China Jo-Jo Drugstores Announces Fourth Quarter and Year End Financial Results for Fiscal Year 2017

Thursday, June 29, 2017 General News
Email Print This Page Comment
Font : A-A+

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years endedMarch 31,

2017

2016

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

(5,644,204)

$

447,156

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

   Bad debt direct write-off and provision

679,271

(1,584,031)

   Depreciation and amortization

1,316,747

1,456,029

   Impairment of prepayment of lease use right

1,246,788

-

   Farmland assets impairment

761,403

   Impairment of land and road improvement

108,851

   Stock based compensation

2,248,650

1,022,791

   Change in fair value of purchase option derivative liability

(140,084)

(612,198)

   Change in operating assets:

   Accounts receivable, trade

(717,386)

432,677

   Notes receivable

(244,713)

118,687)

   Inventories and biological assets

191,564

(762,212)

   Other receivables

(773,359)

(67,778)

   Advances to suppliers

(3,020,156)

1,329,323

   Other current assets

(148,983)

581,847

   Other noncurrent assets

35,509

-

   Change in operating liabilities:

   Accounts payable, trade

3,936,178

1,595,739

   Other payables and accrued liabilities

1,250,755

(598,213)

   Customer deposits

237,891

(976,138)

   Taxes payable

234,780

202,026

   Net cash provided by operating activities

1,559,502

2,585,705

CASH FLOWS FROM INVESTING ACTIVITIES:

   Disposal of financial assets available for sale

445,968

790,845

   Purchase of financial assets available for sale

(89,194)

-

   Acquisition of equipment

(140,209)

(192,937)

   Termination of a joint venture

104,059

-

   Investment in a joint venture

(96,180)

(110,718)

   Additions to leasehold improvements

(270,990)

(57,382)

   Net cash provided by (used in) investing activities

(46,546)

429,808

CASH FLOWS FROM FINANCING ACTIVITIES:

   Proceeds from short-term bank loan

-

23,258

   Repayment of short-term bank loan

(29,731)

(23,258)

   Change in restricted cash

3,519,030

(5,319,861)

   Proceeds from notes payable

24,577,096

21,657,140

   Repayment of notes payable

(28,445,215)

(18,956,792)

   Changes in other payables-related parties

375,659

(481,879)

   Proceeds from sale of stock and warrants

10,648,000

2,699,500

   Net cash provided by (used in) financing activities

10,644,839

(401,892)

EFFECT OF EXCHANGE RATE ON CASH

(465,244)

34,671

INCREASE IN CASH

11,692,551

2,648,292

CASH, beginning of year

6,671,873

4,023,581

CASH, end of year

$

18,364,424

$

6,671,873

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

   Cash paid for interest

$

1,349

$

155,578

   Cash paid for income taxes

$

57,247

$

78,550

   Issuance of common stocks in exchange of debts

$

1,603,810

$

-

   Non-cash financing activities:

   Issuance of stock purchase options to an investment bank

147,728



Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions

News A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Advertisement

Press Release Category

Press Release Archive

Stay Connected

  • Available on the Android Market
  • Available on the App Store

Facebook