China Jo-Jo Drugstores Reports Second Quarter 2021 Financial Results

HANGZHOU, China, Nov. 13, 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 second fiscal quarter ended September 30, 2020.

Mr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, "We are pleased with our second quarter performance as we delivered another quarter of strong results. Our revenue and gross profit recorded $30.84 million and $7.01 million for the second fiscal quarter of 2021, up 8.8% and 4.8% compared to same period of fiscal year 2020. Revenue year-over-year from online pharmacy increased by 127.4%. We have always been deeply committed to our communities, and we have taken necessary measures to protect the safety and health of our customers and employees during the global COVID-19 pandemic while making solid progress on our transformation strategy of 'Medical Linkage & Technology Empowerment'. The environment surrounding COVID-19 is accelerating our transformation, giving us new opportunities to demonstrate our capabilities and gain retail market share in China. We are building a strong foundation for sustainable growth and setting the platform to engage with consumers, and we are remaining focused on creating value for all our stakeholders."

Second Quarter of Fiscal 2021 Financial Highlights

   

For the Three Months Ended September 30,

($ millions, except per share data)

 

2020

 

2019

 

% Change

Revenue

 

30.84

 

28.35

 

8.8%

Retail drugstores

 

17.93

 

18.00

 

-0.4%

Online pharmacy

 

5.35

 

2.35

 

127.4%

Wholesale

 

7.56

 

8.00

 

-5.5%

Gross profit

 

7.01

 

6.69

 

4.8%

Gross margin

 

22.7%

 

23.6%

 

-0.9 pp*

Loss from operations

 

(1.52)

 

(1.62)

 

5.7%

Net loss

 

(1.53)

 

(1.35)

 

-13.4%

Loss per share

 

(0.04)

 

(0.04)

 

-%

 

*Notes: pp represents percentage points

  • Revenue increased by 8.8% to $30.84 million for the three months ended September 30, 2020 from $28.35 million for the same period of last year.
  • Gross profit increased by 4.8% to $7.01 million for the three months ended September 30, 2020 from $6.69 million for the same period of last year.
  • Gross margin decreased slightly by 0.9 percentage points to 22.7% for the three months ended September 20, 2020 from 23.6% for the same period of last year.
  • Net loss was $1.53 million, or $0.04 per basic and diluted share, for the three months ended September 30, 2020, compared to net loss of $1.35 million, or $0.04 per basic and diluted share, for the same period of last year.

Second Quarter of Fiscal 2021 Financial Results

Revenue

Revenue for the three months ended September 30, 2020 increased by $2.49 million, or 8.8%, to $30.84 million from $28.35 million for the same period of last year. The increase in revenue was primarily due to the growth in online pharmacy business.

   

For the Three Months Ended September 30,

   

2020

 

2019

($ millions)

 

Revenue

 

Cost of
Goods

 

Gross
Margin

 

Revenue

 

Cost of
Goods

 

Gross
Margin

Retail drugstores

 

17.93

 

12.33

 

31.3%

 

18.00

 

12.47

 

30.7%

Online pharmacy

 

5.35

 

4.74

 

11.3%

 

2.35

 

2.03

 

13.6%

Wholesale

 

7.56

 

6.76

 

10.7%

 

8.00

 

7.16

 

10.6%

Total

 

30.84

 

23.83

 

22.7%

 

28.35

 

21.66

 

23.6%

Revenue from the retail drugstores business decreased slightly by $0.07 million, or 0.4%, to $17.93 million for the three months ended September 30, 2020 from $18.00 million for the same period of last year. The slight decrease was primarily due to the Company's strategical abandoning of the sales of certain low-profit margin products reimbursed by National Healthcare Security Administration ("NHSA" hereafter) due to its overall budget, elimination of a variety of drugs off the list of drugs reimbursed by the local NHSA since September 1, 2020, and the negative effect on the overall economy from COVID-19.

Revenue from the online pharmacy business increased by $3.00 million, or 127.4%, to $5.35 million for the three months ended September 30, 2020 from $2.35 million for the same period of last year. The increase was primarily caused by an increase in sales of prescription drugs via e-commerce platforms such as Tmall. Prescription drugs used to be prohibited from sales online due to safety concern. However, because the nation has lifted the ban order, online prescription drug sales become popular. As a result, the sale of prescription drugs was $1.76 million in the three months ended September 30, 2020 as compared to none in the three month ended September 30, 2019. Additionally, the Company maintained a membership care program targeted at customers with chronic disease. The Company has closely interacted with its members via WeChat by providing healthcare knowledge and reminding them to refill medicine. By implementing a personalized customer care program, the Company was able to promote its sales.

Revenue from the wholesale business decreased by $0.44 million, or 5.5%, to $7.56 million for the three months ended September 30, 2020 from $8.00 million for the same period of last year. The decrease was primarily due to the fact that a key salesperson was sick, which slowed certain business with customers.

Gross profit and gross margin

Total cost of goods sold increased by $2.17 million, or 10.0%, to $23.83 million for the three months ended September 30, 2020 from $21.66 million for the same period of last year. Gross profit increased by $0.32 million, or 4.8%, to $7.01 million for three months ended September 30, 2020 from $6.69 million for the same period of last year. Overall gross margin decreased slightly by 0.9 percentage points to 22.7% for the three months ended September 30, 2020, from 23.6% for the same period of last year.

Gross margins for retail drugstores, online pharmacy and wholesale were 31.3%, 11.3%, and 10.7%, respectively, for the three months ended September 30, 2020, compared to gross margins for retail drugstores, online pharmacy and wholesale of 30.7%, 13.6%, and 10.6%, respectively, for the same period of last year.

Loss from operations

Selling and marketing expenses decreased by $0.01 million, or 0.2%, to $6.48 million for the three months ended September 30, 2020 from $6.49 million for the same period of last year. The decrease in selling and marketing expenses was primarily due to the control of in-store advertising expense, offset by the increase in fee charged by various platforms as a result of sale increase in the Company's online pharmacy.

General and administrative expenses increased by $0.24 million, or 13.0%, to $2.06 million for the three months ended September 30, 2020 from $1.82 million for the same period of last year. In the three months ended September 30, 2020, the Company reversed bad debt allowance of $304,397 as compared to an increase in bad debt allowance of $9,018 in the same period of last year. Excluding such effect, the general and administrative expenses increased by $551,039 period over period, which reflects the increase in staff and administration expense.

Loss from operations was $1.52 million for the three months ended September 30, 2020, compared to $1.62 million for the same period of last year. Operating margin was (4.9)% and (5.7)% for the three months ended September 30, 2020 and 2019 respectively.

Net loss

Net loss was $1.53 million, or $0.04 per basic and diluted share for the three months ended September 30, 2020, compared to net loss of $1.35 million, or $0.04 per basic and diluted share for the same period of last year.

Six Months Ended September 30, 2020 Financial Highlights

   

For the Six Months Ended September 30,

($ millions, except per share data)

 

2020

 

2019

 

% Change

Revenue

 

61.90

 

53.63

 

15.4%

Retail drugstores

 

36.74

 

34.74

 

5.8%

Online pharmacy

 

10.26

 

4.79

 

114.0%

Wholesale

 

14.90

 

14.10

 

5.6%

Gross profit

 

14.99

 

12.75

 

17.5%

Gross margin

 

24.2%

 

23.8%

 

0.4 pp*

Loss from operations

 

(1.94)

 

(4.38)

 

55.7%

Net loss

 

(1.92)

 

(3.73)

 

48.6%

Loss per share

 

(0.05)

 

(0.10)

 

50.0%

 

*Notes: pp represents percentage points

  • Revenue increased by 15.4% to $61.90 million for the six months ended September 30, 2020 from $53.63 million for the same period of last year.
  • Gross profit increased by 17.5% to $14.99 million for the six months ended September 30, 2020 from $12.75 million for the same period of last year.
  • Gross margin increased by 0.4 percentage points to 24.2% for the six months ended September 20, 2020 from 23.8% for the same period of last year.
  • Net loss was $1.92 million, or $0.05 per basic and diluted share, for the six months ended September 30, 2020, compared to net loss of $3.73 million, or $0.10 per basic and diluted share, for the same period of last year.

Six Months Ended September 30, 2020 Financial Results

Revenue

Revenue for the six months ended September 30, 2020 increased by $8.26 million, or 15.4%, to $61.90 million from $53.63 million for the same period of last year. The increase in revenue was primarily due to the increase in retail drugstores, online pharmacy and wholesale business.

   

For the Six Months Ended September 30,

   

2020

 

2019

($ millions)

 

Revenue

 

Cost of
Goods

 

Gross
Margin

 

Revenue

 

Cost of
Goods

 

Gross
Margin

Retail drugstores

 

36.74

 

24.73

 

32.7%

 

34.74

 

24.15

 

30.5%

Online pharmacy

 

10.26

 

8.97

 

12.5%

 

4.79

 

4.13

 

13.9%

Wholesale

 

14.90

 

13.20

 

11.4%

 

14.10

 

12.60

 

10.7%

Total

 

61.90

 

46.90

 

24.2%

 

53.63

 

40.88

 

23.8%

Revenue from the retail drugstores business increased by $2.00 million, or 5.8%, to $36.74 million for the six months ended September 30, 2020 from $34.74 million for the same period of last year. The increase was primarily attributable to consumer-facing benefits such as emphasis on onsite medical care, chronic disease management services, incremental Direct-to-Patient ("DTP") business caused by continuous hospital medical reform, partially offset by the decline in sale reimbursed by NHSA in the second quarter of fiscal 2021, and maturing of stores opened a year ago.

Revenue from the online pharmacy business increased by $5.47 million, or 114.0%, to $10.26 million for the six months ended September 30, 2020 from $4.79 million for the same period of last year. The increase was primarily caused by an increase in sales of prescription drugs via e-commerce platforms such as Tmall. Due to the same reason discussed above, the sale of prescription drugs was $3.63 million in the six months ended September 30, 2020 as compared to none in the six month ended September 30, 2019. Additionally, the Company maintained a membership care program targeted at customers with chronic disease. The Company has closely interacted with its members via WeChat by providing healthcare knowledge and reminding them to refill medicine. By implementing a personalized customer care program, the Company was able to promote its sales.

Revenue from the wholesale business increased by $0.80 million, or 5.6%, to $14.90 million for the six months ended September 30, 2020 from $14.10 million for the same period of last 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 $6.02 million, or 14.7%, to $46.90 million for the six months ended September 30, 2020 from $40.88 million for the same period of last year. Gross profit increased by $2.24 million, or 17.5%, to $14.99 million for the six months ended September 30, 2020 from $12.75 million for the same period of last year. Overall gross margin increased by 0.4 percentage points to 24.2% for the six months ended September 30, 2020, from 23.8% for the same period of last year.

Gross margins for retail drugstores, online pharmacy and wholesale were 32.7%, 12.5%, and 11.4%, respectively, for the six months ended September 30, 2020. This compared to gross margins for retail drugstores, online pharmacy and wholesale of 30.5%, 13.9%, and 10.7%, respectively, for the same period of last year.

Loss from operations

Selling and marketing expenses increased by $0.30 million, or 2.4%, to $12.75 million for the six months ended September 30, 2020 from $12.45 million for the same period of last year. The increase in selling and marketing expenses was primarily due to increase in fee charged by various platforms as a result of sale increase in the Company's online pharmacy.

General and administrative expenses decreased by $0.50 million, or 10.6%, to $4.18 million for the six months ended September 30, 2020 from $4.68 million for the same period of last year. In the six months ended September 30, 2020, the Company reversed bad debt allowance of $286,076 as compared to an increase in bad debt allowance of $767,249 in the same period of last year. Excluding such an effect, the general and administrative expenses increased by $559,503 period over period, which reflects the increases in staff and administration expense as the Company's online business grew.

Loss from operations was $1.94 million for the six months ended September 30, 2020, compared to $4.38 million for the same period of last year. Operating margin was (3.1)% and (8.2)% for the six months ended September 30, 2020 and 2019 respectively .

Net loss

Net loss was $1.92 million, or $0.05 per basic and diluted share for the six months ended September 30, 2020, compared to net loss of $3.73 million, or $0.10 per basic and diluted share for the same period of last year.

Financial Condition

As of September 30, 2020, the Company had cash of $21.65 million, compared to $16.18 million as of March 31, 2020. Net cash used in operating activities was $0.35 million for the six months ended September 30, 2020, compared to net cash provided by operating activities of $0.97 million for the same period of last year. Net cash used in investing activities was $1.76 million for the six months ended September 30, 2020, compared to $1.45 million for the same period of last year. Net cash provided by financing activities was $4.55 million for the six months ended September 30, 2020, compared to $6.38 million for the same period of last year.

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. 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

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 
   

September 30,

   

March 31,

 
   

2020

   

2020

 

ASSETS

           

CURRENT ASSETS

           

Cash and cash equivalents

 

$

21,646,487

   

$

16,176,318

 

Restricted cash

   

13,722,479

     

14,806,288

 

Financial assets available for sale

   

163,818

     

157,159

 

Notes receivable

   

73,494

     

57,005

 

Trade accounts receivable

   

9,992,142

     

9,770,656

 

Inventories

   

13,227,559

     

12,247,004

 

Other receivables, net

   

5,225,418

     

5,069,442

 

Advances to suppliers

   

1,929,273

     

1,174,800

 

Other current assets

   

1,833,208

     

1,528,540

 

Total current assets

   

67,813,878

     

60,987,212

 
                 

PROPERTY AND EQUIPMENT, net

   

6,768,478

     

7,633,740

 
                 

OTHER ASSETS

               

Long-term investment

   

4,115,839

     

2,544,451

 

Farmland assets

   

789,638

     

742,347

 

Long term deposits

   

1,533,640

     

1,456,384

 

Other noncurrent assets

   

1,077,100

     

1,046,763

 

Operating lease right-of-use assets

   

19,946,821

     

21,711,376

 

Intangible assets, net

   

3,440,046

     

3,393,960

 

Total other assets

   

30,903,084

     

30,895,281

 
                 

Total assets

 

$

105,485,440

   

$

99,516,233

 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

CURRENT LIABILITIES

               

Short-term bank loan

 

$

2,204,820

     

1,410,130

 

Accounts payable, trade

   

24,904,087

     

21,559,494

 

Notes payable

   

23,327,972

     

26,605,971

 

Other payables

   

1,888,563

     

2,522,330

 

Other payables - related parties

   

574,103

     

490,218

 

Customer deposits

   

1,262,520

     

708,140

 

Taxes payable

   

245,203

     

119,247

 

Accrued liabilities

   

653,409

     

753,612

 

Long-term loan payable-current portion

   

2,375,729

     

2,287,742

 

Current portion of operating lease liabilities

   

1,056,181

     

981,090

 

Total current liabilities

   

58,492,587

     

57,437,974

 
                 

Long-term loan payable

   

3,089,373

     

4,115,958

 

Long-term operating lease liabilities

   

16,500,499

     

19,049,575

 

Employee Deposits

   

14,699

     

70,507

 

Purchase option and warrants liability

   

36,306

     

64,090

 

Total liabilities

   

78,133,464

     

80,738,104

 
                 

COMMITMENTS AND CONTINGENCIES

               
                 

STOCKHOLDERS' EQUITY

               

Common stock; $0.001 par value; 250,000,000 shares authorized; 37,961,790 and
32,936,786 shares issued and outstanding as of September 30, 2020 and March
31, 2020, respectively

   

37,962

     

32,937

 

Preferred stock; $0.001 par value; 10,000,000 shares authorized; nil issued and
outstanding as of September 30 and March 31, 2020, respectively

   

-

     

-

 

Additional paid-in capital

   

63,568,876

     

54,209,301

 

Statutory reserves

   

1,309,109

     

1,309,109

 

Accumulated deficit

   

(38,126,065)

     

(36,400,837)

 

Accumulated other comprehensive income

   

2,565,454

     

1,440,424

 

Total stockholders' equity

   

29,355,336

     

20,590,934

 

Noncontrolling interests

   

(2,003,360)

     

(1,812,805)

 

Total equity

   

27,351,976

     

18,778,129

 

Total liabilities and stockholders' equity

 

$

105,485,440

   

$

99,516,233

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

 
   

For the three months ended
September 30,

   

For the six months ended
September 30,

 
   

2020

   

2019

   

2020

   

2019

 
                         

REVENUES, NET

 

$

30,842,545

   

$

28,353,779

   

$

61,896,857

   

$

53,634,563

 
                                 

COST OF GOODS SOLD

   

23,829,793

     

21,660,415

     

46,903,886

     

40,879,761

 
                                 

GROSS PROFIT

   

7,012,752

     

6,693,364

     

14,992,971

     

12,754,802

 
                                 

SELLING EXPENSES

   

6,475,512

     

6,485,848

     

12,747,919

     

12,454,399

 

GENERAL AND ADMINISTRATIVE EXPENSES

   

2,061,559

     

1,823,935

     

4,181,725

     

4,675,547

 

TOTAL OPERATING EXPENSES

   

8,537,071

     

8,309,783

     

16,929,644

     

17,129,946

 
                                 

LOSS FROM OPERATIONS

   

(1,524,319)

     

(1,616,419)

     

(1,936,673)

     

(4,375,144)

 
                                 

OTHER INCOME (EXPENSE):

                               

INTEREST INCOME

   

187,667

     

340,514

     

351,255

     

388,387

 

INTEREST EXPENSE

   

(117,692)

     

-

     

(245,079)

     

-

 

OTHER

   

(124,496)

     

(72,225)

     

(74,475)

     

(134,710)

 

CHANGE IN FAIR VALUE OF DERIVATIVE
LIABILITIES

   

32,674

     

6,865

     

27,784

     

410,420

 
                                 

LOSS BEFORE INCOME TAXES

   

(1,546,166)

     

(1,341,265)

     

(1,877,188)

     

(3,711,047)

 
                                 

PROVISION FOR INCOME TAXES

   

(18,975)

     

5,702

     

38,595

     

14,090

 
                                 

NET LOSS

   

(1,527,191)

     

(1,346,967)

     

(1,915,783)

     

(3,725,137)

 
                                 

LESS: NET LOSS ATTRIBUTABLE TO
NONCONTROLLING INTEREST

   

(33,472)

     

(122,004)

     

(190,555)

     

(365,223)

 
                                 

NET LOSS ATTRIBUTABLE TO CHINA JO-JO
DRUGSTORES, INC.

   

(1,493,719)

     

(1,224,963)

     

(1,725,228)

     

(3,359,914)

 
                                 

Foreign currency translation adjustments

   

1,031,461

     

(536,335)

     

1,125,030

     

(941,573)

 
                                 

COMPREHENSIVE LOSS

 

$

(495,730)

   

$

(1,883,302)

   

$

(790,753)

   

$

(4,666,710)

 
                                 

WEIGHTED AVERAGE NUMBER OF SHARES:

                               

Basic

   

37,961,790

     

32,936,786

     

36,232,144

     

32,696,348

 

Diluted

   

37,961,790

     

32,936,786

     

36,232,144

     

32,696,348

 
                                 

EARNINGS PER SHARES:

                               

Basic

 

$

(0.04)

   

$

(0.04)

   

$

(0.05)

   

$

(0.10)

 

Diluted

 

$

(0.04)

   

$

(0.04)

   

$

(0.05)

   

$

(0.10)

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 
   

For the six months ended
September 30,

 
   

2020

   

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

           

Net loss

 

$

(1,915,783)

   

$

(3,725,137)

 

Adjustments to reconcile net income to net cash provided by operating activities:

               

Bad debt direct write-off and provision

   

(286,076)

     

767,250

 

Depreciation and amortization

   

1,258,156

     

1,051,907

 

Stock based compensation

   

-

     

34,560

 

Change in fair value of purchase option derivative liability

   

(27,784)

     

(410,420)

 

Changes in operating assets and liabilities´╝Ü

               

Accounts receivable, trade

   

41,724

     

555,289

 

Notes receivable

   

(13,675)

     

92,655

 

Inventories and biological assets

   

(448,573)

     

975,170

 

Other receivables

   

279,650

     

(206,247)

 

Advances to suppliers

   

(531,255)

     

(106,790)

 

Other current assets

   

(853,289)

     

(1,031,185)

 

Long term deposit

   

(15,106)

     

682,504

 

Other noncurrent assets

   

13,619

     

13,791

 

Accounts payable, trade

   

2,362,338

     

1,938,015

 

Other payables and accrued liabilities

   

(845,411)

     

(568,457)

 

Customer deposits

   

509,549

     

744,912

 

Taxes payable

   

123,082

     

165,692

 
                 

Net cash used in/provided by operating activities

   

(348,834)

     

973,509

 
                 

CASH FLOWS FROM INVESTING ACTIVITIES:

               

Disposal of financial assets available for sale

   

-

     

14,457

 

Acquisition of equipment

   

(33,968)

     

(374,992)

 

Purchases of intangible assets

   

(55,038)

     

(462,266)

 

Investment in a joint venture

   

(1,422,193)

     

-

 

Additions to leasehold improvements

   

(246,846)

     

(622,464)

 

Net cash used in investing activities

   

(1,758,045)

     

(1,445,265)

 
                 

CASH FLOWS FROM FINANCING ACTIVITIES:

               

Proceeds from short-term bank loan

   

714,160

     

682,692

 

Repayment of third parties' loan

   

(1,175,725)

     

-

 

Proceeds from notes payable

   

22,668,388

     

21,745,277

 

Repayment of notes payable

   

(26,949,176)

     

(24,862,363)

 

Decrease in Employee Deposits

   

(57,133)

     

-

 

Exercise of warrants

   

77,500

     

-

 

Proceeds from equity financing

   

9,205,173

     

9,273,077

 

Repayment of other payables-related parties

   

68,994

     

(458,002)

 

Net cash provided by financing activities

   

4,552,181

     

6,380,681

 
                 

EFFECT OF EXCHANGE RATE ON CASH

   

1,941,058

     

(1,368,958)

 
                 

INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

   

4,386,360

     

4,539,967

 
                 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

   

30,982,606

     

24,745,202

 
                 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of period

 

$

35,368,966

   

$

29,285,169

 
                 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

               

Cash paid for interest

   

247,371

     

-

 

Cash paid for income taxes

 

$

3,457

   

$

28,777

 

View original content:http://www.prnewswire.com/news-releases/china-jo-jo-drugstores-reports-second-quarter-2021-financial-results-301172701.html

SOURCE China Jo-Jo Drugstores, Inc.


Company Codes: NASDAQ-SMALL:CJJD

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