Financial Position - As of December 31, 2020, the company had cash of approximately $18.2 million and current assets of approximately $30.0 million, with current liabilities of approximately $12.2 million, resulting in a current ratio of 2.47:1[497] - As of December 31, 2020, approximately $13.6 million cash was held by the company's VIE with banks and financial institutions in China[499] - The company's operating lease contractual obligations as of December 31, 2020, totaled $4.055 million[507] Fundraising Activities - The company completed a private placement on October 21, 2020, issuing 1,149,425 ordinary shares and receiving aggregated proceeds of $10 million[498] - The company's initial public offering (IPO) on March 19, 2021, raised approximately $29.9 million, including proceeds from the over-allotment option[498] Cash Flow - For the year 2020, net cash provided by operating activities was $6.339 million, while net cash used in investing activities was $117, and net cash provided by financing activities was $11.345 million[503] Risk Management - The company does not believe that inflation has had a material impact on its financial position or results of operations to date, but acknowledges potential future risks[489] - The company has not entered into any hedging transactions to reduce exposure to foreign currency exchange risk, as its operations are primarily denominated in RMB[491] Future Outlook - The company expects that existing resources, including cash generated from operations, will be sufficient to meet working capital requirements over the next twelve months[499] - The company has no material impact from Covid-19 on its liquidity[496]
Jowell .(JWEL) - 2020 Q4 - Annual Report