U.UNITED ~~S. Securities and Exchange Commission~~STATES

~~Washington,~~SECURITIES D.AND C.EXCHANGE ~~20549~~COMMISSION

WASHINGTON, D.C. 20549

(Mark One)

FORM 10-Q

xþ QUARTERLY REPORT ~~UNDER~~PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2017~~2018

~~¨ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~or

~~For~~¨ ~~the~~TRANSITION ~~transition~~REPORT ~~period from~~PURSUANT ~~_____~~TO toSECTION ~~_____~~13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~Commission~~For ~~File~~the ~~No.~~transition ~~0-55744~~period from _______________ to _______________

~~SINORAMA~~Commission ~~CORPORATION~~file ~~(Exact Name of Registrant in its Charter)~~number: 000-55744

Florida		81-3305510
(State or Other Jurisdiction of		(I.R.S. Employer I.D. No.)
incorporation or organization)

SINORAMA CORPORATION

(Exact name of Registrant as specified in its charter)

La Plaza Swatow, Office 518, 998 Blvd. Saint-Laurent, Montreal, Quebec H2Z9Y9 Canada (Address of Principal Executive Offices)

Florida

4724

81-3305510

(State or other jurisdiction of incorporation
or organization)

(Primary Standard Industrial Classification
Code Number)

(I.R.S. Employer

Identification Number)

~~Issuer’s~~La ~~Telephone~~Plaza ~~Number:~~Swatow, ~~514-866-6888~~Office 518

~~Indicate by~~P.O. ~~check~~Box mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports)008, ~~and~~ ~~(2)~~998 ~~has been subject to such filing requirements for the past 90 days~~Blvd. ~~Yes x No ¨~~Saint-Laurent

~~Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site~~Montreal, ifQC ~~any,~~H2Z every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.) Yes x No ¨9Y9

~~Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b~~001-~~2 of the Exchange Act) Yes ¨ No x~~514-866-6888

~~Indicate by check mark whether the registrant is a large accelerated filer~~(Address, anincluding ~~accelerated~~zip ~~filer~~code, aand ~~non-accelerated filer, or a smaller reporting company. See the definitions~~telephone ~~of “large accelerated filer~~number,” ~~“accelerated~~including ~~filer”~~area ~~and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One)~~code,

~~Large~~of ~~accelerated~~Registrant’s ~~filer~~principal ¨executive ~~Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x Emerging growth company x~~offices)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	¨	Accelerated Filer	¨

Non-accelerated Filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	Yes x

		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

~~APPLICABLE ONLY TO CORPORATE ISSUERS:~~ Indicate ~~the~~by ~~number~~check ofmark ~~shares~~whether ~~outstanding~~the ofregistrant ~~each~~is ofa ~~the~~shell ~~Registrant's~~company ~~classes~~(as ofdefined ~~common~~in ~~stock,~~Rule as12b-2 of the ~~latest~~Exchange ~~practicable~~Act). ~~date:~~Yes ¨ No x

~~November~~Indicate 17the number of shares outstanding of each of the issuer’s classes of common stock, ~~2017~~as of the latest practicable date.

~~Common~~As ~~Voting~~of ~~Stock:~~the date of filing of this report, there were outstanding 15,186,000 shares of the issuer’s common stock, par value $0.001 per share.

SINORAMA CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE FISCAL QUARTER ENDED september 30, 2017

TABLE OF CONTENTS

		Page No
		Page
Part I	Financial Information
PART I -FINANCIAL INFORAMTION		3
Item 1.	Financial Statements ~~(unaudited):~~	3
	Condensed Consolidated Balance Sheets – September 30, 2017 and December 31, 2016	F-1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - for the Three and Nine Month Periods Ended September 30, 2017 and September 30, 2016	F-2
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	7
	Condensed Consolidated Statements of Cash Flows - for the Nine Months Ended September 30, 2017 and September 30, 2016	F-3
Item 4.	Controls and Procedures	7
	Notes to Condensed Consolidated Financial Statements	F-4
PART II-OTHER INFORAMTION		8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 1.	Legal Proceedings	8
Item 3	Quantitative and Qualitative Disclosures about Market Risk	21
Item 1A.	Risk Factors	8
Item 4.	Controls and Procedures	21
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	8
Part II	Other Information
Item 3.	Defaults Upon Senior Securities	8
Item 1.	Legal Proceedings	22
Item 4.	Mine Safety Disclosure	8
Items 1A.	Risk Factors	22
Item 5.	Other Information	9
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 6.	Exhibits	9
Item 3.	Defaults upon Senior Securities	22
	Signatures	10
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	22

~~PART I. FINANCIAL INFORMATION~~2

~~ITEM~~PART ~~1. CONSOLIDATED~~ I-FINANCIAL ~~STATEMENTS~~INFORAMTION

~~SINORAMA~~ITEM ~~CORPORATION~~1. CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

~~CONDENSED~~The ~~CONSOLIDATED~~condensed unaudited ~~BALANCE~~consolidated ~~SHEETS~~financial statements have been prepared in accordance with the instructions to Form 10-Q and Item Regulation S-X, Rule 10-01(c) Interim Financial Statements, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders' equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that can be expected for the year ended December 31, 2018.

~~(EXPRESSED~~INDEX INTO USCONSOLIDATED ~~DOLLARS)~~FINANCIAL STATEMENTS

		September 30,			December 31,
	Page
		2017			2016
Condensed Interim Consolidated Balance Sheets— March 31, 2018 (Unaudited) and December 31, 2017	F-2
		(Unaudited)
Condensed Interim Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2018 and 2017 (Unaudited)	F-3
Assets
Condensed Interim Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017 (Unaudited)	F-4
Current Assets:
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)	F-5 - F-20
Cash and cash equivalents		$	3,365,017		$	6,181,785
Restricted cash			1,321,286			2,371,212
Short term investment			1,176,117			210,148
Accounts receivable			17,866			233,361
Amount due from related parties			7,092,622			3,563,858
Prepayments & deferred expenses			21,144,546			9,234,410
Other receivable			573,905			728,887
Total current assets			34,691,359			22,523,661
Long term deposits			2,316,421			2,065,019
Property and equipment, net			296,381			235,173
Total assets		$	37,304,161		$	24,823,853
Liabilities and shareholders’ equity
Current Liabilities:
Accounts payable and accrued liabilities		$	5,297,812		$	3,373,444
Customer deposits			33,893,902			22,772,259
Payroll payable			158,440			123,644
Amount due to related party			10,230			1,435,433
Total current liabilities			39,360,384			27,704,780
Total liabilities		$	39,360,384		$	27,704,780
Shareholders’ deficit
Common stock; $0.001 par value, 100,000,000 shares authorized; 15,186,000 shares and 14,700,000 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively			15,186			14,700
Additional paid-in capital			5,211,266			4,483,102
Accumulated deficit			(4,318,095	)		(4,750,659	)
Accumulated other comprehensive income			24,713			387,917
Total shareholders’ equity of the Company			933,070			135,060
Non-controlling interest			(2,989,293	)		(3,015,987	)
Total shareholders’ deficit			(2,056,223	)		(2,880,927	)
Total liabilities and shareholders’ deficit		$	37,304,161		$	24,823,853

~~The accompanying notes are an integral part of these condensed consolidated financial statements.~~3

~~F-1~~ SINORAMA CORPORATION

~~SINORAMA~~CONDENSED ~~CORPORATION~~INTERIM CONSOLIDATED BALANCE SHEETS

~~CONDENSED~~(EXPRESSED ~~CONSOLIDATED~~IN ~~STATEMENTS~~US ~~OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS~~DOLLARS),

(EXPRESSED IN US DOLLARS)

	March 31,			December 31,
	2018			2017
	(Unaudited)
Assets
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

Liabilities and shareholders’ equity
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

~~(Unaudited)~~The accompanying notes are an integral part of these consolidated financial statements.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Revenue:
Asian Tours	$	18,200,851		$	13,665,138		$	51,209,181		$	41,390,673
Bus Tours		7,211,248			5,700,151			10,786,106			7,866,572
Third party product sales		2,175,561			2,016,497			6,626,844			5,680,878
Total revenue		27,587,660			21,381,786			68,622,131			54,938,123
Cost of Sales		22,028,493			19,528,615			58,317,071			49,070,761
Gross Profit		5,559,167			1,853,171			10,305,060			5,867,362
Operating costs and expenses:
Salaries and employee benefits		1,374,618			1,036,409			3,561,040			2,788,733
Advertising and promotion		1,568,414			1,375,334			4,570,046			3,027,017
Rent and occupancy charges		76,979			79,172			173,512			229,670
Office and general		166,028			98,113			374,987			250,613
Bank charge and interest		106,047			378,377			1,276,224			983,460
Business taxes and licenses		9,808			4,962			17,398			5,410
Professional fees		35,923			29,794			123,972			104,327
Depreciation of property and equipment		5,787			10,360			32,567			28,494
Insurance		13,571			16,165			41,294			25,192
Other expense		817			660			3,704			4,870
Total operating costs and expenses		3,357,992			3,029,346			10,174,744			7,447,786
Income (loss) from operations before other income and income taxes		2,201,175			(1,176,175	)		130,316			(1,580,424	)
Other income		584,183			6,225			581,500			51,299
Income (loss) from operations before income taxes		2,785,358			(1,169,950	)		711,816			(1,529,125	)
Income tax		-			108,241			-			131,485
Net income(loss)		2,785,358			(1,278,191	)		711,816			(1,660,610	)
Less: net income (loss) attributable to non-controlling interests		993,483			(431,532	)		279,252			(505,918	)
Net income (loss) attributable to the Company	$	1,791,875			(846,659	)	$	432,564			(1,154,692	)
Other comprehensive income (loss):
Foreign currency translation adjustment attributable to non-controlling interests		(120,505	)		50,896			(252,558	)		224,927
Foreign currency translation adjustment attributable to the Company		(157,431	)		219,956			(363,204	)		321,244
Comprehensive income (loss)	$	2,507,422			(1,007,339	)	$	96,054			(1,114,439	)
Less: Comprehensive income/loss attributable to non-controlling interests		872,978			(380,636	)		26,694			(280,991	)
Comprehensive income (loss) attributable to the Company	$	1,634,444			(626,703	)	$	69,360			(833,448	)
Basic and diluted earnings per share	$	0.12			(0.08	)	$	0.03			(0.10	)
Weighted average number of shares outstanding		15,186,000			11,000,000			15,009,944			11,000,000

F-2

~~The~~SINORAMA ~~accompanying notes are an integral part of these unaudited condensed consolidated financial statements.~~CORPORATION

~~F-2~~ CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

~~SINORAMA~~(EXPRESSED ~~CORPORATION~~IN US DOLLARS, EXCEPT SHARES DATA)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2018			2017
	(Unaudited)			(Unaudited) (Restated)
Revenue:
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			-
Third Parties Sales		1,215,388			701,851
Total Tus 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			-
Professional fees		37,942			43,030
Depreciation of property and equipment		19,709			13,558
Insurance		46,087			8,445
Other expense		-			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	)
Other comprehensive loss:
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

~~(EXPRESSED~~The INaccompanying USnotes ~~DOLLARS)~~are an integral part of these consolidated financial statements.

	Nine Months Ended September 30,
	2017			2016
	(Unaudited)			(Unaudited)
Cash Flows from Operating Activities
Net income (loss)	$	711,816		$	(1,660,610	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:					-
Depreciation		32,567			28,494
Interest		(207	)		-
Changes in operating assets and liabilities:
Accounts receivable		222,837			(353,883	)
Prepayments & deferred expenses		(10,448,854	)		(8,815,114	)
Due from related parties		(2,799,320	)		(1,283,260	)
Other receivable		207,723			277,952
Term deposit		-			54,175
Accounts payable and accrued liabilities		1,158,416			3,599,730
Customer deposits		8,883,479			5,082,395
Payroll payable		21,035			(25,164	)
Income taxes payable		-			12,406
Other payable		-			(15,136	)
Due to related parties		(2,194,736	)		(75,648	)
Net cash used in operating activities		(4,205,244	)		(3,173,663	)
Cash Flows from Investing Activities
Short term investment		(1,036,758	)		807,315
Proceeds from redemption of short term investment		129,058			-
Interest		87			-
Purchases of property and equipment		(73,764	)		(100,691	)
Net cash provided by (used in) investing activities		(981,377	)		706,624
Cash Flows from Financing Activities
Share subscription deposits		728,650			-
Net cash provided by financing activities		728,650			-
Effect of exchange rate fluctuation on cash and cash equivalents		591,277			860,905
Net decrease in cash and cash equivalents		(3,866,694	)		(1,606,134	)
Cash and cash equivalents, beginning of period		8,552,997			5,826,130
Cash and cash equivalents, end of period	$	4,686,303		$	4,219,996
Supplemental disclosure of cash flow information
Cash paid for income taxes	$	-		$	(131,485	)
Cash paid for interest		-			-

F-3

~~The~~SINORAMA ~~accompanying notes are an integral part of these condensed consolidated financial statements.~~CORPORATION

~~F-3~~ CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

~~SINORAMA~~(EXPRESSED ~~CORPORATION~~IN US DOLLARS)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Three Months Ended March 31,
	2018			2017
	(Unaudited)			(Unaudited)
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		-			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	)

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	$	-		$	-
Cash paid for interest		-			-

~~(EXPRESSED~~The INaccompanying USnotes ~~DOLLARS)~~are an integral part of these consolidated financial statements.

~~NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION~~F-4

~~Sinorama~~SINORAMA Corporation (the “Company” or “Sinorama”) was incorporated on June 30, 2016, under the laws of the State of Florida. On the same date, Sinorama issued 11,000,000 shares of its common stock in exchange for all of the outstanding shares of Sinorama Tours Co., Ltd., a Samoan corporation organized in June 2015 ("Sinorama Tours"). Sinorama Tours is a holding company with two operating subsidiaries:CORPORATION

¨NOTES ~~Vacances~~TO ~~Sinorama~~CONDENSED ~~Inc.~~INTERIM ~~(“Vacances~~CONSOLIDATED ~~Sinorama”),~~FINANCIAL STATEMENTS an integrated tour company incorporated in Quebec, Canada in December 2004. Vacances Sinorama provides Bus Tours, Asian Tours, Airline Tickets, Hotel Reservations, Cruises and other travel services to its customers worldwide. Vacances Sinorama facilitates travel commerce with online and offline travel businesses. Vacances Sinorama is servicing both business to customer (~~B2C~~UNAUDITED) ~~and business to business (“B2B”) in the travel marketplace.~~

~~¨ Sinorama Voyages~~ (~~“Sinorama~~EXPRESSED ~~Voyages”),~~IN anUS integrated tour company incorporated in France in February 2012. Sinorama Voyages also provides Bus Tours, Asian Tours, Airline Tickets and other travel services to its customers worldwide. Sinorama Voyages facilitates travel commerce with online and offline travel businesses. Sinorama Voyages services both business to customer (B2CDOLLARS) ~~and business to business (“B2B”) in the travel marketplace.~~

~~Sinorama~~NOTE ~~Tours owns 66⅔% of Vacances Sinorama through Simon Qian Voyages, Inc~~1., aNATURE ~~wholly-owned~~OF ~~subsidiary,~~OPERATIONS ~~and~~AND ~~owns~~BASIS ~~51%~~OF of Sinorama Voyages directly. The other 33⅓% of Vacances Sinorama is owned by Qian Hong, the Chairman of Sinorama. The other 49% of Sinorama Voyages is owned by Yang Ming (39%) and Zhao Hongxi (10%). Zhao Hongxi is the Chief Financial Officer of Sinorama. PRESENTATION

~~The~~Sinorama ~~control~~Corporation of (the ~~entities was not changed~~“Company” byor ~~the~~“Sinorama”) ~~acquisition~~was incorporated on June 30, 2016, asunder ~~all of~~ the ~~entities~~laws ~~remained~~of ~~under~~ the ~~control~~State of ~~Qian~~Florida. ~~Hong~~On ~~and~~the ~~his~~same ~~wife~~date, ~~Jing Wenjia.~~Sinorama ~~Accordingly,~~issued ~~we have treated the combination~~11, ~~for accounting purposes~~000,000 asshares ~~a corporate restructuring (reorganization)~~ of ~~entities under~~its common ~~control,~~stock ~~and thus the current capital structure has been retroactively presented~~ in ~~prior~~exchange ~~periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis~~ for all ~~periods to which such entities were under common control. Since all~~ of the ~~subsidiaries~~outstanding ~~were~~shares ~~under common control for the entirety~~ of ~~the~~Sinorama ~~nine~~Tours ~~months ended September 30~~Co., ~~2017 and 2016~~Ltd., ~~the~~a ~~results~~Samoan corporation oforganized ~~these subsidiaries are included~~ in ~~the~~June ~~financial statements~~2015 ~~for~~("Sinorama ~~both periods~~Tours"). ~~Non-controlling~~Sinorama ~~interests~~Tours inis ~~the~~a ~~subsidiaries~~holding ~~are~~company ~~related~~with ~~parties~~two ~~and~~operating ~~thus were not adjusted to fair value as a result of the reorganization.~~subsidiaries:

~~Basis~~· ofVacances ~~presentation~~Sinorama Inc. (“Vacances Sinorama”), an integrated tour company incorporated in Quebec, Canada in December 2004. Vacances Sinorama provides Bus Tours, Asian Tours, Airline Tickets, Hotel Reservations, Cruises and other travel services to its customers worldwide. Vacances Sinorama facilitates travel commerce with online and offline travel businesses. Vacances Sinorama is servicing both business to customer (B2C) and business to business (“B2B”) in the travel marketplace.

~~The~~· ~~Company’s~~Sinorama ~~consolidated~~Voyages ~~financial statements~~(“Sinorama ~~are~~Voyages”), ~~expressed~~an integrated tour company incorporated in UFrance in February 2012.S. ~~dollars~~Sinorama ~~and~~Voyages ~~are~~also ~~presented~~provides inBus ~~accordance~~Tours, ~~with~~Asian ~~the~~Tours, ~~United~~Airline ~~States~~Tickets ~~generally~~and ~~accepted~~other ~~accounting~~travel ~~principles ("U~~services to its customers worldwide.S. ~~GAAP")~~Sinorama ~~and~~Voyages ~~the~~facilitates ~~rules~~travel commerce with online and ~~regulations~~offline oftravel ~~the~~businesses. ~~Securities~~Sinorama Voyages services both business to customer (B2C) and ~~Exchange~~business ~~Commission~~to business (“~~SEC~~B2B”) in the travel marketplace.

~~The accompanying~~Sinorama ~~unaudited~~Tours ~~condensed~~owns ~~consolidated~~66⅔% ~~financial~~of ~~statements have been prepared in accordance with the instructions to~~Vacances ~~Form~~Sinorama ~~10-Q~~through ~~and~~Simon ~~Item~~Qian ~~Regulation~~Voyages, ~~S-X~~Inc., ~~Rule~~a 10wholly-~~01(c)~~owned ~~Interim Financial Statements~~subsidiary, and, ~~therefore,~~owns do51% ~~not~~of ~~include~~Sinorama ~~all~~Voyages ~~information and~~directly. ~~footnotes~~The ~~necessary~~other ~~for a complete presentation~~ 33⅓% of ~~financial~~Vacances ~~position,~~Sinorama ~~results~~is ofowned ~~operations,~~by ~~cash~~Qian ~~flows~~Hong, ~~and stockholders' equity in conformity with generally accepted accounting principles. In~~ the ~~opinion~~Chairman of ~~management,~~Sinorama. ~~all adjustments~~The ~~considered~~other ~~necessary~~49% ~~for a fair presentation~~ of ~~the~~Sinorama ~~results~~Voyages ofis ~~operations~~owned ~~and~~by ~~financial~~Yang ~~position~~Ming ~~have been~~(39%) ~~included~~ and ~~all~~Zhao ~~such~~Hongxi ~~adjustments are of a normal recurring nature~~(10%). ~~Operating~~Zhao ~~results~~Hongxi ~~for~~is the ~~nine~~Chief ~~months~~Financial ~~ended~~Officer ~~September 30, 2017 are not necessarily indicative~~ of ~~the results that can be expected for the year ended December 31, 2017~~Sinorama.

~~Principles~~Basis of ~~consolidation~~presentation

The ~~consolidated~~accompanying financial ~~statements~~data ~~include the~~have ~~accounts~~been ofprepared by ~~the~~us ~~Company~~pursuant ~~and~~to ~~its~~the ~~subsidiaries.~~rules ~~All inter-company transactions~~ and ~~balances~~regulations ~~have~~of ~~been~~the ~~eliminated in consolidation~~U. ~~Non-controlling~~S. ~~interests~~Securities ~~represent~~and ~~the~~Exchange ~~equity~~Commission ~~interest~~(SEC) ~~in Vacances Sinorama~~ and ~~Sinorama Voyages that~~ are ~~not~~presented ~~attributable~~in toconformity ~~the~~with ~~Company~~U.S. ~~Non-controlling~~generally ~~interest~~accepted isaccounting ~~reported~~principles in(U.S. ~~the~~GAAP). ~~consolidated~~Our ~~financial~~fiscal ~~position~~year ~~within~~end ~~equity,~~is ~~separate~~December ~~from~~31. ~~the~~Unless ~~Company’s equity~~otherwise stated, ~~and~~all years ~~net income or loss~~ and ~~comprehensive~~dates ~~income~~refer ~~or loss that are attributable~~ to ~~the~~our ~~Company~~fiscal ~~and to the non-controlling interest are separately reported on the Statement of Operations~~year.

~~F-4~~ Principles of consolidation

~~SINORAMA~~The ~~CORPORATION~~consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. Non-controlling interests represent the equity interest in Vacances Sinorama and Sinorama Voyages that are not attributable to the Company. Non-controlling interest is reported in the consolidated financial position within equity, separately from the Company’s equity, and net income or loss and comprehensive income or loss that are attributable to the Company and to the non-controlling interest are separately reported on the Statement of Operations.

~~NOTES~~Use TOof ~~CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~estimates

~~(EXPRESSED~~The INpreparation USof ~~DOLLARS)~~audited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for receivables and recoverability of carrying amount and the estimated useful lives of long-lived assets. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates.

~~NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES~~F-5

~~Use~~SINORAMA ~~of estimates~~CORPORATION

~~The~~NOTES ~~preparation~~TO ofCONDENSED ~~unaudited~~INTERIM ~~consolidated financial~~CONSOLIDATED ~~statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported~~FINANCIAL ~~amounts~~STATEMENTS of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for receivables and recoverability of carrying amount and the estimated useful lives of long-lived assets. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates.(UNAUDITED)

~~Reclassification~~(EXPRESSED IN US DOLLARS)

~~The~~NOTE ~~comparative~~2. ~~figures~~SUMMARIES ~~have~~OF ~~been~~SIGNIFICANT ~~reclassified~~ACCOUNTING ~~to conform to current presentation.~~POLICIES

~~Revenue recognition~~Reclassification

The ~~Company's~~comparative ~~revenues~~figures ~~are~~have primarily derived from sale of our self-developed products, including Bus Tour Products and Asian Tour Products. The Company also sells Third Party Products (airline tickets, hotels, etc.). Revenue is recognized only when persuasive evidence of an arrangement exists, the service has been ~~performed, the price is fixed or determinable, and the collectability of the related fee is reasonably assured, in accordance~~reclassified ~~with ASC 605, Revenue Recognition, ("ASC 605"). Specifically, contracts are signed~~ to ~~establish~~conform ~~significant terms such as the price and specific services~~ to becurrent ~~provided.~~year ~~The Company assesses the creditworthiness of our customers prior to signing the contracts to ensure collectability is reasonably assured~~presentation. ~~Non-refundable payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer advances and deposits.~~

~~Bus~~Revenue ~~Tour Products Sales~~recognition

~~Revenues~~The Company's revenues are primarily derived from ~~Bus~~sale ~~Tours~~of ~~are~~its ~~recognized~~self-developed ~~when~~products, ~~customers~~including ~~depart~~Bus ~~from~~Tour ~~the~~Products ~~trips~~and Asian Tour Products. ~~Revenues~~The ~~from~~Company ~~Bus~~also ~~Tour~~sells ~~services~~Third ~~are~~Party ~~recognized~~Products on(airline atickets, ~~gross~~hotels, etc.). ~~basis~~Effective January 1, ~~which~~2018, ~~represent~~the ~~amounts charged~~Company toadopted ~~and~~ASC ~~received~~606, “Revenue from ~~customers.~~Contracts ~~The~~with ~~Company~~Customers” isusing the ~~primary~~modified retrospective ~~obligor~~method. inThe ~~the~~adoption ~~arrangement~~did ~~and~~not ~~bear~~have a significant impact on the ~~risks~~Company’s ~~and~~consolidated ~~rewards,~~financial ~~including~~statements. The Company recognizes revenue on sales in the ~~customers’~~period ~~acceptance~~in ofwhich ~~products~~the ~~and~~Company ~~services~~satisfies ~~delivered~~its performance obligation.

~~Asian~~Bus Tour Products Sales

~~The~~Revenues ~~Company~~from ~~recognize~~Bus ~~Asian~~Tours ~~Tour~~are ~~services~~recognized when ~~revenues~~customers ~~and~~depart ~~other~~from ~~travel-related~~the ~~services~~trips, ~~such~~where asall ~~visa processing services on~~ the ~~date~~server ~~that~~within the tours ~~or the flights depart, provided that evidence of an arrangement exists, the fees~~ are ~~fixed and determinable~~occupied, no significant obligations remain atafter the ~~end of the~~ ~~period,~~departure ~~and collection~~ of the ~~resulting receivable is reasonably assured~~trips. ~~We require that full payment be made before flights depart.~~

Revenues from ~~Asian~~Bus Tour services are recognized on a gross basis, which represent amounts charged to and received from customers. The Company is the primary obligor in the arrangement and bear the risks and rewards, including the customers’ acceptance of products and services delivered.

~~Third~~Asian ~~Party~~Tour Products Sales

Revenue from sales of the Third-Party Products reservations is recognized at the time of the booking of the reservation. Third-Party Products sales are non-refundable. Third-Party Products revenue is normally derived from airline tickets, hotel reservations, cruises, insurance, etc. The ~~revenue from Third Party Products is recognized on a gross basis. The~~ Company ~~conducts~~recognize aAsian ~~rigorous~~Tour ~~process~~services inrevenues and ~~selecting~~other travel-related ~~products and~~ services ~~before~~ ~~selling~~such ~~these~~as ~~products~~visa toprocessing ~~customers~~services ~~and~~on ~~independently determines~~ the ~~prices~~date ~~charged~~that ~~to customers for Third Party Products. The Company is~~ the ~~primary~~tours ~~obligor~~or in the ~~arrangement~~flights ~~and~~depart, iswhere ~~responsible for the ultimate customer acceptance for~~ all ~~products~~ ~~and services rendered. Such commitment is also made in~~ the ~~contracts~~server ~~entered~~within ~~into with customers. The Company is~~ the ~~party~~tours ~~retained and~~are ~~paid by customers. In situations of customer disputes~~occupied, ~~where~~no ~~the~~significant ~~customer~~obligations ~~files~~remain aafter ~~complaint or demands a refund,~~ the ~~Company assumes~~departure ~~risks and responsibilities for the delivery~~ of ~~products and is responsible for refunding~~ the ~~customers their payments~~trips.

~~F-5~~ Revenues from Asian Tour services are recognized on a gross basis, which represent amounts charged to and received from customers. The Company is the primary obligor in the arrangement and bear the risks and rewards, including the customers’ acceptance of products and services delivered.

~~SINORAMA~~Third ~~CORPORATION~~Party Products Sales

~~NOTES~~Revenue TOfrom ~~CONDENSED~~sales ~~CONSOLIDATED~~of ~~FINANCIAL~~the Third-Party Products ~~STATEMENTS~~reservations is recognized at the time of the booking of the reservation, where all the products are occupied, no significant obligations remain after the departure of the trips.

~~(EXPRESSED~~Third-Party INProducts USsales ~~DOLLARS)~~are non-refundable. Third-Party Products revenue is normally derived from airline tickets, hotel reservations, cruises, insurance, etc. The revenue from Third Party Products is recognized on a gross basis. The Company conducts a rigorous process in selecting travel products and services before selling these products to customers and independently determines the prices charged to customers for Third Party Products. The Company is the primary obligor in the arrangement and is responsible for the ultimate customer acceptance for all products and services rendered. Such commitment is also made in the contracts entered into with customers. The Company is the party retained and paid by customers. In situations of customer disputes, where the customer files a complaint or demands a refund, the Company assumes risks and responsibilities for the delivery of products and is responsible for refunding the customers their payments.

~~NOTE 2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)~~F-6

~~Cash~~SINORAMA ~~and cash equivalents~~CORPORATION

~~Cash~~NOTES ~~and~~TO ~~cash~~CONDENSED ~~equivalents~~INTERIM ~~consist~~CONSOLIDATED ~~of cash~~FINANCIAL onSTATEMENTS hand and bank deposits and other liquid investments, which are unrestricted as to withdrawal and use. All highly liquid investments with original stated maturity of three months or less are classified as cash equivalents. Cash and cash equivalents approximates or equals fair value due to their short-term nature. The Company’s cash and cash equivalents consist of cash on hand and cash in bank, including bank term deposits. As of September 30, 2017, and December 31, 2016, the cash on hand and cash in bank were $2,774,290 and $5,126,409, respectively. As of September 30, 2017, and December 31, 2016, the other cash & cash equivalents were $590,727 and $1,055,376, respectively, the interest rate was 0.2%, maturity was three months or less. Therefore, the total cash and cash equivalents, as of September 30, 2017 and December 31, 2016, were $3,365,017 and $6,181,785, respectively.(UNAUDITED)

~~Restricted~~(EXPRESSED ~~cash~~IN US DOLLARS)

InNOTE ~~accordance with the Quebec Consumer Protection Act and the Travel Agents Act, the Company is required to deposit into trust certain customer deposits until suppliers are paid for their services~~2. ~~The~~SUMMARIES ~~Company~~OF ~~can~~SIGNIFICANT ~~access the trust account only to administer it as trustee, and cannot use funds from~~ACCOUNTING ~~this~~POLICIES account for personal or corporate purposes until the supplier is paid. As of September 30, 2017, and December 31, 2016, the restricted cash in the trust account was $1,321,286 and $2,371,212, respectively.(CONTINUING)

~~Short~~Cash ~~term~~and ~~investments~~cash equivalents

~~Short-term~~Cash ~~investments~~and ~~are~~cash ~~comprised~~equivalents consist of ~~investments~~ incash ~~financial~~on hand ~~products~~and ~~issued~~bank bydeposits ~~banks~~and or other ~~financial~~liquid ~~institutions~~investments, which ~~contain~~are aunrestricted ~~fixed~~as orto ~~variable~~withdrawal ~~interest rate~~ and ause. ~~term~~All tohighly ~~maturity~~liquid ofinvestments with ~~greater~~original ~~than~~stated 3maturity of three months ~~but~~or less ~~than~~are 12classified ~~months.~~as ~~Such~~cash ~~investments~~equivalents. ~~are~~Cash ~~generally~~and ~~not~~cash ~~permitted~~equivalents ~~to be redeemed~~approximates ~~early~~ or ~~are~~equals ~~subject~~fair tovalue ~~non-interest~~due ~~for~~to ~~redemption~~their ~~prior~~short toterm ~~maturity~~nature. The ~~Company~~Group’s ~~classifies~~cash ~~these~~and ~~investments~~cash asequivalents ~~held-to-maturity as~~consist itof ~~has~~cash ~~both~~on ~~the~~hand ~~positive intent~~ and ~~ability~~cash in tobank, ~~hold~~including ~~them~~bank ~~until~~term ~~maturity~~deposits. ~~These~~As ~~investments~~of ~~are~~March ~~classified~~31, as2018 ~~short-term~~and ~~investments based~~December on31, 2017, the ~~maturity~~cash ~~date.~~on ~~The~~hand ~~short-term~~and ~~investments~~cash ~~maturities~~in ~~are~~bank ~~exceeding~~were ~~three~~$5,357,742 and ~~months~~$3,895,910, respectively. As of ~~September~~March 3031, ~~2017,~~2018 and December 31, ~~2016~~2017, the ~~short-~~term ~~investments~~deposits were $1615,~~176,117~~398 and $~~210~~690,~~148~~923, respectively, the interest rate was between 0.2% and 0.95%, ~~the~~ maturity was ~~exceeding~~ three months ~~but~~or less. ~~than~~Therefore, ~~twelve~~the ~~months~~total cash and cash equivalents, as of March 31, 2018 and December 31, 2017, were $5,973,140 and $4,586,833, respectively.

~~Fair~~Restricted ~~Value Measurement~~cash

~~The~~In ~~Company~~accordance ~~applies~~with the ~~provisions~~Quebec ofConsumer ~~ASC~~Protection ~~Subtopic~~Act ~~820-10, Fair~~and ~~Value~~the ~~Measurements~~Travel Agents Act, ~~for~~the ~~fair~~Company ~~value~~is ~~measurements~~required ofto ~~financial~~deposit ~~assets~~into ~~and~~trust ~~financial~~certain ~~liabilities and~~customer deposits until suppliers are paid for ~~fair~~their ~~value~~services. ~~measurements~~The ofCompany ~~nonfinancial~~can ~~items~~access ~~that~~the ~~are~~trust ~~recognized~~account oronly ~~disclosed~~to atadminister ~~fair~~it ~~value~~as intrustee, ~~the~~and ~~financial~~cannot ~~statements.~~use funds from this account ~~ASC~~for ~~820~~personal ~~also~~or ~~establishes~~corporate apurposes ~~framework~~until ~~for~~the ~~measuring~~suppliers ~~fair~~are ~~value~~paid. As of March 31, 2018 and ~~expands~~December ~~disclosures~~31, ~~about~~2017, ~~fair~~the ~~value~~restricted ~~measurements~~cash in the trust account was $1,862,169 and $3,162,969, respectively.

~~Fair~~Short ~~value~~term is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.investments

~~ASC~~Short-term ~~820~~investments ~~establishes~~are acomprised ~~fair~~of ~~value hierarchy~~investments ~~that~~in ~~requires~~financial anproducts ~~entity~~issued toby ~~maximize~~banks ~~the~~or ~~use~~other offinancial ~~observable~~institutions, ~~inputs~~which contain a fixed or variable interest rate and ~~minimize~~a ~~the~~term to ~~use~~maturity of ~~unobservable~~greater ~~inputs~~than ~~when~~3 ~~measuring~~months ~~fair value.~~but ~~ASC~~less ~~820~~than ~~establishes~~12 ~~three~~months. ~~levels~~Such ofinvestments ~~inputs~~are ~~that~~generally ~~may~~not permitted to be ~~used~~redeemed early or are subject to ~~measure~~non ~~fair~~interest ~~value~~for redemption prior to maturity. The ~~hierarchy~~Company ~~gives~~classifies ~~the~~these ~~highest~~investments ~~priority~~ as held-to-maturity ~~unadjusted~~as it ~~quoted~~has ~~prices~~both inthe ~~active~~positive ~~markets~~intent ~~for~~and ~~identical~~ability ~~assets~~to orhold ~~liabilities~~them ~~(Level~~until 1maturity. ~~measurements)~~These ~~and~~investments ~~the~~are ~~lowest~~classified ~~priority~~as short-term investments tobased ~~measurements~~on ~~involving~~the ~~significant~~maturity ~~unobservable~~date. ~~inputs~~The ~~(Level~~short 3term ~~measurements).~~investments ~~The~~maturities are exceeding three ~~levels~~months. As of March 31, 2018 and December 31, 2017, the ~~fair~~short ~~value~~term ~~hierarchy~~investments were $1,055,173 and $1,679,560, respectively, the interest rates were between 0.65% and 1.5%, ~~are~~and asthe ~~follows:~~maturity was between three months and twelve months.

~~Level~~Fair ~~1: Unadjusted~~Value ~~quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;~~Measurement

FThe Company applies the provisions of ASC Subtopic 820-6 10, Fair Value Measurements, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.

~~SINORAMA~~Fair ~~CORPORATION~~value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

~~NOTES~~ASC TO820 ~~CONDENSED~~establishes ~~CONSOLIDATED~~a ~~FINANCIAL~~fair value hierarchy ~~STATEMENTS~~that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

~~(EXPRESSED IN US DOLLARS)~~F-7

~~NOTE~~SINORAMA ~~2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)~~ CORPORATION

~~Level~~NOTES ~~2: Quoted~~TO ~~prices in~~CONDENSED ~~markets~~INTERIM ~~that~~CONSOLIDATED ~~are not active, or inputs that is observable, either directly or indirectly, for substantially the full term of~~FINANCIAL ~~the~~STATEMENTS ~~asset or liability;~~(UNAUDITED)

~~Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable~~ (~~supported~~EXPRESSED byIN ~~little~~US ~~or no market activity~~DOLLARS).

~~There~~NOTE ~~were~~2. noSUMMARIES ~~transfers~~OF ~~between~~SIGNIFICANT ~~level 1,~~ACCOUNTING ~~level~~POLICIES ~~2 or level 3 measurements during the nine months ended September 30, 2017 and 2016.~~(CONTINUING)

~~Financial~~Fair ~~assets~~Value and liabilities of the Company are primarily comprised of cash and cash equivalents, restricted cash, short term investments, accounts receivable, amount due from related parties, other receivable, accounts payable, payroll payable, amount due to related party and other payable. As at September 30, 2017 and December 31, 2016, the carrying values of these financial instruments approximated to their fair values due to the short-term maturity of these instruments.Measurement(Continuing)

~~Accounts~~Level ~~receivable~~1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

~~Accounts~~Level ~~receivable~~2: ~~are~~Quoted ~~recognized~~prices ~~and~~in markets ~~carried~~that atare ~~original~~not ~~invoiced~~active, ~~amount~~or ~~less~~inputs anthat ~~allowance~~is ~~for~~observable, ~~any~~either ~~potential~~directly ~~uncollectible~~or ~~amounts.~~indirectly, ~~An estimate~~ for ~~doubtful~~substantially ~~debts is made when~~ the ~~collection~~full term of the ~~full~~asset or ~~amount is no longer probable. Bad debts are written off as incurred.~~liability;

~~The~~Level ~~Company~~3: ~~maintains~~Prices ~~allowances~~or ~~for~~valuation ~~doubtful~~techniques ~~accounts~~that ~~for~~require ~~estimated~~inputs ~~losses~~that ~~resulting~~are ~~from~~both ~~the~~significant ~~failure of customers~~ to ~~make payments on time. The Company reviews~~ the ~~accounts receivable~~fair onvalue ameasurement ~~periodic basis~~ and ~~makes~~unobservable ~~allowances~~(supported ~~when~~by ~~there~~little isor ~~doubt~~no ~~as to the collectability of individual balances. In evaluating~~market the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s historical payment history, its current credit-worthiness and current economic trendsactivity).

~~The~~There ~~Company~~were ~~had~~no ~~nil~~transfers ~~bad~~between ~~debts~~level ~~for~~1, ~~both~~level ~~the~~2 ~~nine~~or ~~months~~level ~~ended~~3 ~~September~~measurements ~~30, 2017 and~~ for ~~the~~three ~~year~~months ended ~~December~~March 31, ~~2016.~~2018 ~~The balance of the allowance for doubtful account were nil as of September 30, 2017~~ and ~~December 31, 2016~~2017.

~~Property~~Financial assets and ~~equipment~~liabilities of the Company primarily comprise of cash and cash equivalents, restricted cash, short term investment, accounts receivable, amount due from related parties, other receivable, accounts payable, payroll payable, amount due to related party. As at March 31, 2018 and December 31, 2017, the carrying values of these financial instruments approximated to their fair values due to the short-term maturity of these instruments.

~~Property~~Accounts and equipment are stated at cost. Computer Equipment, Furniture & Fixtures and Office Equipment are depreciated using the declining balance depreciation method basis reflective of the useful lives of the assets. Leasehold Improvement are stated at cost and are depreciated using the straight-line method over the shorter of the estimated useful lives of the asset or the term of the related lease, as follows:receivable

Computer Equipment	Declining Balance Method at rate 30% per year
Furniture & Fixtures	Declining Balance Method at rate 20% per year
Office Equipment	Declining Balance Method at rate 20% per year
Leasehold Improvement	10 years

Accounts receivable are recognized and carried at original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful debts is made when the collection of the full amount is no longer probable. Bad debts are written off as incurred.

~~Repair~~The ~~and~~Company ~~maintenance~~maintains ~~costs~~allowances ~~are~~for ~~charged~~doubtful toaccounts ~~expenses~~for asestimated ~~incurred,~~losses ~~whereas~~resulting from the ~~cost~~failure of ~~renewals~~customers ~~and~~to ~~betterment~~make ~~that~~payments ~~extends~~on ~~the~~time. ~~useful~~The ~~lives~~Company ofreviews ~~property~~the ~~and equipment is~~accounts ~~capitalized~~receivable ason ~~additions~~a toperiodic ~~the~~basis ~~related~~and ~~assets.~~makes ~~Retirements,~~allowances ~~sales~~when ~~and~~there ~~disposals~~is ofdoubt ~~assets~~as ~~are~~to ~~recorded~~the bycollectability ~~removing~~of ~~the~~individual ~~cost~~balances. ~~and~~In evaluating ~~accumulated~~the ~~depreciation~~collectability ~~from~~of ~~the~~individual ~~assets~~receivable ~~and~~balances, ~~accumulated~~the ~~depreciation~~Company ~~accounts~~considers ~~with~~many ~~any~~factors, ~~resulting~~including ~~gain~~the orage ~~loss~~of ~~reflected~~the inbalance, the ~~consolidated~~customer’s ~~statements~~historical ofpayment ~~comprehensive~~history, ~~income~~its ~~(loss)~~current credit-worthiness and current economic trends.

~~Functional~~The ~~currency~~Company had nil bad debts for both the three months ended March 31, 2018 and ~~foreign~~for ~~currency~~the years ended December 31, 2017.The balance of the allowance for doubtful account were nil ~~translation~~as of March 31, 2018 and December 31, 2017.

AsProperty ~~of September 30, 2017,~~ and December 31, 2016, and for nine months ended September 30, 2017 and 2016, all foreign subsidiaries use the local currency of their respective countries as their functional currency, which is the U.S. dollars for Sinorama and Sinorama Tours, and the Canadian dollar (“Canada dollar”) for Simon Qian Voyages and Vacances Sinorama, and the Euro (“€”) for Sinorama Voyages.equipment

FProperty and equipment are stated at cost. Computer Equipment, Furniture & Fixtures and Office Equipment are depreciated using the declining balance depreciation method basis reflective of the useful lives of the assets. Leasehold Improvement are stated at cost and are depreciated using the straight-7 line method over the shorter of the estimated useful lives of the asset or the term of the related lease, as follows:

SINORAMA CORPORATION

Computer Equipment		Declining Balance Method at rate 30% per year
Furniture & Fixtures		Declining Balance Method at rate 20% per year
Office Equipment		Declining Balance Method at rate 20% per year
Leasehold Improvement		10 years or more over the remaining lease term

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~F-8

~~(EXPRESSED~~SINORAMA ~~IN US DOLLARS)~~CORPORATION

~~NOTE~~NOTES 2.TO ~~SUMMARIES~~CONDENSED OFINTERIM ~~SIGNIFICANT~~CONSOLIDATED ~~ACCOUNTING~~FINANCIAL ~~POLICIES~~STATEMENTS (~~CONTINUED~~UNAUDITED)

~~The~~(EXPRESSED ~~Company’s~~IN ~~reporting~~US currency is U.S. dollars. Assets and liabilities of Simon Qian Voyages, Vacances Sinorama and Sinorama Voyages are translated into U.S. dollars at the exchange rates set forth in the Bank of Canada at the balance sheet dates, revenues and expenses are translated into U.S. dollars at average exchange rates set forth in the Bank of Canada for the reporting periods, and shareholders' equity is translated at historical exchange rates. Gains and losses resulting from translation are recorded as a component of accumulated other comprehensive income (lossDOLLARS).

~~Realized~~NOTE ~~gains~~2. ~~and~~SUMMARIES ~~losses~~OF ~~from~~SIGNIFICANT ~~foreign~~ACCOUNTING ~~currency~~POLICIES ~~transactions are recognized in cost of sales on the consolidated statements of operations, unrealized gains and losses from foreign currency transactions are recognized as other income~~ (~~expense~~CONTINUING) ~~in the consolidated statements of operations.~~

~~The~~Property ~~exchange~~and ~~rates used for foreign currency translation are as follows:~~equipment(Continuing)

		September 30, 2017		September 30, 2016
		(CAD to USD/EUR to USD)		(CAD to USD/EUR to USD)
Assets and liabilities	period end exchange rate		0.8013/1.1813		0.7642/1.1239
Revenue and expenses	period average exchange rate		0.7657/1.1137		0.7568/1.1163

Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the statements of operations and comprehensive loss.

~~Income~~Functional ~~taxes~~currency and foreign currency translation

~~The~~As ~~Company~~of ~~has~~March ~~adopted ASC Topic 740~~31, ~~“Income~~ ~~Taxes~~2018,” ~~which~~and ~~requires~~December ~~the~~31, ~~recognition of deferred tax assets~~ 2017, and ~~liabilities~~ for ~~the~~three ~~expected~~months ~~future tax~~ended ~~consequences~~March of31, ~~events~~2018 ~~that~~and ~~have been included in the financial statements or tax returns. Under this method~~2017, ~~deferred~~all ~~income taxes~~foreign ~~are~~subsidiaries ~~recognized~~use ~~for~~ the ~~tax~~local ~~consequences~~currency ~~in future years~~ of ~~differences~~their ~~between~~respective ~~the tax bases of assets and liabilities and~~countries as their ~~financial~~functional ~~reporting~~currency, ~~amounts~~which atis ~~each~~the ~~period~~U.S. ~~end~~Dollars ~~based~~for onSinorama ~~enacted~~and ~~tax~~Sinorama ~~laws~~Tours, and ~~statutory~~the ~~tax~~Canadian ~~rates~~dollar ~~applicable to the periods~~(“CAD”) infor ~~which~~Simon ~~the~~Qian ~~differences~~Voyages ~~are~~and ~~expected~~Vacances toSinorama ~~affect~~and ~~taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to~~ the ~~amount~~Euro ~~expected~~(“€”) tofor beSinorama ~~realized~~Voyages.

InThe ~~July~~Company’s ~~2006,~~reporting ~~the~~currency ~~FASB~~is ~~issued FIN 48~~U.S. ~~(ASC~~dollars. ~~740-10),~~Assets ~~Accounting~~and ~~for~~liabilities ~~Uncertainty in Income Taxes-An Interpretation~~ of ~~FASB~~Simon ~~Statement~~Qian ~~No.~~Voyages, ~~109~~Vacances ~~(ASC~~Sinorama ~~740),~~and ~~which requires~~Sinorama ~~income~~Voyages ~~tax~~are ~~positions~~translated tointo ~~meet~~U.S. adollars at ~~more-likely-than-not~~the ~~recognition~~exchange ~~threshold~~rates toset beforth ~~recognized~~ in the ~~financial statements.~~Bank ~~Under~~of ~~FIN~~Canada ~~48(ASC~~at ~~740-10),~~the ~~tax~~balance ~~positions~~sheet ~~that~~dates, ~~previously~~revenues ~~failed~~and toexpenses ~~meet~~are ~~the~~translated ~~more-likely-than-not~~into ~~threshold should~~U.S. bedollars ~~recognized~~at inaverage ~~the~~exchange ~~first~~rates ~~subsequent~~set ~~financial~~forth ~~reporting period~~ in ~~which~~the ~~that~~Bank ~~threshold~~of isCanada ~~met.~~for ~~Previously~~the ~~recognized~~reporting ~~tax positions~~periods, ~~that~~and noshareholders' ~~longer~~equity ~~meet~~is ~~the~~translated at ~~more-likely-than-not~~historical ~~threshold~~exchange ~~should~~rates. beGains ~~derecognized~~and inlosses ~~the~~resulting ~~first~~from ~~subsequent~~translation ~~financial reporting~~are ~~period~~recorded inas ~~which~~a ~~that~~component ~~threshold~~of isaccumulated noother ~~longer~~comprehensive income ~~met~~(loss).

~~The~~Realized ~~application~~gains ofand ~~tax~~losses ~~laws~~from ~~and~~foreign ~~regulations~~currency istransactions ~~subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves~~ are ~~subject~~recognized ~~to change~~ as again ~~result~~or ofloss ~~changes~~on inforeign ~~fiscal~~currency ~~policy, changes~~ in ~~legislation,~~ the ~~evolution~~consolidated statements of ~~regulations and court rulings. Therefore~~operations, ~~the~~unrealized gains ~~actual~~and ~~liability~~losses ~~may~~from beforeign ~~materially~~currency ~~different~~transactions ~~from~~are ~~our~~recognized ~~estimates,~~as ~~which~~foreign ~~could~~currency ~~result~~translation inadjustment ~~the~~attributable ~~need~~ to ~~record~~non-controlling interests ~~additional~~and ~~tax~~foreign ~~liabilities or~~currency ~~potentially~~translation ~~reverse~~adjustment ~~previously~~attributable ~~recorded~~to ~~tax~~the ~~liabilities~~company orin ~~deferred~~the ~~tax~~consolidated ~~asset~~statements ~~valuation~~of ~~allowance~~operations.

The ~~Company~~exchange ~~income~~rates ~~tax~~used ~~expense~~for ~~was~~foreign ~~$Nil~~currency ~~and~~translation ~~$131,485~~are ~~for~~as ~~the nine months ended September 30, 2017 and 2016, respectively.~~follows:

Earnings per share

		March 31, 2018		March 31, 2017
		(CAD to USD/EUR to USD)		(CAD to USD/EUR to USD)
Assets and liabilities	period end exchange rate		0.7756/1.2306		0.7519/1.0715
Revenue and expenses	period weighted average		0.7910/1.2295		0.7554/1.0660

The Company computes earnings per share (“EPS”) in accordance with ASC 260, Earnings Per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding during the period.F-9

~~F-8~~ SINORAMA CORPORATION

~~SINORAMA~~NOTES ~~CORPORATION~~TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~NOTES~~(EXPRESSED TOIN ~~CONDENSED~~US ~~CONSOLIDATED FINANCIAL STATEMENTS~~DOLLARS)

~~(EXPRESSED~~NOTE IN2. USSUMMARIES ~~DOLLARS~~OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUING)

~~NOTE~~Income ~~2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)~~ taxes

~~Diluted~~The ~~EPS~~Company isadopts ~~similar~~FASB toASC ~~basic~~Topic ~~EPS~~740, ~~but~~“Income ~~presents~~Taxes,” ~~the~~which ~~dilutive~~requires ~~effect~~the onrecognition aof ~~per~~deferred ~~share~~tax ~~basis~~assets ofand ~~contracts~~liabilities tofor ~~issue~~the ~~ordinary~~expected ~~common~~future ~~shares~~tax ~~(e.g.,~~consequences ~~convertible securities, options~~of ~~and~~events ~~warrants)~~that ashave ~~if they had~~ been ~~converted~~included atin the ~~beginning~~financial ofstatements ~~the~~or ~~periods~~tax ~~presented,~~returns. orUnder ~~issuance~~this ~~date~~method, ifdeferred ~~later.~~income ~~The~~taxes ~~computation~~are recognized offor ~~diluted~~the ~~EPS~~tax ~~includes~~consequences ~~the~~in ~~estimated~~future ~~impact~~years of ~~the~~differences ~~exercise~~between ofthe ~~contracts~~tax tobases ~~purchase~~of ~~common~~assets ~~stocks~~and ~~using~~liabilities ~~the~~and ~~treasury~~their ~~stock~~financial ~~method~~reporting ~~and~~amounts ~~the~~at ~~potential~~each ~~shares~~period ofend ~~converted~~based ~~common~~on ~~stock~~enacted ~~associated~~tax ~~with~~laws ~~the~~and ~~convertible~~statutory ~~debt~~tax ~~using~~rates applicable to the ~~if-converted~~periods ~~method.~~in ~~Potential common~~which ~~shares~~the ~~that~~differences are ~~have~~expected anto ~~anti-dilutive~~affect ~~effect~~taxable (iincome.~~e.,~~ ~~those~~Valuation ~~that~~allowances ~~increase~~are ~~earnings~~established, ~~per~~when ~~share~~necessary, orto ~~decrease~~reduce ~~loss~~deferred ~~per~~tax ~~share)~~assets ~~are~~to ~~excluded~~the ~~from~~amount ~~the~~expected ~~calculation~~to ofbe ~~diluted EPS~~realized.

~~Comprehensive~~In July 2006, the FASB issued FIN 48(ASC 740-10), Accounting for Uncertainty in Income Taxes-An Interpretation of FASB Statement No. 109 (~~Loss~~ASC 740), which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48(ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

~~Comprehensive~~The ~~income~~application ~~(loss)~~of istax ~~comprised~~laws and regulations ofis ~~net~~subject ~~income~~to ~~(loss)~~legal and ~~other~~factual ~~comprehensive~~interpretation, ~~income~~judgment ~~(loss)~~and uncertainty. ~~Other~~Tax ~~comprehensive~~laws ~~income~~and ~~(loss)~~regulations ~~includes~~themselves ~~unrealized~~are ~~gains~~subject orto ~~losses~~change ~~resulting~~as ~~from~~a ~~translating~~result ~~Simon~~of ~~Qian~~changes ~~Voyages~~in fiscal policy, ~~Vacances~~changes ~~Sinorama~~in ~~and~~legislation, ~~Sinorama~~the ~~Voyages’~~evolution ~~functional~~of ~~currency~~regulations and court rulings. Therefore, the ~~Canadian~~ ~~dollar~~actual ~~and~~liability ~~the~~may ~~Euro~~be ~~dollar~~materially todifferent ~~its~~from ~~reporting~~our ~~currency~~estimates, which could result in the ~~U.S.~~need ~~dollar~~to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance.

~~Segment~~The ~~Information~~Company’s income tax expenses (recovery) were $nil for the three months ended March 31, 2018 and ~~Geographic~~2017, ~~Data~~respectively.

~~The~~Earnings ~~Company~~per reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable operating segments.share

The Company ~~manages~~computes ~~its~~earnings ~~business~~per ~~primarily on~~share ~~a geographic basis. The Company’s reportable operating segments consist of Vacances Sinorama~~ (~~Canada~~“EPS”)~~, Sinorama Voyages~~ ~~(France)~~in ~~and~~accordance ~~Sinorama~~with ~~Corporation~~ASC ~~(USA). Although each reportable operating segment provides similar travel products and similar services~~260, ~~they~~Earnings ~~are~~Per ~~managed~~Share. ~~separately~~ASC to260 ~~better~~requires ~~align~~companies with ~~the~~complex ~~location~~capital ofstructures ~~the~~to ~~Company’s~~present ~~customers~~basic and ~~distribution partners~~ ~~and~~diluted ~~the unique market dynamics of each geographic region~~EPS. ~~The~~Basic ~~accounting~~EPS ~~policies~~is ofmeasured ~~the various segments are the same~~ as ~~those described~~net inincome ~~Note~~divided 2,by ~~“Summary of Significant Accounting Policies” of~~ the ~~Notes~~weighted toaverage ~~Consolidated~~common ~~Financial~~shares ~~Statements in~~outstanding ~~this~~during ~~report~~the period.

~~The~~Diluted ~~Company~~EPS ~~evaluates~~is ~~the~~similar ~~performance~~to ~~of its~~basic ~~reportable~~EPS ~~operating~~but ~~segments~~presents the ~~based~~dilutive effect on ~~net~~a ~~sales~~per ~~and~~share ~~operating~~basis ~~income.~~of ~~Net~~contracts ~~sales~~to ~~for~~issue ~~geographic~~common ~~segments~~shares ~~are~~(e.g., ~~generally~~convertible ~~based on~~securities, ~~the~~options ~~location of customers~~ and ~~sales~~warrants) as ~~through~~if ~~the~~they ~~Company’s~~had ~~office~~been ~~located~~converted inat ~~those~~the ~~geographic~~beginning ~~locations.~~of ~~Operating~~the ~~income for~~periods ~~each~~presented, ~~segment~~or ~~includes~~issuance ~~net~~date, ~~sales~~if tolater. ~~third~~The ~~parties,~~computation ~~related cost~~ of ~~sales~~diluted EPS ~~and~~includes ~~operating~~the ~~expenses~~estimated ~~directly~~impact ~~attributable~~of to the ~~segment.~~ ~~Advertising~~exercise ~~expenses~~of ~~and~~contracts ~~salaries~~to ~~and~~purchase ~~employee~~common ~~benefits~~stock ~~are~~using ~~generally included in~~ the ~~geographic~~treasury ~~segment~~stock inmethod ~~which~~and the ~~expenditures~~potential ~~are~~shares ~~incurred.~~of ~~Operating~~converted ~~income~~common ~~for~~stock ~~each~~associated ~~segment~~with ~~excludes~~the ~~other~~convertible ~~income~~debt ~~and~~using ~~expense and certain expenses managed outside~~ the ~~reportable~~if-converted ~~operating segments~~method. ~~Costs~~Potential ~~excluded~~common shares ~~from~~that ~~segment~~have ~~operating~~an ~~income~~anti-dilutive ~~include~~effect ~~income~~(i.e., ~~taxes~~those ~~and~~that ~~foreign~~increase ~~currency~~earnings ~~translation adjustment.~~per ~~The~~share ~~Company~~or ~~does~~decrease ~~not~~loss ~~include~~per ~~intercompany~~share) ~~transfers~~are ~~between~~excluded from ~~segments~~the ~~for~~calculation ~~management~~of ~~reporting~~diluted ~~purposes~~EPS.

~~Summarized~~Comprehensive ~~financial~~Income ~~information by segment is as follows:~~(Loss)

	Vacances Sinorama (Canada)			Sinorama Voyages (France)		Sinorama Corporation (USA)		Total
September 30, 2017 (Unaudited)
Net sales		61,947,585			6,674,546		-		68,622,131
Operating income		450,745			140,920		120,151		711,816
Total assets		31,712,000			5,360,865		231,296		37,304,161
September 30, 2016 (Unaudited)
Net sales		43,335,919			11,602,204		-		54,938,123
Operating loss (income)		(1,885,221	)		224,611		-		(1,660,610	)
December 31, 2016
Total assets		17,716,759			3,646,925		3,460,169		24,823,853

Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains or losses resulting from translating Simon Qian Voyages, Vacances Sinorama and Sinorama Voyages’ functional currency, the Canadian dollar and the Euro, to its reporting currency, U.S. dollar

F-9 10

SINORAMA CORPORATION

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(EXPRESSED IN US DOLLARS)

NOTE 2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES (~~CONTINUED~~CONTINUING)

ASegment ~~reconciliation~~Information ~~of the Company’s segment operating loss to the Consolidated Statements of Operations for the nine months ended September 30, 2017~~ and ~~2016:~~Geographic Data

	Nine Months Ended September 30,
	2017 (Unaudited)			2016 (Unaudited)
Segment operating income (loss)	$	711,816		$	(1,529,125	)
Income tax expense		-			131,485
Net income (loss)		711,816			(1,660,610	)
Foreign currency translation adjustment		(615,762	)		546,171
Total comprehensive income (loss)	$	96,054		$	(1,114,439	)

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable operating segments.

~~Concentration~~The Company manages its business primarily on a geographic basis. The Company’s reportable operating segments consist of ~~Credit~~Vacances ~~Risk~~Sinorama (Canada) and Sinorama Voyages (France). Although each reportable operating segment provides similar travel products and similar services, they are managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region. The accounting policies of the various segments are the same as those described in Note 2, “Summary of Significant Accounting Policies” of the Notes to Condensed Interim Consolidated Financial Statements in this report.

~~Financial~~The ~~instruments~~Company ~~that~~evaluates ~~potentially subject~~ the ~~Company~~performance ~~to concentrations~~ of ~~credit~~its reportable ~~risk~~operating ~~are~~segments ~~cash~~based ~~and~~on ~~cash~~net ~~equivalents,~~sales ~~restricted cash, short term investments, accounts receivable, prepayments~~ and ~~other~~operating ~~receivables~~income. ~~arising~~Net ~~from~~sales ~~its~~for ~~normal~~geographic ~~business~~segments ~~activities.~~are ~~The~~generally ~~carrying~~based ~~amounts of these~~on ~~financial instruments represent~~ the ~~maximum~~location ~~amount~~ of ~~loss~~customers ~~due~~and tosales ~~credit~~through ~~risk.~~the ~~The~~Company’s ~~deposits~~office ~~placed~~located ~~with~~in ~~financial~~those ~~institutions are~~geographic ~~not~~locations. ~~protected~~Operating byincome for ~~statutory~~each orsegment ~~commercial~~includes ~~insurance.~~net Insales ~~the~~to ~~event~~third ofparties, ~~bankruptcy~~related ofcost ~~one~~ of ~~these~~sales ~~financial~~and ~~institutions,~~operating ~~the Company~~expenses ~~may~~directly beattributable ~~unlikely~~ to ~~claim its deposits back in full~~the segment. ~~Management~~Advertising ~~believes~~expenses ~~that~~and ~~these~~salaries ~~financial~~and ~~institutions~~employee benefits are ofgenerally ~~high~~included ~~credit quality~~in ~~and continually monitors~~ the ~~credit~~geographic ~~worthiness~~segment ~~of these financial institutions. The Company places its cash~~ in ~~what~~which itthe ~~believes~~expenditures ~~to be credit-worthy financial institutions. The Company has a diversified customer base. The majority of sales~~ are ~~cash receipt in advance~~incurred. ~~For~~Operating ~~those~~income ~~credit~~for ~~sales,~~each ~~the~~segment ~~Company~~excludes ~~routinely~~other ~~assesses~~income ~~the~~and ~~financial~~expense ~~strength~~and ofcertain ~~its~~expenses ~~customers~~managed ~~and, based upon~~outside ~~factors~~the ~~surrounding~~reportable ~~the~~operating ~~credit~~segments. ~~risk,~~Costs ~~establishes~~excluded anfrom ~~allowance,~~segment ifoperating ~~required,~~income ~~for~~include ~~uncollectible~~income ~~accounts~~taxes and, asforeign acurrency ~~consequence, believes~~translation ~~that~~adjustment. ~~its~~The ~~accounts~~Company ~~receivable~~does ~~credit~~not ~~risk~~include ~~exposure~~intercompany ~~beyond~~transfers ~~such~~between ~~allowance~~segments isfor ~~limited~~management reporting purposes.

~~Recently~~Summarized ~~accounting~~financial ~~pronouncements~~information by segment is as follows:

In January 2016, the FASB issued ASU 2016-01 Financial Instruments Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Liabilities. ASU 2016-01 amends the guidance in US GAAP on classification, measurement and disclosure of financial instruments. It revises an entity’s accounting related to: 1) classification and measurement of investments in equity securities; 2) presentation of certain fair value changes for financial liabilities measured at fair value; and, 3) amends disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for years beginning after December 15, 2017 and early adoption is permitted. The adoption of ASU 2016-01 is not expected to have a material effect on the Company's consolidated financial statements.

	Vacances Sinorama (Canada)			Sinorama Voyages (France)			Sinorama Corporation (USA)			Total
March 31, 2018 (Unaudited)
Net sales	$	14,610,293		$	1,381,172		$	-		$	15,991,465
Net loss		(2,102,365	)		(621,347	)		(49,911	)		(2,773,623	)
Total assets		29,433,755			6,058,483			3,888,835			39,381,073
March 31, 2017 (Unaudited)
Net sales		12,030,876			1,045,728			-			13,076,604
Net loss		(1,543,333	)		(250,648	)		(44,752	)		(1,838,733	)
Total assets		30,103,061			5,394,766			778,640			36,276,467
December 31, 2017
Total assets	$	27,753,926		$	4,001,860		$	3,980,747		$	35,736,533

~~In February 2016, the FASB issued ASU 2016~~F-02 Leases (Topic 842). ASU 2016-02 establishes new guidance for the recording and disclosure of assets and liabilities that arise from leasing activity. ASU 2016-02 will require most lessees to record lease assets and lease liabilities that arise from leases on the statement of financial condition and disclose qualitative and quantitative information related to lease transactions such as variable lease payments and options to renew and terminate leases. ASU 2016-02 is effective for years beginning after December 18, 2018 and early adoption is permitted. The Company is evaluating ASU 2016-02 to determine its impact, if any, on the consolidated financial statements.11

InSINORAMA March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The amendment in this update affect entities with transactions included within the scope of Topic 606, The scope of that Topic includes entities that enter into contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration. The amendments are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, the amendments in ASU 2016-10 provide more detailed guidance, including additional implementation guidance and examples in the following key areas: 1) identifying performance obligations and 2) licenses of intellectual property. In May 2016, the FASB issued ASU No. 2016-12 a proposed Update, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, on September 30, 2015. The amendments do not change the core principles of the standard, but clarify the guidance on assessing collectability, presenting sales taxes, measuring noncash consideration and certain transition matters. This update becomes effective concurrently with ASU No. 2014-09. The Company is currently evaluating the effect of this new standard, including the transition method, to determine the impact on the Company's consolidated financial position, results of operations, cash flows, or related disclosures.CORPORATION

~~F-10~~ NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~SINORAMA~~(EXPRESSED ~~CORPORATION~~IN US DOLLARS)

~~NOTES~~NOTE TO2. ~~CONDENSED~~SUMMARIES ~~CONSOLIDATED~~OF ~~FINANCIAL~~SIGNIFICANT ACCOUNTING ~~STATEMENTS~~POLICIES (CONTINUING)

~~(EXPRESSED~~Segment INInformation USand ~~DOLLARS~~Geographic Data(Continuing)

~~NOTE~~A 2.reconciliation ~~SUMMARIES~~of OFthe ~~SIGNIFICANT~~Company’s ~~ACCOUNTING~~segment ~~POLICIES~~operating ~~(CONTINUED)~~income to the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017:

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16). The standard is intended to address diversity in practice and complexity in financial reporting, particularly for intra-entity transfers of intellectual property. ASU 2016-16 will be effective for the Company beginning with the interim periods of fiscal 2018 and requires the modified retrospective method of adoption. Early adoption is permitted. The Company is in the process of determining timing of adoption and assessing the impact of ASU 2016-16 on its consolidated financial statements.

	Three Months Ended March 31,
	2018 (Unaudited)			2017 (Unaudited)
Segment operating loss	$	(2,773,623	)	$	(1,838,733	)
Income tax expense		-			-
Foreign currency translation adjustment		(221,956	)		61,907
Total comprehensive loss	$	(2,995,579	)	$	(1,776,826	)

InConcentration ~~November 2016, the FASB issued ASU No. 2016-18, Statement~~ of ~~Cash~~Credit Flows (Topic 230): Restricted Cash (“ASU No. 2016-18”). ASU No. 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company elected to early adopt ASU No. 2016-18 for the reporting period ending December 31, 2016 and was applied retrospectively. As a result of adoption of ASU No. 2016-18, the Company no longer presents the changes within restricted cash in the consolidated statements of cash flows.Risk

InFinancial ~~January~~instruments ~~2017,~~that potentially subject the ~~FASB~~Company ~~issued~~to ~~Accounting~~concentrations of credit risk are cash and cash equivalents, restricted cash, short term investment, accounts receivable, ~~Standards~~amount ~~Board~~due ~~Update~~from Norelated parties, other receivables, long term deposits. ~~2017-01: Business~~The ~~Combinations~~carrying ~~(Topic~~amounts ~~805)~~of -these ~~Clarifying~~financial instruments represent the ~~Definition~~maximum amount of aloss ~~Business (“ASU 2017-01”)~~due to credit risk. The ~~ASU~~deposits ~~clarifies~~placed with financial institutions are not protected by statutory or commercial insurance. In the ~~definition~~event of ~~business~~bankruptcy ~~with~~of one of these financial institutions, the ~~objective~~Company ofmay ~~adding~~be ~~guidance~~unlikely to ~~assist~~claim ~~entities~~its deposits ~~with~~back ~~evaluating whether~~in ~~transactions~~full. ~~should~~Management bebelieves ~~accounted~~that ~~for~~these asfinancial ~~acquisitions~~institutions ~~(or~~are ~~disposals)~~of high credit quality and continually monitors the credit worthiness of ~~assets~~these orfinancial ~~businesses~~institutions. ~~ASU~~The ~~2017-01~~Company ~~will~~places its cash in what it believes to be ~~effective~~credit-worthy financial ~~for~~institutions. ~~the~~The Company’s ~~fiscal~~has ~~year~~a ~~beginning~~diversified ~~January~~customer 1,base. ~~2018~~The ~~and~~majority ~~subsequent~~of ~~interim~~sales ~~periods~~are ~~with~~cash ~~prospective~~receipt ~~application~~in ~~with impacts~~advance. onFor those credit sales, the Company’s ~~consolidated~~routinely assesses the financial ~~statements~~strength ~~that~~of ~~may~~its ~~vary~~customers ~~depending~~and, onbased ~~each~~upon ~~specific~~factors ~~acquisition.~~surrounding ~~Early~~the ~~adoption~~credit risk, isestablishes ~~conditionally~~an ~~permitted~~allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.

InExchange ~~March~~Rate 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the instrument. This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company’s consolidated financial statements.Risks

AsThe ofCompany operates in Canada and France, which may give rise to significant foreign currency risks from fluctuations and the ~~date~~degree of ~~filing~~volatility of ~~this~~foreign ~~report,~~exchange rates ~~except~~between ~~for~~the US$ and the ~~above~~CAD, ~~there~~or ~~are~~Euro. noFor ~~recently~~the ~~issued~~three ~~accounting~~months ~~standards~~end ~~not~~March ~~yet~~31, ~~adopted~~2018 ~~that~~and ~~would~~2017, ~~have~~foreign acurrency ~~material~~translation ~~effect~~adjustment attributable onto non-controlling interests of $(111,359) and $28,171, foreign currency translation adjustment attributable to the Company’s ~~financial~~of $(110,597) and $33,736 is included in the consolidated statements of operations, respectively. As at March 31, 2018, cash and cash equivalents of $2,409,801 (CAD3,107,197) is denominated in CAD and held in Canada (March 31, 2017 - $2,064,669 (CAD2,748,600)), cash and cash equivalent of $4,381,588 (Euro3,560,530) is denominated in Euro and held in France (March 31, 2017 - $ 3,178,152 (Euro2,966,076)). As at December 31, 2017, cash and cash equivalents of $3,068,275 (CAD3,849,298) is denominated in CAD and are held in Canada (December 31, 2016 - $2,111,443 (CAD2,834,912), cash and cash equivalent of $1,456,257 (Euro1,213,749) is denominated in Euro and held in France (December 31, 2016 - $ 2,297,734 (Euro2,177,313)).

~~NOTE~~Recently 3.accounting ~~PREPAYMENTS & DEFERRED EXPENSES~~pronouncements

~~Our~~In ~~travel~~February ~~suppliers~~2016, ~~require~~the ~~prepayments~~FASB issued ASU 2016-02 Leases (Topic 842). ASU 2016-02 establishes new guidance for ~~reserving~~the ~~tour~~recording ~~availabilities~~and disclosure of assets and liabilities that arise from leasing activity. ~~The~~ASU ~~prepayment~~2016-02 iswill ~~recorded~~require inmost ~~prepayments~~lessees to record lease assets and ~~deferred~~lease ~~expenses~~liabilities that arise from leases on the ~~consolidated~~statement ~~balance~~of ~~sheets.~~financial condition and disclose qualitative and quantitative information related to lease transactions such ~~Deferred~~as ~~expenses~~variable ~~include~~lease ~~prepaid~~payments ~~insurance,~~and ~~advertising~~options ~~fee~~to renew and terminate leases. ~~The~~ASU ~~Company~~2016-02 ~~prepayments~~is ~~and~~effective ~~deferred~~for ~~expenses~~years ~~were~~beginning ~~$21,144,546~~after ~~and~~December $918,~~234,410~~ as2018 ofand ~~September~~early ~~30,~~adoption ~~2017~~is ~~and~~permitted. ~~December~~The ~~31,~~Company is evaluating ASU 2016-02 to determine its impact, ~~respectively~~if any, on the consolidated financial statements.

	September 30		December 31,
	2017		2016
	(Unaudited)
Prepayments for tour products	$	20,572,292	$	9,183,114
Prepaid expense		572,254		51,296
Total Prepayments and deferred expenses	$	21,144,546	$	9,234,410

F-12

~~F-11~~ SINORAMA CORPORATION

~~SINORAMA~~NOTES ~~CORPORATION~~TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~NOTES~~(EXPRESSED TOIN ~~CONDENSED~~US ~~CONSOLIDATED FINANCIAL STATEMENTS~~DOLLARS)

~~(EXPRESSED~~NOTE IN2. USSUMMARIES ~~DOLLARS~~OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUING)

~~NOTE~~Recently 4.accounting ~~OTHER RECEIVABLE~~pronouncements(Continuing)

At In ~~September~~March 302017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and ~~December~~Other 31Costs (Subtopic 310-20), ~~2016~~Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the ~~other~~instrument. ~~receivable~~This ~~consists~~guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the ~~following:~~Company’s consolidated financial statements.

	September 30		December 31,
	2017		2016
	(Unaudited)
Tax on Value Added (TVA)	$	205,227	$	245,621
GST/QST		22,525		-
Income tax receivable		177,245		376,611
Air Canada		47,059		43,740
Eva Airway Cor.		16,026		-
China Eastern Airlines		54,407		4,000
United		7,305		4,438
Air China Ltd		24,039		22,265
JL Travel Marketing		12,340		11,470
Others		7,732		20,742
Total other receivable	$	573,905	$	728,887

In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” ASU 2018-02 was issued as a result of the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”) on December 22, 2017. Accounting guidance required deferred tax items to be revalued based on the new tax laws (the most significant of which reduced the corporate tax rate to 21% percent from 34% percent) and to include the change in income from continuing operations. ASU 2018-02 is effective for annual and interim reporting periods beginning after December 15, 2018.

~~The~~As ~~amount~~of ~~from~~the ~~Air~~date ~~Canada,~~of ~~Eva~~filing ~~Airway~~of ~~Cor~~this report, except ~~China~~for ~~Eastern~~the ~~Airlines~~above, ~~United,~~there ~~Air~~are ~~China~~no ~~Ltd,~~recently JLissued ~~Travel~~accounting ~~Marketing~~standards ~~and~~not ~~others~~yet isadopted ~~pre-authorization~~that ~~holds~~would ~~for~~have ~~air~~a ~~tickets~~material effect on the Company’s financial statements.

~~NOTE~~Recently 5.adopted ~~LONG~~accounting ~~TERM DEPOSITS~~standards

~~Long~~In ~~term~~January ~~deposits~~2016, ~~are~~ the ~~deposits~~FASB ~~made by~~issued ~~the~~ASU ~~Company~~2016-01 Financial ~~held~~Instruments atOverall ~~third~~(Subtopic ~~institutions~~825-10) ~~for~~Recognition ~~operation~~and ~~purposes.~~Measurement As of ~~September~~Financial ~~30,~~Assets ~~2017~~ and ~~December~~Liabilities. ~~31,~~ASU 2016,-01 amends the ~~Company~~guidance ~~had $1,181,300 and $1,055,307, respectively,~~ in ~~air~~US ~~ticket~~GAAP ~~security~~on ~~deposits~~classification, ~~with~~measurement ~~CAGEP~~and ~~SARL,~~disclosure ~~which~~of isfinancial ainstruments. ~~member~~It ofrevises ~~the~~an ~~International~~entity’s accounting ~~Air~~related ~~Transport~~to: ~~Association (IATA~~1) classification and ~~has~~measurement ~~the~~of ~~license~~investments toin ~~sell~~equity ~~air~~securities; ~~tickets~~2) topresenta ~~Sinorama~~tion ~~Voyages.~~of ~~The~~certain ~~deposits~~fair ~~with~~value ~~CAGEP SARL do not~~changes ~~bear~~for ~~interest.~~financial Asliabilities ofmeasured ~~September~~at ~~30,~~fair ~~2017~~value; and ~~December 31~~, ~~2016,~~3) ~~the~~amends ~~Company~~disclosure ~~had~~requirements ~~$794,365~~associated ~~and~~with ~~$738,555~~the infair ~~security~~value ~~deposits~~of ~~with~~financial JPinstruments. ~~Morgan~~ASU ~~Chase,~~2016-01 ~~which~~ is ~~the~~effective ~~security deposit~~ for ~~credit~~years ~~card~~beginning ~~usage~~after ~~and~~December ~~does not bear interest. As of September 30~~15, 2017 and ~~December 31,~~early ~~2016,~~adoption ~~the~~is ~~Company~~permitted. ~~had~~The ~~$180,293~~adoption of ~~and~~ASU ~~$167,580~~2016-01 onis ~~deposit~~not ~~with~~expected ~~OPC (Office~~to ofhave ~~Consumer Protection) as~~ a ~~travel~~material ~~company~~effect ~~bankruptcy guarantee.~~on ~~The~~the ~~deposit~~Company's ~~does~~consolidated ~~not~~financial ~~bear interest~~statements.

~~NOTE~~In 6March 2016, the FASB issued ASU No. ~~PROPERTY~~2016-08, Revenue ~~AND~~from ~~EQUIPMENT~~Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The amendment in this update affect entities with transactions included within the scope of Topic 606, The scope of that Topic includes entities that enter into contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration. The amendments are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, the amendments in ASU 2016-10 provide more detailed guidance, including additional implementation guidance and examples in the following key areas: 1) identifying performance obligations and 2) licenses of intellectual property. In May 2016, the FASB issued ASU No. 2016-12 a proposed Update, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments do not change the core principles of the standard, but clarify the guidance on assessing collectability, presenting sales taxes, measuring noncash consideration and certain transition matters. This update becomes effective concurrently with ASU No. 2014-09. The Company adopted ASU 2016-12 effective January 1, 2018. The impact on our consolidated financial statements and related disclosures was not material.

~~At September 30, 2017 and December 31, 2016, property and equipment, at cost, consist of:~~F-13

	September 30,		December 31,
	2017		2016
	(Unaudited)
Computer equipment	$	71,624	$	19,419
Furniture & Fixture		20,712		5,688
Office equipment		91,004		80,059
Leasehold Improvement		397,860		362,880
Total property and equipment at cost		581,200		468,046
Accumulated depreciation		284,819		232,873
Total property and equipment, net	$	296,381	$	235,173

SINORAMA CORPORATION

~~Depreciation~~NOTES ~~expense~~TO ~~were~~CONDENSED ~~$32,567~~INTERIM ~~and~~CONSOLIDATED ~~$28,494~~FINANCIAL ~~for~~STATEMENTS ~~the nine months ended September 30, 2017 and 2016, respectively.~~(UNAUDITED)

~~F-12~~ (EXPRESSED IN US DOLLARS)

~~SINORAMA~~NOTE ~~CORPORATION~~2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUING)

~~NOTES~~In TOOctober ~~CONDENSED~~2016, ~~CONSOLIDATED~~the ~~FINANCIAL~~FASB issued Accounting ~~STATEMENTS~~Standards Update No. 2016-16, Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16). The standard is intended to address diversity in practice and complexity in financial reporting, particularly for intra-entity transfers of intellectual property. ASU 2016-16 will be effective for the Company beginning with the interim periods of fiscal 2018 and requires the modified retrospective method of adoption. Early adoption is permitted. The Company is in the process of determining timing of adoption and assessing the impact of ASU 2016-16 on its consolidated financial statements.The adoption of ASU 2016-16 is not expected to have a material effect on the Company's consolidated financial statements.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (~~EXPRESSED~~Topic IN230): USRestricted ~~DOLLARS~~Cash (“ASU No. 2016-18”). ASU No. 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company elected to early adopt ASU No. 2016-18 for the reporting period ending December 31, 2017. As a result of adoption of ASU No. 2016-18, the Company no longer presents the changes within restricted cash in the consolidated statements of cash flows.

~~NOTE~~In 7January 2017, the FASB issued Accounting Standards Board Update No. ~~CUSTOMER~~2017-01: Business ~~DEPOSITS~~Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”). The ASU clarifies the definition of business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Company’s fiscal year beginning January 1, 2018 and subsequent interim periods with prospective application with impacts on the Company’s consolidated financial statements that may vary depending on each specific acquisition. Early adoption is conditionally permitted. The adoption of ASU 2017-01 is not expected to have a material effect on the Company's consolidated financial statements.

~~Customer~~NOTE ~~deposits are the deposits made by all customers for reservations~~3. ~~The~~PREPAYMENTS ~~deposit~~& ~~must~~DEFERRED be paid in full by either check, debit card, credit card or cash before the reservation can be confirmed. Customers must pay the full purchase price three months before departure. Otherwise, the Company reserves the right to cancel the reservation and retain the full amount of the initial deposit. Cancellation of a reservation can only be made through the Company as the following conditions will apply: more than 90 days prior to the departure date: 50% refund of the balance per-person, including taxes and service charge. If it's marked “Final Sale”, the sale is non-refundable, nor changeable, nor transferable, whenever the purchase is made. Customer deposits are recognized as revenue on departure date, when services are provided to the customers. Customer deposits from all customers were $33,893,902 and $22,772,259 as of September 30, 2017 and December 31, 2016, respectively, and were recorded as a current liability in the consolidated balance sheets.EXPENSES

~~NOTE~~Our 8travel suppliers require prepayments for reserving tour availabilities. ~~NON-CONTROLLING~~The ~~INTERESTS~~prepayment is recorded in prepayments and deferred expenses on the consolidated balance sheets. Deferred expenses include prepaid insurance, advertising fee. The Company’s prepayments and deferred expenses for reserving tour availabilities were $20,820,412 and $13,728,133 as of March 31, 2018 and December 31, 2017, respectively.

Vacances Sinorama Inc. and Sinorama Voyages are the Company’s majority-owned subsidiaries, which are consolidated in the Company’s financial statements with a non-controlling interest recognized.

	March 31		December 31,
	2018		2017
	(Unaudited)
Prepayments for tour products	$	20,818,402	$	13,718,946
Prepaid expense		2,010		9,187
Total Prepayments and deferred expenses	$	20,820,412	$	13,728,133

~~The 33.33% of Vacances Sinorama equity held by QIAN Hong is a non~~F-controlling interest. ASC 810-10-45 provides that the ownership interest in a subsidiary that is held by owners other than the parent is a non-controlling interest. 66.67% of Vacances Sinorama is owned by Simon Qian Voyages Inc., a wholly-owned subsidiary of Sinorama Tours.14

~~The~~SINORAMA 39% of Sinorama Voyages equity held by YANG Ming and the 10% of Sinorama Voyages equity held by ZHAO Hongxi are also non-controlling interests. 51% of Sinorama Voyages equity is held by Sinorama Tours.CORPORATION

~~ASC~~NOTES ~~810-10-50~~TO ~~requires~~CONDENSED ~~that~~INTERIM ~~the~~CONSOLIDATED ~~Company~~FINANCIAL ~~separately~~STATEMENTS ~~disclose amounts attributable to shareholders’ equity and non-controlling interests in its financial statements.~~(UNAUDITED)

~~NOTE~~(EXPRESSED 9.IN ~~RELATED~~US ~~PARTY TRANSACTIONS~~DOLLARS)

~~Amount~~NOTE ~~due~~4. ~~from~~OTHER ~~related parties~~RECEIVABLE

~~Amount~~At ~~due~~March ~~from~~31, ~~related~~2018 ~~parties~~and ~~consisted of~~December ~~the~~31, ~~following~~2017, asother receivable consists of the ~~periods indicated~~following:

	September 30,		December 31,
	March 31, 2018		December 31, 2017
	2017		2016
	(Unaudited)
Name of related parties	(Unaudited)
Tax on Value Added (TVA) (France)	$	164,233	$	246,522
Sinorama Reisen GmbH	$	3,655,516	$	1,469,472
Income tax receivable (France)		41,100		-
Sinorama Holiday Inc.		1,231,831		1,154,894
GST/QST (Canada)		214,182		393,857
Sinorama Group LLC		1,563		1,453
Income tax receivable (Canada)		33,229		69,769
Sinorama Holiday Limited		1,696,718		935,418
Air Canada		45,547		46,812
Sinorama Travel Inc.		506,493		-
Eva Airway Cor.		15,511		15,942
Others		501		2,621
China Eastern Airlines		76,880		69,200
Total	$	7,092,622	$	3,563,858
United Airline		9,060		1,734
Air China Ltd		23,267		23,913
JL Travel Marketing		11,944		12,275
Chase		59,260		-
Alipay Limited		31,798		-
Others		71,737		86,284
Total other receivable	$	797,748	$	966,308

AsThe ofamount ~~September 30, 2017 and December 31, 2016, the Company has a balance due~~ from ~~Sinorama~~Air ~~Reisen GmbH~~Canada, ~~which~~Eva isAirway ~~65% owned by the Company's Chief Executive Officer (JING Wenjia)~~Cor, China ofEastern $3Airlines,~~655,516~~ ~~and $1~~United,~~469,472,~~ ~~respectively.~~Air ~~The amount is the prepayment for the supplier in~~ China Ltd, inJL ~~order~~Travel toMarketing ~~reserve tour~~and ~~availabilities.~~others ~~The prepayment~~ is ~~non~~pre-~~interest~~authorization ~~bearing,~~holds ~~payable~~for onair ~~demand~~tickets.

~~F-13~~ NOTE 5. LONG TERM DEPOSITS

~~SINORAMA~~Long ~~CORPORATION~~term deposits are the deposits made by the Company held at third institutions for operation purposes. As of March 31, 2018 and December 31, 2017, the Company had $1,230,600 and $1,199,800, respectively, in air ticket security deposit with CAGEP SARL, which is a member of the International Air Transport Association (IATA) and has the license to sale the air ticket to Sinorama Voyages. As of March 31, 2018 and December 31, 2017, the Company had $174,500 and $179,348 in deposit with OPC (Office of Consumer Protection) as travel company bankruptcy guarantee. The deposit does not bear any interest.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	March 31, 2018		December 31, 2017
	(Unaudited)
CAGEP SARL	$	1,230,600	$	1,199,800
Pivotal Escrow Fund		211,726		-
OPC		174,500		179,348
Swatow Development Inc.		93,033		95,618
Other deposit		125,781		81,080
Total Long term deposits	$	1,835,640	$	1,555,846

~~(EXPRESSED IN US DOLLARS)~~F-15

~~NOTE~~SINORAMA ~~9. RELATED PARTY TRANSACTIONS (CONTINUED)~~CORPORATION

AsNOTES ofTO ~~September~~CONDENSED ~~30,~~INTERIM ~~2017~~CONSOLIDATED ~~and December 31,~~FINANCIAL ~~2016,~~STATEMENTS ~~the Company has a balance due from Sinorama Holiday Inc., which is 40% owned by the Company's Chairman~~ (~~QIAN Hong~~UNAUDITED) and 20% owned by the Company's Chief Executive Officer (JING Wenjia), of $1,231,831 and 1,154,894, respectively. It was for purchasing travel products from Vacances Sinorama. It is non-interest bearing and due on demand.

~~As of September 30, 2017 and December 31, 2016, the Company had a balance due from Sinorama Group LLC., which is 100% owned by the Company's Chairman~~ (~~QIAN~~EXPRESSED ~~Hong),~~IN ofUS ~~$1,563 and $1,453, respectively.~~DOLLARS)

AsNOTE of September 30, 2017 and December 31, 2016, the Company had a balance due from Sinorama Holiday Limited, which is 51% owned by the Company's Chairman (QIAN Hong), of $1,696,718 and $935,418, respectively6. ItPROPERTY ~~was~~AND ~~for purchasing travel products from Sinorama Vacances. It is non-interest bearing and due on demand.~~EQUIPMENT

~~Amount~~At ~~due~~March to31, ~~related~~2018 ~~parties~~and December 31, 2017, property and equipment, at cost, consist of:

Amount due to related parties consisted of the following as of the periods indicated:

	March 31,		December 31,
	2018		2017
	(Unaudited)
Computer equipment	$	134,454	$	119,797
Furniture & Fixture		20,535		21,106
Office equipment		93,389		94,229
Leasehold Improvement		381,650		395,942
Total property and equipment at cost		630,028		631,074
Accumulated depreciation		314,121		302,061
Total property and equipment, net	$	315,907	$	329,013

	September 30,		December 31,
	2017		2016
Name of related parties	(Unaudited)
Sinorama Travel Vancouver Inc.	$	-	$	1,423,231
Simon Qian & Jing Wenjia		10,230		9,650
Sinorama Tours Co., Ltd.		-		2,552
	$	10,230	$	1,435,433

Depreciation expense were $19,709 and $13,558 for the three months ended March 31, 2018 and 2017, respectively.

AsNOTE ~~of September 30, 2017 and December 31, 2016, the Company had a balance due to Sinorama Travel Vancouver Inc~~7., ~~which~~CUSTOMER is 51% owned by the Company's Chairman (QIAN Hong), of $nil and $1,423,231, respectively. Such payments were required by suppliers in China to be made in advance, in order to book tour availabilities. The amount is non-interest bearing and due on demand.DEPOSITS

AsCustomer ofdeposits ~~September~~are ~~30,~~the ~~2017~~deposits ~~and~~made ~~December 31,~~by ~~2016,~~all customers for reservation or the ~~Company~~full ~~had~~payment amust ~~balance~~be ~~due~~paid toby ~~Simon~~either ~~Qian~~check, ~~who~~debit iscard, credit card or cash before it can be confirmed. Customers must settle the ~~Chairman~~total of all sums. Otherwise, the Company, ~~and~~reserves ~~JING~~the ~~Wenjia,~~right ~~who~~to iscancel the ~~Chief~~reservation ~~Executive~~and ~~Officer~~retain the full amount of the ~~Company~~initial deposit. ~~The~~Cancellation of a reservation can only be made through the Company ~~had~~and athe ~~balance~~following conditions ~~due~~will apply: more than 90 days prior to ~~Simon~~the ~~Qian~~departure &date: ~~Jing~~50% ~~Wenjia~~refund of ~~$10~~the balance per-person,~~230~~ including taxes and service $9charge. If the tour is marked “Final Sale”,~~650~~ it is not refundable, ~~respectively.~~nor Itchangeable, ~~was~~nor transferable, whenever ~~temporary~~the ~~borrowings~~purchase ~~between~~is made. Customer deposits are recognized as revenue on departure date when services are provided to the ~~Company~~customers. Customer deposits from all customers were $38,388,443 and ~~management.~~$30,129,523 Itat isMarch ~~non-interest~~31, ~~bearing~~2018 and ~~due~~December 31, 2017, respectively, and were recorded as a current liability on ~~demand~~the consolidated balance sheets.

~~Related~~NOTE ~~parties’~~8. ~~transactions~~NON-CONTROLLING INTERESTS

~~Sales~~Vacances ofSinorama ~~travel~~and ~~product~~Sinorama toVoyages ~~related parties~~are ~~consisted~~the ofCompany’s ~~the~~majority-owned ~~following~~subsidiaries ~~for~~and are consolidated in the ~~periods~~Company’s ~~indicated:~~ financial statements with a non-controlling interest recognized.

	September 30,		September 30,
	2017		2016
Name of related parties	(Unaudited)		(Unaudited)
Sinorama Holiday Limited		2,722,286		2,434,403
Sinorama Holiday Inc.		9,937,021		7,608,478
Sinorama Travel Vancouver Inc.		960,215		5,108
Total	$	13,619,522	$	10,047,989

The 33.33% of Vacances Sinorama interest held by Qian Hong is a non-controlling interest. ASC810-10-45 provides that the ownership interest in the subsidiary that are held by owners other than the parent is a non-controlling interest. 66.67% of Vacances Sinorama is owned by Simon Qian Voyages Inc., a wholly-owned subsidiary of Sinorama Tours.

~~NOTE~~The 39% of Sinorama Voyages equity held by YANG Ming and the 10.% ~~CONTINGENCIES~~of ~~AND~~Sinorama ~~COMMITMENT~~Voyages interest held by ZHAO Hongxi are also non-controlling interest, 51% of Sinorama Voyages is held by Sinorama Tours.

Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. There was no contingency of this type as of September 30, 2017 or December 31, 2016.F-16

IfSINORAMA the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. There was no contingency of this type as of September 30, 2017 or December 31, 2016.CORPORATION

~~F-14~~ NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~SINORAMA~~(EXPRESSED ~~CORPORATION~~IN US DOLLARS)

~~NOTES~~ASC TO810-10-50 ~~CONDENSED~~requires ~~CONSOLIDATED~~that ~~FINANCIAL~~the company separately ~~STATEMENTS~~disclosed amounts attributable to shareholders’ equity and non-controlling interests(NCIs) in the financial statements. For three months ended March 31, 2018, the comprehensive loss attributable to shareholders’ equity and NCIs is $ (2,073,683) and $ (921,896), respectively. For three months ended March 31, 2017, the comprehensive income attributable to shareholders’ equity and non-controlling interest is $(1,183,163) and $(593,663), respectively. As of March 31, 2018, and December 31, 2017 the NCIs were $(4,414,070) and $(3,492,174), respectively.

~~(EXPRESSED~~NOTE IN9. USRELATED ~~DOLLARS)~~PARTY TRANSACTIONS

~~NOTE~~Amount ~~10.~~due ~~CONTINGENCIES~~from ~~AND~~related ~~COMMITMENT (CONTINUED)~~parties

~~Loss~~Amount ~~contingencies~~due ~~considered~~from torelated beparties ~~remote by~~consisted ~~management~~of ~~are~~the following ~~generally~~as ~~not~~of ~~disclosed unless they involve guarantees, in which case~~ the ~~guarantee~~periods ~~would be disclosed.~~indicated:

In June, 2016 Vacances Sinorama leased office space under non-cancellable operating lease agreements. Under the terms of the lease, Vacances Sinorama paid approximately $61,669 in lease deposits, and made lease payments of approximately $18,120 per month. Under terms of the lease agreement, from June, 2017, Vacances Sinorama is committed to lease payments for 120 months as follows:

	March 31,		December 31,
	2018		2017
Name of related parties	(Unaudited)
Sinorama Reisen GmbH	$	4,013,908	$	4,243,746
Sinorama Holiday Inc.		16,726		2,790,843
Sinorama Holiday Limited		2,280,318		2,388,881
Sinorama Travel Vancouver Inc.		408,503		302,835
Total	$	6,719,455	$	9,726,305

Period		Per month
Jun-16	May-17	rent-free
Jun-17	May-20	18,120
Jun-20	May-21	19,932
Jun-21	May-22	21,925
Jun-22	May-23	24,118
Jun-23	May-24	25,324
Jun-24	May-25	26,590
Jun-25	May-26	27,919
Jun-26	May-27	29,315

The balance due from Sinorama Reisen GmbH, which is 65% owned by Jing Wenjia, Chief Executive Officer of the Company, was paid to suppliers on behalf of Sinorama Reisen GmbH to get favorable price in group-buying, in order to reserve tour availabilities. The balance was non-interest bearing, payable on demand.

~~This~~The ~~office~~balance isdue ~~used~~from ~~for~~Sinorama ~~the~~Holiday ~~Information~~Inc., ~~Technology~~which ~~Department~~is 40% owned by Qian Hong, ~~Electronic~~Chairman ~~Commerce~~of ~~Department~~the Company and ~~Market~~20% ~~Department~~owned by Jing Wenjia, Chief Executive Officer of the Company, arose from the purchase by Sinorama Holiday Inc. of travel products from Vacances Sinorama Inc., is non-interest bearing and ~~other~~due on ~~departments~~demand.

~~Vacances~~The ~~Sinorama~~balance ~~leases~~due ~~office~~from ~~space~~Sinorama ~~under non-cancellable~~Holiday ~~operating lease agreements~~Limited, which tois be51% ~~used~~owned ~~for~~by ~~the~~Qian ~~Airline Ticket Department~~Hong, ~~Asia~~Chairman ~~Tour~~of ~~Department~~the ~~and~~Company, ~~others~~arose ~~departments. The~~from ~~initial leases expired on various dates through 2016. Under~~ the ~~terms~~purchase ofby ~~those leases, Vacances~~ Sinorama ~~paid~~Holiday ~~approximately $22,061~~Limited ~~in lease deposits and committed to lease and management fee payments~~ of ~~approximately~~travel ~~$12,080 per month for 60 months.~~products Infrom ~~March 2016,~~ Vacances Sinorama ~~entered into a renewed lease agreement~~Inc, ~~which replaced its expired operating lease agreements. Under the current terms of the lease, Vacances Sinorama~~ is ~~committed~~non-interest tobearing ~~lease~~ and ~~management~~due ~~fee~~on ~~payments of approximately $15,515 per month for 60 months~~demand.

InThe ~~July~~balance ~~2015,~~due ~~Vacances~~from Sinorama ~~entered~~Travel Vancouver ~~into~~Inc., awhich ~~new~~is ~~lease~~51% ~~agreement~~owned ~~for~~by ~~the~~Qian ~~Bus~~Hong, ~~Tour~~Chairman ~~Department office. Under the terms~~ of the ~~lease~~Company, ~~Vacances~~arose ~~Sinorama~~from ~~paid~~the ~~approximately $15,194~~purchase inby ~~lease~~Sinorama ~~deposits,~~Travel ~~and~~Vancouver isInc. ~~committed~~of totravel products ~~lease~~from ~~and~~Vacances ~~management~~Sinorama ~~fee~~Inc, ~~payments~~is ofnon-interest ~~approximately~~bearing ~~$5,134~~and ~~per~~due ~~month~~on ~~for 60 months~~demand.

InAmount ~~February,~~due 2015, Sinorama Voyages leased office space under a non-cancellable operating lease agreement. Under the terms of the lease, Sinorama Voyages paid approximately $13,894 in lease deposits, and lease expense payments of approximately $4,869 per month. Under the terms of the lease agreement, from February, 2016, Sinorama Voyages was committed to ~~lease~~related ~~expense payments of approximately $4,857 per month for 96 months.~~parties

~~Future~~Amount ~~annual~~due ~~minimum~~to ~~lease~~related ~~payments,~~parties ~~for~~consisted of the ~~non-cancellable~~following ~~operating~~as ~~leases~~of ~~are~~the asperiods ~~follows~~indicated:

Year ending December 31	Amount $
	March 31,		December 31,
2017		101,471
	2018		2017
2018		496,483
Name of related parties	(Unaudited)
2019		496,483
Qian Hong & Jing Wenjia	$	7,327	$	7,576
2020		496,483
	$	7,327	$	7,576
2021		505,543

FQian Hong is the Chairman of the Company, and Jing Wenjia is the Chief Executive Officer, director and shareholder of the Company. It is temporary borrowings between the Company and management. The debt was non-15 interest bearing and due on demand.

~~SINORAMA CORPORATION~~F-17

~~NOTES~~SINORAMA ~~TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~CORPORATION

~~(EXPRESSED~~NOTES INTO USCONDENSED ~~DOLLARS~~INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~NOTE~~(EXPRESSED ~~11.~~IN ~~BASIC~~US ~~AND DILUTED EARNINGS PER SHARE~~DOLLARS)

~~Basic~~NOTE ~~net income per share is computed using the weighted average number of common shares outstanding during the period~~9. ~~Diluted~~RELATED ~~net~~PARTY income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares comprise shares issuable upon the exercise of share based awards, using the treasury stock method. The reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income from continuing operations is shown as follows: TRANSACTIONS(CONTINUING)

	Nine Months Ended September 30,
	2017		2016
	(Unaudited)		(Unaudited)
Numerator:
Net income available to common stockholders	$	432,564	$	(1,154,692	)
Denominator:
Basic and diluted weighted-average number of shares outstanding		15,009,944		11,000,000
Net income per share:
Basic and diluted	$	0.03	$	(0.10	)

Related parties’ transactions

~~NOTE~~Sales ~~12.~~of ~~SUBSEQUENT~~travel ~~EVENT~~product to related parties consisted of the following for the periods indicated:

The Management of the Company determined that there were no other reportable subsequent events to be disclosed.

	March 31,		March 31,
	2018		2017
Name of related parties	(Unaudited)		(Unaudited)
Sinorama Reisen GmbH	$	405,950	$	42,062
Sinorama Holiday Limited		368,711		740,063
Sinorama Holiday Inc.		1,774,174		2,404,056
Sinorama Travel Vancouver Inc.		264		293,136
Total	$	2,549,099	$	3,479,317

~~F-16~~ NOTE 10. CONTINGENCIES AND COMMITMENT

Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. There was no contingency of this type as of March 31, 2018 and December 31, 2017.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. There was no contingency of this type as of March 31, 2018 and December 31, 2018.

Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed.

In June, 2016 Vacances Sinorama leased office space under non-cancellable operating lease agreements, which space is used for the Company’s Information Technology Department, Electronic Commerce Department and Market Department and other departments. Under the terms of the lease, Vacances Sinorama paid approximately $61,669 in lease deposits, and made lease payments of approximately $290,734 per year and is committed to lease payments for 120 months.

Vacances Sinorama leases office space under non-cancellable operating lease agreements, to be used for the Airline Ticket Department, Asia Tour Department and others departments. The initial leases expired on various dates through 2016. Under the terms of those leases, Vacances Sinorama paid approximately $22,061 in lease deposits and committed to lease and management fee payments of approximately $12,080 per month for 60 months. In March 2016, Vacances Sinorama entered into a renewed lease agreement, which replaced its expired operating lease agreements. Under the current terms of the lease, Vacances Sinorama is committed to lease and management fee payments of approximately $15,515 per month for 60 months.

F-18

SINORAMA CORPORATION

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(EXPRESSED IN US DOLLARS)

NOTE 10. CONTINGENCIES AND COMMITMENT(CONTINUING)

In July 2015, Vacances Sinorama entered into a new lease agreement for the Bus Tour Department office. Under the terms of the lease, Vacances Sinorama paid approximately $15,194 in lease deposits, and is committed to lease and management fee payments of approximately $5,134 per month for 60 months.

In February, 2015, Sinorama Voyages leased office space under a non-cancellable operating lease agreement. Under the terms of the lease, Sinorama Voyages paid approximately $13,894 in lease deposits, and lease expense payments of approximately $4,869 per month. Under the terms of the lease agreement, from February, 2016, Sinorama Voyages was committed to lease expense payments of approximately $4,857 per month for 96 months.

Future annual minimum lease payments, for non-cancellable operating leases are as follows:

Year ending December 31	Amount $
2018		400,937
2019		534,582
2020		534,582
2021		471,685
2022		313,285

NOTE 11. Basic and Diluted Earnings Per Share

Basic net income per share is computed using the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares comprise shares issuable upon the exercise of share based awards, using the treasury stock method. The reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income from continuing operations is shown as follows:

	Three Months Ended March 31,
	2018			2017
	(Unaudited)			(Unaudited)
Numerator:
Net income available to common stockholders	$	(1,963,086	)	$	(1,216,899	)
Denominator:
Basic and diluted weighted-average number of shares outstanding		15,186,000			14,700,000
Net income per share:
Basic and diluted	$	(0.13	)	$	(0.08	)

F-19

SINORAMA CORPORATION

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(EXPRESSED IN US DOLLARS)

NOTE 12. SUBSEQUENT EVENT

The Management of the Company evaluated subsequent events through the date these financial statements are available for issuance and determined that there were no other reportable subsequent events to be disclosed.

F-20

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Forward~~The following discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-~~Looking~~Q, ~~Statements:~~which Nohave ~~Assurances~~been prepared in accordance with accounting principles generally accepted ~~Intended~~in the United States. The preparation of such financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate these estimates, including those related to bad debts, impairment, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There can be no assurance that actual results will not differ from those estimates. The analysis set forth below is provided pursuant to applicable SEC regulations and is not intended to serve as a basis for projections of future events. See “Cautionary Statement Regarding Forward Looking Statements” above.

In addition to historical information, this Quarterly Report contains forward-looking statements, which are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “estimates,” “projects,” or similar expressions. These forward-looking statements represent Management’s belief as to the future of Sinorama Corporation. Whether those beliefs become reality will depend on many factors that are not under Management’s control. Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in Section 1A, entitled “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2016. Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.Overview

~~Business~~Sinorama ~~Description~~Corporation (the “Company” or “we”) is an integrated travel services and products provider, with a team of 192 full time employees. The Company provides bus tours and Asian tours and sells third party travel products, such as airline tickets, hotels and other travel products. Sinorama Corporation has combined the traditional tourism industry business with E-Commerce, and covers a wide range of services and products. The Company offers travel products and services primarily through agencies, online retail, and retail store sales.

Sinorama Corporation is an integrated travel producer and seller, with a team of 183 full time professionals and experienced employees. The Company provides Bus Tours, Asian Tours, as well as sales of Third-Party Products, such as airline tickets, hotels and other travel products. Sinorama Corporation has combined the traditional tourism industry model with E-Commerce, while covering a wide range of business. We offer travel products and services primarily through the agency method, online retail methods, and retail store sales methods.

Seasonality

Our quarterly results are likely to fluctuate because of seasonality in the leisure travel industry all over the world. Our business experiences fluctuations, reflecting seasonal variations in demand for leisure travel services. Sales of leisure travel products and services will increase in respect of holiday periods and decrease in respect of off-peak times and prices of leisure travel products and services are subject to fluctuation between peak seasons and low seasons. For example, we have historically experienced higher revenue from ~~Bus~~bus ~~Tours~~tours between May to October of the year, and lower revenue between November toand April of the following year. We also have historically experienced ~~higher~~ higher revenue from Asian ~~Tours~~tours ~~between~~from April to June and ~~between~~from September to November of the year, and lower revenue for the rest of the year, because many of our customers tend to travel during summer holidays. Consequently, our results of operations may fluctuate from quarter to quarter. Our rapid growth has tended to mask the seasonality of our business.

Plan of ~~Operation~~Operations

We plan to continue to expand our operations, until we achieve the critical mass necessary for profitable operations. Over the next twelve months, we will concentrate on the following four areas to grow our operations:

● Design new products– ~~Seek~~We plan to design ~~additional~~some more new tour products to ~~compete~~expand ~~with~~offering ~~competitors~~of more destinations in Asian tours and to attract more Asian customers, in particular Chinese, to purchase our North American and European travel services and products.

● ~~Advertising~~Continue ~~and~~to ~~Marketing~~promote –our ~~Work~~brand, ~~with~~services ~~several~~and ~~marketing~~products ~~companies~~– toWe ~~develop~~will ~~brand~~continue ~~identity,~~to ~~marketing~~promote ~~materials~~our brand, services and ~~update~~products ~~our~~through ~~web~~advertising ~~site.~~and ~~Utilize~~marketing, ~~all~~with ~~available~~a ~~marketing~~focus ~~venues~~on ~~and~~online ~~public~~marketing ~~relations~~covering ~~opportunities~~English, toFrench, ~~promote~~German, ~~the~~Spanish, ~~Company~~Japanese and ~~its~~Korean ~~tour services~~customers.

● Offer tours all over the world – We are committed to becoming the best Chinese tourism brand across the world. In the next year we plan to (1) serve 35,000 customers worldwide with our Asia Tours; and (2) organize 10,000 Americans to visit China.4

17● Offer tours all over the world – We are committed to becoming one of the best travel service brand across the world. In 2018 we plan to: (1) serve over 35,000 customers worldwide with our Asian tours; (2) organize over 10,000 Americans to visit China; (3) expand our Chinese outbound tourism business to North America and Europe.

● ~~Language~~Provide language skills training-~~The~~ ~~Company~~To ~~plans~~better serve our customers in different regions, we plan to ~~engage~~provide ~~and~~language ~~train~~training ~~over~~to ~~200~~our ~~tour~~employees ~~leaders~~and agents in the European, American and Chinese markets, covering such languages as English, French, German, Spanish, Japanese and Korean.

Results of Operations for the Three Months Ended March 31, 2018 and 2017

The following table shows key components of ~~the~~ the results of operations during three months ended ~~September~~March 3031, ~~2017~~2018 and ~~2016~~2017:

	Three Months Ended
	September 30,						Change
	March 31,						Change
	2017 (Unaudited)			2016 (Unaudited)			$			%
	2018 (Unaudited)			2017 (Unaudited) (Restated)			$			%
Revenue:
Asian Tours	$	1811,~~200~~751,~~851~~020		$	1310,~~665~~167,~~138~~468		$	41,~~535~~583,~~713~~552			3316	%
Bus Tours		71,~~211~~219,~~248~~406			5701,~~700,151~~851			1517,~~511,097~~555			2774	%
Third party product sales		23,~~175~~021,~~561~~039			2,~~016~~207,~~497~~285			~~159~~813,~~064~~754			837	%
Total revenue		2715,~~587~~991,~~660~~465			2113,~~381~~076,~~786~~604			62,~~205~~914,~~874~~861			2922	%
Cost of Sales		2214,~~028~~085,~~493~~276			1911,~~528~~849,~~615~~922			2,~~499~~235,~~878~~354			1319	%
Gross Profit		51,~~559~~906,~~167~~189			1,~~853~~226,~~171~~682			3679,~~705,996~~507			~~200~~55	%
Operating costs and expenses:
Salaries and employee benefits		1,~~374~~273,~~618~~815			1,~~036~~087,~~409~~412			~~338~~186,~~209~~403			3317	%
Advertising and promotion		12,~~568~~607,~~414~~924			1,~~375~~207,~~334~~594			~~193~~1,~~080~~400,330			14116	%
Rent and occupancy charges		76134,~~979~~978			7939,~~172~~207			(295,~~193~~771	)		(3244	)%
Office and general		~~166~~237,~~028~~437			98111,~~113~~966			67125,~~915~~471			69112	%
Bank charge and interest		~~106~~314,~~047~~786			~~378~~499,~~377~~158			(~~272~~184,~~330~~372	)		(7237	)%
Business taxes and licenses		9,808			4,962			4,846			98	%
business taxes and licences		13,352			-			13,352			-
Professional fees		3537,~~923~~942			2943,~~794~~030			6(5,~~129~~088	)		21(12	)%
Depreciation of property and equipment		519,~~787~~709			1013,~~360~~558			(46,~~573~~151	)		~~(44~~45	)%
Insurance		1346,~~571~~087			168,~~165~~445			(237,~~594~~642	)		~~(16~~446	)%
Other expense		~~817~~-			~~660~~3,024			~~157~~(3,024	)		24(100	)%
Total operating costs and expenses		34,~~357~~686,~~992~~030			3,~~029~~013,~~346~~394			~~328~~1,~~646~~672,636			1156	%
Profit from operations before other income and income taxes		2,201,175			(1,176,175	)		3,377,350			(287	)%
Losses from operations before other income and income taxes		(2,779,841	)		(1,786,712	)		(993,129	)		56	%
Other income(expense)		~~584~~6,~~183~~218			6(52,~~225~~021	)		~~577~~58,~~958~~239			~~9284~~(112	)%
Profit from operations before income taxes		2,785,358			(1,169,950	)		3,955,308			(338	)%
Losses from operations before income taxes		(2,773,623	)		(1,838,733	)		(934,890	)		51	%
Income tax		-			108,241			(108,241	)		(100	)%
Net loss		(2,773,623	)		(1,838,733	)		(934,890	)		51	%
Net income(loss)		2,785,358			(1,278,191	)		4,063,549			(318	)%
Comprehensive loss	$	(2,995,579	)	$	(1,776,826	)	$	(1,218,753	)		69	%
Comprehensive loss(income)	$	2,507,422		$	(1,007,339	)	$	3,514,761			(349	)%

18Our revenue increased by 22% (or $2,914,861) in the first quarter of 2018 compared to the same periods of 2017. The growth rate was slightly lower than the same period in 2017. Net sales by our Canadian operations increased 21% from the first quarter of 2017 to 2018, net sales by our French operations increased 32%. The significant increase in revenue from our operations was mainly due to our increased efforts and spending in advertising and promotion.

~~The following table shows key components of the results of operations during nine months ended September 30, 2017 and 2016:~~5

	Nine Months Ended
	September 30,					Change
	2017 (Unaudited)		2016 (Unaudited)			$			%
Revenue:
Asian Tours	$	51,209,181	$	41,390,673		$	9,818,508			24	%
Bus Tours		10,786,106		7,866,572			2,919,534			37	%
Third party product sales		6,626,844		5,680,878			945,966			17	%
Total revenue		68,622,131		54,938,123			13,684,008			25	%
Cost of Sales		58,317,071		49,070,761			9,246,310			19	%
Gross Profit		10,305,060		5,867,362			4,437,698			76	%
Operating costs and expenses:
Salaries and employee benefits		3,561,040		2,788,733			772,307			28	%
Advertising and promotion		4,570,046		3,027,017			1,543,029			51	%
Rent and occupancy charges		173,512		229,670			(56,158	)		(24	)%
Office and general		374,987		250,613			124,374			50	%
Bank charge and interest		1,276,224		983,460			292,764			30	%
Business taxes and licenses		17,398		5,410			11,988			222	%
Professional fees		123,972		104,327			19,645			19	%
Depreciation of property and equipment		32,567		28,494			4,073			14	%
Insurance		41,294		25,192			16,102			64	%
Other expense		3,704		4,870			(1,166	)		(24	)%
Total operating costs and expenses		10,174,744		7,447,786			2,726,958			37	%
Losses from operations before other income and income taxes		130,316		(1,580,424	)		1,710,740			(108	)%
Other income(expense)		581,500		51,299			530,201			1034	%
Losses from operations before income taxes		711,816		(1,529,125	)		2,240,941			(147	)%
Income tax		-		131,485			(131,485	)		(100	)%
Net income(loss)		711,816		(1,660,610	)		2,372,426			(143	)%
Comprehensive loss(income)	$	96,054	$	(1,114,439	)	$	1,210,493			(109	)%

Although bus tours experienced the highest revenue growth, 74% (or $517,555) in the first quarter of 2018, bus tours only accounted for 8% of our business in the first quarter of 2018 while Asian tours remained the largest component of our business - Asian tours accounted for 73% of our sales during the first quarter of 2018 ,representing a 16% increase in sales during the first quarter of 2018. The much higher percentage of Asian tours reflects our decision to focus capital resources on our Asian tour products. During the first quarter of 2018, a total of 6,021 customers purchased Asian tours, an increase of 171 customers, or 3%, as compared to the first quarter of 2017, reporting a 12% increment in revenue-per-customer for the first quarter of 2018.

~~Our~~Despite ~~revenue~~the ~~increased by 29~~22% increase in ~~the~~revenue ~~third quarter~~from ~~of 2017 and by 25% in~~ the first ~~nine~~quarter ~~months~~ of 2017, ~~compared~~ to the ~~like~~same ~~periods~~period of ~~2016.~~2018, ~~The~~our ~~overall~~gross ~~growth~~profit ~~rate~~increased ~~was much lower than we experienced during the entirety of 2016~~55%, ~~primarily~~and ~~due~~gross tomargin aincreased ~~significant fall-off in revenue~~ from ~~our French operations~~9. ~~Whereas net sales by our Canadian operations increased 41~~4% ~~from~~in the first ~~nine~~quarter ~~months~~ of ~~2016~~2017 to ~~the first nine months of 2017, net sales by our French operations fell 42~~11.9% in the ~~same~~first ~~periods. The~~quarter ~~significant~~of ~~fall-off~~2018. inThis ~~revenue~~increase ~~from our French operations~~ was ~~mainly~~mostly ~~due~~the toresult ~~a series~~ of ~~terrorist attacks in Europe that reduced tourism and~~ the ~~fact~~increase ~~that tourists were inhibited from traveling~~ in ~~France~~Asian ~~during~~tour ~~the French election campaign of 2017~~price.

~~Although~~Cost ~~Bus Tours reported the largest percentages~~ of ~~revenue~~sales ~~growth,~~increased ~~27%~~by ~~in the third quarter and 37~~19% infrom the first ~~nine~~quarter ~~months~~ of 2017, ~~bus~~to ~~tours represent only a modest portion of our business: 26% of third quarter revenue and less than 16% of revenue in~~ the first ~~nine~~quarter ~~months~~ of ~~2017. Our Asian Tours~~2018, ~~which~~due ~~produce~~to the ~~majority~~increasing of ~~our~~ revenue, ~~generated~~mostly ~~33% growth in~~ the ~~third~~result ~~quarter and 24% growth in the first nine months~~ of ~~2017. The 33% growth in third quarter revenue from Asian Tours resulted from a 36%~~ increase in ~~the~~costs ~~number~~ of ~~customers for those tours; the 24% growth during the nine months period resulted from a 32% increase in customers for the~~ Asian ~~Tours~~tours. ~~The 5% reduction in revenue per customer for our Asian Tours experienced in the first nine months of 2017 reflected our efforts to expand volume by offering very competitive sales prices.~~

Our ~~gross~~operating ~~profit~~expenses increased by ~~200~~56% infrom the ~~third quarter of 2017 and by 76% in the~~ first ~~nine months of 2017. The increase in gross profit substantially exceeded the increase in revenue due to increases in gross margin: from 9% in the third~~ quarter of ~~2016 to 20% in the third quarter of~~ 2017~~, and~~ ~~from 11% in the first nine months of 2016~~ to ~~15% in~~ the first nine months of 2017. The increases in gross margin were mainly the result of improved margins on our Asian Tours and the increased percentage of our nine months revenues attributable to higher-margin Bus Tours. Our operating expenses increased by 11% in the third quarter ~~and 37% in the first nine months~~ of ~~2017~~2018, ~~compared to the same periods of 2016. The increases were~~ due to our decision to devote capital resources to the expansion of our operations. We added 25three employees ~~in the first nine months of 2017 as compared with the same period of 2016~~, which caused salaries and employee benefits to increase by $~~772~~186,~~307~~403, or 2817%. That increase in employee head-count, however, allowed us to promote the benefits of our customer service, particularly our expansive ability to provide customer service in multiple languages, which we look to as the foundation for our acquisition of market share.

The most significant increase in operating expenses, ~~however,~~was ~~occurred~~the 116% increase in advertising and promotion expense: anfrom ~~increase of 14% to $1,568,414 in~~ the ~~third~~first quarter of 2017 ~~and~~ ~~51%~~to in the first ~~nine months~~ quarter of ~~2017~~2018. While the 2522% increase in our revenue from the first ~~nine~~quarter ~~months~~ of ~~2016~~2017 to the first ~~nine~~ ~~months~~quarter of ~~2017~~2018 can be, in large part, attributed to the increase in marketing efforts, we expect to see ~~benefits from 2017~~ advertising expenses accruing in coming ~~years~~periods, as we ~~are~~ aggressively promote ~~planting an~~ awareness of our brand ~~in the public consciousness~~. Since travel is more often a planned expenditure than an impetuous one, much of the goal of our advertising expenditures has been to cause potential customers to remember us when the time comes for their travel decision. This process requires, therefore, that we make investments today in brand promotion that will only fully flower in future ~~years~~periods.

19After deducting our total operating expenses ($4,686,030 in the first quarter of 2018 and $3,013,394 in the first quarter of 2017), adjusting for a relatively minor amount of other income (expense), we recorded a net loss of $2,773,623 in the first quarter of 2018 and a net loss of $1,838,733 in the first quarter of 2017. However, Sinorama Corporation owns, indirectly, only 66.7% of Vacances Sinorama and only 51% of Sinorama Voyages. As a result, the share of the losses incurred by those subsidiaries that is allocable to the minority interest is deducted from our loss as a net loss attributable to non-controlling interest. The remainder, the net gain (loss) attributable to the Company, was a net loss of $1,963,086 for the first quarter of 2018 and a net loss of $1,216,899 the first quarter of 2017. If and when our operating subsidiaries again become profitable, we will deduct from those profits on our Statements of Operations the portion of the profits attributable to the minority interests.

~~Among~~Our reporting currency is the ~~other significant~~U.S. ~~additions~~dollar. toThe local currencies of our operating ~~costs~~subsidiaries, the Canadian dollar and ~~expenses~~the Euro, are our functional currencies. Results of operations and cash flow are translated at average exchange rates during the period being reported upon, and assets and liabilities are translated at the unified exchange rate quoted by the Bank of Canada on the balance sheet date. Translation adjustments resulting from this process are included in other comprehensive income. For the first ~~nine~~quarter ~~months~~ of 2018 and 2017, ~~were:~~foreign currency translation adjustments of $(221,956) and $61,907, respectively, have been reported as other comprehensive loss attributable to the Company in the consolidated statement of operations and comprehensive loss.

	·	a 30% increase in bank charges and interest, to $1,276,224, most of which is attributable to credit card fees, which increased as our sales increased; and
	·	a 50% increase in office and general expense, to $374,987, largely attributable to the increase in our personnel and overall expansion of our operations.

Our total operating expenses ($3,357,992 in the third quarter of 2017 and $10,174,744 in the first nine months of 2017) were partially offset by net other income ($584,183 in the third quarter of 2017 and $581,500 in the first nine months of 2017), the majority of which was realized as gain on currency exchange among our subsidiaries. In addition, by applying the deficits that we had accumulated in prior years, we were able to avoid any provision for income taxes in the first nine months of 2017. Therefore, we recorded net income of $2,785,358 in the third quarter of 2017 (compared to net loss of $1,278,191 in the third quarter of 2016) and net income of $711,816 for the first nine months of 2017 (compared to a net loss of $1,660,610 in the first nine months of 2016). However, Sinorama Corporation owns, indirectly, only 66.7% of Vacances Sinorama and only 51% of Sinorama Voyages. As a result, the share of the net income and net loss incurred by those subsidiaries that is allocable to the minority interest is deducted from our income or loss as net income or net loss attributable to non-controlling interest. The remainder, the portion attributable to the Company, was net income of $1,791,875 ($.12 per share) for the third quarter of 2017 and a net income of $432,564 ($.03 per share) for the first nine months of 2017, compared to net loss attributable of $846,659 and $1,154,692 in the three and nine months ended September 30, 2016.

Our reporting currency is the U.S. dollar. The local currencies of our operating subsidiaries, the Canadian dollar and the Euro, are our functional currencies. Results of operations and cash flow are translated at average exchange rates during the period being reported upon, and assets and liabilities are translated at the unified exchange rate quoted by the Bank of Canada on the balance sheet date. Translation adjustments resulting from this process are included in other comprehensive income. For three and nine months ended September 30, 2017, foreign currency translation adjustments of $(157,431) and $(363,204), respectively, have been reported as other comprehensive loss attributable to the Company in the consolidated statement of operations and comprehensive loss.

Liquidity and Capital Resources

As of ~~September 30~~March 31, ~~2017~~2018, the Company had $47,~~686~~835,~~303~~ 309 in cash and cash equivalents (include $1,~~321~~862,~~286~~169 in ~~cash~~ restricted bycash ~~Canadian~~deposited ~~laws~~in ~~that require~~a ~~travel~~trust ~~agents~~account toby ~~maintain~~travel ~~certain~~agency ~~deposits~~ relative to their unfulfilled sales as required under Canadian laws). AtAs ~~the~~of ~~same~~March ~~time~~31, we2018, the Company had a working capital deficit of $48,~~669~~956,~~025~~733, which had ~~decreased~~increased by $~~712~~3,~~094~~262,267 during the first ~~nine~~quarter ~~months~~ of ~~2017, primarily due to our private sales of common stock~~2018. The primary factors ~~determining~~affecting our working capital deficit at March ~~September 30~~31, ~~2017~~2018 ~~were~~include customer deposits of $3338,~~893~~388,~~902~~ 443 representing prepayment by customers of tours they have booked, partially offset by our prepayment and deferred expense asset totaling $2120,~~144~~820,~~546~~412, ~~most~~mostly ofrepresenting ~~which represents~~ our prepayment to vendors for those tours. Customer deposits ~~exceed~~exceeded our prepayments because we generally require customers to deposit the full cost of a trip some time in advance of departure, but our vendors do not require us to pay in full until the customer disembarks from the tour. The difference of $12,749,356 between customer deposits and Company prepayments will have to be funded by cash flow from future operations, at least to the extent of the $8,063,053 by which it exceeds our September 30, 2017 cash resources.

Our operations used $4346,~~205~~457 and $895,~~244~~782 in cash during the first ~~nine~~quarter ~~months~~ of 2018 and 2017, respectively. The use of cash reflects our strategic decision to utilize our cash resources to fund promotion of our brand and improvements in customer service, so as to achieve a significant position in the ~~travel~~ market. The primary use of cash was an increase of $10,448,854 in our prepayments, only partially offset by customer deposits of $8,883,479. This reversal of the usual balance between prepayments and customer deposits tends to occur during our third quarter, as a result of the seasonality of sales, and is usually corrected in the fourth quarter. In addition, we used $2,194,736 to repay related parties and $2,799,320 to fund the operations of related parties. These related party transactions reflect our practice of doing business with travel ~~business owned by our Chairman and/or CEO in order to obtain the benefits of their contacts within~~ ~~the international travel industry~~market.

InOur ~~the~~operations ~~first~~require very little investment ~~nine~~in ~~months~~fixed ofassets. ~~2016~~At March 31, 2018, the ~~use~~total of ~~$3,173,663~~net invalue ~~cash~~of ~~for~~fixed ~~operations~~assets was ~~primarily~~$315,907. ~~the~~This ~~result~~enables of the ~~seasonality~~Company ofto ~~sales~~devote ~~described~~its ~~above,~~cash asresources weto ~~increased~~operations, ~~our~~with ~~customer~~cash ~~deposits~~used byin ~~only~~purchase ~~$5,082,595~~of ~~but~~property ~~made~~and ~~prepayments~~equipment ofbeing only $815,~~815,114.~~623 ~~For~~in the ~~entirely~~first quarter of ~~2016,~~2018 ~~the~~and ~~increase~~$21,269 in ~~our customer deposits exceeded~~ the ~~increase~~first inquarter ~~our~~of ~~prepayments by $8,987,992~~2017.

20We anticipate that our liquidity requirements for the next twelve months will arise from the need to fund our growth. The primary sources of funding for our cash requirements are expected to be cash generated from operations and funds obtained from equity offerings and/or debt financing. However, we have no commitments at this time for such financing, and we can provide no assurances that we will be able to generate sufficient cash flow from operations and/or obtain additional financing on terms satisfactory to us, if at all.

The Company's operations require very little in fixed assets - at September 30, 2017 the total of net value fixed assets was $296,381. This enables the Company to devote its cash resources to operations, with cash used in purchase of property and equipment being only $73,764 in the first nine months of 2017 and $100,691 in the first nine months of 2016.

We anticipate that our future liquidity requirements will arise from the need to fund our growth and pay current obligations. For the near term, we expect our operations to continue to use cash. Therefore, the primary sources of funding for our cash requirements are expected to be funds obtained from equity offerings and/or debt financing. However, we have no commitments at this time for such financing, and we can provide no assurances that we will be able to generate sufficient cash flow from operations and/or obtain additional financing on terms satisfactory to us, if at all, so as to remain a going concern.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet items reasonably likely to have a material effect on our financial condition.

Recent Accounting Pronouncements

Recent accounting pronouncements issued by the FASB, the AICPA and the SEC did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

AsNot ~~a “smaller reporting company”, we are not required to provide the information required by this Item~~applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluations of Disclosure Controls and Procedures

Our management maintains disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to provide reasonable assurance that the material information required to be disclosed by us in our periodic reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

As of September 30, 2017, our management, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of September 30, 2017, as a result of the following material weaknesses:7

¨As ~~lack~~ of aMarch ~~functioning~~31, ~~audit~~2018, ~~committee~~our ~~due~~management, tounder the asupervision ~~lack~~ of aand ~~majority~~with the participation of ~~independent~~our ~~members~~Chief Executive Officer and aChief ~~lack~~Financial ofOfficer, aevaluated ~~majority~~the effectiveness of ~~outside~~our ~~directors~~disclosure oncontrols ~~our~~and ~~board~~procedures ofas ~~directors,~~required ~~resulting~~by inRules ~~ineffective~~13a-15(b) ~~oversight~~and in15d-15(b) under the ~~establishment~~Exchange Act. Based upon this evaluation, our Chief Executive Officer and ~~monitoring~~Chief ofFinancial ~~required~~Officer ~~internal~~concluded that our disclosure controls and procedures; were not effective as of March 31, 2018, as a result of the following material weaknesses:

lack of a functioning audit committee and a lack of a majority of independent members on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;

inadequate segregation of duties consistent with control objectives; and

ineffective controls over period end financial disclosure and reporting processes.

To remediate these material weaknesses, the Company (i) has purchased an ERP system to manage its financial disclosure and reporting processes and is currently training its accounting staff to use this system; (ii) plans to expand its board of directors to include three independent directors and establish an audit committee in the next few months; and (iii) seeks to hire additional accounting staff to allow proper segregation of duties.

Changes in Internal Control over Financial Reporting

During the period covered by this report, there has been no change in our internal control over financial reporting that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

ITEM 1A. RISK FACTORS

There have been no ~~material~~ material changes from the risk factors included in the Annual Report on Form 10-K for the year ended December 31, ~~2016~~2017.

ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

~~During~~We ~~the period~~did ~~from~~not ~~January~~sell 1,or ~~2017 to September 30, 2017, Sinorama sold 486,000 shares of common stock to 16 investors for the price~~issue ofany ~~USD $1.50 per share. The~~ shares ~~were sold to investors that are accredited investors and were purchasing for their own accounts. The offering, therefore, was exempt from registration under the Securities Act~~ of ~~1933~~unregistered ~~pursuant~~securities toduring ~~Section 4(2) and Section 4(5) of~~ the ~~Securities~~three ~~Act.~~months ~~The~~period ~~offering~~ended ~~was~~March ~~also sold in compliance with the exemption from registration provided by Regulation S~~31, as ~~the purchasers reside in countries other than the United States~~2018.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

ITEM 6. EXHIBITS

INDEX TO EXHIBITS

Exhibit		Description
31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.1*		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32**		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.INS*		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.SCH*		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Definition Linkbase Document
101.DEF*		XBRL Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

22*File herewith.

**Furnished herewith.

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SINORAMA CORPORATION. (Registrant)

Signature	Title	Date
/s/ JING Wenjia	Chief Executive Officer	November 17, 2017
Jing Wenjia
JING Wenjia	(Principal Executive Officer)
/s/ Jing Wenjia	Chief Executive Officer	May 21, 2018
/s/ ZHAO Hongxi	Chief Financial Officer	November 17, 2017
	(Principal Executive Officer)
ZHAO Hongxi	(Principal Financial and Accounting Officer)
Zhao Hongxi
/s/ Zhao Hongxi	Chief Financial Officer	May 21, 2018
	(Principal Accounting and Financial Officer)

2310

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