Tue, Jun 25, 3:03 PM (74 days ago)
Sunrise Real Estate Group, Inc. reported a significant decline in financial performance for the quarter ended March 31, 2024. Net revenues plummeted by 67% to $1,899,714 from $5,733,762 in the same period in 2023, primarily due to decreased house sales revenue from the HATX project. The cost of revenues also decreased by 63%, resulting in a gross loss of $7,132 compared to a gross profit of $553,212 last year. Operating expenses dropped 29% to $317,855, while general and administrative expenses fell 15% to $690,817. Despite these reductions, the company reported an operating loss of $1,015,804. Additional financial strain came from other expenses, totaling $3,782,739, leading to a net loss of $4,798,689 for the quarter, significantly worse than the $1,887,379 loss in Q1 2023. Cash flow from operations was positive at $3,515,519, primarily due to changes in working capital. Investment activities generated $4,570,212 in cash, mainly from transactional financial assets. The company's cash position improved to $24,071,260 from $23,177,131 at year-end 2023. However, the company faces ongoing challenges, including weak revenue generation and significant losses, which may impact future operations and financial stability.