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BOQI International Medical Inc. (BIMI)

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2.6800+0.7000 (+35.35%)
At close: 4:00PM EDT

2.6000 -0.08 (-2.99%)
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Previous Close1.9400
Open3.7300
Bid0.0000 x 900
Ask0.0000 x 1200
Day's Range2.5400 - 4.0900
52 Week Range1.5000 - 7.4000
Volume91,052,968
Avg. Volume1,672,246
Market Cap27.83M
Beta (5Y Monthly)-0.05
PE Ratio (TTM)N/A
EPS (TTM)-0.7060
Earnings DateNov 13, 2020 - Nov 17, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • GlobeNewswire

    BOQI International Medical Inc. Announces Second Quarter 2020 Financial Results, Revenue increased by 1026% Over the Same Period Last Year

    NEW YORK, Oct. 19, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced its financial results for the second quarter and six months ended June 30, 2020.Second Quarter 2020 Financial Highlights: * Total revenues increased by 1026 % in the three months ended June 30, 2020 compared to the three months ended June 30, 2019. * Gross profit margin increased to 22.77% during the three months ended June 30, 2020 compared to 4.35% for the three months ended June 30, 2019. * Net income increased by 629% in the three months ended June 30, 2020 compared to the three months ended June 30, 2019.“We are pleased with our results in the second quarter and the concerted efforts of our team across our wholesale business in medical devices and medicine,” said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. “We acquired Guanzan Group this year, which allows us to better align with the current environment and positions us for future growth. As more healthcare facilities re-opened for business and resumed patient treatment in the second half of the year, we believe our products can meet the expected rising customer demand, meanwhile bring benefit to our shareholders.”Revenues     Revenues for the three months ended June 30, 2020 and 2019 were $3,790,847 and $336,690, respectively. The Company’s revenues for the three months ended June 30, 2020 were principally attributable to the newly acquired Guanzan Group’s wholesale sales of medical devices and generic drugs. The Company’s revenues for the three months ended June 30, 2019 were attributable to the sales of products manufactured by the NF Group and from energy saving technical services and product collaboration processing services performed by the NF Group, which the Company sold in June 2020. Revenues from the wholesale medical devices segment and the wholesale medicine segment for the three months ended June 30, 2020 were $2,059,189 and $1,730,175, respectively. During the second quarter of 2020, the Guanzan Group benefitted from the recovery from COVID-19 in the PRC.Revenues for the six months ended June 30, 2020 and 2019 were $4,226,378 and $912,402, respectively. The 363% increase in revenues is attributable to the acquisition of the Guanzan Group in late March 2020. Revenues from the wholesale medicine segment for the six months ended June 30, 2020 were $2,307,311 and revenues from the wholesale medical device segment for the six months ended June 30, 2020 were $1,896,733. The Company’s revenue for the six months ended June 30, 2019 were attributable to the sales of products manufactured by the NF Group and from energy saving technical services and product collaboration processing services performed by the NF Group.Cost of Revenues  Cost of revenues for the three months ended June 30, 2020 and 2019 were $2,941,955 and $319,172, respectively, reflecting the impact of the acquisition of the Guanzan Group. Cost of revenues for the three months ended June 30, 2019 consisted primarily of material costs, direct labor, depreciation, and manufacturing overhead, which were directly attributable to the manufacturing of products and the rendering of services by the NF Group.Cost of revenues for the six months ended June 30, 2020 and 2019 were $3,407,169 and $749,848, respectively. Cost of revenues for the six months ended June 30, 2019 were attributable to the manufacturing of products and the rendering of services by the NF Group.Gross ProfitFor the three months ended June 30, 2020, the Company had a gross profit margin of 22.77% compared with a gross profit margin of 4.35% in the quarter ended June 30, 2019. The improvement in the gross profit margin in the three months ended June 30, 2020 is mainly due to the inclusion of a full quarter of revenues from the wholesale medical devices and wholesale medicine segments. The gross profit margin of the wholesale medical devices and wholesale medicine segments for three months ended June 30, 2020 were 23.22% and 25.56%, respectively. The gross profit for the Company in the three months ended June 30, 2019 was related to the operations of the NF Group. For the six months ended June 30, 2020, the Company had a gross profit margin of 19.38% compared with a gross profit margin of 17.82% in the first six months of 2019. The improvement in the gross profit margin in the six months ended June 30, 2020 is mainly due to the inclusion of the revenues from the wholesale medical devices and wholesale medicine segments since the acquisition in March 2020. The gross profit margin of the wholesale medical devices and wholesale medicine segments for six months ended June 30, 2020 were 22.78% and 25.16%, respectively. The gross profit for the Company in the six months ended June 30, 2019 was related to the operations of the NF Group.Operating Expenses    Operating expenses were $2,922,868 for the three months ended June 30, 2020 compared to $726,940 for the same period in 2019, an increase of $2,195,928. The increase is mainly due to the additional amortization of the discounted convertible notes, meeting and promotional expenses, pharmaceutical and medical device industry compliance management expenses and professional expenses. The Company’s operating expenses for the three months ended June 30, 2019 consisted primarily of general and administrative expenses, and selling and marketing expenses of the NF Group.Operating expenses were $4,893,723 for the six months ended June 30, 2020 compared to $1,248,456 for the same period in 2019, an increase of $3,645,267, or 292%. The Company’s operating expenses for the six months ended June 30, 2019 consisted primarily of general and administrative expenses, and selling and marketing expenses of the NF Group.Other IncomeFor the three months ended June 30, 2020, the Company reported other income of $6,986,587 and other interest expense of $195,486. For the six months ended June 30, 2020, the Company reported other income of $6,944,469 and other interest expense of $377,466.  Other income in both periods includes the gain generated from the disposal of the NF Group. Other expense in both periods consisted of interest expense.Net Profit For the three months ended June 30, 2020, the Company reported a net profit of $4,673,854 compared to a net loss of $883,245 for the same period of 2019. For the six months ended June 30, 2020 the Company reported a net profit of $2,471,663 compared to a net loss of $1,425,693 for the same period of 2019. The net profit in both periods is attributable to the gain generated from the disposal of the NF Group.Liquidity and Capital ResourcesAt June 30, 2020, the Company had cash of $109,402 and negative working capital of $0.59 million as compared to cash of $36,674 and negative working capital of $500,765 at December 31, 2019.About BOQI International Medical Inc.BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized with a focus on the health industry. The Company is now exclusively a healthcare products provider, offering a broad range of healthcare products and related services. For more information about BOQI International Medical, please visit www.usbimi.com.Safe Harbor StatementCertain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, the effects of the spread of the Coronavirus (COVID-19), the demand for the Company’s products and the Company’s customers’ economic condition,  risk of operations in the People’s Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the United States Securities and Exchange Commission. Investors are urged to read the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 for further information about the Company’s financial results, liquidity and capital resources.IR Contact:Dragon Gate Investment Partners LLC Tel: +1(646)-801-2803 Email: BIMI@dgipl.comBOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS  June 30,  December 31,    2020  2019    (Unaudited)     ASSETS       CURRENT ASSETS       Cash $96,312  $36,363  Restricted cash  13,090   311  Accounts receivable, net  3,118,402   24,840  Advances to suppliers  2,197,249   1,252  Amount due from related parties  49,776   1,350  Inventories, net  2,523,075   707,526  Prepayments and other receivables  14,407,373   59,333  Assets from discontinued operations  -   21,218,983  Total current assets  22,405,277   22,049,958            NON-CURRENT ASSETS         Deferred tax assets  244,351   -  Property, plant and equipment, net  756,712   38,641  Intangible assets, net  7,458,486   7,973,179  Goodwill  6,443,170   -  Total non-current assets  14,902,719   8,011,820            TOTAL ASSETS $37,307,996  $30,061,778            LIABILITIES AND EQUITY         CURRENT LIABILITIES         Short-term loans $834,028  $-  Long-term loans due within one year  219,554   -  Convertible promissory notes, net  3,852,890   107,383  Derivative liability  1,329,842   1,272,871  Accounts payable, trade  3,757,567   641,927  Advances from customers  828,939   67,975  Amount due to related parties  649,059   305,760  Taxes payable  317,010   861  Other payables and accrued liabilities  11,208,548   6,044,378  Liabilities from discontinued operations  -   13,108,038  Total current liabilities  22,997,437   21,549,193            Long-term loans - noncurrent portion  163,920   -            TOTAL LIABILITIES  23,161,357   21,549,193            COMMITMENTS AND CONTINGENCIES                   EQUITY         Common stock, $0.001 par value; 50,000,000 shares authorized; 10,384,433 and 9,073,289 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively  10,384   9,073  Additional paid-in capital  22,626,434   15,643,825  Statutory reserves  -   2,227,634  Accumulated deficit  (8,436,279)  (10,881,667) Accumulated other comprehensive income (loss)  (128,737)  1,683,770  Total BOQI International Medical Inc.’s equity  14,071,802   8,682,635            NON-CONTROLLING INTERESTS  74,837   (170,050)           Total equity  14,146,639   8,512,585            Total liabilities and equity $37,307,996  $30,061,778  BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (GAIN)/LOSS (UNAUDITED)  For the Three Months Ended June 30,  For the Six Months Ended June 30,    2020  2019  2020  2019                REVENUES  3,790,847   336,690   4,226,378   912,402                    COST OF REVENUES  2,941,955   319,172   3,407,169   749,848                    GROSS PROFIT  848,892   14,518   819,209   162,554                    OPERATING EXPENSES:                 Sales and marketing  531,923   48,851   650,769   86,724  General and administrative  2,390,945   678,089   4,242,954   1,161,732  Total operating expenses  2,922,868   726,940   4,893,723   1,248,456                    LOSS FROM OPERATIONS  (2,073,976)  (712,422)  (4,074,514)  (1,085,902)                   OTHER INCOME (EXPENSE)                 Interest expense  (195,486)  (173,526)  (377,446)  (292,094) Other income (expense)  6,986,587   2,703   6,968,162   (47,697) Total other income (expense), net  6,791,101   (170,823)  6,590,716   (339,791)                   INCOME (LOSS) BEFORE INCOME TAXES  4,717,125   (883,245)  2,516,202   (1,425,693)                   PROVISION FOR INCOME TAXES  43,271   —   44,539   —                    NET INCOME (LOSS)  4,673,854   (883,245)  2,471,663   (1,425,693) Less: net income (loss) attributable to  non-controlling interest  33,590   (21,149)  26,274   3,997  NET INCOME (LOSS) ATTRIBUTE TO BOQI INTERATIONAL MEDICAL INC. $4,640,264  $(862,096) $2,445,389  $(1,429,690) OTHER COMPREHENSIVE INCOME(LOSS)                 Foreign currency translation adjustment  263,239   (205,602)  143,038   26,325  TOTAL COMPREHENSIVE INCOME(LOSS)  4,937,093   (1,088,847)  2,614,701   (1,339,368) Less: comprehensive income (loss) attributable to non-controlling interests  2,334   (8,831)  (2,601)  4,546  COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BOQI INTERNATIONAL MEDICAL INC. $4,934,759  $(1,080,016) $2,617,302  $(1,403,914)                   WEIGHTED AVERAGE NUMBER OF COMMON SHARES                 Basic and diluted  10,203,861   7,831,531   9,728,861   7,703,123                    INCOME (LOSS) PER SHARE                 Basic and diluted $0.46  $(0.11) $0.25  $(0.19) BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES (CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  For the Six Months Ended June 30,    2020  2019  CASH FLOWS FROM OPERATING ACTIVITIES:         Net Income (Loss ) $2,471,663  $(1,425,693) Adjustments to reconcile net loss to cash used in operating activities:         Depreciation and amortization  512,460   497,476  (Profit) on disposal of NF Group  (6,944,469)  -  Allowance for doubtful accounts  79,061   157,310  Amortization of discount of convertible promissory notes  1,075,171   -  Change in derivative liabilities  107,340   -  Impairment loss from construction in progress  -   25,071  Allowance for inventory provision  187,942   -            Change in operating assets and liabilities         Accounts receivable  (1,301,929)  942,687  Advances to suppliers  (958,804)  -  Inventories  (1,012,881)  (214,739) Prepayments and other receivables  930,314   (74,919) Accounts payable, trade  1,760,102   (318,384) Advances from customers  (602,416)     Taxes payable  (80,818)  19,339  Other payables and accrued liabilities  347,751   365,443  Net cash provided by (used in) operating activities  (3,429,513)  (26,409)           CASH FLOWS FROM INVESTING ACTIVITIES:         Cash received from acquisition of Guanzan Group  95,220   -  Net cash provided by investing activities  95,220   -            CASH FLOWS FROM FINANCING ACTIVITIES:         Issuance of common stock      126,841  Net proceeds from issuance of convertible promissory notes  3,457,325   -  Proceeds from short-term loans      5,899,009  Repayment of short-term loans  (34,100)  (5,900,484) Repayment of long-term loans  (21,497)     Amount financed by related parties  598,803      Net cash provided by financing activities  4,000,531   125,366            EFFECT OF EXCHANGE RATE ON CASH  (593,510)  20,569            INCREASE IN CASH  72,728   78,388            CASH AND CASH EQUIVALENTS, beginning of period  36,674   197,356            CASH AND CASH EQUIVALENTS, end of period $109,402  $275,744            SUPPLEMENTAL CASH FLOW INFORMATION:         Cash paid for income tax $56,396  $-  Cash paid for interest expense, net of capitalized interest $34,902  $284,092            NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES         Issuance of common shares for the equity acquisition of Chongqing Guanzan Technology Co., Ltd. $2,717,000  $-  Goodwill recognized from the equity acquisition of the Boqi Group $6,443,170  $-  Outstanding payment for the equity acquisition of Chongqing Guanzan Technology Co., Ltd. $4,414,119  $-  Outstanding receivable for disposal of NF Group $10,000,000  $-  Issuance of common shares upon conversion of convertible notes $1,008,067  $-

  • GlobeNewswire

    BOQI International Medical Announces Nasdaq Notification of Deficiency

    New York, Aug. 24, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) reported that on August 21, 2020, it received a notification letter from The Nasdaq Stock Market LLC (“Nasdaq”) stating that, because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended June 30, 2020 (the “Form 10-Q”), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. In accordance with the Nasdaq Listing Rules, The Company was provided 60 calendar days to submit its plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-Q to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. The Company is diligently working to file the Form 10-Q within the period provided to submit its plan of compliance.About BOQI International Medical Inc. BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized following efforts led by Mr. Yongquan Bi, the company’s new Chairman, with a renewed focus on the health industry. The company is now transforming from a provider of integrated energy conservation solutions to a healthcare products provider. BOQI International Medical Inc. offers a broad range of healthcare products and related services. Safe Harbor StatementThe statements contained herein that are not historical facts are considered “forward-looking statements.” Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; the impact of COVID-19;  legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov. IR Contact: Dragon Gate Investment Partners LLC Tel: +1(646)-801-2803 Email: BIMI@dgipl.com

  • ACCESSWIRE

    LD Micro - Announces Preliminary List of Presenters for the LD-500.

    LOS ANGELES, CA / ACCESSWIRE / August 5, 2020 / LD Micro today announced the initial list of companies slated to present at the upcoming LD 500, taking place September 1st-4th, 2020, exclusively online.