Brief: Boqi International Medical Believes Factors Raise Substantial Doubt About Co's Ability To Continue As Going Concern

BIMI Holdings

29/06/2020 20:54

June 29 (Reuters) - BOQI International Medical Inc  BIMI.O :
    * BOQI INTERNATIONAL MEDICAL ANNOUNCES FIRST QUARTER 2020
FINANCIAL RESULTS
    * BOQI INTERNATIONAL MEDICAL- DUE TO CHINESE GOVERNMENT'S
LOCKDOWN
ORDER, CUSTOMER TRAFFIC DROPPED GREATLY
    * BOQI INTERNATIONAL MEDICAL - BELIEVES FACTORS RAISE
SUBSTANTIAL
DOUBT ABOUT CO'S ABILITY TO CONTINUE AS A GOING CONCERN FOR NEXT
12 MONTHS
    * BOQI INTERNATIONAL MEDICAL - CONTINUES TO GENERATE
OPERATING
LOSSES AND HAS LIMITED CASH FLOW FROM ITS CONTINUING OPERATIONS
    * BOQI INTERNATIONAL MEDICAL- EXPECT TO CONTINUE TO INCUR
ADDITIONAL COSTS, WHICH MAY BE SIGNIFICANT
    * BOQI INTERNATIONAL MEDICAL - COVID-19 CAUSED SUPPLY CHAIN
DISRUPTION WHICH RESULTED IN HIGHER SUPPLY CHAIN COSTS
    * BOQI INTERNATIONAL MEDICAL - EXPERIENCED RESTRICTED STOCK
AVAILABILITY IN NUMBER OF KEY CATEGORIES
    * BOQI INTERNATIONAL MEDICAL- MAY FACE DELAYS OR DIFFICULTY
SOURCING CERTAIN PRODUCTS WHICH COULD NEGATIVELY IMPACT CO
    * BOQI INTERNATIONAL MEDICAL - CERTAIN POPULAR AND HIGH
PROFIT
MARGIN PRODUCTS COULD NOT BE SOLD
    * BOQI INTERNATIONAL MEDICAL - AT MARCH 31, CO HAD CASH OF
$175,865, NEGATIVE WORKING CAPITAL OF $6,008,248
    * BOQI INTERNATIONAL MEDICAL - CONTINUES TO GENERATE
OPERATING
LOSSES, HAS LIMITED CASH FLOW FROM CONTINUING OPERATIONS

Source text for Eikon:  ID:nGNX2RympM 
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