GREEN DRAGON WOOD PRODUCTS, INC.

CIK:0001417172|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
REVENUE, NET	$ 180,204	$ 697,887	$ 1,132,903	$ 3,551,460
COST OF REVENUES	(42,047)	(756,580)	(861,087)	(3,447,000)
GROSS PROFIT (LOSS)	138,157	(58,693)	271,816	104,460
General and administrative expenses	(270,252)	(217,646)	(512,382)	(648,052)
LOSS FROM OPERATIONS	(132,095)	(276,339)	(240,566)	(543,592)
Other (expense) income:
Foreign exchange loss	3,947	(2,428)	36,071	(50,158)
Interest income	1	103	106	279
Interest expense	(28,109)	(49,900)	(103,998)	(160,759)
Other income (expense)	42,115	(18,742)	19,598	17,807
Total other income (expense)	17,954	(70,967)	(48,223)	(192,831)
LOSS BEFORE INCOME TAXES	(114,141)	(347,306)	(288,789)	(736,423)
Income tax expense	0	0	0	0
NET LOSS	(114,141)	(347,306)	(288,789)	(736,423)
Other comprehensive income:
- Foreign currency translation adjustment	309	(152)	226	1,360
COMPREHENSIVE LOSS	$ (113,832)	$ (347,458)	$ (288,563)	$ (735,063)
Net (loss) income per share:
- Basic	$ (0.01)	$ (0.02)	$ (0.001)	$ (0.003)
- Diluted	$ (0.01)	$ (0.02)	$ (0.001)	$ (0.003)
Weighted average common shares outstanding:
- Basic	23,725,000	23,725,000	23,725,000	23,725,000
- Diluted	23,725,000	23,725,000	23,725,000	23,725,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (288,789)	$ (736,423)
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization	4,410	13,598
Stock-based compensation	0	125,571
Change in operating assets and liabilities:
Accounts receivable	556,704	913,036
Prepayments, deposits and other receivables	32,069	(367,029)
Accounts payable, trade	(454,310)	699,746
Accrued liabilities and other payables	352,527	265,613
Net cash generated from operating activities	202,611	914,112
Cash flows from investing activities:
Purchase of plant and equipment	0	(1,374)
Net cash used in investing activities	0	(1,374)
Cash flows from financing activities:
Repayment of short-term borrowings	(619,974)	(1,253,583)
Change in restricted cash	266,053	7,728
Repayment of finance lease	(9,844)	(9,468)
Advance from a director	177,270	245,040
Net cash used in financing activities	(186,495)	(1,010,283)
Effect on exchange rate change on cash and cash equivalents	222	1,347
NET CHANGE IN CASH AND CASH EQUIVALENTS	16,338	(96,198)
BEGINNING OF PERIOD	41,438	101,506
END OF PERIOD	57,776	5,308
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for taxes	0	0
Cash paid for interest	$ 103,998	$ 160,759

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 57,776	$ 41,438
Restricted cash	0	266,053
Accounts receivable, net	1,865,837	2,422,541
Amount due from a director	0	69,972
Prepayments and other receivables	1,963,783	1,995,852
Total current assets	3,887,396	4,795,856
Non-current assets:
Plant and equipment, net	3,501	7,907
TOTAL ASSETS	3,890,897	4,803,763
Current liabilities:
Short-term borrowings	2,017,086	2,637,060
Account payable, trade	690,126	1,144,436
Accrued liabilities and other payables	1,099,201	746,674
Amount due to a director	107,298	0
Obligation under finance lease	8,990	13,193
Total current liabilities	3,922,701	4,541,363
Non-current liabilities:
Obligation under finance lease	0	5,641
TOTAL LIABILITIES	3,922,701	4,547,004
Stockholders’ equity:
Preferred stock, $0.001 par value; 50,000,000 preferred shares authorized; Series A convertible Preferred Stock, 2,000,000 shares and 2,000,000 shares issued and outstanding, respectively	2,000	2,000
Common stock, $0.001 par value; 23,725,000 shares issued and outstanding, respectively	23,725	23,725
Additional paid-in capital	1,236,400	1,236,400
Subscription receivable	(100,000)	(100,000)
Retained earnings	(1,177,317)	(888,528)
Accumulated other comprehensive loss	(16,612)	(16,838)
Total stockholders’ equity	(31,804)	256,759
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,890,897	$ 4,803,763