v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Mar. 31, 2018
Current Assets:    
Cash $ 26,711,771 $ 8,597,830
Accounts receivable 13,140,501 5,247,090
Accounts receivable - related party 0 50,027
Inventories 12,121,042 20,293,392
Prepaid expenses and other current assets 1,859,212 1,533,868
Advance to suppliers 63,733 1,128,079
Total Current Assets 53,896,259 36,850,286
Restricted cash 3,679,970 3,598,280
Property, plant and equipment, net 2,615,187 2,819,715
Total Assets 60,191,416 43,268,281
Current Liabilities:    
Credit facilities 20,915 980,195
Accounts payable 4,592,699 4,776,812
Accrued expenses 1,294,515 1,175,427
Income tax payable 885,000 112,000
Other payables 957,504 878,987
Total Current Liabilities 7,750,633 7,923,421
Income tax payable – non-current 1,591,000 1,288,000
Total Liabilities 9,341,633 9,211,421
Commitments and Contingencies (See Note 13)
Equity    
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value; 30,000,000 and 15,000,000 shares authorized; 11,325,000 shares and 9,895,000 shares issued and outstanding as of December 31, 2018 and March 31, 2018, respectively. 11,325 9,895
Additional paid-in capital 14,762,813 2,742,158
Statutory reserve 71,699 71,699
Retained earnings 35,709,499 30,948,006
Accumulated other comprehensive loss (14,565) (24,502)
Total Shareholder's Equity 50,540,771 33,747,256
Noncontrolling interest 309,012 309,604
Total Equity 50,849,783 34,056,860
Total Liabilities and Equity $ 60,191,416 $ 43,268,281
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Revenue, net $ 18,677,164 $ 11,543,763 $ 70,504,646 $ 60,443,400
Cost of goods sold 15,477,534 7,791,407 54,296,244 44,623,660
Gross Profit 3,199,630 3,752,356 16,208,402 15,819,740
Selling, general and administrative expenses 2,173,022 1,557,449 6,250,104 4,316,524
Share based compensation expenses 0 0 3,399,934 116,578
Total Operating Expenses 2,173,022 1,557,449 9,650,038 4,433,102
Income from Operations 1,026,608 2,194,907 6,558,364 11,386,638
Other Income:        
Other income, net 20,885 12,244 19,633 1,316
Total other income, net 20,885 12,244 19,633 1,316
Net Income before provision for income tax 1,047,493 2,207,151 6,577,997 11,387,954
Income tax expense (benefit) (578,000) 0 1,251,000 0
Net income 1,625,493 2,207,151 5,326,997 11,387,954
Net loss attributable to noncontrolling interest 721 26 746 2,845
Net income attributable to Jerash Holdings (US), Inc.'s Common Shareholders 1,626,214 2,207,177 5,327,743 11,390,799
Net Income 1,625,493 2,207,151 5,326,997 11,387,954
Other Comprehensive Income:        
Foreign currency translation gain (loss) 311 (53,817) 10,091 (30,273)
Total Comprehensive Income 1,625,804 2,153,334 5,337,088 11,357,681
Comprehensive loss attributable to noncontrolling interest 720 515 592 3,135
Comprehensive Income Attributable to Jerash Holdings (US), Inc.'s Common Shareholders $ 1,626,524 $ 2,153,849 $ 5,337,680 $ 11,360,816
Earnings Per Share Attributable to Common Shareholders:        
Basic $ 0.14 $ 0.23 $ 0.48 $ 1.18
Diluted $ 0.14 $ 0.23 $ 0.47 $ 1.18
Weighted Average Number of Shares        
Basic 11,325,000 9,683,500 11,158,600 9,683,500
Diluted 11,393,179 9,683,500 11,283,812 9,683,500
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 5,326,997 $ 11,387,954
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 959,975 899,277
Stock-based compensation expense 3,399,934 116,578
Changes in operating assets:    
Accounts receivable (7,889,687) (3,983,634)
Accounts receivable- related party 50,044 2,252,257
Inventories 8,181,267 12,419,117
Prepaid expenses and other current assets (252,714) 95,979
Advance to suppliers 1,064,756 (3,604,797)
Changes in operating liabilities:    
Accounts payable (186,461) (8,776,539)
Accrued expenses 118,470 70,138
Other payables 78,070 (198,487)
Income tax payable 1,076,000 0
Net cash provided by operating activities 11,926,651 10,677,843
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (724,325) (730,269)
Acquisition deposit (380,000)  
Other receivable - related party 0 336,746
Net cash used in investing activities (1,104,325) (393,523)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividend distribution (566,250) 0
Proceeds from short-term loan (959,630) 948,193
Due from shareholders 0 692,500
Net proceeds from private placement 0 1,772,845
Net proceeds from Common stock 8,930,300 0
Warrants issued to the underwriter 30 0
Net cash provided by financing activities 7,404,450 3,413,538
EFFECT OF EXCHANGE RATE CHANGES ON CASH (31,145) (12,791)
NET INCREASE IN CASH AND RESTRICTED CASH 18,195,631 13,685,067
CASH AND RESTRICTED CASH, BEGINNING OF THE PERIOD 12,196,110 4,132,761
CASH AND RESTRICTED CASH, END OF THE PERIOD 30,391,741 17,817,828
CASH AND RESTRICTED CASH, END OF THE PERIOD 30,391,741 17,817,828
LESS: NON-CURRENT RESTRICTED CASH 3,679,970 3,472,374
CASH, END OF PERIOD 26,711,771 14,345,454
Non-cash financing activities    
Warrants issued to underwriters in connection with the IPO in fiscal 2019 and the private placement in fiscal 2018 160,732 161,926
Prepaid stock issuance cost netted with proceeds from the IPO in fiscal 2019 and the private placement in fiscal 2018 308,179 239,105
Income taxes paid $ 175,000 $ 0