BOQI International Medical NASDAQ: BIMI Announces First Quarter 2020 Financial Report

BOQI International Medical NASDAQ: BIMI Announces First Quarter 2020 Financial Report

The main quarter was a decent beginning for our social insurance business. Notwithstanding the effect brought about by the pandemic, we finished the securing of Guanzan as arranged. In the second quarter, we raised assets through the offer of convertible notes and stripped our heritage vitality business. These activities raised assets for our working capital needs and for additional development,” said Mr Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc.NASDAQ: BIMI at https://www.webull.com/quote/nasdaq-bimi. I’m glad for the advancement we’ve made and I’m sure we will keep on increasing current standards on what’s conceivable during the remainder of 2020.

Incomes from the Company’s proceeding with activities for the three months finished March 31, 2020, and 2019 were $426,898 and $0, separately. The incomes for the three months finished March 31, 2020, were principally inferable from the incomes of the Company’s recently gained Guanzan Group, a merchant of medication and medical gadgets that was obtained on March 18, 2020.

These incomes mirror the deals of the discount medication and discount medical gadgets fragments of the Guanzan Group since their procurement on March 18, 2020. Incomes from the discount medication and the discount medical gadgets sections for the three months finished March 31, 2020, were $248,027 and $166,557, separately. The independent incomes of the Guanzan Group for the three months finished March 31, 2020, were $1,706,396. There were no incomes from proceeding with tasks for the three months finished March 31, 2019, on the grounds that the business activity of the NF Group was renamed as a suspended activity and the Company’s present proceeding with tasks were gained after March 31, 2019.

The cost of incomes from the Company’s proceeding with activities for the three months finished March 31, 2020, and 2019 were $461,782 and $0, individually. Due to the lockdown strategy that was organized in China in the main quarter of 2020, the Company’s retail drug store stores made basically no business which brought about an enormous bit of the Company’s stock to terminate unsold.

For the three months finished March 31, 2020, the expense of incomes of the Company’s retail drug store section was $129,483, which included a stock discount of $119,342. For the three months finished March 31, 2020, the expense of incomes of the Company’s discount medical gadgets portion was $199,036 and the expense of incomes of the Company’s discount medication section was $133,263. You can check the latest stock information at the best day trading platform. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.