$JRSS
JRSIS HEALTH CARE Corp

2023 Q1 Form 10-Q Financial Statement

#000121390023041696 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $89.17K $15.62M
YoY Change -99.32% 113.2%
Cost Of Revenue $325.6K $3.331M
YoY Change -90.22% 146.52%
Gross Profit $151.4K $12.29M
YoY Change -98.77% 105.66%
Gross Profit Margin 78.67%
Selling, General & Admin $113.5K $127.5K $3.730M
YoY Change -96.96% -96.35% 46.06%
% of Gross Profit 74.95% 30.35%
Research & Development $30.30K
YoY Change
% of Gross Profit 20.01%
Depreciation & Amortization $2.138K $2.130K $882.2K
YoY Change -99.76% -99.75% 9.19%
% of Gross Profit 1.41% 7.18%
Operating Expenses $119.2K $133.0K $8.308M
YoY Change -98.57% -98.52% 66.92%
Operating Profit -$119.2K $3.980M
YoY Change -102.99% 298.93%
Interest Expense -$406.5K
YoY Change 39.46%
% of Operating Profit -10.21%
Other Income/Expense, Net $81.82K -$1.740K -$6.750K
YoY Change -1312.16% -100.57% 78.57%
Pretax Income -$119.2K -$45.56K $3.567M
YoY Change -103.34% -102.97% 407.78%
Income Tax $0.00 $928.4K
% Of Pretax Income 26.03%
Net Earnings -$119.2K -$45.56K $1.847M
YoY Change -106.45% -105.24% 463.71%
Net Earnings / Revenue -51.09% 11.83%
Basic Earnings Per Share $0.00 $0.14
Diluted Earnings Per Share $0.00 $0.00 $98.05K
COMMON SHARES
Basic Shares Outstanding 58.37M shares 58.37M shares 18.63M shares
Diluted Shares Outstanding 58.37M shares 18.84M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.78K $58.62K $1.947M
YoY Change -99.04% -93.15% 382.25%
Cash & Equivalents $18.78K $58.62K $1.947M
Short-Term Investments
Other Short-Term Assets $654.6K $736.4K $4.613M
YoY Change -85.81% -77.5% 167.36%
Inventory $562.0K $1.745M
Prepaid Expenses
Receivables $8.434M
Other Receivables $2.999K $2.987K $415.4K
Total Short-Term Assets $676.3K $798.9K $17.15M
YoY Change -96.06% -94.24% 92.03%
LONG-TERM ASSETS
Property, Plant & Equipment $37.03K $38.99K $60.98M
YoY Change -99.94% -99.93% 20.97%
Goodwill
YoY Change
Intangibles $303.2K
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.035M
YoY Change 2.7%
Total Long-Term Assets $52.52K $57.13K $64.01M
YoY Change -99.92% -99.91% 19.96%
TOTAL ASSETS
Total Short-Term Assets $676.3K $798.9K $17.15M
Total Long-Term Assets $52.52K $57.13K $64.01M
Total Assets $728.9K $856.0K $81.16M
YoY Change -99.1% -98.87% 30.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.00K $24.71K $14.37M
YoY Change -99.86% -99.8% 84.21%
Accrued Expenses $16.97K $18.52K $1.854M
YoY Change -99.08% -99.01% 87.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $630.6K
YoY Change -100.0% -100.0% 3.37%
Long-Term Debt Due $49.71K $1.905M
YoY Change -97.33% -15.02%
Total Short-Term Liabilities $36.97K $43.23K $20.28M
YoY Change -99.82% -99.75% 65.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $15.27M
YoY Change -100.0% -100.0% 4.04%
Other Long-Term Liabilities $0.00 $1.430K $5.394M
YoY Change -100.0% -99.97% 81.92%
Total Long-Term Liabilities $0.00 $1.430K $20.66M
YoY Change -100.0% -99.99% 17.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.97K $43.23K $20.28M
Total Long-Term Liabilities $0.00 $1.430K $20.66M
Total Liabilities $36.97K $44.66K $57.10M
YoY Change -99.94% -99.92% 32.86%
SHAREHOLDERS EQUITY
Retained Earnings -$23.82M -$23.71M
YoY Change 1162.76%
Common Stock $58.37K $58.37K
YoY Change 213.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $691.9K $811.3K $24.06M
YoY Change
Total Liabilities & Shareholders Equity $728.9K $856.0K $81.16M
YoY Change -99.1% -98.87% 30.3%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income -$119.2K -$45.56K $1.847M
YoY Change -106.45% -105.24% 463.71%
Depreciation, Depletion And Amortization $2.138K $2.130K $882.2K
YoY Change -99.76% -99.75% 9.19%
Cash From Operating Activities -$36.51K $67.33K $4.618M
YoY Change -100.79% -92.12% 1628.95%
INVESTING ACTIVITIES
Capital Expenditures -$1.730K -$1.135M
YoY Change -100.15% 389.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$1.648M
YoY Change -100.0% -100.0% 2469.52%
Cash From Investing Activities $1.720K -$2.783M
YoY Change -99.82% 839.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -867.5K
YoY Change -100.0% 116.74%
NET CHANGE
Cash From Operating Activities -$36.51K 67.33K 4.618M
Cash From Investing Activities 1.720K -2.783M
Cash From Financing Activities 0.000 -867.5K
Net Change In Cash -$39.84K 69.05K 967.3K
YoY Change -104.12% -73.5% -325.35%
FREE CASH FLOW
Cash From Operating Activities -$36.51K $67.33K $4.618M
Capital Expenditures -$1.730K -$1.135M
Free Cash Flow -$36.51K $69.06K $5.753M
YoY Change -100.63% -121.92% 1052.7%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>C. Use of estimates</i></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">The preparation of 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 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. Actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
CY2022Q2 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
8000000 shares
CY2022Q2 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
47130000 shares
CY2022 jrss Negotiated Value
NegotiatedValue
1056510 usd
CY2022Q4 us-gaap Other Additional Capital
OtherAdditionalCapital
74652 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>E. Concentration of Credit Risk</i></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">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 majority of sales are either cash receipt in advance or cash receipt upon delivery. For the three months ended March 31, 2023 and 2022, no customer accounted for more than 10% of net revenue. As of March 31, 2023 and December 31, 2022, no customer accounted for more than 5% 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q1 jrss Concentration Risk Threshold Percentage
ConcentrationRiskThresholdPercentage
0.10 pure
CY2022 us-gaap Other Expenses
OtherExpenses
981858 usd
CY2022 jrss Expense Term Year
ExpenseTermYear
P3Y
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
CY2022Q2 jrss Negotiated Value
NegotiatedValue
1056510 usd
CY2022Q2 us-gaap Other Additional Capital
OtherAdditionalCapital
74652 usd
CY2022Q2 us-gaap Other Expenses
OtherExpenses
981858 usd
CY2022Q2 jrss Expense Term Year
ExpenseTermYear
P3Y
CY2023Q1 us-gaap Other Expenses
OtherExpenses
81821 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.25 pure
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>O. Reclassification</i></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">The comparative figures before April 1, 2022 have been reclassified to conform to current year presentation to reflect the disposal of a component of business derived from the recognition of a spin-off transaction on April 28, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q1 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.70 pure
CY2023Q1 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
5392000 shares
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
44837 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
44644 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7809 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5655 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37028 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38989 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2138 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1528 usd
CY2023Q1 jrss Net Lease Assets
NetLeaseAssets
15487 usd
CY2023Q1 jrss Net Lease Liabilities
NetLeaseLiabilities
15487 usd
CY2022Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
39130000 shares
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15487 usd
CY2023Q1 jrss Total Lease Assets
TotalLeaseAssets
15487 usd
CY2023Q1 jrss Lease Liabilities Current
LeaseLiabilitiesCurrent
15487 usd
CY2023Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
15487 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
15487 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15487 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
2895 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
306965 usd
CY2022Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
306965 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.25 pure
CY2022 us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
854 usd
CY2023Q1 jrss Compensation Expenses
CompensationExpenses
81821 usd
CY2022Q1 jrss Owned Percentage
OwnedPercentage
1 pure
CY2022Q2 us-gaap Shares Issued
SharesIssued
39130000 shares
CY2022Q2 jrss Acquired Shares
AcquiredShares
8000000 shares
CY2022Q2 jrss Owned Shares
OwnedShares
47130000 shares
CY2022Q2 jrss Common Stock Percentage
CommonStockPercentage
0.807 pure
CY2022Q1 jrss Total Share Issued
TotalShareIssued
6000000 shares
CY2022Q1 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
60000 usd
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.01
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
usd
CY2022Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
usd
CY2022Q2 jrss Transfer Agreement Description
TransferAgreementDescription
Runteng entered into an agreement regarding a transfer of Jiarun’s equity with Zhang Junsheng. Pursuant to the transfer agreement, Runteng transferred to Mr. Zhang equity interest in Jiarun, representing 70% of equity interest in Jiarun and Mr. Zhang transferred to Runteng 5,392,000 shares of the Company’s common stock. On May 27, 2022, the Company cancelled the respecrtive 5,392,000 shares of the Company’s common stock. Since this transaction required certain authoritative approval before effective, the publication of these transactions were delay so as to obtain all parties consent and advance authoritative approval. As of May 27, 2022, the issued and outstanding share number of the Company was 58,366,569, the balance of the number of shares held by Mr. Zhang and Mr. Zhong were nil (0%) and 4,7130,000 (80.7%), respectively.
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
58366569 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
58366569 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
58366569 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
58366569 shares
CY2023Q1 jrss Substantial Loss
SubstantialLoss
119164 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-23824910 usd
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
JRSIS HEALTH CARE Corp
CY2023Q1 dei Entity Address Country
EntityAddressCountry
CN
CY2023Q1 us-gaap Revenues
Revenues
usd
CY2022Q1 us-gaap Revenues
Revenues
usd
CY2022Q1 jrss Rentals And Leases
RentalsAndLeases
usd
CY2022Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
usd
CY2022Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
usd
CY2023Q1 jrss Warrant Expense
WarrantExpense
usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
usd
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
usd
CY2023Q1 jrss Foreign Currency Translation Adjustment From Discontinued Operations
ForeignCurrencyTranslationAdjustmentFromDiscontinuedOperations
usd
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2022Q1 us-gaap Depreciation
Depreciation
usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
usd
CY2022Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
usd
CY2023Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2023Q1 jrss Derivative Financial Instruments
DerivativeFinancialInstruments
usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
usd
CY2023Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2022Q1 us-gaap Stock Issued1
StockIssued1
usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
usd
CY2023Q1 jrss Lease Liabilities Noncurrent
LeaseLiabilitiesNoncurrent
usd
CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
usd
CY2023Q1 us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001597892

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