Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), a
company which operates one of China’s leading cosmetics, health and
nutritional supplements and household products e-commerce platforms
Juhao Mall, today announced its financial results for the full year
ended December 31, 2020.
Full Year 2020 Highlights
- Total net
revenues for the full
year of 2020 increased by 56.81% year over year to $96.88 million
from $61.78 million in 2019.
- Sales of cosmetic
products increased by about $0.23 million or 1.25% in 2020
as compared to 2019. Sales generated from health and
nutritional supplements products
increased by about $29.70 million or 131.00% in 2020 as compared to
2019. Sales generated from Household products
increased by about $5.10 million or 24.72% in 2020 as compared to
2019.
- The number of VIP
members who have registered on JWEL’s platform increased
by 26.28% year over year to 1.97 million from 1.56 million in 2019.
The number of merchants who have opened their own
stores on JWEL’s platform also grew to 178 merchants in 2020 from
169 merchants in 2019.
- Net income for the
full year of 2020 increased by 180.47% year over year to $3.59
million from $1.28 million in 2019.
|
|
For the Fiscal Years Ended December 31 |
|
($
millions, except for percentages and per share data; differences
due to rounding) |
|
2020 |
|
|
2019 |
|
|
% Change |
|
Revenue |
|
$ |
96.88 |
|
|
$ |
61.78 |
|
|
|
56.81 |
% |
Income from operations |
|
$ |
5.11 |
|
|
$ |
1.70 |
|
|
|
200.59 |
% |
Net income |
|
$ |
3.59 |
|
|
$ |
1.28 |
|
|
|
180.47 |
% |
Earnings per share |
|
$ |
0.17 |
|
|
$ |
0.06 |
|
|
|
183.33 |
% |
Mr. Zhiwei Xu, Chief Executive Officer and Chairman of Jowell
Global Ltd., commented: “We are delighted to have finished the year
of 2020 with strong financial and operational results. The growth
in the number of VIP members and merchants on our platform
continued to accelerate in 2020, with an increase of26.28% and
5.33% year over year. We believe we are industry frontrunners in
turning data insight into valuable business intelligence in China.
In April 2021, the Company officially launched its “Juhao Best
Choice” community group-buying store initiative to also grasp the
business growth opportunities presented by China’s huge offline
retail market. Looking ahead, we will continue to be keenly focused
on innovating and developing new solutions for our e-commerce
platform and offline services to cater to the diversified needs of
a broader customer base, aiming to further expand our market share
in China.”
Ms. Mei Cai, Chief Financial Officer, further
commented: “We continued to deliver accelerated topline growth in
the fiscal year 2020, driven by strong growth from the sales of our
health and nutritional supplements products. With the increased
health awareness due to the outbreak of COVID-19, consumers have
shown much more interest in purchasing and consuming our health and
nutritional supplement products during the pandemic. Furthermore,
due to government-imposed stay home orders in early 2020 and the
fear of infection during the outbreak of COVID-19, a significant
portion of the consumers’ demands fulfilled through traditional
brick and mortar stores before the pandemic were replaced by online
purchases through online stores. This dramatic change in consumer’s
behavior benefits us as an online retailer and led to increase in
sales in the health and nutritional supplements as well as our
household products. Our revenue and net income posted significant
increase of 56.81% and 180.47% on a year-over-year basis,
demonstrating enhanced profitability. The increase in quantity sold
of health and nutritional supplements products and the spread of
COVID-19 that had raised health related concerns and shifted
consumer spending from offline to online have driven these
successes and we are committed to continuing to offer value to
customers, ultimately generating sustainable return for our
shareholders.”
Full year 2020 Financial Results
Revenue
Through our website at www.1juhao.com and mobile app, we engage
primarily in the sales of cosmetic products, health and nutritional
supplements and household products sourced from manufacturers and
distributors in China.
The following sets forth the breakdown of our revenue by revenue
stream for the year ended December 31, 2020 and 2019,
respectively.
|
|
For Fiscal Years Ended December 31 |
|
|
Variance |
|
|
|
2020 |
|
|
% |
|
|
2019 |
|
|
% |
|
|
Amount |
|
|
% |
|
($ millions, except for percentages; differences due to
rounding) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cosmetic products |
|
$ |
18.70 |
|
|
|
19.30 |
% |
|
$ |
18.47 |
|
|
|
29.90 |
% |
|
$ |
0.23 |
|
|
|
1.25 |
% |
Health and Nutritional Supplements |
|
|
52.37 |
|
|
|
54.06 |
% |
|
|
22.67 |
|
|
|
36.70 |
% |
|
|
29.70 |
|
|
|
131.00 |
% |
Household Products |
|
|
25.73 |
|
|
|
26.56 |
% |
|
|
20.63 |
|
|
|
33.40 |
% |
|
|
5.10 |
|
|
|
24.72 |
% |
Other |
|
|
0.07 |
|
|
|
0.08 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
0.07 |
|
|
|
n/a |
|
Total |
|
$ |
96.88 |
|
|
|
100.00 |
% |
|
$ |
61.78 |
|
|
|
100.00 |
% |
|
$ |
35.10 |
|
|
|
56.82 |
% |
Cosmetic products. Compared to the year ended
December 31, 2019, sales of cosmetic products increased slightly by
about $0.23 or 1.25% in 2020. The slight increase in cosmetic
products revenue is primarily due to 2.45% increase in weighted
average unit price of the products sold and partially offset by
slight decrease of 1.18% in the quantity of products sold.
Health and nutritional supplements. Revenue
generated from health and nutritional supplements revenue stream
increased by about $29.70 million or 131.00% in 2020, comparing to
2019. The significant increase is mainly attributable to the
increase in quantity sold of 119.00%. Additionally, the weighted
average selling price of products sold in this revenue stream also
increased by about 5.47% in 2020 comparing to 2019.
Household products. Comparing to 2019, our
household products revenue increased by about $5.10 million or
24.72% in 2020. The increase is primarily attributable to 50.90%
increase in weighted average unit price for products sold and is
partially offset by 17.40% decrease in quantity sold in 2020. The
increase in weighted average unit price for products sold and
decrease in quantity of products sold comparing the two periods are
mainly due to we sold more higher unit price products such as
Longrich energy pot and Longrich water purifier in 2020 than in
2019.
Operating Expenses
Operating expenses primarily consist of cost of sales,
fulfilment expenses, marketing expenses and general and
administrative expenses. Our total operating expenses increased by
about $31.70 million or 52.77% from $60.07 million in 2019 to
$91.77 million in 2020. All categories of our operating expenses
increased in 2020 comparing to 2019. The increase is attributable
to the increase in sales and expansion of our operations.
|
|
For the Year Ended |
|
|
For the Year Ended |
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Variance |
|
|
|
$ Amount |
|
|
% of Revenue |
|
|
$ Amount |
|
|
% of Revenue |
|
|
$ Amount |
|
|
% |
|
|
|
($ millions, except for percentages; differences due to
rounding) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
$ |
86.40 |
|
|
|
89.18 |
% |
|
$ |
56.08 |
|
|
|
90.77 |
% |
|
$ |
30.32 |
|
|
|
54.07 |
% |
Fulfilment expenses |
|
|
2.27 |
|
|
|
2.34 |
% |
|
|
2.12 |
|
|
|
3.43 |
% |
|
|
0.15 |
|
|
|
7.08 |
% |
Marketing expenses |
|
|
1.03 |
|
|
|
1.06 |
% |
|
|
0.72 |
|
|
|
1.17 |
% |
|
|
0.31 |
|
|
|
43.06 |
% |
General and Administrative Expenses |
|
|
2.06 |
|
|
|
2.13 |
% |
|
|
1.15 |
|
|
|
1.86 |
% |
|
|
0.91 |
|
|
|
79.13 |
% |
Total Operating Expenses |
|
$ |
91.77 |
|
|
|
94.73 |
% |
|
$ |
60.07 |
|
|
|
97.23 |
% |
|
$ |
31.70 |
|
|
|
52.77 |
% |
Cost of sales. Compared to 2019, cost of sales
of cosmetic products increased by about $0.83 million or 5.20% from
$17.10 million in 2019 to about $17.90 million in 2020. The
increase is due to an increase in the average unit cost of $0.10 or
6.40%. The increase is partially offset by decrease of 0.13 million
units or 1.18% in quantity sold in 2020 comparing to 2019. The
increase in average unit cost is mainly due to the change in the
mix of cosmetic products sold comparing the two periods. In 2020,
we sold more high-end products with higher unit cost, including
products under our premium brand, Yasi, comparing to 2019.
The cost of sales of health and nutritional supplements
increased by about $25.80 million or 122.30% from $21.10 million in
2019 to $46.80 million in 2020. The increase is primarily
attributable to increase in quantity of products sold.
The cost of sales of household products increased by about $3.70
million or 20.50% from $18.00 million in 2019 to $21.70 million in
2020. The increase is due to the increase of weighted average unit
cost of $0.65 per unit or 45.84% comparing the two years.
Fulfillment expenses. Fulfillment expenses
increased by $0.15 million or 7.00% in 2020 compared to 2019. The
increase in our fulfillment expenses is primarily attributable to
the increase in outbound freight costs resulting from the increased
sales.
Marketing expenses. Marketing expenses
increased by $0.31 million or 42.20% in 2020 compared to 2019. The
increase in marketing expenses is consistent with the increase in
sales and was primarily attributable to increase in payroll related
expenses as we expanded our business in 2020.
General and administrative expenses. Compared
to the 2019, general and administrative expenses increased by $0.92
million or 80.10% in 2020. The increase was primarily attributable
to an increase in expenses related to preparation for the Nasdaq
listing and initial public offering of approximately $0.90 million
in fiscal year 2020.
Income from operations. Incomes from operations
in the years ended December 31, 2020 and 2019 were $5.11 million
and $1.70 million, respectively. The increase in income from
operations is mainly due to the increase in our revenue comparing
the two periods. Income from operations accounted for 5.27% and
2.75% of revenue in 2020 and 2019, respectively. The slight
increase in income from operations to revenue ratio is mainly
attributable to slight decrease in cost of sales and fulfilment
expenses as a percentage to revenue.
Income before income taxes. Our income before
income taxes was $5.12 million for 2020, an increase of $3.41
million or 199.42% from $1.71 million in 2019. The increase was
primarily attributable to the increase in our revenue comparing the
two years and slight decrease in cost of sales and fulfillment
expenses as a percentages to revenue.
Net Income. Net income was
$3.59 million in 2020, compared to $1.28 million in the same period
of 2019.
Basic and diluted EPS. Basic and diluted
earnings per share were $0.17 in 2020, compared to $0.06 in the
same period of 2019.
Recent Development
On April 28, 2021, the Company announced it has officially
launched its “Juhao Best Choice” community group-buying store
initiative to continue growing its offline retail market presence.
The community group-buying offline stores will sell fresh produce,
foods and daily household consumer products in addition to the
cosmetics and health and nutritional supplements currently sold in
the Company’s franchised Love Home Stores (“LHH Stores”).
On April 13, 2021, the Company announced it has entered into a
strategic cooperation agreement with ZTO Express (Cayman) Inc.
(NYSE: ZTO and HKEX:2057) (“ZTO”), a global express delivery
service provider. Pursuant to the cooperation agreement signed by
the parties, JWEL and ZTO will seek in-depth collaboration in smart
logistics and community new retail amid a growing population using
mobile internet in the 5G era in China and around the world.
On March 19, 2021, the Company announced the closing of its
initial public offering (“IPO”) of 3,714,286 ordinary shares at a
price of $7.00 per ordinary share, for total gross proceeds of $26
million before deducting underwriting discounts and offering
expenses. The ordinary shares of the Company began trading on March
17, 2021 on NASDAQ Capital Market under the symbol “JWEL”. On March
25, 2021, the Company announced the representative of the
underwriters of the Company’s IPO has exercised the full
over-allotment option to purchase an additional 557,143 ordinary
shares at the IPO price of $7.00 per share. As a result, the
Company has raised gross proceeds of approximately $3.9 million, in
addition to the IPO gross proceeds of approximately $26 million,
before underwriting discounts and offering expenses.
About Jowell Global Ltd.
Jowell Global Ltd. (the “Company”) operates one of China's
leading e-commerce platforms for cosmetics, health and nutritional
supplements and household products - Juhao Mall. The Company
provides its own brand products to customers and sells and
distributes other companies' health and nutritional supplements,
cosmetics and certain household products on the Juhao Mall
platform. In addition, Juhao Mall allows third parties to open
their own stores on its platform. The Company has also been selling
its products through authorized retail stores all across China,
which operate under the brand name of “Love Home Store” or “LHH
Store”. For more information, please visit
https://www.1juhao.com/.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
“may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,”
“project,” “estimate” or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company’s expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company’s goals and strategies; the Company’s
future business development; financial condition and results of
operations; product and service demand and acceptance; reputation
and brand; the impact of competition and pricing; changes in
technology; government regulations; fluctuations in general
economic and business conditions in China and worldwide as well as
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the SEC. For
these reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company’s filings
with the SEC, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward‐looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)
+86 13811768559 (from China)
JOWELL GLOBAL LTD
CONSOLIDATED BALANCE SHEETS
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
Cash |
|
$ |
18,244,055 |
|
|
$ |
11,511 |
|
Accounts receivable |
|
|
306,450 |
|
|
|
- |
|
Accounts receivable - related parties |
|
|
682,315 |
|
|
|
- |
|
Advance to suppliers |
|
|
2,125,548 |
|
|
|
149,982 |
|
Advance to suppliers - related parties |
|
|
583,387 |
|
|
|
8,052,988 |
|
Inventories, net |
|
|
7,398,248 |
|
|
|
2,487,383 |
|
Deferred offering costs |
|
|
420,968 |
|
|
|
33,847 |
|
Prepaid expenses and other current assets |
|
|
253,673 |
|
|
|
454,640 |
|
Total current assets |
|
|
30,014,644 |
|
|
|
11,190,351 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
12,794 |
|
|
|
15,315 |
|
Intangible assets, net |
|
|
34,933 |
|
|
|
53,773 |
|
Right of use lease assets, net |
|
|
3,674,255 |
|
|
|
- |
|
Other non-current asset |
|
|
121,848 |
|
|
|
- |
|
Deferred tax assets |
|
|
6,380 |
|
|
|
- |
|
Total Assets |
|
$ |
33,864,854 |
|
|
$ |
11,259,439 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,688,809 |
|
|
$ |
2,913,271 |
|
Trade notes payable |
|
|
580,896 |
|
|
|
- |
|
Deferred revenue |
|
|
1,701,321 |
|
|
|
1,987,105 |
|
Current portion of operating lease liabilities |
|
|
721,003 |
|
|
|
- |
|
Accrued expenses and other liabilities |
|
|
1,209,105 |
|
|
|
1,796,673 |
|
Due to related parties |
|
|
1,240,008 |
|
|
|
61,425 |
|
Taxes payable |
|
|
1,011,775 |
|
|
|
126,319 |
|
Total current liabilities |
|
|
12,152,917 |
|
|
|
6,884,793 |
|
|
|
|
|
|
|
|
|
|
Non-current portion of operating lease liabilities |
|
|
2,967,193 |
|
|
|
- |
|
Total liabilities |
|
|
15,120,110 |
|
|
|
6,884,793 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value, 450,000,000 shares authorized,
21,149,425 and 20,000,000 issued and outstanding at December 31,
2020 and 2019, respectively |
|
|
2,115 |
|
|
|
2,000 |
|
Preferred stock, $0.0001 par value, 50,000,000 shares authorized,
750,000 issued and outstanding at December 31, 2020 and 2019 |
|
|
75 |
|
|
|
75 |
|
Additional paid-in capital |
|
|
14,171,120 |
|
|
|
4,171,235 |
|
Statutory reserves |
|
|
394,541 |
|
|
|
94,837 |
|
Retained earnings |
|
|
3,353,031 |
|
|
|
66,043 |
|
Accumulated other comprehensive income |
|
|
823,862 |
|
|
|
40,456 |
|
Total Stockholders’ Equity |
|
|
18,744,744 |
|
|
|
4,374,646 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Equity |
|
$ |
33,864,854 |
|
|
$ |
11,259,439 |
|
The accompanying notes are an integral part of
these consolidated financial statements.
JOWELL GLOBAL LTD
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
|
|
For the Years
EndedDecember 31, |
|
|
|
2020 |
|
|
2019 |
|
Net
Revenues |
|
|
|
|
|
|
Revenues - third party |
|
$ |
95,356,627 |
|
|
$ |
61,775,903 |
|
Revenues - related party |
|
|
1,522,546 |
|
|
|
- |
|
Total Net Revenues |
|
|
96,879,173 |
|
|
|
61,775,903 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(86,404,697 |
) |
|
|
(56,080,927 |
) |
Fulfillment expenses |
|
|
(2,269,768 |
) |
|
|
(2,122,041 |
) |
Marketing expenses |
|
|
(1,027,895 |
) |
|
|
(722,655 |
) |
General and administrative expenses |
|
|
(2,063,997 |
) |
|
|
(1,145,828 |
) |
Total operating expenses |
|
|
(91,766,357 |
) |
|
|
(60,071,451 |
) |
|
|
|
|
|
|
|
|
|
Income From Operations |
|
|
5,112,816 |
|
|
|
1,704,452 |
|
|
|
|
|
|
|
|
|
|
Other Income, net |
|
|
6,106 |
|
|
|
1,266 |
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
5,118,922 |
|
|
|
1,705,718 |
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes |
|
|
1,532,230 |
|
|
|
427,359 |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
3,586,692 |
|
|
|
1,278,359 |
|
|
|
|
|
|
|
|
|
|
Deemed Dividend to Preferred Shareholders |
|
|
122,835 |
|
|
|
46,206 |
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Ordinary
Shareholders |
|
$ |
3,463,857 |
|
|
$ |
1,232,153 |
|
|
|
|
|
|
|
|
|
|
Earnings Per share – Basic and Diluted |
|
$ |
0.17 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding – Basic and
diluted |
|
|
20,222,976 |
|
|
|
20,000,000 |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
3,586,692 |
|
|
$ |
1,278,359 |
|
|
|
|
|
|
|
|
|
|
Other Comprehensive income, net of tax |
|
|
|
|
|
|
|
|
Foreign currency translation income (loss) |
|
|
783,406 |
|
|
|
2,437 |
|
|
|
|
|
|
|
|
|
|
Comprehensive Income |
|
$ |
4,370,098 |
|
|
$ |
1,280,796 |
|
The accompanying notes are an integral part of
these consolidated financial statements.
JOWELL GLOBAL LTD
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
For the Years
EndedDecember 31, |
|
|
|
2020 |
|
|
2019 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
3,586,692 |
|
|
$ |
1,278,359 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
25,926 |
|
|
|
19,004 |
|
Amortization of operating lease right-of-use assets |
|
|
156,543 |
|
|
|
- |
|
Inventory reserve |
|
|
24,172 |
|
|
|
- |
|
Deferred income taxes |
|
|
(6,044 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivables |
|
|
(289,767 |
) |
|
|
- |
|
Accounts receivable - Related Parties |
|
|
(646,285 |
) |
|
|
- |
|
Inventories |
|
|
(4,518,720 |
) |
|
|
(26,295 |
) |
Advance to suppliers |
|
|
(1,861,778 |
) |
|
|
(44,747 |
) |
Advance to suppliers - related parties |
|
|
7,583,425 |
|
|
|
(4,136,542 |
) |
Prepaid expenses and other current assets |
|
|
218,550 |
|
|
|
(15,894 |
) |
Accounts payables |
|
|
2,445,100 |
|
|
|
1,244,593 |
|
Deferred revenue |
|
|
(396,109 |
) |
|
|
614,316 |
|
Operating lease liabilities |
|
|
(143,339 |
) |
|
|
- |
|
Taxes payable |
|
|
830,726 |
|
|
|
(201,521 |
) |
Accrued expenses and other liabilities |
|
|
(669,939 |
) |
|
|
412,395 |
|
Net cash provided by (used in) operating
activities |
|
|
6,339,153 |
|
|
|
(856,332 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Advance for purchase of fixed assets |
|
|
(115,414 |
) |
|
|
- |
|
Purchase of intangible assets |
|
|
- |
|
|
|
(39,951 |
) |
Purchase of equipment |
|
|
(1,332 |
) |
|
|
(6,184 |
) |
Net cash used in investing activities |
|
|
(116,746 |
) |
|
|
(46,135 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Trade notes payable |
|
|
550,221 |
|
|
|
- |
|
Deferred offering costs |
|
|
(379,961 |
) |
|
|
- |
|
Issuance of Ordinary Shares |
|
|
10,000,000 |
|
|
|
- |
|
Capital injection |
|
|
- |
|
|
|
2,273,470 |
|
Dividend paid |
|
|
- |
|
|
|
(1,551,081 |
) |
Due to related parites |
|
|
1,174,546 |
|
|
|
- |
|
Repayment of related party loans |
|
|
- |
|
|
|
(85,687 |
) |
Net cash provided by (used in) financing
activities |
|
|
11,344,806 |
|
|
|
636,702 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
665,331 |
|
|
|
49,507 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash |
|
|
18,232,544 |
|
|
|
(216,258 |
) |
Cash, beginning of year |
|
|
11,511 |
|
|
|
227,769 |
|
Cash, end of year |
|
$ |
18,244,055 |
|
|
$ |
11,511 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure information: |
|
|
|
|
|
|
|
|
Cash paid for income tax |
|
$ |
839,325 |
|
|
$ |
573,448 |
|
Cash paid for interest |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Supplemental non-cash activities: |
|
|
|
|
|
|
|
|
Right of use assets obtained in exchange for operating lease
obligations |
|
$ |
3,480,231 |
|
|
$ |
- |
|
The accompanying notes are an integral part of
these consolidated financial statements.
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