Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), one of
the leading cosmetics, health and nutritional supplements, and
household products e-commerce platforms in China, today announced
its unaudited financial results for the six months ended June 30,
2021.
First Half 2021 Financial and Operational
Highlights
- Total revenues were $68.1 million, an increase
of 152.6% from $27.0 million in the same period of 2020.
- Net loss was $0.7 million, compared with net
income of $0.8 million in the same period of 2020.
- Total GMV (Gross Merchandise Value) transacted
in our online shopping mall was $89.9 million, an increase of
143.2% from $37.0 million in the same period of 2020.
- Total VIP members1as of June
30, 2021 were 2.1 million, an increase of 16.0% compared with 1.8
million as of June 30, 2020.
- Total LHH stores2 as of June 30, 2021 were
25,588, an increase of 15.8% compared with 22,097 as of June 30,
2020.
CEO and CFO quotes
Mr. Zhiwei Xu, Chief Executive Officer and Chairman of Jowell
Global Ltd., commented: “Our solid topline growth in the first half
year reflects Jowell’s relentless efforts on execution and
continued improvement in user experience. As we continued to
diversify and optimize our product offerings to deliver a
satisfying and well-round customer experience, our total VIP
members increased 16.0% to 2.1 million as of June 30, 2021.
Meanwhile, our improved user engagement translated into strong
topline growth. GMV in the first half 2021 reached $89.9 million,
up 143.2% year over year, while total revenue grew by 152.6%. year
over year to $68.1 million. Looking ahead, we will continue to
develop new products and create solutions to empower our community
stores with an effective, fast and comprehensive distribution
network.”
1 Total VIP members refer to the total number of members
registered on Jowell’s platform as of June 30, 2021.2 LHH stores:
the brand name of “Love Home Store”. Authorized retailers may
operate as independent stores or store-in-shop (an integrated
store), selling products they purchased through Jowell’s online
platform LHH Mall under their retailer accounts which provides them
with major discounts.
Mr. Xu continued: “In addition to our organic topline growth
this quarter, on August 19, we announced a strategic partnership
with Suzhou Hope Bio-Technology, a leading biotech company in
China, to further develop new cell-tech based skincare products,
cosmetic and health related supplements. This is a significant step
forward with exciting prospects as stem cell related technology
brings cutting-edge innovations for the future of skincare and
health product development. We believe this partnership will help
us expand further into high-end cosmetics and health products
markets, and enable us to provide our customers top quality product
experience and effective results.”
Ms. Mei Cai, Chief Financial Officer, added: “We achieved strong
topline growth in the first half of 2021. GMV progressively grew by
143.2% year over year to $89.9 million, with 152.6% year over year
growth in total revenue. LHH stores account for over 73.7% of the
total revenue. These solid results are strong testimonials to the
successful implementation of our growth strategy. Looking forward,
we remain committed to deploy our resources in areas that would
further expand our product offerings, and increase monetization
capability.”
Impact of COVID-19 Pandemic
Beginning in late 2019, there was an outbreak of COVID-19
(coronavirus) which has spread quickly to many parts in China, the
U.S. and globally. In March 2020, the World Health Organization
declared the COVID-19 a pandemic. With an aim to contain the
COVID-19 outbreak, the Chinese government has imposed various
strictive measures across the country including, but not limited
to, travel restrictions, mandatory quarantine requirements, and
postponed resumption of business operations until after the Chinese
New Year holiday in 2020. Starting from March 2020, businesses in
China began to reopen, and the interruptions to businesses were
gradually removed.
As an online retailer and retail platform and because the
COVID-19 is generally considered under control in China, our
operations during the first half of 2021 were not significantly
negatively impacted by the pandemic. However, it is not possible to
determine the ultimate impact of the COVID-19 pandemic on our
business operations and financial results for 2021, which is highly
dependent on numerous factors, including the duration and spread of
the pandemic and any resurgence of COVID-19 and new variants,
efficacy and distribution of COVID-19 vaccines, and the actions
taken by government authorities and other entities in China and
elsewhere to contain COVID-19 and new variants or treat its impact,
almost all of which are beyond our control.
First Half Year 2021 Financial Results
Total Revenues
Total revenues were $68.1 million, representing an increase of
152.6% from $27.0 million in the same period of 2020. The increase
was primarily due to: (i) increase in our brand reach as we have
been authorized to distribute more leading brands including Adidas
skincare, etc., which brought more customers making bulk purchases
from us; (ii) the significant increase in units sold; (iii) the
increase in weighted average unit price for our products sold.
Cosmetics and health and nutritional supplements continue to
lead the growth, increasing by 272.0% and 140.1% respectively.
Revenues (in thousand) |
|
Six Months Ended June 30 |
|
% |
|
|
2021 |
|
2020 |
|
change |
|
|
US$ |
|
US$ |
|
YoY |
Product sales |
|
|
|
|
|
|
• Cosmetic products |
|
27,537.1 |
|
7,402.9 |
|
272.0 |
|
• Health and nutritional supplements |
|
26,018.5 |
|
10,838.5 |
|
140.1 |
|
• Household products |
|
14,501.8 |
|
8,660.4 |
|
67.4 |
|
• Others |
|
18.1 |
|
48.7 |
|
(62.9 |
) |
Total |
|
68,075.5 |
|
26,950.5 |
|
152.6 |
|
Total operating expenses were $68.7 million, an
increase of 165.8% from the $25.9 million in the same period of
2020.
- Costs of revenues were $63.2 million, an increase of 161.5%
from the $24.2 million in the same period of 2020. The increase was
primarily due to the increased units sold, as well as the increased
weighted average unit cost as we added more leading brands into our
cosmetic brands portfolio. Cost of sales as a percentage of total
revenues was 92.9%, up from 89.7% in the same period of 2020.
- Fulfillment expenses were $1.0 million, an increase of 30.7%
from the $0.8 million in the same period of 2020. The increase in
our fulfillment expenses is primarily attributable to the increase
in outbound freight costs resulting from increased sales. The
fulfillment expenses as a percentage of total revenues was 1.4%,
down from 2.8% in the same period of 2020. The decrease was mainly
due to more customers elected to self-pickup products purchased
from the Company’s facilities which led to decrease in outbound
freight costs.
- Sales and marketing expenses were $2.5 million, an increase of
1,222.6% from the $0.2 million in the same period of 2020. The
increase was primarily due to the increased marketing and promotion
activities and the increased expenditure for further enhancing
brand awareness in strategic geographic areas. Sales and marketing
expense as percentage of total revenues was 3.6%, up from 0.7% in
the same period of 2020.
- General and administration expenses were $2.1 million, an
increase of 178.0% from $0.7 million in the same period of 2020.
The increase was primarily due to the increase in rental cost,
payroll expenses in connection with our expansion, which included
opening community buying stores (“Juhao Best Choice Stores”), as
well as the increased headcount in general and administrative
personnel. General and administration expenses as percentage of
total revenues was 3.0%, up from 2.9% in the same period of
2020.
Operating loss
Operating loss was $0.6 million, compared with the operating
income of $1.1 million in the same period of 2020. The decrease in
income from operations is mainly attributable to the implementation
of our business expansion with significant increase in our
marketing expenses and cost of revenues.
Net loss
Net loss was $0.7 million, compared with net income of $0.8
million in the same period of 2020.
Earnings per share
The Company computes earnings per share (“EPS”) in accordance
with ASC 260, “Earnings per Share” (“ASC 260”). The Company’s each
Preferred Share has voting rights equal to two Ordinary Shares of
the Company and each Preferred Share is convertible into one
Ordinary Share at any time. Except for voting rights and conversion
rights, the Ordinary Shares and the Preferred Shares shall rank
pari passu with one another and shall have the same rights,
preferences, privileges and restrictions. For the half-year ended
June 30, 2021 and 2020, the Company had no potential ordinary
shares outstanding that could potentially dilute EPS in the
future.
Cash and cash equivalents
As of June 30, 2021, the Company had cash and cash equivalents
and restricted cash of $29.8 million, compared to the $18.2 million
as of December 31, 2020.
About Jowell Global Ltd.
Jowell Global Ltd. (the “Company”) is one of the leading
cosmetics, health and nutritional supplements and household
products e-commerce platforms in China. We offer our own brand
products to customers and also sell and distribute health and
nutritional supplements, cosmetic products and certain household
products from other companies on our platform. In addition, we
allow third parties to open their own stores on our platform for a
service fee based upon sale revenues generated from their online
stores and we provide them with our unique and valuable information
about market needs, enabling them to better manage their sales
effort, as well as an effective platform to promote their brands.
The Company also sells its products through authorized retail
stores all across China, which operate under the brand names of
“Love Home Store” or “LHH Store” and “Juhao Best Choice Store”. For
more information, please visit http://ir.1juhao.com/
Exchange Rate
The Company’s financial information is presented in U.S. dollars
(“USD”). The functional currency of the Company is the Chinese
Yuan, Renminbi (“RMB”), the currency of the PRC. Any transactions
which are denominated in currencies other than RMB are translated
into RMB at the exchange rate quoted by the People’s Bank of China
prevailing at the dates of the transactions, and exchange gains and
losses are included in the statements of operations as foreign
currency transaction gain or loss. The consolidated financial
statements of the Company have been translated into U.S. dollars in
accordance with ASC 830, “Foreign Currency Matters”.
This press release contains translations of certain RMB amounts
into U.S. dollars (“USD”) at specified rates solely for the
convenience of the reader. The exchange rates in effect as of June
30, 2021 and December 31, 2020 were RMB1 for $0.1548 and $0.1531,
respectively. The average exchange rates for the six months ended
June 30, 2021 and 2020 were RMB1 for $0.1545 and $0.1422,
respectively.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. The Company may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. 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 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 investor and media inquiries, please
contact:
In China:
Jowell Global Ltd.Ms. Jessie ZhaoPhone: +86 189 6232-0955Email:
IR@1juhao.com
The Blueshirt GroupMs. Susie WangPhone: +86 138-1081-7475Email:
susie@blueshirtgroup.com
In the United States:
The Blueshirt GroupMs. Julia QianPhone: +1 973-619-3227Email:
Julia@blueshirtgroup.com
JOWELL GLOBAL LTD |
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
2021 |
|
|
2020 |
ASSETS |
|
(Unaudited) |
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
Cash |
$ |
26,771,998 |
|
$ |
18,244,055 |
|
|
Restricted cash |
|
2,999,990 |
|
|
- |
|
|
Notes receivable |
|
139,364 |
|
|
- |
|
|
Accounts receivable |
|
4,525,927 |
|
|
306,450 |
|
|
Accounts receivable - related
parties |
|
820,177 |
|
|
682,315 |
|
|
Advance to suppliers |
|
8,369,242 |
|
|
2,125,548 |
|
|
Advance to suppliers - related
parties |
|
- |
|
|
583,387 |
|
|
Inventories, net |
|
15,128,748 |
|
|
7,398,248 |
|
|
Deferred offering costs |
|
- |
|
|
420,968 |
|
|
Prepaid expenses and other
current assets |
|
2,272,180 |
|
|
253,673 |
|
|
Total current
assets |
|
61,027,626 |
|
|
30,014,644 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
364,561 |
|
|
12,794 |
|
|
Intangible assets, net |
|
28,007 |
|
|
34,933 |
|
|
Right of use lease assets,
net |
|
5,069,666 |
|
|
3,674,255 |
|
|
Other non-current asset |
|
2,323 |
|
|
121,848 |
|
|
Deferred tax assets |
|
6,454 |
|
|
6,380 |
|
|
Total Assets |
$ |
66,498,637 |
|
$ |
33,864,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
Short-term loan |
$ |
2,632,435 |
|
$ |
- |
|
|
Accounts payable |
|
4,133,850 |
|
|
5,688,809 |
|
|
Accounts payable - related
parties |
|
5,451,749 |
|
|
- |
|
|
Trade notes payable |
|
9,875 |
|
|
580,896 |
|
|
Deferred revenue |
|
2,841,970 |
|
|
1,701,321 |
|
|
Current portion of operating
lease liabilities |
|
949,416 |
|
|
721,003 |
|
|
Accrued expenses and other
liabilities |
|
1,137,439 |
|
|
1,209,105 |
|
|
Due to related parties |
|
646,895 |
|
|
1,240,008 |
|
|
Taxes payable |
|
445,784 |
|
|
1,011,775 |
|
|
Total current
liabilities |
|
18,249,413 |
|
|
12,152,917 |
|
|
|
|
|
|
|
|
|
|
Non-current portion of
operating lease liabilities |
|
4,090,853 |
|
|
2,967,193 |
|
|
Total
liabilities |
|
22,340,266 |
|
|
15,120,110 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
Common stock, $0.0001 par
value, 450,000,000 shares authorized, 25,470,854 and 21,149,425
issued and outstanding at June 30, 2021 and December 31, 2020,
respectively |
|
2,547 |
|
|
2,115 |
|
|
Preferred stock, $0.0001 par
value, 50,000,000 shares authorized, 750,000 issued and outstanding
at June 30, 2021 and December 31, 2020, respectively |
|
75 |
|
|
75 |
|
|
Additional paid-in capital |
|
40,011,905 |
|
|
14,171,120 |
|
|
Statutory reserves |
|
394,541 |
|
|
394,541 |
|
|
Retained earnings |
|
2,656,044 |
|
|
3,353,031 |
|
|
Accumulated other comprehensive income |
|
1,093,259 |
|
|
823,862 |
|
|
Total Stockholders' Equity |
|
44,158,371 |
|
|
18,744,744 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
66,498,637 |
|
$ |
33,864,854 |
|
|
|
|
|
|
|
|
JOWELL GLOBAL LTD |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME (LOSS) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues |
|
|
|
|
|
|
|
|
Revenues - third
party |
|
$ |
66,822,990 |
|
|
$ |
26,950,524 |
|
|
|
Revenues - related
party |
|
|
1,252,451 |
|
|
|
- |
|
|
|
Total Net
Revenues |
|
|
68,075,441 |
|
|
|
26,950,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
(63,212,058 |
) |
|
|
(24,174,976 |
) |
|
|
Fulfillment
expenses |
|
|
(986,971 |
) |
|
|
(755,141 |
) |
|
|
Marketing
expenses |
|
|
(2,460,195 |
) |
|
|
(186,327 |
) |
|
|
General and
administrative expenses |
|
|
(2,056,529 |
) |
|
|
(739,664 |
) |
|
|
|
Total operating expenses |
|
|
(68,715,753 |
) |
|
|
(25,856,108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) From Operations |
|
|
(640,312 |
) |
|
|
1,094,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Income (Expenses), net |
|
|
(38,231 |
) |
|
|
15,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) Before Income Taxes |
|
|
(678,543 |
) |
|
|
1,109,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for Income Taxes |
|
|
18,444 |
|
|
|
277,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss) |
|
|
(696,987 |
) |
|
|
831,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
Per share – Basic and Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding – Basic and diluted |
|
|
23,594,306 |
|
|
|
20,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss) |
|
$ |
(696,987 |
) |
|
$ |
831,888 |
|
|
Other
Comprehensive income, net of tax |
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss) |
|
|
269,397 |
|
|
|
(74,490 |
) |
|
Comprehensive Income (Loss) |
|
$ |
(427,590 |
) |
|
$ |
757,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JOWELL GLOBAL LTD |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
EQUITY |
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND
2020 |
(Unaudited) |
|
|
|
|
|
Additional |
|
|
|
|
|
|
Accumulated Other |
|
|
|
|
Common Stock |
|
Preferred Stock |
|
Paid-in |
|
Statutory |
|
Retained |
|
|
Comprehensive |
|
|
|
|
Shares |
Amount |
|
Shares |
Amount |
|
Capital |
|
Reserves |
|
Earnings |
|
|
Income (loss) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2021 |
21,149,425 |
$ |
2,115 |
|
750,000 |
$ |
75 |
$ |
14,171,120 |
$ |
394,541 |
$ |
3,353,031 |
|
$ |
823,862 |
|
$ |
18,744,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Ordinary Shares,
net of offering expenses |
4,271,429 |
|
427 |
|
- |
|
- |
|
25,684,937 |
|
- |
|
- |
|
|
- |
|
|
25,685,364 |
|
Share-based compensation |
50,000 |
|
5 |
|
- |
|
- |
|
155,848 |
|
- |
|
- |
|
|
- |
|
|
155,853 |
|
Net loss for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(696,987 |
) |
|
- |
|
|
(696,987 |
) |
Foreign currency translation
gain |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
269,397 |
|
|
269,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30,
2021 |
25,470,854 |
$ |
2,547 |
|
750,000 |
$ |
75 |
$ |
40,011,905 |
$ |
394,541 |
$ |
2,656,044 |
|
$ |
1,093,259 |
|
$ |
44,158,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1,
2020 |
20,000,000 |
$ |
2,000 |
|
750,000 |
$ |
75 |
$ |
4,171,235 |
$ |
94,837 |
$ |
66,043 |
|
$ |
40,456 |
|
$ |
4,374,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
831,888 |
|
|
- |
|
|
831,888 |
|
Foreign currency translation
loss |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
(74,490 |
) |
|
(74,490 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30,
2020 |
20,000,000 |
$ |
2,000 |
|
750,000 |
$ |
75 |
$ |
4,171,235 |
$ |
94,837 |
$ |
897,931 |
|
$ |
(34,034 |
) |
$ |
5,132,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JOWELL GLOBAL LTD |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
Cash flows
from operating activities: |
|
|
|
|
Net income (loss) |
$ |
(696,987 |
) |
|
$ |
831,888 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
provided by operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
52,738 |
|
|
|
15,415 |
|
|
Loss on disposal of
equipment |
|
- |
|
|
|
1,266 |
|
|
Amortization of operating
lease right-of-use assets |
|
441,527 |
|
|
|
- |
|
|
Inventory reserve |
|
7,269 |
|
|
|
53,864 |
|
|
Deferred income taxes |
|
- |
|
|
|
(13,466 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivables |
|
(4,206,937 |
) |
|
|
- |
|
|
Accounts receivable - related
Parties |
|
(129,681 |
) |
|
|
- |
|
|
Trade notes receivable |
|
(139,067 |
) |
|
|
- |
|
|
Inventories |
|
(7,635,775 |
) |
|
|
475,559 |
|
|
Advance to suppliers |
|
(6,205,813 |
) |
|
|
(230,401 |
) |
|
Advance to suppliers - related
parties |
|
588,886 |
|
|
|
7,090,620 |
|
|
Prepaid expenses and other
current assets |
|
(1,569,793 |
) |
|
|
320,580 |
|
|
Accounts payables |
|
(1,617,395 |
) |
|
|
(307,215 |
) |
|
Accounts payables - related
parties |
|
5,440,124 |
|
|
|
- |
|
|
Trade notes payable |
|
(576,517 |
) |
|
|
- |
|
|
Deferred revenue |
|
1,118,553 |
|
|
|
(449,819 |
) |
|
Operating lease
liabilities |
|
(484,933 |
) |
|
|
- |
|
|
Taxes payable |
|
(576,478 |
) |
|
|
58,031 |
|
|
Accrued expenses and other
liabilities |
|
(85,487 |
) |
|
|
(242,389 |
) |
Net cash
provided by (used in) operating activities |
|
(16,275,766 |
) |
|
|
7,603,933 |
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
Due from related parties |
|
(20,000 |
) |
|
|
- |
|
|
Purchase of intangible
assets |
|
(11,647 |
) |
|
|
- |
|
|
Purchase of equipment |
|
(261,649 |
) |
|
|
(479 |
) |
Net cash
used in investing activities |
|
(293,296 |
) |
|
|
(479 |
) |
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
Net proceeds from the Initial
Public Offering |
|
25,685,364 |
|
|
|
- |
|
|
Proceeds from short-term
loans |
|
2,626,821 |
|
|
|
- |
|
|
Share-based compensation |
|
155,853 |
|
|
|
- |
|
|
Repayment of related party
loans |
|
(595,103 |
) |
|
|
(60,868 |
) |
Net cash
provided by financing activities |
|
27,872,935 |
|
|
|
(60,868 |
) |
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and restricted cash |
|
224,059 |
|
|
|
(50,893 |
) |
|
|
|
|
|
|
|
Net
increase in cash and restricted cash |
|
11,527,933 |
|
|
|
7,491,693 |
|
|
|
|
|
|
|
|
Cash and
restricted cash, beginning of period |
|
18,244,055 |
|
|
|
11,511 |
|
Cash and
restricted cash, end of period |
$ |
29,771,988 |
|
|
$ |
7,503,204 |
|
|
|
|
|
|
|
|
Supplemental disclosure information: |
|
|
|
|
|
|
Cash paid for income tax |
$ |
4,565 |
|
|
$ |
279,518 |
|
|
Cash paid for interest |
$ |
30,544 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
Supplemental non-cash activities: |
|
|
|
|
|
|
Cash paid in prior year for
purchase of fixed assets |
$ |
122,997 |
|
|
$ |
- |
|
|
Right of use assets obtained
in exchange for operating lease obligations |
$ |
1,791,495 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
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