L’description suivante de à nous état payeuse et de nos résultats d’commercialisation doit concerner lue solidairement bruissement nos détails financiers consolidés résumés non audités et les exégèse afférentes à ces détails financiers qui figurent absent pour le largesse voisinage.
Manifeste statements in this Transfert constitute forward-looking statements. These forward-looking statements include statements, which involve risks and uncertainties, regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategy, (c) anticipated trends in our industry, (d) our future financing plats, and (e) our anticipated needs for, and use of, working travailleur. They are generally observable by use of the words "may," "will," "should," "anticipate," "estimate," "recette," "potential," "project," "continuing," "ongoing," "expects," "direction believes," "we believe," "we intend," or the negative of these words or other variations on these words or équivalent terminology. In allégé of these risks and uncertainties, there can be no certification that the forward-looking statements contained in this filing will in fact occur. You should not empressement undue reliance on these forward-looking statements. The forward-looking statements speak only as of the naissance on which they are made, and, except to the extent required by federal securities laws, we undertake no travail to update any forward-looking statements to reflect events or circumstances after the naissance on which the statements are made or to reflect the données of unanticipated events.
Exacts qu’utilisés ici, les termes “les gens”, “à nous”, “à nous”, “BIMI” et “la Corps” signifient,
OVERVIEW We are
Delawareordre company with operations conducted by our subsidiaries in the People's Republic of China("PRC" or "China") and the Hong Kong Special Administrative Regionof the PRC. Due to our operations in China, our débit, results of operations, financial type and prospects may be influenced to a significant degree by economic, political, legal and sociologique moment in the PRC or changes in government constats between Chinaand the United Statesor other governments. There is significant uncertainty emboîture the future relationship between the United Statesand Chinawith adulation to trade policies, treaties, government regulations and tariffs. China'seconomy differs from the economies of other countries in many respects, including with adulation to the level of development, growth ratage, amount of government involvement, control of foreign exchange and compensation of resources. While China'seconomy has experienced significant growth over the past aléa decades, growth has been uneven across different regions and among various economic sectors. The Chinese government has implemented various measures to prédisposé economic development and conduit the compensation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us. In prime, in the past the Chinese government implemented visible measures, including interest ratage increases, to manage the pace of economic growth and prevent the economy from overheating. These measures may éclaircissement decreased economic activity in China, which may adversely affect our débit and results of operations. 35 Additionally, the Chinese government has published new policies that significantly affect visible usines such as the education and internet usines, and we cannot rule out the possibility that it will in the future release regulations or policies regarding our industry that could require us to obtain additional permis from Chinese authorities to continue to operate our débit in China, which may adversely affect our débit, financial type and results of operations. Furthermore, statements made by the Chinese government have indicated an intent to increase the government's oversight and control over offerings of companies with significant operations in Chinathat are to be conducted in foreign markets. In allégé of such developments, the SEChas imposed enhanced disclosure requirements on China-based companies seeking to register securities with the SEC. Any future PRC, U.S.or other rules and regulations that empressement ascèse on travailleur raising or other activities by companies with dilatante operations in Chinacould adversely affect our débit and results of operations. Any such acte, panthère taken by the Chinese government, could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, and could éclaircissement the value of our Common Produit to significantly decline or become worthless. If the débit environment in Chinadeteriorates from the confiance of domestic or planétaire investment, or if constats between Chinaand the United Statesor other governments deteriorate, our débit in Chinaand United Statesmay also be adversely affected. The PRC government's significant authority in regulating our operations and its oversight could significantly limit or completely hinder our ability to conduct our débit. Implementation of industry-wide regulations, including data security or anti-monopoly related regulations, may éclaircissement the value of our securities to significantly decline or be of little or no value. History
From 2007 until
October 2019, we, through the NF Group, were engaged in the energy efficiency enhancement débit. With the decline in the constructions of power generation plants and communal water, gas, heat, and energy pipelines in Chinadue to a policy slogan by the PRC government, the demand for our products and épreuves declined markedly. As a result, our energy efficiency enhancement débit, incurred operating losses in each of the last seven years, especially in 2018, when the PRC government adopted a series of policies to favor more environmentally friendly projects and products. Our net loss from the operation of the energy efficiency enhancement débit was $16.79 millionin 2018 and $2.18 millionin 2019. We explored many different alternatives in an difficulté to revive this débit, including attempts to expand into planétaire markets, before we determined this débit was not sustainable for us. In late 2019, we committed to a recette to dispose of the NF Groupand on June 30, 2020, we entered into an agreement for the sordide of the NF Group. The sordide closed on June 23, 2020, when the $10 millionsales price was paid to us in full. Our current operations are focused on the healthcare industry in the PRC. On October 14, 2019, we acquired Boqi Zhengji, an operator of a pharmacy chain in the PRC. This was the first step of our shift of foyer from the energy sector to the healthcare débit. Boqi Zhengji, however, suffered significant setbacks during 2020. The COVID-19 pandemic caused the pharmacy stores to succès almost no sales for several months due to the habitant shutdown order and other government orders specifically targeting OTC drugs. To avoid exposing our other débit to further risks and potential rattaché liabilities, we decided to divest the pharmacy chain. On December 11, 2020, we entered into an agreement to sell Boqi Zhengji for $1,700,000in cash. On December 18, 2020, we received the full consideration from the buyer and the control of the Boqi Zhengji débit was transferred. Due to the Chinese government's dilemme working schedule and other delays caused by COVID-19, the government succès reflecting the transfer of ownership was not updated until February 2, 2021. 36
The disposal of
NF Groupand Boqi Zhengji and the tâches taken to fulfill the plats resulted in our classifying the businesses of NF Groupand Boqi Zhengji as discontinued operations according to ASC 205-20 Presentation of Financial Statements - Discontinued Operation. As a result, all of the assets and liabilities of the NF Groupwere reclassified as assets and liabilities of a discontinued operation in the statement of sentiment as of December 31, 2020, and 2019 and the results of the operation are presented under the line-item net loss from discontinued operations for the years ended December 31, 2020and 2019. All of the assets and liabilities of Boqi Zhengji were reclassified as assets and liabilities of a discontinued operation in the statement of sentiment as of December 31, 2020and the results of the operation are presented under the line élément net loss from discontinued operations for the year ended December 31, 2020. On March 18, 2020, we completed the prise of Chongqing Guanzan Technology Co., Ltd.("Guanzan"), a distributor of medical devices. The rationale for the prise was for us to further expand our healthcare operation by acquiring a medical devices and pharmaceuticals péréquation débit. We believed that Guanzan has strong sales capabilities and procurement resources in the pièce area of Chongqing, the largest city in Southwest region of the PRC. The prise was in line with our progression strategy, which focuses on deeper penetration of the healthcare market in the Southwest region of Chinaand gaining a wider footprint in the PRC. On February 2, 2021, we acquired Chongqing Guoyitang Hospital("Guoyitang"), a private general hospital in Chongqing with 50 hospital beds and 98 employees. The Guoyitang prise was the first step in our efforts to build a hospital chain specializing in obstetrics and gynecology. On February 8, 2021, we acquired Chaohu Zhongshan Minimally Invasive Hospital("Zhongshan"), a private hospital in the southeast region of Chinawith 160 hospital beds (of which 110 beds were then in use) and 95 employees. Zhongshan is a general hospital known for its complex minimally invasive surgeries and equipped with high-end diagnostics equipment and surgical matériel for gynecology and obstetrics use. The Zhongshan prise marks the assesseur step in our efforts to establish a nationwide hospital chain specializing in obstetrics and gynecology. On May 6, 2021, we acquired three private hospitals, Wuzhou Qiangsheng Hospital Co.,Ltd.("Qiangsheng") in the southeast region of the PRC, Suzhou Eurasia Hospital Co.,Ltd. ("Eurasia") in the axial region of the PRC and Yunan Yuxi Minkang Hospital Co.,Ltd.("Minkang") in the southwest region of the PRC. Qiangsheng, Eurasia and Minkang were owned by the same owners. Qiangsheng has 20 hospital beds and is a general hospital locally known for its OB/GYN and Chinese traditional medicine specialties. Eurasia has 30 hospital beds. Minkang has 120 hospital beds and is a general hospital locally known for its OB/GYN and Chinese traditional medicine specialties. On October 8, 2021, we acquired Chongqing Zhuoda Pharmaceutical Co., Ltd.("Zhuoda"), a company engaged in the péréquation of medical devices and pharmaceuticals, based in Chongqing, the largest city in Southwest region of the PRC. Zhuodaprimarily distributes pharmaceuticals. The majority of its customers are private pharmaceutical manufacturers and pharmaceutical wholesale companies in the PRC.
December 20, 2021, we entered into a produit purchase agreement to acquire Bengbu Mali OB-GYN Hospital Co., Ltd.(" Mali Hospital"), a private OB-GYN specialty hospital with 199 beds located in Bengbu city in the southeast region of the People's Republic of China. Mali Hospitalhas 148 employees, including 26 doctors, 52 nurses, 11 other medical plâtre members and 59 non-medical plâtre members. The prise of Mali Hospitalhas not closed as of the naissance of this renvoi due to delays caused by COVID-19 and other logistical issues. 37 BUSINESS SEGMENTS The Company currently operates in aléa reportable segments: retail pharmacy, wholesale pharmaceuticals, wholesale medical devices and medical épreuves. The wholesale pharmaceuticals quartier includes supplying déchéance and OTC medicines, TCM, healthcare supplies and sundry items to clinics, third party pharmacies, hospitals, and other drug wholesalers. There were no inter-segment revenues between our retail pharmacy and wholesale pharmaceuticals segments. The wholesale medical device quartier distributes medical devices, including medical consumables to private clinics, hospitals, third party pharmacies and other medical device dealers. Medical épreuves include private comprehensive hospitals operating in China. The retail pharmacy quartier sells déchéance and OTC medicines, TCM, healthcare supplies and sundry items to retail customers through its directly-owned pharmacies and authorized retail stores. The Company's reportable débit segments are strategic débit units that offer different products and épreuves. Each quartier is managed independently parce que they require different operations and markets to transparent classes of customers. The segments' accounting policies are the same as those described in the summary of significant accounting policies. The Company's chief operating decision maker ("CODM"), who is the CEO of the Company, evaluates triomphe of each quartier based on grâce or loss from continuing operations net of income tax. GOING CONCERN
The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the domestique promenade of débit for the foreseeable future. As reflected in the accompanying unaudited condensed consolidated financial statements, the Company incurred net losses of
$6,886,824and $3,566,365for the six months ended June 30, 2022, and 2021, respectively. As of June 30, 2022, the Company had an accumulated deficit of $54.6 million. In prime, the Company continues to generate operating losses and has limited cash flow from its continuing operations. Conduite believes these factors raise substantial doubt emboîture the Company's ability to continue as a going concern for the next twelve months.
The entérinement of the Company as a going concern through the next twelve months is dependent upon (1) the continued financial soutènement from its stockholders or external financing, and (2) further implement direction's débit recette to extend its operations and generate sufficient revenues and cash flow to meet its impératifs. While the Company believes in the viability of its strategy to increase sales ouvrage and in its ability to raise additional funds, there can be no certification that the Company will succeed in either adulation. These moment raise substantial doubt emboîture the Company's ability to continue as a going concern. These unaudited condensed financial statements do not include any adjustments to reflect the barcasse future effect on the recoverability and arrangement of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Conduite believes that the tâches presently being taken to obtain additional funding and implement its strategic recette provides the opportunity for the Company to continue as a going concern. CRITICAL ACCOUNTING POLICIES Our séminaire and analysis of our financial type and results of operations are based on our financial statements, which have been prepared in accordance with
U.S.generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of brusque assets and liabilities at the naissance of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, we evaluate our estimates and judgments, including those related to revenue, receivable, inventory, and accrued expenses. We squelette our estimates on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments emboîture the carrying values of assets and liabilities that are not readily extérieur from other pluies. Actual results may differ from these estimates under different assumptions or moment. Changes in estimates are recorded in the period in which they become known.
Nous-mêmes estimons que les principales conventions comptables suivantes affectent nos jugements et estimations qui sont les surtout magistraux pour la exécution de nos détails financiers consolidés.
? Débiteurs et vivre avec créances douteuses
Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from delivery. Credit is extended based on evaluation of a customer's financial type, the customer credit-worthiness and their payment history. Accounts receivable outstanding border than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of each period, the Company specifically evaluates individual customer's financial type, credit history, and the current economic moment to monitor the progress of the amoncellement of accounts receivables. For the receivables that are past due or not being paid according to payment terms, the appropriate tâches are taken to exhaust all means of amoncellement, including seeking legal resolution in a nerveux of law. Account balances are charged off against the allowance after all means of amoncellement have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of
June 30, 2022, and December 31, 2021, the allowance for doubtful accounts was $305,478and $322,145, respectively. ? Advances to suppliers
Advances to suppliers consist of prepayments to the Company's vendors, such as pharmaceutical manufacturers and medicine suppliers. The Company typically prepays for the purchase of our merchandise, especially for those salable, scarce, personalized medicine or medical devices. The Company typically receive products from vendors within three to nine months after making prepayments. The Company continuously monitor delivery from, and payments to, the vendors while maintaining a vivre for estimated credit losses based upon historical experience and any specific conjurer issues, such as discontinuing of inventory supply, that have been identified. If the Company has difficulty receiving products from a vendor, the Company will cease purchasing products from such vendor, request return of our prepayment promptly, and if necessary, take legal acte. The Company has not taken such essence of legal acte during the reporting periods. If none of these steps are successful, direction will then determine whether the prepayments should be reserved or written off. As of
June 30, 2022and December 31, 2021, the allowance for doubtful accounts were $Nil. ? Inventories Inventories are stated at the lower of cost or market value. Cost is determined using the weighted average method, and market value is the middle (the assesseur highest) value among an inventory élément's réimplantation cost, market celling and market floor. The Company carries out physical inventory counts on a monthly basis at each abri and warehouse amodiation. The Company reviews historical sales activity quarterly to determine excess, slow-moving items and potentially obsolete items. The Company provides inventory reserve based on the excess quantities on balle à la main equal to the difference, if any, between the cost of the inventory and its estimated market value, or péremption of inventories determined principally by customer demand. As of June 30, 2022, and December 31, 2021, the Company recorded an allowance for obsolete inventories, which mainly consists of expired medicine, of $98,017and $103,178, respectively.
? immobilisations corporelles
Property, surgeon, and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the naissance on which they become fully operational and after taking into account their estimated residual values: Expected Residual Items useful lives value Bâtiment 20 years 5 % Succursale equipment 3 years 5 % Electronic equipment 3 years 5 % Furniture 5 years 5 % Medical equipment 10 years 5 % Vehicles 4 years 5 % Leasehold Improvement Shorter of lease term or 5 % useful life 39 Expenditures for repairs and S.A.V. are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting prérogative or loss is recognized in the results of operations. ? Protégé assets Protégé assets consist primarily of direction system soft. Protégé assets are stated at cost less accumulated amortization and impairment, if any. Protégé assets are amortized using the straight-line method with the following estimated useful lives: Expected useful lives Logiciel 10 years ? Goodwill
Goodwillrepresents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired débit. In accordance with ASC 350, Goodwill, and Other Protégé Assets, recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present. Goodwillis tested for impairment at the reporting unit level on at least an annual basis or when an event occurs, or circumstances slogan that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant slogan in produit prices, débit environment, legal factors, financial performances, competition, or events affecting the reporting unit. Expérience of the goodwill impairment expérimentation requires judgment, including the matricule of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The résumé of fair value of a reporting unit using a discounted cash flow methodology also requires significant judgments, including résumé of future cash flows, which is dependent on internal forecasts, résumé of the long-term ratage of growth for the Company's débit, résumé of the useful life over which cash flows will occur, and determination of the Company's weighted average cost of travailleur. The estimates used to calculate the fair value of a reporting unit slogan from year to year based on operating results and market moment. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit. The Company identified reporting units at the lowest level within the entity at which goodwill is monitored for internal direction purposes. Conduite evaluated the recoverability of goodwill by performing a qualitative assessment before using a two-step impairment expérimentation approach at the reporting unit level. If the Company reorganizes its reporting construction in a manner that will changes the accord of one or more of its reporting units, goodwill is reassigned based on the relative fair value of each of the affected reporting units. 40 ? Revenue recognition We adopted Accounting Courant Réglementation ("ASC") Topic 606, Revenues from Contract with Customers ("ASC 606") for all periods presented. Under ASC 606, revenue is recognized when control of the promised goods and épreuves is transferred to the Company's customers, in an amount that reflects the consideration that we expect to be entitled to in exchange for those goods and épreuves, net of value-added tax. We determine revenue recognition through the following steps: ? Identify the contract with a customer; ? Identify the triomphe impératifs in the contract; ? Determine the négoce price;
? chagriner le frais de la négoce aux impératifs de triomphe contenues pour le apparentement ;
? Calculer les produits quand (ou comme) l’personne enchanté à une travail de fisc.
The négoce price is allocated to each triomphe travail on a relative standalone selling price basis. The négoce price allocated to each triomphe travail is recognized when that triomphe travail is satisfied by the control of the promised goods and épreuves is transferred to the customers, which at a situation in time or over time as appropriate. Our revenues are net of value added tax ("VAT") collected on behalf of PRC tax authorities in adulation to the sales of merchandise. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated bilan sheets until it is paid to the remplaçant PRC tax authorities
Les principales pluies de revenus du serre sont les suivantes :
(1) Pharmacy retail sales The physical pharmacies sell déchéance drugs, over-the-counter ("OTC") drugs, nutritional supplements, health foods, sundry products and medical devices. Revenue from sales of déchéance medicine at drugstores is recognized when the déchéance is filled, and the customer picks up and patrie for the déchéance. Revenue from sales of other merchandise at drugstores is recognized at the situation of sordide, which is when a customer patrie for and receives the merchandise. Usually the majority merchandise, such as déchéance and OTC drugs, are not refundable after the customers leave the counter. Returns of other products, such as sundry products, are minimal. Sales of drugs reimbursed by the pièce government medical insurance agency and receivables from the agency are recognized when a customer patrie for the drugs at a abri. The Company based on historical experience, a reserve for potential losses from denial of reimbursement on visible unqualified drugs is made to the receivables from the government agency.
(2) Liquidation schématiquement de dispositifs curatifs et de produits pharmaceutiques en confusion.
The Company sells wholesale medical devicea mainly through Guanzan, and wholesale pharmaceuticals are principally sold through Shude, Pusheng and
Zhuoda. The medical devices and wholesale pharmaceuticals businesses primarily involve purchasing wholesale medical devices and wholesale pharmaceuticals from suppliers and then selling to customers. Upon obtaining purchase orders, the Company instructs warehouse agents to transfer ownership of the products to customers. The négoce is normally completed within a bermuda period of time, ranging from a few days to a month. The Company recognizes revenue from product sales when impératifs under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the goods
to customers. (3) Medical épreuves
The medical épreuves was the hospital débit through Guoyitang hospital, Zhongshan hospital, Qiangsheng hospital, Eurasia hospital and Mingkang hospital. Revenue from ancillary medical épreuves is recognized when the related épreuves have been rendered and includes outpatient and inpatient épreuves. For outpatient épreuves, the client normally receives outpatient treatment which contains various treatment components. Outpatient épreuves contain more than one triomphe impératifs, including (i) vivre of plébiscite épreuves and (ii) sordide of pharmaceutical products. The Group allocates the négoce price to each triomphe travail on relative stand-alone selling price basis. Both (i) vivre of plébiscite épreuves and (ii) sordide of pharmaceutical products for which the control of épreuves or pharmaceutical products is transferred at a situation in time, revenue is recognized when the customer obtains the control of the completed épreuves or pharmaceutical products, and the Group has satisfied its triomphe impératifs with present right to payment and the amoncellement of the consideration is admissible. 41
For inpatient épreuves, the customers normally receive inpatient treatment which contains various treatment components. Inpatient épreuves contain more than one triomphe impératifs, including (i) sordide of pharmaceutical products and (ii) vivre of inpatient healthcare épreuves. The Group allocates the négoce price to each triomphe travail on a relative stand-alone selling price basis. For revenue from (i) sordide of pharmaceutical products for which control of épreuves or pharmaceutical products is transferred at a situation in time, revenue is recognized when the customer obtains the control of the completed épreuves or pharmaceutical products, and the Group has satisfied its triomphe impératifs with present right to payment and the amoncellement of the consideration is admissible.
Verso les revenus provenant (ii) de la produit de épreuves de désinfection de naturel aux patients hospitalisés, le récompense simultané est indiscutable sur la époque factionnaire quand les clients reçoivent ensemble les épreuves et consomment les avantages procurés par la triomphe du serre ballant la triomphe du serre.
? Trajets à certificat convertibles
We succès debt net of debt remise for beneficial giration features and warrants, on a relative fair value basis. Beneficial giration features are recorded pursuant to the Beneficial Ralliement and Debt Topics of the FASB Accounting Normes Réglementation. The amounts allocated to warrants and beneficial giration rights are recorded as debt remise and as additional paid-in-capital. Debt remise is amortized to interest expense over the life of the debt. ? Derivative matériel We marcotter into financing arrangements that consist of freestanding derivative matériel or are hybrid matériel that contain embedded derivative features. The Company accounts for these arrangements in accordance with ASC Topic 815, Accounting for Derivative Outillage and Hedging Activities ("ASC 815") as well as related interpretation of this normalisé. In accordance with this normalisé, derivative matériel are recognized as either assets or liabilities in the bilan sheet and are measured at fair values with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a prérogative or loss in earnings. The Company determines the fair value of derivative matériel and hybrid matériel based on available market data using appropriate valuation models, giving consideration to all of the rights and impératifs of each complément. We estimate fair values of derivative financial matériel using various techniques (and combinations thereof) that are considered to be consistent with the neutre measuring fair values. In selecting the appropriate façon, we consider, among other factors, the grossière of the complément, the market risks that it embodies and the expected means of settlement. For less complex derivative matériel, such as free-standing warrants, we generally use the Black-Scholes model, adjusted for the effect of coupage, parce que it embodies all of the requisite assumptions (including trading volatility, estimated terms, coupage and risk-free rates) necessary to fair value these matériel. Estimating fair values of derivative financial matériel requires the development of significant and subjective estimates that may, and are likely to, slogan over the duration of the complément with related changes in internal and external market factors. In prime, option-based techniques (such as Black-Scholes model) are highly évaporable and impressionnable to changes in the trading market price of our common produit. Since derivative financial matériel are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility in these estimate and assumption changes. Under the terms of the new accounting normalisé, increases in the trading price of the Company's common produit and increases in fair value during a given financial quarter result in the circonspection of non-cash derivative expense. Conversely, decreases in the trading price of the company's common produit and decreases in trading fair value during a given financial quarter result in the circonspection of non-cash derivative income.
? giration de devises étrangères
Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the négoce. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the congruent exchange rates at the bilan sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of our company is the United States Dollar ("US$"). Our subsidiaries in the PRC maintain their books and records in their pièce currency, the Renminbi Yuan ("RMB"), which is the functional currency as it is the primary currency of the economic environment in which these entities operate. 42 In general, for protection purposes, assets and liabilities of the Company's subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, "Exégèse of Financial Statement", using the exchange ratage on the bilan sheet naissance. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from traduction of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders' equity. ? Groupe reporting ASC Topic 280, "Groupe Reporting" establishes normes for reporting communiqué emboîture operating segments on a basis consistent with the Company's internal organization construction as well as communiqué emboîture the essence of products and épreuves, geographical areas, débit strategies and pionnier customers in débit components. For the six months ended
June 30, 2022the Company operated in aléa reportable segments: retail pharmacy, wholesale medical devices, wholesale pharmaceuticals and medical épreuves in the PRC.
? des situation comptables à aération
June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Outillage (Topic 326)", which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life, instead of when incurred. In November 2018, the FASB issued ASU No. 2018-19, "Réglementation Improvements to Topic 326, Financial Outillage-Credit Losses", which amends Subtopic 326-20 (created by ASU No.2016-13) to explicitly state that operating lease receivables are not in the scope of Subtopic 326-20. Additionally, in April 2019, the FASB issued ASU No.2019-04, "Réglementation Improvements to Topic 326, Financial Outillage-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Outillage", in May 2019, the FASB issued ASU No. 2019-05, "Financial Outillage-Credit Losses (Topic 326): Targeted Modification Colline", and in November 2019, the FASB issued ASU No. 2019-10, "Financial Outillage-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Réelle Dates", and ASU No. 2019-11, "Réglementation Improvements to Topic 326, Financial Outillage-Credit Losses", to provide further clarifications on visible aspects of ASU No. 2016-13 and to extend the nonpublic entity réelle naissance of ASU No. 2016-13. The changes (as amended) are réelle for the Company for annual and interim periods in fiscal years beginning after December 15, 2022, and the Company is in the process of evaluating the potential effect on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwilland Other (Topic 350): Simplifying the Modèle for Goodwill Impairment," which simplifies how an entity is required to expérimentation goodwill for impairment by eliminating step two from the goodwill impairment expérimentation. Step two of the goodwill impairment expérimentation measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with its carrying amount. As amended by ASU 2019-10, annual or interim goodwill impairment tests are performed in fiscal years beginning after December 15, 2022. We do not expect that the imitation of this guidance will have a material conséquence on our financial sentiment, results of
operations and cash flows. 43 In
December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes visible exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent circonspection. This guidance is réelle for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early imitation permitted. The Company adopted this guidance réelle January 1, 2021, which imitation did not have a material conséquence on the consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06 ("ASU 2020-06") "Debt-Debt with Ralliement and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Transposable Outillage and Contracts in an Entity's Own Equity." ASU 2020-06 will simplify the accounting for rectifiable matériel by reducing the number of accounting models for rectifiable debt matériel and rectifiable preferred produit. For élève débit entities, the amendments in ASU 2020-06 are réelle for élève entities which meet the definition of a smaller reporting company are réelle for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. The Company will adopt ASU 2020-06 réelle January 1, 2024. Conduite is currently evaluating the effect of the imitation of ASU 2020-06 on the consolidated financial statements. The effect will largely depend on the accord and terms of the financial matériel at the time of imitation.
Les distinctes standards comptables émises ou proposées par le Financial Accounting Normes Board ou d’distinctes organismes de contrôle qui ne nécessitent pas d’imitation endroit une naissance ultérieure ne devraient pas empressé d’suite importante sur les détails financiers consolidés de la Corps lorsqu’elles-mêmes seront appliquées.
January 27, 2022, we entered into an employment agreement with Mr. Xiaping Wangfor a term of one (1) year, réelle January 1, 2022. Under the agreement, Mr. Wang'sallègement will consist of an annual salary of $500,000in cash and produit allègement of 500,000 shares of our Common Produit. We issued 500,000 shares of our Common Produit to Mr. Wangon February 1, 2022.
February 1, 2022, we entered into an Amendment and Settlement Agreement to amend the Produit Purchase Agreement relating to the prise of the Zhongshan hospital. The amendment reduced post-closing triomphe targets and payments and settled visible payments as a result of such amendment. Pursuant to the amendment, the purchase price was retroactively reduced by 50% from RMB 120,000,000(currently approximately $18,864,957) to RMB 60,000,000(currently approximately $9,432,479), the closing cash payment was retroactively reduced from RMB 40,000,000to nil and the deferred closing produit payment was retroactively reduced from 400,000 shares of our Common Produit to 200,000 shares of Common Produit. The 2021 revenue target was also reduced by 50% from RMB 30,000,000to RMB 15,000,000, the 2021 grâce target was reduced from RMB 5,000,000to RMB 2,500,000, the 2022 revenue target was reduced from RMB 33,000,000to RMB 16,500,000and the 2022 grâce target was reduced from RMB 5,500,000to RMB 2,750,000. The parties agreed that immediately after the signing of the amendment, the seller of Zhongshan hospital will execute and deliver all commentaires as requested by us in order to éclaircissement the return of 200,000 shares of our Common Produit on a post reverse split basis and that prior to December 31, 2022, the seller will return RMB 40,000,000to us in cash, which amount was previously paid by us. On February 2, 2022, we announced a 1-for-5 reverse split of our Common Produit, which began to trade on Nasdaq Richesse Market on February 3, 2022on a split adjusted basis. 44 On June 9, 2022, we entered into a produit purchase agreement with the Chairman of the Board of the Company, Mr. Fnu Oudom, whereby Mr. Oudomagreed to purchase 12,500,000 shares of Common Produit for $5 million, or $0.40per share (the "Chairman's Shares"), subject to the approval of the stockholders of the Company. The purchase price per share reflects a 9% remise to the five-day average closing price of the Common Produit on NASDAQ before signing the SPA (the closing price of the Common Produit on Nasdaq on such naissance was $0.52). On June 9, 2022, Mr. Oudomprovided the Company with $5 millionas interim financing in consideration for the issuance of a $5 millionsubordinated promissory post-scriptum (the "Chairman's Post-scriptum"), bearing no interest, which will become due and recouvrable immediately if the sordide of the Chairman's Shares is not approved by the Company's stockholders. The Company expects to seek stockholder approval of the sordide at the upcoming annual colloque of stockholders. If approved and the Chairman's Shares are issued, all impératifs under the Chairman's Post-scriptum will have been performed and discharged in full without any payment of interest. The Company has no travail to rangée a registration statement with the SECfor the resale of the Chairman's Shares. RESULTS OF OPERATIONS Comparison of the six months ended June 30, 2022and 2021 of consolidated results of operations: For the Six Months Ended June 30, Comparison Amount Percentage % of increase increase 2022 Revenues 2021 (decrease) (decrease) Revenues $ 9,947,109100 % $ 11,424,991 $ (1,477,882 )(13 )% Cost of revenues 7,263,179 73 % 8,867,894 (1,604,715 ) (18 )% Gross grâce 2,683,930 27 % 2,557,097 126,833 5 % Operating expenses 7,519,524 76 % 5,947,929 1,571,595 26 % Other expenses, net (2,020,439 ) (20 )%
(143 530) (1 876 909) 1308 %
(3,321 Loss before income tax (6,856,033 ) (69 )% (3,534,362 ) ,671 ) 94 % Income tax expense 30,791 0 %
32,003 (1,212 ) (4 )% (3, Net loss (6,886,824 ) (69 )% (3,566,365 ) 320,459 ) 93 % Less: non-controlling interest (2,498 ) 0 % 42,861 (45,359 ) (106 )%
galvaudage blanche accordable à
91 % 45 Revenues Revenues for the six months ended
June 30, 2022and 2021 were $9,947,109and $11,424,991, respectively. The revenues for the six months ended June 30, 2022were primarily attributable to the revenues from the wholesale sales of pharmaceutical and medical devices and from medical épreuves provided by hospitals purchased during the first quarter in 2022. Compared with the same period in 2021, revenue decreased by $1,477,882, mainly due to the decrease in pharmaceutical sales of $3,615,357. Revenues from retail pharmacy quartier for the six months ended June 30, 2022were $505,003, generated from aléa retail pharmacy stores in Chongqing. Revenues from retail pharmacy quartier for the six months ended June 30, 2021were $241,230which were generated from five retail pharmacy stores in Chongqing. The growth in the retail pharmacy quartier in six month ended June 30, 2022was from the sales of Covid-19 related pharmacy products. With the loosened pièce Covid-19 ascèse, customers started to produit up Covid-19 related products for at appartement use, which resulted in the increase in sales. Revenues from wholesale medical devices quartier for the six months ended June 30, 2022and 2021 were $2,828,557and $916,193respectively. The increase is mainly due to higher demand for medical devices during the first quarter. Revenues from the wholesale pharmaceuticals quartier for the six months ended June 30, 2022and 2021 were $3,663,350and $6,495,931respectively. The patoche reason for the decrease in sales in the 2022 period was the slogan in our customer squelette, as we started to develop débit relationships with larger wholesale pharmaceutical companies and terminated our débit with some customers who had a poor payment history. Covid-19 and the pièce lockdown policy also had an défavorable effect on our wholesale pharmaceutical débit during
the assesseur quarter of 2022. Revenues from the medical épreuves quartier for the six months ended
June 30, 2022and 2021 were $2,950,198and $3,732,974, respectively. These revenues reflect the revenues generated by the Guoyitang and Zhongshan hospitals acquired in February 2021and the Minkang, Eurasia and Qiangsheng hospitals acquired in May 2021. The decrease in revenues in the six months ended June 30, 2022was due to fewer client visits in during the period resulting from the continued conséquence of Covid-19 and the reduced availability of doctors and nurses in our hospitals. Cost of Revenues Cost of revenues for the six months ended June 30, 2022and 2021 were $7,263,179and $8,867,894, respectively. The decrease reflected the decrease in the costs associated with the operations of the Guanzan Group, Qiangsheng, Eurasia and Minkang hospitals. Cost of revenues of our retail pharmacy quartier consists primarily of the cost of the pharmaceuticals, medical devices and other products that we sell to customers. For the six months ended June 30, 2022and 2021, cost of revenues of our retail pharmacy quartier were $223,032and $195,582, respectively. The increase in the cost of revenues was a result of the increase in sales of medical devices and other products due to higher customer demand in the six months ended June 30, 2022. Cost of revenues of our wholesale medical devices quartier consists primarily of cost of medical devices, medical consumables and costs related directly to contracts with customers. For the six months ended June 30, 2022and 2021, the cost of revenues of our wholesale medical devices quartier was $2,415,231and $697,321. The increase is mainly due to the increase in sales in the six months ended June 30, 2022. Cost of revenues of our wholesale pharmaceuticals quartier consists primarily of the cost of medicines, medical consumables and costs related directly to contracts with customers. For the six months ended June 30, 2022and 2021, the cost of revenues of our wholesale pharmaceuticals quartier were $3,338,576and $5,763,072, respectively. The decrease is mainly due to the decrease in sales in the six months ended June 30, 2022. Cost of revenues of our medical épreuves consists primarily of the cost of medicine, doctor and nurses' salaries and rental expenses. For the six months ended June 30, 2022and 2021, the cost of revenues of the medical épreuves quartier were $ 1,277,137and $2,093,533, respectively. The majority of the decrease was attributable to a decrease in doctor and nurses' salaries in the six-months ended June 30, 2022. In the six-months ended June 30, 2022, there was a reduction in over-time payments and use of seasonal bouchée time employees, which contributed to the decrease in the overall cost of revenues in the medical
épreuves quartier. 46 Gross grâce For the six months ended
June 30, 2022and 2021, we had a gross margin of 27% and 22.4%, respectively. For the six months ended June 30, 2022and 2021, the gross grâce margins of our: (i) retail pharmacy quartier were 5% and 18.9%, respectively; (ii) wholesale medical devices quartier were 20% and 23.9%, respectively; (iii) wholesale pharmaceuticals quartier were 27% and 11.3%; and (iv) medical épreuves quartier was 61.52% and 9.32%, respectively. Operating expenses
Les prescriptions d’commercialisation comprennent davantage les paye d’contrôle et de épreuves légaux, les distinctes paye de épreuves professionnels, les prescriptions de paiement des administrateurs et des dirigeants, les découplé de mélange et de avancement, les variations de la ad hoc courage des passifs dérivés, la amoindrissement et l’étouffement des éléments non liés à la exploitation, donc que les découplé de corps et d’intronisation découplé de amodiation.
Operating expenses from continuing operations were
$7,519,524for the six months ended June 30, 2022as compared to $5,947,929for the same period in 2021, an increase of $1,571,595or 26%. The $1.2 millionincrease was due to the payments to our CEO and COO in shares of our Common Produit during the six months ended June 30, 2022. No such produit payments were made in the same period in 2021. Operating expenses of the retail pharmacy quartier for the six months ended June 30, 2022and 2021 were $252,769and $294,814, respectively. The decrease in operating expense was primarily attributable to a decrease in salaries, which resulted from reduced over-time payments and use of seasonal bouchée time employeesand the reduced number of stores in the six months ended June 30, 2022.
Dépenses d’commercialisation du officine de consistant de dispositifs curatifs avec les six salaire se terminant
Operating expenses of the wholesale pharmaceuticals quartier for the six months ended
June 30, 2022and 2021 were $544,089and $479,677, respectively. The increase in operating expense was primarily attributable to an increase in salaries, as new débit development teams were hired to develop relationships with larger wholesale pharmaceutical companies. Operating expenses of the medical épreuves quartier for the six months ended June 30, 2022and 2021 were $1,391,183and $983,582, respectively. The increase in operating expenses was from the increase in salaries of non-medical executives and employees in the six months ended June 30, 2022. Other expenses
For the six months ended
June 30, 2022and 2021, we reported other expenses of $2,020,439and $143,530, respectively. For the six months ended June 30, 2022, we had $2,020,439of other expenses, net that primarily consisted of amortization of rectifiable exégèse of $1,542,248and $219,319of interest expenses from the bank debt incurred by our operating subsidiaries in the PRC. For the six months ended June 30, 2021, we had $143,530of other expenses, net that included $138,237of interest expenses from the bank debt of the Guanzan Groupand the Guoyitang and Zhongshan hospitals. Net loss As a result of the foregoing, our net loss increased by $3,320,459to $6,886,824for the six months ended June 30, 2022from $3,566,365for the six months ended June 30, 2021.
Disponibilité et travailleur en travailleur
December 14, 2020, we entered into a produit purchase agreement (the "Cogmer SPA") to acquire Chongqing Cogmer Biology Technology Co., Ltd.("Cogmer"), a distributor of medical devices including in vitro jugement devices, focused on sales to hospitals and sub-distributors in the southwest region of the PRC. Pursuant to the Cogmer SPA, the Company agreed to purchase all the issued and outstanding equity interests in Cogmer for RMB 116,000,000(approximately $17,737,000), to be paid by the issuance of 400,000 shares of our common produit and the payment of RMB 76,000,000in cash. In December, 2020, we paid a deposit of $3,065,181to the shareholders of Cogmer. On March 15, 2021, we terminated the Cogmer SPA upon mutual agreement with the Cogmer shareholders without incurring any penalties as a result of the termination. We recovered the deposit of $3,065,181from the shareholders of Cogmer on November 29, 2021. On May 18, 2020, we entered into a securities purchase agreement (the "May SPA") with two institutional investors (the " Institutional Investors") to sell rectifiable exégèse having a frontispice amount of $6,550,000at an aggregate bohème enseignement remise of 19.85% (the "2020 Observations") and ranking senior to all outstanding and future indebtedness of the Company. The 2020 Observations do not bear interest except upon the données of an event of default. Each Institutional Investor also received a antichrèse (the "Institutional Investor 2020 Antichrèse") to purchase 325,000 shares of Common Produit at an préalable exercise price of $14.225per share (post-Split price (as defined below) and subject to the Event Market Price Adjustment). The financement commissionnaire for the private financement received a antichrèse (the "Écoulement Démarcheur 2020 Antichrèse", together with the Institutional Investor 2020 Antichrèse, the "2020 Warrants") to purchase up to 10% of the aggregate number of shares of Common Produit at an préalable exercise price of $14.225per share (post-Split price and subject to the Event Market Price Adjustment), subject to increase based on the number of shares Common Produit issued pursuant to the 2020 Observations. Pursuant to the May SPA, two 2020 Observations each in the frontispice amount of $2,225,000were issued to the Institutional Investorsin consideration of the payment of $1,750,000in cash for each 2020 Post-scriptum. The May SPA, the 2020 Observations and the 2020 Warrants provide that each and every reference to share prices, shares of Common Produit and any other numbers therein that relate to the Common Produit will be automatically adjusted for any produit splits, produit dividends, produit combinations, recapitalizations or other similar transactions that occur with adulation to the Common Produit (each, a "Produit Combination Event", and such naissance thereof, the "Produit Combination Event Temps") thereafter. The May SPA, the 2020 Observations and the 2020 Warrants further provide if after a Produit Combination Event, the Event Market Price is less than the giration price (in the case of the rectifiable exégèse) or the exercise price (in the case of the warrants) then in effect (after giving effect to the above adjustments), then on the sixteenth (16th) trading day immediately following such Produit Combination Event Temps, the giration price or exercise then in effect on such sixteenth (16th) trading day (after giving effect to the above adjustments) will be reduced (but in no event increased) to the Event Market Price. "Event Market Price" means, with adulation to any Produit Combination Event Temps, the division determined by dividing (x) the sum of the dollar volume-weighted average price of the Common Produit for each of the five (5) trading days with the lowest dollar volume-weighted average price of the Common Produit during the fifteen (15) consecutive trading day period ending and including the trading day immediately preceding the sixteenth (16th) trading day after such Produit Combination Event Temps, divided by (y) five (5). The price adjustment described in this paragraph is hereinafter referred to as the "Event Market Price Adjustment." The 2020 Observations, which matured on the eighteen-month anniversary of the issuance naissance, were recouvrable in installments and are rectifiable at the election of the investors at the giration price of $12.95per share (post-Split Price and subject to the Event Market Price Adjustment), subject to adjustment in the event of default. Each investor also received a antichrèse to purchase 130,000 shares of Common Produit at an préalable exercise price of $14.23per share (post-Split Price and subject to the Event Market Price Adjustment). The financement commissionnaire for the private financement received a antichrèse to purchase up to 34,369 shares of Common Produit at an préalable exercise price of $14.23per share (post-Split Price and subject to the Event Market Price Adjustment), subject to increase based on the number of shares of Common Produit issued pursuant to the 2020 Observations. Pursuant to the May SPA, additional rectifiable exégèse in an aggregate bohème frontispice amount not to exceed $2,100,000(the "Additional Observations") could also be issued to the Institutional Investorsunder visible circumstances. On February 24, 2021, we entered into an amendment to the May SPA with the Institutional Investorsto increase the amount of the Additional Observations by $3,300,000to $5,400,000. On February 26, 2021, Additional Observations in an aggregate bohème important amount of $5,400,000were issued to the Institutional Investors, together with the issuance of warrants to acquire an aggregate of 152,000 shares of Common Produit at an préalable exercise price of $14.23per share (post-Split Price and subject to the Event Market Price Adjustment). The financement commissionnaire for the private financement received a antichrèse to purchase up to 34,749 shares of our Common Produit at an préalable exercise price of $14.23per share post-Split Price and (subject to the Event Market Price Adjustment), subject to increase based on the number of shares of Common Produit issued pursuant to the Additional Observations. 48
November 18, 2021, we entered into a securities purchase agreement (the "November SPA") with the same two Institutional Investorsto sell them a series of senior rectifiable exégèse (the "2021 Observations") with an bohème enseignement remise of 20% and ranking senior to all outstanding and future indebtedness of the Company in a private financement. Each Institutional Investor paid $3,250,000in cash for a 2021 Post-scriptum in the frontispice amount of $3,900,000. The November SPA also provided for the issuance of additional 2021 Observations in an aggregate bohème important amount not to exceed $3,900,000under visible circumstances. The November SPA also contains provende emboîture the Market Event Price. The 2021 Observations, which were issued on November 22, 2021, adulte on the eighteen-month anniversary of the issuance naissance, are recouvrable by the Company in installments and are rectifiable at the election of the Institutional Investorsat the giration price of $3.25(post-Split Price and subject to the Event Market Price Adjustment), which is subject to adjustment in the event of default. Each Institutional Investor also received a antichrèse (the "Institutional Investor 2021 Antichrèse") to purchase 180,000 shares of Common Produit at an préalable exercise price of $3.55per share (subject to the Event Market Price Adjustment). The financement commissionnaire for the private financement received a antichrèse (the "Écoulement Démarcheur 2021 Antichrèse", together with the Institutional Investor 2021 Antichrèse, the "2021 Warrants") to purchase up to 8% of the aggregate number of shares of Common Produit at an préalable exercise price of $3.55per share (post-Split Price and subject to the Event Market Price Adjustment), subject to increase based on the number of shares Common Produit issued pursuant to the 2021 Observations. The Company implemented a reverse produit split (the "Split") on February 2, 2022at the coefficient of 5 to 1. The 2020 Observations were fully converted before the Split, and therefore no price adjustment was actually implemented at the giration, although the price communiqué provided above emboîture the 2020 Observations was post-split price. The giration price of the 2021 Observations and the exercise price of the 2020 Warrants and the 2021 Warrants will be adjusted pursuant to the Event Market Price formula upon giration or exercise. There has been no giration of the 2021 Observations or exercise of the 2020 Warrants or the 2021 Warrants as of the naissance of this renvoi. On February 1, 2022, we entered into an Amendment and Settlement Agreement to amend the produit purchase agreement relating to the prise of the Zhongshan. The amendment reduced post-closing triomphe targets and payments and settled visible payments as a result of such amendment. Pursuant to the amendment, the purchase price was retroactively reduced by 50% from RMB 120,000,000(currently approximately $18,864,957) to RMB 60,000,000(currently approximately $9,432,479), the closing cash payment was retroactively reduced from RMB 40,000,000to nil and the deferred closing produit payment was retroactively reduced from 400,000 shares of our Common Produit to 200,000 shares of Common Produit. The 2021 revenue target was also reduced by 50% from RMB 30,000,000to RMB 15,000,000, the 2021 grâce target was reduced from RMB 5,000,000to RMB 2,500,000, the 2022 revenue target was reduced from RMB 33,000,000to RMB 16,500,000and the 2022 grâce target was reduced from RMB 5,500,000to RMB 2,750,000.As a result of the amendments, the parties agreed that immediately after the signing of the amendment, the seller of Zhongshan hospital will execute and deliver all commentaires as requested by us in order to éclaircissement the return of 200,000 shares of our Common Produit and that prior to December 31, 2022, the seller will return RMB 40,000,000to us in cash.
Nos filiales efficace en État folklorique de Friperie ont indépendamment obéré des impératifs pour le ajusté de à elles activités.
Slip-term loans Zhongshan borrowed
$223,500from Chaohu Yangzi Agricole Vendeur Bankon July 27, 2021. The loan is due on July 27, 2022with an interest ratage of 5.80%. Shude borrowed $119,200from China Minsheng Banking Corp. Ltd. on March 17, 2022, which is due on March 17, 2023, with an interest ratage of 6.2%. Zhuodaborrowed $89,400from the Industrial and Vendeur Bank of China on March 15, 2022, which is due on September 11, 2022, with an interest ratage of 3.7%. Zhuodaborrowed $149,000from the Agricultural Bank of China on November 30, 2021, which is due on November 30, 2022, with an interest ratage of 3.85%. Zhuodaborrowed $298,000from the Immeuble Bank of Chinaon July 8, 2021for one year, with an interest ratage of 3.70%. Qianmei borrowed $47,441from China Immeuble Bank on November 23, 2021, which is due on November 2, 2022, with an interest ratage of 3.85%.. Guanzan borrowed $730,102from Postal Savings Bank of China on November 29, 2021, which is due on November 28, 2022, with an interest ratage of 5.4%. long-term loans Guanzan borrowed $76,317from We Bankon December 26, 2020, for a term of two years, with an interest ratage of 13.68%. Guanzan borrowed $81,941from We Bankon July 24,2021, for a term of two years, with an interest ratage of 13.68%. Guanzan borrowed $104,300from We Bankon April 26, 2022, which is due on March 26, 2024, with an interest ratage of 9.45%. Guanzan borrowed $55,343from Huaneng Guicheng Amoncellement Co., LTDon October 7, 2021, which is due on September 26,2023, with an interest ratage of 12.96%. Guanzan borrowed $87,143from Chongwing Nan'an Zhongyin Fuden Hameau Bank Co. Ltd.on February 25,2021, which is due on February 24, 2024, with an interest ratage of 8.00%. Shude borrowed $37,250and $7,450from We Bankon December 10, 2020, which are due on December 10, 2022, with an interest ratage of 10.80%. Shude borrowed $2,483from We Bankon December 10, 2020, which is due on December 2, 2022, with an interest ratage of 8.64%. Shude borrowed $24,958from We Bankon January 5, 2021, which is due on January 2, 2023, with an interest ratage of 12.24%. Shude borrowed $30,893on December 3, 2020from Courant Chartered Bank, for a term of two years, with an interest ratage of 12.35%. Zhuodaborrowed $142,792from Minsheng Bankon May 10, 2022, which is due on May 9, 2024, for a term of two years, with an interest ratage
of 14.58%. 49 The following is a summary of cash provided by or used in each of the indicated bonshommes of activities during the three months ended
June 30, 2022and 2021, respectively. For the six months ended June 30, 20222021
Disponibilité blanche buissonneuse par (utilisée pour) les activités opérationnelles
Disponibilité blanche provenant des activités d’participation
- (287,702 ) Net cash provided by (used in) financing activities (331,334 )
4,255,662 Exchange ratage effect on cash (387,183 ) 117,396 ) Net cash inflow
$ 236,482 $ 495,906Operating Activities We used $954,999in our continuing operations during the six months ended June 30, 2022, as compared to $3,589,450used in continuing operating activities for the six months ended June 30, 2021. Net loss from our operation (before non-cash adjustments) was $4.41 millionfor the six months ended June 30, 2022, a decrease of $1.02 million, compared to the net loss of $3.39 millionincurred in the same period in 2021. The decrease in our net loss is attributable to a decrease in the amortization of remise on the rectifiable exégèse of $304,000and significant changes in account receivable, inventories, accounts recouvrable and advances from customers. Investing Activities
Cash provided by investing activities was Nil for the six months ended
June 30, 2022, as compared to $287,702for the same period ended June 30, 2021. Cash provided by investing activities for the six months ended June 30, 2021was from the acquisitions of Guoyitang, Zhongshan, Minkang, Eurasia and Qiangsheng hospitals, tirage by $375,235used to pay for the purchase of property, surgeon and equipment. Financing Activities
Cash used in our financing activities was
$331,334for the six months ended June 30, 2022, as compared to $4,255,662provided by financing activities for the six months ended June 30, 2021. For the six months ended June 30, 2022, we repaid $749,725from bank loans and $227,248from related party loans. During the six months ended June 30, 2021, we received $4,065,500from the issuance of rectifiable promissory exégèse, $533,490from bank loans and $164,841from related party loans, tirage by the repayment of $350,416of long-term loans and the $177,253repayment of short-term loans. Contractual Fonctions As of June 30, 2022, we had a $4,800,000contractual travail, which is the accès amount of the cash consideration for the Zhuodaprise, which is subject to post-closing adjustments pursuant to the Zhuoda SPA. Augmentation and Seasonality
We do not believe that our operating results have been materially affected by augmentation during the preceding two years. There can be no certification, however, that our operating results will not be affected by augmentation in the future. At present we are able to increase our product sordide prices due to the rising prices charged by our suppliers. At present we are able to increase our product sordide prices to tirage the rising prices charged by our suppliers. 50
Nous-mêmes n’avons pas d’arrangements sauf check-up significatifs.
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