{"id":381701,"date":"2020-11-16T08:33:20","date_gmt":"2020-11-16T13:33:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=381701"},"modified":"2020-11-16T08:33:20","modified_gmt":"2020-11-16T13:33:20","slug":"boqi-international-medical-inc-announces-third-quarter-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/boqi-international-medical-inc-announces-third-quarter-2020-financial-results\/","title":{"rendered":"BOQI International Medical Inc. Announces Third Quarter 2020 Financial Results"},"content":{"rendered":"
\n

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (\u201cBIMI\u201d or the \u201cCompany\u201d) today announced its financial results for the third quarter and nine months ended September 30, 2020.<\/p>\n

\u201cWe have made good progress in line with our new business, especially the online-to-offline strategy. We opened our first retail pharmacy store in Chongqing at the end of June 2020, then gradually opened five more stores in the latter part of the third quarter,\u201d said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. \u201cWe are also developing our online healthcare platform. We plan to connect the platform with pharmacies, hospitals and other medical institutions to further strengthen our capabilities in online and offline healthcare services.\u201d<\/p>\n

\n Revenues<\/strong>\n <\/p>\n

Revenues for the three months ended September 30, 2020 and 2019 were $3,091,071 and $208,402, respectively. The Company\u2019s revenues for the three months ended September 30, 2020 were principally attributable to wholesale sales of medical devices and generic drugs by our newly acquired Guanzan Group. The Company\u2019s revenues for the three months ended September 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 we sold in June 2020. Revenues from the wholesale medical devices segment and the wholesale medicine segment for the three months ended September 30, 2020 were $670,296 and $2,391,674, respectively. Revenues from the retail pharmacy segment for the three months ended September 30, 2020 were $29,101.<\/p>\n

Revenues for the nine months ended September 30, 2020 and 2019 were $7,317,449 and $1,120,804, respectively. The 553% increase in revenues is attributable to the acquisition of the Guanzan Group in late March 2020. Revenues from the wholesale medicine segment for the nine months ended September 30, 2020 were $4,698,985 and revenues from the wholesale medical device segment for the nine months ended September 30, 2020 were $2,567,029. Revenues from the retail pharmacy segment for the nine months ended September 30, 2020 were $42,898.\u00a0\u00a0<\/p>\n

\n Cost of Revenues<\/strong>\n <\/p>\n

Cost of revenues for the three months ended September 30, 2020 and 2019 were $2,833,793 and $281,014, respectively, reflecting the impact of the acquisition of the Guanzan Group. For the three months ended September 30, 2020, the cost of revenues of the wholesale medical devices segment was $586,939. For the three months ended September 30, 2020, the cost of revenues of our wholesale medicine segment was $2,032,947. For the three months ended September 30, 2020, the cost of revenues for retail pharmacy segment was $227,883, which included an inventory impairment charge of $202,981.
\u00a0\u00a0
Cost of revenues for the nine months ended September 30, 2020 and 2019 were $6,240,962 and $1,030,862, respectively. For the nine months ended June 30, 2020, the cost of revenues of our wholesale medical devices segment was $2,051,563. For the nine months ended September 30, 2020, the cost of revenues of our wholesale medicine segment was $3,759,707. For the nine months ended September 30, 2020, cost of revenues of our retail pharmacy segment was $426,293, which included an inventory write-off of $390,923.<\/p>\n

\n Gross Profit<\/strong>\n <\/p>\n

For the three months ended September 30, 2020, the Company had a gross profit margin of 8.32% compared with a negative gross profit margin of 34.84 % in the quarter ended September 30, 2019. On a sequential basis, gross profit decreased by 14.07% from the second quarter of 2020, due to the decrease in revenues from high gross profit wholesale medical devices segment. The gross profit margin of the wholesale medical devices and wholesale medicine segments for three months ended September 30, 2020 were 12.44% and 15%, respectively. The retail pharmacy segment\u2019s cost of revenues exceeded its revenues by $198,782 in the quarter.<\/p>\n

For the nine months ended September 30, 2020, the Company had a gross profit margin of 14.71% compared with a gross profit margin of 8.02% in the first nine months of 2019. The improvement in the gross profit margin in the first nine months ended September 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 nine months ended September 30, 2020 were 20.08% and 19.99%, respectively. The retail pharmacy segment\u2019s cost of revenues exceeded its revenues by $383,395 in the nine-month period ended September 30, 2020.\u00a0<\/p>\n

\n Operating Expenses<\/strong>\n <\/p>\n

Operating expenses were $1,689,962 for the three months ended September 30, 2020 compared to $359,307 for the same period in 2019, an increase of $1,330,655. The increase is mainly due to the additional amortization of the discounted convertible notes and intangible assets and impairment loss of intangible asset.<\/p>\n

Operating expenses were $6,579,201 for the nine months ended September 30, 2020 compared to $1,607,763 for the same period in 2019, an increase of $ 4,975,922 or 309%. Operating expenses for the nine months ended September 30, 2020 consist mainly of amortization of the discounted convertible notes, amortization of intangible assets, meeting and promotional expenses, pharmaceutical and medical device industry compliance management expenses, legal fees, convertible note issuance-related costs in the amount of $211,425 and other professional service fees. The Company also reduced the contingent consideration payable to the former shareholders of Lasting (the parent of Boqi Zhengji) by $5,655,709, following a re-evaluation of such commitment.<\/p>\n

Operating expenses also included a $903,573 impairment loss with respect to the intangible assets recognized in the acquisition of Boqi Zhengji.<\/p>\n

\n Other Income<\/strong>\n <\/p>\n

For the three months ended September 30, 2020, the Company reported other income of $5,247 and other interest expense of $339,780, as compared to other income of $58,718 and other interest expense of $ 466,582 for the three months ended September 30, 2019.<\/p>\n

For the nine months ended September 30, 2020, the Company reported other income of $6,973,409 and other interest expense of $717,226 compared to other income of $11,021 and other interest expense of $717,226 in the nine months ended September 30, 2019. Other income in the nine months ended September 30, 2020 includes the gain generated from the disposal of the NF Group.\u00a0<\/p>\n

\n Net Profit (Loss)<\/strong>\n <\/p>\n

For the three months ended September 30, 2020, the Company reported a net loss of $1,860,573 compared to a net loss of $547,689 for the same period of 2019. For the nine months ended September 30, 2020, the Company reported a net profit of $611,090 compared to a net loss of $1,973,382 for the same period in 2019.<\/p>\n

\n Liquidity and Capital Resources<\/strong>\n <\/p>\n

On September 30, 2020, the Company had cash and cash equivalents of $11, 585,325 compared to cash and cash equivalents of $36,363 on December 31, 2019. As of September 30, 2020, the Company had negative working capital of $5,439,912 as compared to negative working capital of $500,765 on December 31, 2019.<\/p>\n

These conditions raise substantial doubt about the Company\u2019s ability to continue as a going concern. These unaudited condensed financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern.<\/p>\n

\n About BOQI International Medical Inc.<\/strong>\n <\/p>\n

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.<\/p>\n

\n Safe Harbor Statement<\/strong>\n <\/p>\n

Certain 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\u2019s 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\u2019s products and the Company\u2019s customers\u2019 economic condition, risk of operations in the People\u2019s Republic of China, general economic conditions and other risk factors detailed in the Company\u2019s annual report and other filings with the United States Securities and Exchange Commission. Investors are urged to read the Company\u2019s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 for further information about the Company\u2019s financial results, liquidity and capital resources.<\/p>\n

\n IR Contact:<\/strong>\n <\/p>\n

Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: BIMI@dgipl.com<\/a>\u00a0\u00a0<\/p>\n

BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nSeptember 30,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nDecember\u00a031,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n(Unaudited)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n ASSETS<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CURRENT ASSETS<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash<\/td>\n\u00a0<\/td>\n$<\/td>\n11,585,321<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n36,363<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,365<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n311<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,935,514<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,840<\/td>\n\u00a0<\/td>\n<\/tr>\n
Advances to suppliers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,251,811<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,252<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amount due from related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,350<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,195,247<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n707,526<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepayments and other receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,495,570<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,333<\/td>\n\u00a0<\/td>\n<\/tr>\n
Assets from discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,218,983<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,464,828<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,049,958<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
NON-CURRENT ASSETS<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n165,995<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n854,897<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,641<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n642,741<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,973,179<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,443,170<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total non-current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,106,803<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,011,820<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n\u00a0<\/td>\n$<\/td>\n33,571,631<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n30,061,778<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND EQUITY<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CURRENT LIABILITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Short-term loans<\/td>\n\u00a0<\/td>\n$<\/td>\n866,297<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term loans due within one year<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185,147<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Convertible promissory notes, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,616,330<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n107,383<\/td>\n\u00a0<\/td>\n<\/tr>\n
Derivative liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,173,505<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,272,871<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable, trade<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,790,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n641,927<\/td>\n\u00a0<\/td>\n<\/tr>\n
Advances from customers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n710,515<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n67,975<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amount due to related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n586,027<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n305,760<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxes payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n308,920<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n861<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other payables and accrued liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,788,175<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,044,378<\/td>\n\u00a0<\/td>\n<\/tr>\n
Liabilities from discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,108,038<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,024,916<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,549,193<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term loans – non-current portion<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n138,632<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
TOTAL LIABILITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,163,548<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,549,193<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EQUITY<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, $0.001 par value; 50,000,000 shares authorized; 10,505,821 and 9,073,289 shares issued and outstanding as of September 30 2020 and December 31, 2019, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,506<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,073<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,081,799<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,643,825<\/td>\n\u00a0<\/td>\n<\/tr>\n
Statutory reserves<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,227,634<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,834,660<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,881,667<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,633<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,683,770<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total BOQI International Medical Inc.\u2019s equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,284,278<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,682,635<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
NON-CONTROLLING INTERESTS<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n123,805<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(170,050<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,408,083<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,512,585<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and equity<\/td>\n\u00a0<\/td>\n$<\/td>\n33,571,631<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n30,061,778<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (GAIN)\/LOSS
(UNAUDITED)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nFor the Three Months Ended
September 30<\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\nFor the Nine Months Ended
September 30<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n REVENUES<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,091,071<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n208,402<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,317,449<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,120,804<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n COST OF REVENUES<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,833,793<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n281,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,240,962<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,030,862<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n GROSS PROFIT\/(LOSS)<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n257,278<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(72,612<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,076,487<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89,942<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n OPERATING EXPENSES:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales and marketing<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n377,977<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,096<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,028,746<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n119,820<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,311,985<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n326,211<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,554,939<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,487,943<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,689,962<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n359,307<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,583,685<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,607,763<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LOSS FROM OPERATIONS<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,432,684<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(431,919<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,507,198<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,517,821<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n OTHER INCOME (EXPENSE)<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(339,780<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(174,488<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(717,226<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(466,582<\/td>\n)<\/td>\n<\/tr>\n
Other income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,247<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58,718<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,973,409<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,021<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total other income (expense), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(334,533<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(115,770<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,256,183<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(455,561<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n INCOME (LOSS) BEFORE INCOME TAXES<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,767,217<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(547,689<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n748,985<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,973,382<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n PROVISION FOR INCOME TAXES<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93,356<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n137,895<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n NET INCOME (LOSS)<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,860,573<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(547,689<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n611,090<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,973,382<\/td>\n)<\/td>\n<\/tr>\n
Less: net income (loss) attributable to\u00a0\u00a0non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,374<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,220<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75,648<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n777<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n NET INCOME (LOSS) ATTRIBUTE TO BOQI INTERATIONAL MEDICAL INC.<\/b>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(1,909,947<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(544,469<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n535,442<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,974,159<\/td>\n)<\/td>\n<\/tr>\n
\n OTHER COMPREHENSIVE INCOME(LOSS)<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency translation adjustment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(108,236<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(271,289<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,802<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(244,964<\/td>\n)<\/td>\n<\/tr>\n
\n TOTAL COMPREHENSIVE INCOME(LOSS)<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,968,809<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(818,978<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n645,892<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,218,346<\/td>\n)<\/td>\n<\/tr>\n
Less: comprehensive income (loss) attributable to non-controlling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,193<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,260<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,408<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,286<\/td>\n\u00a0<\/td>\n<\/tr>\n
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BOQI INTERNATIONAL MEDICAL INC.<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,970,002<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(817,718<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n647,300<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,221,632<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
WEIGHTED AVERAGE NUMBER OF COMMON SHARES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,505,821<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,073,289<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,987,848<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,871,824<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n INCOME (LOSS) PER SHARE<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.19<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.07<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.06<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.25<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0<\/p>\n

BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES
(CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nFor the Nine Months Ended September 30,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM OPERATING ACTIVITIES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (Loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n611,090<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,973,382<\/td>\n)<\/td>\n<\/tr>\n
Adjustments to reconcile net income\/(loss) to cash used in operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n810,264<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n716,433<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Profit) on disposal of property<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,944,469<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(43,712<\/td>\n)<\/td>\n<\/tr>\n
Allowance for doubtful accounts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(263,260<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(75,203<\/td>\n)<\/td>\n<\/tr>\n
Amortization of discount of convertible promissory notes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,950,901<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,239<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in derivative liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,224<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,132<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment loss from construction in progress<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,803<\/td>\n\u00a0<\/td>\n<\/tr>\n
Allowance for inventory provision<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n390,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment loss of intangible assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n903,573<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in operating assets and liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,284,400<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n970,444<\/td>\n\u00a0<\/td>\n<\/tr>\n
Advances to suppliers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n418,847<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,928,419<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(634,860<\/td>\n)<\/td>\n<\/tr>\n
Prepayments and other receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,245,981<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(67,709<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable, trade<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,844,674<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(284,077<\/td>\n)<\/td>\n<\/tr>\n
Advances from customers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(707,586<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxes payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,368<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,943<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other payables and accrued liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n594,793<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n371,982<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash used in operating activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,815,194<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(935,967<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM INVESTING ACTIVITIES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash received from acquisition of Guanzan Group<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95,220<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from disposal of property, planet, and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,063<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchase of property, planet, and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(121,176<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash received from sale of NF Group<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,375,444<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayment from related party loan<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n540,294<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loan to related party<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,161,458<\/td>\n)<\/td>\n<\/tr>\n
Net cash provided by (used in) investing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,349,488<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(571,101<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM FINANCING ACTIVITIES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net proceeds from issuance of convertible promissory notes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,457,325<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from short-term loans<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,371<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,835,897<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayment of short-term loans<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(65,516<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,838,815<\/td>\n)<\/td>\n<\/tr>\n
Repayment of long-term loans<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(48,164<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amount financed by related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n173,547<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,591,910<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash provided by financing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,544,563<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,588,992<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EFFECT OF EXCHANGE RATE ON CASH<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n471,155<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(33,401<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
INCREASE IN CASH<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,550,012<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n48,523<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH AND CASH EQUIVALENTS, beginning of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,674<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n197,356<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH AND CASH EQUIVALENTS, end of period<\/td>\n\u00a0<\/td>\n$<\/td>\n11,586,686<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n245,879<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
SUPPLEMENTAL CASH FLOW INFORMATION:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid for income tax<\/td>\n\u00a0<\/td>\n$<\/td>\n42,130<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid for interest expense, net of capitalized interest<\/td>\n\u00a0<\/td>\n$<\/td>\n62,636<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n434,198<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issuance of common shares for the equity acquisition of Chongqing Guanzan Technology Co., Ltd.<\/td>\n\u00a0<\/td>\n$<\/td>\n2,717,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill recognized from the equity acquisition of the Boqi Group<\/td>\n\u00a0<\/td>\n$<\/td>\n6,443,170<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,040,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Outstanding payment for the equity acquisition of Chongqing Guanzan Technology Co., Ltd.<\/td>\n\u00a0<\/td>\n$<\/td>\n4,414,119<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common shares to be issued upon conversion of convertible promissory notes<\/td>\n\u00a0<\/td>\n$<\/td>\n5,160,473<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (\u201cBIMI\u201d or the \u201cCompany\u201d) today announced its financial results for the third quarter and nine months ended September 30, 2020. \u201cWe have made good progress in line with our new business, especially the online-to-offline strategy. We opened our first retail pharmacy store in Chongqing at the end of June 2020, then gradually opened five more stores in the latter part of the third quarter,\u201d said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. \u201cWe are also developing our online healthcare platform. We plan to connect the platform with pharmacies, hospitals and other medical institutions to further strengthen our capabilities in online … <\/p>\n

Continue reading “BOQI International Medical Inc. Announces Third Quarter 2020 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-381701","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBOQI International Medical Inc. Announces Third Quarter 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/boqi-international-medical-inc-announces-third-quarter-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BOQI International Medical Inc. Announces Third Quarter 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (\u201cBIMI\u201d or the \u201cCompany\u201d) today announced its financial results for the third quarter and nine months ended September 30, 2020. \u201cWe have made good progress in line with our new business, especially the online-to-offline strategy. We opened our first retail pharmacy store in Chongqing at the end of June 2020, then gradually opened five more stores in the latter part of the third quarter,\u201d said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. \u201cWe are also developing our online healthcare platform. We plan to connect the platform with pharmacies, hospitals and other medical institutions to further strengthen our capabilities in online … Continue reading "BOQI International Medical Inc. 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Announces Third Quarter 2020 Financial Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/boqi-international-medical-inc-announces-third-quarter-2020-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"BOQI International Medical Inc. Announces Third Quarter 2020 Financial Results - Market Newsdesk","og_description":"NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (\u201cBIMI\u201d or the \u201cCompany\u201d) today announced its financial results for the third quarter and nine months ended September 30, 2020. \u201cWe have made good progress in line with our new business, especially the online-to-offline strategy. We opened our first retail pharmacy store in Chongqing at the end of June 2020, then gradually opened five more stores in the latter part of the third quarter,\u201d said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. \u201cWe are also developing our online healthcare platform. We plan to connect the platform with pharmacies, hospitals and other medical institutions to further strengthen our capabilities in online … Continue reading \"BOQI International Medical Inc. Announces Third Quarter 2020 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/boqi-international-medical-inc-announces-third-quarter-2020-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-16T13:33:20+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NjUwNyMzODI4NTk2IzUwMDA2NDA1OA==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/boqi-international-medical-inc-announces-third-quarter-2020-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/boqi-international-medical-inc-announces-third-quarter-2020-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"BOQI International Medical Inc. 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