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Addentax(ATXG) - 2021 Q2 - Quarterly Report
2020-11-23 20:26
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ATXG OTC Markets FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _________________ Commission File No ...
Addentax(ATXG) - 2021 Q1 - Quarterly Report
2020-08-14 10:45
Revenue and Profit Performance - Revenue for the three months ended June 30, 2020, was $5,918,215, a 167.9% increase compared to $2,209,492 in the same period in 2019[134] - Gross profit for the three months ended June 30, 2020, was $797,639, representing a 13.5% gross margin, compared to $357,932 and a 16.2% gross margin in 2019[134] - Net income for the three months ended June 30, 2020, was $203,900, a significant improvement from a net loss of $367,348 in the same period in 2019[134] - Total revenue for Q2 2020 increased by 167.9% to $5,918,215 compared to $2,209,492 in Q2 2019, driven by growth in garment business and new epidemic prevention supplies business[139] - Gross profit for Q2 2020 was $797,639, a 122.8% increase from $357,932 in Q2 2019, with a gross margin of 13.5% compared to 16.2% in Q2 2019[150] - Income from operations for Q2 2020 was $188,432, a significant improvement from a loss of $353,741 in Q2 2019, driven by strong performance in the epidemic prevention supplies segment[157] - Net income for the three months ended June 30, 2020 was $203,900, compared to a net loss of $367,348 for the same period in 2019[162] Business Segment Performance - Revenue from the garment business contributed $1,274,806, or 21.5% of total revenue for the three months ended June 30, 2020, compared to $551,317, or 25.0% in 2019[135] - Revenue from the logistics business contributed $1,533,381, or 25.9% of total revenue for the three months ended June 30, 2020, a decrease from $1,658,175, or 75.0% in 2019, primarily due to COVID-19 disruptions[137] - Revenue from the epidemic prevention supplies business contributed $3,110,028, or 52.6% of total revenue for the three months ended June 30, 2020, with $3,041,672, or 97.8%, coming from trading of merchandise[138] - Garment business revenue for Q2 2020 was $1,274,806, a 131.2% increase from $551,317 in Q2 2019, but gross margin decreased to 7.2% from 18.4% due to higher raw material and labor costs[140][151] - Epidemic prevention supplies business generated $3,110,028 in revenue in Q2 2020, with a gross margin of 14.7%[140][152] - Logistic service revenue for Q2 2020 decreased by 7.5% to $1,533,381 compared to $1,658,175 in Q2 2019, with a gross margin of 16.1%[140][152] Cost Analysis - Raw material costs for the garment business increased to 74.2% of revenue in Q2 2020 from 68.3% in Q2 2019, driven by higher cotton fabric prices[143] - Labor costs for the garment business rose to 18.0% of revenue in Q2 2020 from 9.7% in Q2 2019 due to rising wages in China[144] - Subcontracting fees for the logistic service business increased by 7.7% to $902,065 in Q2 2020, accounting for 58.8% of total service revenue[147] - Total cost of revenue for Q2 2020 was $5,120,576, a 176.6% increase from $1,851,560 in Q2 2019, with cost of revenue as a percentage of total sales rising to 86.5% from 83.8%[150] Cash Flow and Financial Position - Net cash provided by operating activities was $798,391 for the three months ended June 30, 2020, compared to $328,769 for the same period in 2019[163] - Net cash used in investing activities was $143,148 for the three months ended June 30, 2020, compared to $90,140 for the same period in 2019[163] - Net cash provided by financing activities was $360,386 for the three months ended June 30, 2020, compared to $440,980 for the same period in 2019[163] - As of June 30, 2020, the company had cash on hand of $1,549,409, total current assets of $4,527,818, and current liabilities of $8,515,785[166] Internal Control and Risk Management - The company concluded that control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis[177] - Management concluded that the company did not maintain effective internal control over financial reporting as of June 30, 2020[179] Foreign Currency and Market Conditions - The foreign currency translation loss for the three months ended June 30, 2020 was $(4,455), compared to a gain of $37,002 for the same period in 2019[169] - The company anticipates operating losses until it can successfully implement its business strategy and develop a substantial and stable revenue base[168] Business Expansion and Strategy - The company plans to develop an additional 20 logistics points in existing serving cities by the end of 2020 to improve profit[114] - The company's garment business operates through five wholly owned subsidiaries located in Guangdong province, China[111] - The logistics business covers approximately 79 cities in seven provinces and two municipalities in China, with plans to expand further[112] Lease Accounting - The company recorded right-of-use assets and lease liabilities of $1.7 million and $1.8 million, respectively, as of June 30, 2020, under the new lease accounting standard[131] Earnings Per Share - Basic and diluted earnings per share were $0.01 and $0.00 for the three months ended June 30, 2020 and 2019, respectively[162]
Addentax(ATXG) - 2020 Q4 - Annual Report
2020-06-29 12:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K [X] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended March 31, 2020 [ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ Commission file number: 333-206097 ADDENTAX GROUP CORP. (Exact name of small business issuer as specified in its charter) (State or other jurisdiction ...
Addentax(ATXG) - 2020 Q3 - Quarterly Report
2020-02-14 12:32
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ATXG OTC Markets FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: December 31, 2019 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _________________ Commission File No. ...
Addentax(ATXG) - 2020 Q2 - Quarterly Report
2019-11-14 12:25
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ATXG OTC Markets FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2019 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _________________ Commission File No ...
Addentax(ATXG) - 2020 Q1 - Quarterly Report
2019-08-14 17:22
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ATXG OTC Markets FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2019 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _________________ Commission File No. 333 ...