iFresh Inc

CIK:0001681941|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 25,371,310	$ 20,546,584	$ 70,583,485	$ 65,005,079
Net sales-related parties	258,267	346,196	801,504	1,576,985
Total net sales	25,629,577	20,892,780	71,384,989	66,582,064
Cost of sales-Third parties	(17,409,747)	(14,789,482)	(49,005,979)	(46,446,352)
Cost of sales-related parties	(207,965)	(313,231)	(627,756)	(1,293,919)
Retail Occupancy costs	(1,400,106)	(1,475,420)	(4,300,334)	(4,982,329)
Gross profit	6,611,759	4,314,647	17,450,920	13,859,464
Selling, general and administrative expenses	(5,625,894)	(5,615,974)	(18,234,150)	(20,043,647)
Income (loss) from operations	985,865	(1,301,327)	(783,230)	(6,184,183)
Interest (expense), net	(381,393)	(326,339)	(1,204,054)	(1,285,559)
Impairment (loss)	(523,596)	(1,100,000)	(523,596)	(1,100,000)
Other income	330,864	708,494	2,737,394	2,359,213
Income (loss) before income taxes	411,740	(2,019,172)	226,514	(6,210,529)
Income tax provision (benefit)	(1,883,560)	52,096	(2,473,310)	115,589
Net Income (loss)	2,295,300	(2,071,268)	2,699,824	(6,326,118)
Less: net (loss) attributable to non-controlling interest	(11,132)		(8,994)
Net income (loss) attributable to Common shareholders	2,306,432	(2,071,268)	2,708,818	(6,326,118)
Other Comprehensive income
Foreign currency translation adjustment	440,265		704,225
Comprehensive Income (loss)	2,735,565	(2,071,268)	3,404,049	(6,326,118)
Less: comprehensive income attributable to non - controlling interests	(1,883)		8,416
Comprehensive income (loss) attributable to iFresh	$ 2,737,448	$ (2,071,268)	$ 3,395,633	$ (6,326,118)
Net Income (loss) per share:
Basic (in Dollars per share)	$ 0.08	$ (0.11)	$ 0.10	$ (0.35)
Diluted (in Dollars per share)	$ 0.05	$ (0.11)	$ 0.07	$ (0.35)
Weighted average shares outstanding:
Basic (in Shares)	30,230,383	18,370,628	27,118,019	18,307,728
Diluted (in Shares)	45,192,486	18,370,628	40,762,006	18,307,728

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 2,699,824	$ (6,326,118)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,981,596	1,590,632
Amortization expense	650,069	236,874
Impairment loss	523,596	1,100,000
Share based compensation		506,066
Lease amortization	4,793,056	6,022,761
Bad debt reserve	101,708	85,546
Deferred Tax Assets	643,116	115,589
Changes in operating assets and liabilities:
Accounts receivable	(627,521)	791,840
Inventories	(4,097,783)	1,155,946
Advance to vendor	1,151,024
Prepaid expenses and other current assets	436,404	(159,533)
Tax receivable	(3,116,426)
Security deposits		(28,280)
Accounts payable	(2,064,338)	(2,840,190)
Deferred revenue	(3,447,849)	576,026
Accrued expenses	797,387	(189,111)
Taxes payable	(323,924)
Operating lease liabilities	(3,141,540)	(5,966,981)
Other liability	501,574	169,277
Cash advances to related parties	(1,923,363)	387,751
Net cash (used in) operating activities	(4,463,390)	(2,771,905)
Cash flows from investing activities
Acquisition of property and equipment	(1,094,710)	(1,965,854)
Cash paid for acquisition	(600,000)
Cash received from acquisitions	6,770,153
Net cash provided by (used in) investing activities	5,075,443	(1,965,854)
Cash flows from financing activities
Proceeds from government loans	1,556,979
Repayment of line of credit	(674,636)	(1,309,017)
Repayments of notes payable	(58,831)	(83,928)
Payments of finance lease obligations	(74,563)	(110,385)
Capital contributions		4,394,841
Proceeds from issuance of stock	2,500,000	1,450,800
Net cash provided by financing activities	3,248,949	4,342,311
Net increase (decrease) in cash and cash equivalents	3,861,002	(395,448)
Effect of exchange rate change on Cash	241,772
Net increase (decrease) in cash and cash equivalents	4,102,774	(395,448)
Cash and cash equivalents at beginning of the period	751,942	1,048,090
Cash and cash equivalents at the end of the period	4,854,716	652,642
Supplemental disclosure of cash flow information
Cash paid for interest	50,239	$ 1,285,559
Cash paid for income taxes	26,820
Supplemental disclosure of non-cash investing and financing activities
Right of use assets and operating lease liabilities	1,126,044
Common stock issued for business acquisition	10,684,989
Preferred stock issued for business acquisition	$ 6,671,978

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Mar. 31, 2020
ASSETS
Cash and cash equivalents	$ 4,854,716	$ 751,942
Accounts receivable, net	4,270,996	3,405,341
Advances to vendor	2,599,331
Inventories, net	13,280,700	6,185,102
Prepaid expenses and other current assets	4,367,444	3,691,990
Tax Receivable	3,116,426
Total current assets	32,489,613	14,034,375
Advances and receivables - related parties	6,983,732	5,060,370
Property and equipment, net	23,594,740	19,769,152
Intangible assets, net	4,934,695	900,005
Security deposits	1,264,353	1,264,353
Right of use assets-lease	57,904,048	57,587,790
Deferred income taxes		643,116
Goodwill	4,450,483
Total assets	131,621,663	99,259,161
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Accounts payable	8,663,450	10,674,455
Deferred revenue	5,340,241	1,311,228
Borrowings against lines of credit, current, net-in default	19,603,536	20,141,297
Notes payable, current	53,111	77,903
Finance lease obligations, current	138,857	137,243
PPP Loans from government	1,556,979
Accrued expenses	2,300,072	1,307,069
Taxes payable	448,059
Operating lease liabilities, current	7,556,336	5,438,356
Other payables, current	4,709,981	3,584,756
Total current liabilities	50,370,622	42,672,307
Notes payable, non-current	12,666	46,706
Finance lease obligations, non-current	201,173	277,350
Other payables, non-current	83,102	83,102
Deferred tax liability	1,083,739
Long term operating lease liabilities	58,579,637	58,729,843
Total liabilities	110,330,939	101,809,308
Commitments and contingencies
Shareholders’ equity (deficit):
Common stock, $0.0001 par value; 100,000,000 shares authorized,30,230,383 and 18,658,547 shares issued and outstanding as of December 31, 2020 and March 31, 2020, respectively	3,023	1,866
Additional paid-in capital	31,386,155	18,202,323
Accumulated (deficit)	(21,545,518)	(24,254,336)
Accumulated other comprehensive Income	686,815
Total shareholders’ equity (deficit) attributable to iFresh	20,702,453	(2,550,147)
Noncontrolling interest	588,271
Total Shareholders’ Equity (deficit)	21,290,724	(2,550,147)
Total liabilities and shareholders’ equity (deficit)	131,621,663	99,259,161
Series A Preferred shares
Shareholders’ equity (deficit):
Preferred stock value	3,500,000	3,500,000
Series B Preferred shares
Shareholders’ equity (deficit):
Preferred stock value	4,908,539
Series C Preferred shares
Shareholders’ equity (deficit):
Preferred stock value	$ 1,763,439