Financial Performance - Revenues for the year ended March 31, 2019, were $63,936,185, representing an increase of 3.97% from $61,495,527 in 2018[21]. - Gross profit increased to $32,247,068, up from $29,352,200, reflecting a gross margin improvement[21]. - Operating income rose to $21,842,873, compared to $20,240,785 in the previous year, indicating a growth of 7.93%[21]. - Net income for the year was $18,721,979, an increase of 7.05% from $17,489,940 in 2018[21]. - Basic and diluted earnings per share increased to $0.81 from $0.76, marking a 6.58% rise[21]. - The company's comprehensive income for the year ended March 31, 2019, was $15,736,393, down from $20,664,197 in 2018, a decrease of approximately 23.5%[136]. Assets and Liabilities - As of March 31, 2019, total assets of Happiness Biotech Group Limited were $65,679,048, an increase from $53,396,326 in 2018, representing a growth of approximately 22.6%[18]. - Total current assets rose to $54,840,259 in 2019, up from $43,758,268 in 2018, marking an increase of approximately 25.4%[18]. - The company reported total liabilities of $4,763,401 in 2019, down from $8,844,700 in 2018, representing a decrease of about 46.3%[18]. - Total short-term bank borrowings decreased to $1,039,578 as of March 31, 2019, from $1,494,887 in 2018, a reduction of 30.5%[102]. - The company recognized a current income tax provision of $3,183,154 for the year ended March 31, 2019, an increase of 10.9% from $2,871,693 in 2018[121]. Shareholder Equity - Shareholders' equity increased significantly to $60,915,647 in 2019 from $44,551,626 in 2018, indicating a growth of around 36.6%[18]. - The company's retained earnings rose to $53,935,169 as of March 31, 2019, compared to $35,269,267 in 2018, indicating a significant increase of approximately 53.1%[135]. - Total equity as of March 31, 2019, was $60,915,647, compared to $44,551,626 in 2018, reflecting a growth of 36.5%[23]. Cash Flow - Cash and cash equivalents increased to $14,800,772 in 2019 from $8,884,829 in 2018, reflecting a growth of about 66.5%[18]. - Net cash provided by operating activities was $6,544,879, a decrease from $12,933,949 in 2018[26]. - Cash and cash equivalents at the end of the year were $14,800,772, up from $8,884,829, representing a 66.5% increase[26]. Expenses - Research and development expenses increased to $2,161,708 from $1,857,818, indicating a focus on innovation and product development[21]. - Advertising costs increased from $2,048,026 in 2018 to $3,217,096 in 2019[58]. - Shipping and handling costs were $1,841,312 and $2,296,687 for the years ended March 31, 2019 and 2018, respectively[57]. Inventory and Receivables - Accounts receivable remained relatively stable at $32,011,536 in 2019, slightly down from $32,564,827 in 2018[18]. - As of March 31, 2019, accounts receivable amounted to $32,011,536, a decrease from $32,564,827 in 2018, with no allowance for doubtful accounts recorded[88]. - Total inventories as of March 31, 2019, were $1,970,735, down from $2,269,182 in 2018, with raw materials at $1,696,353[90]. Regulatory and Compliance - Happiness Biotech Group Limited is classified as an emerging growth company and prepares its financial statements in accordance with U.S. GAAP[7]. - The company has not been required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months[5]. - The company adopted ASC Topic 606 for revenue recognition effective April 1, 2019, which requires revenue to be recognized upon transfer of control of goods[52]. Other Financial Information - The company did not declare any dividends for the years ended March 31, 2019, and 2018[115]. - The company has no write-downs recognized for inventories for the years ended March 31, 2019 and 2018[41]. - The company has no material purchase commitments or significant leases as of March 31, 2019[124].
Paranovus Entertainment Technology .(PAVS) - 2019 Q4 - Annual Report