Financials

v3.10.0.1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 10,327,827 $ 11,866,965
Restricted cash 19,916,431 25,273,617
Account receivables, net 2,517,511 2,291,698
Prepayment and other current assets 2,349,398 2,300,207
Inventories 8,526 0
Amount due from a related party 6,138,490 0
Loan receivables 7,470,240 7,834,115
Total current assets 48,728,423 49,566,602
Non-current assets    
Property and equipment, net 2,473,438 2,191,321
Intangible assets 22,240 22,334
Deferred tax assets 293,976 291,430
Other non-current assets 490,571 757,235
Total non-current assets 3,280,225 3,262,320
Total assets 52,008,648 52,828,922
Current liabilities    
Accrued expenses and other payables 944,456 1,461,858
Customer deposits 19,916,431 25,273,617
Advance from customers 79,923 170,078
Short-term borrowings from third parties 7,230,520 7,208,761
Amount due to related parties 6,372,430 483,822
Tax payables 206,636 312,575
Total current liabilities 34,750,396 34,910,711
Total liabilities 34,750,396 34,910,711
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Common stock (1,000,000,000 shares authorized; $0.001 par value; 11,226,025 shares issued and outstanding as of June 30, 2018; 11,188,882 shares issued and outstanding as of December 31, 2017) 11,226 11,189
Additional paid-in capital 6,245,600 6,116,216
Retained earnings 11,449,994 12,111,096
Accumulated other comprehensive loss (448,568) (320,290)
Total stockholders' equity 17,258,252 17,918,211
Total liabilities and stockholders' equity $ 52,008,648 $ 52,828,922

Source

v3.10.0.1
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue        
Listing fee $ 2,000,068 $ 843,205 $ 3,978,735 $ 3,151,151
Commission 1,668,563 1,803,212 3,304,080 3,473,825
Management fee 178,913 272,420 347,228 564,971
Annual fee 162 236 324 719
Authorized agent subscription revenue 0 0 191,623 0
Online artwork sales 6,304 0 6,304 0
Total revenue 3,854,010 2,919,073 7,828,294 7,190,666
Cost of revenue (940,221) (267,508) (1,873,814) (530,167)
Gross profit 2,913,789 2,651,565 5,954,480 6,660,499
Operating expenses        
General and administrative expenses (2,574,598) (2,238,889) (5,583,483) (4,812,280)
Selling expenses (458,547) (310,332) (702,138) (647,859)
Total operating expenses (3,033,145) (2,549,221) (6,285,621) (5,460,139)
(Loss) income from operations (119,356) 102,344 (331,141) 1,200,360
Other income and expenses:        
Other income 165,862 141,853 405,265 254,211
Loan interest expense (149,683) (153,812) (304,466) (303,703)
Exchange gain (loss) (1,255,187) 228,014 (262,292) 348,951
Total other income (loss) (1,239,008) 216,055 (161,493) 299,459
(Loss) income before provision for income taxes (1,358,364) 318,399 (492,634) 1,499,819
Income tax benefit (expense) 273,972 (72,280) (168,468) (380,161)
Net (loss) income (1,084,392) 246,119 (661,102) 1,119,658
Foreign currency translation adjustment (111,111) 252,094 (128,278) 386,621
Comprehensive (loss) income $ (1,195,503) $ 498,213 $ (789,380) $ 1,506,279
(Loss) earnings per common share– basic $ (0.10) $ 0.02 $ (0.06) $ 0.10
(Loss) earnings per common share– diluted $ (0.10) $ 0.02 $ (0.06) $ 0.10
Weighted average number of common shares outstanding-basic 11,217,359 11,188,882 11,210,918 10,963,724
Weighted average number of common shares outstanding-diluted 11,217,359 11,416,886 11,210,918 11,716,288

Source

v3.10.0.1
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net (loss) income $ (661,102) $ 1,119,658
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 472,485 347,906
Interest expense 160,154 161,604
Bad debt expense (76,424) 0
Changes in exchange rate 262,292 (206,399)
Stock-based compensation 152,421 320,082
Deferred tax liabilities 0 (10,859)
Deferred tax assets (2,546) (22,743)
Changes in operating assets and liabilities:    
Account receivables (149,389) 549,140
Prepayment and other current assets (336,678) (159,804)
Other non-current assets 266,664 0
Customer deposits (5,357,186) (2,722,935)
Tax payables (105,939) 315,370
Advance from customer (90,155) (343,688)
Accrued expenses and other payables (159,662) 383,901
Net cash (used in) operating activities (5,625,065) (268,767)
Cash flows from investing activities:    
Purchase of property and equipment (790,159) (343,670)
Purchase of available-for-sales investment (74,934,730) (35,991,917)
Maturity and redemption of available-for-sales investment 74,934,730 35,991,917
Loan to third parties 0 (3,608,264)
Loan to related parties (6,369,809) 0
Repayment from loan to third parties 239,356 3,456,109
Net cash (used in) investing activities (6,920,612) (495,825)
Cash flows from financing activities:    
Proceeds from related party loan 6,372,430 0
Loan repayment to related party (483,822) 0
Net cash provided by financing activities 5,888,608 0
Effect of exchange rate change on cash, cash equivalents and restricted cash (239,255) 193,924
Net (decrease) in cash, cash equivalents and restricted cash (6,896,324) (570,668)
Cash, cash equivalents and restricted cash, beginning balance 37,140,582 35,138,697
Cash, cash equivalents and restricted cash, ending balance 30,244,258 34,568,029
Supplemental cash flows information:    
Cash 10,327,827 15,547,604
Restricted cash included in customer deposits 19,916,431 19,020,425
Total cash and restricted cash 37,140,582 35,138,697
Cash paid during the period for: Interest 144,311 284,560
Cash paid during the period for: Income tax $ 261,285 $ 0

Source