Sharing Economy International Inc., i.E. A designer, producer, and distributor of finishing and dyeing machinery to the enterprise of textile has announced the financial consequences for the complete yr 2018 nowadays.
“In 2018, our legacy dyeing and finishing business endured standing severa challenges inclusive of tough financial conditions, rising uncooked substances charges, and pressured closures via the Chinese government, which adversely impacted our economic effects for the 12 months. We also recorded $8.6 million in impairment losses associated with patent use rights and the disposition of manufacturing gadgets at the side of an $8.9 million loss on our sun farm fairness method funding following the Chinese authorities’ halt on new sun farm installations and reduced subsidies for solar farms already below production,” commented the Chief Executive Officer and
chairman of SEII, Jianhua Wu. “Given the demanding situations dealing with our current production operations, we keep looking for new boom opportunities for the Company. In 2018, we mounted new sharing financial system businesses in peer-to-peer errand services, coworking, and 3D digital excursions. We were making accurate development in growing our online rental sharing commercial enterprise in Asia.
The Vice President at SEII, Parkson Yip, said, “While the improvement of our sharing financial system businesses depends on extra capital to fund their increase, we made great strides over the last 12 months. In 2018 we released BuddiGo, our sharing platform that offers on-demand delivery of objects including programs, plants, cakes, and food shipping via ‘friends’ who can spare idle time to run errands inside the Hong Kong marketplace.
During the yr we had over 1,2 hundred individuals formally registered as promote-facet friends, and that they completed over 500 transport orders. Meanwhile, three-D Discovery generated over $0.2 million in revenue in 2018 and continues its work on Autocap. This cellular app permits users to create an interactive virtual tour of a physical area using a cell phone camera. Finally, through our agreement with ECrent, we hold our prelaunch sports for our peer-to-peer apartment sharing financial system in Asia. We remain optimistic approximately the future of this enterprise and are hopeful it will make a meaningful contribution to our top line in 2019.”