Consumer Capital Group, Inc.

CIK:0001439299|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue
Interest income on loans-third parties		$ 174,048		$ 201,486
Interest income on loans-related parties		552,793		686,755
Service fee income on loans-third parties		87,025		100,744
Service fee income on loans-related parties		276,396		343,377
Commission income – third parties	39,345	255,313	39,345	255,313
Commission income – related parties		280,203	188,814	280,203
Total revenue	39,345	1,625,778	228,159	1,867,878
Cost of revenue		(242,280)		(296,080)
Gross profit	39,345	1,383,498	228,159	1,571,798
Operating expenses:
General and administrative	(191,828)	(213,020)	(811,455)	(830,541)
Total operating expenses	(191,828)	(213,020)	(811,455)	(830,541)
Loss from operations	(152,483)	1,170,478	(583,296)	741,257
Other income (expenses):
Interest income	40,156		1,226	25,372
Interest expense to third parties		(260,921)	(401,340)	(413,451)
Interest expense to related parties	(174,995)	(1,525,100)	(865,505)	(2,090,781)
Other income	2,018		2,018
Other expense	(615)	(169)	(221)	(229)
(Provision for)/ Reversal of provision for loan loss	(38)	(81,937)	3,352	(81,937)
Total other income (expenses)	(133,474)	(1,868,127)	(1,260,470)	(2,561,026)
Loss before provision for income taxes	(285,957)	(697,649)	(1,843,766)	(1,819,769)
Provision for income taxes	58		(5,183)
Loss from operations	(285,899)	(697,649)	(1,848,949)	(1,819,769)
Less: Net loss attributable to the non-controlling interest	(76,814)	(577,071)	(701,547)	(861,707)
Net loss attributable to the Company's shareholders	(209,085)	(120,578)	(1,147,402)	(958,062)
Comprehensive Loss:
Net Loss	(285,899)	(697,649)	(1,848,949)	(1,819,769)
Foreign currency translation adjustment	(41,734)	100,193	(171,784)	201,229
Comprehensive loss	(327,633)	(597,456)	(2,020,733)	(1,618,540)
Less: comprehensive income (loss) attributable to non-controlling interest	(76,814)		(701,547)
Comprehensive loss attributable to the Company	$ (250,819)	$ (597,456)	$ (1,319,186)	$ (1,618,540)
Weighted average number of common shares outstanding basic and diluted	27,208,849	27,208,849	27,208,849	27,485,092
NET LOSS PER SHARE
-Basic	$ (0.01)	$ (0.00)	$ (0.04)	$ (0.03)
-Diluted	(0.01)	(0.00)	(0.04)	(0.03)
NET LOSS PER SHARE ATTRIBUTABLE TO THE COMPANY
-Basic	(0.01)	(0.00)	(0.04)	(0.03)
-Diluted	$ (0.01)	$ (0.00)	$ (0.04)	$ (0.03)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (1,848,949)	$ (1,819,769)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	18,293	17,057
(Reversal of) Allowance for loan losses	(3,352)	81,937
Changes in operating assets and liabilities:
Decrease (Increase) in prepaid expenses	70,866	(13,451)
Increase in fees receivable		(482,985)
Increase in other receivables	(405,582)	(51,376)
Increase in right-of-use assets	(394,440)
Increase in accrued liabilities	69,586	36,877
Increase (Decrease) in taxes payable	95	(550)
Increase in fees payable	171,184	296,080
(Decrease) Increase in interest payable	(235,076)	2,504,232
Decrease in due from/(to) related parties	(38,989)	(1,584,892)
Decrease in payable to Caesar Capital Mgmt Ltd		(8,758)
Increase in received in advance
Increase in lease liabilities	397,971
Cash flows used in operating activities	(2,198,393)	(1,025,598)
Cash flows from investing activities:
Originated loans disbursement		(15,111,473)
Repayment of loans from customers	335,199	6,902,794
Equipment purchased	(831)
Redemption of short-term investment		461,184
Cash flow provided by (used in) investing activities	334,368	(7,747,495)
Cash flows from financing activities:
Proceeds from related party debt		1,616,458
Proceeds from stock subscriptions	2,670,082
Withdrawal of capital		(500)
Proceeds from loans payable – third parties	1,221,289	3,514,225
Proceeds from loan payable – related parties	1,501,107	12,242,907
Repayment of loans payable – third parties	(1,957,269)	(1,203,691)
Repayment of loans payable – related parties	(1,473,417)	(5,963,113)
Cash flows provide by financing activities	1,961,792	10,206,286
Effect of exchange rate changes on cash	(531,736)	(189,262)
Net changes in cash and cash equivalents	(433,969)	1,243,931
Cash and cash equivalents, beginning balance	501,350	725,774
Cash and cash equivalents, ending balance	67,381	1,969,705
Supplemental disclosure of cash flow information
Cash paid for interest	335,199	2,062,539
Cash paid for income taxes

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 67,381	$ 501,350
Prepayments and deposits (Note 5)	421,142	508,499
Other receivables (Note 7)	423,478	35,544
Due from related parties (Note 15)	2,097
Loans receivable - third parties, net (Note 6)		331,039
Total current assets	914,098	1,376,432
Non-current assets:
Property and equipment, net (Note 8)	55,610	74,080
Right-of-use assets (Note 9)	296,631
Total non-current assets	352,241	74,080
TOTAL ASSETS	1,266,339	1,450,512
Current liabilities:
Loans payable to third parties, current portion (Note 10)	1,264,532	1,994,667
Loans payable to related parties, current portion (Note 10)	3,911,102	2,869,881
Accrued interest payable	1,794,346	2,099,427
Accrued fee payable	164,305
Other payable	150,882	86,204
Payable to shareholder (Note 11)	109,009	117,767
Due to related parties (Note 15)	153,172	183,955
Deferred tax liabilities (Note 14)	76,233	79,232
Lease liabilities, current (Note 9)	151,926
Total current liabilities	7,775,507	7,431,133
Non-current liabilities:
Loans payable to third parties, non-current (Note 10)		203,538
Loans payable to related parties, non-current (Note 10)		1,017,688
Lease liabilities, non-current (Note 9)	154,312
Total non-current liabilities	154,312	1,221,226
Total Liabilities	7,929,819	8,652,359
Stockholders' deficit:
Common stock - $0.0001 par value, 100,000,000 shares authorized, 27,208,849 and 27,208,849 shares issued and outstanding as of September 30, 2019 and December 31, 2018 respectively.	2,721	2,721
Common stock subscribed (602,689 shares)	60
Additional paid-in capital	10,587,105	8,021,677
Accumulated deficit	(13,401,268)	(12,247,478)
Accumulated other comprehensive loss	(310,237)	(138,453)
Stockholders' deficit before non-controlling interests	(3,121,619)	(4,361,533)
Non-controlling interests	(3,541,861)	(2,840,314)
Total stockholders' deficit	(6,663,480)	(7,201,847)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,266,339	$ 1,450,512