Ridgetech Inc 6-K, filed Jul 28, 2022

Ridgetech Inc. (RDGT)

6-K 2022-07-28 For: 2022-07-28

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Added on April 09, 2026

About this 6-K

Ridgetech Inc filed this 6-K on July 28, 2022.

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Exhibit No.		Description of Exhibit
99.1		Earning Release dated July 28, 2022, announcing its financial results for the fiscal year ended March 31, 2022.

Date: July 28, 2022	CHINA JO-JO DRUGSTORES, INC.

	By:	/s/ Lei Liu
	Name:	Lei Liu
	Title:	Chief Executive Officer

	For the Year Ended March 31,
($ millions, except per share data)	2022			2021			% Change
Revenue		164.39			133.13			23.5	%
Retail drugstores		84.23			76.10			10.7	%
Online pharmacy		30.22			22.48			34.4	%
Wholesale		49.94			34.55			44.6	%
Gross profit		36.52			29.24			24.9	%
Gross margin		22.2	%		22.0	%		0.2 pp	*
Loss from operations		(2.69	)		(8.84	)		69.5	%
Net loss		(3.20	)		(8.38	)		61.8	%
Loss per share		(0.92	)		(2.39	)		61.5	%

	For the Year Ended March 31,
	2022							2021
($ millions)	Revenue		Cost of Goods		Gross Margin			Revenue		Cost of Goods		Gross Margin
Retail drugstores		84.23		57.29		32.0	%		76.10		53.09		30.2	%
Online pharmacy		30.22		26.62		11.9	%		22.48		20.15		10.4	%
Wholesale		49.94		43.96		12.0	%		34.55		30.65		11.3	%
Total		164.39		127.87		22.2	%		133.13		103.89		22.0	%

	March 31,			March 31,
	2022			2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	18,458,575		$	22,045,628
Restricted cash		16,881,002			12,627,016
Financial assets available for sale		94,648			91,472
Notes receivable		-			39,392
Trade accounts receivable		16,736,495			13,423,728
Inventories		16,020,140			16,972,965
Other receivables, net		5,764,660			5,051,960
Advances to suppliers		571,577			421,963
Other current assets		924,797			1,560,119
Total current assets		75,451,894			72,234,243

PROPERTY AND EQUIPMENT, net		5,922,179			6,549,035

OTHER ASSETS
Long-term investment		4,416,891			3,981,986
Farmland assets		722,283			835,427
Long term deposits		1,761,945			1,546,764
Other noncurrent assets		822,950			856,391
Operating lease right-of-use assets		13,738,081			16,778,729
Intangible assets, net		3,547,986			3,528,056
Total other assets		25,010,136			27,527,353
Total assets	$	106,384,209		$	106,310,631

LIABILITIES AND STOCKHOLDERS’ EQUITY(DEFICIT)
CURRENT LIABILITIES
Short-term bank loan		-			762,270
Accounts payable, trade		27,331,381			29,895,830
Notes payable		34,189,022			25,663,633
Other payables		2,268,967			2,940,000
Other payables - related parties		1,561,244			445,305
Customer deposits		1,873,062			1,146,247
Taxes payable		1,381,108			197,733
Accrued liabilities		556,037			501,111
Long-term loan payable-current portion		1,957,956			2,557,634
Current portion of operating lease liabilities		3,329,619			788,171
Total current liabilities		74,448,396			64,897,934

Long-term loan payable		-			1,892,269
Long term operating lease liabilities		9,197,027			15,118,083
Employee Deposits		-			-
Purchase option and warrants liability		-			-
Total liabilities		83,645,423			81,908,286

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY(DEFICIT)
Common stock; $0.001 par value; 250,000,000 shares authorized; 3,479,316 and 3,479,316 shares issued and outstanding as of March 31, 2022 and March 31, 2021		41,752			41,752
Preferred stock; $0.001 par value; 10,000,000 shares authorized; nil issued and outstanding as of March 31, 2022 and March 31, 2021		-			-
Additional paid-in capital		66,516,033			66,516,033
Statutory reserves		1,309,109			1,309,109
Accumulated deficit		(48,134,493	)		(44,942,374	)
Accumulated other comprehensive income		4,352,992			2,818,185
Total stockholders’ equity		24,085,393			25,742,705
Noncontrolling interests		(1,346,607	)		(1,340,360	)
Total equity		22,738,786			24,402,345
Total liabilities and stockholders’ equity	$	106,384,209		$	106,310,631

	For the years ended March 31,
	2022			2021			2020
REVENUES, NET	$	164,392,555		$	133,134,633		$	117,327,689

COST OF GOODS SOLD		127,873,515			103,890,824			91,801,259

GROSS PROFIT		36,519,040			29,243,809			25,526,430

SELLING EXPENSES		30,876,959			26,954,914			23,793,603
GENERAL AND ADMINISTRATIVE EXPENSES		8,187,176			10,897,629			8,108,377
IMPAIRMENT OF LONG-LIVED ASSETS		148,795			228,506			628,192
TOTAL OPERATING EXPENSES		39,212,930			38,081,049			32,530,172

LOSS FROM OPERATIONS		(2,693,890	)		(8,837,240	)		(7,003,742	)

OTHER EXPENSE:
INTEREST INCOME		401,921			707,878			1,063,747
INTEREST EXPENSE		(262,218	)		(455,187	)		(698,518	)
OTHER		455,547			176,519			(204,064	)
CHANGE IN FAIR VALUE OF PURCHASE OPTION AND WARRANTS LIABILITY		-			64,090			401,158

LOSS BEFORE INCOME TAXES		(2,098,640	)		(8,343,940	)		(6,441,419	)

PROVISION FOR INCOME TAXES		1,099,726			31,638			16,258

NET LOSS		(3,198,366	)		(8,375,578	)		(6,457,677	)

LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST		(6,247	)		(255,716	)		(644,308	)

NET LOSS ATTRIBUTABLE TO CHINA JO-JO DRUGSTORES, INC.		(3,192,119	)		(8,119,862	)		(5,813,369	)

OTHER COMPREHENSIVE LOSS
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS		1,534,807			1,377,761			(1,068,540	)

COMPREHENSIVE LOSS		(1,663,559	)		(6,997,817	)		(7,526,217	)

WEIGHTED AVERAGE NUMBER OF SHARES:
Basic		3,479,316			3,398,397			2,734,714
Diluted		3,479,316			3,398,397			2,734,714

LOSS PER SHARES:
Basic	$	(0.92	)	$	(2.39	)	$	(2.16	)
Diluted	$	(0.92	)	$	(2.39	)	$	(2.16	)

	For the years ended March 31,
	2022			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	(3,198,366	)	$	(8,375,578	)	$	(6,457,677	)
Adjustments to reconcile net income to net cash used in operating activities:
Bad debt direct write-off and provision		939,720			(706,862	)		446,354
Depreciation and amortization		1,256,491			1,750,890			2,082,817
Impairment of long lived assets		148,795			228,506			628,192
Stock based compensation		-			3,941,600			34,560
Change in fair value of purchase option derivative liability		-			(64,090	)		(401,158	)
Change in operating assets:
Accounts receivable, trade		(2,657,283	)		(3,307,946	)		(1,567,774	)
Notes receivable		40,260			21,539			112,803
Inventories and biological assets		1,523,098			(3,615,017	)		979,935
Other receivables		(1,927,692	)		468,967			(1,010,722	)
Advances to suppliers		(171,783	)		1,893,857			148,638
Long term deposit		(159,508	)		26,910			596,209
Other current assets		376,134			1,004,448			(1,278,833	)
Other noncurrent assets		62,394			38,142			87,065
Change in operating liabilities:
Accounts payable, trade		(3,558,050	)		6,380,115			(317,755	)
Other payables and accrued liabilities		99,132			(183,111	)		(967,751	)
Customer deposits		678,601			368,690			(22,963	)
Taxes payable		1,162,084			66,648			115
Net cash used in operating activities		(5,385,972	)		(62,292	)		(6,907,945	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of financial assets available for sale		-			75,973			14,356
Purchase of financial assets available for sale		-			-			-
Acquisition of equipment and building		(89,960	)		(126,766	)		(656,297	)
Investment in a joint venture		-			(1,470,119	)		(2,567,083	)
Purchases of intangible assets		(7,012	)		(97,802	)		(871,145	)
Additions to leasehold improvements		(209,166	)		(379,611	)		(756,444	)
Net cash used in investing activities		(306,138	)		(1,998,325	)		(4,836,613	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loan		-			738,315			1,435,620
Repayment of short-term bank loan		(779,059	)		(1,476,630	)		-
Proceeds from third parties loan		-			-			7,178,100
Repayment of third parties loan		(2,613,965	)		(2,395,629	)		(658,645	)