REMEDENT USA INC/AZ

CIK:0001078037|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 337,468	$ 262,077	$ 878,519	$ 814,111
Cost of sales	128,432	94,562	308,032	239,432
Gross profit	209,036	167,515	570,487	574,679
Operating Expenses
Sales and marketing	45,464	94,867	83,073	295,165
General and administrative	140,513	178,919	372,995	507,914
Depreciation and amortization	8,681	16,745	28,224	58,314
TOTAL OPERATING EXPENSES	194,658	290,531	484,292	861,393
(LOSS) INCOME FROM OPERATIONS	14,378	(123,016)	86,195	(286,714)
OTHER INCOME (EXPENSES)
Equity (loss) income from investments	91,467	(30,799)	24,482	(201,751)
Interest expense	(1,380)	(2,029)	(3,155)	(5,039)
Interest / Other income (expense)		0		(1,355)
Other deductions	(3,673)	(5,755)	2,784	(1,788)
TOTAL OTHER INCOME	86,414	(38,583)	24,111	(209,933)
INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST	100,792	(161,599)	110,306	(496,647)
PROVISION FOR INCOME TAXES	(2,402)	(1,683)	(2,402)	(1,683)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE NON-CONTROLLING INTEREST, NET OF TAX	98,390	(163,282)	107,904	(498,330)
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST	3,934	(14,756)	8,324	932
NET INCOME (LOSS) ATTRIBUTABLE TO REMEDENT INC. COMMON SHAREHOLDERS	$ 94,456	$ (148,526)	$ 99,580	$ (499,262)
INCOME PER SHARE
Basic	$ 0.00	$ (0.01)	$ 0.00	$ (0.02)
Fully diluted	$ 0.00	$ (0.01)	$ 0.00	$ (0.02)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	19,995,969	19,995,969	19,995,969	19,995,969
Fully diluted	19,995,969	19,995,969	19,995,969	19,995,969

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 107,904	$ (498,330)
Adjustments to reconcile net income to net cash used by operating activities
Depreciation and amortization	28,224	58,314
Inventory reserve	74,142	(6,023)
Allowance for doubtful accounts	18,000	(1,377)
Equity investment	(24,482)	201,751
Changes in operating assets and liabilities:
Accounts receivable	(145,271)	(129,649)
Inventories	(16,741)	(8,180)
Prepaid expenses	112,203	217,696
Accounts payable	76,291	217,459
Accrued liabilities	(83,083)	(65,483)
Deferred revenue	36,920	48,915
Net cash provided by (used by) operating activities	184,107	35,093
CASH FLOWS FROM INVESTING ACTIVITIES
Patent costs	(2,703)	0
Net cash (used by) investing activities	(2,703)	0
Net increase in cash	181,404	35,093
Effect of exchange rate changes on cash and cash equivalents	(212,742)	(83)
CASH AND CASH EQUIVALENTS, BEGINNING	114,634	66,539
CASH AND CASH EQUIVALENTS, ENDING	83,296	101,549
Supplemental Information:
Interest paid	3,155	5,039
Income taxes paid	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Mar. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 83,296	$ 114,634
Accounts receivable, net of allowance for doubtful accounts of $172,447 at December 31, 2020 and $154,447 at March 31, 2020	474,611	329,340
Inventories, net	107,582	90,841
Prepaid expenses and other current assets	34,046	146,249
Total current assets	699,535	681,064
PROPERTY AND EQUIPMENT, NET	75,144	67,092
PATENTS, NET	2,703
OTHER ASSETS
Equity investment in GlamSmile Asia Ltd (Note 3)	2,035,535	2,150,724
Investment in Condor Technology (Note 3)	1,294,708	1,159,561
Investment in Metrics in Balance (Note 3)	3,455,122	3,450,598
Total assets	7,562,747	7,509,039
CURRENT LIABILITIES:
Accounts payable	2,371,173	2,294,884
Accrued liabilities	403,680	486,763
Deferred revenue	137,491	100,571
Total current liabilities	2,912,344	2,882,218
Long-term portion of lease liabilities	5,455	5,455
Total liabilities	2,917,799	2,887,673
EQUITY:
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding)
Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at December 31, 2020 and March 31, 2020 respectively)	19,996	19,996
Treasury stock, at cost; 723,000 shares outstanding at December 31, 2020 and March 31, 2020 respectively	(831,450)	(831,450)
Additional paid-in capital	24,906,269	24,906,269
Accumulated deficit	(18,475,808)	(18,575,388)
Accumulated other comprehensive income (loss) (foreign currency translation adjustment)	(1,154,583)	(1,070,239)
Obligation to issue shares (Note 3)	97,500	97,500
Total Remedent, Inc. stockholders' equity	4,561,924	4,546,688
Non-controlling interest	83,024	74,678
Total stockholders' equity	4,644,948	4,621,366
Total liabilities and equity	$ 7,562,747	$ 7,509,039