China Jo-Jo Drugstores Reports Third Quarter Fiscal 2021 Financial Results

HANGZHOU, China, Feb. 12, 2021 /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 third fiscal quarter ended December 31, 2020.

Mr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, "We are pleased with our third quarter performance. We delivered another quarter of strong results. Our revenue and gross profit recorded $35.54 million and $8.09 million for the third fiscal quarter of fiscal year 2021, increased 6.5% and 11.0% compared to same period of last year. During the COVID-19 pandemic, we made every effort to guarantee sufficient medicine supply, build a pandemic medicine center and provide online pharmacy consultation services. As a result, our revenue year-over-year from online pharmacy increased by 66.4%. Our robust performance is a strong indicator of the successful execution of our multifaceted growth strategy and strategic transformation."

Mr. Liu continued, "The environment surrounding COVID-19 accelerates our transformation. To address the tremendous pharmaceutical retail market in China, we enhanced various information and data systems, continued to develop the management system for patients with chronic diseases, upgraded our "Medical + Medicine" business model, introduced digital services such as Xiaoqiao robots to our customers, developed 24-hour service stores, launched a new OA system, and accelerated comprehensive budget management. Looking ahead, we will keep focusing on narrowing net loss, drive growth, and continue to deliver sustainable and long-term profitability to our shareholders."

Third Quarter of Fiscal 2021 Financial Highlights

   

For the Three Months Ended December 31,

($ millions, except per share data)

 

2020

 

2019

 

% Change

Revenue

 

35.54

 

33.36

 

6.5%

Retail drugstores

 

20.07

 

21.57

 

-7.0%

Online pharmacy

 

6.60

 

3.97

 

66.4%

Wholesale

 

8.87

 

7.82

 

13.4%

Gross profit

 

8.09

 

7.28

 

11.0%

Gross margin

 

22.8%

 

21.8%

 

1.0 pp*

Income(loss) from operations

 

(6.37)

 

0.55

 

NM

Net income(loss)

 

(6.29)

 

0.46

 

NM

Earnings(Loss) per share

 

(0.15)

 

0.02

 

NM

*Notes: pp represents percentage points

  • Revenue increased by 6.5% to $35.54 million for the three months ended December 31, 2020 from $33.36 million for the same period of last year.
  • Gross profit increased by 11.0% to $8.09 million for the three months ended December 31, 2020 from $7.28 million for the same period of last year.
  • Gross margin increased slightly by 1.0 percentage points to 22.8% for the three months ended December 31, 2020 from 21.8% for the same period of last year.
  • Net loss was $6.29 million, or $0.15 per basic and diluted share, for the three months ended December 31, 2020, compared to net income of $0.46 million, or $0.02 per basic and diluted share, for the same period of last year.

Third Quarter of Fiscal 2021 Financial Results

Revenue

Revenue for the three months ended December 31, 2020 increased by $2.18 million, or 6.5%, to $35.54 million from $33.36 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 December 31,

   

2020

 

2019

($ millions)

 

Revenue

 

Cost of

Goods

 

Gross Margin

 

Revenue

 

Cost of

Goods

 

Gross Margin

Retail drugstores

 

20.07

 

13.52

 

32.6%

 

21.57

 

15.39

 

28.7%

Online pharmacy

 

6.60

 

6.07

 

8.1%

 

3.97

 

3.64

 

8.2%

Wholesale

 

8.87

 

7.86

 

11.4%

 

7.82

 

7.05

 

9.9%

Total

 

35.54

 

27.45

 

22.8%

 

33.36

 

26.08

 

21.8%

Revenue from the retail drugstores business decreased by $1.50 million, or 7.0%, to $20.07 million for the three months ended December 31, 2020 from $21.57 million for the same period of last year. The decrease was primarily due to the negative effect on the overall economy from COVID-19, and also to the Company's strategic decision to cease selling certain low-profit margin products that are eligible for reimbursement by National Healthcare Security Administration ("NHSA" hereafter) since September 1, 2020.

Revenue from the online pharmacy business increased by $2.63 million, or 66.4%, to $6.60 million for the three months ended December 31, 2020 from $3.97 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. In the past, prescription drugs cannot be sold online due to safety concern. After the nation lifted the ban order, online prescription drug sales became popular. As a result, the sale of prescription drugs was $2.23 million in the three months ended December 31, 2020 as compared to none in the three month ended December 31, 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 to provide healthcare knowledge, and to remind 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 $1.05 million, or 13.4%, to $8.87 million for the three months ended December 31, 2020 from $7.82 million for the same period of last year. The increase was primarily accomplished by Company's ability to sell certain products in large quantity at its retail stores, to other vendors at competitive prices.

Gross profit and gross margin

Total cost of goods sold increased by $1.37 million, or 5.3%, to $27.45 million for the three months ended December 31, 2020 from $26.08 million for the same period of last year. Gross profit increased by $0.81 million, or 11.0%, to $8.09 million for three months ended December 31, 2020 from $7.28 million for the same period of last year. Overall gross margin increased slightly by 1.0 percentage points to 22.8% for the three months ended December 31, 2020, from 21.8% for the same period of last year.

Gross margins for retail drugstores, online pharmacy and wholesale were 32.6%, 8.1%, and 11.4%, respectively, for the three months ended December 31, 2020, compared to gross margins for retail drugstores, online pharmacy and wholesale of 28.7%, 8.2%, and 9.9%, respectively, for the same period of last year.

Income(loss) from operations

Selling and marketing expenses increased by $2.58 million, or 45.6%, to $8.26 million for the three months ended December 31, 2020 from $5.68 million for the same period of last year. The increase in selling and marketing expenses was primarily due to increase in annual employee compensation and online sales service fee as a result of the sale increase in the Company's online pharmacy.

General and administrative expenses increased by $5.14 million, or 487.5%, to $6.19 million for the three months ended December 31, 2020 from $1.05 million for the same period of last year. On December 21, 2020, the Company issued 3,790,000 shares of common stock according to its employee stock reward incentive plan and recorded stock-based compensation of $3.94 million. Additionally, for the three months ended December 31, 2020, bad debt direct write-off and provision amounted to $0.29 million, an increase of $1.09 million, as compared to reversal of bad debt allowance of $0.80 million for the same period a year ago. Excluding such effect, the general and administrative expenses increased by $0.11 million period over period, which reflects the increase in staff and administration expense.

Loss from operations was $6.37 million for the three months ended December 31, 2020, compared to income from operations of $0.55 million for the same period of last year. Operating margin was (17.9)% and 1.7% for the three months ended December 31, 2020 and 2019 respectively.

Net income(loss)

Net loss was $6.29 million, or $0.15 per basic and diluted share for the three months ended December 31, 2020, compared to net income of $0.46 million, or $0.02 per basic and diluted share for the same period of last year.

Nine Months Ended December 31, 2020 Financial Highlights

   

For the Nine Months Ended December 31,

($ millions, except per share data)

 

2020

 

2019

 

% Change

Revenue

 

97.44

 

87.00

 

12.0%

Retail drugstores

 

56.81

 

56.31

 

0.9%

Online pharmacy

 

16.86

 

8.76

 

92.5%

Wholesale

 

23.77

 

21.93

 

8.4%

Gross profit

 

23.08

 

20.04

 

15.2%

Gross margin

 

23.7%

 

23.0%

 

0.7 pp*

Loss from operations

 

(8.30)

 

(3.82)

 

-117.3%

Net loss

 

(8.21)

 

(3.27)

 

-151.1%

Loss per share

 

(0.20)

 

(0.09)

 

-122.2%

*Notes: pp represents percentage points

  • Revenue increased by 12.0% to $97.44 million for the nine months ended December 31, 2020 from $87.00 million for the same period of last year.
  • Gross profit increased by 15.2% to $23.08 million for the nine months ended December 31, 2020 from $20.04 million for the same period of last year.
  • Gross margin increased slightly by 0.7 percentage pointsto 23.7% for the nine months ended December 31, 2020 from 23.0% for the same period of last year.
  • Net loss was $8.21 million, or $0.20 per basic and diluted share, for the nine months ended December 31, 2020, compared to net loss of $3.27 million, or $0.09 per basic and diluted share, for the same period of last year.

Nine Months Ended December 31, 2020 Financial Results

Revenue

Revenue for the nine months ended December 31, 2020 increased by $10.44 million, or 12.0%, to $97.44 million from $87.00 million for the same period of last year. The increase in revenue was primarily due to the growth in retail drugstores, online pharmacy and wholesale business.

   

For the Nine Months Ended December 31,

   

2020

 

2019

($ millions)

 

Revenue

 

Cost of

Goods

 

Gross Margin

 

Revenue

 

Cost of

Goods

 

Gross Margin

Retail drugstores

 

56.81

 

38.25

 

32.7%

 

56.31

 

39.54

 

29.8%

Online pharmacy

 

16.86

 

15.04

 

10.8%

 

8.76

 

7.77

 

11.3%

Wholesale

 

23.77

 

21.06

 

11.4%

 

21.93

 

19.65

 

10.4%

Total

 

97.44

 

74.35

 

23.7%

 

87.00

 

66.96

 

23.0%

Revenue from the retail drugstores business increased by $0.50 million, or 0.9%, to $56.81 million for the nine months ended December 31, 2020 from $56.31 million for the same period of last year. However, after removing the impact of exchange rate fluctuation, the actual retail drugstores sales decreased by 0.8%. The actual decrease in the Company's retail drugstore sales is primarily due to the negative effect on the overall economy from COVID-19, and also to the Company's strategic decision to cease selling certain low-profit margin products that are eligible for reimbursement by NHSA since September 1, 2020.

Revenue from the online pharmacy business increased by $8.10 million, or 92.5%, to $16.86 million for the nine months ended December 31, 2020 from $8.76 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 $5.86 million in the nine months ended December 31, 2020 as compared to none in the nine months ended December 31, 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 to provide healthcare knowledge and to remind 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 $1.84 million, or 8.4%, to $23.77 million for the nine months ended December 31, 2020 from $21.93 million for the same period of last year. The increase was primarily accomplished by the Company's ability to sell certain products 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 $7.40 million, or 11.0%, to $74.36 million for the nine months ended December 31, 2020 from $66.96 million for the same period of last year. Gross profit increased by 3.04 million, or 15.2%, to $23.08 million for the nine months ended December 31, 2020 from $20.04 million for the same period of last year. Overall gross margin increased slightly by 0.7 percentage points to 23.7% for the nine months ended December 31, 2020, from 23.0% for the same period of last year.

Gross margins for retail drugstores, online pharmacy and wholesale were 32.7%, 10.8%, and 11.4%, respectively, for the nine months ended December 31, 2020. This compared to gross margins for retail drugstores, online pharmacy and wholesale of 29.8%, 11.3%, and 10.4%, respectively, for the same period of last year.

Loss from operations

Selling and marketing expenses increased by $2.88 million, or 15.9%, to $21.01 million for the nine months ended December 31, 2020 from $18.13 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 the sale increase in the Company's online pharmacy.

General and administrative expenses decreased by $4.64 million, or 81.1%, to $10.37 million for the nine months ended December 31, 2020 from $5.73 million for the same period of last year. On December 21, 2020, the Company issued 3,790,000 shares of common stock according to its employee stock reward incentive plan and recorded stock-based compensation of $3.94 million. Excluding such an effect, the general and administrative expenses increased by $0.70 million period over period, which reflects the increases in staff and administration expense as the Company's online business grows.

Loss from operations was $8.30 million for the nine months ended December 31, 2020, compared to $3.82 million for the same period of last year. Operating margin was (8.5)% and (4.4)% for the nine months ended December 31, 2020 and 2019 respectively.

Net loss

Net loss was $8.21 million, or $0.20 per basic and diluted share for the nine months ended December 31, 2020, compared to net loss of $3.27 million, or $0.09 per basic and diluted share for the same period of last year.

Financial Condition

As of December 31, 2020, the Company had cash of $12.12 million, compared to $16.18 million as of March 31, 2020. Net cash used in operating activities was $12.45 million for the nine months ended December 31, 2020, compared to $11.27 million for the same period of last year. Net cash used in investing activities was $1.82 million for the nine months ended December 31, 2020, compared to $1.71 million for the same period of last year. Net cash provided by financing activities was $5.42 million for the nine months ended December 31, 2020, compared to $12.70 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)

 
   

December 31,

   

March 31,

 
   

2020

   

2020

 

ASSETS

           

CURRENT ASSETS

           

Cash and cash equivalents

 

$

12,116,508

   

$

16,176,318

 

Restricted cash

   

12,925,216

     

14,806,288

 

Financial assets available for sale

   

170,604

     

157,159

 

Notes receivable

   

-

     

57,005

 

Trade accounts receivable

   

11,521,988

     

9,770,656

 

Inventories

   

14,933,245

     

12,247,004

 

Other receivables, net

   

5,084,145

     

5,069,442

 

Advances to suppliers

   

4,511,821

     

1,174,800

 

Other current assets

   

1,821,838

     

1,528,540

 

Total current assets

   

63,085,365

     

60,987,212

 
                 

PROPERTY AND EQUIPMENT, net

   

6,727,485

     

7,633,740

 
                 

OTHER ASSETS

               

Long-term investment

   

4,295,979

     

2,544,451

 

Farmland assets

   

830,595

     

742,347

 

Long term deposits

   

1,551,248

     

1,456,384

 

Other noncurrent assets

   

1,136,261

     

1,046,763

 

Operating lease right-of-use assets

   

21,389,539

     

21,711,376

 

Intangible assets, net

   

3,541,672

     

3,393,960

 

Total other assets

   

32,745,294

     

30,895,281

 
                 

Total assets

 

$

102,558,144

   

$

99,516,233

 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

CURRENT LIABILITIES

               

Short-term bank loan

 

$

2,296,155

     

1,410,130

 

Accounts payable, trade

   

18,064,997

     

21,559,494

 

Notes payable

   

25,736,161

     

26,605,971

 

Other payables

   

2,744,874

     

2,522,330

 

Other payables - related parties

   

689,274

     

490,218

 

Customer deposits

   

841,686

     

708,140

 

Taxes payable

   

690,906

     

119,247

 

Accrued liabilities

   

681,316

     

753,612

 

Long-term loan payable-current portion

   

2,480,264

     

2,287,742

 

Current portion of operating lease liabilities

   

1,650,085

     

981,090

 

Total current liabilities

   

55,875,718

     

57,437,974

 
                 

Long-term loan payable

   

2,589,643

     

4,115,958

 

Long-term operating lease liabilities

   

17,993,514

     

19,049,575

 

Employee Deposits

   

15,308

     

70,507

 

Purchase option and warrants liability

   

-

     

64,090

 

Total liabilities

   

76,474,183

     

80,738,104

 
                 

COMMITMENTS AND CONTINGENCIES

               
                 

STOCKHOLDERS' EQUITY

               

Common stock; $0.001 par value; 250,000,000 shares authorized; 41,751,790 and 32,936,786 shares issued and outstanding as of December 31, 2020 and March 31, 2020, respectively

   

41,752

     

32,937

 

Preferred stock; $0.001 par value; 10,000,000 shares authorized; nil issued and outstanding

as of December 31 and March 31, 2020, respectively

   

-

     

-

 

Additional paid-in capital

   

67,506,686

     

54,209,301

 

Statutory reserves

   

1,309,109

     

1,309,109

 

Accumulated deficit

   

(44,382,384)

     

(36,400,837)

 

Accumulated other comprehensive income

   

3,649,357

     

1,440,424

 

Total stockholders' equity

   

28,124,520

     

20,590,934

 

Noncontrolling interests

   

(2,040,559)

     

(1,812,805)

 

Total equity

   

26,083,961

     

18,778,129

 

Total liabilities and stockholders' equity

 

$

102,558,144

   

$

99,516,233

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(LOSS)

(UNAUDITED)

 
   

For the three months ended
December 31,

   

For the nine months ended
December 31,

 
   

2020

   

2019

   

2020

   

2019

 
                         

REVENUES, NET

 

$

35,538,759

   

$

33,363,282

   

$

97,435,616

   

$

86,997,845

 
                                 

COST OF GOODS SOLD

   

27,451,509

     

26,079,910

     

74,355,395

     

66,959,671

 
                                 

GROSS PROFIT

   

8,087,250

     

7,283,372

     

23,080,221

     

20,038,174

 
                                 

SELLING EXPENSES

   

8,262,590

     

5,676,400

     

21,010,509

     

18,130,799

 

GENERAL AND ADMINISTRATIVE EXPENSES

   

6,192,294

     

1,054,060

     

10,374,019

     

5,729,607

 

TOTAL OPERATING EXPENSES

   

14,454,884

     

6,730,460

     

31,384,528

     

23,860,406

 
                                 

INCOME (LOSS) FROM OPERATIONS

   

(6,367,634)

     

552,912

     

(8,304,307)

     

(3,822,232)

 
                                 

OTHER INCOME (EXPENSE):

                               

INTEREST INCOME

   

193,207

     

272,773

     

544,462

     

661,160

 

INTEREST EXPENSE

   

(109,896)

     

-

     

(354,975)

     

-

 

OTHER

   

(43,525)

     

(302,408)

     

(118,000)

     

(437,118)

 

CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITIES

   

36,306

     

(65,172)

     

64,090

     

345,248

 
                                 

INCOME (LOSS) BEFORE INCOME TAXES

   

(6,291,542)

     

458,105

     

(8,168,730)

     

(3,252,942)

 
                                 

PROVISION FOR INCOME TAXES

   

1,976

     

2,184

     

40,571

     

16,274

 
                                 

NET INCOME (LOSS)

   

(6,293,518)

     

455,921

     

(8,209,301)

     

(3,269,216)

 
                                 

LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

   

(37,199)

     

(75,861)

     

(227,754)

     

(441,084)

 
                                 

NET INCOME (LOSS) ATTRIBUTABLE TO CHINA JO-JO DRUGSTORES, INC.

   

(6,256,319)

     

531,782

     

(7,981,547)

     

(2,828,132)

 
                                 

Foreign currency translation adjustments

   

1,083,903

     

358,868

     

2,208,933

     

(582,705)

 
                                 

COMPREHENSIVE GAIN (LOSS)

 

$

(5,209,615)

   

$

814,789

   

$

(6,000,368)

   

$

(3,851,921)

 
                                 

WEIGHTED AVERAGE NUMBER OF SHARES:

                               

Basic

   

41,339,834

     

32,936,786

     

40,462,971

     

32,776,786

 

Diluted

   

41,339,834

     

32,936,786

     

40,462,971

     

32,776,786

 
                                 

EARNINGS (LOSS) PER SHARE

                               

Basic

 

$

(0.15)

   

$

0.02

   

$

(0.20)

   

$

(0.09)

 

Diluted

 

$

(0.15)

   

$

0.02

   

$

(0.20)

   

$

(0.09)

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 
   

For the nine months ended
December 31,

 
   

2020

   

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

           

Net loss

 

$

(8,209,301)

   

$

(3,269,216)

 

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

               

Bad debt direct write-off and provision

   

7,065

     

(29,038)

 

Depreciation and amortization

   

1,657,001

     

1,572,925

 

Stock based compensation

   

3,941,600

     

34,560

 

Change in fair value of purchase option derivative liability

   

(64,090)

     

(345,248)

 

Changes in operating assets and liabilities´╝Ü

               

Accounts receivable, trade

   

(1,203,132)

     

(2,581,208)

 

Notes receivable

   

58,848

     

122,175

 

Inventories and biological assets

   

(1,558,139)

     

2,484,432

 

Other receivables

   

625,207

     

(1,353,544)

 

Advances to suppliers

   

(3,050,898)

     

(222,928)

 

Other current assets

   

(79,851)

     

(1,758,533)

 

Long term deposit

   

28,275

     

597,084

 

Other noncurrent assets

   

52

     

17,744

 

Accounts payable, trade

   

(5,077,172)

     

(6,397,104)

 

Other payables and accrued liabilities

   

(118,323)

     

(917,398)

 

Customer deposits

   

69,385

     

458,415

 

Taxes payable

   

525,005

     

312,192

 
                 

Net cash used in operating activities

   

(12,448,468)

     

(11,274,690)

 
                 

CASH FLOWS FROM INVESTING ACTIVITIES:

               

Disposal of financial assets available for sale

   

-

     

14,370

 

Acquisition of equipment

   

(41,565)

     

(561,677)

 

Purchases of intangible assets

   

(62,644)

     

(461,013)

 

Investment in a joint venture

   

(1,458,633)

     

-

 

Additions to leasehold improvements

   

(261,759)

     

(705,856)

 

Net cash used in investing activities

   

(1,824,601)

     

(1,714,176)

 
                 

CASH FLOWS FROM FINANCING ACTIVITIES:

               

Proceeds from short-term bank loan

   

727,855

         

Proceeds from third parties' loan

   

-

     

7,085,406

 

Repayment of third parties' loan

   

(1,789,379)

     

-

 

Proceeds from notes payable

   

39,320,707

     

36,537,832

 

Repayment of notes payable

   

(42,312,460)

     

(39,784,592)

 

Decrease in Employee Deposits

   

(58,228)

     

(7,185)

 

Exercise of warrants

   

77,500

     

-

 

Net Proceeds from equity financing

   

9,287,100

     

9,273,077

 

Repayment of other payables-related parties

   

168,990

     

(406,506)

 

Net cash provided by financing activities

   

5,422,085

     

12,698,032

 
                 

EFFECT OF EXCHANGE RATE ON CASH

   

2,910,102

     

(559,998)

 
                 

(DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

   

(5,940,882)

     

(850,832)

 
                 

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

 

$

25,041,724

   

$

23,894,370

 
                 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

               

Cash paid for interest

   

354,975

     

-

 

Cash paid for income taxes

 

$

35,954

   

$

17,215

 

Cision View original content:http://www.prnewswire.com/news-releases/china-jo-jo-drugstores-reports-third-quarter-fiscal-2021-financial-results-301227726.html

SOURCE China Jo-Jo Drugstores, Inc.


Company Codes: NASDAQ-SMALL:CJJD

Back to news