China Jo-Jo Drugstores Reports Second Quarter 2019 Financial Results

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months endedSeptember 30,

2018

2017

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(2,299,330)

$

(2,588,013)

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

Bad debt direct write-off and provision

890,576

1,241,159

Depreciation and amortization

557,930

590,618

Stock based compensation

71,427

689,372

Change in fair value of purchase option derivative liability

88,840

(198,751)

Accounts receivable, trade

(833,992)

(2,138,968)

Notes receivable

32,528

(49,387)

Inventories and biological assets

(1,587,645)

(789,355)

Other receivables

(800,686)

(39,756)

Advances to suppliers

(611,849)

958,032

Other current assets

469,985

(180,048)

Long term deposit

18,851

(813,282)

Other noncurrent assets

(139,597)

(106,981)

Accounts payable, trade

(603,967)

2,911,679

Other payables and accrued liabilities

1,305,221

(181,932)

Customer deposits

773,748

308,252

Taxes payable

(253,496)

(133,285)

Net cash used in operating activities

(2,921,456)

(520,646)

CASH FLOWS FROM INVESTING ACTIVITIES:

Disposal of financial assets available for sale

88,897

(73,915)

Purchase of financial assets available for sale

(91,099)

-

Acquisition of equipment

(142,681)

(212,358)

Increase in construction-in-progress

-

(473,716)

Increase intangible assets

-

(298,617)

Investment in a joint venture

-

(9,387)

Additions to leasehold improvements

(244,047)

(27,986)

Net cash used in investing activities

(388,930)

(1,095,979)

CASH FLOWS FROM FINANCING ACTIVITIES:

Change in restricted cash

(1,947,655)

(503,908)

Proceeds from notes payable

16,177,514

12,664,216

Repayment of notes payable

(18,290,325)

(12,929,115)

Proceeds from equity and debt financing

7,667

-

Repayment of other payables-related parties

(84,543)

(88,698)

Net cash used in financing activities

(4,137,342)

(857,505)

EFFECT OF EXCHANGE RATE ON CASH

(762,555)

947,579

INCREASE IN CASH

(8,210,283)

(1,526,551)

CASH, beginning of year

15,132,640

18,364,424

CASH, end of year

$

6,922,357

$

16,837,873

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for income taxes

$

57,460

$

42,689



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