Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Current assets    
Cash and cash equivalents $ 15,461,396 $ 13,395,337
Restricted cash 18,989,960 21,743,360
Account receivables, net 3,173,691 3,058,568
Prepayment and other current assets 932,045 968,446
Loan receivables 6,579,281 6,374,046
Total current assets 45,136,373 45,539,757
Non-current assets    
Property and equipment, net 1,960,930 2,065,182
Intangible assets 20,498 20,546
Deferred tax assets 280,041 243,772
Other non-current assets 419,882 428,764
Total non-current assets 2,681,351 2,758,264
Total assets 47,817,724 48,298,021
Current liabilities    
Accrued expenses and other payables 873,771 608,883
Customer deposits 18,989,960 21,743,360
Advance from customers 737,533 360,248
Short-term borrowings from third parties 6,354,147 6,308,513
Amount due to related party 1,029,416 1,031,805
Tax payables 893,892 549,897
Total current liabilities 28,878,719 30,602,706
Deferred tax liabilities 56,771 62,618
Total non-current liabilities 56,771 62,618
Total liabilities 28,935,490 30,665,324
NON-CURRENT LIABILITIES    
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY    
Common stock (1,000,000,000 shares authorized; $0.001 par value; 11,188,882 shares issued and outstanding as of March 31, 2017; 11,169,276 shares issued and outstanding as of December 31, 2016) 11,189 11,169
Additional paid-in capital 5,773,877 5,532,426
Retained earnings 14,046,210 13,172,671
Accumulated other comprehensive loss (949,042) (1,083,569)
Total stockholders’ equity 18,882,234 17,632,697
Total liabilities and stockholders’ equity $ 47,817,724 $ 48,298,021

Source

v3.7.0.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Listing fee $ 2,307,946 $ 2,195,064
Commission 1,670,613 1,143,471
Authorized agent subscription revenue 0 321,583
Management fee 292,551 128,491
Annual fee 483 161
Total revenue 4,271,593 3,788,770
Cost of revenue (262,659) (262,067)
Gross profit 4,008,934 3,526,703
Operating expenses    
General and administrative expenses (2,573,391) (1,561,373)
Selling expenses (337,527) (638,209)
Total operating expenses (2,910,918) (2,199,582)
Income from operations 1,098,016 1,327,121
Other income and expenses:    
Other income 112,358 50,643
Loan interest expense (149,891) 0
Exchange gain 120,937 119,456
Total other income 83,404 170,099
Income before income tax expense 1,181,420 1,497,220
Provision for income taxes (307,881) (401,168)
Net income 873,539 1,096,052
Foreign currency translation adjustment 134,527 12,084
Comprehensive income $ 1,008,066 $ 1,108,136
Earnings per common share - basic $ 0.08 $ 0.1
Earnings per common share - diluted $ 0.08 $ 0.1
Weighted average number of common shares outstanding -basic 10,733,506 10,632,276
Weighted average number of common shares outstanding -diluted, 11,509,938 11,147,577

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 873,539 $ 1,096,052
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 168,142 102,973
Changes in exchange rate (81,418) (157,518)
Stock-based compensation 241,471 440,736
Amortization of prepaid interest expense 60,739 0
Changes in operating assets and liabilities:    
Account receivables (115,123) (274,234)
Deposit 0 (8,985)
Other receivables 0 (16,653)
Prepayment 45,283 (195,698)
Restricted cash 2,753,400 (1,499,123)
Deferred revenue 0 147,337
Due from director 0 502
Customer deposits (2,753,400) 1,499,123
Advance from customer 377,285 0
Deferred tax assets (36,269) 0
Deferred tax liabilities (5,847) (2,465)
Tax payables 343,995 (149,497)
Accrued expenses and other payables 264,887 278,985
Net cash provided by operating activities 2,136,684 1,261,535
Cash flows from investing activities:    
Purchase of property and equipment (59,900) (409,664)
Purchase of available-for-sales investment (13,656,439) 0
Maturity and redemption of available-for-sales investment 13,656,439 0
Loan to third parties (3,553,799) 0
Repayment from loan to third parties 3,403,940 0
Net cash used in investing activities (209,759) (409,664)
Effect of exchange rate change on cash and cash equivalents 139,134 47,312
Net increase in cash and cash equivalents 2,066,059 899,183
Cash and cash equivalents, beginning balance 13,395,337 10,769,456
Cash and cash equivalents, ending balance 15,461,396 11,668,639
Supplemental cash flows information:    
Cash paid for interest 69,229 521,714
Cash paid for income tax $ 0 $ 0

Source