TOTAL ASSETS $ 129,126,312 $146,675,280
============ ===========
CURRENT LIABILITIES:
Short-term borrowings $ 54,539,800 $ 60,636,412
Current portion of long-term
borrowings 3,618,832 2,783,445
Accounts payable 13,344,531 12,719,160
Accounts payable - related parties 67,848 -
Due to related parties 108,064 297,559
Deferred revenue 85,989 146,024
Taxes payable 12,283,353 18,219,803
Operating lease liabilities, current 1,348,045 1,323,900
Finance lease liabilities, current 231,406 369,786
Representative's warrants liability 20,222 24,663
Other payables and other current
liabilities 1,284,569 1,520,756
------------ -----------
TOTAL CURRENT LIABILITIES 86,932,659 98,041,508
------------ -----------
Operating lease liabilities,
non-current 1,833,622 1,416,508
Finance lease liabilities,
non-current 340,899 622,922
Long-term borrowings 7,315,955 10,326,399
Other non-current liabilities 2,152,875 2,535,123
Deferred tax liabilities, net 2,583,854 4,451,077
------------ -----------
TOTAL LIABILITIES $ 101,159,864 $117,393,537
============ ===========
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Ordinary shares, 100,000,000 shares
authorized; 36,250,054 shares and
36,250,054 shares issued and
outstanding as of September 30, 2023
and March 31, 2023, respectively 14,694,327 14,694,327
Capital reserve 9,078,915 9,078,915
Retained earnings 15,532,199 13,577,844
Accumulated other comprehensive loss (11,338,993) (8,069,343)
------------ -----------
TOTAL SHAREHOLDERS' EQUITY 27,966,448 29,281,743
------------ -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 129,126,312 $146,675,280
============ ===========
YOSHITSU CO., LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
For the Six Months
Ended
September 30,
--------------------------
2023 2022
------------ ------------
REVENUE
Revenue - third parties $ 74,049,115 $ 77,607,361
Revenue - related parties 115,034 8,188
----------- -----------
Total revenue 74,164,149 77,615,549
----------- -----------
COSTS AND OPERATING EXPENSES
Merchandise costs 64,706,599 63,052,437
Selling, general and administrative
expenses 9,124,805 13,518,943
----------- -----------
Total operating expenses 73,831,404 76,571,380
----------- -----------
INCOME FROM OPERATIONS 332,745 1,044,169
----------- -----------
OTHER INCOME (EXPENSES)
Interest expenses, net (995,997) (1,372,444)
Additional and delinquent tax due to
consumption tax correction (644,780) -
Gain from disposal of equity method
investment 195,391 -
Gain from disposal of a subsidiary 341,755 -
Other income (expenses), net 66,947 (113,409)
Gain from foreign currency exchange 2,371,226 981,017
Change in fair value of
representative's warrants liability 1,833 89,049
Loss from equity method investment (71,200) (88,737)
----------- -----------
Total other income (expenses), net 1,265,175 (504,524)
----------- -----------
INCOME BEFORE INCOME TAX PROVISION 1,597,920 539,645
PROVISION (BENEFIT) FOR INCOME TAXES (356,435) 212,052
----------- -----------
NET INCOME 1,954,355 327,593
OTHER COMPREHENSIVE LOSS
Foreign currency translation loss (3,269,650) (7,374,799)
----------- -----------
TOTAL COMPREHENSIVE LOSS $(1,315,295) $(7,047,206)
=========== ===========
Earnings per ordinary share - basic
and diluted $ 0.05 $ 0.01
=========== ===========
Weighted average shares - basic and
diluted 36,250,054 36,250,054
=========== ===========
YOSHITSU CO., LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
Accumulated
Other Total
Ordinary Shares Capital Retained Comprehensive Shareholders'
------------------------
Shares Amount Reserve Earnings Income (Loss) Equity
----------- ----------- ------------ ----------- ------------- ---------------
Balance, March
31, 2022 36,250,054 $14,694,327 11,921,065 21,465,317 $ (3,628,669) 44,452,040
Business
combinations
under common
control - - (2,842,173) - - (2,842,173)
Net income for
the period - - - 327,593 - 327,593
Foreign
currency
translation
loss - - - - (7,374,799) (7,374,799)
---------- ---------- ----------- ---------- ------------ -----------
Balance,
September 30,
2022 36,250,054 $14,694,327 $ 9,078,892 $21,792,910 $(11,003,468) $ 34,562,661
Balance, March
31, 2023 36,250,054 $14,694,327 $ 9,078,915 $13,577,844 $ (8,069,343) $ 29,281,743
Net income for
the period - - - 1,954,355 - 1,954,355
Foreign
currency
translation
loss - - - - (3,269,650) (3,269,650)
---------- ---------- ----------- ---------- ------------ -----------
Balance,
September 30,
2023 36,250,054 $14,694,327 $ 9,078,915 $15,532,199 $(11,338,993) $ 27,966,448
========== ========== =========== ========== ============ ===========
YOSHITSU CO., LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended
September 30,
---------------------------
2023 2022
------------ -------------
Cash flows from operating
activities:
Net Income $ 1,954,355 $ 327,593
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 526,994 514,000
Loss from disposal of property and
equipment 13,704 304,133
Loss (gain) from unrealized foreign
currency translation 139,012 (175,351)
Allowance for (net recovery of)
credit losses (148,556) 87,250
Reversal of merchandise inventories
written down (10,713) -
Amortization of operating lease
right-of-use assets 876,122 1,086,370
Deferred tax benefit (1,460,623) (29,689)
Change in fair value of
representative's warrants liability (1,833) (89,049)
Investment loss from equity method
investment 71,200 88,737
Gain from disposal of equity method
investment (195,391) -
Changes in operating assets and
liabilities:
Accounts receivable 6,372,895 (21,785,420)
Accounts receivable - related parties 309,809 -
Merchandise inventories (8,645,561) 4,774,980
Compensation receivable for
consumption tax 6,116,206 -
Prepaid expenses and other current
assets (2,342,968) (4,009,679)
(MORE TO FOLLOW) Dow Jones Newswires
December 22, 2023 06:00 ET (11:00 GMT)
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