2023 Q2 Form 10-K Financial Statement

#000121390023052460 Filed on June 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2023
Revenue $34.74M $23.77M $138.1M
YoY Change 3.89% -23.16% -3.69%
Cost Of Revenue $29.17M $21.32M $116.3M
YoY Change 8.78% -18.79% 0.22%
Gross Profit $5.568M $2.453M $21.79M
YoY Change -15.93% -47.65% -20.28%
Gross Profit Margin 16.03% 10.32% 15.78%
Selling, General & Admin $4.235M $4.283M $16.96M
YoY Change 3.13% -2.88% 0.7%
% of Gross Profit 76.06% 174.62% 77.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $608.8K $676.7K $2.431M
YoY Change -3.52% 6.16% 13.09%
% of Gross Profit 10.93% 27.59% 11.16%
Operating Expenses $4.476M $4.283M $17.37M
YoY Change 1.69% -2.88% 3.16%
Operating Profit $1.092M -$1.830M $4.415M
YoY Change -50.84% -765.8% -57.91%
Interest Expense $389.0K -$267.8K $768.1K
YoY Change 342.78% 264.78%
% of Operating Profit 35.62% 17.4%
Other Income/Expense, Net -$298.7K $181.5K -$331.1K
YoY Change -595.87% 41154.55% 641.11%
Pretax Income $793.1K -$1.917M $4.084M
YoY Change -65.23% -796.07% -60.9%
Income Tax $298.0K $67.70K $1.664M
% Of Pretax Income 37.57% 40.75%
Net Earnings $495.1K -$1.984M $2.420M
YoY Change -71.24% 1411.18% -69.45%
Net Earnings / Revenue 1.43% -8.35% 1.75%
Basic Earnings Per Share $0.04 $0.19
Diluted Earnings Per Share $0.04 -$0.15 $0.19
COMMON SHARES
Basic Shares Outstanding 12.29M shares 12.38M shares 12.64M shares
Diluted Shares Outstanding 12.29M shares 12.68M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.46M $17.80M $17.80M
YoY Change -20.65% -30.67% -30.67%
Cash & Equivalents $18.46M $17.80M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $6.098M $4.481M $4.481M
YoY Change -3.43% -0.83% -0.83%
Inventory $23.80M $32.66M $32.66M
Prepaid Expenses
Receivables $6.410M $2.241M $2.241M
Other Receivables $31.37K $104.3K $104.3K
Total Short-Term Assets $54.80M $57.28M $57.28M
YoY Change -21.31% -18.02% -18.02%
LONG-TERM ASSETS
Property, Plant & Equipment $23.26M $22.36M $23.33M
YoY Change 85.95% 104.48% 82.85%
Goodwill $499.3K $499.3K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.871M $2.605M $2.605M
YoY Change 42.88% 19.54% 19.54%
Total Long-Term Assets $27.57M $26.44M $26.44M
YoY Change 65.47% 71.23% 71.23%
TOTAL ASSETS
Total Short-Term Assets $54.80M $57.28M $57.28M
Total Long-Term Assets $27.57M $26.44M $26.44M
Total Assets $82.37M $83.72M $83.72M
YoY Change -4.56% -1.87% -1.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.571M $5.783M $5.783M
YoY Change -14.79% 19.47% 19.47%
Accrued Expenses $2.445M $2.931M $3.412M
YoY Change -24.91% -5.95% -11.49%
Deferred Revenue $928.4K
YoY Change
Short-Term Debt $3.117M $0.00 $0.00
YoY Change 175.86%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.34M $14.45M $14.45M
YoY Change -4.75% 2.2% 2.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $737.2K $1.039M $1.039M
YoY Change -56.86% -44.49% -44.49%
Total Long-Term Liabilities $737.2K $1.039M $1.039M
YoY Change -56.86% -44.49% -44.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.34M $14.45M $14.45M
Total Long-Term Liabilities $737.2K $1.039M $1.039M
Total Liabilities $14.07M $15.49M $15.49M
YoY Change -10.42% -3.26% -3.26%
SHAREHOLDERS EQUITY
Retained Earnings $46.17M
YoY Change
Common Stock $12.53K $12.53K
YoY Change 0.0% 1.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.169M $1.169M
YoY Change
Treasury Stock Shares
Shareholders Equity $68.26M $68.23M $68.23M
YoY Change
Total Liabilities & Shareholders Equity $82.37M $83.72M $83.72M
YoY Change -4.56% -1.87% -1.87%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $495.1K -$1.984M $2.420M
YoY Change -71.24% 1411.18% -69.45%
Depreciation, Depletion And Amortization $608.8K $676.7K $2.431M
YoY Change -3.52% 6.16% 13.09%
Cash From Operating Activities $24.77K $948.7K $10.81M
YoY Change -105.24% -116.91% 20.57%
INVESTING ACTIVITIES
Capital Expenditures $61.26K -$7.165M $722.8K
YoY Change -59.5% 1023.02% -124.46%
Acquisitions
YoY Change
Other Investing Activities -$1.711M -$9.568M -$13.05M
YoY Change -47.0% 883.18% 128.27%
Cash From Investing Activities -$1.773M -$2.403M -$13.78M
YoY Change -47.56% 49.14% 58.82%
FINANCING ACTIVITIES
Cash Dividend Paid $614.7K $2.484M
YoY Change -0.32% 4.96%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.503M -5.422M -$3.953M
YoY Change 1074.02% 776.73% -220.21%
NET CHANGE
Cash From Operating Activities $24.77K 948.7K $10.81M
Cash From Investing Activities -$1.773M -2.403M -$13.78M
Cash From Financing Activities $2.503M -5.422M -$3.953M
Net Change In Cash $659.6K -6.876M -$7.172M
YoY Change -117.55% -12.29% -300.39%
FREE CASH FLOW
Cash From Operating Activities $24.77K $948.7K $10.81M
Capital Expenditures $61.26K -$7.165M $722.8K
Free Cash Flow -$36.49K $8.114M $10.08M
YoY Change -94.15% -263.17% -15.39%

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IncreaseDecreaseInPrepaidSupplies
-1752091 usd
CY2023 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-198717 usd
CY2022 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
203928 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
942345 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3082614 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-185421 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
783087 usd
CY2023 jrsh Increase Decrease In Other Payables
IncreaseDecreaseInOtherPayables
-801574 usd
CY2022 jrsh Increase Decrease In Other Payables
IncreaseDecreaseInOtherPayables
823608 usd
CY2023 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
928393 usd
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-977584 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-759919 usd
CY2023 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
92226 usd
CY2022 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
971386 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10807134 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8963545 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
722770 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2955328 usd
CY2023 jrsh Payments For Construction Of Properties
PaymentsForConstructionOfProperties
5084044 usd
CY2022 jrsh Payments For Construction Of Properties
PaymentsForConstructionOfProperties
2098323 usd
CY2022 jrsh Acquisition Of Mk Garments
AcquisitionOfMKGarments
2700000 usd
CY2023 jrsh Acquisition Of Ever Winland
AcquisitionOfEverWinland
5100000 usd
CY2023 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2200000 usd
CY2022 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
500000 usd
CY2023 jrsh Payments To Acquire Long Term Deposits
PaymentsToAcquireLongTermDeposits
668337 usd
CY2022 jrsh Payments To Acquire Long Term Deposits
PaymentsToAcquireLongTermDeposits
419597 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13775151 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8673248 usd
CY2023 us-gaap Payments Of Dividends
PaymentsOfDividends
2484127 usd
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
2366796 usd
CY2023 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
1169046 usd
CY2023 us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
7197995 usd
CY2022 us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
612703 usd
CY2023 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
300166 usd
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1763 usd
CY2023 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
7197995 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6270000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3953339 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3288738 usd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-250529 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
143990 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7171885 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3723025 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26583488 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22860463 usd
CY2023Q1 jrsh Cash And Restricted Cash End Of Year
CashAndRestrictedCashEndOfYear
19411603 usd
CY2022Q1 jrsh Cash And Restricted Cash End Of Year
CashAndRestrictedCashEndOfYear
26583488 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19411603 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26583488 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1609989 usd
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1407368 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17801614 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25176120 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
481502 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
768131 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
210576 usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
1747635 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
1762254 usd
CY2023 jrsh Equipment Obtained By Utilizing Longterm Deposit
EquipmentObtainedByUtilizingLongtermDeposit
237412 usd
CY2022 jrsh Equipment Obtained By Utilizing Longterm Deposit
EquipmentObtainedByUtilizingLongtermDeposit
321862 usd
CY2023 jrsh Noncash Or Part Noncash Acquisition Of Kawbab Venus By Utilizing Longterm Deposit
NoncashOrPartNoncashAcquisitionOfKawbabVenusByUtilizingLongtermDeposit
500000 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
190654 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1022172 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.</p>
CY2023 jrsh Income Tax Description
IncomeTaxDescription
In accordance with Development Zone law, Jerash Garments and its subsidiaries were subject to corporate income tax in Jordan at a rate of 16% plus a 1% social contribution between January 1, 2021 and December 31, 2021. The income tax rate increased to 18% or 20% plus a 1% social contribution starting from January 1, 2022. Effective January 1, 2023, the income tax rate increased to 19% or 20%, plus a 1% social contribution.
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.16 pure
CY2023Q1 jrsh Income Tax Realized Percentage
IncomeTaxRealizedPercentage
0.50 pure
CY2023Q1 jrsh Goodwill1
Goodwill1
499282 usd
CY2022Q1 jrsh Goodwill1
Goodwill1
499282 usd
CY2023Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
928393 afn
CY2023Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
928393 usd
CY2023Q1 us-gaap Customer Advances And Deposits
CustomerAdvancesAndDeposits
928393 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentrations and Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Credit risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of March 31, 2023 and 2022, respectively, $7,264,247 and $12,735,486 of the Company’s cash was on deposit at financial institutions in Jordan, where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. As of March 31, 2023 and 2022, respectively, $172,939 and $351,255 of the Company’s cash was on deposit at financial institutions in China. Cash maintained in banks within China of less than CNY0.5 million (equivalent to $72,815) per bank are covered by “deposit insurance regulation” promulgated by the State Council of the People’s Republic of China. As of March 31, 2023 and 2022, respectively, $11,700,512 and $13,311,340 of the Company’s cash was on deposit at financial institutions in Hong Kong, which are insured by the Hong Kong Deposit Protection Board subject to certain limitations. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. As of March 31, 2023 and 2022, respectively, $171,496 and $37,342 of the Company’s cash was on deposit in the United States and are insured by the Federal Deposit Insurance Corporation up to $250,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are typically unsecured and derived from revenue earned from customers, and therefore are exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Customer and vendor concentration risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s sales are made primarily in the United States. Its operating results could be adversely affected by U.S. government policies on importing business, foreign exchange rate fluctuations, and changes in local market conditions. The Company has a concentration of its revenue and purchases with specific customers and suppliers. For the fiscal year ended March 31, 2023 and 2022, two customers accounted for 60% and 17%, and 67% and 24% of the Company’s total revenue, respectively. As of March 31, 2023, four end-customer accounts for 50%, 13%, 10%, and 10%, respectively, of the Company’s total accounts receivable balance. As of March 31, 2022, one end-customer accounted for 89% of the Company’s total accounts receivable balance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended March 31, 2023, the Company purchased approximately 11% of its garments from one major supplier. For the fiscal year ended March 31, 2022, the Company purchased approximately 20% and 11% of its garments from two major suppliers, respectively. As of March 31, 2023, accounts payable to the Company’s one major supplier accounted for 36% of the total accounts payable balance. As of March 31, 2022, accounts payable to the Company’s three major suppliers accounted for 11%, 11%, and 10% of the total accounts payable balance, respectively.</p>
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2462120 usd
CY2022Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
11270652 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
221583 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
221583 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
2240537 usd
CY2022Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
11049069 usd
CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15240198 usd
CY2022Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
17714578 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
2932519 usd
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
2010417 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
14484116 usd
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8530184 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
32656833 usd
CY2022Q1 us-gaap Inventory Net
InventoryNet
28255179 usd
CY2023 jrsh Inventory Based Orders Received Percentage
InventoryBasedOrdersReceivedPercentage
0.934 pure
CY2022 jrsh Inventory Based Orders Received Percentage
InventoryBasedOrdersReceivedPercentage
0.90 pure
CY2023 jrsh Inventories Held On Hand Unfulfilled Sales Orders Percentage
InventoriesHeldOnHandUnfulfilledSalesOrdersPercentage
0.066 pure
CY2022 jrsh Inventories Held On Hand Unfulfilled Sales Orders Percentage
InventoriesHeldOnHandUnfulfilledSalesOrdersPercentage
0.10 pure
CY2023Q1 jrsh Advances On Inventory Purchases Gross
AdvancesOnInventoryPurchasesGross
1533091 usd
CY2022Q1 jrsh Advances On Inventory Purchases Gross
AdvancesOnInventoryPurchasesGross
1284601 usd
CY2023Q1 jrsh Advanceson Inventory Purchase
AdvancesonInventoryPurchase
1533091 usd
CY2022Q1 jrsh Advanceson Inventory Purchase
AdvancesonInventoryPurchase
1284601 usd
CY2023 jrsh Number Of Operating Leases
NumberOfOperatingLeases
48 pure
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
974761 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
287247 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
768749 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061 pure
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
2696593 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
2542431 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
707818 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
227337 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
91825 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1026980 usd
CY2023Q1 jrsh Less Imputed Interest
LessImputedInterest
52219 usd
CY2023Q1 jrsh Lessee Operating Lease Liability Prepayments
LesseeOperatingLeaseLiabilityPrepayments
206012 usd
CY2023Q1 jrsh Leases Operating Present Valu Lease Liability
LeasesOperatingPresentValuLeaseLiability
768749 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
29315676 usd
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20555494 usd
CY2023Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
14142469 usd
CY2022Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
11720670 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22355574 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10933147 usd
CY2023 jrsh Estimated Construction Cost Description
EstimatedConstructionCostDescription
Through March 31, 2023, the Company had paid approximately JOD 803,000 (approximately $1,133,000) and the entire balance was recorded as construction in progress. The estimated construction cost is revised to approximately JOD 870,000 (approximately $1.2 million). The project is expected to be completed and ready to use in fiscal 2024.
CY2023Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
803000 jod
CY2023Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
1133000 usd
CY2023Q1 us-gaap Construction Contract Cost Progress Payment Offset
ConstructionContractCostProgressPaymentOffset
870000 jod
CY2023Q1 us-gaap Construction Contract Cost Progress Payment Offset
ConstructionContractCostProgressPaymentOffset
1200000 usd
CY2022Q2 us-gaap Area Of Land
AreaOfLand
4516 sqm
CY2022Q2 us-gaap Area Of Land
AreaOfLand
48608 sqft
CY2022Q2 us-gaap Contributions In Aid Of Construction
ContributionsInAidOfConstruction
8800000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4300000 jod
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6100000 usd
CY2022Q3 us-gaap Contributions In Aid Of Construction
ContributionsInAidOfConstruction
39600000 hkd
CY2022Q3 us-gaap Acquisition Costs
AcquisitionCosts
5100000 usd
CY2023 us-gaap Depreciation
Depreciation
2430692 usd
CY2022 us-gaap Depreciation
Depreciation
2149419 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12294840 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12334318 shares
CY2022Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
239478 shares
CY2022Q2 jrsh Total Consideration Amount
TotalConsiderationAmount
1169046 usd
CY2023 jrsh Statutory Reserve Description
StatutoryReserveDescription
Appropriations to the statutory reserve are required to be 10% of net income until the reserve is equal to 100% of the entity’s share capital. This reserve is not available for dividend distribution. In addition, PRC companies are required to set aside at least 10% of their after-tax net profits each year, if any, to fund the statutory reserves until the balance of the reserves reaches 50% of their registered capital.
CY2023Q1 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2022Q4 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2022Q3 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2022Q2 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
618886 usd
CY2022Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
621809 usd
CY2022Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
626716 usd
CY2022Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
616716 usd
CY2022Q1 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2021Q4 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2021Q3 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2021Q2 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
616715 usd
CY2021Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
616716 usd
CY2021Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
566716 usd
CY2021Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
566649 usd
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
137210 shares
CY2023Q1 jrsh Class Of Warrant Or Rights Outstanding
ClassOfWarrantOrRightsOutstanding
57200 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.75
CY2023 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2023-05-14
CY2018Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1484250 shares
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
42650 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
989500 shares
CY2018Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.026 pure
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.503 pure
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
150000 shares
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.12
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0295 pure
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.503 pure
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
50000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.5
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177 pure
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4859 pure
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P1Y
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CY2023Q1 us-gaap Accrued Income Taxes
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CY2023 jrsh Number Of Customer Participated In Financing Program
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CY2023 us-gaap Payments For Fees
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PaymentsForFees
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CY2023 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2023 jrsh Net Income Attributable To Jerash Holdings Us Incs Common Stockholdersin Dollars
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2420000 usd
CY2022 jrsh Net Income Attributable To Jerash Holdings Us Incs Common Stockholdersin Dollars
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7920000 usd
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75938 shares
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11897717 shares
CY2023 us-gaap Earnings Per Share Basic
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0.19
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0.67
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0.941 pure
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0.934 pure
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CY2022 jrsh Concentration Risk Net Asset Amount Geographic Area
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CY2020Q4 us-gaap Capital Units
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CY2023Q1 us-gaap Capital Units
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CY2023Q1 jrsh Capital Contribution
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10000000 hkd
CY2023 us-gaap Income Tax Holiday Description
IncomeTaxHolidayDescription
Jerash Garments, Jerash Embroidery, Chinese Garments, Paramount, Jerash the First, MK Garments, and Kawkab Venus are subject to the regulations of the Income Tax Department in Jordan. In accordance with the Investment Encouragement Law, Jerash Garments’ export sales to overseas customers were entitled to a 100% income tax exemption for a period of 10 years commencing on the first day of production. This exemption had been extended for five years until December 31, 2018. Effective January 1, 2019, the Jordanian government reclassified the area where Jerash Garments and its subsidiaries are to a Development Zone. In accordance with the Development Zone law, Jerash Garments and its subsidiaries were subject to income tax at income tax rate 16% plus a 1% social contribution between January 1, 2021 and December 31, 2021. The income tax rate increased to 18% or 20% plus a 1% social contribution starting from January 1, 2022. Effective January 1, 2023, the income tax rate increased to 19% or 20%, plus a 1% social contribution.
CY2023Q1 us-gaap Accrued Income Taxes Current
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2846201 usd
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-1761439 usd
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-2508655 usd
CY2023 jrsh Income Loss From Continuing Operation Before Income Taxes Foreign
IncomeLossFromContinuingOperationBeforeIncomeTaxesForeign
5845172 usd
CY2022 jrsh Income Loss From Continuing Operation Before Income Taxes Foreign
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12952530 usd
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CY2022 jrsh Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investment
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CY2022 jrsh Current Federal Tax Expens Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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750 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
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700 usd
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DeferredIncomeTaxExpenseBenefit
198717 usd
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CY2023 us-gaap Other Income Tax Expense Benefit Continuing Operations
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OtherIncomeTaxExpenseBenefitContinuingOperations
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0.407 pure
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
593 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
85589 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
431 usd
CY2022 us-gaap Dividend Income Securities Operating Taxable
DividendIncomeSecuritiesOperatingTaxable
474 usd
CY2023 jrsh Income Tax Reconciliation Global Intangible Low Taxed Income
IncomeTaxReconciliationGlobalIntangibleLowTaxedIncome
846116 usd
CY2022 jrsh Income Tax Reconciliation Global Intangible Low Taxed Income
IncomeTaxReconciliationGlobalIntangibleLowTaxedIncome
1783313 usd
CY2023 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
558642 usd
CY2022 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
1455812 usd
CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
237688 usd
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
159053 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-151246 usd
CY2023 jrsh Income Tax Reconciliation Provision To Return Adjustments
IncomeTaxReconciliationProvisionToReturnAdjustments
195714 usd
CY2022 jrsh Income Tax Reconciliation Provision To Return Adjustments
IncomeTaxReconciliationProvisionToReturnAdjustments
-5082 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1664110 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2524275 usd
CY2023Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
154227 usd
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
352590 usd
CY2023Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
354 usd
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
153873 usd
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
352590 usd
CY2023Q1 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfForeignSubsidiaries
18000000 usd
CY2023 us-gaap Deferred Tax Liability Not Recognized Description Of Temporary Difference Policyholders Surplus
DeferredTaxLiabilityNotRecognizedDescriptionOfTemporaryDifferencePolicyholdersSurplus
The reversal of this temporary difference would occur upon the sale or liquidation of the Company’s foreign subsidiaries, and the estimated impact of the reversal of this temporary difference is approximately $3.8 million.
CY2023Q1 us-gaap Proceeds From Lines Of Credit
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10000000 usd
CY2023Q1 us-gaap Lines Of Credit Current
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CY2022Q1 us-gaap Deferred Revenue Current
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CY2023Q1 jrsh Amount Due To A Related Party
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CY2023Q1 us-gaap Commitments And Contingencies
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CY2022Q1 us-gaap Commitments And Contingencies
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CY2023Q1 us-gaap Preferred Stock Value
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CY2022Q1 us-gaap Preferred Stock Value
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CY2023Q1 us-gaap Preferred Stock Shares Issued
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CY2022Q1 us-gaap Preferred Stock Shares Issued
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CY2023Q1 us-gaap Preferred Stock Shares Outstanding
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CY2022Q1 us-gaap Preferred Stock Shares Outstanding
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CY2022Q1 us-gaap Treasury Stock Value
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CY2022Q1 us-gaap Treasury Stock Common Shares
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CY2022 jrsh Cashless Exercise Of Warrants
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CY2022 jrsh Statutory Reserve
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CY2023 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2023 jrsh Statutory Reserve
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CY2023 jrsh Bad Debt Expense
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CY2022 us-gaap Increase Decrease In Other Receivables
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CY2022 us-gaap Increase Decrease In Deferred Revenue
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CY2023 jrsh Acquisition Of Mk Garments
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CY2022 jrsh Acquisition Of Ever Winland
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CY2022 us-gaap Payments For Repurchase Of Equity
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CY2022 us-gaap Proceeds From Other Short Term Debt
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CY2022Q1 us-gaap Customer Advances And Deposits
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CY2022Q1 us-gaap Inventory Valuation Reserves
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CY2023Q1 jrsh Allowance For Doubtful Accounts Receivable From Suppliers
AllowanceForDoubtfulAccountsReceivableFromSuppliers
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CY2022Q1 jrsh Allowance For Doubtful Accounts Receivable From Suppliers
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q1 us-gaap Preferred Stock Value
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CY2023Q1 jrsh Due To Employees
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CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2022 us-gaap Earnings Per Share Diluted
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CY2023 jrsh Current Federal Tax Expens Benefit
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CY2023 us-gaap Dividend Income Securities Operating Taxable
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CY2022Q1 us-gaap Deferred Income Tax Liabilities
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CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023 dei Amendment Flag
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false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001696558

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