10-Q Filing

SHARING ECONOMY INTERNATIONAL INC. CIK: 819926 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001213900-16-013461`
Period End Date	20160331
Filing Date	20160516
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	cws-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 44 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`	$12.86M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.79M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$647.08K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$255.90K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$119.03K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$132.50K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$16.19M	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`	$15.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.94M	shares	Point-in-time
Inventories, net of reserve for obsolete inventories	`InventoryNet`	$2.07M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.40M	shares	Point-in-time
Inventories, net of reserve for obsolete inventories	`InventoryNet`	$1.83M	USD	Point-in-time
Advances to suppliers	`Supplies`	$1.04M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.94M	shares	Point-in-time
Advances to suppliers	`Supplies`	$1.08M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$222.36K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$220.90K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.14M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$992.05K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$39.47M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$40.02M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$50.41M	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$51.75M	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.38M	USD	Point-in-time
Land use rights, net	`FiniteLivedIntangibleAssetsNet`	$3.38M	USD	Point-in-time
Total Assets	`Assets`	$94.61M	USD	Point-in-time
Total Assets	`Assets`	$93.81M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.02M	USD	Point-in-time
Short-term bank loans	`ShortTermBankLoansAndNotesPayable`	$3.08M	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	$647.08K	USD	Point-in-time
Bank acceptance notes payable	`NotesPayableToBankCurrent`	$245.04K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.49M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$6.36M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.81M	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$697.79K	USD	Point-in-time
Advances from customers	`CustomerAdvancesCurrent`	$433.05K	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$94.30K	USD	Point-in-time
VAT and service taxes payable	`TaxesPayableCurrent`	$269.28K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$259.99K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$206.05K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$14.54M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$13.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$14.54M	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.46M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2016 and December 31, 2015)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2016 and December 31, 2015)	`PreferredStockValue`	-	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 4,403,986 and 3,943,986 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively)	`CommonStockValue`	$3.94K	USD	Point-in-time
Common stock ($0.001 par value; 50,000,000 shares authorized; 4,403,986 and 3,943,986 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively)	`CommonStockValue`	$4.40K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$34.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.80M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$36.16M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$37.01M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$3.56M	USD	Point-in-time
Statutory reserve	`StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired`	$3.56M	USD	Point-in-time
Accumulated other comprehensive income - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$6.22M	USD	Point-in-time
Accumulated other comprehensive income - foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$5.70M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$80.07M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$80.35M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$94.61M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$93.81M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$4.92M	USD	1 Quarter
REVENUES	`Revenues`	$15.65M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$4.71M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$12.57M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$212.88K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$3.07M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$160.74K	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$344.70K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$874.54K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$711.38K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$18.40K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$28.70K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.25M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$890.52K	USD	1 Quarter
(LOSS) INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$-677.64K	USD	1 Quarter
(LOSS) INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$1.82M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.83K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$11.96K	USD	1 Quarter
Interest expense	`InterestExpense`	$55.71K	USD	1 Quarter
Interest expense	`InterestExpense`	$57.34K	USD	1 Quarter
Foreign currency transaction gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$-114.00	USD	1 Quarter
Foreign currency transaction gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$11.00	USD	1 Quarter
Total Other Expense, net	`NonoperatingIncomeExpense`	$-43.64K	USD	1 Quarter
Total Other Expense, net	`NonoperatingIncomeExpense`	$-51.52K	USD	1 Quarter
(LOSS) INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-721.27K	USD	1 Quarter
(LOSS) INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.77M	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$122.82K	USD	1 Quarter
INCOME TAXES	`IncomeTaxExpenseBenefit`	$530.14K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$1.24M	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-844.09K	USD	1 Quarter
NET (LOSS) INCOME	`ComprehensiveIncomeNetOfTax`	$-844.09K	USD	1 Quarter
NET (LOSS) INCOME	`ComprehensiveIncomeNetOfTax`	$1.24M	USD	1 Quarter
Unrealized foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$472.98K	USD	1 Quarter
Unrealized foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$525.95K	USD	1 Quarter
COMPREHENSIVE (LOSS) INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-318.14K	USD	1 Quarter
COMPREHENSIVE (LOSS) INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.72M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.21	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.32	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.21	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.10M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.10M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.93M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$1.24M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-844.09K	USD	1 Quarter
Depreciation	`Depreciation`	$2.07M	USD	1 Quarter
Depreciation	`Depreciation`	$1.67M	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$22.60K	USD	1 Quarter
Amortization of land use rights	`AmortizationOfIntangibleAssets`	$24.09K	USD	1 Quarter
Stock-based compensation and fees	`ShareBasedCompensation`	$428.25K	USD	1 Quarter
Stock-based compensation and fees	`ShareBasedCompensation`	$274.40K	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$-2.05K	USD	1 Quarter
Notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$-14.14K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$259.74K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.33M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$939.03K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$225.79K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.83K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$26.97K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$34.73K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInDeferredCharges`	$31.32K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$873.12K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-131.05K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-516.73K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-515.77K	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-242.19K	USD	1 Quarter
VAT and service taxes payable	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-174.30K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-360.74K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-54.88K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$258.20K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInCustomerAdvances`	$322.53K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$5.05M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$129.65K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.75K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.33K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-9.33K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-4.75K	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromOtherShortTermDebt`	$1.53M	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromOtherShortTermDebt`	$2.20M	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$2.28M	USD	1 Quarter
Repayments of bank loans	`RepaymentsOfOtherShortTermDebt`	$1.61M	USD	1 Quarter
Decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$389.94K	USD	1 Quarter
Decrease in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$81.49K	USD	1 Quarter
Decrease in bank acceptance notes payable	`RepaymentsOfBankDebt`	$400.64K	USD	1 Quarter
Decrease in bank acceptance notes payable	`RepaymentsOfBankDebt`	$81.49K	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-87.16K	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`	$125.46K	USD	1 Quarter
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$56.93K	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.02M	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$158.61K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.86M	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`	$18.95M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.79M	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`	$7.84M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.95M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.79M	USD	Point-in-time
Interest	`InterestPaid`	$55.71K	USD	1 Quarter
Interest	`InterestPaid`	$57.34K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$890.88K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$177.70K	USD	1 Quarter
Stock issued for future services	`StockIssuedDuringPeriodValueIssuedForServices`	$110.35K	USD	1 Quarter
Stock issued for future services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Stock issued for accrued liabilities	`StockIssuedForAccruedLiabilities`	$64.00K	USD	1 Quarter
Stock issued for accrued liabilities	`StockIssuedForAccruedLiabilities`	-	USD	1 Quarter

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