Business
Happiness Biotech Announced Financial Results for Fiscal Year Ended March 31, 2021
NANPING, China, Aug. 2, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and
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[{"type":"text","content":"NANPING, China, Aug. 2, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the \"Company\" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer and e-commerce services provider, today announced its financial results for the fiscal year ended March 31, 2021.\nFY 2020 Financial Highlights:\nRevenue increased $6,422,750 or 9.9% to $71,484,703 for the year ended March 31, 2021, as compared with $65,061,953 for the fiscal year ended March 31, 2020. The increase was primarily due to the new goods or service provided including online sale, automobile sale and advertising service in 2021. Sales from the healthcare products dropped down significantly to $45,389,702 during fiscal year 2021, a decrease of 30.2% as compared with fiscal year ended March 31, 2020, due to adverse impact of COVID-19 starting from January 2020. General and administrative expenses was $5,030,899 for the fiscal year ended March 31, 2021, representing an increase of $1,548,440 or 44.5%, compared with $3,482,459 for the fiscal year ended March 31, 2020. The increase was primarily attributable to the shares our employees from April 1, 2020 through March 31, 2021 as well as the service charges by internet search engine of key words, brand promotion costs of online sales. The Company reported $691,956 of net income attributable to common shareholders, or $0.03 per basic and diluted share in the fiscal year ended March 31, 2021, compared to net income attributable to common shareholders of $12.69 million, or $0.53 per basic and diluted share, in the comparative period.\"2020 was a very tough year for us, as travelling is restricted from time to time during the whole year due to COVID-19, the performance of our experience stores were getting worse. In 2021, we closed 10 experience stores due to their poor performance to avoid further losses. Meanwhile, we began to explore new business opportunities in e-commerce and automobile sale industries. It is exciting that our new business has achieved good results in less than half a year. In order to reduce the cost of trial and error, we chose B2B's business model from the beginning. Utilizing the supply chain and marketing resources accumulated over the years, we aim to provide business solutions for SMEs. Our online store, Internet information and advertising services and automobile bu...