$JRSS
JRSIS HEALTH CARE Corp

2016 Q2 Form 10-Q Financial Statement

#000114420416102112 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q4
Revenue $4.290M $4.409M $3.810M
YoY Change 58.23% 81.6% 145.81%
Cost Of Revenue $1.110M $1.106M $1.010M
YoY Change 42.55% 55.84% 129.55%
Gross Profit $3.190M $3.302M $2.800M
YoY Change 65.07% 92.24% 152.25%
Gross Profit Margin 74.36% 74.91% 73.49%
Selling, General & Admin $840.0K $730.0K $630.0K
YoY Change 52.73% 82.5% 50.0%
% of Gross Profit 26.33% 22.1% 22.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $260.0K $240.3K $240.0K
YoY Change 23.81% 23.96% 242.86%
% of Gross Profit 8.15% 7.28% 8.57%
Operating Expenses $1.680M $1.600M $1.420M
YoY Change 52.73% 64.95% 125.4%
Operating Profit $1.510M $1.360M $1.380M
YoY Change 81.38% 196.01% 187.5%
Interest Expense -$350.0K $343.8K -$340.0K
YoY Change 16.67% 18.9% -2.86%
% of Operating Profit -23.18% 25.28% -24.64%
Other Income/Expense, Net $0.00 $1.269K $0.00
YoY Change -87.31% -100.0%
Pretax Income $1.150M $1.361M $1.040M
YoY Change 116.98% 188.42% 642.86%
Income Tax $0.00 $864.00 $0.00
% Of Pretax Income 0.0% 0.06% 0.0%
Net Earnings $790.0K $940.3K $710.0K
YoY Change 119.44% 190.18% 787.5%
Net Earnings / Revenue 18.41% 21.33% 18.64%
Basic Earnings Per Share
Diluted Earnings Per Share $47.31K $56.29K $42.54K
COMMON SHARES
Basic Shares Outstanding 13.92M shares 13.92M shares 13.92M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $850.0K $410.0K $350.0K
YoY Change 70.0% -14.58% -66.67%
Cash & Equivalents $854.5K $414.0K $352.2K
Short-Term Investments
Other Short-Term Assets $1.290M $1.390M $260.0K
YoY Change 214.63% 25.23% -66.67%
Inventory $610.0K $560.0K $499.1K
Prepaid Expenses $201.5K
Receivables $2.320M $2.560M $2.009M
Other Receivables $1.060M $1.170M $2.125K
Total Short-Term Assets $6.130M $6.090M $4.208M
YoY Change 112.12% 100.95% 47.1%
LONG-TERM ASSETS
Property, Plant & Equipment $23.14M $22.42M $22.45M
YoY Change 0.67% 6.07% 10.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.090M $1.070M $1.080M
YoY Change 15.96% 35.44% 58.82%
Total Long-Term Assets $24.24M $23.50M $23.53M
YoY Change 1.33% 7.19% 11.99%
TOTAL ASSETS
Total Short-Term Assets $6.130M $6.090M $4.208M
Total Long-Term Assets $24.24M $23.50M $23.53M
Total Assets $30.37M $29.59M $27.74M
YoY Change 13.27% 18.58% 16.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $320.0K $480.0K $352.8K
YoY Change 21.06% 68.86% 21.19%
Accrued Expenses $50.00K $50.00K $40.00K
YoY Change 25.0% 66.67% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $760.0K $520.0K $0.00
YoY Change 60.09% 9.75% -100.0%
Long-Term Debt Due $1.190M $1.910M $1.880M
YoY Change -20.13% 60.5% 132.1%
Total Short-Term Liabilities $2.350M $3.000M $2.461M
YoY Change -0.89% 21.22% -17.31%
LONG-TERM LIABILITIES
Long-Term Debt $17.72M $17.77M $17.86M
YoY Change -2.8% 5.71% 12.33%
Other Long-Term Liabilities $610.0K
YoY Change
Total Long-Term Liabilities $18.33M $17.77M $17.86M
YoY Change 0.55% 5.71% 12.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.350M $3.000M $2.461M
Total Long-Term Liabilities $18.33M $17.77M $17.86M
Total Liabilities $25.11M $24.93M $20.32M
YoY Change 21.89% 29.28% 7.66%
SHAREHOLDERS EQUITY
Retained Earnings $2.802M
YoY Change 177.04%
Common Stock $1.146M
YoY Change 18.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.250M $4.660M $3.688M
YoY Change
Total Liabilities & Shareholders Equity $30.37M $29.59M $27.74M
YoY Change 13.27% 18.58% 16.2%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income $790.0K $940.3K $710.0K
YoY Change 119.44% 190.18% 787.5%
Depreciation, Depletion And Amortization $260.0K $240.3K $240.0K
YoY Change 23.81% 23.96% 242.86%
Cash From Operating Activities $2.070M $1.350M $1.100M
YoY Change 840.91% 297.06% 35.8%
INVESTING ACTIVITIES
Capital Expenditures -$1.690M $70.57K -$1.400M
YoY Change 28.03% -91.35% 2.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0% -75.0%
Cash From Investing Activities -$1.690M -$1.180M -$1.390M
YoY Change 29.01% 12.38% 5.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00K -100.0K 350.0K
YoY Change -94.59% -171.43% -20.45%
NET CHANGE
Cash From Operating Activities 2.070M 1.350M 1.100M
Cash From Investing Activities -1.690M -1.180M -1.390M
Cash From Financing Activities 60.00K -100.0K 350.0K
Net Change In Cash 440.0K 70.00K 60.00K
YoY Change 2100.0% -112.28% -185.71%
FREE CASH FLOW
Cash From Operating Activities $2.070M $1.350M $1.100M
Capital Expenditures -$1.690M $70.57K -$1.400M
Free Cash Flow $3.760M $1.279M $2.500M
YoY Change 144.16% -369.03% 15.21%

Facts In Submission

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CY2016Q1 us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 30pt"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="5%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt"> C.</font></i></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 95%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="95%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt">Use of estimates</font></i></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of unaudited 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, disclosure of contingent assets and liabilities&#160;at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for receivables and recoverability of carrying amount and the estimated useful lives of long-lived assets. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable.&#160;Actual results could differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 5%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="5%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <i><font style="FONT-SIZE: 10pt">E.</font></i></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 95%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="95%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <i><font style="FONT-SIZE: 10pt">Concentration of Credit Risk</font></i></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company has a diversified customer base. The majority of sales are either cash receipt in advance or cash receipt upon delivery. For the three months ended March 31, 2016 and 2015, no customer accounted for more than 10% of net revenue. As of March 31, 2016 and December 31, 2015, 2 and 1 customer accounted for more than 10% of net accounts receivable, respectively. For those credit sales, the Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
45570 USD
CY2013Q2 jrss Capital Leases Frequency Of Periodic Payment
CapitalLeasesFrequencyOfPeriodicPayment
annual
CY2016Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
0 USD
CY2015 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
0 USD
CY2012Q4 jrss Joint Venture Investment Obligation To Pay Capital
JointVentureInvestmentObligationToPayCapital
5555556 USD
CY2016Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
502048 USD
CY2015Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
219648 USD
CY2016Q1 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
1112691 USD
CY2015Q1 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
278953 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD

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