Revenue Performance - Revenue for fiscal year 2024 increased by 3.8% to $154.54 million, up from $148.81 million in fiscal year 2023[3] - Wholesale revenue surged by 42.1% to $47.00 million, compared to $33.08 million in the previous year[8] - Retail drugstore revenue decreased by 9.2% to $75.68 million, down from $83.35 million in fiscal year 2023[6] - Total revenues for the year ended March 31, 2024, were $154.54 million, an increase of 3.3% from $148.81 million in 2023[21] Profitability and Loss - Gross profit fell by 9.3% to $31.11 million, down from $34.28 million in the previous year[4] - Gross profit decreased to $31.11 million, down 9.4% from $34.28 million in the previous year[21] - Net loss narrowed to $4.23 million, or $2.93 per share, compared to a net loss of $21.14 million, or $41.46 per share, in the previous year[5] - Loss from operations improved significantly to $3.53 million, compared to $20.93 million in fiscal year 2023[12] - The company reported a basic loss per share of $2.93, compared to a loss of $41.46 per share in the previous year, showing a substantial reduction in losses[21] - Net loss for the year ended March 31, 2024, was $4,234,242, compared to a net loss of $21,138,777 for the previous year[23] Cash and Liquidity - Cash position increased to $20.15 million as of March 31, 2024, up from $18.81 million a year earlier[14] - Cash and cash equivalents increased to $20.15 million, compared to $18.81 million in the previous year, reflecting improved liquidity[18] - Cash and cash equivalents at the end of the year were $32,874,171, up from $31,570,644 at the beginning of the year[23] - Cash used in operating activities decreased to $3,155,439 from $3,283,513 year-over-year[23] - Cash paid for income taxes was $149,023, compared to $63,668 in the previous year[23] - Cash paid for interest decreased to $13,604 from $64,943 year-over-year[23] Expenses and Cost Management - General and administrative expenses decreased by 53.7% to $7.26 million, down from $15.67 million in fiscal year 2023[12] - Selling expenses decreased to $27.39 million, down 6.1% from $29.18 million in 2023, indicating cost management efforts[21] Assets and Liabilities - Total current assets increased to $69.68 million, up 8.5% from $64.48 million in the previous year[18] - Total liabilities rose to $80.76 million, an increase of 8.8% from $74.30 million in 2023[18] - Total shareholders' equity attributed to China Jo-Jo decreased to $15.64 million from $18.01 million in 2023, reflecting ongoing challenges[18] Strategic Initiatives - The company plans to actively seek acquisition targets to strengthen its wholesale business and enhance market presence[8] Currency and Other Adjustments - The company experienced a foreign currency translation adjustment loss of $729,373, compared to a loss of $2.62 million in the previous year, indicating improved currency stability[21] - The company reported a significant increase in accounts payable to $6,002,186 from $1,765,488[23] - The company experienced a loss from the disposal of property and equipment amounting to $107,251[23]
China Jo-Jo Drugstores(CJJD) - 2024 Q4 - Annual Report