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SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2019
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES |
Schedule of amounts and balances of the VIEs were included in the Group's consolidated financial statements after the elimination of intercompany balances and transactions |
|  | As of December 31,
|  | 2018 |  | 2019
Current Assets: |  |  |  |
Cash and cash equivalents |  | 8,527 |  | 40,964
Restricted cash |  | — |  | 12,631
Accounts receivable, net |  | 28,351 |  | 60,173
Notes receivable |  | — |  | 23,274
Inventories |  | 210,285 |  | 389,195
Prepayments and other current assets |  | 133,655 |  | 171,318
Total current assets |  | 380,818 |  | 697,555
Property and equipment |  | 9,962 |  | 15,599
Intangible assets, net |  | 382 |  | 774
Long-term investments |  | 11,140 |  | 140
Operating lease right-of-use assets |  | — |  | 67,103
Other non-current assets |  | 1,446 |  | 2,078
Total assets |  | 403,748 |  | 783,249
Current Liabilities: |  |  |  |
Short-term borrowings |  | — |  | (65,081)
Accounts payable |  | (211,954) |  | (394,242)
Accrued expenses and other current liabilities |  | (50,356) |  | (149,111)
Total current liabilities |  | (262,310) |  | (608,434)
Long-term operating lease liabilities |  | — |  | (47,750)
Total liabilities |  | (262,310) |  | (656,184)
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Net revenues |  | 959,153 |  | 1,785,757 |  | 3,302,818
Total cost and expenses |  | (930,567) |  | (1,809,656) |  | (3,383,187)
Net income (loss) |  | 28,586 |  | (23,899) |  | (80,369)
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Net cash used in operating activities |  | (124,409) |  | (112,425) |  | (263,750)
Net cash used in investing activities |  | (54) |  | (7,308) |  | (4,684)
Net cash provided by financing activities |  | — |  | — |  | 87,892
Schedule of estimated useful lives |
Leasehold improvements |  | Shorter of the lease term or their estimated useful lives
Furniture, fixtures and equipment |  | 3 years
Electronic equipment |  | 3 years
Vehicles |  | 5 years
Schedule of concentration of customers and suppliers |
|  | As of December 31, |
|  | 2018 |  | 2019 |
Accounts receivable: |  |  |  |  |
A |  | * |  | 18.8 | %
The following supplier accounted for 10% or more of purchases for the years ended December 31, 2017, 2018 and 2019:
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Product purchases: |  |  |  |  |  |
A |  | 14.1 | % | 13.9 | % | *
B |  | * |  | 12.7 | % | *
The following suppliers accounted for 10% or more of balances of accounts payable as of December 31, 2018 and 2019:
|  | As of December 31,
|  | 2018 |  | 2019
Accounts payable: |  |  |  |
A |  | 18.9 | % | *
| * |  | Less than 10%.
Schedule of product revenues and segment profit/(loss) generated by its segments |
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
B2C segment |  |  |  |  |  |
Product revenues |  | 862,327 |  | 847,476 |  | 763,254
Cost of products sold* |  | (780,137) |  | (767,073) |  | (654,796)
Segment profit for B2C Business |  | 82,190 |  | 80,403 |  | 108,458
B2B segment |  |  |  |  |  |
Product revenues |  | 86,890 |  | 922,751 |  | 3,166,444
Cost of products sold* |  | (88,582) |  | (914,627) |  | (3,132,074)
Segment (loss) profit for B2B Model |  | (1,692) |  | 8,124 |  | 34,370
Total segment profit |  | 80,498 |  | 88,527 |  | 142,828
| * |  | For segment reporting purpose, purchase rebate is allocated to B2C segment and B2B segment primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses.
Schedule of reconciliation of reportable segments revenue to the Group's consolidated revenues |
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Total revenues for reportable segments |  | 949,217 |  | 1,770,227 |  | 3,929,698
Service revenues |  | 10,269 |  | 15,743 |  | 22,355
Total consolidated revenues |  | 959,486 |  | 1,785,970 |  | 3,952,053
Schedule of reconciliation of the reportable segments' measures of profit or loss to the Group's consolidated loss before income taxes |
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Total profit for reportable segments |  | 80,498 |  | 88,527 |  | 142,828
Unallocated amounts: |  |  |  |  |  |
Service Revenues |  | 10,269 |  | 15,743 |  | 22,355
Fulfillment expenses |  | (55,880) |  | (73,930) |  | (128,996)
Selling and marketing expenses |  | (190,074) |  | (260,040) |  | (340,562)
General and administrative expenses |  | (53,434) |  | (98,759) |  | (123,501)
Technology expenses |  | (48,133) |  | (71,248) |  | (61,902)
Other operating income (expenses), net |  | 2,732 |  | (668) |  | (3,735)
Interest income |  | 4,013 |  | 4,352 |  | 4,802
Interest expense |  | (55) |  | — |  | (3,622)
Foreign exchange (loss) gain |  | (3,492) |  | 2,459 |  | (10,328)
Other income (loss),net |  | 4,229 |  | 11,531 |  | 834
Loss before income tax |  | (249,327) |  | (382,033) |  | (501,827)
Schedule of revenues from different product groups and services |
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Product Revenues |  | 949,217 |  | 1,770,227 |  | 3,929,698
Drugs |  | 649,341 |  | 1,489,917 |  | 3,595,419
Nutritional supplements |  | 123,214 |  | 190,425 |  | 245,644
Contact lenses. |  | 107,275 |  | 47,295 |  | 18,110
Medical supplies and devices |  | 49,414 |  | 26,563 |  | 50,178
Other products. |  | 19,973 |  | 16,027 |  | 20,347
Service Revenues |  | 10,269 |  | 15,743 |  | 22,355
MP Service |  | 8,767 |  | 12,375 |  | 17,239
Other Services |  | 1,502 |  | 3,368 |  | 5,116
Total |  | 959,486 |  | 1,785,970 |  | 3,952,053
Schedule of impact on consolidated balance sheet |
|  | December 31, 2018 |  | January 1, 2019
|  |  |  | Effect of the adoption |  |
|  | As reported |  | of ASC 842 |  | As adjusted
ASSETS |  |  |  |  |  |
Prepayments and other current assets |  | 161,147 |  | (1,371) |  | 159,776
Operating lease right-of-use assets |  | — |  | 62,408 |  | 62,408
Total assets |  | 1,546,418 |  | 61,037 |  | 1,607,455
LIABILITIES AND EQUITY |  |  |  |  |  |
Accrued expenses and other current liabilities |  | 102,261 |  | 19,795 |  | 122,056
Long-term operating lease liabilities |  | — |  | 41,242 |  | 41,242
Total liabilities |  | 322,654 |  | 61,037 |  | 383,691
Total equity |  | 1,223,764 |  | — |  | 1,223,764
Total liabilities and equity |  | 1,546,418 |  | 61,037 |  | 1,607,455

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5728-111685 + Details
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