Financials

v3.8.0.1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 12,809,609 $ 11,866,965
Restricted cash 28,104,820 25,273,617
Account receivables, net 893,940 2,291,698
Prepayment and other current assets 2,099,718 2,300,207
Loan receivables 7,880,516 7,834,115
Total current assets 51,788,603 49,566,602
Non-current assets    
Property and equipment, net 2,519,496 2,191,321
Intangible assets 22,234 22,334
Deferred tax assets 215,858 291,430
Other non-current assets 536,176 757,235
Total non-current assets 3,293,764 3,262,320
Total assets 55,082,367 52,828,922
Current liabilities    
Accrued expenses and other payables 1,007,156 1,461,858
Customer deposits 28,104,820 25,273,617
Advance from customers 138,791 170,078
Short-term borrowings from third parties 7,080,903 7,208,761
Amount due to related party 0 483,822
Tax payables 352,614 312,575
Total current liabilities 36,684,284 34,910,711
Non-current liabilities    
Total liabilities 36,684,284 34,910,711
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY    
Common stock (1,000,000,000 shares authorized; $0.001 par value; 11,208,882 shares issued and outstanding as of March 31, 2018; 11,188,882 shares issued and outstanding as of December 31, 2017) 11,209 11,189
Additional paid-in capital 6,189,945 6,116,216
Retained earnings 12,534,386 12,111,096
Accumulated other comprehensive loss (337,457) (320,290)
Total stockholders’ equity 18,398,083 17,918,211
Total liabilities and stockholders’ equity $ 55,082,367 $ 52,828,922

Source

v3.8.0.1
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue    
Listing fee $ 1,978,667 $ 2,307,946
Commission 1,635,517 1,670,613
Authorized agent subscription revenue 191,623 0
Management fee 168,315 292,551
Annual fee 162 483
Total revenue 3,974,284 4,271,593
Cost of revenue (933,593) (262,659)
Gross profit 3,040,691 4,008,934
Operating expenses    
General and administrative expenses (3,008,885) (2,573,391)
Selling expenses (243,591) (337,527)
Total operating expenses (3,252,476) (2,910,918)
(Loss) income from operations (211,785) 1,098,016
Other income and expenses:    
Other income 239,403 112,358
Loan interest expense (154,783) (149,891)
Exchange gain 992,895 120,937
Total other income 1,077,515 83,404
Income before income tax expense 865,730 1,181,420
Provision for income taxes (442,440) (307,881)
Net income 423,290 873,539
Foreign currency translation adjustment (17,167) 134,527
Comprehensive income $ 406,123 $ 1,008,066
Earnings per common share - basic $ 0.04 $ 0.08
Earnings per common share - diluted $ 0.04 $ 0.08
Weighted average number of common shares outstanding -basic 11,204,215 10,733,506
Weighted average number of common shares outstanding -diluted 11,223,408 11,509,938

Source

v3.8.0.1
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Changes in operating assets and liabilities:    
Net cash provided by (used in) operating activities $ 3,039,614 $ (616,716)
Cash flows from investing activities:    
Purchase of property and equipment (231,478) (59,900)
Purchase of available-for-sales investment (28,173,448) (13,656,439)
Maturity and redemption of available-for-sales investment 28,173,448 13,656,439
Loan to third parties 0 (3,553,799)
Repayment from loan to third parties 239,356 3,403,940
Net cash provided by (used in) investing activities 7,878 (209,759)
Cash flows from financing activities:    
Effect of exchange rate change on cash, cash equivalents and restricted cash 726,355 139,134
Net increase (decrease) in cash, cash equivalents and restricted cash 3,773,847 (687,341)
Cash, cash equivalents and restricted cash, beginning balance 37,140,582 35,138,697
Cash, cash equivalents and restricted cash, ending balance 40,914,429 34,451,356
Supplemental cash flows information:    
Cash paid for interest 74,601 69,229
Cash paid for income tax $ 108,393 $ 0

Source