Sinorama Corp

CIK:0001687505|SEC Filings

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Asian Tours
Related Parties Sales	$ 2,521,335	$ 3,453,137
Third Parties Sales	9,229,685	6,714,331
Total Asian Tours	11,751,020	10,167,468
Bus tours
Related Parties Sales	4,018	0
Third Parties Sales	1,215,388	701,851
Total Bus Tours	1,219,406	701,851
Third Party Products Sales
Related Parties Sales	23,746	26,180
Third Parties Sales	2,997,293	2,181,105
Total Third Party Products Sales	3,021,039	2,207,285
Total revenue	15,991,465	13,076,604
Cost of Sales	14,085,276	11,849,922
Gross Profit	1,906,189	1,226,682
Operating costs and expenses:
Salaries and employee benefits	1,273,815	1,087,412
Advertising and promotion	2,607,924	1,207,594
Rent and occupancy charges	134,978	39,207
Office and general	237,437	111,966
Bank charge and interest	314,786	499,158
Business taxes and licenses	13,352	0
Professional fees	37,942	43,030
Depreciation of property and equipment	19,709	13,558
Insurance	46,087	8,445
Other expense	0	3,024
Total operating costs and expenses	4,686,030	3,013,394
Losses from operations before other income and income taxes	(2,779,841)	(1,786,712)
Other income(expense)	6,218	(52,021)
Losses from operations before income taxes	(2,773,623)	(1,838,733)
Net loss	(2,773,623)	(1,838,733)
Less: net loss attributable to non-controlling interests	(810,537)	(621,834)
Net loss attributable to the Company	(1,963,086)	(1,216,899)
Foreign currency translation adjustment
Foreign currency translation adjustment attributable to non-controlling interests	(111,359)	28,171
Foreign currency translation adjustment attributable to the Company	(110,597)	33,736
Comprehensive loss	(2,995,579)	(1,776,826)
Less: Comprehensive loss attributable to non-controlling interests	(921,896)	(593,663)
Comprehensive income(loss) attributable to the Company	$ (2,073,683)	$ (1,183,163)
Basic and diluted earnings per share	$ (0.13)	$ (0.08)
Weighted average number of shares outstanding basic and diluted	15,186,000	14,700,000

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (2,773,623)	$ (1,838,733)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	19,709	13,558
Changes in operating assets and liabilities:
Accounts receivable	97	167,078
Prepayments & deferred expenses	(7,948,810)	(11,763,034)
Other receivable	158,693	(130,456)
Due from related parties	2,673,464	100,992
Accounts payable and accrued liabilities	(1,513,804)	(103,849)
Customer deposits	9,064,128	13,062,604
Payroll Payable	(13,868)	(34,431)
Other payable	0	270,000
Due to related parties	(12,443)	(639,511)
Net cash used in operating activities	(346,457)	(895,782)
Cash Flows from Investing Activities
Proceed from maturities of short term investment	610,078	2,236
Purchases of property and equipment	(15,623)	(21,269)
Net cash provided by (used in) investing activities	594,455	(19,033)
Cash Flows from Financing Activities
Effect of exchange rate fluctuation on cash and cash equivalents	(162,491)	261,518
Net increase(decrease) in cash and cash equivalents	85,507	(653,297)
Cash and cash equivalents, beginning of period	7,749,802	8,552,997
Cash and cash equivalents, ending of period	7,835,309	7,899,700
Supplemental disclosure of cash flow information
Cash paid for income taxes	0	0
Cash paid for interest	$ 0	$ 0

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 5,973,140	$ 4,586,833
Restricted cash	1,862,169	3,162,969
Short term investment	1,055,173	1,679,560
Accounts receivable, net	1,429	1,566
Amount due from related parties	6,719,455	9,726,305
Prepayments & deferred expenses	20,820,412	13,728,133
Other receivable	797,748	966,308
Total current assets	37,229,526	33,851,674
Long term deposits	1,835,640	1,555,846
Property and equipment, net	315,907	329,013
Total assets	39,381,073	35,736,533
Current Liabilities:
Accounts payable and accrued liabilities	7,639,718	9,244,983
Customer deposits	38,388,443	30,129,523
Payroll payable	150,771	164,058
Amount due to related party	7,327	7,576
Total current liabilities	46,186,259	39,546,140
Total liabilities	46,186,259	39,546,140
Shareholders’ deficit
Common stock; $0.001 par value, 100,000,000 shares authorized; 15,186,000 and 15,186,000 and issued and outstanding at March 31, 2018 and December 31, 2017, respectively	15,186	15,186
Additional paid-in capital	5,211,616	5,211,616
Accumulated deficits	(7,898,943)	(5,935,857)
Accumulated other comprehensive income	281,025	391,622
Total shareholders’ equity(deficit) of the Company	(2,391,116)	(317,433)
Non-controlling interests	(4,414,070)	(3,492,174)
Total shareholders’ deficits	(6,805,186)	(3,809,607)
Total liabilities and shareholders’ deficits	$ 39,381,073	$ 35,736,533