Conforce International, Inc.

CIK:0001445297|SEC Filings

Discontinued Operations

12 Months Ended

Mar. 31, 2012

17.	DISCONTINUED OPERATIONS

Discontinued operations had no impact for the year ended March 31, 2012. An analysis of the financial results of the discontinued operations for the year ended March 31, 2011 is as follows:

	2011

Revenues	$	292,505
Cost of revenues		145,510
Gross profit		146,995
Expenses		145,511
Income before tax of discontinued operations		1,484
Income tax expense		3,125
Income (loss) from discontinued operations	$	(1,641	)

Consolidated Statements of Cash Flow (USD $)	12 Months Ended
Consolidated Statements of Cash Flow (USD $)	Mar. 31, 2012	Mar. 31, 2011
Net loss	$ (3,813,192)	$ (2,100,686)
Amortization of property, plant and equipment	338,320	106,455
Amortization of intangible assets	14,859	4,123
Imputed interest on related party loan payable	75,519	64,016
Gain on forgivable loan	(75,000)
Foreign Exchange gain on related party loan payable	(39,142)
Deferred rent		(8,771)
Stock based compensation	55,174	256,438
Gain on sale of discontinued operations		(150,675)
Total items not affecting cash	(3,443,462)	(1,829,100)
Changes in non-cash working capital (note 13)	(337,832)	(197,946)
Net cash used in operating activities	(3,781,294)	(2,027,046)
Net cash used in discontinued operations		(31,190)
Purchase of plant and equipment	(1,407,334)	(1,087,017)
Investment in intangible assets	(19,315)
Decrease (increase) in non-current assets	55,138	(43,389)
Net cash used in investing activities	(1,371,511)	(1,130,406)
Repayment of term loans	(21,685)	(22,224)
Forgivable loan	500,000
Issuance of common shares		8,624,997
Advances from related parties		403,731
Net cash provided by financing activities	478,315	9,006,504
Cash provided from discontinued operations		5,198
Effect of foreign exchange on cash		151,710
Decrease in cash and cash equivalents during the period	(4,674,490)	5,974,770
Cash and cash equivalents, beginning of the period	6,121,074	146,304
Cash and cash equivalents, end of the period	1,446,584	6,121,074
Cash paid for interest	$ 11,998	$ 12,038

Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash and cash equivalents	$ 1,446,584	$ 6,121,074
Accounts receivable (note 4)	94,795	611,375
Inventory	683,994	85,284
Prepaid expenses	113,432
Total Current Assets	2,338,805	6,817,733
Property, plant and equipment (note 5)	2,578,551	1,509,537
Intangible assets (note 6)	21,745	17,289
Other non-current assets	5,198	60,336
Total Assets	4,944,299	8,404,895
Accounts payable and accrued liabilities	326,052	468,322
Current portion of term loan (note 7)	24,836	24,092
Current portion of loan (note 8)	100,000
Total Current Liabilities	450,888	492,414
Related party loan payable (note 9)	1,154,827	1,110,754
Term loan (note 7)	153,815	183,940
Loan (note 8)	325,000
Total Liabilities	2,084,530	1,787,108
Share capital (note 10)	7,722,816	7,722,816
Contributed surplus	2,384,205	2,329,031
Accumulated other comprehensive income	73,739	73,739
Accumulated deficit	(7,320,991)	(3,507,799)
Total shareholders' deficiency attributable to Conforce	2,859,769	6,617,787
Total Liabilities and Shareholders' Deficiency	$ 4,944,299	$ 8,404,895
Common shares issued	160,120,049	160,120,049
Common shares outstanding	160,120,049	160,120,049