenses decreased significantly to $15,465 from $510,738, primarily due to reduced property management expenses.
Net income for the quarter was $3,272,466, compared to a net loss of $1,183,394 in the previous year. The improvement is largely due to a gain in other income.
Cash used in operating activities was $5,141,693, while cash provided by investing activities was $7,255,565, primarily from transactional financial assets.
Sunrise had a cash position of $25,645,002 as of September 30, 2024. The company continues to focus on its real estate development projects in the PRC.
The filing also discusses the company's adoption of new accounting standards, including ASU 2022-02, which did not have a material impact on disclosures.
Sunrise does not anticipate any immediate changes in its capital resources or liquidity position.
The company identified a material weakness in its internal controls over financial reporting due to limited knowledge of U.S. GAAP among its accounting personnel.
The filing outlines the company's ongoing projects, including the Huaian Tianxi and Linyi projects, and notes the completion of several phases of development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sunrise Real Estate Group Inc quarterly 10-Q report dated November 25, 2024. To report an error, please email earnings@qz.com.