JAKROO INC.

CIK:0001675442|SEC Filings

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues	$ 3,458,508	$ 3,671,637	$ 5,930,140	$ 6,333,834
Cost of revenues	1,483,877	1,472,866	2,634,203	2,746,307
Gross profit	1,974,631	2,198,771	3,295,937	3,587,527
Selling, general and administrative expense	1,370,222	1,509,345	2,707,387	2,862,940
Income from operations	604,409	689,426	588,550	724,587
Interest expense, net of interest income	(18,212)	(18,994)	(36,203)	(37,971)
Income before income tax provision	586,197	670,432	552,347	686,616
Income tax provision	50,983	167,177	66,693	173,126
NET INCOME	535,214	503,255	485,654	513,490
Less: Income attributable to non-controlling interest	63,478	53,029	57,207	58,115
NET INCOME ATTRIBUTABLE TO JAKROO INC.	471,736	450,226	428,447	455,375
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment	(74,381)	(207,286)	(2,375)	(79,407)
COMPREHENSIVE INCOME	460,833	295,969	483,279	434,083
Less: Comprehensive income attributable to non-controlling interest	56,041	32,301	56,969	50,174
COMPREHENSIVE INCOME ATTRIBUTABLE TO JAKROO INC.	$ 404,792	$ 263,668	$ 426,310	$ 383,909
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC	31,777,110	31,288,650	31,711,405	31,288,650
EARNING PER SHARE - BASIC	$ 0.01	$ 0.01	$ 0.01	$ 0.01
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED	33,792,891	32,499,210	33,727,186	32,499,210
EARNING PER SHARE - DILUTED	$ 0.01	$ 0.01	$ 0.01	$ 0.01

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows From Operating Activities:
Net income	$ 485,654	$ 513,490
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	98,837	71,124
Loss on disposal of property and equipment	123
Share based compensation	130,492	55,924
Deferred taxes		42,235
Changes in operating assets and liabilities:
Accounts receivable	(36,941)	(168,859)
Inventories	253,392	287,216
Prepaid expenses and other current assets	52,941	(235,166)
Accounts payable	(102,044)	161,358
Advance from customers	140,570	(291,578)
Other current liabilities	186,500	187,238
Income tax payable	40,618	59,690
Net cash provided by operating activities	1,250,142	682,672
Cash Flows from Investing Activities:
Acquisition of property and equipment	(180,200)	(45,976)
Net cash used in investing activities	(180,200)	(45,976)
Cash Flows from Financing Activities:
Payment to related parties	(36,872)
Repayment of mortgage loan	(36,087)	(34,677)
Proceeds from issuance of common stock	149,999
Net cash provided by (used in) financing activities	77,040	(34,677)
Effect of exchange rate changes on cash and cash equivalents	762	(70,134)
Net increase in cash and cash equivalents	1,147,744	531,885
Cash and cash equivalents, beginning of period	1,799,132	2,350,930
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,946,876	2,882,815
Cash paid during the periods for :
Income taxes	26,075	70,077
Interest	37,559	38,969
Non-cash investing and financing activities
Non-controlling interest contribution of intangible assets		$ 34,287

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 2,946,876	$ 1,799,132
Accounts receivable	97,365	60,151
Inventories	1,606,674	1,859,669
Prepaid expenses and other current assets	276,707	329,414
Total Current Assets	4,927,622	4,048,366
Property and equipment, net	3,216,883	3,136,902
Right-of-use assets - operating leases	776,875
TOTAL ASSETS	8,921,380	7,185,268
Current Liabilities
Accounts payable	360,595	462,717
Due to related parties		36,426
Advance from customers	265,114	122,597
Mortgage payable - current portion	73,964	72,697
Operating lease liabilities - current portion	124,008
Other current liabilities	427,260	199,675
Total Current Liabilities	1,250,941	894,112
Mortgage payable	1,781,025	1,818,379
Operating lease liabilities	652,867
Total Liabilities	3,684,833	2,712,491
Jakroo Inc. Stockholders' Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized; None issued and outstanding
Common stock, $0.001 par value, 100,000,000 shares authorized, 31,777,110 and 31,488,650 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	31,777	31,489
Additional paid-in capital	1,136,141	855,938
Statutory reserve	136,652	136,652
Retained earnings	3,787,213	3,358,766
Accumulated other comprehensive loss	(328,785)	(326,648)
Total Jakroo Inc. Stockholders' Equity	4,762,998	4,056,197
Non-controlling interest	473,549	416,580
Total Stockholders' Equity	5,236,547	4,472,777
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 8,921,380	$ 7,185,268