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 | ||
