10-Q Filing

SHARING ECONOMY INTERNATIONAL INC. CIK: 819926 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001213900-13-002519`
Period End Date	20130331
Filing Date	20130515
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	cws-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 46 Cash Flow Statement 74

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.45M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$911.08K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$955.17K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$221.84K	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$88.03K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$9.47M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$10.08M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net of reserve for obsolete inventory	`InventoryNet`	$5.90M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.89M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.89M	shares	Point-in-time
Inventories, net of reserve for obsolete inventory	`InventoryNet`	$6.65M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.89M	shares	Point-in-time
Advances to suppliers	`DeferredCostsCurrent`	$593.10K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.89M	shares	Point-in-time
Advances to suppliers	`DeferredCostsCurrent`	$1.34M	USD	Point-in-time
Prepaid VAT on purchases	`PrepaidExpenseCurrent`	$542.03K	USD	Point-in-time
Prepaid VAT on purchases	`PrepaidExpenseCurrent`	$646.32K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$428.33K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$417.30K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$19.07M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$20.86M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net	`PropertyPlantAndEquipmentNet`	$60.92M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net	`PropertyPlantAndEquipmentNet`	$59.44M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNet`	$554.92K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNet`	$551.89K	USD	Point-in-time
Equipment held for sale	`AssetsHeldForSalePropertyPlantAndEquipment`	$7.16M	USD	Point-in-time
Equipment held for sale	`AssetsHeldForSalePropertyPlantAndEquipment`	$7.12M	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.75M	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.76M	USD	Point-in-time
Total Assets	`Assets`	$89.94M	USD	Point-in-time
Total Assets	`Assets`	$93.25M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$2.22M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.02M	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	$955.17K	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.47M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$986.82K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$478.96K	USD	Point-in-time
Capital lease obligation - current portion	`CapitalLeaseObligationsCurrent`	$255.12K	USD	Point-in-time
Capital lease obligation - current portion	`CapitalLeaseObligationsCurrent`	$251.41K	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$1.85M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$2.41M	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$96.56K	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$206.53K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$822.08K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$633.75K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$13.16M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$11.81M	USD	Point-in-time
Capital lease obligation - net of current portion	`CapitalLeaseObligationsNoncurrent`	$45.73K	USD	Point-in-time
Capital lease obligation - net of current portion	`CapitalLeaseObligationsNoncurrent`	$132.76K	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.20M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.94M	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2013 and December 31, 2012)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2013 and December 31, 2012)	`PreferredStockValue`	-	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 2,894,586 shares issued and outstanding at March 31, 2013 and December 31, 2012)	`CommonStockValue`	$2.89K	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 2,894,586 shares issued and outstanding at March 31, 2013 and December 31, 2012)	`CommonStockValue`	$2.89K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.99M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$39.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$38.40M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$2.48M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$2.55M	USD	Point-in-time
Accumulated other comprehensive gain - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$8.55M	USD	Point-in-time
Accumulated other comprehensive gain - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$8.12M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$77.99M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$80.04M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$89.94M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$93.25M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$9.41M	USD	1 Quarter
REVENUES	`Revenues`	$13.88M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$7.53M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$10.75M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$3.13M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$1.88M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$374.61K	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$107.21K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$666.12K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$738.00K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.04M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$845.21K	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$2.28M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$841.95K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$481.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.50K	USD	1 Quarter
Interest expense	`InterestExpense`	$105.13K	USD	1 Quarter
Interest expense	`InterestExpense`	$90.03K	USD	1 Quarter
Foreign currency gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$4.28K	USD	1 Quarter
Foreign currency gain	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Warrant modification expense	`WarrantsModificationExpense`	$235.13K	USD	1 Quarter
Warrant modification expense	`WarrantsModificationExpense`	-	USD	1 Quarter
Other income	`OtherSalesRevenueNet`	$6.64K	USD	1 Quarter
Other income	`OtherSalesRevenueNet`	$28.93K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-308.74K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-75.72K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.21M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$533.21K	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$586.56K	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$230.41K	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$302.80K	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$1.62M	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$302.80K	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$1.62M	USD	1 Quarter
Unrealized foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$428.44K	USD	1 Quarter
Unrealized foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$451.70K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$754.50K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$2.05M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.56	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.56	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.89M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.89M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.52M	shares	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net income	`IncomeLossAttributableToParent`	$302.80K	USD	1 Quarter
Net income	`IncomeLossAttributableToParent`	$1.62M	USD	1 Quarter
Depreciation	`Depreciation`	$1.57M	USD	1 Quarter
Depreciation	`Depreciation`	$1.55M	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$23.51K	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$23.38K	USD	1 Quarter
Decrease in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Decrease in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-46.67K	USD	1 Quarter
Warrant modification expense	`WarrantsModificationExpense`	$235.13K	USD	1 Quarter
Warrant modification expense	`WarrantsModificationExpense`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$28.19K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$133.24K	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$102.85K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-663.51K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-685.97K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.24M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$723.55K	USD	1 Quarter
Prepaid value-added taxes on purchases	`IncreaseDecreaseInPrepaidExpense`	$101.25K	USD	1 Quarter
Prepaid value-added taxes on purchases	`IncreaseDecreaseInPrepaidExpense`	$-355.36K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$26.86K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.78K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$495.86K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$744.91K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-204.40K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-640.50K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-231.30K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-532.72K	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	-	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-111.03K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-317.48K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-192.72K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$549.93K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$49.62K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$125.82K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$1.70M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-557.37K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-2.71M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.71M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-557.37K	USD	1 Quarter
Principal payments on capital lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$83.88K	USD	1 Quarter
Principal payments on capital lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$85.36K	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromOtherShortTermDebt`	$1.75M	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromOtherShortTermDebt`	$949.35K	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$632.90K	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$954.53K	USD	1 Quarter
(Increase) decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-954.53K	USD	1 Quarter
(Increase) decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$31.64K	USD	1 Quarter
Increase (decrease) in bank acceptance notes payable	`ProceedsFromBankDebt`	$954.53K	USD	1 Quarter
Increase (decrease) in bank acceptance notes payable	`ProceedsFromBankDebt`	$-79.34K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$184.88K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$710.08K	USD	1 Quarter
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$7.42K	USD	1 Quarter
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$5.13K	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-294.31K	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-241.53K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.45M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$911.08K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.45M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$911.08K	USD	Point-in-time
Interest	`InterestPaid`	$90.03K	USD	1 Quarter
Interest	`InterestPaid`	$105.13K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$547.89K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$779.28K	USD	1 Quarter
Property and equipment acquired on credit as payable	`PropertyAndEquipmentAcquiredOnCreditAsPayable`	-	USD	1 Quarter
Property and equipment acquired on credit as payable	`PropertyAndEquipmentAcquiredOnCreditAsPayable`	$20.68K	USD	1 Quarter
Series A preferred converted to common shares	`StockIssuedForConvertibleSecurities`	$4.58K	USD	1 Quarter
Series A preferred converted to common shares	`StockIssuedForConvertibleSecurities`	-	USD	1 Quarter
Common stock issued for future service	`CommonStockIssuedForPriorAndFutureService`	-	USD	1 Quarter
Common stock issued for future service	`CommonStockIssuedForPriorAndFutureService`	$82.32K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.