2024 Q1 Form 20-F Financial Statement

#000121390024068266 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2024 2023 Q1
Revenue $988.9K $1.928M $763.4K
YoY Change 29.54% -2.19% -51.52%
Cost Of Revenue $723.3K $1.375M $426.8K
YoY Change 69.47% -11.06% -34.03%
Gross Profit $265.6K $554.0K $336.6K
YoY Change -21.08% 29.96% -63.72%
Gross Profit Margin 26.86% 28.73% 44.09%
Selling, General & Admin -$6.568M $3.069M $4.794M
YoY Change -237.02% -49.13% 48.6%
% of Gross Profit -2472.68% 554.03% 1424.18%
Research & Development $184.2K
YoY Change -8.23%
% of Gross Profit 33.25%
Depreciation & Amortization $100.5K $203.2K $140.2K
YoY Change -28.31% -18.75% 4.61%
% of Gross Profit 37.83% 36.69% 41.65%
Operating Expenses -$6.568M $3.069M $4.794M
YoY Change -237.02% -49.13% 48.6%
Operating Profit $6.834M -$2.515M -$4.457M
YoY Change -253.33% -55.15% 93.94%
Interest Expense -$207.8K -$544.3K -$92.49K
YoY Change 124.63% -214.16% 151.54%
% of Operating Profit -3.04%
Other Income/Expense, Net -$28.42K -$583.3K $109.4K
YoY Change -125.98% 78.24% -135.63%
Pretax Income $6.598M -$3.099M -$4.440M
YoY Change -248.59% -47.79% 68.07%
Income Tax $0.00
% Of Pretax Income
Net Earnings $6.598M -$3.099M -$4.440M
YoY Change -248.59% -47.79% 67.92%
Net Earnings / Revenue 667.16% -160.67% -581.64%
Basic Earnings Per Share -$3.57
Diluted Earnings Per Share $5.35 -$3.57 -$0.41
COMMON SHARES
Basic Shares Outstanding 0.000 shares 867.4K shares 11.43M shares
Diluted Shares Outstanding 867.4K shares

Balance Sheet

Concept 2024 Q1 2024 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.07M $12.07M $17.37M
YoY Change -30.5% -30.5% 11.88%
Cash & Equivalents $12.07M $12.07M $17.37M
Short-Term Investments
Other Short-Term Assets $21.74K $21.74K $276.9K
YoY Change -92.15% -92.15% -27.98%
Inventory $794.9K $794.9K $531.3K
Prepaid Expenses
Receivables $1.315M $845.9K $1.345M
Other Receivables $83.63K $500.5K $230.6K
Total Short-Term Assets $14.23M $14.23M $19.52M
YoY Change -27.09% -27.09% -13.05%
LONG-TERM ASSETS
Property, Plant & Equipment $328.8K $564.7K $962.2K
YoY Change -65.82% -55.48% -39.52%
Goodwill
YoY Change
Intangibles $19.10K $27.87K
YoY Change -31.46%
Long-Term Investments
YoY Change
Other Assets $8.310M $8.310M $8.737M
YoY Change -4.88% -4.88% -7.69%
Total Long-Term Assets $8.894M $8.894M $10.03M
YoY Change -11.35% -11.35% -9.57%
TOTAL ASSETS
Total Short-Term Assets $14.23M $14.23M $19.52M
Total Long-Term Assets $8.894M $8.894M $10.03M
Total Assets $23.13M $23.13M $29.55M
YoY Change -21.75% -21.75% -11.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.280M $1.280M $1.378M
YoY Change -7.14% -7.14% -7.04%
Accrued Expenses $1.498M $1.498M $1.120M
YoY Change 33.81% 33.81% 15.46%
Deferred Revenue $187.7K $165.5K
YoY Change 13.37%
Short-Term Debt $493.1K $493.1K $167.5K
YoY Change 194.44% 194.45%
Long-Term Debt Due $21.33K $1.801M $7.863K
YoY Change 171.26% -43.09% -99.62%
Total Short-Term Liabilities $8.902M $8.902M $14.50M
YoY Change -38.59% -38.59% -15.33%
LONG-TERM LIABILITIES
Long-Term Debt $117.1K $117.1K $117.9K
YoY Change -0.62% -0.62%
Other Long-Term Liabilities $177.5K $177.5K $248.0K
YoY Change -28.4% -28.4%
Total Long-Term Liabilities $294.7K $294.7K $365.8K
YoY Change -19.45% -19.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.902M $8.902M $14.50M
Total Long-Term Liabilities $294.7K $294.7K $365.8K
Total Liabilities $9.197M $9.197M $14.86M
YoY Change -38.12% -38.12% -13.19%
SHAREHOLDERS EQUITY
Retained Earnings -$24.71M -$21.61M
YoY Change 14.34% 37.77%
Common Stock $39.67M $913.8K
YoY Change 4241.05% 462.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.93M $13.93M $14.69M
YoY Change
Total Liabilities & Shareholders Equity $23.13M $23.13M $29.55M
YoY Change -21.75% -21.75% -11.9%

Cashflow Statement

Concept 2024 Q1 2024 2023 Q1
OPERATING ACTIVITIES
Net Income $6.598M -$3.099M -$4.440M
YoY Change -248.59% -47.79% 67.92%
Depreciation, Depletion And Amortization $100.5K $203.2K $140.2K
YoY Change -28.31% -18.75% 4.61%
Cash From Operating Activities -$1.348M -$1.928M $468.4K
YoY Change -387.91% 2287.47% -19.34%
INVESTING ACTIVITIES
Capital Expenditures $7.060K $7.060K $50.56K
YoY Change -86.04% -90.01% -222.27%
Acquisitions
YoY Change
Other Investing Activities $13.85K $33.49K -$1.050K
YoY Change -1419.05% -42.63% -100.01%
Cash From Investing Activities $6.780K $26.42K -$51.61K
YoY Change -113.14% -314.77% -100.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.837M -$2.624M 14.01M
YoY Change -86.89% -189.22% 154.53%
NET CHANGE
Cash From Operating Activities -1.348M -$1.928M 468.4K
Cash From Investing Activities 6.780K $26.42K -51.61K
Cash From Financing Activities 1.837M -$2.624M 14.01M
Net Change In Cash 495.6K -$5.291M 14.43M
YoY Change -96.56% -394.15% -5.95%
FREE CASH FLOW
Cash From Operating Activities -$1.348M -$1.928M $468.4K
Capital Expenditures $7.060K $7.060K $50.56K
Free Cash Flow -$1.356M -$1.935M $417.8K
YoY Change -424.44% 1177.83% -32.83%

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CY2024 us-gaap Share Based Compensation
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CY2024 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Notes Receivables
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CY2024 us-gaap Increase Decrease In Inventories
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CY2022 us-gaap Increase Decrease In Inventories
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CY2023 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
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CY2022 us-gaap Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
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CY2024 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2024 us-gaap Increase Decrease In Accounts Payable
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CY2024 sxtc Increase Decrease In Refund Liabilities
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CY2023 sxtc Increase Decrease In Refund Liabilities
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CY2022 sxtc Increase Decrease In Refund Liabilities
IncreaseDecreaseInRefundLiabilities
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CY2024 us-gaap Increase Decrease In Contract With Customer Liability
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CY2024 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2024 us-gaap Increase Decrease In Operating Lease Liability
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CY2023 us-gaap Increase Decrease In Operating Lease Liability
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CY2024 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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CY2023 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Payments To Acquire Intangible Assets
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CY2022 us-gaap Payments For Construction In Process
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Repayments Of Related Party Debt
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CY2022 sxtc Cash Paid Related To Equity Incentive Plan
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ProceedsFromConvertibleDebt
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ProceedsFromConvertibleDebt
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ProceedsFromConvertibleDebt
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PaymentsOfFinancingCosts
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PaymentsOfFinancingCosts
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CY2022 us-gaap Payments Of Financing Costs
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NetProceedsFromSharesPurchaseAgreements
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CY2024 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2024 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2024 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Interest Paid Net
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CY2024 sxtc Issuance Of Shares For Convertible Notes Principal And Interest Partial Settlement
IssuanceOfSharesForConvertibleNotesPrincipalAndInterestPartialSettlement
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CY2023 sxtc Issuance Of Shares For Convertible Notes Principal And Interest Partial Settlement
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CY2024 sxtc Noncash Settlement Between Balances Of Accounts Receivable And Due To Related Parties
NoncashSettlementBetweenBalancesOfAccountsReceivableAndDueToRelatedParties
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CY2023 sxtc Noncash Settlement Between Balances Of Accounts Receivable And Due To Related Parties
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CY2024 sxtc Noncash Settlement Between Balances Of Due From Related Parties And Due To Related Parties
NoncashSettlementBetweenBalancesOfDueFromRelatedPartiesAndDueToRelatedParties
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CY2023 sxtc Noncash Settlement Between Balances Of Due From Related Parties And Due To Related Parties
NoncashSettlementBetweenBalancesOfDueFromRelatedPartiesAndDueToRelatedParties
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CY2022 sxtc Noncash Settlement Between Balances Of Due From Related Parties And Due To Related Parties
NoncashSettlementBetweenBalancesOfDueFromRelatedPartiesAndDueToRelatedParties
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CY2023 sxtc Equity Portion Opening Adjustment For Adoption Of Asu
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CY2023 sxtc Right Of Use Assets Obtained In Exchange For New Operating Lease Liabilities
RightOfUseAssetsObtainedInExchangeForNewOperatingLeaseLiabilities
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CY2021Q1 sxtc Shares Hold Collectively
SharesHoldCollectively
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CY2024Q1 sxtc Shares Hold Collectively
SharesHoldCollectively
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CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
10
CY2024Q1 sxtc Foreign Currency Translation Adjustments Balance Sheet
ForeignCurrencyTranslationAdjustmentsBalanceSheet
7.2203 pure
CY2023Q1 sxtc Foreign Currency Translation Adjustments Balance Sheet
ForeignCurrencyTranslationAdjustmentsBalanceSheet
6.8676 pure
CY2022Q1 sxtc Foreign Currency Translation Adjustments Balance Sheet
ForeignCurrencyTranslationAdjustmentsBalanceSheet
6.3393 pure
CY2024Q1 sxtc Foreign Currency Translation Adjustments Of Income And Comprehensive Income
ForeignCurrencyTranslationAdjustmentsOfIncomeAndComprehensiveIncome
7.1671 pure
CY2023Q1 sxtc Foreign Currency Translation Adjustments Of Income And Comprehensive Income
ForeignCurrencyTranslationAdjustmentsOfIncomeAndComprehensiveIncome
6.8516 pure
CY2022Q1 sxtc Foreign Currency Translation Adjustments Of Income And Comprehensive Income
ForeignCurrencyTranslationAdjustmentsOfIncomeAndComprehensiveIncome
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CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of estimates</b></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 period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The following are some of the areas requiring significant judgments and estimates as of March 31, 2024 and 2023: determinations of the useful lives of long-lived assets, estimates of expected credit loss for accounts receivable and other receivables, estimates of inventory provision, sales return rate, abnormal capacity for inventory production, valuation assumptions in performing asset impairment tests of long-lived assets, the discount rate used for right-of-use assets and lease liabilities calculation, and determinations of fair value of convertible notes (liability component, etc.) and warrants. </p>
CY2024 us-gaap Net Income Loss
NetIncomeLoss
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Restricted Cash Current
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2024Q1 us-gaap Inventory Adjustments
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CY2024 us-gaap Variable Interest Entity Ownership Percentage
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2024Q1 us-gaap Accounts Receivable Net Current
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024 sxtc Allowance For Doubtful Accounts Receivable Additional Reserve Through Expect Credit Loss
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CY2023 sxtc Allowance For Doubtful Accounts Receivable Additional Reserve Through Expect Credit Loss
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CY2024 sxtc Exchange Rate Difference
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024 sxtc Allowance For Doubtful Accounts Receivable Additional Reserve Through Expect Credit Loss
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CY2023 sxtc Allowance For Doubtful Accounts Receivable Additional Reserve Through Expect Credit Loss
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CY2024Q1 us-gaap Inventory Raw Materials
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CY2022Q1 sxtc Received Payments
ReceivedPayments
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CY2022Q1 sxtc Received Payments
ReceivedPayments
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CY2021Q1 sxtc Received Payments
ReceivedPayments
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CY2021Q1 sxtc Received Payments
ReceivedPayments
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CY2023Q1 sxtc Received Payments
ReceivedPayments
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CY2023Q1 sxtc Received Payments
ReceivedPayments
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CY2024 us-gaap Provision For Other Credit Losses
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CY2024 us-gaap Provision For Other Credit Losses
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ReceivedPayments
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CY2024Q1 sxtc Impairment Provision Property Plant And Equipment
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CY2024Q1 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2024 us-gaap Depreciation
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CY2023 us-gaap Depreciation
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CY2024 us-gaap Asset Impairment Charges
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CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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19101 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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CY2024 us-gaap Amortization Of Intangible Assets
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2024 sxtc Long Term Amount
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CY2018Q1 us-gaap Area Of Land
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CY2024Q1 us-gaap Lessee Operating Lease Remaining Lease Term
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CY2024Q1 us-gaap Operating Lease Liability
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235848 usd
CY2023Q1 us-gaap Operating Lease Liability
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306050 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.054 pure
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y9M
CY2024Q1 us-gaap Short Term Borrowings
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493054 usd
CY2023Q1 us-gaap Short Term Borrowings
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CY2024Q1 us-gaap Short Term Borrowings
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493054 usd
CY2023Q1 us-gaap Short Term Borrowings
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CY2024Q1 us-gaap Commitments And Contingencies
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CY2024 us-gaap Income Tax Expense Benefit
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CY2024 us-gaap Payments For Construction In Process
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CY2024 sxtc Cash Paid Related To Equity Incentive Plan
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