EFT Holdings, Inc.

CIK:0001450973|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Total revenues, net	$ 275,931	$ 441,372
Total cost of revenues	169,510	238,015
Gross profit	106,421	203,357
Operating expenses:
Selling, general and administrative expenses	2,842,496	5,883,322
Impairment of land and building	6,250,367	0
Provision for inventory obsolescence	47,965	25,612
Royalty expenses - related party	500,000	500,000
Total operating expenses	9,640,828	6,408,934
Operating loss	(9,534,407)	(6,205,577)
Other income (expense)
Interest income	35,093	72,915
Interest expense	(6,800)	(50,249)
Settlement of previously accrued interest for income tax	0	962,991
Settlement of previously written-off investment	0	9,438,208
Loss on disposal of securities available for sale (includes $10,071 and $13,356 accumulated other comprehensive income (loss) reclassifications for unrealized net gains on securities available for sale for the years ended March 31, 2017 and 2016, respectively)	(19,336)	(30,404)
Foreign exchange loss	(1,760)	(854)
Other income	57,611	30,652
Total other income	64,808	10,423,259
Income (loss) before income taxes	(9,469,599)	4,217,682
Income tax expense (benefit)	(15,927)	(4,079,612)
Net income (loss)	(9,453,672)	8,297,294
Loss from non-controlling interest	8,654	9,138
Net income (loss) attributable to EFT Holdings, Inc.	$ (9,445,018)	$ 8,306,432
Net income (loss) per common share attributable to EFT Holdings, Inc.
Basic and diluted	$ (0.12)	$ 0.11
Weighted average common shares outstanding
Basic and diluted	75,983,201	75,983,201
Sales revenues, net [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 250,840	$ 379,431
Cost of Goods and Services Sold	167,757	219,875
Shipping charges [Member]
Revenue from Contract with Customer, Including Assessed Tax	25,091	61,941
Cost of Goods and Services Sold	$ 1,753	$ 18,140

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (9,453,672)	$ 8,297,294
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	195,039	177,442
Loss from securities available for sale	19,336	30,404
Provision for inventory obsolescence	47,965	25,612
Loss on disposal of fixed assets	0	11,432
Impairment loss on land and building	6,250,367	0
Settlement of previously accrued income tax, penalty and interest	0	(5,290,788)
Changes in operating assets and liabilities:
Inventories	4,666	54,987
Prepaid expenses	755,053	536,135
Other receivables	(10,154)	(76,117)
Accounts receivable	127,131	(72,702)
Accounts payable	(1,187,091)	1,158,814
Commission payable	(10,742)	(102,768)
Other liabilities	(1,671,876)	5,916,555
Unearned revenues	140	3,160
Contingent liabilities	(72,662)	0
Net cash provided by (used in) operating activities	(5,006,500)	10,669,460
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment	(1,761)	(9,300,890)
Purchase of securities available for sale	(5,132)	(46,785)
Proceeds from securities available for sale	797,650	1,342,339
Related party receivable	1,000,000	(1,000,000)
Net cash provided by (used in) investing activities	1,790,757	(9,005,336)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of short-term loan	(258,308)	(485,102)
Related-party payable	682,500	3,750
Net cash provided by (used in) financing activities	424,192	(481,352)
Effect of exchange rate changes on cash	139,651	(87,701)
Net increase (decrease) in cash	(2,651,900)	1,095,071
Cash, beginning of year	3,427,666	2,332,595
Cash, end of year	775,766	3,427,666
Supplemental disclosures of cash flow information:
Income tax paid in cash	0	41,825
Interest expenses paid in cash	0	7,166
Non-cash investing and financing activities:
Financing of directors' and officers' insurance through installment loan	$ 0	$ 462,170

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Current assets
Cash and cash equivalents	$ 775,766	$ 3,427,666
Securities available for sale	0	810,344
Inventories	127,410	221,439
Prepaid expenses	83,588	510,510
Related-party receivable	0	1,000,000
Other receivables	269,726	440,663
Total current assets	1,256,490	6,410,622
Property and equipment, net	4,285,406	10,129,691
Security deposit	32,604	357,408
Total assets	5,574,500	16,897,721
Current liabilities
Accounts payable	824,893	2,013,078
Related-party payable	905,000	222,500
Commission payable	3,671,494	3,682,236
Other liabilities	5,282,559	6,601,774
Unearned revenues	3,202,076	3,201,936
Short-term loan	0	258,308
Contingent liabilities	120,029	205,087
Total liabilities	14,006,051	16,184,919
EFT Holdings, Inc. stockholders' equity (deficiency):
Preferred stock, $0.001 par value, 25,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.00001 par value, 4,975,000,000 shares authorized, 75,983,201 shares issued and outstanding	760	760
Additional paid-in capital	52,854,891	52,854,891
Accumulated deficit	(61,442,712)	(51,997,694)
Accumulated other comprehensive income (loss)	222,824	(86,495)
Total EFT Holdings, Inc. stockholders' equity (deficiency)	(8,364,237)	771,462
Non-controlling interest	(67,314)	(58,660)
Total equity (deficiency)	(8,431,551)	712,802
Total liabilities and equity (deficiency)	$ 5,574,500	$ 16,897,721