Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 15,547,604 $ 13,395,337
Restricted cash 19,020,425 21,743,360
Account receivables, net 2,509,428 3,058,568
Prepayment and other current assets 1,140,497 968,446
Loan receivables 6,680,115 6,374,046
Total current assets 44,898,069 45,539,757
Non-current assets    
Property and equipment, net 2,074,072 2,065,182
Intangible assets 20,409 20,546
Deferred tax assets 266,515 243,772
Other non-current assets 416,517 428,764
Total non-current assets 2,777,513 2,758,264
Total assets 47,675,582 48,298,021
Current liabilities    
Accrued expenses and other payables 992,784 608,883
Customer deposits 19,020,425 21,743,360
Advance from customers 16,560 360,248
Short-term borrowings from third parties 6,244,811 6,308,513
Amount due to related party 1,024,918 1,031,805
Tax payables 865,267 549,897
Total current liabilities 28,164,765 30,602,706
Deferred tax liabilities 51,759 62,618
Total non-current liabilities 51,759 62,618
Total liabilities 28,216,524 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 June 30, 2017; 11,169,276 shares issued and outstanding as of December 31, 2016) 11,189 11,169
Additional paid-in capital 5,852,488 5,532,426
Retained earnings 14,292,329 13,172,671
Accumulated other comprehensive loss (696,948) (1,083,569)
Total stockholders’ equity 19,459,058 17,632,697
Total liabilities and stockholders’ equity $ 47,675,582 $ 48,298,021

Source

v3.7.0.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue        
Listing fee revenue $ 843,205 $ 3,002,474 $ 3,151,151 $ 5,197,538
Commission revenue 1,803,212 926,789 3,473,825 2,070,260
Gross management fee revenue 272,420 431,584 564,971 560,075
Annual fee revenue 236 268 719 429
Authorized agent subscription revenue 0 322,158 0 643,741
Total revenue 2,919,073 4,683,273 7,190,666 8,472,043
Cost of revenue (267,508) (275,416) (530,167) (537,483)
Gross profit 2,651,565 4,407,857 6,660,499 7,934,560
Operating expenses        
General and administrative expenses (2,238,889) (1,770,351) (4,812,280) (3,331,724)
Selling expenses (310,332) (703,366) (647,859) (1,341,575)
Income from operations 102,344 1,934,140 1,200,360 3,261,261
Other income and expenses:        
Other income 141,853 99,887 254,211 150,530
Loan interest expense (153,812) 0 (303,703) 0
Exchange gain (loss) 228,014 (538,006) 348,951 (418,550)
Total other income (loss) 216,055 (438,119) 299,459 (268,020)
Income before provision for income taxes 318,399 1,496,021 1,499,819 2,993,241
Provision for income taxes (72,280) (379,178) (380,161) (780,346)
Net income 246,119 1,116,843 1,119,658 2,212,895
Foreign currency translation adjustment 252,094 (3,934) 386,621 8,150
Comprehensive income $ 498,213 $ 1,112,909 $ 1,506,279 $ 2,221,045
Earnings per common share - basic $ 0.02 $ 0.11 $ 0.10 $ 0.21
Earnings per common share - diluted $ 0.02 $ 0.10 $ 0.10 $ 0.20
Weighted average number of common shares outstanding -basic 11,188,882 10,632,276 10,963,724 10,632,276
Weighted average number of common shares outstanding-diluted 11,416,886 11,311,385 11,716,288 11,232,989

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 1,119,658 $ 2,212,895
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 347,906 239,700
Changes in exchange rate (206,399) 539,986
Stock-based compensation 320,082 659,774
Amortization of prepaid interest expense 161,604 1,663
Changes in operating assets and liabilities:    
Account receivables 549,140 (551,839)
Deposit 0 104,079
Prepayment (159,804) 349,671
Other non-current assets (196,199)
Restricted cash 2,722,935 (9,481,227)
Due from director 0 502
Customer deposits (2,722,935) 9,481,227
Advance from customer (343,688) 260,353
Deferred tax assets (22,743) (49,709)
Deferred tax liabilities (10,859) (45,037)
Tax payable 315,370 309,536
Accrued expenses and other payables 383,901 259,138
Net cash provided by operating activities 2,454,168 4,094,513
Cash flows from investing activities:    
Purchase of property and equipment (343,670) (884,555)
Purchase of held-to-maturity investments 0 (9,780,466)
Purchase of available-for-sales investment (35,991,917) 0
Maturity and redemption of available-for-sales investment 35,991,917 0
Loan to third parties (3,608,264) 0
Repayment from loan to third parties 3,456,109 0
Net cash used in investing activities (495,825) (10,665,021)
Effect of exchange rate change on cash and cash equivalents 193,924 (104,339)
Net increase in cash and cash equivalents 2,152,267 (6,674,847)
Cash and cash equivalents, beginning balance 13,395,337 10,769,456
Cash and cash equivalents, ending balance 15,547,604 4,094,609
Supplemental cash flows information:    
Cash paid for interest 284,560 0
Cash paid for income tax $ 0 $ 563,021

Source