DISCUSSION AND ANALYSIS BY MANAGEMENT OF SUNRISE REAL ESTATE GROUP INC ON THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Kind 10-Q)

RISKS ASSOCIATED WITH FORWARD-LOOKING STATEMENTS INCLUDED IN THIS FORM 10-Q

Along with historic info, this Kind 10-Q comprises forward-looking
statements. Ahead-looking statements are primarily based on our present beliefs and
expectations, info presently obtainable to us, estimates and projections
about our trade, and sure assumptions made by our administration. These
statements aren't historic information. We use phrases resembling "anticipates",
"expects", "intends", "plans", "believes", "seeks", "estimates", and related
expressions to determine our forward-looking statements, which embody, amongst
different issues, our anticipated income and price of our company and funding
enterprise.

As a result of we're unable to manage or predict lots of the components that may
decide our future efficiency and monetary outcomes, together with future
financial, aggressive, and market situations, our forward-looking statements are
not ensures of future efficiency. They're topic to dangers, uncertainties,
and errors in assumptions that might trigger our precise outcomes to vary
materially from these mirrored in our forward-looking statements. We consider
that the assumptions underlying our forward-looking statements are cheap.
Nonetheless, the investor shouldn't place undue reliance on these forward-looking
statements. They solely replicate our view and expectations as of the date of this
Kind 10-Q. We undertake no obligation to publicly replace or revise any
forward-looking assertion in gentle of latest info, future occasions, or different
occurrences.

There are a number of dangers and uncertainties, together with these referring to our
skill to lift cash and develop our enterprise and potential difficulties in
integrating new acquisitions with our present operations, particularly as they
pertain to international markets and market situations. These dangers and uncertainties
can materially have an effect on the outcomes predicted. The Firm's future working
outcomes over each the brief and long run will likely be topic to annual and
quarterly fluctuations as a consequence of a number of components, a few of that are outdoors our
management. These components embody however aren't restricted to fluctuating market demand
for our companies, and common financial situations.

The next Administration's Dialogue and Evaluation ("MD&A") is meant to assist
the reader perceive Dawn Actual Property Group, Inc. ("SRRE"). MD&A is supplied
as a complement to, and must be learn together with, our monetary
statements and the accompanying notes.

OVERVIEW

In October 2004, the previous shareholders of Dawn Actual Property Growth
Group, Inc. (Cayman Islands) ("CY-SRRE") and LIN RAY YANG Enterprise Ltd.
("LRY") acquired a majority of our voting pursuits in share trade. Earlier than
the completion of the share trade, SRRE had no persevering with operations, and its
historic outcomes wouldn't be significant if mixed with the historic
outcomes of CY-SRRE, LRY and their subsidiaries.

On account of the acquisition, the previous homeowners of CY-SRRE and LRY maintain a
majority curiosity within the mixed entity. Usually accepted accounting
rules require in sure circumstances that an organization whose shareholders
retain the bulk voting curiosity within the mixed enterprise be handled because the
acquirer for monetary reporting functions. Accordingly, the acquisition has been
accounted for as a "reverse acquisition" association whereby CY-SRRE and LRY are
deemed to have bought SRRE. Nonetheless, SRRE stays the authorized entity and the
Registrant for Securities and Alternate Fee reporting functions. The
historic monetary statements previous to October 5, 2004 are these of CY-SRRE
and LRY and their subsidiaries. All fairness info and per share information prior
to the acquisition have been restated to replicate the inventory issuance as a
recapitalization of CY-SRRE and LRY.

SRRE and its subsidiaries, specifically, CY-SRRE, LRY, Shanghai Xin Ji Yang Actual
Property Session Firm Restricted ("SHXJY"), Shanghai Shang Yang Actual Property
Session Firm, Ltd. ("SHSY"), Suzhou Gao Feng Hui Property Administration
Firm, Ltd, ("SZGFH"), Suzhou Shang Yang Actual Property Session Firm
("SZSY"), Suzhou Xin Ji Yang Actual Property Session Firm, Ltd. ("SZXJY"),
Linyi Shang Yang Actual Property Growth Firm Ltd ("LYSH"), Shangqiu Shang
Yang Actual Property Session Firm, Ltd., ("SQSY"), Wuhan Gao Feng Hui
Session Firm Ltd.(WHGFH), Sanya Shang Yang Actual Property Session
Firm, Ltd. ("SYSH"), Shanghai Rui Jian Design Firm, Ltd., ("SHRJ"), Wuhan
Yuan Yu Lengthy Actual Property Growth Firm, Ltd. ("WHYYL"), and Shanghai Da Er
Wei Buying and selling Firm Restricted ("SHDEW") are typically hereinafter collectively
known as "the Firm", "we", "our", or "us".

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The Firm’s principal actions are actual property company gross sales, actual property advertising companies, actual property investments, property leasing companies, property administration companies and actual property growth within the Folks’s Republic of China.

RECENT DEVELOPMENTS


Our main enterprise is actual property company gross sales, actual property advertising companies,
actual property investments, property leasing companies, property administration
companies, and actual property growth within the PRC. Moreover, we develop our
enterprise to the sector of monetary actions resembling entity funding, fund
administration, monetary companies and so forth.

Since we began our company gross sales operations in 2001, we've established a
repute as a gross sales and advertising company for brand spanking new initiatives. With our
accrued experience and expertise, we intend to take a extra aggressive function
by collaborating in property investments. We plan to pick property builders
with excellent {qualifications} as our strategic companions, and proceed to construct
power in design, planning, positioning and advertising companies.

In October 2011, we established LYSY and personal 34% of the corporate. Through the
first quarter of 2012, we acquired roughly 103,385 sq. meters for the
objective of growing villa-style residential housing. The LYSY undertaking has
divided into three phases. Part 1 has accomplished development of 121 models in
Could 2015 and offered 119 models out of all 121 models on the finish of October 31, 2022.
Part 2 was divided into north and south space and accomplished development of 84
models on the finish of 2020. All 84 models have been offered throughout part 2 by the top
of October 31, 2022. Part 3 started development in first quarter of 2021and
pre-sold 20 models out of 51units as of October 31, 2022. In September 2020, the
Firm expanded the Linyi undertaking by buying extra 54,312 sq. meters
within the quantity of 228 million RMB for future growth.

On March 13, 2014, the Firm signed a joint growth settlement with Zhongji
Pufa Actual Property Co. ("SHGXL"). In response to this settlement, the Firm has
obtained a proper to develop the Guangxinglu ("GXL") undertaking, positioned at 182 lane
Guangxinglu, Putuo district, Shanghai, PRC. This undertaking covers a website space of
roughly 2,502 sq. meters for the event of 1 residence constructing.
In 2016, the federal government issued a regulation prohibiting the by-unit sale of
commercial-use buildings. The residence unit sale for the GXL undertaking was placed on
maintain till the federal government reviewed our undertaking's standing. Throughout that point, we
rented any unsold residence models whereas not recognizing the models beforehand
offered earlier than the regulation. In March 2019, we obtained authorities affirmation
that our undertaking can't be offered on a unit-by-unit foundation going ahead. The
Firm determined to proceed working the undertaking by renting the models. These
unsold models are acknowledged as funding in properties in Be aware 8. We additionally
acknowledged all of the models that had been offered earlier than the regulation in our monetary
assertion for the fiscal 12 months ended December 31, 2019.

SHDEW was established in June 2013 with its enterprise as a skincare and beauty
firm. SHDEW's on-line Wechat shops had a membership of over ten million
members as of October 31, 2022. SHDEW develops its personal skincare merchandise as nicely
as enhancing its on-line ecommerce platform. SHDEW sells merchandise below its personal
manufacturers in addition to the merchandise from third events. The merchandise embody
skincare, cosmetics, private care merchandise resembling soaps, shampoos, skincare
units and youngsters's attire. SHDEW has a web-based buying app, "???," the place
customers can buy its cosmetics and skincare merchandise in addition to merchandise
imported into China.

In October 2018, HATX bought the property in Huai'an, Qingjiang Pu district
with an space of 78,030 sq. meters. In December 2018, we established HAZB with
a 78.46% possession for the aim of actual property funding and in March 2019,
HAZB bought 100% of HATX and its land utilization rights to the Huai'an property.
The Huai'an undertaking, named Tianxi Occasions, began its first part growth in
early 2019 with a GFA of 82,218 sqm totaling 679 models, and began its second
part in 2020 with a GFA of 99,123 sqm totaling 873 models. As of September 30,
2022, the Firm offered and 669 models out of 679 models of the primary part and
offered and pre-sold 80 models and 284 models, respectively, out of 873 of the second
part.

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RECENTLY ADOPTED ACCOUNTING STANDARDS


In February 2016, the FASB issued ASU 2016-02 which establishes new accounting
and disclosure necessities for leases. ASU No. 2016-02 requires recognition in
the assertion of operations of a single lease value, calculated in order that the price
of the lease is allotted over the lease time period, typically on a straight-line
foundation. ASU 2016-02 requires classification of all money funds inside working
actions within the assertion of money flows. Disclosures are required to offer
the quantity, timing and uncertainty of money flows arising from leases. The
Firm adopted ASU 2016-02 within the first quarter of 2022 utilizing the efficient
date method to acknowledge and measure leases as of the adoption date. The
Firm has elected to make the most of the obtainable sensible expedient to not separate
lease parts from non-lease parts in addition to the bundle of sensible
expedients that enables the Firm to not reassess (1) whether or not any expired or
current contracts as of the adoption date are or comprise a lease, (2) lease
classification for any expired or current leases as of the adoption date and
(3) preliminary direct prices for any current leases as of the adoption date. On the
date of adoption on January 1, 2022, this steerage had no impression to the
Firm's condensed consolidated monetary statements.

In August 2020, the Monetary Accounting Requirements Board ("FASB") issued
Accounting Requirements Replace ("ASU") 2020-06, Debt-Debt with Conversion and Different
Choices (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Personal
Fairness (Subtopic 815-40): Accounting for Convertible Devices and Contracts
in an Entity's Personal Fairness, which, amongst different issues, offers steerage on how
to account for contracts on an entity's personal fairness. This ASU eliminates the
helpful conversion and money conversion accounting fashions for convertible
devices. It additionally amends the accounting for sure contracts in an entity's
personal fairness which might be presently accounted for as derivatives due to particular
settlement provisions. As well as, this ASU modifies how explicit convertible
devices and sure contracts which may be settled in money or shares impression
the diluted EPS computation. The amendments on this ASU are efficient for the
public firms for fiscal years starting after December 15, 2021, together with
interim intervals inside these fiscal years. Early adoption is permitted, however no
sooner than fiscal years starting after December 15, 2020. The Firm adopted
this commonplace on January 1, 2022, which had no materials impression to the Firm's
condensed consolidated monetary statements.

NEW ACCOUNTING PRONOUNCEMENTS

Accounting requirements which were issued or proposed by FASB that don't
require adoption till a future date aren't anticipated to have a cloth impression
on the monetary statements upon adoption. The Firm doesn't focus on new
accounting pronouncements that aren't anticipated to have an effect on or are
unrelated to its monetary situation, outcomes of operations, money flows or
disclosures.

APPLICATION OF CRITICAL ACCOUNTING POLICIES


Our dialogue and evaluation of our monetary situation and outcomes of operations
are primarily based upon our consolidated monetary statements. These monetary statements
are ready in accordance with typically accepted accounting rules in the
United States ("U.S. GAAP"), which requires us to make estimates and assumptions
that have an effect on the reported quantities of our belongings and liabilities and revenues and
bills, to reveal contingent belongings and liabilities on the date of the
consolidated monetary statements, and to reveal the reported quantities of
revenues and bills incurred in the course of the monetary reporting interval. Essentially the most
vital estimates and assumptions embody income recognition, and the
helpful lives and impairment of property and tools, and funding
properties, the valuation of actual property property below growth, the
recognition of presidency subsidies, and the provisions for earnings taxes. We
proceed to judge these estimates and assumptions that we consider to be
cheap below the circumstances. We depend on these evaluations as the idea
for making judgments in regards to the carrying values of belongings and liabilities that
aren't readily obvious from different sources. Since using estimates is an
integral element of the monetary reporting course of, precise outcomes may
differ from these estimates. A few of our accounting insurance policies require larger
levels of judgment than others of their utility. We consider important
accounting insurance policies as disclosed on this Kind 10-Q replicate the extra vital
judgments and estimates utilized in preparation of our consolidated monetary
statements. We consider there have been no materials modifications to our important
accounting insurance policies and estimates.

The next important accounting insurance policies are primarily based on assumptions and estimates and had been used within the preparation of our condensed consolidated monetary statements.


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Income Recognition

A lot of the Firm's income is derived from actual property gross sales within the PRC. The
majority of the Firm's contracts comprise a single efficiency obligation
involving vital actual property growth actions which might be carried out
collectively to ship an actual property property to clients. Revenues arising from
actual property gross sales are acknowledged when or because the management of the asset is
transferred to the client. The management of the asset might switch over time or
at a time limit. For the gross sales of particular person condominium models in an actual
property growth undertaking, the Firm has an enforceable proper to cost for
efficiency accomplished so far, income is acknowledged over time by measuring the
progress in direction of full satisfaction of that efficiency obligation.
In any other case, income is acknowledged at a time limit when the client obtains
management of the asset.

All earnings represents gross receipts much less gross sales and enterprise taxes.

ASC 606 requires an entity to acknowledge income when it transfers promised items
or companies to clients in an quantity that displays the consideration to which
the entity expects to be entitled in trade for these items or companies. ASC
606 creates a five-step mannequin that requires entities to train judgment when
contemplating the phrases of the contract(s) which embody (i) figuring out the
contract(s) with the client, (ii) figuring out the separate efficiency
obligations within the contract, (iii) figuring out the transaction worth,
(iv) allocating the transaction worth to the separate efficiency obligations,
and (v) recognizing income when every efficiency obligation is happy. ASC
606 additionally specifies the accounting for the incremental prices of acquiring a
contract and the prices straight associated to fulfilling a contract. As well as,
ASC 606 requires in depth disclosures.

The Firm adopted ASC 606 on January 1, 2018 utilizing the modified retrospective
method with no restatement of comparative intervals and no cumulative-effect
adjustment to retained earnings acknowledged as of the date of adoption. A
significant slice of the Firm's income is derived from growth and
gross sales of condominium actual property property within the PRC, with income beforehand
acknowledged utilizing the share of completion methodology. Below the brand new commonplace, to
acknowledge income over time just like the share of completion methodology,
contractual provisions want to offer the Firm with an enforceable proper to
cost and the Firm has no different use of the asset. Traditionally, all
contracts executed contained an enforceable proper to house buy funds and
the Firm had no different use of belongings, subsequently, the adoption of ASC 606
didn't have a cloth impression on the Firm's consolidated monetary
statements.

Actual Property Property in Growth

Actual property property below growth, which consists of residential unit websites
and business and residential unit websites below growth, is said on the
decrease of carrying quantities or truthful worth much less promoting prices.

Expenditures for land growth, together with value of land use rights, deed tax,
pre-development prices and engineering prices, are capitalized and allotted to
growth initiatives by the particular identification methodology. Prices are allotted
to particular models inside a undertaking primarily based on the ratio of the gross sales worth of
models to the estimated complete gross sales worth occasions the entire undertaking prices.

Prices of facilities transferred to patrons are allotted as frequent prices of the
undertaking which might be allotted to particular models as a element of complete
development prices. For facilities retained by the Firm, prices in extra of
the associated truthful worth of the amenity are additionally handled as frequent prices. Outcomes
of operations of facilities retained by the Firm are included in present
working outcomes.

In accordance with ASC 360, "Property, Plant and Tools" ("ASC 360"), actual
property property below growth is topic to valuation changes when the
carrying quantity exceeds truthful worth. An impairment loss is acknowledged provided that the
carrying quantity of the belongings will not be recoverable and exceeds truthful worth. The
carrying quantity will not be recoverable if it exceeds the sum of the undiscounted
money flows anticipated to be generated by the belongings.

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Earnings Taxes

The Firm accounts for earnings taxes below ASC 740, Earnings Taxes. Below the
asset and legal responsibility methodology of ASC 740, deferred tax belongings and liabilities are
acknowledged for the longer term tax penalties attributable to variations between
the monetary statements carrying quantities of current belongings and liabilities and
their respective tax bases. Deferred tax belongings and liabilities are measured
utilizing enacted tax charges anticipated to use to taxable earnings within the years in
which these momentary variations are anticipated to be recovered or settled. The
impact on deferred tax belongings and liabilities of a change in tax charges is
acknowledged in earnings within the interval the enactment happens. A valuation allowance
is supplied for sure deferred tax belongings whether it is extra seemingly than not that
the Firm is not going to understand tax belongings by means of future operations. Deferred tax
belongings or liabilities had been off-set by a 100% valuation allowance; subsequently
there was no acknowledged profit as of September 30, 2022 and December
31,
2021.

RESULTS OF OPERATIONS

We offer the next dialogue and analyses of our modifications in monetary
situation and outcomes of operations for the interval ended September 30, 2022 with
comparisons to the interval ended September 30, 2021.

Earnings

The next desk exhibits the element of internet earnings by enterprise line:

                                           Three Months Ended September 30,                                    9 Months Ended September 30,
                               2022       % to complete      2021       % to complete    % change       2022       % to complete       2021       % to complete    % change
Property administration            440,717             2      374,292             6          18       873,352             1     1,002,290             7        (12)
Home gross sales                 21,902,972            98    5,554,527          
 94         294    68,234,397            99    13,293,463            93         413
Internet revenues                22,343,689           100    5,928,819           100         277    69,107,749           100    14,295,753           100         383


The web income for the third quarter of 2022 was $22,343,689, which elevated
277% from $5,928,819 from the third quarter of 2021. The web income for the
first three quarters of 2022 was $69,107,749, which represented a improve of
383% from $14,295,753 from the primary three quarters of 2021. For the third
quarter of 2022, property administration and home gross sales represented 2% and 98% of
our internet revenues, respectively. For the primary three quarters of 2022, property
administration and home gross sales represented 1% and 99% of our internet revenues,
respectively. The rise in internet income for the primary three quarters of 2022
was primarily because of the recognition of income of Huaian Tianxi undertaking at a
sure portion.

administrative property


Property administration represented 1% of our income for the primary three quarter of
2022 and income from property administration decreased by 12% in contrast with the
identical interval in 2021.

Home gross sales

For the primary three quarters of 2022, the Firm has acknowledged home gross sales of
Huaian Tianxi undertaking at a sure portion. Home gross sales represented 99% of our
income for the primary three quarters of 2022.

value of income

The next desk exhibits the element of the price of income by enterprise line:

                                          Three Months Ended September 30,                                    9 Months Ended September 30,
                              2022       % to complete      2021       % to complete    % change       2022       % to complete       2021       % to complete    % change
Property administration           383,745             2    4,187,784           
 9         (8)     1,175,877             2     1,228,121            10         (4)
Home gross sales                18,920,023            98    4,056,273            91         366    59,658,118            98    10,677,417            90         458
Value of revenues           19,303,768           100    4,475,051           100         331    60,833,998           100    11,905,538           100         410


The price of income for the third quarter of 2022 was $19,303,768, which
elevated 331% from $4,475,051 in the course of the third quarter of 2021. The price of
revenues for the primary three quarters of 2022 was $60,833,998, which elevated
410% from $11,905,538 in the course of the first three quarters of 2021. For the third
quarter of 2022, property administration, and home gross sales represented 2% and 98% of
our value of

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income, respectively. For the primary three quarters of 2022, property
administration, and home gross sales represented 2% and 98% of our value of income,
respectively. The rise in the price of income within the third quarter and in
the primary three quarters of 2022 was primarily because of the firm acknowledged the
value of income of Huaian Tianxi undertaking at a sure portion.

administrative property

The price of income for property administration for the primary three quarters of 2022 was $11,175,877a lower of 4% of $1,228,121 in the identical interval in 2021.

Home sale

Through the first three quarters of 2022, the Firm has acknowledged house gross sales from the price of income from the Huaian Tianxi undertaking in a sure portion. Residence gross sales represented 98% of our revenues for the primary three quarters of 2022.

working bills

The next desk exhibits the element of working bills by enterprise line:

                                           Three Months Ended September 30,                                9 Months Ended September 30,
                               2022      % to complete     2021      % to complete    % change      2022       % to complete      2021       % to complete    % change
Property administration           345,750            65    165,805            30         108      801,036            53      683,995            28          17
Home gross sales                   187,685            35    387,860            70        (52)      703,341            47    1,781,856            72        (60)
Working bills            533,435           100    553,665           100         (4)    1,504,377           100    2,465,851           100        (38)


The working bills for the third quarter of 2022 had been $533,435, which
decreased 4% from $553,665 for a similar interval in 2021. The entire working
bills for the primary three quarters of 2022 had been $1,504,377, which decreased
38% from $2,465,851 for a similar interval in 2021. For the third quarter of 2022,
property administration and home gross sales represented 65%, and 35% of the entire
working bills, respectively. For the primary three quarters of 2022, property
administration and home gross sales represented 53%, and 47% of the entire working
expense, respectively. The lower within the general working expense resulted
from the lower in property administration for the third quarter and the primary
three quarters of 2022.

Property administration
The working bills for property administration for the primary three quarters of
2022 had been $801,036, a rise of 17% from $683,995 in the identical interval in 2021.
The lower is principally because of the consulting bills referring to the enterprise.

Home sale

The working bills for home gross sales for the primary three quarters of 2022 had been
$703,341 which decreased 60% from $1,781,856 in the identical interval in 2021. The
improve is principally because of the operations of HATX undertaking.

Normal and adminsitrative bills

Normal and administrative bills within the first three quarters of 2022 had been
$2,613,218a 9% lower from $2,878,477in the identical interval of 2021.

Different earnings, internet

Different loss for the primary three quarters of 2022 was $2,984,763, a lower of
91% from $33,981,064 for a similar interval in 2021. The lower in earnings was
primarily because of the lack of dividend obtained from SHDEW and the lack of
transactional monetary belongings.

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Transaction with a major associated get together


A associated get together is an entity that may management or considerably affect the
administration or working insurance policies of one other entity to the extent one of many
entities could also be prevented from pursuing its personal pursuits. A associated get together might
even be any get together the entity offers with that may train that management.

Quantity owed to administrators

The entire quantity owed to administrators for September 30, 2022 I used to be $449,840. The quantities owed are as follows:

quantity as a consequence of lin chi jung

balances as a consequence of lin chi jung consists of momentary advances amounting to
$429,424 and they’re unsecured, interest-free and with no fastened compensation interval.

quantity as a consequence of lin hsin hung

The quantity of $20,415 represents the wage to be paid to lin hsin hung.

Quantity owed to the member

The quantity owed to SHSJ and JXSY, within the quantity of $48,784,962 Y $499,317they had been intercompany transfers for the day-to-day operation.

LIQUIDITY AND CAPITAL RESOURCES


For the primary three quarters of 2022, our principal sources of money had been
revenues from our home gross sales assortment and property administration enterprise, as
nicely because the dividend receipt from the associates. Most of our money sources
had been used to fund our property growth funding and income associated
bills, resembling salaries and commissions paid to the gross sales drive, every day
administrative bills and the upkeep of regional places of work.

We ended the interval with a money place of $10,607,248.

The Firm’s working actions used money within the quantity of $2,403,359which was primarily because of the recognition of earnings from the true property undertaking.

The Firm’s investing actions used money sources of $28,505,003which was primarily as a consequence of funding in transactional monetary belongings.

The Firm’s financing actions supplied money sources of $19,588,608which was primarily attributed to the money crunch from our actual property developments.


The potential money wants for 2022 are for funding in transactional monetary
belongings, development for our growth initiatives within the Huai'an undertaking (HATX)
and the Linyi undertaking.

In response to the general public data, the Market Supervision Administrations of
Baokang County, which is a county positioned inside Xiangyang Metropolis, Hubei Province,
China, is conducting an investigation into the enterprise practices of SHDEW and
a few of its associates. SHDEW is within the enterprise of promoting cosmetics and different
client items on-line. Whereas we personal roughly 19.91% of SHDEW, we don't
have any management or affect over its enterprise practices. We aren't associated to
this investigation, and we're unable to judge the deserves of any allegations.
At this stage, we're additionally unable to judge the impression on our future money stream
ensuing from this investigation.

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Capital Sources

Contemplating our money place, obtainable credit score amenities and money generated
from working actions, we consider that we've ample funds to function
our current enterprise for the subsequent twelve months. If our enterprise in any other case
grows extra quickly than we presently predict, we plan to lift funds by means of the
issuance of extra shares of our fairness securities in a number of public or
personal choices. We can even think about elevating funds by means of credit score amenities
obtained with lending establishments. There may be no assure that we are going to be
capable of get hold of such funds by means of the issuance of debt or fairness or get hold of funds
which might be with phrases passable to administration and our board of administrators.

OFF BALANCE SHEET DEALS

The Firm doesn’t have off-balance sheet agreements.

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