|
CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS |
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For the years endedMarch 31, |
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2017 |
2016 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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|
Net income |
$ |
(5,644,204) |
$ |
447,156 |
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|
Adjustments to reconcile net income to net cash provided by operating activities: |
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|
Bad debt direct write-off and provision |
679,271 |
(1,584,031) |
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|
Depreciation and amortization |
1,316,747 |
1,456,029 |
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|
Impairment of prepayment of lease use right |
1,246,788 |
- |
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|
Farmland assets impairment |
761,403 |
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|
Impairment of land and road improvement |
108,851 |
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|
Stock based compensation |
2,248,650 |
1,022,791 |
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|
Change in fair value of purchase option derivative liability |
(140,084) |
(612,198) |
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Change in operating assets: |
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|
Accounts receivable, trade |
(717,386) |
432,677 |
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Notes receivable |
(244,713) |
118,687) |
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Inventories and biological assets |
191,564 |
(762,212) |
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Other receivables |
(773,359) |
(67,778) |
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Advances to suppliers |
(3,020,156) |
1,329,323 |
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Other current assets |
(148,983) |
581,847 |
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|
Other noncurrent assets |
35,509 |
- |
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Change in operating liabilities: |
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Accounts payable, trade |
3,936,178 |
1,595,739 |
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Other payables and accrued liabilities |
1,250,755 |
(598,213) |
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Customer deposits |
237,891 |
(976,138) |
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|
Taxes payable |
234,780 |
202,026 |
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|
Net cash provided by operating activities |
1,559,502 |
2,585,705 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Disposal of financial assets available for sale |
445,968 |
790,845 |
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|
Purchase of financial assets available for sale |
(89,194) |
- |
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Acquisition of equipment |
(140,209) |
(192,937) |
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Termination of a joint venture |
104,059 |
- |
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Investment in a joint venture |
(96,180) |
(110,718) |
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Additions to leasehold improvements |
(270,990) |
(57,382) |
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Net cash provided by (used in) investing activities |
(46,546) |
429,808 |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from short-term bank loan |
- |
23,258 |
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|
Repayment of short-term bank loan |
(29,731) |
(23,258) |
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|
Change in restricted cash |
3,519,030 |
(5,319,861) |
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Proceeds from notes payable |
24,577,096 |
21,657,140 |
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|
Repayment of notes payable |
(28,445,215) |
(18,956,792) |
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Changes in other payables-related parties |
375,659 |
(481,879) |
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Proceeds from sale of stock and warrants |
10,648,000 |
2,699,500 |
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Net cash provided by (used in) financing activities |
10,644,839 |
(401,892) |
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EFFECT OF EXCHANGE RATE ON CASH |
(465,244) |
34,671 |
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|
INCREASE IN CASH |
11,692,551 |
2,648,292 |
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CASH, beginning of year |
6,671,873 |
4,023,581 |
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CASH, end of year |
$ |
18,364,424 |
$ |
6,671,873 |
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
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Cash paid for interest |
$ |
1,349 |
$ |
155,578 |
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|
Cash paid for income taxes |
$ |
57,247 |
$ |
78,550 |
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Issuance of common stocks in exchange of debts |
$ |
1,603,810 |
$ |
- |
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Non-cash financing activities: |
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Issuance of stock purchase options to an investment bank |
147,728 |
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