$JRSH
Jerash Holdings (US), Inc.

2023 Q3 Form 10-Q Financial Statement

#000121390023065596 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $33.36M $34.74M $33.44M
YoY Change -11.81% 3.89% 11.87%
Cost Of Revenue $27.99M $29.17M $26.81M
YoY Change -9.46% 8.78% 10.54%
Gross Profit $5.372M $5.568M $6.622M
YoY Change -22.34% -15.93% 17.61%
Gross Profit Margin 16.1% 16.03% 19.81%
Selling, General & Admin $4.241M $4.235M $4.107M
YoY Change -1.57% 3.13% 23.91%
% of Gross Profit 78.94% 76.06% 62.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $615.5K $608.8K $631.0K
YoY Change 11.12% -3.52% 55.98%
% of Gross Profit 11.46% 10.93% 9.53%
Operating Expenses $4.484M $4.476M $4.401M
YoY Change 4.08% 1.69% 32.78%
Operating Profit $888.0K $1.092M $2.221M
YoY Change -65.97% -50.84% -4.11%
Interest Expense $359.2K $389.0K $87.84K
YoY Change 119.59% 342.78%
% of Operating Profit 40.45% 35.62% 3.96%
Other Income/Expense, Net -$166.7K -$298.7K $60.24K
YoY Change 57.59% -595.87% 66.04%
Pretax Income $721.3K $793.1K $2.281M
YoY Change -71.19% -65.23% -3.03%
Income Tax $352.3K $298.0K $559.9K
% Of Pretax Income 48.85% 37.57% 24.54%
Net Earnings $365.6K $495.1K $1.721M
YoY Change -79.59% -71.24% -11.03%
Net Earnings / Revenue 1.1% 1.43% 5.15%
Basic Earnings Per Share $0.03 $0.04 $0.14
Diluted Earnings Per Share $0.03 $0.04 $0.14
COMMON SHARES
Basic Shares Outstanding 12.29M shares 12.29M shares 12.34M shares
Diluted Shares Outstanding 12.29M shares 12.29M shares 12.50M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.20M $18.46M $23.26M
YoY Change -7.88% -20.65% 166.21%
Cash & Equivalents $21.20M $18.46M $21.50M
Short-Term Investments $1.767M
Other Short-Term Assets $5.580M $6.098M $6.315M
YoY Change 7.97% -3.43% 146.02%
Inventory $18.71M $23.80M $28.97M
Prepaid Expenses
Receivables $5.202M $6.410M $11.08M
Other Receivables $0.00 $31.37K $7.440K
Total Short-Term Assets $50.69M $54.80M $69.64M
YoY Change -26.17% -21.31% 11.28%
LONG-TERM ASSETS
Property, Plant & Equipment $24.68M $23.26M $12.51M
YoY Change 18.58% 85.95% 59.62%
Goodwill $499.3K $499.3K $499.3K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.510M $2.871M $2.009M
YoY Change 19.93% 42.88% 84.72%
Total Long-Term Assets $28.41M $27.57M $16.66M
YoY Change 14.97% 65.47% 86.7%
TOTAL ASSETS
Total Short-Term Assets $50.69M $54.80M $69.64M
Total Long-Term Assets $28.41M $27.57M $16.66M
Total Assets $79.11M $82.37M $86.30M
YoY Change -15.28% -4.56% 20.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.252M $3.571M $4.191M
YoY Change -59.65% -14.79% -23.23%
Accrued Expenses $2.679M $2.445M $3.256M
YoY Change -29.4% -24.91% 1.35%
Deferred Revenue
YoY Change
Short-Term Debt $3.117M $1.130M
YoY Change 175.86%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.21M $13.34M $14.00M
YoY Change -51.69% -4.75% 24.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $660.0K $737.2K $1.709M
YoY Change -47.04% -56.86% -20.51%
Total Long-Term Liabilities $660.0K $737.2K $1.709M
YoY Change -47.04% -56.86% -20.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.21M $13.34M $14.00M
Total Long-Term Liabilities $660.0K $737.2K $1.709M
Total Liabilities $10.88M $14.07M $15.71M
YoY Change -51.42% -10.42% 15.01%
SHAREHOLDERS EQUITY
Retained Earnings $45.80M
YoY Change
Common Stock $12.53K $12.53K $12.53K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.169M $1.169M
YoY Change 113.44%
Treasury Stock Shares
Shareholders Equity $68.20M $68.26M $70.59M
YoY Change
Total Liabilities & Shareholders Equity $79.11M $82.37M $86.30M
YoY Change -15.28% -4.56% 20.69%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $365.6K $495.1K $1.721M
YoY Change -79.59% -71.24% -11.03%
Depreciation, Depletion And Amortization $615.5K $608.8K $631.0K
YoY Change 11.12% -3.52% 55.98%
Cash From Operating Activities $8.160M $24.77K -$472.7K
YoY Change -19.29% -105.24% -95.87%
INVESTING ACTIVITIES
Capital Expenditures $580.0K $61.26K $151.3K
YoY Change -107.7% -59.5% -75.86%
Acquisitions
YoY Change
Other Investing Activities -$1.110M -$1.711M -$3.229M
YoY Change -342.26% -47.0% 181.84%
Cash From Investing Activities -$1.690M -$1.773M -$3.381M
YoY Change -76.1% -47.56% 90.73%
FINANCING ACTIVITIES
Cash Dividend Paid $614.7K $616.7K
YoY Change -0.32% 8.84%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.700M $2.503M $213.2K
YoY Change 208.76% 1074.02% -118.07%
NET CHANGE
Cash From Operating Activities 8.160M $24.77K -$472.7K
Cash From Investing Activities -1.690M -$1.773M -$3.381M
Cash From Financing Activities -3.700M $2.503M $213.2K
Net Change In Cash 2.770M $659.6K -$3.758M
YoY Change 50.38% -117.55% -73.77%
FREE CASH FLOW
Cash From Operating Activities $8.160M $24.77K -$472.7K
Capital Expenditures $580.0K $61.26K $151.3K
Free Cash Flow $7.580M -$36.49K -$624.0K
YoY Change -57.03% -94.15% -94.84%

Facts In Submission

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Jerash Holdings (US), Inc.
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CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
240802 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
294822 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
205112 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
238758 usd
CY2023Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4169920 usd
CY2022Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
30644 usd
CY2023Q2 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-87573 usd
CY2023Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-8856426 usd
CY2022Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
717470 usd
CY2023Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-62161 usd
CY2022Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-369709 usd
CY2023Q2 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
1679610 usd
CY2022Q2 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
2166500 usd
CY2023Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2211568 usd
CY2022Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-649556 usd
CY2023Q2 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-485721 usd
CY2022Q2 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
139879 usd
CY2023Q2 jrsh Increase Decrease In Other Payables
IncreaseDecreaseInOtherPayables
-203553 usd
CY2022Q2 jrsh Increase Decrease In Other Payables
IncreaseDecreaseInOtherPayables
-620436 usd
CY2023Q2 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-303261 usd
CY2022Q2 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
137982 usd
CY2023Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-206702 usd
CY2022Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-207923 usd
CY2023Q2 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-1270858 usd
CY2022Q2 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
386262 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24772 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-472736 usd
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
61258 usd
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
151263 usd
CY2023Q2 jrsh Payments For Construction Of Properties
PaymentsForConstructionOfProperties
1434965 usd
CY2022Q2 jrsh Payments For Construction Of Properties
PaymentsForConstructionOfProperties
1810075 usd
CY2022Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1267407 usd
CY2023Q2 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
276498 usd
CY2022Q2 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
151967 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1772721 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3380712 usd
CY2023Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
614742 usd
CY2022Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
616716 usd
CY2022Q2 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
300166 usd
CY2023Q2 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
3117337 usd
CY2022Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1130046 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2502595 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
213164 usd
CY2023Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-95016 usd
CY2022Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-117852 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
659630 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3758136 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20071233 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22825352 usd
CY2023Q2 jrsh Cash And Restricted Cash End Of Year
CashAndRestrictedCashEndOfYear
20071233 usd
CY2022Q2 jrsh Cash And Restricted Cash End Of Year
CashAndRestrictedCashEndOfYear
22825352 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1611294 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1328033 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18459939 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21497319 usd
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
388951 usd
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
87842 usd
CY2023Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
1585961 usd
CY2022Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
531493 usd
CY2023Q2 jrsh Equipment Obtained By Utilizing Longterm Deposit
EquipmentObtainedByUtilizingLongtermDeposit
25464 usd
CY2022Q2 jrsh Equipment Obtained By Utilizing Longterm Deposit
EquipmentObtainedByUtilizingLongtermDeposit
244667 usd
CY2023Q2 jrsh Investment Of Noncontrolling Interest
InvestmentOfNoncontrollingInterest
31365 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
177068 usd
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
68932 usd
CY2023Q1 jrsh Declared Capital
DeclaredCapital
500000 hkd
CY2023Q1 jrsh Declared Capital
DeclaredCapital
64000 usd
CY2023Q2 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
625132 usd
CY2023Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
928393 usd
CY2023Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
625132 usd
CY2023Q2 us-gaap Minority Interest
MinorityInterest
29954 usd
CY2023Q2 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 unaudited condensed 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>
CY2023Q2 jrsh Goodwill1
Goodwill1
499282 usd
CY2023Q1 jrsh Goodwill1
Goodwill1
499282 usd
CY2023Q2 us-gaap Customer Advances Current
CustomerAdvancesCurrent
625132 usd
CY2023Q1 us-gaap Customer Advances And Deposits
CustomerAdvancesAndDeposits
928393 usd
CY2023Q2 us-gaap Customer Deposits Current
CustomerDepositsCurrent
573078 usd
CY2023Q2 jrsh Customer Settlements
customerSettlements
52054 usd
CY2023Q2 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 18% or 20% plus a 1% social contribution starting from January 1, 2022 to December 31, 2022. Effective January 1, 2023, the income tax rate increased to 19% or 20%, plus a 1% social contribution.
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.16 pure
CY2023Q2 jrsh Income Tax Realized Percentage
IncomeTaxRealizedPercentage
0.50 pure
CY2023Q2 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
52 pure
CY2023Q2 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"><span style="font-family: Times New Roman, Times, Serif">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of June 30, 2023 and March 31, 2023, respectively, $6,691,412 and $7,264,247 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 June 30, 2023 and March 31, 2023, $532,107 and $172,939 of the Company’s cash was on deposit at financial institutions in China, respectively. Cash maintained in banks within China of less than CNY 0.5 million (equivalent to $68,926) per bank are covered by “deposit insurance regulation” promulgated by the State Council of the People’s Republic of China. As of June 30, 2023 and March 31, 2023, $12,617,667 and $11,700,512 of the Company’s cash was on deposit at financial institutions in Hong Kong, respectively, 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 creditworthiness. As of June 30, 2023 and March 31, 2023, $142,185 and $171,496 of the Company’s cash was on deposit in the United States, respectively, and are insured by the Federal Deposit Insurance Corporation up to $250,000.</span></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; text-align: justify">Advance to suppliers are typically unsecured and derived from deposit placed to suppliers to secure the quantity of raw materials and garments for production. The Company is exposed to credit risk in that the supplier will not deliver the required quantity to the Company. The risk is mitigated by the Company’s assessment of its production requirement and its suppliers’ creditworthiness and its ongoing monitoring of outstanding balances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 301.5pt 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 three months ended June 30, 2023, two customers accounted for 66% and 21% of the Company’s total revenue, respectively. For the three months ended June 30, 2022, two customers accounted for 66% and 23% of the Company’s total revenue, respectively. As of June 30, 2023, three customers accounted of 33%, 28%, and 17% of the Company’s total accounts receivable balance, respectively. As of March 31, 2023, four customer accounts for 50%, 13%, 10%, and 10% of the Company’s total accounts receivable balance, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended June 30, 2023, the Company purchased approximately 23%, 16%, and 10% of its garments and raw materials from three major suppliers, respectively. For the three months ended June 30, 2022, the Company purchased approximately 11% of its garments from one major supplier. As of June 30, 2023, accounts payable to the Company’s three major suppliers accounted for 22%, 17%, and 10% of the total accounts payable balance, respectively. As of March 31, 2023, accounts payable to the Company’s one major supplier accounted for 36% of the total accounts payable balance.</p>
CY2023Q1 jrsh Total Accounts Payable Balance Percentage
TotalAccountsPayableBalancePercentage
0.36 pure
CY2023Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Reclassification</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no effect on net income or cash flow as previously reported. </p>
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
6632040 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2462120 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
221583 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
221583 usd
CY2023Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
6410457 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
2240537 usd
CY2023Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
3103522 usd
CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15240198 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
2469707 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
2932519 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
18227178 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
14484116 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
23800407 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
32656833 usd
CY2023Q2 jrsh Inventory Based Orders Received Percentage
InventoryBasedOrdersReceivedPercentage
0.937 pure
CY2023 jrsh Inventory Based Orders Received Percentage
InventoryBasedOrdersReceivedPercentage
0.934 pure
CY2023Q2 jrsh Inventories Held On Hand Unfulfilled Sales Orders Percentage
InventoriesHeldOnHandUnfulfilledSalesOrdersPercentage
0.063 pure
CY2023 jrsh Inventories Held On Hand Unfulfilled Sales Orders Percentage
InventoriesHeldOnHandUnfulfilledSalesOrdersPercentage
0.066 pure
CY2023Q2 jrsh Advances On Inventory Purchases Gross
AdvancesOnInventoryPurchasesGross
3212701 usd
CY2023Q1 jrsh Advances On Inventory Purchases Gross
AdvancesOnInventoryPurchasesGross
1533091 usd
CY2023Q2 jrsh Advanceson Inventory Purchase
AdvancesonInventoryPurchase
3212701 usd
CY2023Q1 jrsh Advanceson Inventory Purchase
AdvancesonInventoryPurchase
1533091 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
940800 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
974761 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
413412 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
481502 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
319786 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
287247 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
733198 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
768749 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061 pure
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061 pure
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
650774 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
639719 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
544239 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
289711 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
154723 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
5395 usd
CY2023Q2 jrsh Operating Lease Liability Payments Due
OperatingLeaseLiabilityPaymentsDue
994068 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
53268 usd
CY2023Q2 jrsh Lessee Operating Lease Liability Prepayments
LesseeOperatingLeaseLiabilityPrepayments
-207602 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
733198 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
29376512 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
29315676 usd
CY2023Q2 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
8617332 usd
CY2023 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
7182367 usd
CY2023Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
14738487 usd
CY2023Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
14142469 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23255357 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22355574 usd
CY2023Q2 jrsh Estimated Construction Cost Description
EstimatedConstructionCostDescription
Through June 30, 2023, the Company had paid approximately JOD 874,000 (approximately $1,233,000) and the entire balance was recorded as construction in progress. The project is completed and start to use in July 2023.
CY2023Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
874000 jod
CY2023Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
1233000 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
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5200000 jod
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7400000 usd
CY2022Q3 us-gaap Contributions In Aid Of Construction
ContributionsInAidOfConstruction
39600000 hkd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5100000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
608776 usd
CY2022Q2 us-gaap Depreciation
Depreciation
630999 usd
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12294840 shares
CY2023Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
239478 shares
CY2023Q2 jrsh Total Consideration Amount
TotalConsiderationAmount
1169046 usd
CY2023Q2 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.
CY2023Q2 jrsh Common Stock Dividend Per Share
CommonStockDividendPerShare
0.05
CY2023Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
614742 usd
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
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
137210 shares
CY2018Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1484250 shares
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1029150 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
986500 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
150000 shares
CY2022Q2 jrsh Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Option
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOption
200000 usd
CY2023Q1 us-gaap Employee Stock Ownership Plan Esop Fair Value Of Shares Subject To Repurchase Obligation
EmployeeStockOwnershipPlanESOPFairValueOfSharesSubjectToRepurchaseObligation
1937695 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
1574473 usd
CY2023Q2 jrsh Sharebased Compensation Arrangement By Sharebased Payment Award Rs Us Remained
SharebasedCompensationArrangementBySharebasedPaymentAwardRSUsRemained
405100 shares
CY2023Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
240802 usd
CY2022Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
294822 usd
CY2022Q1 jrsh Due To Employees
DueToEmployees
300166 usd
CY2023Q2 us-gaap Payments For Fees
PaymentsForFees
356247 usd
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
87114 usd
CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3117337 usd
CY2023Q2 jrsh Document Received
DocumentReceived
10000000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
2880 usd
CY2023Q2 us-gaap Other Minority Interests
OtherMinorityInterests
29954 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
496526 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
1721382 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12294840 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12336516 shares
CY2022Q2 jrsh Dilutive Securities Unexercised Warrants And Options
DilutiveSecuritiesUnexercisedWarrantsAndOptions
165862 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
12294840 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
12502378 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2023Q2 jrsh Total Revenue Percentage
TotalRevenuePercentage
0.942 pure
CY2022Q2 jrsh Total Revenue Percentage
TotalRevenuePercentage
0.934 pure
CY2023Q2 us-gaap Revenues
Revenues
34735657 usd
CY2022Q2 us-gaap Revenues
Revenues
33436561 usd
CY2019Q3 us-gaap Capital Units
CapitalUnits
3000000 hkd
CY2019Q3 us-gaap Capital Units
CapitalUnits
385000 usd
CY2020Q4 us-gaap Capital Units
CapitalUnits
15000000 hkd
CY2020Q4 us-gaap Capital Units
CapitalUnits
1900000 usd
CY2023Q2 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
15000000 hkd
CY2023Q2 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
1900000 usd
CY2023Q2 us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
10000000 hkd
CY2023Q2 us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
1300000 usd
CY2023Q2 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 of 18% or 20% plus a 1% social contribution from January 1, 2022 to December 31, 2022. Effective from January 1, 2023, the income tax rate raised to 19% or 20% plus 1% social contribution.
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings
0.376 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
usd
CY2023Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
usd
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q1 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q1 us-gaap Minority Interest
MinorityInterest
usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
CY2022Q2 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
usd
CY2023Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
CY2023Q2 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
CY2022Q2 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
usd
CY2023Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
CY2022Q2 jrsh Investment Of Noncontrolling Interest
InvestmentOfNoncontrollingInterest
usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
usd
CY2023Q2 jrsh Allowance For Doubtful Accounts Receivable From Suppliers
AllowanceForDoubtfulAccountsReceivableFromSuppliers
usd
CY2023Q1 jrsh Allowance For Doubtful Accounts Receivable From Suppliers
AllowanceForDoubtfulAccountsReceivableFromSuppliers
usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
usd
CY2023Q2 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P1Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P2Y
CY2023Q2 jrsh Due To Employees
DueToEmployees
usd
CY2023Q1 jrsh Due To Employees
DueToEmployees
usd
CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
usd
CY2023Q2 jrsh Dilutive Securities Unexercised Warrants And Options
DilutiveSecuritiesUnexercisedWarrantsAndOptions
shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2023Q2 dei Amendment Flag
AmendmentFlag
false
CY2023Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2023Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001696558

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