United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 14, 2019

 

CHINA JO-JO DRUGSTORES, INC.

(Exact name of Registrant as specified in charter)

 

Nevada   001-34711   98-0557852
(State or other jurisdiction
of Incorporation)
  (Commission File No.)   (IRS Employer
Identification No.)

 

Hai Wai Hai Tongxin Mansion Floor 6 Gong Shu District,

Hangzhou City, Zhejiang Province, People’s Republic of China, 310008

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: +86-571-88219579

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   CJJD   NASDAQ

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On November 14, 2019, China Jo-Jo Drugstores, Inc. (the “Company”) issued a press release announcing certain financial results for the fiscal quarter ended September 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1.

 

This information under this Item 2.02 and the press release attached to this Form 8-K as Exhibit 99.1 shall be deemed to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended.

  

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

The following is filed as an exhibit to this report:

 

Exhibit No.   Description
     
99.1   Press Release, dated November 14, 2019.

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

  CHINA JO-JO DRUGSTORES, INC.
     
Date: November 14, 2019 By: /s/ Ming Zhao
  Name:  Ming Zhao
  Title: Chief Financial Officer

 

 

2

 

Exhibit 99.1

 

China Jo-Jo Drugstores Reports Second Quarter 2020 Financial Results

 

HANGZHOU, China, November 14, 2019 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) (“Jo-Jo Drugstores” or the “Company”), a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a provider of healthcare services in China, today announced its financial results for the second fiscal quarter ended September 30, 2019.

 

Mr. Lei Liu, Chief Executive Officer and Chairman of Jo-Jo Drugstores, commented, “We are pleased to announce our financial results for the second quarter of fiscal year 2020, with revenue increasing by 3.4% compared to the same period last year. We made great strides in boosting our business and optimizing our operation. As a result, our gross profit had a 15.5% increase and gross margin had a 2.4 percent points increase in the second quarter of 2019. We will continue executing our long-term growth strategy, improving our operations to deliver high quality services to our customers in a challenging and competitive environment.”  

 

Second Quarter of Fiscal 2020 Financial Highlights

 

   For the Three Months Ended
September 30,
 
($ millions, except per share data)  2019   2018   % Change 
Revenue   28.35    27.41    3.4%
Retail drugstores   18.00    18.14    -0.7%
Online pharmacy   2.35    2.12    10.8%
Wholesale   8.00    7.15    11.9%
Gross profit   6.69    5.80    15.5%
Gross margin   23.6%   21.2%   2.4pp*
Loss from operations   (1.62)   (1.64)   1.6%
Net loss   (1.35)   (1.60)   16.0%
Loss per share   (0.04)   (0.06)   

33.3

%

 

*Notes: pp represents percentage points

 

Revenue increased by 3.4% to $28.35 million for the three months ended September 30, 2019 from $27.41 million for the same period of last year.

 

Gross profit increased by 15.5% to $6.69 million for the three months ended September 30, 2019 from $5.80 million for the same period of last year.

 

Gross margin increased by 2.4 percentage points to 23.6% from 21.2% for the same period of last year.

 

Net loss was $1.35 million, or $0.04 per basic and diluted share, for the three months ended September 30, 2019, compared to $1.60 million, or $0.06 per basic and diluted share, for the same period of last year.

 

 

 

 

Second Quarter of Fiscal 2020 Financial Results

 

Revenue

 

Revenue for the three months ended September 30, 2019 increased by $0.94 million, or 3.4%, to $28.35 million from $27.41 million for the same period of last year. The increase in revenue was primarily due to the growth in our wholesale business and online pharmacy.

 

   For the Three Months Ended September 30, 
   2019   2018 
($ millions)  Revenue   Cost of Goods   Gross Margin   Revenue   Cost of Goods   Gross Margin 
Retail drugstores   18.00    12.47    30.7%   18.14    13.28    26.8%
Online pharmacy   2.35    2.03    13.6%   2.12    1.91    10.1%
Wholesale   8.00    7.16    10.6%   7.15    6.42    10.1%
Total   28.35    21.66    23.6%   27.41    21.61    21.2%

 

Revenue from the retail drugstores business decreased slightly by $0.14 million, or 0.7%, to $18.00 million for the three months ended September 30, 2019 from $18.14 million for the same period of last year, due to the RMB’s dramatic depreciation against the USD from the three months ended September 30, 2018.

 

Revenue from the online pharmacy business increased by $0.23 million, or 10.8%, to $2.35 million for the three months ended September 30, 2019 from $2.12 million for the same period of last year. The increase was primarily attributable to an increase in sales via e-commerce platforms such as Tmall, offset slightly by a decline in sales via the Company’s official site. Popular products at reasonable prices are key to success in our online business. In order to promote the Company’s sales, the Company focused on selecting medical equipment tailored to the demands of local customers.

 

Revenue from the wholesale business increased by $0.85 million, or 11.9%, to $8.00 million for the three months ended September 30, 2019 from $7.15 million for the same period of last year. The increase was primarily a result of the Company's ability to resell certain products, which the Company sold in large quantities at its retail stores, to other vendors at competitive prices.

 

Gross profit and gross margin

 

Total cost of goods sold increased slightly by $0.05 million, or 0.2%, to $21.66 million for the three months ended September 30, 2019 from $21.61 million for the same period of last year. Gross profit increased by $0.89 million, or 15.5%, to $6.69 million for three months ended September 30, 2019 from $5.80 million for the same period of last year. Overall gross margin increased by 2.4 percentage points to 23.6% for the three months ended September 30, 2019, from 21.2% for the same period of last year.

 

Gross margins for retail drugstores, online pharmacy and wholesale were 30.7%, 13.6%, and 10.6%, respectively, for the three months ended September 30, 2019. This compared to gross margins for retail drugstores, online pharmacy and wholesale of 26.8%, 10.1%, and 10.1%, respectively, for the same period of last year.

 

2

 

 

Loss from operations

 

Selling and marketing expenses increased by $1.27 million, or 24.2%, to $6.49 million for the three months ended September 30, 2019 from $5.22 million for the same period of last year. The increase in selling and marketing expenses was primarily due to increases in labor costs related to the Company’s store expansions and rising local cost of living.

 

General and administrative expenses decreased by $0.40 million, or 17.7%, to $1.82 million for the three months ended September 30, 2019 from $2.22 million for the same period of last year. In the three months ended September 30, 2018, the Company recorded additional bad debt allowance of $0.63 million. In comparison, the Company recorded additional bad debts allowance of $0.01 million in the three months ended September 30, 2019. 

 

Loss from operations was $1.62 million for the three months ended September 30, 2019, compared to $1.64 million for the same period of last year. Operating margin was negative 5.7% for the three months ended September 30, 2019, compared to negative 6.0% for the same period of last year.

 

Net loss

 

Net loss was $1.35 million, or $0.04 per basic and diluted share for the three months ended September 30, 2019, compared to net loss of $1.60 million, or $0.06 per basic and diluted share for the same period of last year.

 

Six Months Ended September 30, 2019 Financial Highlights

 

   For the Six Months Ended September 30, 
($ millions, except per share data)  2019   2018   % Change 
Revenue   53.63    50.18    6.9%
Retail drugstores   34.74    34.10    1.9%
Online pharmacy   4.79    4.14    15.7%
Wholesale   14.10    11.93    18.2%
Gross profit   12.75    11.41    11.7%
Gross margin   23.8%   22.7%   1.1pp*
Loss from operations   (4.38)   (2.21)   -98.3%
Net loss   (3.73)   (2.30)   -62.0%
Loss per share   (0.10)   (0.08)   -25.0%

 

*Notes: pp represents percentage points

 

Revenue increased by 6.9% to $53.63 million for the six months ended September 30, 2019 from $50.18 million for the same period of last year.

 

Gross profit increased by 11.7% to $12.75 million for the six months ended September 30, 2019 from $11.41 million for the same period of last year.

 

Gross margin increased by 1.1 percentage points to 23.8% from 22.7% for the same period of last year.

 

Net loss was $3.73 million, or $0.10 per basic and diluted share, for the six months ended September 30, 2019, compared to $2.30 million, or $0.08 per basic and diluted share, for the same period of last year.

 

3

 

 

Six Months Ended September 30, 2019 Financial Results

 

Revenue

 

Revenue for the six months ended September 30, 2019 increased by $3.45 million, or 6.9%, to $53.63 million from $50.18 million for the same period of last year. The increase in revenue was primarily due to the growth in wholesale business and online pharmacy.

 

   For the Six Months Ended September 30, 
   2019   2018 
($ millions)  Revenue   Cost of Goods   Gross Margin   Revenue   Cost of Goods   Gross Margin 
Retail drugstores   34.74    24.15    30.5%   34.10    24.44    28.3%
Online pharmacy   4.79    4.13    13.9%   4.14    3.65    11.9%
Wholesale   14.10    12.60    10.7%   11.93    10.68    10.5%
Total   53.63    40.88    23.8%   50.18    38.77    22.7%

 

Revenue from the retail drugstores business increased by $0.64 million, or 1.9%, to $34.74 million for the six months ended September 30, 2019 from $34.10 million for the same period of last year. The increase was primarily due to consumer-facing benefits such as emphasis on onsite medical care, chronic disease management services, incremental Direct-to-Patient (“DTP”) business caused by continuous hospital medical reform, and maturing of stores opened a year ago.

 

Revenue from the online pharmacy business increased by $0.65 million, or 15.7%, to $4.79 million for the six months ended September 30, 2019 from $4.14 million for the same period of last year. The increase was primarily attributable to an increase in sales via e-commerce platforms such as Tmall, offset slightly by the decline in sales via the Company’s official site.

 

Revenue from the wholesale business increased by $2.17 million, or 18.2%, to $14.10 million for the six months ended September 30, 2019 from $11.93 million for the same period of last year. The increase was primarily a result of the Company's ability to resell certain products, which the Company sold in large quantities at its retail stores, to other vendors at competitive prices.

 

Gross profit and gross margin

 

Total cost of goods sold increased by $2.11 million, or 5.4%, to $40.88 million for the six months ended September 30, 2019 from $38.77 million for the same period of last year. Gross profit increased by $1.34 million, or 11.7%, to $12.75 million for the six months ended September 30, 2019 from $11.41 million for the same period of last year. Overall gross margin increased by 1.1 percentage points to 23.8% for the six months ended September 30, 2019, from 22.7% for the same period of last year.

 

Gross margins for retail drugstores, online pharmacy and wholesale were 30.5%, 13.9%, and 10.7%, respectively, for the six months ended September 30, 2019. This compared to gross margins for retail drugstores, online pharmacy and wholesale of 28.3%, 11.9%, and 10.5%, respectively, for the same period of last year.

 

4

 

 

Loss from operations

 

Selling and marketing expenses increased by $2.60 million, or 26.4%, to $12.45 million for the six months ended September 30, 2019 from $9.85 million for the same period of last year. The increase in selling and marketing expenses was primarily due to increases in labor costs related to the Company’s store expansions and rising local cost of living.

 

General and administrative expenses increased by $0.91 million, or 24.0%, to $4.68 million for the six months ended September 30, 2019 from $3.77 million for the same period of last year. The bad debt expense related to the Company’s accounts receivable decreased by approximately $0.1 million due to certain aged accounts. Additionally, in order to better reflect the attributes of expenses, certain clinic labor expenses, which were originally allocated to G&A expense are now allocated to selling expense in the six months ended September 20, 2019. 

 

Loss from operations was $4.38 million for the six months ended September 30, 2019, compared to $2.21 million for the same period of last year. Operating margin was negative 8.2% for the six months ended September 30, 2019, compared to negative 4.4% for the same period of last year.

 

Net loss

 

Net loss was $3.73 million, or $0.10 per basic and diluted share for the six months ended September 30, 2019, compared to net loss of $2.30 million, or $0.08 per basic and diluted share for the same period of last year.

 

Financial Condition

 

As of September 30, 2019, the Company had cash of $17.40 million, compared to $9.32 million as of March 31, 2019. Net cash provided by operating activities was $0.97 million for the six months ended September 30, 2019, compared to net cash used in operating activities of $2.92 million for the same period of last year. Net cash used in investing activities was $1.45 million for the six months ended September 30, 2019, compared to $0.39 million for the same period of last year. Net cash provided by financing activities was $6.38 million for the six months ended September 30, 2019, compared to net cash used in financing activities of $2.19 million for the same period of last year.

 

About China Jo-Jo Drugstores, Inc.

 

China Jo-Jo Drugstores, Inc. (“Jo-Jo Drugstores” or the “Company”), is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a provider of healthcare services in China. Jo-Jo Drugstores currently operates an online pharmacy and retail drugstores with licensed doctors on site for consultation, examination and treatment of common ailments at scheduled hours. It is also a wholesale distributor of products similar to those carried in its pharmacies. In addition, Jo-Jo Drugstores cultivates herbs used for traditional Chinese medicine. For more information about the Company, please visit http://jiuzhou360.com. The Company routinely posts important information on its website.

 

5

 

 

Forward-Looking Statements

 

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

 

For more information, please contact:

 

Company Contact: 

 

Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com

 

Steve Liu
Investor Relations Director
steve.liu@jojodrugstores.com

 

Investor Relations Contact:

 

Tina Xiao
Ascent Investor Relations LLC
+1-917-609-0333
tina.xiao@ascent-ir.com

 

6

 

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

   September 30,   March 31, 
   2019   2019 
ASSETS        
CURRENT ASSETS        
Cash  $17,395,116   $9,322,463 
Restricted cash   11,890,053    15,422,739 
Financial assets available for sale   156,128    180,928 
Notes receivable   76,922    177,278 
Trade accounts receivable   7,243,629    8,692,514 
Inventories   12,177,952    13,955,202 
Other receivables, net   4,861,492    4,438,230 
Advances to suppliers   1,368,114    1,950,252 
Other current assets   1,286,855    2,063,375 
Total current assets   56,456,261    56,202,981 
           
PROPERTY AND EQUIPMENT, net   8,043,511    8,727,358 
           
OTHER ASSETS          
Long-term investment   11,760    24,243 
Farmland assets   722,384    825,259 
Long term deposits   1,367,267    2,157,275 
Other noncurrent assets   1,111,490    1,196,197 
Operating lease right-of-use assets   15,706,120    - 
Intangible assets, net   3,731,008    3,597,323 
Total other assets   22,650,029    7,800,297 
           
Total assets  $87,149,801   $72,730,636 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Accounts payable, trade   23,606,067    23,106,230 
Notes payable   21,383,423    25,951,673 
Other payables   2,774,674    3,197,221 
Other payables - related parties   315,034    795,179 
Customer deposits   1,447,720    771,942 
Taxes payable   278,908    125,859 
Accrued liabilities   873,708    1,264,182 
Long-term loan-current potion   233,480    - 
Current portion of operating lease liabilities   2,267,705    - 
Total current liabilities   53,180,719    55,212,286 
           
Long-term loan   428,047    - 
Long term operating lease  liabilities   11,785,742    - 
Purchase option and warrants liability   54,828    465,248 
Financial liability   77,048    81,935 
Total liabilities   65,526,384    55,759,469 
           
COMMITMENTS AND CONTINGENCIES          
           
STOCKHOLDERS’ EQUITY          
Common stock; $0.001 par value; 250,000,000 shares authorized; 32,936,786 and 28,936,778 shares issued and outstanding as of September 30, 2019 and March 31, 2019   32,937    28,937 
Preferred stock; $0.001 par value; 10,000,000 shares authorized; nil issued and outstanding as of September 30, 2019 and March 31, 2019   -    - 
Additional paid-in capital   54,209,301    44,905,664 
Statutory reserves   1,309,109    1,309,109 
Accumulated deficit   (33,947,382)   (30,587,468)
Accumulated other comprehensive income   1,567,391    2,508,964 
Total stockholders’ equity   23,171,356    18,165,206 
Noncontrolling interests   (1,547,939)   (1,194,039)
Total equity   21,623,417    16,971,167 
Total liabilities and stockholders’ equity  $87,149,801   $72,730,636 

7

 

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

 

   For the three months ended
September 30,
   For the six months ended
September 30,
 
   2019   2018   2019   2018 
                 
REVENUES, NET  $28,353,779   $27,409,046   $53,634,563   $50,181,612 
                     
COST OF GOODS SOLD   21,660,415    21,611,945    40,879,761    38,767,708 
                     
GROSS PROFIT   6,693,364    5,797,101    12,754,802    11,413,904 
                     
SELLING EXPENSES   6,485,848    5,223,523    12,454,399    9,850,501 
GENERAL AND ADMINISTRATIVE EXPENSES   1,823,935    2,215,484    4,675,547    3,770,012 
TOTAL OPERATING EXPENSES   8,309,783    7,439,007    17,129,946    13,620,513 
                     
LOSS FROM OPERATIONS   (1,616,419)   (1,641,906)   (4,375,144)   (2,206,609)
                     
INTEREST INCOME   340,514    26,060    388,387    73,232 
OTHER INCOME(LOSS), NET   (72,225)   94,582    (134,710)   (20,359)
                     
CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITIES   6,865    (81,866)   410,420    (88,840)
                     
LOSS BEFORE INCOME TAXES   (1,341,265)   (1,603,130)   (3,711,047)   (2,242,576)
                     
PROVISION FOR INCOME TAXES   5,702    (415)   14,090    56,754 
                     
NET LOSS   (1,346,967)   (1,602,715)   (3,725,137)   (2,299,330)
                     
ADD: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST   122,004    15,298    365,223    66,060 
                     
NET (LOSS) ATTRIBUTABLE TO CHINA JO-JO DRUGSTORES, INC.   (1,224,963)   (1,587,417)   (3,359,914)   (2,233,270)
                     
Foreign currency translation adjustments   (536,335)   (1,448,661)   (941,573)   (827,027)
                     
COMPREHENSIVE LOSS  $(1,883,302)  $(3,051,376)  $(4,666,710)  $(3,126,357)
                     
WEIGHTED AVERAGE NUMBER OF SHARES:                    
Basic   32,936,786    28,936,778    32,696,348    28,936,778 
Diluted   32,936,786    28,936,778    32,696,348    28,936,778 
                     
EARNINGS PER SHARES:                    
Basic  $(0.04)  $(0.06)  $(0.10)  $(0.08)
Diluted  $(0.04)  $(0.06)  $(0.10)  $(0.08)

 

8

 

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   For the six months ended
September 30,
 
   2019   2018 
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss  $(3,725,137)  $(2,299,330)
Adjustments to reconcile net income to net cash provided by operating activities:          
Bad debt direct write-off and provision   767,250    890,576 
Depreciation and amortization   1,051,907    557,930 
Stock based compensation   34,560    71,427 
Change in fair value of purchase option derivative liability   (410,420)   88,840 
Accounts receivable, trade   555,289    (833,992)
Notes receivable   92,655    32,528 
Inventories and biological assets   975,170    (1,587,645)
Other receivables   (206,247)   (800,686)
Advances to suppliers   (106,790)   (611,849)
Other current assets   (1,031,185)   469,985 
Long term deposit   682,504    18,851 
Other noncurrent assets   13,791    (139,597)
Accounts payable, trade   1,938,015    (603,967)
Other payables and accrued liabilities   (568,457)   1,305,221 
Customer deposits   744,912    773,748 
Taxes payable   165,692    (253,496)
Net cash (used in) operating activities   973,509    (2,921,456)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Disposal of financial assets available for sale   14,457    88,897 
Purchase of financial assets available for sale        (91,099)
Acquisition of equipment   (374,992)   (142,681)
Increase in intangible assets   (462,266)   - 
Investment in a joint venture   -    - 
Additions to leasehold improvements   (622,464)   (244,047)
Net cash used in investing activities   (1,445,265)   (388,930)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from third parties loan   682,692      
Proceeds from notes payable   21,745,277    16,177,514 
Repayment of notes payable   (24,862,363)   (18,290,325)
Proceeds from equity financing   9,273,077    7,667 
Repayment of other payables-related parties   (458,002)   (84,543)
Net cash provided by (used in) financing activities   6,380,681    (2,189,687)
           
EFFECT OF EXCHANGE RATE ON CASH   (1,368,958)   (2,243,149)
           
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH   4,539,967    (7,743,222)
           
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   24,745,202    31,452,191 
           
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of period  $29,285,169   $23,708,969 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid for income taxes  $28,777   $57,460 

 

 

9