# EDGAR Filing Document

**Accession Number:** 0001696558
**File Stem:** 0001213900-26-068770
**Filing Date:** 2026-6
**Character Count:** 24937
**Document Hash:** a90f41b47b29f68fe1f0a260cb5a9487
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-068770.hdr.sgml**: 20260615

**ACCESSION NUMBER**: 0001213900-26-068770

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260615

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260615

**DATE AS OF CHANGE**: 20260615

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jerash Holdings (US), Inc.
- **CENTRAL INDEX KEY:** 0001696558
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 814701719
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38474
- **FILM NUMBER:** 261090775

**BUSINESS ADDRESS:**
- **STREET 1:** 260 EAST MAIN STREET
- **STREET 2:** SUITE 2706
- **CITY:** ROCHESTER
- **STATE:** NY
- **ZIP:** 14604
- **BUSINESS PHONE:** 2125759085

**MAIL ADDRESS:**
- **STREET 1:** 260 EAST MAIN STREET
- **STREET 2:** SUITE 2706
- **CITY:** ROCHESTER
- **STATE:** NY
- **ZIP:** 14604

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): June 15, 2026

**Jerash Holdings (US), Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38474** | **81-4701719** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **277 Fairfield Road, Suite 338, Fairfield, NJ** | **07004** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(201) 285-7973**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, par value $0.001 per share** | **JRSH** | **The NASDAQ Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On June 15, 2026, Jerash Holdings (US), Inc. issued a press release to announce financial results for its fiscal year 2026 fourth quarter and full year, ended March 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits.**

(d) *Exhibits.* 

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit** |
| 99.1 | [Press Release dated June 15, 2026](ea029464601ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **JERASH HOLDINGS (US), INC.** | **JERASH HOLDINGS (US), INC.** |
| June 15, 2026 | By: | /*s*/ *Choi Lin Hung* |
|  |  | Choi Lin Hung |
|  |  | Chairman of the Board of Directors, Chief Executive Officer, President, and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ea029464601_ex99-1img1.jpg)

**Jerash Holdings Reports Financial Results**

**for Fiscal 2026 Fourth Quarter and Full Year**

***-- Robust Fourth-Quarter Growth Caps Record Revenue Year***

***as Profitability Accelerates --***

 

**FAIRFIELD, N.J., June 15, 2026 –** Jerash Holdings (US), Inc. (NASDAQ: JRSH) (the "Company" or "Jerash"), which manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands, today announced financial results for its fiscal 2026 fourth quarter and full year ended March 31, 2026.

**<u>Fiscal 2026 Fourth Quarter Highlights</u>**

● Revenue increased by 46.6 percent to $42.9 million, from $29.3 million in the prior year quarter.

● Gross margin was 17.1 percent, compared with 17.9 percent a year ago.

● Operating income advanced more than fivefold to $2.3 million, from $434,000 in the prior year quarter.

● Net income improved significantly to $1.7 million, compared with a net loss of $144,000 last year.

**<u>Fiscal 2026 Full Year Highlights</u>**

● Revenue increased by 14.0 percent to a record $166.3 million, from $145.8 million in fiscal 2025.

● Gross margin improved to 16.1 percent, from 15.3 percent in fiscal 2025.

● Operating income more than quadrupled to $6.3 million, from $1.4 million in fiscal 2025.

● Net income improved to $3.6 million, or $0.27 per diluted share, from a net loss of $840,000, or $0.07 per share, in fiscal 2025.

**<u>Outlook</u>**

● Revenue for the fiscal 2027 first quarter is expected to increase by 20 to 22 percent over $39.6 million in the prior fiscal year's first quarter.

● Gross margin for the fiscal 2027 first quarter is anticipated to be approximately 15 to 17 percent, with increased emphasis on customer diversification and reduced seasonality.

"Jerash closed fiscal 2026 achieving strong fourth quarter performance and record revenue for the full year, driven by rising demand from both our long-standing global brand customers and orders from newer customers over the past few years," said Sam Choi, Jerash's chairman and chief executive officer. "We have made progress toward reducing customer concentration, and along with improved production efficiencies, we managed to smooth out seasonality in the second half of fiscal 2026 to achieve higher sales and better margins. With both the Aqaba and Haifa ports fully open and operating normally during the quarter, we were also pleased to complete additional export shipments despite the seasonal impact typically associated with the month-long Ramadan and Eid al-Fitr holiday period, which began on February 19 this year.

"Operationally, we are expanding production and reorganizing warehouse capacity in phases at several manufacturing facilities, including our newly acquired building, to better accommodate growing customer demand. The first phase of renovation is expected to add approximately 15 percent to our capacity and accommodate 700 additional workers by the end of calendar year 2026. The remaining expansion is planned for completion by mid-calendar year 2027, which should contribute an additional 20 to 25 percent in production capacity.

"Our production facilities are fully booked through December 2026, ensuring a steady flow of profitable growth. Management remains focused on further improving gross margin through increased automation and enhanced production efficiencies driven by economies of scale," Choi added.

**Fiscal 2026 Fourth Quarter Results**

Fiscal 2026 fourth quarter revenue rose by 46.6 percent to $42.9 million, from $29.3 million in the same quarter last year, primarily reflecting increased export shipments to the Company's long-standing key customers, as well as orders from newer customers, including Hansoll Group in South Korea, and others developed in recent years.

Gross profit increased 40.4 percent to $7.4 million for the fiscal 2026 fourth quarter, from $5.2 million in the same quarter last year. Gross profit margin for the quarter was 17.1 percent, compared with 17.9 percent in the same period last year.

Operating expenses totaled $5.0 million in the fiscal 2026 fourth quarter, compared with $4.8 million in the same quarter last year. As a percentage of revenue, total operating expenses decreased by almost 5 percentage points to 11.7 percent, from 16.4 percent in the fiscal 2025 fourth quarter. The lower expenses principally reflected improved control over export logistics costs and lower stock-based compensation.

Operating income rose more than fivefold to $2.3 million in the fiscal 2026 fourth quarter, up from $434,000 in the same quarter last year.

Total other expenses in the fiscal 2026 fourth quarter were $399,000, including $383,000 in interest expenses, compared with $254,000, including $371,000 in interest expenses partially offset by other income, in the prior year quarter.

Income tax expenses were $270,000 in the fiscal 2026 fourth quarter, compared with $324,000 in the prior year quarter. The effective income tax rate for the fiscal 2026 fourth quarter declined to 13.9 percent, mainly due to improvements in group profitability and lower Jordan income tax rate for companies in qualified development zones under a new investment law.

Net income rose to $1.7 million, or $0.12 per diluted share , for the fiscal 2026 fourth quarter, from a net loss of $144,000, or $0.01 per share, for the same quarter last year.

Comprehensive income attributable to the Company's common stockholders advanced to $1.6 million in the fiscal 2026 fourth quarter, from a comprehensive loss of $49,000 in the same quarter last year.

**Fiscal 2026 Full Year Results**

Revenue for the full 2026 fiscal year increased by 14.0 percent to a record high $166.3 million, from $145.8 million in fiscal 2025.

Gross profit for fiscal 2026 rose 20.0 percent to $26.8 million, from $22.3 million in the prior fiscal year. Gross margin for fiscal 2026 improved to 16.1 percent from 15.3 percent in fiscal 2025.

Total operating expenses for fiscal 2026 were $20.5 million, compared with $20.9 million in fiscal 2025.

Operating income more than quadrupled to $6.3 million for the full 2026 fiscal year, from $1.4 million in the last fiscal year.

Total other expenses in fiscal 2026 were $1.6 million, compared with $1.3 million in fiscal 2025.

Income tax expenses were $1.1 million for fiscal 2026, compared with $991,000 for fiscal 2025.

Net income for fiscal 2026 improved by $4.5 million to $3.6 million, or $0.27 per diluted share, from a net loss of approximately $840,000, or $0.07 per share, in fiscal 2025.

Comprehensive income attributable to Jerash's common stockholders improved to $3.6 million in fiscal 2026, from a comprehensive loss of $869,000 in fiscal 2025.

**Balance Sheet, Cash Flow and Dividends**

Cash and restricted cash totaled $12.5 million, and net working capital was $36.7 million as of March 31, 2026. During fiscal 2026, the Company purchased a manufacturing building and associated land in Al Tajamouat Industrial City for approximately $3.4 million, financed in part with a long-term bank loan of approximately $2.8 million. The Company also obtained two new revolving credit facilities totaling up to $20.0 million, both of which were undrawn as of March 31, 2026.

On May 4, 2026, the board of directors of Jerash approved a regular quarterly dividend of $0.05 per share on the Company's common stock. The dividend was paid on May 21, 2026, to stockholders of record as of May 14, 2026.

**Conference Call**

Jerash Holdings will host an investor conference call to discuss its fiscal 2026 fourth quarter and full year results today, June 15, 2026, at 9:00 a.m. Eastern Time.

Phone: 888-506-0062 (domestic); 973-528-0011 (international) <br> Conference ID: 899698

A live and archived webcast will be available online in the investor relations section of Jerash's website at www.jerashholdings.com. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.

**About Jerash Holdings (US), Inc.**

Jerash Holdings (US), Inc. manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands and retailers, including VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which licenses brands such as Calvin Klein, Tommy Hilfiger, and Nautica), Hugo Boss, American Eagle, and Acushnet (which owns brands such as Footjoy and Titleist). Jerash's existing production facilities comprise eight factory units and six warehouses, and Jerash currently employs approximately 6,300 people. Additional information is available at www.jerashholdings.com.

**Forward-Looking Statements**

This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "seek", "potential," "outlook" and similar expressions are intended to identify forward-looking statements. Such statements, including, but not limited to, Jerash's current views with respect to future events and its financial forecasts, and expansion of the customer base among high-profile global brands, are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by Jerash with the U.S. Securities and Exchange Commission. These and other risks and uncertainties are detailed in the Company's filings with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Jerash does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

**Contact:**

PondelWilkinson Inc.

Judy Lin or Roger Pondel

310-279-5980; jlin@pondel.com

\# \# \#

(tables below)

**JERASH HOLDINGS (US), INC., AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended <br> March 31,**  | **For the Three Months Ended <br> March 31,**  | **For the Fiscal Years Ended <br> March 31,**  | **For the Fiscal Years Ended <br> March 31,**  |
|  | **2026** | **2025** | **2026** | **2025** |
|  | (Unaudited) | (Unaudited) | | |
| **Revenue, net** | $42896842 | $29251426 | $166263870 | $145812006 |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | 35541194 | 24012525 | 139480501 | 123492561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross Profit** | 7355648 | 5238901 | 26783369 | 22319445 |
| Selling, general and administrative expenses | 4795599 | 4464351 | 19551781 | 19114456 |
| Stock-based compensation expenses | 223851 | 341035 | 904171 | 1758146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | 5019450 | 4805386 | 20455952 | 20872602 |
| **Income from Operations** | 2336198 | 433515 | 6327417 | 1446843 |
| **Other Income (Expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | (382867) | (371469) | (1625387) | (1719760) |
| &nbsp;&nbsp;&nbsp;Other (expenses) income, net | (15801) | 117667 | 45416 | 424108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expenses, net** | (398668) | (253802) | (1579971) | (1295652) |
| **Net income before provision for income taxes** | 1937530 | 179713 | 4747446 | 151191 |
| Income tax expenses | 269521 | 323808 | 1120044 | 991120 |
| **Net income (loss)** | 1668009 | (144095) | 3627402 | (839929) |
| Net income attributable to noncontrolling interest | 81265 | 8540 | 89802 | 8440 |
| **Net income (loss) attributable to Jerash Holdings (US), Inc.'s Common Stockholders** | $1586744 | $(152635) | $3537600 | $(848369) |
| **Net income (loss)** | $1668009 | $(144095) | $3627402 | $(839929) |
| **Other Comprehensive Income (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation gain (loss) | 992 | 103670 | 48369 | (20803) |
| **Total Comprehensive Income (Loss)** | 1669001 | (40425) | 3675771 | (860732) |
| &nbsp;&nbsp;&nbsp;**Comprehensive income attributable to noncontrolling interest** | 81265 | 8540 | 89802 | 8440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive Income (Loss) Attributable to Jerash Holdings (US), Inc.'s Common Stockholders** | $1587736 | $(48965) | $3585969 | $(869172) |
| **Earnings (Loss) Per Share Attributable to Common Stockholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.12 | $(0.01) | $0.28 | $(0.07) |
| &nbsp;&nbsp;&nbsp;Diluted | $0.12 | $(0.01) | $0.27 | $(0.07) |
| **Weighted Average Number of Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 12699940 | 12433363 | 12699940 | 12329021 |
| &nbsp;&nbsp;&nbsp;Diluted | 13285785 | 12433363 | 13188685 | 12329021 |
| Dividend per share | $0.05 | $0.05 | $0.20 | $0.20 |

---

**JERASH HOLDINGS (US), INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| **<u>ASSETS</u>** | | |
| **Current Assets:** | | |
| &nbsp;&nbsp;&nbsp;Cash | $10764576 | $13346791 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 5676122 | 3076074 |
| &nbsp;&nbsp;&nbsp;Inventories | 29956361 | 27704829 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3351655 | 3648321 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers, net | 8639635 | 6644194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Assets** | 58388349 | 54420209 |
| Restricted cash – non-current | 1702935 | 1717248 |
| Long-term deposits | 834686 | 464934 |
| Property, plant, and equipment, net | 27388699 | 25023681 |
| Goodwill | 499282 | 499282 |
| Operating lease right of use assets | 1038563 | 850172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**89852514** | $**82975526** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |
| **Current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Credit facilities | $4902996 | $4512462 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 7167019 | 6507308 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 5528165 | 4342436 |
| &nbsp;&nbsp;&nbsp;Income tax payable – current | 1331765 | 1305386 |
| &nbsp;&nbsp;&nbsp;Uncertain tax provision |  | 175290 |
| &nbsp;&nbsp;&nbsp;Other payables | 2092183 | 2149185 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 241357 | 487004 |
| &nbsp;&nbsp;&nbsp;Bank loan – current | 58766 |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities – current | 319910 | 339699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Liabilities** | 21642161 | 19818770 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities, net | 73 | 120 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities – non-current | 539183 | 287527 |
| &nbsp;&nbsp;&nbsp;Bank loan – non current | 2762034 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **24943451** | **20106417** |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 30,000,000 shares authorized; 12,939,418 shares issued; 12,699,940 shares outstanding as of March 31, 2026 and 2025, respectively | 12939 | 12939 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 26579006 | 25674835 |
| &nbsp;&nbsp;&nbsp;Treasury stock, 239,478 shares | (1169046) | (1169046) |
| &nbsp;&nbsp;&nbsp;Statutory reserve | 413821 | 413821 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 39394513 | 38396901 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (464753) | (513122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Jerash Holdings (US), Inc. Stockholders' Equity** | 64766480 | 62816328 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 142583 | 52781 |
| **Total Equity** | 64909063 | 62869109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $**89852514** | $**82975526** |

---

**JERASH HOLDINGS (US), INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** |
|  | **2026** | **2025** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $3627402 | $(839929) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 3074963 | 2681709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expenses | 904171 | 1758146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss (recovery), net | 73479 | (17054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 588463 | 591961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uncertain tax provision |  | 175290 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2673527) | 2358493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (2251532) | (463257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 296668 | (902253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance to suppliers | (1995441) | (3558057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets |  | 158329 |
| &nbsp;&nbsp;&nbsp;Changes in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 659711 | 167071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1185730 | 166593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | (57002) | (85685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (245647) | 476804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (544988) | (544616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | (148106) | (759037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | (47) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 2494297 | 1364628 |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (5128453) | (951112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for construction of properties |  | (1089484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for long-term deposits | (665825) | (329326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (5794278) | (2369922) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payments | (2539988) | (2458968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of short-term loan | (21723106) | (14103935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from short-term loan | 22113640 | 18616397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term loan | 2820800 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 671346 | 2053494 |
| **EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH** | 32107 | (21028) |
| **NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH** | (2596528) | 1027172 |
| **CASH, AND RESTRICTED CASH, BEGINNING OF THE YEAR** | 15064039 | 14036867 |
| **CASH, AND RESTRICTED CASH, END OF THE YEAR** | $12467511 | $15064039 |
| CASH, AND RESTRICTED CASH, END OF THE YEAR | $12467511 | $15064039 |
| LESS: NON-CURRENT RESTRICTED CASH | 1702935 | 1717248 |
| CASH, END OF THE YEAR | $10764576 | $13346791 |
| **Supplemental disclosure information:** |  |  |
| Cash paid for interest | $1625387 | $1719760 |
| Income tax paid | $1272591 | $1398684 |
| **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Equipment obtained by utilizing long-term deposit | $296098 | $667567 |
| &nbsp;&nbsp;&nbsp;Operating lease right of use assets obtained in exchange for operating lease obligations | $765303 | $186726 |

---