10-Q Filing

SHARING ECONOMY INTERNATIONAL INC. CIK: 819926 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001213900-14-003269`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	cws-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 44 Cash Flow Statement 64

Balance Sheet 82 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`	$2.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$405.72K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$687.35K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$703.72K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$76.28K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$13.68M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$15.23M	USD	Point-in-time
Inventories, net of reserve for obsolete inventories	`InventoryNet`	$6.11M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Inventories, net of reserve for obsolete inventories	`InventoryNet`	$4.73M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.50M	shares	Point-in-time
Advances to suppliers	`Supplies`	$611.55K	USD	Point-in-time
Advances to suppliers	`Supplies`	$695.25K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.50M	shares	Point-in-time
Prepaid VAT on purchases	`PrepaidTaxes`	$118.42K	USD	Point-in-time
Prepaid VAT on purchases	`PrepaidTaxes`	$489.30K	USD	Point-in-time
Deferred tax assets - current portion	`DeferredTaxAssetsNetCurrent`	$253.17K	USD	Point-in-time
Deferred tax assets - current portion	`DeferredTaxAssetsNetCurrent`	$251.06K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$86.96K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$74.03K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$23.34M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$23.99M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net	`PropertyPlantAndEquipmentNet`	$71.17M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net	`PropertyPlantAndEquipmentNet`	$70.60M	USD	Point-in-time
Deferred tax assets - net of current portion	`DeferredTaxAssetsNetNoncurrent`	$1.21M	USD	Point-in-time
Deferred tax assets - net of current portion	`DeferredTaxAssetsNetNoncurrent`	$1.22M	USD	Point-in-time
Equipment held for operating lease	`AssetsHeldForSalePropertyPlantAndEquipment`	$4.71M	USD	Point-in-time
Equipment held for operating lease	`AssetsHeldForSalePropertyPlantAndEquipment`	$4.75M	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.79M	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.73M	USD	Point-in-time
Total Assets	`Assets`	$104.34M	USD	Point-in-time
Total Assets	`Assets`	$104.16M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.11M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.08M	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	$405.72K	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	$687.35K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.59M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.96M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$899.82K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$469.83K	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$1.46M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$1.12M	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$126.35K	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$73.46K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.32M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.62M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$12.86M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$11.07M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.07M	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.86M	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2014 and December 31, 2013, respectively)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2014 and December 31, 2013, respectively)	`PreferredStockValue`	-	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 3,503,502 and 3,503,502 shares issued and outstanding at March 31,2014 and December 31, 2013, respectively	`CommonStockValue`	$3.50K	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 3,503,502 and 3,503,502 shares issued and outstanding at March 31,2014 and December 31, 2013, respectively	`CommonStockValue`	$3.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.53M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.53M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$46.32M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$48.60M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$2.86M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$2.74M	USD	Point-in-time
Accumulated other comprehensive gain - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$10.87M	USD	Point-in-time
Accumulated other comprehensive gain - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$10.09M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$91.48M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$93.09M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$104.34M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$104.16M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$13.88M	USD	1 Quarter
REVENUES	`Revenues`	$17.64M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$13.36M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$10.75M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$3.13M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$4.27M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$107.21K	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$109.86K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$738.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$887.47K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$997.33K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$845.21K	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$3.28M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$2.28M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.24K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$481.00	USD	1 Quarter
Interest expense	`InterestExpense`	$105.13K	USD	1 Quarter
Interest expense	`InterestExpense`	$57.73K	USD	1 Quarter
Grant income	`RevenueFromGrants`	$31.89K	USD	1 Quarter
Grant income	`RevenueFromGrants`	-	USD	1 Quarter
Other income	`OtherSalesRevenueNet`	-	USD	1 Quarter
Other income	`OtherSalesRevenueNet`	$28.93K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-75.72K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-20.60K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.21M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.26M	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$586.56K	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$859.00K	USD	1 Quarter
NTE INCOME	`IncomeLossAttributableToParent`	$1.62M	USD	1 Quarter
NTE INCOME	`IncomeLossAttributableToParent`	$2.40M	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$1.62M	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$2.40M	USD	1 Quarter
Unrealized foreign currency translation (loss) gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-781.79K	USD	1 Quarter
Unrealized foreign currency translation (loss) gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$428.44K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$2.05M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.61M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.68	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.56	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.56	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.68	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.89M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.89M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`IncomeLossAttributableToParent`	$1.62M	USD	1 Quarter
Net income	`IncomeLossAttributableToParent`	$2.40M	USD	1 Quarter
Depreciation	`Depreciation`	$1.97M	USD	1 Quarter
Depreciation	`Depreciation`	$1.57M	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$23.51K	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$24.16K	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$-626.27K	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$133.24K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.44M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-663.51K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$723.55K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.42M	USD	1 Quarter
Prepaid value-added taxes on purchases	`IncreaseDecreaseInPrepaidExpense`	$101.25K	USD	1 Quarter
Prepaid value-added taxes on purchases	`IncreaseDecreaseInPrepaidExpense`	$-369.57K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.34K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.78K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$744.91K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$-78.49K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-598.23K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-204.40K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-427.42K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-532.72K	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-111.03K	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-52.23K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-192.72K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-294.18K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$-321.36K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$549.93K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$3.77M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$1.70M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.87M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.71M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.87M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.71M	USD	1 Quarter
Principal payments on capital lease	`RepaymentsOfLongTermCapitalLeaseObligations`	-	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`	$981.10K	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$954.53K	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$981.10K	USD	1 Quarter
Decrease (increase) in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$277.98K	USD	1 Quarter
Decrease (increase) in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-954.53K	USD	1 Quarter
(Decrease) increase in bank acceptance notes payable	`ProceedsFromBankDebt`	$954.53K	USD	1 Quarter
(Decrease) increase in bank acceptance notes payable	`ProceedsFromBankDebt`	$-277.98K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$710.08K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	-	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`	$-13.87K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$886.23K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-294.31K	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`	$2.00M	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`	$1.11M	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`	$2.00M	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`	$1.11M	USD	Point-in-time
Interest	`InterestPaid`	$105.13K	USD	1 Quarter
Interest	`InterestPaid`	$57.73K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$779.28K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.15M	USD	1 Quarter
Property and equipment acquired on credit as payable	`IncreaseInPropertyInExchangeForIncreaseInPayable`	$267.32K	USD	1 Quarter
Property and equipment acquired on credit as payable	`IncreaseInPropertyInExchangeForIncreaseInPayable`	$20.68K	USD	1 Quarter

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