v3.19.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Mar. 31, 2018
Current Assets:    
Cash $ 27,182,158 $ 8,597,830
Accounts receivable 4,020,369 5,247,090
Accounts receivable- related party 0 50,027
Inventories 21,074,243 20,293,392
Prepaid expenses and other current assets 2,630,727 1,533,868
Advance to suppliers 443,395 1,128,079
Total Current Assets 55,350,892 36,850,286
Restricted cash 652,310 3,598,280
Long-term deposits 810,172 0
Deferred tax assets 81,461 0
Property, plant and equipment, net 2,356,262 2,819,715
Total Assets 59,251,097 43,268,281
Current Liabilities:    
Credit facilities 648,711 980,195
Accounts payable 3,378,258 4,776,812
Accrued expenses 1,539,147 1,175,427
Income tax payable 1,164,238 112,000
Other payables 855,527 878,987
Total Current Liabilities 7,585,881 7,923,421
Income tax payable - non-current 1,403,087 1,288,000
Total Liabilities 8,988,968 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 March 31, 2019 and March 31, 2018, respectively. 11,325 9,895
Additional paid-in capital 14,956,767 2,742,158
Statutory reserve 212,739 71,699
Retained earnings 34,786,735 30,948,006
Accumulated other comprehensive loss (14,440) (24,502)
Total Jerash Holdings (US), Inc.'s Shareholders' Equity 49,953,126 33,747,256
Noncontrolling interest 309,003 309,604
Total Equity 50,262,129 34,056,860
Total Liabilities and Equity $ 59,251,097 $ 43,268,281
v3.19.2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue, net $ 84,983,661 $ 69,295,698
Cost of goods sold 66,206,652 51,342,020
Gross Profit 18,777,009 17,953,678
Selling, general and administrative expenses 8,834,547 6,002,452
Share-based compensation expenses 3,593,888 116,578
Total Operating Expenses 12,428,435 6,119,030
Income from Operations 6,348,574 11,834,648
Other Income / (Expense):    
Other income / (expense), net 23,802 (31,369)
Total other income / (expense), net 23,802 (31,369)
Net Income before provision for income taxes 6,372,376 11,803,279
Income tax expense 1,260,861 1,400,000
Net Income 5,111,515 10,403,279
Net loss attributable to noncontrolling interest 754 6,838
Net income attributable to Jerash Holdings (US), Inc.'s Common Shareholders 5,112,269 10,410,117
Net Income 5,111,515 10,403,279
Other Comprehensive Income / (Loss):    
Foreign currency translation gain / (loss) 10,215 (16,262)
Total Comprehensive Income 5,121,730 10,387,017
Comprehensive loss attributable to noncontrolling interest 601 6,993
Comprehensive Income Attributable to Jerash Holdings (US), Inc.'s Common Shareholders $ 5,122,331 $ 10,394,010
Earnings Per Share Attributable to Common Shareholders:    
Basic $ 0.46 $ 1.07
Diluted $ 0.45 $ 1.07
Weighted Average Number of Shares    
Basic 11,199,630 9,735,651
Diluted 11,330,310 9,735,651
v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 5,111,515 $ 10,403,279
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,255,820 1,216,973
Share-based compensation expense 3,593,888 116,578
Changes in operating assets:    
Accounts receivable 1,229,239 (2,472,680)
Account receivable - related party 50,047 2,293,190
Inventories (770,720) (1,151,531)
Prepaid expenses and other current assets (1,404,198) (470,441)
Advances to suppliers 685,197 (1,128,320)
Deferred tax assets (81,461) 0
Changes in operating liabilities:    
Accounts payable (1,400,533) (5,472,312)
Accrued expenses 363,037 711,332
Other payables (23,888) (282,472)
Income tax payable 1,167,322 1,400,000
Net cash provided by operating activities 9,775,265 5,163,596
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (791,001) (877,944)
Acquisition deposit (380,000) 0
Long-term deposits (430,113) 0
Due from related party 0 336,746
Net cash used in investing activities (1,601,114) (541,198)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividend distribution (1,132,500) 0
Proceeds (repay) from short-term loan (331,876) 980,403
Due from shareholders 0 692,500
Net proceeds from issuance of common stock 8,930,300 0
Warrants issued to the underwriter 30 0
Net proceeds from private placement 0 1,772,845
Net cash provided by financing activities 7,465,954 3,445,748
EFFECT OF EXCHANGE RATES CHANGES ON CASH (1,747) (4,797)
NET INCREASE IN CASH 15,638,358 8,063,349
CASH, AND RESTRICTED CASH, BEGINNING OF THE YEAR 12,196,110 4,132,761
CASH, AND RESTRICTED CASH, END OF THE YEAR 27,834,468 12,196,110
CASH, AND RESTRICTED CASH, END OF THE YEAR 27,834,468 12,196,110
LESS: NON-CURRENT RESTRICTED CASH 652,310 3,598,280
CASH, END OF PERIOD 27,182,158 8,597,830
Supplemental disclosure information:    
Cash paid for income tax 175,000 0
Cash paid for interest 90,867 27,292
Non-cash financing activities:    
Warrants issued to underwriters in connection with the IPO in fiscal 2019 and placement agent in connection with 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