JMAX INTERNATIONAL Ltd

CIK:0001735664|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 5,055,265	$ 7,622,593	$ 7,157,209
Cost of revenue	(3,939,449)	(5,851,077)	(4,970,947)
Gross Profit	1,115,816	1,771,516	2,186,262
Operating expenses:
General and administrative expenses	(5,328,855)	(1,393,364)	(933,142)
Selling expenses	(98,994)	(178,858)	(132,602)
Total operating expenses	(5,427,849)	(1,572,222)	(1,065,744)
(Loss) income from operations	(4,312,033)	199,294	1,120,518
Other expense and income
Other income (expense)	102		(1,294)
(Loss) income before income tax expense	(4,311,931)	199,294	1,119,224
Provision for income tax benefit (expense)	598,538	(135,012)	(312,598)
Net (loss) income	$ (3,713,393)	$ 64,282	$ 806,626
Weighted average number of common shares outstanding - basic and diluted	625,415,250	623,600,000	566,567,213
(Loss) earnings per common share- basic and diluted	$ (0.0059)	$ 0.0001	$ 0.0014

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net (loss) income	$ (3,713,393)	$ 64,282	$ 806,626
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Bad debt allowance	3,785,151
Depreciation and amortization	41,357	39,322	35,874
Deferred tax	(608,759)	(5,280)	(5,280)
Stock-based compensation	35,413	25,614
Amortization of operating lease right-of-use asset	172,977
Change in current assets and liabilities:
Accounts receivable	(2,943,803)	(2,722,188)	(739,106)
Inventory	267,889	448,187	(410,534)
Amount due to a director			(12,870)
Operating lease liabilities	(190,395)
Other current assets	(84,845)	(575,750)	32,534
Accounts payable	1,113,533	(37,372)	138,264
Income tax payable	(46,429)	(293,253)	288,892
Advance from customers	30,016	(274,550)	(1,118,521)
Accrued expenses and other payable	220,378	27,351	31,097
Net cash used in by operating activities	(1,920,910)	(3,303,637)	(953,024)
Cash flows from investing activities:
Purchases of property and equipment	(3,119)	(7,468)	(13,103)
Net cash used in investing activities	(3,119)	(7,468)	(13,103)
Cash flows provided by financing activities:
Proceeds from issuances of shares	72,610		2,236,000
Net cash provided by financing activities	72,610		2,236,000
Net (decrease) increase in cash	(1,851,419)	(3,311,105)	1,269,873
Cash, beginning balance	2,780,637	6,091,742	4,821,869
Cash, ending balance	929,218	2,780,637	6,091,742
Supplemental cash flows information:
Interest paid
Income tax paid	$ 56,595	$ 433,545	$ 28,986

Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Mar. 31, 2019
CURRENT ASSETS:
Cash	$ 929,218	$ 2,780,637
Accounts receivable, net	3,034,200	3,875,548
Advance to suppliers	595,171	483,309
Inventory	31,283	299,172
Other current assets	107,302	134,319
Total current assets	4,697,174	7,572,985
NON-CURRENT ASSETS:
Property and equipment, net	14,116	20,354
Intangible asset, net	216,000	248,000
Deferred tax assets	567,839
Right-of-use asset	63,337
Goodwill	16,999	16,999
Total non-current assets	878,291	285,353
TOTAL ASSETS	5,575,465	7,858,338
CURRENT LIABILITIES:
Accounts payable	1,262,666	149,133
Accrued expenses and other payable	328,693	108,315
Advance from customers	103,927	73,911
Income tax payable	29,992	76,421
Lease payment liability-current	45,919
Total current liabilities	1,771,197	407,780
NON-CURRENT LIABILITIES:
Deferred tax liability		40,920
TOTAL LIABILITIES	1,771,197	448,700
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 630,861,000 and 623,600,000 shares issued and outstanding as of March 31, 2020 and 2019, respectively	6,308,610	6,236,000
Additional paid-in capital	61,027	25,614
Retained earnings	(2,565,369)	1,148,024
Total stockholders' equity	3,804,268	7,409,638
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,575,465	$ 7,858,338