Financials

v3.8.0.1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 14,887,890 $ 13,395,337
Restricted cash 19,057,733 21,743,360
Account receivables, net 3,732,569 3,058,568
Prepayment and other current assets 870,231 968,446
Loan receivables 6,806,623 6,374,046
Total current assets 45,355,046 45,539,757
Non-current assets    
Property and equipment, net 2,104,107 2,065,182
Intangible assets 20,394 20,546
Deferred tax assets 294,676 243,772
Other non-current assets 535,420 428,764
Total non-current assets 2,954,597 2,758,264
Total assets 48,309,643 48,298,021
Current liabilities    
Accrued expenses and other payables 780,800 608,883
Customer deposits 19,057,733 21,743,360
Advance from customers 0 360,248
Short-term borrowings from third parties 6,371,900 6,308,513
Amount due to related party 1,085,480 1,031,805
Taxes payable 1,094,885 549,897
Total current liabilities 28,390,798 30,602,706
Deferred tax liabilities 45,301 62,618
Total non-current liabilities 45,301 62,618
Total liabilities 28,436,099 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 September 30, 2017; 11,169,276 shares issued and outstanding as of December 31, 2016) 11,189 11,169
Additional paid-in capital 5,928,455 5,532,426
Retained earnings 14,229,809 13,172,671
Accumulated other comprehensive loss (295,909) (1,083,569)
Total stockholders’ equity 19,873,544 17,632,697
Total liabilities and stockholders’ equity $ 48,309,643 $ 48,298,021

Source

v3.8.0.1
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue        
Listing fee revenue $ 1,455,498 $ 2,968,534 $ 4,606,649 $ 8,166,072
Commission revenue 1,496,826 1,669,698 4,970,651 3,739,958
Gross management fee revenue 402,547 781,219 967,518 1,341,294
Annual fee revenue 140 440 859 869
Authorized agent subscription revenue 0 322,318 0 966,059
Total revenue 3,355,011 5,742,209 10,545,677 14,214,252
Cost of revenue (292,168) (285,252) (822,335) (822,735)
Gross profit 3,062,843 5,456,957 9,723,342 13,391,517
Operating expenses:        
General and administrative expenses (2,498,848) (1,744,965) (7,311,128) (5,076,689)
Selling expenses (624,151) (652,207) (1,272,010) (1,993,782)
Income (loss) from operations (60,156) 3,059,785 1,140,204 6,321,046
Other income and expenses:        
Other income 186,259 163,738 440,470 314,268
Loan interest expense (152,059) (62,670) (455,762) (62,670)
Exchange gain (loss) 177,652 (112,384) 526,603 (530,934)
Total other income (loss) 211,852 (11,316) 511,311 (279,336)
Income before income taxes 151,696 3,048,469 1,651,515 6,041,710
Income tax (expense) benefit (124,662) (596,732) (594,377) (1,377,078)
Net income 27,034 2,451,737 1,057,138 4,664,632
Foreign currency translation adjustment 311,485 10,172 787,660 18,322
Comprehensive income $ 338,519 $ 2,461,909 $ 1,844,798 $ 4,682,954
Earnings per common share- basic $ 0.00 $ 0.23 $ 0.10 $ 0.44
Earnings per common share- diluted $ 0.00 $ 0.22 $ 0.09 $ 0.41
Weighted average number of common shares outstanding-basic 11,188,882 10,632,276 11,039,880 10,632,276
Weighted average number of common shares outstanding-diluted 11,248,688 11,365,597 11,398,082 11,277,845

Source

v3.8.0.1
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net cash provided by operating activities $ 1,028,524 $ 5,635,391
Cash flows from investing activities:    
Purchase of property and equipment (455,255) (976,460)
Purchase of held-to-maturity investments 0 (14,995,876)
Purchase of available-for-sales investment (53,501,874) (299,918)
Maturity and redemption of available-for-sales investment 53,501,874 0
Maturity and redemption of held-to-maturity investments 0 14,995,876
Loan to third parties (3,518,325) 0
Repayment from loan to third parties 3,412,070 0
Net cash used in investing activities (561,510) (1,276,378)
Cash Flows from financing activities:    
Proceeds from short-term borrowings 0 3,519,580
Proceeds from related party loans 0 2,340,895
Loan to third parties 0 (3,513,534)
Net cash provided by financing activities 0 2,346,941
Effect of exchange rate change on cash and cash equivalents 1,025,539 (644,375)
Net increase in cash and cash equivalents 1,492,553 6,061,579
Cash and cash equivalents, beginning balance 13,395,337 10,769,456
Cash and cash equivalents, ending balance 14,887,890 16,831,035
Supplemental cash flows information:    
Cash paid for interest 212,954 0
Cash paid for income tax $ 136,453 $ 562,994

Source