China Jo-Jo Drugstores Reports Third Quarter 2019 Financial Results

Thursday, February 14, 2019 General News
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CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine months ended December 31,

2018

2017

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(4,506,297)

$

(4,213,842)

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

Bad debt direct write-off and provision

1,266,994

1,948,887

Depreciation and amortization

937,268

1,063,170

Impairment of leasehold improvement

-

(362,737)

Stock based compensation

121,547

976,816

Change in fair value of purchase option derivative liability

173,955

(420,610)

Accounts receivable, trade

(4,061,698)

(4,830,933)

Notes receivable

(43,024)

79,250

Inventories and biological assets

1,828,232)

(2,945,926)

Other receivables

(681,667)

(149,447)

Advances to suppliers

(911,061)

(990,309)

Other current assets

476,909

562,148

Long term deposit

18,548

(1,345,486)

Other noncurrent assets

23,206

(63,263)

Accounts payable, trade

(3,945,980)

853,598

Other payables and accrued liabilities

815,725

(127,969)

Customer deposits

(2,258,202)

387,458

Taxes payable

422,665

(222,207)

        Net cash used in operating activities

(10,322,880)

(9,801,402)

CASH FLOWS FROM INVESTING ACTIVITIES:

Disposal of financial assets available for sale

87,471

-

Purchase of financial assets available for sale

(104,577)

(136,074)

Acquisition of equipment

(5,368,240)

(237,108)

Increase in construction-in-progress

-

(1,125,110)

Increase intangible assets

(29,879)

-

Investment in a joint venture

-

(9,601)

Additions to leasehold improvements

(1,432,060)

(249,097)

        Net cash used in investing activities

(6,847,285)

(1,756,990)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from notes payable

32,903,549

28,352,683

Repayment of notes payable

(24,930,903)

(22,501,743)

Increase in financial liability

82,167

-

Proceeds from equity and debt financing

7,544

-

Repayment of other payables-related parties

(82,866)

(278,691)

        Net cash used in financing activities

7,979,491

5,572,249

EFFECT OF EXCHANGE RATE ON CASH

(1,653,988)

2,408,839

INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

(10,844,662)

(3,577,304)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year

31,452,191

27,795,810

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of period

$

20,607,529

$

24,218,506

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for income taxes

$

56,539

$

27,856



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