China Jo-Jo Drugstores Reports First Quarter 2020 Financial Results

Wednesday, August 14, 2019 General News
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CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the three months ended

June 30,

2019

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(2,378,170)

$

(696,615)

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

Bad debt direct write-off and provision

758,231

259,279

Depreciation and amortization

499,175

293,095

Stock based compensation

34,560

49,140

Change in fair value of purchase option derivative liability

(403,555)

6,974

Accounts receivable, trade

(959,680)

1,077,419

Notes receivable

81,326

(114,944)

Inventories and biological assets

2,851,652

(458,803)

Other receivables

371,054

(401,204)

Advances to suppliers

242,652

(775,014)

Other current assets

(450,042)

554,048

Long term deposit

58,630

(5,415)

Other noncurrent assets

(8,631)

(97,341)

Accounts payable, trade

(8,968,168)

(2,369,206)

Other payables and accrued liabilities

(105,522)

357,335

Customer deposits

116,398

20,290

Taxes payable

95,326

(281,235)

Net cash (used in) operating activities

(8,164,764)

(2,582,197)

CASH FLOWS FROM INVESTING ACTIVITIES:

Disposal of financial assets available for sale

14,658

-

Acquisition of equipment

(210,356)

(32,753)

Increase in intangible assets

(433,111)

-

Investment in a joint venture

-

(109,142)

Additions to leasehold improvements

(542,734)

(116,002)

Net cash used in investing activities

(1,171,543)

(257,897)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from notes payable

15,372,260

10,376,504

Repayment of notes payable

(16,167,012)

(15,512,104)

Proceeds from equity financing

9,273,077

7,629

Repayment of other payables-related parties

(460,000)

(84,014)

Net cash provided by (used in) financing activities

8,018,325

(5,211,985)

EFFECT OF EXCHANGE RATE ON CASH

(277,067)

(457,638)

DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

(1,595,049)

(8,509,717)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

24,745,202

31,452,191

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of period

$

23,150,153

$

22,942,474

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for income taxes

$

29,176

$

27,832



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