China Jo-Jo Drugstores Reports Third Quarter 2018 Financial Results

Wednesday, February 14, 2018 Drug News
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CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine months endedDecember 31,

2017

2016

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

(4,213,842)

(605,784)

Adjustments to reconcile net (loss) to net cash (used in) operating activities:

Depreciation and amortization

1,063,170

891,542

Stock-based compensation

976,816

1,907,582

Bad debt provision

1,948,887

(505,117)

Change in fair value of purchase option derivative liability

(420,610)

(125,441)

Change in operating assets:

Accounts receivable, trade

(4,830,933)

(1,130,490)

Notes receivable

79,250

(29,484)

Inventories

(2,945,926)

(555,388)

Other receivables

(149,447)

64,419

Advances to suppliers

(990,309)

(683,980)

Other current assets

562,148

(76,656)

Other noncurrent assets

(63,263)

(330,217)

Long term deposit

(1,345,486)

Change in operating liabilities:

Accounts payable, trade

853,598

(1,119,770)

Other payables and accrued liabilities

(127,969)

296,298

Customer deposits

387,458

64,508

Taxes payable

(222,207)

150,910

Net cash (used in) provided by operating activities

(9,438,665)

(1,787,068)

CASH FLOWS FROM INVESTING ACTIVITIES:

Disposal of financial assets available for sale

-

449,403

Purchase of financial assets available for sale

(136,074)

Purchase of equipment

(237,108)

(115,463)

Purchase of intangible assets

(1,125,110)

Termination of a joint venture

69,802

Investment in a joint venture

(9,601)

(74,900)

Additions to leasehold improvements

(249,097)

(200,428)

Net cash (used in) provided by investing activities

(1,756,990)

128,414

CASH FLOWS FROM FINANCING ACTIVITIES:

Change in restricted cash

(5,743,155)

3,939,366

Repayments of notes payable

(22,501,743)

(24,600,434)

Proceeds from notes payable

28,352,683

20,309,469

Change in other payables-related parties

(278,691)

375,395

Net cash (used in) provided by financing activities

(170,906)

23,796

EFFECT OF EXCHANGE RATE ON CASH

1,398,197

(393,666)

DECREASE IN CASH

(9,968,364)

(2,028,524)

CASH, beginning of period

18,364,424

6,671,873

CASH, end of period

$

8,396,060

$

4,643,349

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for interest

$

-

$

1,348

Cash paid for income taxes

$

27,856

$

57,688

Issuance of common stocks in exchange of debts

-

1,603,810



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