10-Q Filing

SHARING ECONOMY INTERNATIONAL INC. CIK: 819926 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001213900-15-003866`
Period End Date	20150331
Filing Date	20150515
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	cws-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 46 Cash Flow Statement 64

Balance Sheet 78 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`	$1.11M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.86M	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$488.72K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$409.23K	USD	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`	$114.03K	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$112.52K	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`	$18.07M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$20.32M	USD	Point-in-time
Inventories, net of reserve for obsolete inventories	`InventoryNet`	$4.24M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.94M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.86M	shares	Point-in-time
Inventories, net of reserve for obsolete inventories	`InventoryNet`	$5.20M	USD	Point-in-time
Advances to suppliers	`Supplies`	$599.76K	USD	Point-in-time
Advances to suppliers	`Supplies`	$565.58K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.94M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.86M	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$375.74K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$377.55K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$158.69K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$153.26K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$37.79M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$34.09M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$69.63M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$67.88M	USD	Point-in-time
Equipment held for sale	`DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment`	$424.57K	USD	Point-in-time
Equipment held for sale	`DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment`	$422.54K	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.67M	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.67M	USD	Point-in-time
Total Assets	`Assets`	$109.77M	USD	Point-in-time
Total Assets	`Assets`	$107.81M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.10M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.03M	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	$488.72K	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	$409.23K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.32M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$546.02K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$821.79K	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$495.46K	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$500.57K	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$259.73K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$171.36K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$531.12K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$10.49M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$10.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$10.49M	USD	Point-in-time
Total Liabilities	`Liabilities`	$10.46M	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2015 and December 31, 2014)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2015 and December 31, 2014)	`PreferredStockValue`	-	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 3,939,986 and 3,859,986 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively)	`CommonStockValue`	$3.86K	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 3,939,986 and 3,859,986 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively)	`CommonStockValue`	$3.94K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$50.04M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$51.15M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$3.43M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$3.29M	USD	Point-in-time
Accumulated other comprehensive income - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$10.47M	USD	Point-in-time
Accumulated other comprehensive income - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$10.94M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$99.31M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$97.32M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$107.81M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$109.77M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$15.65M	USD	1 Quarter
REVENUES	`Revenues`	$17.64M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$12.57M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$13.36M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$3.07M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$4.27M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$109.86K	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$344.70K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$860.60K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$874.54K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$28.70K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$26.87K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$997.33K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.25M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$1.82M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$3.28M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.83K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.24K	USD	1 Quarter
Interest expense	`InterestExpense`	$57.73K	USD	1 Quarter
Interest expense	`InterestExpense`	$57.34K	USD	1 Quarter
Grant income	`RevenueFromGrants`	-	USD	1 Quarter
Grant income	`RevenueFromGrants`	$31.89K	USD	1 Quarter
Foreign currency transaction loss	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Foreign currency transaction loss	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$11.00	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-20.60K	USD	1 Quarter
Total Other Income (Expense), net	`NonoperatingIncomeExpense`	$-51.52K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.26M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.77M	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$859.00K	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$530.14K	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$2.40M	USD	1 Quarter
NET INCOME	`IncomeLossAttributableToParent`	$1.24M	USD	1 Quarter
NET INCOME	`ComprehensiveIncomeNetOfTax`	$1.24M	USD	1 Quarter
NET INCOME	`ComprehensiveIncomeNetOfTax`	$2.40M	USD	1 Quarter
Unrealized foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$472.98K	USD	1 Quarter
Unrealized foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-781.79K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.61M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.72M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.68	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.32	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.68	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.50M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.93M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`IncomeLossAttributableToParent`	$2.40M	USD	1 Quarter
Net income	`IncomeLossAttributableToParent`	$1.24M	USD	1 Quarter
Depreciation	`Depreciation`	$1.97M	USD	1 Quarter
Depreciation	`Depreciation`	$2.07M	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$24.09K	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$24.16K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$274.40K	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$626.27K	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$2.05K	USD	1 Quarter
Accounts receivable, net of allowance for doubtful accounts	`IncreaseDecreaseInAccountsReceivable`	$2.33M	USD	1 Quarter
Accounts receivable, net of allowance for doubtful accounts	`IncreaseDecreaseInAccountsReceivable`	$1.44M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-939.03K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.42M	USD	1 Quarter
Prepaid value-added taxes on purchases	`IncreaseDecreaseInPrepaidExpense`	$369.57K	USD	1 Quarter
Prepaid value-added taxes on purchases	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.83K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-13.34K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$78.49K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$-31.32K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-598.23K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$873.12K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-515.77K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-427.42K	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-242.19K	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-52.23K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-294.18K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-360.74K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$322.53K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$-321.36K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$3.77M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$5.05M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.87M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.75K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.87M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-4.75K	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromOtherShortTermDebt`	$2.20M	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromOtherShortTermDebt`	$981.10K	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$981.10K	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$2.28M	USD	1 Quarter
Decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$277.98K	USD	1 Quarter
Decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$81.49K	USD	1 Quarter
Decrease in bank acceptance notes payable	`ProceedsFromBankDebt`	$-81.49K	USD	1 Quarter
Decrease in bank acceptance notes payable	`ProceedsFromBankDebt`	$-277.98K	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-81.49K	USD	1 Quarter
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$56.93K	USD	1 Quarter
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-13.87K	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$886.23K	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.02M	USD	1 Quarter
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.86M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.86M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Interest	`InterestPaid`	$57.73K	USD	1 Quarter
Interest	`InterestPaid`	$57.34K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$890.88K	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`	-	USD	1 Quarter

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