HANGZHOU, China, July 10, 2020 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD)
("Jo-Jo Drugstores" or the "Company"), a leading online and offline
retailer, wholesale distributor of pharmaceutical and other
healthcare products and healthcare provider in China, today
announced its financial results for the fiscal year ended
March 31, 2020.
Mr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented,
"We are pleased to present our financial results for our 2020
fiscal year. Our revenue records $117.33
million for the fiscal year of 2020, up 9.1% compared to
$107.55 million for the previous
fiscal year. Revenue from retail drugstores, online pharmacy, and
wholesale segments increased by 2.4%, 54.1% and 12.4% respectively,
demonstrating our ability to realize the potential of our business
model. When facing the pandemic of COVID-19, we are uniquely
positioned to understand consumer and market needs and how to
address them. We will continue monitoring the latest developments
and taking appropriate measures to combat the COVID-19 pandemic and
provide supports to our customers and the society. Looking forward,
we are confident that we are on the right track to deliver
significant value to all our investors and shareholders as we have
a leading consumer brand in China
with a diversified portfolio of essential health care businesses
and we will continue to endeavor to provide the best experience to
our customers."
Fiscal Year 2020 Financial Highlights
|
|
For the Year Ended
March 31,
|
($ millions,
except per share data)
|
|
2020
|
|
2019
|
|
%
Change
|
Revenue
|
|
117.33
|
|
107.55
|
|
9.1%
|
Retail
drugstores
|
|
74.08
|
|
72.33
|
|
2.4%
|
Online
pharmacy
|
|
13.54
|
|
8.78
|
|
54.1%
|
Wholesale
|
|
29.71
|
|
26.43
|
|
12.4%
|
Gross
profit
|
|
25.53
|
|
25.11
|
|
1.7%
|
Gross
margin
|
|
21.8%
|
|
23.3%
|
|
-1.5 pp*
|
Loss from
operations
|
|
(7.00)
|
|
(0.88)
|
|
-699.4%
|
Net loss
|
|
(6.46)
|
|
(1.32)
|
|
-390.0%
|
Loss per
share
|
|
(0.18)
|
|
(0.03)
|
|
-500.0%
|
|
*Notes: pp represents
percentage points
|
- Revenue increased by 9.1% to $117.33
million for the fiscal year ended March 31, 2020 from $107.55 million for the prior fiscal year.
- Gross profit increased by 1.7% to $25.53
million for the fiscal year ended March 31, 2020 from $25.11
million for the prior fiscal year.
- Gross margin decreased by 1.5 percentage points to 21.8% for
the fiscal year ended March 31, 2020
from 23.3% for the prior fiscal year.
- Net loss was $6.46 million, or
$0.18 per basic and diluted share,
for the fiscal year ended March 31,
2020, compared to net loss of $1.32
million, or $0.03 per basic
and diluted share, for the prior fiscal year.
Fiscal Year 2020 Financial Results
Revenue
Revenue for the fiscal year ended March
31, 2020 increased by $9.78
million, or 9.1%, to $117.33
million from $107.55 million
for the prior fiscal year. The increase in revenue was primarily
due to the growth in retail drugstores, online pharmacy and
wholesale business.
|
|
For the Year Ended
March 31,
|
|
|
2020
|
|
2019
|
($
millions)
|
|
Revenue
|
|
Cost of
Goods
|
|
Gross
Margin
|
|
Revenue
|
|
Cost of
Goods
|
|
Gross
Margin
|
Retail
drugstores
|
|
74.08
|
|
53.24
|
|
28.1%
|
|
72.34
|
|
51.24
|
|
29.2%
|
Online
pharmacy
|
|
13.54
|
|
12.11
|
|
10.6%
|
|
8.78
|
|
7.75
|
|
11.8%
|
Wholesale
|
|
29.71
|
|
26.45
|
|
11.0%
|
|
26.43
|
|
23.45
|
|
11.3%
|
Total
|
|
117.33
|
|
91.80
|
|
21.8%
|
|
107.55
|
|
82.44
|
|
23.3%
|
Revenue from the retail drugstores business increased by
$1.74 million, or 2.4%, to
$74.08 million for the fiscal year
ended March 31, 2020 from
$72.34 million for the prior
fiscal year. The increase was primarily attributable to the
consumer-facing benefits, such as on-site medical care, chronic
disease management services, incremental DTP (Direct-to-Patient)
business caused by continuous hospital medical reform, and maturing
of stores opened a year ago.
Revenue from the online pharmacy business increased by
$4.76 million, or 54.1%, to
$13.54 million for the fiscal year
ended March 31, 2020 from
$8.78 million for the prior fiscal
year. The increase was caused by an increase in sales via
e-commerce platforms such as Tmall and an increase in sales
via our official site. Popular products at reasonable prices are
key to success in online business. In order to promote the
Company's sales, the Company focused on the selection of medical
equipment suitable to local customers. Additionally, we maintained
a membership care program targeted at chronic disease customers. We
have closely interacted with our members via WeChat by providing
healthcare knowledge and reminding our customers to refill
medicine. By implementing a personalized customer care program, we
were able to promote our sales. As a result, our sales via these
e-commerce platforms increased by 58.3% period over period. The
sales via our official website were primarily made by certain
pharmacy benefit management providers and insurance companies. For
example, we have signed a service contract with Yingda Taihe Life
Insurance Co. Ltd. ("Yingda"), a national insurance company. State
Grid Corporation of China has bought health insurance package for
its employees from Yingda. In the year ended March 31, 2020, we served a local factory of
State Grid and sold healthcare products to its employees who used
their insurance cards to make payments. The sales from these
customers contributed significantly to our official website sales.
Additionally, in the first quarter of calendar 2020, during the
outbreak of COVID-19, we sold a large quantity of health protective
products such as masks. Our official website sales increased by
$847,899 or 40.8% year over year.
Revenue from the wholesale business increased by $3.28 million, or 12.4%, to $29.71 million for the fiscal year ended
March 31, 2020 from $26.43 million for the prior fiscal year. The
increase was primarily a result of the Company's ability to resell
certain products, which the Company sold in large quantities at its
retail stores, to other vendors at competitive prices.
Gross profit and gross margin
Total cost of goods sold increased by $9.36 million, or 11.4%, to $91.80 million for the fiscal year ended
March 31, 2020 from $82.44 million for the prior fiscal year. Gross
profit increased by $0.42 million, or 1.7%, to $25.53 million for fiscal year ended March 31, 2020 from $25.11
million for the prior fiscal year. Overall gross margin
decreased by 1.5 percentage points to 21.8% for the fiscal year
ended March 31, 2020, from 23.3% for
the prior fiscal year.
Gross margins for retail drugstores, online pharmacy and
wholesale were 28.1%, 10.6%, and 11.0%, respectively, for the
fiscal year ended March 31, 2020,
compared to the corresponding gross margins of 29.2%, 11.8%, and
11.3% for the prior fiscal year.
Loss from operations
Selling and marketing expenses decreased by $0.48 million, or 1.9%, to $23.79 million for the fiscal year ended
March 31, 2020 from $24.27 million for the prior fiscal year,
primarily due to decrease in rent. As we closed several stores,
rent expense went down. Additionally, we have closely monitored our
marketing expense such as small gifts. As a result, our sale and
marketing expense declined slightly.
General and administrative expenses increased by $6.39 million, or 371.7%, to $8.11 million for the fiscal year ended
March 31, 2020 from $1.72 million for the prior fiscal year. In the
year ended March 31, 2020, we
recorded bad debt expense of $455,159 as compared to a reduction in the
allowance for bad debts of $3,346,886
in fiscal year 2019. Additionally, we incurred additional labor
cost of approximately $1.5 million as
we have expanded certain business. For example, we have been
operating two Linjia Clinics and hired more doctors. In addition,
in order to obtain business from commercial health insurance
providers, we formed a marketing team. Although these businesses
have not contributed significantly to our revenue, they incurred
labor costs.
Impairment of long-lived assets was $0.63
million for the fiscal year ended March 31, 2020,
compared to nil for the prior fiscal year. In the year
ended March 31, 2020, we evaluated
the licenses of insurance applicable drugstores acquired in the
past based on their discounted positive cash value. Due to the
stricter government insurance policy in fiscal year 2021, the value
of these licenses has declined.
Loss from operations was $7.00 million for the fiscal year ended
March 31, 2020, compared to loss from
operations of $0.88 million for
the prior fiscal year. Operating margin was (6.0)% and (0.8)%
for the fiscal year ended March 31,
2020 and 2019 respectively.
Net loss
Net loss was $6.46 million, or
$0.18 per basic and diluted share for
the fiscal year ended March 31, 2020,
compared to net loss of $1.32
million, or $0.03 per basic
and diluted share for the prior fiscal year.
Financial Condition
As of March 31, 2020, the Company
had cash of $16.18 million, compared
to $9.32 million as of March 31, 2019. Net cash used in operating
activities was $6.91 million for the
fiscal year ended March 31, 2020,
compared to $5.60 million for the
prior fiscal year. Net cash used in investing activities was
$4.84 million for the fiscal year
ended March 31, 2020, compared to
$7.33 million for the prior fiscal
year. Net cash provided by financing activities was $19.01 million for the fiscal year ended
March 31, 2020, compared to
$8.08 million for the prior fiscal
year. On April 15, 2019, we closed a
registered direct offering of 4,000,008 shares of common stock at
$2.50 per share with gross proceeds
of $10,000,020 from our effective
shelf registration statement on Form S-3. In addition, on
June 3, 2020, we closed another
registered direct offering of 5,000,0004 shares of common stock at
$2.00 per share with gross proceeds
of $10,000,008 from our effective
shelf registration statement on Form S-3.
About China Jo-Jo Drugstores,
Inc.
China Jo-Jo Drugstores, Inc.
("Jo-Jo Drugstores" or the "Company"), is a leading online and
offline retailer and wholesale distributor of pharmaceutical and
other healthcare products and a provider of healthcare services
in China. Jo-Jo Drugstores currently operates an online
pharmacy and retail drugstores with licensed doctors on site for
consultation, examination and treatment of common ailments at
scheduled hours. It is also a wholesale distributor of products
similar to those carried in its pharmacies. In addition, Jo-Jo
Drugstores cultivates herbs used for traditional Chinese medicine.
For more information about the Company, please visit
http://jiuzhou360.com. The Company routinely posts important
information on its website.
Forward-Looking Statements
This press release contains information about the Company's
view of its future expectations, plans and prospects that
constitute forward-looking statements. Actual results may
differ materially from historical results or those indicated by
these forward-looking statements as a result of a variety of
factors including, but not limited to, risks and uncertainties
associated with its ability to raise additional funding, its
ability to maintain and grow its business, variability of operating
results, its ability to maintain and enhance its brand, its
development and introduction of new products and services, the
successful integration of acquired companies, technologies and
assets into its portfolio of products and services, marketing and
other business development initiatives, competition in the
industry, general government regulation, economic conditions,
dependence on key personnel, the ability to attract, hire and
retain personnel who possess the technical skills and experience
necessary to meet the requirements of its clients, and its ability
to protect its intellectual property. The Company's encourages
you to review other factors that may affect its future results in
the Company's annual reports and in its other filings with the
Securities and Exchange Commission.
For more information, please contact:
Company Contact:
Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com
Steve Liu
Investor Relations Director
steve.liu@jojodrugstores.com
Investor Relations Contact:
Tina Xiao
Ascent Investor Relations LLC
+1-917-609-0333
tina.xiao@ascent-ir.com
CHINA JO-JO
DRUGSTORES, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2020
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
16,176,318
|
|
|
$
|
9,322,463
|
|
Restricted
cash
|
|
|
14,806,288
|
|
|
|
15,422,739
|
|
Financial assets
available for sale
|
|
|
157,159
|
|
|
|
180,928
|
|
Notes
receivable
|
|
|
57,005
|
|
|
|
177,278
|
|
Trade accounts
receivable
|
|
|
9,770,656
|
|
|
|
8,692,514
|
|
Inventories
|
|
|
12,247,004
|
|
|
|
13,955,202
|
|
Other receivables,
net
|
|
|
5,069,442
|
|
|
|
4,438,230
|
|
Advances to
suppliers
|
|
|
1,174,800
|
|
|
|
1,950,252
|
|
Other current
assets
|
|
|
1,528,540
|
|
|
|
2,063,375
|
|
Total current
assets
|
|
|
60,987,212
|
|
|
|
56,202,981
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, net
|
|
|
7,633,740
|
|
|
|
8,727,358
|
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS
|
|
|
|
|
|
|
|
|
Long-term
investment
|
|
|
2,544,451
|
|
|
|
24,243
|
|
Farmland
assets
|
|
|
742,347
|
|
|
|
825,259
|
|
Long term
deposits
|
|
|
1,456,384
|
|
|
|
2,157,275
|
|
Other noncurrent
assets
|
|
|
1,046,763
|
|
|
|
1,196,197
|
|
Operating lease
right-of-use assets
|
|
|
21,711,376
|
|
|
|
-
|
|
Intangible assets,
net
|
|
|
3,393,960
|
|
|
|
3,597,323
|
|
Total other
assets
|
|
|
30,895,281
|
|
|
|
7,800,297
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
99,516,233
|
|
|
$
|
72,730,636
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Short-term bank
loan
|
|
|
1,410,130
|
|
|
|
-
|
|
Accounts payable,
trade
|
|
|
21,559,494
|
|
|
|
23,106,230
|
|
Notes
payable
|
|
|
26,605,971
|
|
|
|
25,951,673
|
|
Other
payables
|
|
|
2,522,330
|
|
|
|
3,197,221
|
|
Other payables -
related parties
|
|
|
490,218
|
|
|
|
795,179
|
|
Customer
deposits
|
|
|
708,140
|
|
|
|
771,942
|
|
Taxes
payable
|
|
|
119,247
|
|
|
|
125,859
|
|
Accrued
liabilities
|
|
|
753,612
|
|
|
|
1,264,182
|
|
Long-term loan
payable-current portion
|
|
|
2,287,742
|
|
|
|
-
|
|
Current portion of
operating lease liabilities
|
|
|
981,090
|
|
|
|
-
|
|
Total current
liabilities
|
|
|
57,437,974
|
|
|
|
55,212,286
|
|
|
|
|
|
|
|
|
|
|
Long-term loan
payable
|
|
|
4,115,958
|
|
|
|
-
|
|
Long term operating
lease liabilities
|
|
|
19,049,575
|
|
|
|
-
|
|
Employee
Deposits
|
|
|
70,507
|
|
|
|
81,935
|
|
Purchase option and
warrants liability
|
|
|
64,090
|
|
|
|
465,248
|
|
Total
liabilities
|
|
|
80,738,104
|
|
|
|
55,759,469
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock; $0.001
par value; 250,000,000 shares authorized; 32,936,786 and
28,936,778 shares issued and outstanding
as of March 31, 2020 and March 31,
2019
|
|
|
32,937
|
|
|
|
28,937
|
|
Preferred stock;
$0.001 par value; 10,000,000 shares authorized; nil issued and
outstanding as of March 31, 2020 and
March 31, 2019
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
54,209,301
|
|
|
|
44,905,664
|
|
Statutory
reserves
|
|
|
1,309,109
|
|
|
|
1,309,109
|
|
Accumulated
deficit
|
|
|
(36,400,837)
|
|
|
|
(30,587,468)
|
|
Accumulated other
comprehensive income
|
|
|
1,440,424
|
|
|
|
2,508,964
|
|
Total stockholders'
equity
|
|
|
20,590,934
|
|
|
|
18,165,206
|
|
Noncontrolling
interests
|
|
|
(1,812,805)
|
|
|
|
(1,194,039)
|
|
Total
equity
|
|
|
18,778,129
|
|
|
|
16,971,167
|
|
Total liabilities and
stockholders' equity
|
|
$
|
99,516,233
|
|
|
$
|
72,730,636
|
|
CHINA JO-JO
DRUGSTORES, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
|
|
|
For the years
ended
March 31,
|
|
|
|
2020
|
|
|
2019
|
|
REVENUES,
NET
|
|
$
|
117,327,689
|
|
|
$
|
107,551,012
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS
SOLD
|
|
|
91,801,259
|
|
|
|
82,442,969
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
|
25,526,430
|
|
|
|
25,108,043
|
|
|
|
|
|
|
|
|
|
|
SELLING
EXPENSES
|
|
|
23,793,603
|
|
|
|
24,265,184
|
|
GENERAL AND
ADMINISTRATIVE EXPENSES
|
|
|
8,108,377
|
|
|
|
1,718,989
|
|
IMPAIRMENT OF
LONG-LIVED ASSETS
|
|
|
628,192
|
|
|
|
-
|
|
TOTAL OPERATING
EXPENSES
|
|
|
32,530,172
|
|
|
|
25,984,173
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
|
|
(7,003,742)
|
|
|
|
(876,130)
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
1,063,747
|
|
|
|
112,887
|
|
INTEREST
EXPENSE
|
|
|
(698,518)
|
|
|
|
-
|
|
OTHER
|
|
|
(204,064)
|
|
|
|
(93,311)
|
|
CHANGE IN FAIR VALUE
OF PURCHASE OPTION AND WARRANTS
LIABILITY
|
|
|
401,158
|
|
|
|
(326,452)
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES
|
|
|
(6,441,419)
|
|
|
|
(1,183,006)
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
|
16,258
|
|
|
|
134,763
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
(6,457,677)
|
|
|
|
(1,317,769)
|
|
|
|
|
|
|
|
|
|
|
ADD: NET LOSS
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
|
|
(644,308)
|
|
|
|
(391,491)
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE
TO CHINA JO-JO DRUGSTORES, INC.
|
|
|
(5,813,369)
|
|
|
|
(926,278)
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
LOSS
|
|
|
|
|
|
|
|
|
FOREIGN CURRENCY
TRANSLATION ADJUSTMENTS
|
|
|
(1,068,540)
|
|
|
|
(1,077,496)
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS
|
|
|
(7,526,217)
|
|
|
|
(2,395,265)
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
NUMBER OF SHARES:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
32,816,567
|
|
|
|
28,936,778
|
|
Diluted
|
|
|
32,816,567
|
|
|
|
28,936,778
|
|
|
|
|
|
|
|
|
|
|
LOSS PER
SHARES:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.18)
|
|
|
$
|
(0.03)
|
|
Diluted
|
|
$
|
(0.18)
|
|
|
$
|
(0.03)
|
|
CHINA JO-JO
DRUGSTORES, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
For the years
ended
March 31,
|
|
|
|
2020
|
|
|
2019
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
$
|
(6,457,677)
|
|
|
$
|
(1,317,769)
|
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Bad debt direct
write-off and provision
|
|
|
446,354
|
|
|
|
(3,357,851)
|
|
Depreciation and
amortization
|
|
|
2,082,817
|
|
|
|
1,676,413
|
|
Impairment of long
lived assets
|
|
|
628,192
|
|
|
|
-
|
|
Stock based
compensation
|
|
|
34,560
|
|
|
|
197,100
|
|
Change in fair value
of purchase option derivative liability
|
|
|
(401,158)
|
|
|
|
326,452
|
|
Change in operating
assets:
|
|
|
|
|
|
|
|
|
Accounts receivable,
trade
|
|
|
(1,567,774)
|
|
|
|
(116,810)
|
|
Notes
receivable
|
|
|
112,803
|
|
|
|
83,910
|
|
Inventories and
biological assets
|
|
|
979,935
|
|
|
|
(1,390,823)
|
|
Other
receivables
|
|
|
(1,010,722)
|
|
|
|
(1,308,437)
|
|
Advances to
suppliers
|
|
|
148,638
|
|
|
|
3,612,453
|
|
Long term
deposit
|
|
|
596,209
|
|
|
|
183,841
|
|
Other current
assets
|
|
|
(1,278,833)
|
|
|
|
(83,372)
|
|
Other noncurrent
assets
|
|
|
87,065
|
|
|
|
(23,511)
|
|
Change in operating
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable,
trade
|
|
|
(317,755)
|
|
|
|
(528,353)
|
|
Other payables and
accrued liabilities
|
|
|
(967,751)
|
|
|
|
(328,473)
|
|
Customer
deposits
|
|
|
(22,963)
|
|
|
|
(3,011,194)
|
|
Taxes
payable
|
|
|
115
|
|
|
|
(216,792)
|
|
Net cash used in
operating activities
|
|
|
(6,907,945)
|
|
|
|
(5,603,216)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Disposal of
financial assets available for sale
|
|
|
14,356
|
|
|
|
87,290
|
|
Purchase of
financial assets available for sale
|
|
|
-
|
|
|
|
(104,360)
|
|
Acquisition of
equipment and building
|
|
|
(656,297)
|
|
|
|
(5,450,934)
|
|
Investment in a joint
venture
|
|
|
(2,567,083)
|
|
|
|
-
|
|
Increase intangible
assets
|
|
|
(871,145)
|
|
|
|
(29,817)
|
|
Additions to
leasehold improvements
|
|
|
(756,444)
|
|
|
|
(1,828,360)
|
|
Net cash used in
investing activities
|
|
|
(4,836,613)
|
|
|
|
(7,326,181)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loan
|
|
|
1,435,620
|
|
|
|
-
|
|
Proceeds from third
parties loan
|
|
|
7,178,100
|
|
|
|
-
|
|
Repayment
of third parties loan
|
|
|
(658,645)
|
|
|
|
-
|
|
Proceeds from notes
payable
|
|
|
48,974,772
|
|
|
|
42,030,521
|
|
Repayment of notes
payable
|
|
|
(46,896,917)
|
|
|
|
(34,018,811)
|
|
Increase in financial
liability
|
|
|
(7,178)
|
|
|
|
81,997
|
|
Proceeds from sale of
stock and warrants
|
|
|
9,273,077
|
|
|
|
7,529
|
|
Repayment of other
payables-related parties
|
|
|
(285,123)
|
|
|
|
(22,655)
|
|
Net cash provided by
financing activities
|
|
|
19,013,706
|
|
|
|
8,078,581
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE ON CASH
|
|
|
(1,031,744)
|
|
|
|
(1,856,174)
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH
|
|
|
6,237,404
|
|
|
|
(6,706,989)
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH, beginning of year
|
|
|
24,745,202
|
|
|
|
31,452,191
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH, end of year
|
|
$
|
30,982,606
|
|
|
$
|
24,745,202
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
$
|
17,198
|
|
|
$
|
56,422
|
|
Cash paid for
interest
|
|
|
108,098
|
|
|
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/china-jo-jo-drugstores-reports-fiscal-year-2020-financial-results-301091356.html
SOURCE China Jo-Jo Drugstores,
Inc.