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Sharing Economy International Inc. reported a very small net loss of $5,224 for the three months ended March 31, 2025, with no revenues from its sharing economy business. Operating expenses fell sharply to $5,224 from $48,071 a year earlier, reflecting significantly reduced activity.
Total assets were $18,062,229, largely driven by amounts due from related parties of $18,047,582. Cash was only $3,652, while current liabilities totaled $3,982,705, including convertible notes and amounts due to a related party. The company disclosed an accumulated deficit of $55,515,982 and stated that existing capital resources are not adequate for the next twelve months, leading management to conclude there is substantial doubt about its ability to continue as a going concern.
Management also reported that internal control over financial reporting remains ineffective due to material weaknesses, including lack of segregation of duties, limited US GAAP expertise, and insufficient written policies. Certain historical convertible notes remain outstanding or in default, and operations continue to depend on funding and advances from related parties.
Sharing Economy International Inc., a Nevada holding company with Hong Kong and PRC subsidiaries, reports cash of $1,554, total assets of $18,065,751 and stockholders’ equity of $14,087,615 as of December 31, 2024.
The company incurred a net loss of $85,528 and its auditors raised substantial doubt about its ability to continue as a going concern. Management expects to need about $2 million over the next 18–24 months and may rely on shareholder or bank financing.
The filing highlights significant legal and operational risks from operating through Hong Kong and potential future PRC subsidiaries, including possible PRC intervention, currency controls, tax exposure and limits on moving cash within the group. It also flags U.S. regulatory risks under the Holding Foreign Companies Accountable Act, including the possibility of trading prohibitions or delisting if PCAOB inspection access changes.
Sharing Economy International Inc. (SEII) reported another quarter with no revenue and a small net loss of $17,973 for the three months and $72,240 for the nine months ended September 30, 2024. Operating expenses fell sharply to $59,610 for the nine-month period from $612,012 a year earlier, reflecting significant cost-cutting.
Total assets were $18.1M, largely made up of $18.0M due from related parties. Cash was only $4,087, and the company carried current liabilities of $4.0M, including a defaulted Pyram convertible note with an outstanding balance of $1,010,275 plus accrued interest on older notes.
Management states there is substantial doubt about SEII’s ability to continue as a going concern, citing ongoing losses, a large accumulated deficit of $55,497,470, minimal cash, and dependence on related-party funding and future financings. Internal controls over financial reporting are described as ineffective due to limited accounting staff, lack of US GAAP expertise, and insufficient written policies.
Sharing Economy International Inc. reported no revenue for the three and six months ended June 30, 2024, continuing a period with no active operating income. Operating expenses fell sharply, with a net loss of only $12,183 for the quarter and $54,267 for the six months.
Total assets were $18,050,068, almost entirely driven by amounts due from a related company, while cash was just $1,671. Liabilities totaled $3,956,512, including a defaulted Pyram convertible note and other debt. Management disclosed substantial doubt about the company’s ability to continue as a going concern and noted ongoing material weaknesses in internal controls over financial reporting.
Sharing Economy International Inc. reports first-quarter 2024 results showing no revenue and a small net loss of $42,084, compared with net income of $26.2M a year earlier that was driven by a one-time gain on subsidiary disposals. Operating expenses rose to $48,071, reflecting higher selling, general and administrative costs while the core sharing-economy business generated no sales.
Total assets were $18.0M, including a large related-party receivable of $18.0M, against total liabilities of $4.0M, for stockholders’ equity of $14.1M. Cash remained very limited at $4,008, and the company relied on a related-party advance of $49,279 to fund operations.
Management discloses substantial doubt about the company’s ability to continue as a going concern because of recurring losses, a significant accumulated deficit of $55.5M, very low cash, and dependence on new debt or equity financing. The company is in default on a Pyram convertible note with an outstanding balance of $1,010,275, and certain Iliad and 1800 Diagonal Lending convertible notes remain unresolved. Management also reports material weaknesses in internal control over financial reporting, including lack of segregation of duties, limited U.S. GAAP expertise, and insufficient written policies.
Sharing Economy International Inc. reports full-year 2023 results and outlines substantial Hong Kong/PRC-related risks. The Nevada holding company operates mainly through Hong Kong subsidiaries and notes investors do not directly own those subsidiaries, relying instead on upstream cash distributions.
For 2023, the company reports one-off net income of $25.6 million, driven largely by disposal of subsidiaries and a wider restructuring, which shifted stockholders’ equity from a deficit of $(14.8) million at December 31, 2022 to positive equity of $14.1 million at December 31, 2023. Cash and cash equivalents were only $1,557, underscoring tight liquidity.
Management and auditors both highlight substantial doubt about the company’s ability to continue as a going concern over the next twelve months, citing past losses, limited revenues from its ECrent sharing platform and dependence on new funding. The report emphasizes extensive legal and operational risks stemming from evolving PRC and Hong Kong regulation, potential intervention by Chinese authorities, foreign exchange and tax constraints, and possible future impacts of the Holding Foreign Companies Accountable Act on U.S. trading of its stock.
Sharing Economy International Inc. reported a sharp swing to profit for the nine months ended September 30, 2023, driven by a one-time gain. The company booked net income of $25.6 million, mainly from a $26.2 million gain on disposal of subsidiaries, while its core business generated no revenue and an operating loss of $0.6 million.
Total assets rose to $18.0 million and working capital improved to about $14.2 million, turning prior negative equity positive. However, cash was only $1,666 and accumulated deficits were $55.4 million. Management disclosed substantial doubt about the company’s ability to continue as a going concern, citing ongoing losses from operations and dependence on external financing.
Sharing Economy International Inc. reported no revenue for the three and six months ended June 30, 2023, reflecting that its sharing economy business is not yet generating sales. Operating expenses fell sharply to $562,442 for the quarter and $598,207 for the first half, down more than half from the prior-year periods.
A $26.2 million gain on disposal of subsidiaries drove net income of $25.6 million, or $0.04 per basic share, for the six months, compared with a net loss a year earlier. This restructuring eliminated significant discontinued-operation liabilities and moved stockholders’ equity from a deficit to a positive $14.2 million as of June 30, 2023.
Despite the improved balance sheet, the company had only $1,823 of cash, an accumulated deficit of $55.4 million, and negative operating cash flow. Management states that existing capital resources are not adequate for the next twelve months and that there is substantial doubt about the company’s ability to continue as a going concern without new debt or equity financing.
Sharing Economy International Inc. reported net income of $26,205,776 for the three months ended March 31, 2023, driven almost entirely by a $26,222,555 gain on disposal of subsidiaries classified as discontinued operations. The company generated no revenues and recorded an operating loss of $35,765, reflecting limited ongoing activity.
Total assets rose to $18,001,588, largely due to a new related-party receivable of $17,983,635, while cash and cash equivalents were only $6,965. Working capital turned positive at $14,123,008, helped by removing liabilities tied to discontinued operations.
Convertible note payable was $1,031,775 and the company is in default on Pyram notes totaling $1,010,275. Management disclosed substantial doubt about the ability to continue as a going concern, citing an accumulated deficit of $54,819,792 and insufficient capital resources. Internal control over financial reporting was deemed ineffective due to material weaknesses.
Sharing Economy International Inc., a Nevada holding company with operations conducted through subsidiaries in Hong Kong, reports a financially distressed position for the year ended December 31, 2022. The company focuses on sharing-economy platforms and the ECrent online rental marketplace, but these initiatives remain early stage with limited revenues.
At year-end 2022, cash was minimal, liabilities far exceeded assets and stockholders’ equity was deeply negative, leading management and auditors to express substantial doubt about the company’s ability to continue as a going concern. The business relies on short-term bank loans and potential future financings to fund operations and an estimated $2 million expansion need.
The company highlights significant legal and regulatory risks tied to its Hong Kong- and PRC-related structure, including possible PRC policy changes, capital controls, tax exposure, data and cybersecurity rules, and potential impacts from the Holding Foreign Companies Accountable Act on U.S. trading status. No dividends or intercompany cash transfers have occurred, and management does not expect dividends in the foreseeable future.