Ann: Half Yearly Report and Accounts, page-60

Not only production costs... but

startup cost
re-branding cost (Neurio and GK IFs, maybe more)
aggressive marketing cost
decoration/layout designs/capital cost for shelf in thousands of shops and JAT's owned retail outlet (Maternal and Infant Boutique in ZhengZhou.

All the above contributing to higher overall corporate expenses in the beginning, hence we see lower margin in the previous and current quarters. For god sake, we have just started establishing and expanding the businesses. Anyone who expect 'high' 30-40%??? margin within 24 months and blame the business is insane I would say,

How long BUB and WHA have been started? Are they cash flow positive???

Despite Golden Koala has not been performing due to SAMR delays, but we still achieved 929k cash flow, mainly was contributed by Sunnya and Green Forest which acquired only 6-7 months ago. Half year ago man!!!

Those claiming JAT's businesses have low margin, high cost were totally unfair and no business sense.

Below is the summary between Dec and Sep 18 quarterlies, as you can see, the management did not burn our hard earned money, the capital raised was used for Sunnya settlement and repayment. All the rest still in the bank account.

AGAIN.... as many non-holders always being lazy to do their research, played dumb, twisted comments and etc...

Currently JAT has 2.7 mil inventory + 5.2 mil cash + 700k converted option = 8.6 mil

EV <40 mil 

Note: x1000