Jowell .(JWEL) - 2020 Q4 - Annual Report

Financial Performance - Full year revenue increased by 56.81% year over year to approximately $96.88 million from $61.78 million in 2019[2] - Net income for the full year rose by 180.47% year over year to approximately $3.59 million from $1.28 million in 2019[2] - Total net revenues for 2020 reached $96,879,173, a significant increase from $61,775,903 in 2019, representing a growth of approximately 56.8%[25] - Net income for 2020 was $3,586,692, compared to $1,278,359 in 2019, indicating an increase of about 180.5%[25] - Earnings per share for 2020 were $0.17, up from $0.06 in 2019, reflecting a growth of 183.3%[25] - The company reported a comprehensive income of $4,370,098 for 2020, compared to $1,280,796 in 2019, showing an increase of about 241.5%[25] Revenue Breakdown - Revenue from health and nutritional supplements surged by 131.00% to $52.37 million, driven by a 119.00% increase in quantity sold[7] - Household products revenue increased by 24.72% to $25.73 million, primarily due to a 50.90% rise in weighted average unit price[8] Operating Expenses and Income - Total operating expenses increased by 52.77% to $91.77 million from $60.07 million in 2019, attributed to sales growth and operational expansion[9] - Income from operations rose to $5.11 million, accounting for 5.27% of revenue in 2020, compared to 2.75% in 2019[14] Assets and Liabilities - Total current assets increased to $30,014,644 in 2020 from $11,190,351 in 2019, marking a growth of approximately 168.5%[23] - Total liabilities rose to $15,120,110 in 2020, compared to $6,884,793 in 2019, an increase of about 119.4%[23] - The total stockholders' equity rose to $18,744,744 in 2020 from $4,374,646 in 2019, reflecting an increase of approximately 327.5%[23] Cash Flow and Reserves - Cash reserves grew significantly to $18,244,055 in 2020 from $11,511 in 2019, indicating a substantial increase[23] - Net cash provided by operating activities reached $6,339,153 in 2020, compared to a cash outflow of $856,332 in 2019[27] - The company reported a net cash increase of $18,232,544 for the year, up from a decrease of $216,258 in the previous year[27] - Cash paid for income tax amounted to $839,325 in 2020, compared to $573,448 in 2019, indicating a rise of approximately 46%[27] - The cash balance at the end of the year was $18,244,055, a substantial increase from $11,511 at the end of 2019[27] Shareholder Information - The company had a total of 20,222,976 weighted average shares outstanding for 2020, compared to 20,000,000 in 2019[25] - The company issued $10,000,000 in ordinary shares during the financing activities, contributing to a net cash inflow of $11,344,806[27] Strategic Initiatives - The company launched the "Juhao Best Choice" community group-buying store initiative to expand its offline retail presence[16] - A strategic cooperation agreement was signed with ZTO Express to enhance logistics and community retail capabilities[16] Other Financial Metrics - Accounts payable increased to $5,688,809 in 2020 from $2,913,271 in 2019, representing an increase of approximately 95.5%[23] - Advance to suppliers related parties saw a significant increase to $7,583,425 in 2020, compared to a decrease of $4,136,542 in 2019[27] - The effect of exchange rate changes on cash was $665,331, a notable increase from $49,507 in the previous year[27] - The company recorded depreciation and amortization of $25,926 in 2020, up from $19,004 in 2019[27]