BIMI International Medical Inc. Announces Third Quarter 2021 Financial Results
November 15 2021 - 4:30PM
BIMI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the
“Company”), a leading healthcare products and services provider,
today announced its unaudited financial results for the third
quarter ended September 30, 2021.
Third Quarter 2021
Highlights:
- Revenues. Revenues for the three months ended
September 30, 2021 increased to $13,777,494 from $3,091,071 in the
comparable period in 2020, an increase of $10,686,423, or
345.7%.
- Gross profit. Gross profit
for the three months ended September 30, 2021 increased to
$2,029,109 from $257,278 in the comparable period in 2020, an
increase of $1,771,831, or 688.7%.
“We are glad to achieve significant revenue
growth in the third quarter. The growth was mainly driven by the
increase in sales of wholesale pharmaceuticals. Contributing to the
increase in revenues for the three months ended September 30, 2021,
was the operations of our recently-acquired five hospitals”, said
Mr. Tiewei Song, Chief Executive Officer and President of BIMI
International Medical Inc. “Looking ahead, we plan to form
partnerships with hospitals with regional reputations, with the
goal of making quality medical care more accessible to the wider
public, especially in less- developed areas, and to provide health
management and healthcare services for both urban and rural
residents in a more inclusive and coherent manner.”
Three and Nine Month Financial
Results
- Revenues. Revenues for the three months ended
September 30, 2021 and 2020 were $13,777,494 and $3,091,071,
respectively. Compared with the three months ended September 30,
2020, revenues increased by $10,686,423 in 2021. Revenues for the
nine months ended September 30, 2021 and 2020 were $25,202,485 and
$7,317,449, respectively. Compared with the same period in 2020,
revenues increased by $17,885,036 in 2021.Wholesale pharmaceuticals
segment. Revenues from the wholesale pharmaceuticals segment for
the three months ended September 30, 2021 and 2020 were $8,483,024
and $2,368,785, respectively. Revenues from the wholesale
pharmaceuticals segment for the nine months ended September 30,
2021 and 2020 were $14,978,955 and $4,698,985,
respectively.Wholesale medical devices segment. Revenues from the
wholesale medical devices segment for the three months ended
September 30, 2021 and 2020 were $1,608,584 and $669,276,
respectively. Revenues from the wholesale medical devices segment
for the nine months ended September 30, 2021 and 2020 was
$2,524,777 and 2,567,029, respectively.Medical services segment.
Revenues from the recently formed medical services segment for the
three months ended September 30,2021 were $2,961,536. Revenue from
the medical services segment for the nine months ended September
30, 2021 were $6,694,510.Retail pharmacy segment. Revenues from the
retail pharmacy segment for the three and nine months ended
September 30, 2021 were $133,815 and $375,045, respectively, which
were generated from 5 retail pharmacy stores in Chongqing. Revenues
from the retail pharmacy segment for the three and nine months
ended September 30, 2020, which related to stores in Dalian, were
negligible.
- Cost of revenues.
Cost of revenues for the three months ended September 30, 2021 and
2020 were $11,748,385 and $2,833,793, respectively. Cost of
revenues for the nine months ended September 30, 2021 and 2020 were
$20,616,279 and $6,240,962, respectively.Wholesale pharmaceuticals
segment. For the three months ended September 30, 2021 and 2020,
the cost of revenues of our wholesale pharmaceuticals segment were
$8,835,440 and $2,010,319, respectively. For the nine months ended
September 30, 2021 and 2020, the cost of revenues of our wholesale
pharmaceuticals segment were $14,598,512 and $3,759,707,
respectively.Wholesale medical devices segment. For the three
months ended September 30, 2021 and 2020, the cost of revenues of
our wholesale medical devices segment were $1,133,768 and $572,886,
respectively. For the nine months ended September 30, 2021 and
2020, the cost of revenues of the wholesale medical devices segment
were $1,831,089 and $2,051,563, respectively.Medical services
segment. For the three and nine months ended September 30, 2021,
the cost of revenues of the recently acquired medical services
segment were $1,240,773 and $3,334,306, respectively.Retail
pharmacy segment. For the three and nine months ended September 30,
2021, the cost of revenues of our retail pharmacy segment were
$99,477 and $295,059, respectively. For the three and nine months
ended September 30, 2020, the cost of revenues of our retail
pharmacy operations in Dalian were $227,883 and $426,293,
respectively, including an inventory impairment charge of $68,600
that resulted from the expiration of a large portion of our
products because of the local lockdown.
- Gross
margin. For the three months ended September 30, 2021 and
2020, BIMI had gross margins of 14.7% and 8.3%, respectively. For
the three months ended September 30, 2021 and 2020, the gross
profit margin of our: (i) wholesale pharmaceuticals segment were
(4.2%) and 15.1%, respectively; (ii) wholesale medical devices
segment were 29.5% and 14.4%, respectively; (iii) medical services
segment was 58.1% in 2021; and (iv) retail pharmacy segment was
25.7% in 2021.For the nine months ended September 30, 2021 and
2020, BIMI had gross margins of 18.0% and 14.7%, respectively. For
the nine months ended September 30, 2021 and 2020, the gross profit
margin of our: (i) wholesale pharmaceuticals segments were 2.5% and
20.0%, respectively; (ii) wholesale medical devices segment were
27.5% and 20.1%, respectively; (iii) medical services segment was
50.2% in 2021; and (iv) retail pharmacy segment was 21.3% in
2021.
- Operating
expenses. Operating expenses were $3,574,443 for the three
months ended September 30, 2021 as compared to $1,689,962 for the
same period in 2020, an increase of $1,884,481, or 111.5%.
Operating expenses were $ 9,522,372 for the nine months ended
September 30, 2021 as compared to $6,583,685 for the same period in
2020, an increase of $2,938,687, or 44.6%.Wholesale pharmaceuticals
segment. Operating expenses of the wholesale pharmaceuticals
segment for the three months ended September 30, 2021 and 2020 were
$269,425 and $33,419, respectively. Operating expenses of the
wholesale pharmaceuticals segment for the nine months ended
September 30, 2021 and 2020 were $750,023 and $497,103,
respectively.Wholesale medical devices segment. Operating expenses
of the wholesale medical devices segment for the three and nine
months ended September 30, 2021 were $243,117 and $469,644,
respectively. Operating expenses of the wholesale medical devices
segment for the three months and nine months ended September 30,
2020 were $435 and $15,293, respectively.Medical services segment.
Operating expenses of medical services segment for the three and
nine months ended September 30, 2021 were $1,136,316 and
$2,377,996, respectively.Retail pharmacy segment. Operating
expenses of the retail pharmacy segment for the three and nine
months ended September 30, 2021 were $159,988 and $547,159,
respectively. Operating expenses of the retail pharmacy segment for
the three and nine months ended September 30, 2020 were $1,391,910
and $2,043,438, respectively.
- Other income
(expenses). For three months ended September 30,
2021, BIMI had $158,612 of other expenses, net that included
$74,302 of other expenses and $84,310 of interest expenses. For the
nine months ended September 30, 2021, BIMI had $302,142 of other
expenses, net that included $79,595 of other expenses and $222,547
of interest expenses. For the three months ended September 30,
2020, BIMI reported other income of $5,247 and other interest
expense of $339,780. For the nine months ended September 30, 2020,
BIMI reported other income of $6,973,409 and other interest expense
of $717,226. Other income in both periods includes the gain
generated from the disposal of the NF Group.
- Net
income (loss). As a result of the
foregoing, our net loss was $1,709,876 and $5,276,241 for the three
and nine months ended September 30, 2021. For the three and nine
months ended September 30, 2020, BIMI had a net loss of $1,860,573
and net income of $ 611,090, respectively.
- Cash and working
capital. At September 30, 2021, BIMI had cash of $209,803
and working capital of $2.12 million as compared to cash of
$135,309 and working capital of $9,619,274 at December 31,
2020.
The unaudited condensed consolidated financial
statements included in the quarterly report on Form 10-Q of the
Company that was filed on November 15, 2021 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 normal course of business for the foreseeable
future. The continuation of the Company as a going concern through
the next twelve months is dependent upon (1) the continued
financial support from its stockholders or external financing, and
(2) further implementation of management’s business plan to extend
its operations and generate sufficient revenues and cash flow to
meet its obligations. Management believes that the actions
presently being taken to obtain additional funding and implement
its strategic plan provide the opportunity for the Company to
continue as a going concern.
About BIMI International Medical Inc.
The Company is now exclusively a healthcare products and
services provider, offering a broad range of healthcare products
and related services and operates five private hospitals in China.
For more information, please visit www.usbimi.com.
Safe Harbor StatementCertain matters discussed in this news
release are forward-looking statements that involve a number of
risks and uncertainties including, but not limited to, the
Company’s ability to achieve profitable operations, its ability to
continue to operate as a going concern, its ability to continue to
meet NASDAQ continued listing requirements, the effects of the
spread of COVID-19, the demand for the Company’s products and
services in the People’s Republic of China, general economic
conditions and other risk factors detailed in the Company’s annual
report and other filings with the United States Securities and
Exchange Commission.
IR Contact:Dragon Gate Investment Partners LLC Tel:
+1(646)-801-2803Email: BIMI@dgipl.com
BIMI INTERNATIONAL MEDICAL, INC. AND ITS
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
September 30, 2021 |
|
|
December 31,2020 |
|
ASSETS |
|
Unaudited |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash |
|
$ |
209,803 |
|
|
$ |
135,309 |
|
Restricted Cash |
|
|
4,641 |
|
|
|
- |
|
Accounts receivable, net |
|
|
11,621,052 |
|
|
|
6,686,552 |
|
Advances to suppliers |
|
|
4,387,191 |
|
|
|
2,693,325 |
|
Amount due from related parties |
|
|
441,301 |
|
|
|
- |
|
Inventories |
|
|
2,117,486 |
|
|
|
735,351 |
|
Prepayments and other receivables |
|
|
7,521,587 |
|
|
|
14,880,526 |
|
Operating lease-right of use assets-current |
|
|
- |
|
|
|
53,425 |
|
Total current assets |
|
|
26,303,061 |
|
|
|
25,184,488 |
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Deferred tax assets |
|
|
204,181 |
|
|
|
193,211 |
|
Property, plant and equipment, net |
|
|
2,517,863 |
|
|
|
910,208 |
|
Intangible assets, net |
|
|
17,734 |
|
|
|
- |
|
Operating lease-right of use assets |
|
|
3,593,297 |
|
|
|
- |
|
Goodwill |
|
|
30,442,738 |
|
|
|
6,914,232 |
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
36,775,813 |
|
|
|
8,017,651 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
63,078,874 |
|
|
$ |
33,202,139 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Short-term loans |
|
$ |
1,143,183 |
|
|
$ |
904,228 |
|
Long-term loans due within one year |
|
|
- |
|
|
|
34,201 |
|
Convertible promissory notes, net |
|
|
4,831,736 |
|
|
|
3,328,447 |
|
Accounts payable, trade |
|
|
13,469,931 |
|
|
|
5,852,050 |
|
Advances from customers |
|
|
392,485 |
|
|
|
194,086 |
|
Amount due to related parties |
|
|
839,473 |
|
|
|
226,514 |
|
Taxes payable |
|
|
665,405 |
|
|
|
773,649 |
|
Other payables and accrued liabilities |
|
|
2,142,202 |
|
|
|
4,228,976 |
|
Lease liabilities-current |
|
|
702,789 |
|
|
|
23,063 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
24,187,204 |
|
|
|
15,565,214 |
|
|
|
|
|
|
|
|
|
|
Long-term loans – non-current portion |
|
|
794,538 |
|
|
|
720,997 |
|
Lease liabilities -non-current |
|
|
3,308,881 |
|
|
|
22,457 |
|
TOTAL LIABILITIES |
|
$ |
28,290,623 |
|
|
|
16,308,668 |
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 50,000,000 shares authorized;
32,423,350 and 13,254,587 shares issued and outstanding as of
September 30, 2021 and December 31, 2020, respectively |
|
|
32,423 |
|
|
|
13,254 |
|
Additional paid-in capital |
|
|
49,580,126 |
|
|
|
26,344,920 |
|
Statutory reserves |
|
|
2,263,857 |
|
|
|
2,263,857 |
|
Accumulated deficits |
|
|
(18,227,631 |
) |
|
|
(12,914,973 |
) |
Accumulated other comprehensive income |
|
|
880,807 |
|
|
|
1,003,392 |
|
|
|
|
|
|
|
|
|
|
Total BIMI International Medical Inc.’s equity |
|
|
34,529,582 |
|
|
|
16,710,450 |
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTERESTS |
|
|
258,669 |
|
|
|
183,021 |
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
34,788,251 |
|
|
|
16,893,471 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
63,078,874 |
|
|
|
33,202,139 |
|
The accompanying notes are an integral part of
the condensed consolidated financial statements
BIMI INTERNATIONAL MEDICAL, INC. AND ITS
SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE
INCOME(UNAUDITED)
|
|
For the three months endedSeptember
30 |
|
|
For the nine months ended September
30 |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
|
$ |
13,777,494 |
|
|
$ |
3,091,071 |
|
|
|
25,202,485 |
|
|
$ |
7,317,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUES |
|
|
11,748,385 |
|
|
|
2,833,793 |
|
|
|
20,616,279 |
|
|
|
6,240,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
2,029,109 |
|
|
|
257,278 |
|
|
|
4,586,206 |
|
|
|
1,076,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
1,202,387 |
|
|
|
377,977 |
|
|
|
2,429,401 |
|
|
|
1,028,746 |
|
General and
administrative |
|
|
2,372,056 |
|
|
|
1,311,985 |
|
|
|
7,092,971 |
|
|
|
5,554,939 |
|
Total operating expenses |
|
|
3,574,443 |
|
|
|
1,689,962 |
|
|
|
9,522,372 |
|
|
|
6,583,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS |
|
|
(1,545,334 |
) |
|
|
(1,432,684 |
) |
|
|
(4,936,166 |
) |
|
|
(5,507,198 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(84,310 |
) |
|
|
(339,780 |
) |
|
|
(222,547 |
) |
|
|
(717,226 |
) |
Other income (expense) |
|
|
(74,302 |
) |
|
|
5,247 |
|
|
|
(79,595 |
) |
|
|
6,973,409 |
|
Total other income (expense),
net |
|
|
(158,612 |
) |
|
|
(334,533 |
) |
|
|
(302,142 |
) |
|
|
6,256,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES |
|
|
(1,703,946 |
) |
|
|
(1,767,217 |
) |
|
|
(5,238,308 |
) |
|
|
748,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES |
|
|
5,930 |
|
|
|
93,356 |
|
|
|
37,933 |
|
|
|
137,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS) |
|
|
(1,709,876 |
) |
|
|
(1,860,573 |
) |
|
|
(5,276,241 |
) |
|
|
611,090 |
|
Less: net income (loss)
attributable to non-controlling interest |
|
|
(6,444 |
) |
|
|
49,374 |
|
|
|
36,417 |
|
|
|
75,648 |
|
NET INCOME (LOSS)
ATTRIBUTABLE TO BIMI INTERNATIONAL MEDICAL INC. |
|
$ |
(1,703,432 |
) |
|
$ |
(1,909,947 |
) |
|
$ |
(5,312,658 |
) |
|
$ |
535,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
(128,005 |
) |
|
|
(108,236 |
) |
|
|
(126,893 |
) |
|
|
34,802 |
|
TOTAL COMPREHENSIVE INCOME
(LOSS) |
|
|
(1,837,881 |
) |
|
|
(1,968,809 |
) |
|
|
(5,403,134 |
) |
|
|
645,892 |
|
Less: comprehensive income
(loss) attributable to noncontrolling interest |
|
|
(6,400 |
) |
|
|
1,193 |
|
|
|
(6,345 |
) |
|
|
(1,408 |
) |
COMPREHENSIVE INCOME (LOSS)
ATTRIBUTABLE TO BIMI INTERNATIONAL MEDICAL INC. |
|
|
(1,831,481 |
) |
|
|
(1,970,002 |
) |
|
|
(5,396,789 |
) |
|
$ |
647,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
27,084,325 |
|
|
|
10,505,821 |
|
|
|
22,864,269 |
|
|
|
9,987,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) - basic and
diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.23 |
) |
|
$ |
0.05 |
|
The accompanying notes are an integral part of
the consolidated financial statements
BIMI INTERNATIONAL MEDICAL, INC. AND ITS
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
For the nine months endedSeptember
30 |
|
|
|
2021 |
|
|
2020 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(5,276,241 |
) |
|
$ |
611,090 |
|
Adjustments to reconcile net income (loss) to cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
179,147 |
|
|
|
810,264 |
|
Profit on disposal of NF Group |
|
|
- |
|
|
|
(6,944,469 |
) |
Stock compensation |
|
|
585,000 |
|
|
|
- |
|
Allowance for doubtful accounts |
|
|
94,037 |
|
|
|
(263,260 |
) |
Amortization of discount of convertible promissory notes |
|
|
1,473,306 |
|
|
|
1,950,901 |
|
Change in derivative liabilities |
|
|
- |
|
|
|
43,224 |
|
Allowance for inventory provision |
|
|
35,013 |
|
|
|
390,923 |
|
Impairment loss of intangible assets |
|
|
- |
|
|
|
903,573 |
|
Change in operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(5,028,537 |
) |
|
|
(1,284,400 |
) |
Advances to suppliers |
|
|
(1,693,866 |
) |
|
|
418,847 |
|
Inventories |
|
|
(1,417,149 |
) |
|
|
(2,928,419 |
) |
Prepayments and other receivables |
|
|
2,464,793 |
|
|
|
(1,245,981 |
) |
Operating lease-right of use assets |
|
|
(3,539,872 |
) |
|
|
- |
|
Accounts payable, trade |
|
|
7,617,880 |
|
|
|
4,844,674 |
|
Advances from customers |
|
|
198,399 |
|
|
|
(707,586 |
) |
Taxes payable |
|
|
(119,214 |
) |
|
|
(9,368 |
) |
Operating lease liabilities |
|
|
3,966,150 |
|
|
|
- |
|
Other payables and accrued liabilities |
|
|
(2,086,772 |
) |
|
|
594,793 |
|
Net cash used in operating activities |
|
|
(2,547,926 |
) |
|
|
(2,815,194 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Cash received from acquisition of Guanzan Group |
|
|
- |
|
|
|
95,220 |
|
Cash received from sale of NF Group |
|
|
- |
|
|
|
10,375,444 |
|
Purchase of property, plant and equipment |
|
|
(1,804,536 |
) |
|
|
(121,176 |
) |
Net cash provided by (used in) investing activities |
|
|
(1,804,536 |
) |
|
|
10,349,488 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of short-term loans |
|
|
(34,201 |
) |
|
|
(65,516 |
) |
Repayment of long-term loans |
|
|
- |
|
|
|
(48,164 |
) |
Net proceeds from issuance of convertible promissory notes |
|
|
4,065,000 |
|
|
|
3,457,325 |
|
Proceeds from long-term loan |
|
|
73,541 |
|
|
|
- |
|
Proceeds from short-term loans |
|
|
238,955 |
|
|
|
27,371 |
|
Amount financed from related parties |
|
|
171,657 |
|
|
|
173,547 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
4,514,952 |
|
|
|
3,544,563 |
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE ON CASH |
|
|
(83,355 |
) |
|
|
471,155 |
|
|
|
|
|
|
|
|
|
|
INCREASE IN CASH |
|
|
79,135 |
|
|
|
11,550,012 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, beginning of period |
|
|
135,309 |
|
|
|
36,674 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end of period |
|
|
214,444 |
|
|
$ |
11,586,686 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid for income tax |
|
$ |
49,037 |
|
|
$ |
42,130 |
|
Cash paid for interest expense, net of capitalized interest |
|
$ |
128,973 |
|
|
$ |
62,636 |
|
|
|
|
|
|
|
|
|
|
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Issuance of shares of common stock for the equity acquisition of
Chongqing Guanzan Technology Co., Ltd. |
|
$ |
3,818,000 |
|
|
$ |
2,717,000 |
|
Issuance of shares of common stock for equity acquisition of
Zhongshan Chaohu Hospital |
|
$ |
3,480,000 |
|
|
$ |
- |
|
Issuance of shares of common stock for equity acquisition of
Guoyitang Hospital |
|
$ |
3,820,000 |
|
|
$ |
- |
|
Issuance of shares of common stock for equity acquisition of
Minkang, Qiangsheng and Eurasia hospitals |
|
$ |
5,930,619 |
|
|
$ |
- |
|
Issuance of shares of common stock for prepayment of equity
acquisition of Zhuoda |
|
|
1,452,000 |
|
|
|
- |
|
Issuance of shares of common stock for payment of
improvements to offices |
|
$ |
696,896 |
|
|
|
- |
|
Goodwill recognized from equity acquisition of Zhongshan Chaohu
Hospital |
|
$ |
10,443,494 |
|
|
$ |
- |
|
Goodwill recognized from equity acquisition of Guoyitang
Hospital |
|
$ |
7,154,392 |
|
|
$ |
- |
|
Goodwill recognized from equity acquisition of Minkang, Qiangsheng
and Eurasia hospitals |
|
$ |
5,930,619 |
|
|
$ |
- |
|
Intangible assets recognized from equity acquisition
of Boqi Group |
|
$ |
- |
|
|
$ |
6,443,170 |
|
Outstanding payment for the equity acquisition of Chongqing Guanzan
Technology Co., Ltd. |
|
$ |
- |
|
|
$ |
4,414,119 |
|
Outstanding payment for equity acquisition of Zhongshan Chaohu
Hospital |
|
$ |
6,100,723 |
|
|
$ |
- |
|
Outstanding payment for equity acquisition of Guoyitang
Hospital |
|
$ |
6,100,723 |
|
|
$ |
- |
|
Outstanding payment for equity acquisition of Minkang, Qiangsheng
and Eurasia hospitals |
|
$ |
9,911,416 |
|
|
$ |
- |
|
Common stock to be issued upon conversion of convertible promissory
notes |
|
$ |
679 |
|
|
$ |
5,160,473 |
|
The accompanying notes are an integral part of
the consolidated financial statements
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