Sunrise Real Estate Group Inc - Amended Current report filing (8-K/A)
27 Agosto 2008 - 3:06PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (Date of earliest event reported) August 27, 2008 (August 15,
2008)
SUNRISE
REAL ESTATE GROUP, INC.
(Exact
name of registrant as specified in its charter)
Texas
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000-32585
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75-2713701
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(State
of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification)
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(Address
of principal executive offices)
Suite
701, No.333, Zhaojiabang Road
Shanghai,
PRC 200032
Registrant's
telephone number, including area code (86)-21-6422-0505
(Former
Name or Former Address if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
4.02
(a).
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
or Completed Interim Review
After
extensive review of the interpretation on SFAS 66 and discussion between Company
management and independent auditors, on August 13
th
,
2008,
the Company has subsequently determined that the correct application of
accounting principles had not been applied for the recognition of underwriting
sales revenue and made the conclusion to restate the financial statements for
the periods in question.
In
this
correction, the financial statements for the years ended December 31, 2007
and
2006 and the quarter ended March 31, 2008 were restated to increase the
Company’s deferred tax assets and deposits received from underwriting sales by
deferring revenue recognition to the consummation of the sale, generally when
the remaining maximum exposure to loss is reduced below the amount of gain
deferred. As a result, the Company’s net asset values as of December 31, 2007
and March 31, 2008 were reduced by $6,300,897 and $6,563,699, respectively.
The
correction of this error reduced the Company’s losses for the year ended
December, 2007 by $157,811 and gave no effect on the income statement of the
Company for each of the two quarters ended June 30, 2008.
An
additional restatement relates to correct the overstatement of the minority
shareholders’ share of the Company’s result by US$106,759. As a result of the
correction of this item, the Company’s financial statements for the year ended
2007 were restated and the Company’s loss for the year ended December 31, 2007
and the accumulated losses as of December 31, 2007 were reduced by
US$106,759.
The
Company will be filing amendments to its Form 10-KSB for the year ended December
31, 2007 and its Form 10-Q for the quarter ended March 31, 2008, in order to
complete this restatement process.
Management
informed of and had discussed these matters with the Board of Directors. The
Company’s management has discussed this matter disclosed in the filing pursuant
to this Item 4.02(a) with our independent auditors.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SUNRISE
REAL ESTATE GROUP, INC.
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Dated:
August 27, 2008
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By:
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/s/ Wang
Wen
Yan
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Name
:
Wang
Wen Yan
|
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Chief
Financial
Officer
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Sunrise Real Estate (PK) (USOTC:SRRE)
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