COSMO COMMUNICATIONS CORP

CIK:0000718096|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	12 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2010
SALES	$ 17,984,419	$ 15,755,443	$ 16,364,733
COST OF PRODUCTS SOLD	15,762,990	13,868,625	14,806,460
GROSS PROFIT	2,221,429	1,886,818	1,558,273
COMMISSION INCOME	15,652	34,248	96,497
OPERATING EXPENSES
Salaries and wages	907,001	1,085,416	1,060,735
General and administrative	816,056	726,717	734,398
Selling and delivery	2,063,227	1,632,478	1,467,694
Depreciation		15,367	14,874
TOTAL OPERATING EXPENSES	3,786,284	3,459,978	3,277,701
LOSS FROM OPERATIONS	(1,549,203)	(1,538,912)	(1,622,931)
Financial	13,678	41,407	11,800
Loss (gain) on foreign exchange	364,956	(111,833)	(354,340)
LOSS BEFORE INCOME TAXES	(1,927,837)	(1,468,486)	(1,280,391)
INCOME TAX (RECOVERY) EXPENSE	(20,401)	812	(9,047)
NET LOSS	(1,907,436)	(1,469,298)	(1,271,344)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT	(74,385)	49,393	677,987
COMPREHENSIVE LOSS	$ (1,981,821)	$ (1,419,905)	$ (593,357)
LOSS PER WEIGHTED NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED	$ (0.05)	$ (0.04)	$ (0.03)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED	40,467,636	40,467,636	40,467,636

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Mar. 31, 2012

SUPPLEMENTAL CASH FLOW INFORMATION

11.

SUPPLEMENTAL CASH FLOW INFORMATION

During the year ended 31 March 2012 the Company paid interest of $13,678 (2011 - $41,407) and paid income taxes of $805 (2011 - $53,777) and received a refund of income tax of $21,206.

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Mar. 31, 2011
Current Assets
Cash	$ 349,613	$ 375,365
Accounts receivable, less allowance of $266,355 and $175,206 as of 31 March 2012 and 2011, respectively	1,937,193	1,971,806
Inventories less allowance of $942,011 and $752,822 as of 31 March 2012 and 2011, respectively	3,612,785	4,712,192
Prepaid expenses and other	10,088	9,702
Total Current Assets	5,909,679	7,069,065
Equipment and Other Assets
Deferred taxes	8,317	8,317
Total Equipment and Other Assets	8,317	8,317
Total Assets	5,917,996	7,077,382
Current Liabilities
Accounts payable and accrued liabilities	754,650	887,642
Accounts payable to parent company	8,764,668	7,809,241
Interest payable to parent company	604,627	604,627
Total Liabilities	10,123,945	9,301,510
Commitments
Stockholders' Deficit
Capital stock, $0.05 par value, 50,000,000 shares authorized, 40,467,636 shares issued and outstanding	2,023,382	2,023,382
Additional paid-in capital	27,704,592	27,704,592
Accumulated other comprehensive income	281,213	355,598
Accumulated deficit	(34,215,136)	(32,307,700)
Total Stockholders' Deficit	(4,205,949)	(2,224,128)
Total Liabilities and Stockholders' Deficit	5,917,996	7,077,382
Convertible Preferred Stock
Stockholders' Deficit
Preferred stock
Preferred Stock
Stockholders' Deficit
Preferred stock