10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES   EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2013

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-15975

REMEDENT, INC.

(Name of small business issuer as specified in its charter)

Nevada	86-0837251
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)
Zuiderlaan 1-3, bus 8, 9000 Gent, Belgium	N/A
(Address of principal executive offices)	(Zip code)

011-329-241-58-80

(Issuer’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, no par value per share

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes   ¨   No   þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes   ¨   No   þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   þ   No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T ( § 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  þ  No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.          ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	þ
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No þ

The aggregate market value of voting stock held by non-affiliates computed by reference to the price at which the common equity was last sold as of the last business day of the registrant’s most recently completed third fiscal quarter, December 31, 2012, was approximately $1,999,597.   For purposes of this computation, it has been assumed that the shares beneficially held by directors and officers of registrant were “held by affiliates” and this assumption is not to be deemed to be an admission by such persons that they are affiliates of registrant.

The number of shares of registrant’s common stock outstanding as of  June 30, 2013  was 19,995,969.

Documents incorporated by reference: None.

Transitional Small Business Disclosure Format (Check one): Yes ¨       No þ

FORM 10-K INDEX

	PART I
ITEM 1.	BUSINESS	1
ITEM 1A.	RISK FACTORS	12
ITEM 1B.	UNRESOLVED STAFF COMMENTS	21
ITEM 2.	PROPERTIES	21
ITEM 3.	LEGAL PROCEEDINGS	21
ITEM 4.	[RESERVED AND REMOVED]	21
	PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	22
ITEM 6.	SELECTED FINANCIAL DATA	23
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	24
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	36
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	36
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	36
ITEM 9A	CONTROLS AND PROCEDURES.	36
ITEM 9B.	OTHER INFORMATION	37
	PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	37
ITEM 11.	EXECUTIVE COMPENSATION	41
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	42
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	44
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	46
	PART IV
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	47
SIGNATURES		48

 

 Forward-Looking Statement

In addition to historical information, this Annual Report on Form 10-K (“Annual Report”) for Remedent, Inc. (“Remedent” the “Company,” “we,” “our” or “us”) contains “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements regarding the growth of product lines, optimism regarding the business, expanding sales and other statements. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market acceptance of our products. In addition, actual results could vary materially based on changes or slower growth in the oral care and cosmetic dentistry products market; the potential inability to realize expected benefits and synergies; domestic and international business and economic conditions; changes in the dental industry; unexpected difficulties in penetrating the oral care and cosmetic dentistry products market; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of manufacturing capacity; future production variables impacting excess inventory and other risk factors listed in the section of this Annual Report entitled “Risk Factors” and from time to time in our Securities and Exchange Commission filings under “risk factors” and elsewhere.

Each forward-looking statement should be read in context with, and with an understanding of, the various disclosures concerning our business made elsewhere in this Annual Report, as well as other public reports filed by us with the United States Securities and Exchange Commission. Readers should not place undue reliance on any forward-looking statement as a prediction of actual results of developments. Except as required by applicable law or regulation, we undertake no obligation to update or revise any forward-looking statement contained in this Annual Report.

PART I

ITEM 1 — BUSINESS

Overview

We specialize in the research, development, and manufacturing of oral care and cosmetic dentistry products.  We are one of the leading manufacturers of cosmetic dentistry products in Europe.  Leveraging our knowledge of regulatory requirements regarding dental products and management’s experience in the needs of the professional dental community, we design, develop, manufacture and distribute our cosmetic dentistry products, including a full line of professional dental products that are distributed in Europe, Asia, Middle East and the United States.

In 2006 we developed a revolutionary system for manufacturing and installing dental veneers which we branded as GlamSmile ® veneers revolutionize the traditional one-at-a-time method of applying porcelain dental veneers.  GlamSmile veneers are attached to the front of the patient’s teeth using a patent pending single motion placement tray which replaces the traditional one at a time trial and error method of applying porcelain veneers, making the application less traumatic for the patient, much easier for the dentist and perhaps most important, far less costly than traditional dental veneers. Currently, the GlamSmile veneers are our primary products in the professional oral care and cosmetic dentistry product.  Our veneers are supported by a line of professional veneer whitening and teeth sensitivity solutions.  Our products are sold to professionals by distributors and sold directly to consumers by our GlamSmile Studios.

Corporate History

We were originally incorporated under the laws of Arizona in September 1996 under the name Remedent USA, Inc.  In October 1998, we were acquired by Resort World Enterprises, Inc., a Nevada corporation in a share exchange, and we immediately changed our name to Remedent USA, Inc. and later to Remedent, Inc.

In the latter part of 2008, our Board of Directors approved a strategic plan to separate our OTC business from our professional business, allowing us to focus on the development, marketing and distribution of our products for the professional dental market.  In December 2008, we completed a restructuring in the form of a management-led buyout of 50% of our OTC retail business (“2008 Restructuring”).  The buyout was led by Mr. Robin List, our former director and Chief Executive Officer, with financing provided by a non-affiliated foreign investment fund.  In connection with the strategic plan, we effected our OTC restructuring through a series of transactions involving subsidiary formations, contributions of subsidiary(ies) interests and sales of stock interests through subsidiary transactions.  As a result of the series of transactions related to the sale, Remedent Inc. retained 50% of  Remedent OTC BV, a Dutch company (“Remedent OTC”) with Mr. List owning the other 50%. Remedent OTC owned and held a 75% ownership interest in Sylphar Holding BV,  a Dutch holding company which owned and held the OTC operating subsidiaries  (“Sylphar Holding”), together with Concordia Fund B.V. who owned 25% of Sylphar Holding.  As a result of Remedent, Inc.’s  ownership interest in Remedent OTC, Remedent, Inc. helds an ownership interest equal to 37.5% interest in Sylphar Holding.   As a result of the sale, all of the OTC business previously directly operated by us was operated and held by Sylphar Holding. In addition, following the restructuring we have focused our business primarily on the marketing and distribution of our GlamSmile Veneers.

Effective July 13, 2012 and as amended February 7, 2013 the Company sold 100 % of its interest in Remedent OTC BV.

In January, 2010 we formed a joint venture with Gallant Network Limited (“Gallant”) to formalize our GlamSmile operations in China.   In order to sell our products into the Chinese market, an approval by Chinese authorities is required, in the form of licenses. Since GlamSmile Asia Ltd., a private Hong Kong company (“GlamSmile Asia”), was already the owner of such licenses prior to the acquisition, this was an important advantage.  We obtained control of GlamSmile Asia through the acquisition of a 50.98% interest in exchange for (i) 325,000 Euro (US $466,725), of which 50,000 Euro was payable as of March 31, 2010, (ii) 250,000 shares of common stock was originally agreed to be issued during the fiscal year ended March 31, 2011 and then subsequently amended to be issued during fiscal year ended March 31, 2014  and (iii) option grants of up to 300,000 shares of our common stock, of which 200,000 shares were granted as of March 31, 2011.

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On January 28, 2012, we entered into a Preference A Shares and Preference A-1 Shares Purchase Agreement (“Share Purchase Agreement”) with Glamsmile Dental Technology Ltd., a Cayman Islands company and a subsidiary of Company (“Glamsmile Dental”), Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., Beijing Glamsmile Trading Co., Ltd., Beijing Glamsmile Dental Clinic Co., Ltd., and Shanghai Glamsmile Dental Clinic Co., Ltd., Gallant Network Limited, a shareholder of Glamsmile Dental (“Gallant”), and IDG-Accel China Growth Fund III L.P. (“IDG Growth”), IDG-Accel China III Investors L.P.(“IDG Investors”) and Crown Link Group Limited (“Crown”)(“IDG Growth, IDG Investors and Crown collectively referred to as the “Investors”), pursuant to which the Investors agreed to (i) purchase from the Company an aggregate of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental, which represents all of the issued and outstanding Preference A-1 Shares of Glamsmile Dental, for an aggregate purchase price of $2,000,000, and (ii) purchase from Glamsmile Dental an aggregate of 5,000,000 shares of Preference A Shares for an aggregate purchase price of $5,000,000.

On February 10, 2012, the sale of the Preference A-1 Shares and the Preference A Shares was completed. As a result of the closing, the equity ownership of Glamsmile Dental, on an as converted basis, is as follows: 31.4% by the Investors, 39.2 % by Gallant, and 29.4% by the Company. Mr. De Vreese, our chairman, will remain as a director of Glamsmile Dental along with Mr. David Lok, who is the Chief Executive Officer and director of Glamsmile Dental and principal of Gallant. In addition, at the closing, the Investors have a right to appoint one director of Glamsmile Dental, and as such it is contemplated that after the closing the Board of Directors of Glamsmile Dental will consist of Mr. De Vreese, Mr. Lok and a director appointed by the Investors.

Under the terms of the Share Purchase Agreement, we agreed to transfer 500,000 shares of Glamsmile Dental owned by the Company to the Investors in the event of breach of certain covenants by the Company. In connection with the Share Purchase Agreement, we also entered into an Investor’s Rights Agreement, Right of First Refusal and Co-Sale Agreement, and Voting Agreement with the parties. In addition, in connection with the contemplated transactions in the Share Purchase Agreement on January 20, 2012, we entered into a Distribution, License and Manufacturing Agreement with Glamsmile Dental pursuant to which we appointed Glamsmile Dental as the exclusive distributor and licensee of Glamsmile Veneer Products bearing the “Glamsmile” name and mark in the B2C Market in the People’s Republic of China (including Hong Kong and Macau) and Republic of China (Taiwan) and granted related manufacturing rights and licenses in exchange for the original issuance of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental and $250,000 (the receipt of which was acknowledged as an off set to payment of certain invoices of Glamsmile (Asia) Limited).

We have the following wholly owned subsidiaries:  (1) Remedent N.V., a Belgium corporation; (2) Remedent Professional Holdings, Inc., a California corporation; (3) Remedent Professional, Inc., a California corporation (a subsidiary of Remedent Professional Holdings, Inc.), and (4) Glamtech-USA, Inc., a Delaware corporation.  In addition, Remedent N.V., our wholly-owned subsidiary,  has (A) a 51% ownership interest in GlamSmile Deutschland GmbH, a German private company, (B) a 80% ownership interest in GlamSmile Rome SRL (an Italian private Company) . In addition, Remedent, N.V. owns a 29.4% ownership interest in Glamsmile Dental Technology Ltd., a Cayman Islands company (“Glamsmile Dental”) and its subsidiaries, Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially 100 % owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., a 100 % owned subsidiary or GlamSmile Asia, its 80% owned subsidiary Beijing Glamsmile Trading Co., Ltd. and its 98% owned subsidiary Beijing Glamsmile Dental Clinic Co., Ltd., including its 100% Shanghai Glamsmile Dental Clinic Co., Ltd., and its 50 % owned Whenzhou GlamSmile Dental Clinic Ltd.

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Past Product Development

We have been a manufacturer and distributor of cosmetic dentistry products, including a full line of professional dental and retail OTC tooth whitening products which are distributed in Europe, Asia, Middle East and the United States.  We have distributed our products using both our own internal sales force and through the use of third party distributors.  Prior to our 2008 Restructuring, our products were generally classified into the following categories: professional dental products and OTC tooth whitening products. Our OTC division included products targeted for retail such as iWhite, Cleverwhite and Remesense.  However as a result of the 2008 Restructuring and sale, all of our prior OTC operations, including the marketing and distribution of the OTC products are being conducted by Sylphar Holding and its wholly owned subsidiaries.  We developed the following products for our professional dental segment:

⋅ Remewhite in Office Whitening System . One of our first dental products that we developed for the professional dental community was the RemeCure™ plasma curing light (described below).  Leveraging on our early success with the RemeCure light, we introduced the RemeWhite™ In Office Whitening System.  Based upon the initial RemeCure light, a new light, called the RemeCure CL-15, was developed featuring new enhancements to the hardware and software enabling this light to be fully automated thereby eliminating the need for the dentist to hold the light during whitening treatments.  In addition, a proprietary gel was formulated to be used with the system as well as a time saving method to apply the gel.

⋅ Remewhite Home Maintenance Kit .  In 2004, the RemeWhite Home Maintenance Kit was introduced and sold by dentists to their patients, featuring 16 pre-filled trays with a level of whitening agent safe for home use yet stronger than most OTC products.

⋅ Metatray .  In August 2005, we introduced MetaTray®, our next generation of products targeted for the professional dentist market.  The MetaTray kit consists of a proprietary, reusable mouthpiece that has embedded in the mouthpiece both a heating element and an electroluminescent mesh that are powered by a rechargeable 9 volt power source providing heat and light similar to that which is delivered to the teeth by conventional dental lights. The system also introduced a proprietary foam strip that is unique in the manner in which it releases peroxide to the tooth surface without dripping or running.

⋅ RemeCure. The RemeCure plasma curing light uses plasma arc technology instead of LED  and laser technology which provides high-energy power over the complete spectrum.

⋅ FirstFit.   We developed the FirstFit™ System, a proprietary, patent-pending system for the creation and placement of dental bridges and crowns.   Effective as of  March 29, 2010 the intellectual property used and related to FirstFit product was sold to Den-Mat Holdings LLC (“Den-Mat”).

Current Business Strategy

Our current business  strategy is to focus our resources on vertically integrating our development, manufacturing and marketing resources on selling our GlamSmile veneers directly to consumers by using all forms of direct response media including the internet, print, radio, television and social network media, to expand our presence in Asia,  with a primary focus on China, and Europe, as well as to establish a direct to consumer presence in United States.

Current Products

We currently have three primary products: ‘River 8’ veneer, a ‘prefab’ veneer, Whitening Products and GlamSmile Veneers.

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River8

For an instant smile make-over in just one visit, we developed in 2012 an impressive spectrum of prefabricated, ready-to-use veneers that we have branded as River8.

River8 veneers come in 33 stylish Smile Boxes, each containing a set of 8 veneers to cover the smile zone of an upper or lower arch. With three different shapes, sizes and shades for the upper arch and one shape, two sizes and three shades for the lower arch, River8 has the largest instant veneer assortment worldwide.

With this full range of 264 veneer options to perfectly match the patient's expectations in just one visit, the dentist has an optimal selection at hand of the most attractive natural teeth based on extensive research. This enormous diversity enables the dentist to find the right combination of teeth for virtually every patient with whom only minor reshaping is required.

Fitting the River8 veneers is fast and easy. There’s no need for ‘free hand technique’ as with direct composite bonding; impressions and therefore lab intervention and communication are eliminated. Compared to the customized GlamSmile veneers, the ready-to-use River8 veneers are equally strong, ultrathin, CAD/CAM designed and also fabricated from the same IPS E-max material from Ivoclar to ensure consistent high quality.

Whitening Products

We sell our whitening products directly throughout the world.  We continue to focus our sales efforts on our whitening products.

We initially started in the whitening business, by developing and marketing whitening products in combination with the worldwide appreciated high speed curing lamp RemeCure. The RemeCure plasma curing light uses plasma arc technology instead of LED and laser technology which provides high-energy power over the complete spectrum.  This allows RemeCure plasma curing light to be used in various applications such as: (1) curing dental composite materials in only seconds; and (2) for single appointment, in-office whitening in less than forty minutes.

⋅ Remewhite Formulation+ by GlamSmile.    Formulation+ was the first available in-office power whitening gel featuring Remedent’s proprietary CRM-Technology. The Continuous Release Matrix assures a prolonged and continuous release of Hydrogen Peroxide throughout the entire session, thus improving the exposure time of the whitening agent to the enamel. Still today Formulation+ for in-office use by dentists is one of the top products giving consumers whitening results up to 10 shades whiter without sensitivity.

⋅ WHITE Boost & WHITE Finishing . Other than Formulation+, Remedent created and sells the White Boost & White Finishing through dentists for home use. It is an oxygen-induced whitening system using a revolutionary and comfortable tray and 2 thin, flexible foam strips impregnated with super tooth whitening gel. The foam strips’ unique formula guarantees a steady release of oxygen that first triggers and then speeds up the whitening process. Our ergonomic delivery tray means ease-of-use and superb whitening results in just 10 minutes.

GlamSmile Veneers

In connection with the 2008 Restructuring, we shifted our focus to professional products targeted for the professional sector. Our key product in the professional oral care and cosmetic dentistry product is the GlamSmile veneer.

In 2006 we developed a revolutionary system for manufacturing and installing dental veneers which we branded as GlamSmile. GlamSmile veneers revolutionize the traditional one-at-a-time method of applying porcelain dental veneers.  GlamSmile veneers are attached to the front of the patient’s teeth using a patent pending single motion placement tray which replaces the traditional one at a time trial and error method of applying porcelain veneers, making the application less traumatic for the patient, much easier for the dentist and perhaps most important, far less costly than traditional dental veneers. The entire process is painless and takes only about an hour of the patient’s and the dentist’s time. GlamSmile veneers are so thin that the dentist does not need to remove healthy tooth structure which results in a process that is reversible. In the fall of 2006, we opened our initial GlamSmile Lab in Ghent.

Our GlamSmile involves a proprietary veneer fabrication technique and a patented single-motion veneer placement tray which are both guided by a proprietary computer imaging, design and digital preview system. The unique tray delivery system lets dentists expertly seat 10 ultra-thin, custom veneers in less than an hour while preserving tooth structure. All the features of GlamSmile, together with the CAD/CAM technology, digital preview for dentists to evaluate the design and a unique full arch tray delivery system used in conjunction with minimally or no preparation ultra thin veneers, have revolutionized the art of veneering.

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Our GlamSmile veneers are ultra thin claddings made from a mixture of a hybrid composite and porcelain materials which are attached to the front of the patient’s teeth.  GlamSmile veneers are ultra-thin and can best be compared to contact lenses in terms of thickness. Because GlamSmile veneers are so thin, the dentist does not need to remove healthy tooth structure,  Leaving the patient’s healthy tooth structure intact results in several important benefits:

• no local anesthesia is required to prepare the teeth;

• reduced (if any) tooth sensitivity post-procedure; and

• the process is reversible.

Our veneers are custom-made for each individual’s personal features, taking into account numerous factors including the shape of a person’s face, the shape of their lips and more. At the initial doctor visit, an impression is made of the patient’s teeth.  During the second visit, the hybrid composite veneers, which are computer generated as a single unit, are then ready to be installed.  The single-unit feature enables dentists with minimal training to apply up to ten teeth in one 30 – 45 minute visit.  This minimizes the risk of failure and allows more dentists to offer GlamSmile veneers as part of their dental practice. With traditional bonding, a dentist adheres a composite material directly on the tooth which lasts about 3 to 6 years and tends to discolor.  Porcelain veneers, though a more lasting solution (ten years or more), require a significantly more invasive procedure to install, which is irreversible, requires a very high level of training and skill from the dentist and can cost from $700 to $2,000 per tooth.

Marketing and Distribution

We market our products to the dental professional using our business to business strategies (“B2B”), and we also market our products directly to the consumers in Asia, Europe and the Middle East  using our direct to consumer model (“B2C”).  Our products are sold to dental professionals in 28 countries through distributors. We previously sold our GlamSmile product in the United States and throughout the world with the exception of certain excluded territories and certain B2C markets pursuant to a distribution agreement. However, on March 27, 2012, the distribution agreements with Den-Mat were terminated pursuant to a certain Termination and Distribution Agreement with Den-Mat (“Den-Mat Distribution Agreement”). Pursuant to the Den-Mat Distribution Agreement, we granted Den-Mat a non-exclusive, irrevocable, perpetual, royalty free, license to use within certain territory, which among other territories excludes China, Macau, Hong Kong, and Taiwan, the intellectual property that was the subject of the license to Den-Mat under the Amended and Restated Distribution, License and Manufacturing Agreement dated June 3, 2009, as amended from time to time (“Prior Agreements”), as such intellectual property relates the products which was the subject of the Prior Agreements. In connection with the termination of the Prior Agreements, under the Den-Mat Distribution Agreement, Den-Mat agreed to pay us $200,000. We currently sell our products in Asia, Europe and the Middle East  directly to consumers using our direct to consumer model, which includes our GlamSmile Smile Design-Virtual Studio, and GlamSmile Studios.

B2C Market and Distribution

In 2008 we opened, through a third party, our first GlamSmile center in Beijing China, marketing GlamSmile directly to consumers.  In 2009 we began direct to consumer tests in Belgium using internet advertising to acquire potential leads and our own dedicated “Smile Consultants” to manage the sales process from lead acquisition through final sale with successful results. Our direct to consumer model, has been developed around a one to one relationship with our Smile Consultants. This process also results in the dentists being relieved of the sales responsibilities allowing them to better focus on patient satisfaction. In both China and Belgium, with the aid of our own “Smile Consultant” working direct with the customer throughout the entire sales process, we have seen positive results in our partner retail centers.

Our Smile Consultancy Program is predominantly marketed on the internet through our website, GlamSmile Smile Design.  We focus on intensive campaign and advertisement aimed to generate large traffic to our website that promotes GlamSmile Whitening, Veneers and Free Smile Advice. Visitors can apply for a free personalized Smile Consultation by a Smile Consultant. The latter guides the consumer to the right GlamSmile Studio or with one of our GlamSmile partner dentists and to the solution that meets best his or her Smile expectations.  The Smile Consultancy Program requires us to develop close partnerships with dedicated GlamSmile dentists and the establishment of GlamSmile Studios. The GlamSmile Studio is a concept studio with a focus on aesthetic and cosmetic dentistry. Unlike a traditional dentist office, our GlamSmile Studio are designed and managed as a dental spa.

5

We have begun to market our products through our Smile Consultancy Concept and through the establishment of our GlamSmile Studios in Asia, with a primary focus on China, and Europe.   We currently have an ownership interest in the following Glamsmile Studios:

⋅ Beijing Glamsmile Studio . Through Glamsmile Asia and its subsidiaries we opened a GlamSmile clinic in Beijing, China, during the third calendar quarter of 2009.  The Beijing GlamSmile clinic was the first dental spa to offer pain free cosmetic dentistry in Beijing.

⋅ Hong Kong Dental Spa .  In April 2010, through GlamSmile Asia Ltd. we expanded our business to consumer model in the Asian market by opening a dental spa  in Hong Kong.

⋅ Munich, Germany Glamsmile Studio .  In October 2010, through GlamSmile Deutschland GmbH a studio in Munich, Germany was opened.

⋅ Shanghai Studio .  In February 2011, we opened the Shanghai Studio through  GlamSmile Asia.

⋅ Rome, Italian Glamsmile Studio .  In June 2011, through GlamSmile Rome SRL a studio in Rome, Italy was opened.

⋅ Wenzhou Studio .  In February 2012, we opened the Wenzhou Studio through  GlamSmile Asia.

⋅ Guangzhou Studio. Planned to open in October 2013; the third largest city in Mainland China, with a population of 13 million.

In connection with the contemplated transactions in the Share Purchase Agreement on January 20, 2012, we entered into a Distribution, License and Manufacturing Agreement with Glamsmile Dental pursuant to which we appointed Glamsmile Dental as the exclusive distributor and licensee of Glamsmile Veneer Products bearing the “Glamsmile” name and mark in the B2C Market in the People’s Republic of China (including Hong Kong and Macau) and Republic of China (Taiwan) and granted related manufacturing rights and licenses in exchange for the original issuance of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental and $250,000 (the receipt of which was acknowledged as an off set to payment of certain invoices of Glamsmile (Asia) Limited).

In February 2013, Remedent signed an exclusive agreement with France’s Biotech Medical Aesthetic SAS for distributing its River8 veneers worldwide. Biotech International is active in over 40 countries as a market leader in dental and orthopedic surgery implants. Both partners have agreed upon a renewable 3 year contract with a first order of 1 million euros ($1.29 million USD).

Cosmetic Dentistry Industry

The cosmetic dental industry has expanded into a multi-billion industry as a result of increased awareness of the importance of oral health, high aesthetics, improved dental treatments, and reduced patient discomfort.  An increasingly aging population and rising disposable income have also positively impacted the growth of cosmetic dentistry. Demand for dental products and services are forecasted to remain healthy due to growing incidences of cosmetic treatments and dental implants.  According to a  report published by Koncepts Analytics, the dental industry worldwide was estimated at about $18.8 billion in 2008, dominated by the US, Europe and Japan, which collectively accounted for more than 84% of the global revenue in 2007. The United States Dental Market was nearly $7.6 billion in 2007, projected to grow to almost $8 billion in 2008 and nearly $10 billion by 2013, representing a compound annual growth rate of 4.7%. The American Academy of Cosmetic Dentistry estimates that Americans spend about $2.75 billion each year on cosmetic dentistry. The growth of this market is expected to be highest in the United States and EU where the generation of aging baby boomers can afford these quality but expensive dental procedures. Also expected to be a catalyst for the growth and popularity of cosmetic treatments and implants is the younger generation. Further, emerging technologies will reduce the overall turnaround time for dental procedures while improving efficiency of the dental practitioners. For example, introduction of CAD/CAM has reduced designing time and 3D imaging techniques have improved patient diagnosis and procedure planning. Changing consumer needs and a shift towards cosmetic dentistry will drive the market for high end dental solutions.

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In China and other parts of Asia there has been a rapid growth in living standards. China’s young, emerging middle class is beginning to equate accumulation of possessions and leisure opportunities with quality of life. An estimated 415,000 Chinese had more than $1 million in disposable assets in 2007, more than any other country, according to the Merrill-Lynch Asia-Pacific Wealth Report. Up to 170 million people, or 13% of the population, can afford luxury brands and the number will reach 250 million next year, according to the China Association of Branding Strategy. These regions have a huge potential for growth in cosmetic dentistry due to low market penetration. Consequently, these countries are exhibiting high demand for modern and sophisticated technology and equipment in the dental market. Overall demand for dental products in China is expected to climb to 11% annually through 2012. In a report published by Millennium Research Group with regard to Chinese markets for Dental Implants, a similar target market as that for our GlamSmile products, finds that this emerging market is growing quickly at a compound annual growth rate of more than 35%. A strong driver of this growth is the deregulation of dental services in China. Dental services in China are generally provided in government-managed facilities; however, ongoing deregulation of dental services is resulting in the emergence of an increased number of private dental practices and increasing accessibility to dental services. Another major driver in the Chinese market is the frequency of teeth stained by Tetracycline. For decades, Tetracycline was one of the most prescribed antibiotics in China causing many individuals to suffer from stained teeth. Excessive use of fluoride in drinking water causes a similar problem. When tetracycline exposure occurs while teeth are forming, it creates a permanent gray or brown stain, causing either uniform discoloration of the entire tooth or forming horizontal bands of stain of varying intensity that can range from mild to very dark. Veneers are the treatment of choice for this condition. In 2008, the Asia-Pacific market for dental prosthetics (crowns, bridges and dentures) was valued at over $6 billion. The Asia-Pacific market includes Australia, Japan and South Korea. The aging population and greater demand for aesthetic dentistry are driving forces in the prosthetics market. The global economic crisis, which began in 2008, has led to a slowdown in the overall market; however, the market is expected to grow over the forecast period, reaching $7.2 billion by 2015.

We believe that our GlamSmile products which are affordable in comparison to traditional veneers, pain free, easy to apply, and provide instant results make us uniquely positioned to capitalize on the market trends in Asia, Europe, Middle East and the United States.

Growth Strategy

Today, our strategic plan is to focus our vertically integrated development, manufacturing and marketing resources on selling our GlamSmile veneers direct to consumers by using all forms of direct response media including the internet, print, radio, television and social network media, to expand our presence in China and Europe.  In our marketing efforts we intend to emphasize the ease, convenience, affordability and dramatic, instant results as demonstrated by before and after photos that are attained as a result of GlamSmile veneers. We will also feature our “Until You Smile” satisfaction guarantee. Using the success formula we experienced in China and Belgium using a "Smile Consultant" to help maintain control of the sales process and close the sale, our distribution will be through both owned and operated Glamsmile Studios as well as affiliations with existing dental practices and partner retail centers in Asia, Middel East and Europe.

Our current strategic marketing and distribution plan includes a combination of owned and licensed GlamSmile centers depending upon the size and location of the market, with us managing the marketing efforts, patient communications and sales process. We  established two geographic divisions, Asia and Europe , each of which will promote GlamSmile veneer treatments in their respective territories. We plan to establish three types of GlamSmile Centers depending upon market factors and government regulation.

⋅ Owned Centers. These are centers in which the Company will own, control and/or manage all aspects of the operation including the facilities, equipment, personnel, marketing, insurance risk and other operating costs and will either employ or contract with dentists to perform the necessary dental services. In China, we will continue to principally rely on our owned and operated dental GlamSmile clinics or centers.

⋅ Licensed Centers .   In many markets we will seek to identify and recruit cosmetic dentists that have existing practices and who endorse the GlamSmile veneer products. In these markets, we will contract with dental practices and the Company will recognize revenue through the sale of veneer trays plus marketing and other service fees to be charged to the dentist for services performed by the Company.

⋅ Distributors . In markets where we lack the expertise with respect to managing marketing and where local regulation  and/or custom may make it impractical to deploy an owned or licensed center approach we will look to appoint distributors who will be granted exclusive rights to market and distribute our GlamSmile products  directly to consumers subject to minimum performance criteria and/or initial territory fees. In this model the distributor will be expected to invest in all marketing and sales conversion costs in their market. Our   revenues will be derived principally from sales of our GlamSmile veneer products to the distributor.

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In order to support and facilitate our growth strategy, it is our intention to restructure our subsidiary companies to better manage our GlamSmile related operations. In conjunction with this restructuring, we intend to have the intellectual property and other assets related to GlamSmile contributed to a new entity to be formed to be called GlamSmile Worldwide. New entities would also be created called GlamSmile Asia and GlamSmile Europe, each with licensed rights to use and exploit the GlamSmile technology in their respective territories.

B2B Market and Distribution

Starting in Belgium and the Netherlands, our products have been introduced utilizing our Distributor Assisted Marketing programs.  We implement our program by first identifying an established dealer in each market with a well-developed sales force familiar with sales of capital equipment to the professional dentist community.  Second, we develop aggressive lead generation programs and other marketing techniques which served as a blue print for the dealers to implement.  The combination of a well-trained dealer force and dealer-assisted marketing and lead generation programs has proven to be far more effective than utilizing a direct sales approach, which is much slower and more costly to establish.  This process has been repeated for both the professional dentist and retail, over-the-counter markets in each country.  As a result of this approach, we have been able to establish dealers in 28 countries encompassing, Europe, Asia, Latin America, the Pacific Rim and the Middle East.

We previously sold our GlamSmile product in the United States and throughout the world with the exception of certain excluded territories and certain B2C markets pursuant to a distribution agreement. However, on March 27, 2012, the distribution agreements with Den-Mat were terminated pursuant to a certain Termination and Distribution Agreement with Den-Mat (“Den-Mat Distribution Agreement”). Pursuant to the Den-Mat Distribution Agreement, we granted Den-Mat a non-exclusive, irrevocable, perpetual, royalty free, license to use within certain territory, which among other territories excludes China, Macau, Hong Kong, and Taiwan, the intellectual property that was the subject of the license to Den-Mat under the Amended and Restated Distribution, License and Manufacturing Agreement dated June 3, 2009, as amended from time to time (“Prior Agreements”), as such intellectual property relates the products which was the subject of the Prior Agreements. In connection with the termination of the Prior Agreements, under the Den-Mat Distribution Agreement, Den-Mat agreed to pay us $200,000. We currently sell our products in Asia, Europe and the Middle East  directly to consumers using our direct to consumer model, which includes our GlamSmile Smile Design-Virtual Studio, and GlamSmile Studios.

 In September 2010, we entered into a license agreement with Excelsior Medical (“EM”) (the “EM license agreement”). Under the EM license agreement, we granted EM an exclusive license to certain Asian territories in exchange for $500,000 which was received during the year ended March 31, 2011. The Company received a further $500,000 from EM as an advance payment for veneers.  The $500,000 advance, less taxes withheld, was recorded as deferred revenue of $475,250 as of March 31, 2011. Effective as of January 11, 2012, the Company entered into a Rescission Agreement with EM and Asia Best Healthcare Co., Ltd. Under the Rescission Agreement, the Company agreed to repay a total of $1,000,000 received under the Distribution Agreement, plus a simple interest rate of 5%, beginning on June 30, 2012, according to the following payment schedule: (i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013. The Company also agreed to secure such obligations owed to EM with certain collateral of the Company. During the period ended December 31, 2012 a partial payment of $20,000 in interest has been made. The Company is currently in the process of re-negotiating the terms of repayment.

Locations

The Company leases an office facility of 5,187 square feet in Gent, Belgium from an unrelated party pursuant to a nine year lease commencing September 1, 2008. at a base rent of €5,712 per month for the total location ($7,350 per month at March 31, 2013).

Secondly, the Company leases an office facility of 1,991 square feet in Rome, Italy to support the sales and marketing division of our veneer business, from an unrelated party pursuant a six year lease commencing July 1, 2011, at a base rent of € 6,500 per month for the total location ($8,364 per month at March 31, 2013).

Manufacturing

Prior to 2003, all of the manufacturing related to our dental products were conducted through third party manufacturers under our supervision thereby minimizing demands on capital resources.  Beginning in 2003, parts of the manufacturing and the majority of the final assembly of our products were brought in-house, thereby improving control over product quality while significantly reducing product costs.  These efforts were expanded significantly during the fiscal year ended March 31, 2006, in particular with regard to the expansion of in-house manufacturing capabilities for our gel products and foam strips. The Company still manufactures products in its facility in Ghent, Belgium, as well as through outsourced manufacturing in Ghent, China and France.  

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Research and Development

Our research and development expenses decreased $249,951 to $59,988 for the year ended March 31, 2013 as compared to $309,939 for the year ended March 31, 2012, a decrease of 80.6%.  Research and development expenses have decreased primarily because of the deconsolidation of our Sylphar division end of September 2011 and Glamsmile Asia at the end of January 2012.

Intellectual Property

GlamSmile.   We have international trademark registration for GlamSmile in the United States until August 16, 2017 and in the European Union until April 6, 2017. We have also secured the domain name www.glamsmile.com as well as other related internet domains in our targeted markets. We are continuing our ongoing research and development efforts to improve and expand our current technology and to develop new dental products.   We intend to apply for patents when we believe it is in our interest to do so and as advised by patent counsel.  We rely and will continue to rely on trade secrets, know-how and other unpatented proprietary information in our business.  Certain of our key employees and consultants are required to enter into confidentiality and/or non-competition agreements to protect our confidential information.

Major Customers

 At March 31, 2013 five customers accounted for a total of 72.9% of the Company’s trade accounts receivable and one of those customers accounted for 42.17% of total accounts receivable. At March 31, 2012 five customers accounted for a total of 65% of the Company’s trade accounts receivable and one of those customers accounted for 26.7% of total accounts receivable.  The Company performs ongoing credit evaluations of its customers and normally does not require collateral to support accounts receivable.

Competition

GlamSmile .  Our competition consists of both alternative procedures that can be performed to achieve in part the results that would be achieved through a GlamSmile procedure, as well as competition from dentists not within the GlamSmile network who provide veneer procedures. With regard to alternative procedures, options available to the consumer include various whitening procedures, dental implants, dental bonding and dental caps. With the exception of whitening procedures, which for the most part cannot address many of the dental issues solved by GlamSmile veneers, the remaining alternatives all involve more cost, more patient discomfort and more time to complete. There are many dental practitioners that perform traditional veneer procedures. In most cases, traditional veneers will also be significantly more costly then GlamSmile veneers and require the dentist to remove more of the existing tooth material as well as requiring multiple patient visits to complete. That said, there will be existing practitioners that believe they can attain more customized results with the individual veneer approach as opposed to the GlamSmile tray approach and may be reluctant to offer our less costly procedure. To the best of our knowledge, GlamSmile will be “first to market” with respect to a direct to consumer advertising and promotion campaign for veneers anywhere which should enable us to capture market share in what we believe will be a rapidly growing market. Further, we have filed for patents on our proprietary tray delivery systems and have developed years of knowhow relating to treating patients with the multiple veneer approach. However, new technologies are continue to be developed and new processes could be designed that would not violate our patents and result in similar solutions that could compete with GlamSmile products. Because we are uniquely positioned to have the ability to control the entire process from manufacturing to marketing to distribution, we believe it is feasible for us to  have complete control and flexibility to maximize margins and respond aggressively to any competitive situation.

Teeth Whitening .  International markets including Europe, Asia and Latin America have followed the United States’ lead in expanding offerings in the areas of teeth whitening.  Leading the way in both the professional dentist segment has been United States based companies seeking to expand their distribution.  Impeding these efforts has been the inability of many of these companies to fully understand the differences from both a distribution and a regulatory standpoint that apply in each of the European and Asian markets.  Notwithstanding the formation of the European Union and its efforts to standardize regulatory and business practices throughout Europe, these practices in reality vary widely from country to country.  Competition in the professional dentistry product lines comes primarily from the larger United States based competitors including Brite-Smile, Rembrandt (now a subsidiary of Gillette Company, Inc.), Discuss Dental, Inc. and Zoom.  All of these companies offer light and whitening solutions to the professional dentist community.  Despite our competition’s advantage with respect to size, resources and name recognition, we have continued to maintain market share in this highly competitive segment for the following reasons:

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• Better combined pricing strategy than the competition when considering net cost for whitening materials and initial cost of light.

• Dual purpose light to maximize value of initial investment.

• Ease of use from automated functionality of light, speed and gel application method.

• Superior gel formulation which maximizes performance while minimizing sensitivity.

• Home maintenance kit for improved patient satisfaction.

Regulatory Issues

Medical Device

As we market dental products which are legally defined to be medical devices, we are considered to be a medical device manufacturer and as such we are subject to the regulations of, among other governmental entities, the United States Food and Drug Administration (the “FDA”) and the corresponding agencies of the states and foreign countries in which we sell our products.  These regulations govern the introduction of new medical devices, the observance of certain standards with respect to the manufacture and labeling of medical devices, the maintenance of certain records and the reporting of potential product problems and other matters.  A failure to comply with such regulations could have material adverse effects on our business.

The Federal Food, Drug and Cosmetic Act (“FDC Act”) regulates medical devices in the United States by classifying them into one of three classes based on the extent of regulation believed necessary to ensure safety and effectiveness.  Class I devices are those devices for which safety and effectiveness can reasonably be ensured through general controls, such as device listing, adequate labeling, pre-market notification and adherence to the Quality System Regulation (“QSR”) as well as medical device reporting, labeling and other regulatory requirements.  Some Class I medical devices are exempt from the requirement of pre-market approval or clearance.  Class II devices are those devices for which safety and effectiveness can reasonably be ensured through the use of special controls, such as performance standards, post-market surveillance and patient registries, as well as adherence to the general controls provisions applicable to Class I devices.  Class III devices are devices that generally must receive pre-market approval by the FDA pursuant to a pre-market approval application (“PMA”) to ensure their safety and effectiveness.  Generally, Class III devices are limited to life sustaining, life supporting or implantable devices; however, this classification can also apply to novel technology or new intended uses or applications for existing devices.

Before most medical devices can be marketed in the United States, they are required by the FDA to secure either clearance of a pre-market notification pursuant to Section 510(k) of the FDC Act (a “510(k) Clearance”) or approval of a PMA.  Obtaining approval of a PMA can take several years.  In contrast, the process of obtaining 510(k) Clearance generally requires a submission of substantially less data and generally involves a shorter review period.  Most Class I and Class II devices enter the market via the 510(k) Clearance procedure, while new Class III devices ordinarily enter the market via the more rigorous PMA procedure.  In general, approval of a 510(k) Clearance may be obtained if a manufacturer or seller of medical devices can establish that a new device is “substantially equivalent” to a predicate device other than one that has an approved PMA.  The claim for substantial equivalence may have to be supported by various types of information, including clinical data, indicating that the device is as safe and effective for its intended use as its legally marketed equivalent device.  The 510(k) Clearance is required to be filed and cleared by the FDA prior to introducing a device into commercial distribution.  Market clearance for a 510(k) Notification submission may take 3 to 12 months or longer.  If the FDA finds that the device is not substantially equivalent to a predicate device, the device is deemed a Class III device, and a manufacturer or seller is required to file a PMA.  Approval of a PMA for a new medical device usually requires, among other things, extensive clinical data on the safety and effectiveness of the device.  PMA applications may take years to be approved after they are filed.  In addition to requiring clearance or approval for new medical devices, FDA rules also require a new 510(k) filing and review period prior to marketing a changed or modified version of an existing legally marketed device if such changes or modifications could significantly affect the safety or effectiveness of that device.  The FDA prohibits the advertisement or promotion of any approved or cleared device for uses other than those that are stated in the device’s approved or cleared application. We believe that the GlamSmile products will not require a 510(k) submission because the products fall within an exemption under the 510(k) regulation.

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International sales of medical devices are also subject to the regulatory requirements of each country.  In Europe, the regulations of the European Union require that a device have a CE Mark, a mark that indicates conformance with European Union laws and regulations before it can be sold in that market.  In China, the State Food and Drug Administration (“SFDA”)  is the agency primarily responsible for regulating medical devices.  The regulatory international review process varies from country to country.  We rely upon our distributors and sales representatives in the foreign countries in which we market our products to ensure we comply with the regulatory laws of such countries;  In China, we continue to rely on our distributors and strategic partners to ensure compliance with regulatory laws of China.

Fee Splitting and Arrangements with Health Professionals

Many states in the United States and countries worldwide have laws that prohibit business corporations like us from practicing medicine, employing dentists to practice medicine, exercising control over medical decisions by dentists, or engaging in certain arrangements, such as fee splitting, with dentists. In light of these restrictions, in certain markets where permissible we intend to operate by maintaining management contracts with dentists owned corporations or other business entities that employ or contract with dentists to provide the GlamSmile and other dental services. Under these arrangements we will perform under contract only nonmedical administrative services, will not offer medical services and will not exercise influence or control over the practice of medicine by the dentists employed by such business entities. In markets where fee splitting with a business corporation is prohibited, the fees that will be received by us will have been established on a basis that we believe complies with the applicable laws. However, regulatory authorities or other parties may assert that, despite these arrangements, we are engaged in the corporate practice of medicine or that the contractual arrangements with the affiliated professional contractors constitute unlawful fee splitting, in which case we could be subject to civil or criminal penalties, the contracts could be found legally invalid and unenforceable (in whole or in part) or we could be required to restructure our contractual arrangements.

Dental Practice

Dental practices are subject to local and national regulations worldwide.  Although the laws and regulations for operating a dental practice and engaging in dental services vary from country to country, in general our dental studios require a health license and a business license.  In addition, the dentists providing services in the dental studios are also required to be licensed to practice.

While the Company believes it is in substantial compliance with the laws and regulations which regulate its business, and that it possesses all the licenses required in the conduct of its business, the failure to comply with any of those laws or regulations, or the imposition of new laws or regulations could negatively impact the Company’s business .

Costs and Effects of Compliance with Environmental Laws and Regulations

We are not in a business that involves the use of materials in a manufacturing stage where such materials are likely to result in the violation of any existing environmental rules and/or regulations.  Further, we do not own any real property that could lead to liability as a landowner.  Therefore, we do not anticipate that there will be any substantial costs associated with the compliance of environmental laws and regulations.

Employees

We currently retain 11 full-time employees in Belgium. Our subsidiary, Remedent, N.V., has an employment agreement with Mr. Philippe Van Acker our Chief Financial and Accounting Officer.  We have no employment agreements with our Chief Executive Officer, Mr. Guy De Vreese.

Financial Information About Geographic Areas

Refer to Note 18, “Segment Reporting,” to our Consolidated Financial Statements included under Item 8, “Financial Statements and Supplementary Data” for financial information about our geographic areas.

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Other Information

Our Internet address is www.remedent.com.   We make available free of charge on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). Other than the information expressly set forth in this annual report, the information contained, or referred to, on our website is not part of this annual report.

The public may also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers, such as us, that file electronically with the SEC.

ITEM 1A — RISK FACTORS

RISK FACTORS

Investment in our common stock involves risk.  You should carefully consider the risks we describe below before deciding to invest.  The market price of our common stock could decline due to any of these risks, in which case you could lose all or part of your investment.  In assessing these risks, you should also refer to the other information included in this Annual Report, including our consolidated financial statements and the accompanying notes.  You should pay particular attention to the fact that we are a holding company with substantial operations in Belgium and China and are subject to legal and regulatory environments that in many respects differ from that of the United States.  Our business, financial condition or results of operations could be affected materially and adversely by any of the risks discussed below and any others not foreseen.  This discussion contains forward-looking statements.

Risks Relating To Our Business

We have a history of losses and we could suffer losses in the future.

With the exception of a small profit of $16,149 on revenue of $5,234,855 for the fiscal year ended March 31, 2004 and a profit of $490,483 on revenue of $9,687,292 for the fiscal year ended March 31, 2012, we have had a history of substantial losses.  Our losses were $981,936 on revenues of $ 2,937,276 for the year ended March 31, 2013, $1,547,175 on revenues of $12,581,708 for the year ended March 31, 2011 and $2,349,915 on revenues of $8,247,960 for the year ended March 31, 2010.  We expect to continue to incur increasing cost of revenues, sales and marketing and general and administrative expenses in connection with our business strategy.  However, despite our efforts, there is no assurance that we will be able to achieve or sustain profitability.

Our cash and cash equivalents are insufficient to support our operations and there is substantial doubt exists about our ability to continue as a going concern.

Our cash and cash equivalents of $64,504 as of March 31, 2013 are not sufficient to support our operations through our current fiscal year and we need additional financing. During the year ended March 31, 2013, we have been unable to generate cash flows sufficient to support our operations and have been dependent on loans and strategic partnerships. We remain dependent on outside sources of funding until our results of operations provide positive cash flows. During our current fiscal year, we expect to continue to incur operating losses. With our current level of funding, substantial doubt exists about our ability to continue as a going concern.

 The financial statements contained in this report do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be unable to continue in existence. Our ability to continue as a going concern is dependent upon our ability to generate sufficient cash flows to meet our obligations on a timely basis, to obtain additional financing as may be required, and ultimately to attain profitable operations. However, there is no assurance that profitable operations or sufficient cash flows will occur in the future.

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We have supported current operations by raising additional operating cash through loans and strategic partnerships. This has provided us with the cash inflows to continue our business plan, but has not resulted in significant improvement in our financial position. We are considering alternatives to address our cash flow situation that include raising capital through additional sale of our common stock and/or debentures.

This could result in substantial dilution of existing stockholders. There can be no assurance that our current financial position can be improved, that we will be able to locate a strategic partner, that we can raise additional working capital, or that we can achieve positive cash flows from operations. Our long-term viability as a going concern is dependent upon our ability to (i) locate sources of debt or equity funding to meet current commitments and near-term future requirements and (ii) achieve profitability and ultimately generate sufficient cash flow from operations to sustain our continuing operations.

Substantially all of our assets are secured under a credit facility with BNP Paribas Fortis Bank, a bank located outside of the United States, and in the event of default under the credit facility we may lose all of our assets.

The Company has a mixed-use line of credit facility with BNP Paribas Fortis, a Belgian bank (the “Facility”).  The Facility is secured by a first lien on the assets of Remedent N.V. and by personal guarantee of the Company’s CEO.

The latest amendment to the Facility, dated December 3, 2012, reduced the line of credit of Remedent N.V. from a mixed credit line of € 1,250,000 (to be used as = € 750,000 straight Loans and € 500,000 for advances on accounts Receivable) to a Credit Line of € 400,000 to be used as straight loans. The repayment of the reduced Credit Line is agreed as following = € 500,000 by the end of the quarter ending March 2013 (repaid) and € 250,000 by the end of the quarter ending June 2013. The line of credit carries its own interest rates and fees as provided in the Facility and vary from the current prevailing bank rate of approximately 3.27%, for draws on the credit line, to 9.9% for advances on accounts receivable. As of March 31, 2013 and March 31, 2012, Remedent N.V. had in aggregate, $836,355 and $1,079,263 in advances outstanding, respectively, under the mixed-use line of credit facilities. Although we are current in our obligations under this Facility, in the event of a default under this Facility we may lose our assets.  In addition, our Facility currently provide the Company with cash  to accelerate our expansion plan to open new GlamSmile Studios.  Accordingly, without the availability of funds from our Facility, or alternative source of funding, it would take us longer to open new Studios.

We depend on strategic relationships with third parties for sales and marketing performance and revenues in the People’s Republic of China and certain territories in North America,  and failure to maintain these relationships, poor performance by these companies or disputes with these companies could negatively impact our business.

We rely on significant strategic relationships with third parties, for our sales and marketing performance in certain territories. These include collaborations with strategic partners in China for our dental studios.  Reliance on collaborative relationships poses a number of risks, including the risk that:

• We are unable to control the resources our corporate partners devote to our programs or products;

• disagreements with our corporate partners could cause delays in, or termination of, the research, development or commercialization of product candidates or result in litigation or arbitration;

• contracts with our corporate partners may fail to provide significant protection or may fail to be effectively enforced if one of these partners fails to perform;

• our corporate partners with marketing rights may choose to pursue competing technologies or to devote fewer resources to the marketing of our products; and

• our distributors and our corporate partners may be unable to pay us, particularly in light of current economic conditions.

Given these risks, there is a great deal of uncertainty regarding the success of our current and future collaborative efforts. If these efforts fail, our product development or commercialization of new products could be delayed or revenues from products will most likely decline.

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We may not have access to capital in the future as a result of disruptions in capital and credit markets.

Although we currently have access to credit under our Facility with BNP Paribas Fortis Bank, we may not be able to access our funds in the future.  Our access to the funds under our current credit facility with BNP Paribas Fortis Bank is dependent on the ability of the financial institution that is party to the facility to meet its funding commitments. BNP Paribas Fortis Bank may not be able to meet its funding commitments if it experiences shortages of capital and liquidity or if it experiences excessive volumes of borrowing requests within a short period of time. Moreover, longer term volatility and continued disruptions in the capital and credit markets as a result of uncertainty, changing or increased regulation of financial institutions, reduced alternatives or failures of significant financial institutions could affect adversely our access to the liquidity needed for our business in the longer term. Such disruptions could require us to take measures to conserve cash until the markets stabilize or until alternative credit arrangements or other funding for our business needs can be arranged. The disruptions in the capital and credit markets have also resulted in higher interest rates on publicly issued debt securities and increased costs under credit facilities. The continuation of these disruptions would increase our interest expense and capital costs and could affect adversely our results of operations and financial position including our ability to grow our business through acquisitions.

We have obtained loans from third parties recently and anticipate that we will need additional capital during the next twelve months.  In addition, if we are unable to secure additional financing to meet our future capital this will have adverse effects on our financial condition.

We obtained on June 3, 2011, a long term loan for $1,000,000 from an unrelated party in order to support and finance the expansion of new GlamSmile Studios in Mainland China. This loan is secured by certain assets we own and in the event of default, the lenders will have a right to the collateral granted to them under the loan agreements and we will lose our ownership interest in the assets.  A loss of our collateral will have material adverse effect on our Asia operations, our business and financial condition.

Effective January 11, 2012, the Company entered into a Rescission Agreement with EM and Asia Best Healthcare Co., Ltd. Under the Rescission Agreement, the Company agreed to repay a total of $1,000,000 received under the Distribution Agreement, plus a simple interest rate of 5%, beginning on June 30, 2012, according to the following payment schedule: (i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013. The Company also agreed to secure such obligations owed to EM with certain collateral of the Company. During the period ended December 31, 2012 a partial payment of $20,000 in interest has been made. The Company is currently in the process of re-negotiating the terms of repayment.

In addition, we anticipate needing significant capital to introduce new products, further develop our existing products, increase awareness of our brand names and expand our operating and management infrastructure as we grow sales in Europe, Asia and South America and  launch sales and distribution activities in the United States.  We may use capital more rapidly than currently anticipated and incur higher operating expenses and generate lower revenue than currently expected, and we may be required to depend on external financing to satisfy our operating and capital needs.  We may need new or additional financing in the future to conduct our operations or expand our business. Any sustained weakness in the general economic conditions and/or financial markets in the United States or globally could affect adversely our ability to raise capital on favorable terms or at all. From time to time we have relied, and may also rely in the future, on access to financial markets as a source of liquidity to satisfy working capital requirements and for general corporate purposes. We may be unable to secure additional debt or equity financing on terms acceptable to us, or at all, at the time when we need such funding.  If we do raise funds by issuing additional equity or convertible debt securities, the ownership percentages of existing stockholders would be reduced, and the securities that we issue may have rights, preferences or privileges senior to those of the holders of our common stock or may be issued at a discount to the market price of our common stock which would result in dilution to our existing stockholders.  If we raise additional funds by issuing debt, we may be subject to debt covenants, such as the debt covenants under our secured credit facility, which could place limitations on our operations including our ability to declare and pay dividends.  Our inability to raise additional funds on a timely basis would make it difficult for us to achieve our business objectives and would have a negative impact on our business, financial condition and results of operations.

Our results of operations may be adversely impacted by currency fluctuations.

We currently have operations in Belgium and have product sales in Europe, the Middle East and Asia.  A significant portion of our revenue is in currencies other than United States dollars, including Euros, Hong Kong dollar and the Chinese Renminbi (“RMB”).  Because our financial statements are reported in United States dollars, fluctuations in Euros, Hong Kong dollar and RMB against the United States dollar may cause us to recognize foreign currency transaction gains and losses, which may be material to our operations and impact our reported financial condition and results of operations

14

Substantially all of our assets and our operations are located outside of the United States, a significant number of sales  are generated outside of the United States subjecting us to risks associated with international operations.

Our operations are primarily in Europe and Asia and 100% of our sales for the fiscal year ended March 31, 2013 were generated from customers outside of the United States, compared to 88% of our sales for the fiscal year ended March 31, 2012. The international nature of our business subjects us to the laws and regulations of the jurisdictions in which we operate and sell our products.  In addition, we are subject to risks inherent in international business activities, including:

• difficulties in collecting accounts receivable and longer collection periods,

• Changes in overseas economic conditions,

• fluctuations in currency exchange rates,

• potentially weaker intellectual property protections,

• changing and conflicting local laws and other regulatory requirements,

• Political and economic instability,

• war, acts of terrorism or other hostilities,

• potentially adverse tax consequences,

• difficulties in staffing and managing foreign operations, or

• tariffs or other trade regulations and restrictions.

Our quarterly sales and operating results have fluctuated and may continue to fluctuate in future periods which may cause the price of our common stock to decline.

Our quarterly sales and operating results have fluctuated and are likely to continue to vary from quarter to quarter due to a number of factors, many of which are not within our control.  Factors that might cause quarterly fluctuations in our sales and operating results include, but are not limited by the following:

• Variation in demand for our products, including variation due to seasonality;

• Our ability to research, develop, introduce, market and gain market acceptance of new products and product enhancements in a timely manner;

• Our ability to control costs;

• The size, timing, rescheduling or cancellation of orders from distributors;

• The introduction of new products by competitors;

• Long sales cycles and fluctuations in sales cycles;

• The availability and reliability of components used to manufacture our products;

• Changes in our pricing policies or those of our suppliers and competitors, as well as increased price competition in general;

• The risks and uncertainties associated with our international business;

• Costs associated with any future acquisitions of technologies and businesses;

• Developments concerning the protection of our proprietary rights; and

• General global economic, political, international conflicts, and acts of terrorism.

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We are economically sensitive to general economic conditions, including continued weakening of the economy, therefore the sale of our products could be adversely affected.

Our industry is sensitive to recessions in the general economy and future economic outlook. Our results may be dependent on a number of factors impacting consumer spending, including general economic and business conditions; and consumer confidence. The demand for our dental products may decline during recessionary periods and at other times when disposable income is lower. A downturn or an uncertain outlook in the economy may materially adversely affect our business.

An unsuccessful material strategic transaction or relationship could result in operating difficulties and other harmful consequences to our business.

We have evaluated, and expect to continue to evaluate, a wide array of potential strategic transactions and relationships with third parties.  From time to time, we may engage in discussions regarding potential acquisitions or joint ventures. Any of these transactions could be material to our financial condition and results of operations, and the failure of any of these material relationships and transactions may have a negative financial impact on our business.

Our products may be subject to government regulation and failure to comply with applicable regulations could result in fines, suspensions, seizure actions, product recalls, injunctions and criminal prosecutions.

Before most medical devices can be marketed in the United States, they are required by the United States Food and Drug Administration (“FDA”) to secure either clearance of a pre-market notification pursuant to Section 510(k) of the Federal Food, Drug and Cosmetic Act (“FDC Act”) (a “510(k) Clearance”) or approval of a pre-market approval application (“PMA”).  Obtaining approval of a PMA application can take several years.  In contrast, the process of obtaining 510(k) Clearance generally requires a submission of substantially less data and generally involves a shorter review period.  As discussed more specifically under the subsection title “Regulatory Issue,” most Class I and Class II devices enter the market via the 510(k) Clearance procedure, while new Class III devices ordinarily enter the market via the more rigorous PMA procedure.  Approval of a PMA application for a new medical device usually requires, among other things, extensive clinical data on the safety and effectiveness of the device.  PMA applications may take years to be approved after they are filed.  In addition to requiring clearance or approval for new medical devices, FDA rules also require a new 510(k) filing and review period, prior to marketing a changed or modified version of an existing legally marketed device, if such changes or modifications could significantly affect the safety or effectiveness of that device.  The FDA prohibits the advertisement or promotion of any approved or cleared device for uses other than those that are stated in the device’s approved or cleared application.

We have received approval from the FDA to market our RemeCure dental curing lamp in the United States.  We submitted our application for approval on FDA Form 510(k) on October 30, 2002 and received FDA approval for this product on January 9, 2003.  None of our other products have FDA approval for marketing in the United States.  However, we believe that our products, including for example, GlamSmile, do not require a 510(k) submission because the products fall within an exemption under the 510(k) regulation.

International sales of medical devices are also subject to the regulatory requirements of each country. In Europe, the regulations of the European Union require that a device have a CE Mark, a mark that indicates conformance with European Union laws and regulations before it can be sold in that market. In China, the SFDA requires registration of medical devices. The regulatory international review process varies from country to country. We rely upon our distributors, sales representatives and strategic partners in the foreign countries in which we market our products to ensure we comply with the regulatory laws of such countries. Failure to comply with the laws of such country will have a material adverse effect on our operations and, at the very least, could prevent us from continuing to sell products in such countries.

We may not have effective internal controls if we fail to remedy any deficiencies we may identify in our system of internal controls.

In connection with Section 404 of the Sarbanes-Oxley Act of 2002, we need to assess the adequacy of our internal control, remediate any weaknesses that may be identified, validate that controls are functioning as documented and implement a continuous reporting and improvement process for internal controls. We may discover deficiencies that require us to improve our procedures, processes and systems in order to ensure that our internal controls are adequate and effective and that we are in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act. If the deficiencies are not adequately addressed, or if we are unable to complete all of our testing and any remediation in time for compliance with the requirements of Section 404 of the Sarbanes-Oxley Act and the SEC rules under it, we would be unable to conclude that our internal controls over financial reporting are designed and operating effectively, which could adversely affect our investor confidence in our internal controls over financial reporting.

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The loss of or a substantial reduction in, or change in the size or timing of, orders from distributors could harm our business.

Our international sales are principally comprised of sales through independent distributors, although we sell products in certain European countries through direct sales representatives.  A significant amount of our sales may consist of sales through distributors.  The loss of a substantial number of our distributors or a substantial reduction in, cancellation of or change in the size or timing of orders from our current distributors could harm our business, financial condition and results of operations.  The loss of a key distributor would affect our operating results due to the potential length of time that might be required to locate and qualify a new distributor or to retain direct sales representatives for the territory.

We do not have long term commitments from our suppliers and manufacturers.

We may experience shortages of supplies and inventory because we do not have long-term agreements with our suppliers or manufacturers.  Our success is dependent on our ability to provide our customers with our products.  Although we manufacture most of our products, we are dependent on our suppliers for component parts which are necessary for our manufacturing operations.  In addition, certain of our present and future products and product components are (or will be) manufactured by third party manufacturers.  Since we have no long-term contracts or other contractual assurances with these manufacturers for continued supply, pricing or access to component parts, no assurance can be given that such manufacturers will continue to supply us with adequate quantities of products at acceptable levels of quality and price.  While we believe that we have good relationships with our suppliers and our manufacturers, if we are unable to extend or secure manufacturing services or to obtain component parts or finished products from one or more manufacturers on a timely basis and on acceptable terms, our results of operations could be adversely affected.

We face intense competition, and many of our competitors have substantially greater resources than we do.

We operate in a highly competitive environment. There are numerous well-established companies and smaller entrepreneurial companies  with significant resources who are developing and marketing products and services that will compete with our products.  In addition, many of our current and potential competitors have greater financial, technical, operational and marketing resources.  These resources may make it difficult for us to compete with them in the development and marketing of our products, which could harm our business.

Our success will depend on our ability to update our technology to remain competitive.

The dental device and supply industry is subject to technological change.  As technological changes occur in the marketplace, we may have to modify our products in order to become or remain competitive.  While we are continuing our research and development in new products in efforts to strengthen our competitive advantage, no assurances can be given that we will successfully implement technological improvements to our products on a timely basis, or at all.  If we fail to anticipate or respond in a cost-effective and timely manner to government requirements, market trends or customer demands, or if there are any significant delays in product development or introduction, our revenues and profit margins may decline which could adversely affect our cash flows, liquidity and operating results.

We depend on market acceptance of the products of our customers.  If our products do not gain market acceptance, our ability to compete will be adversely affected.

Our success will depend in large part on our ability to successfully market our line of products. Although we intend to differentiate our products from our competitors by targeting different channels of distribution, no assurances can be given that we will be able to successfully market our products or achieve consumer acceptance.  Moreover, failure to successfully develop, manufacture and commercialize our products on a timely and cost-effective basis will have a material adverse effect on our ability to compete in our targeted market segments.  In addition, medical and dental insurance policies generally do not cover teeth whitening or other cosmetic dental procedures, including our products, which may have an adverse impact upon the market acceptance of our products.

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We may be exposed to liabilities under the Foreign Corrupt Practices Act, and any determination that we violated the Foreign Corrupt Practices Act could have a material adverse effect on our business.

To the extent that we operate outside the United States, we are subject to the Foreign Corrupt Practices Act (the “FCPA”) which generally prohibits U.S. companies and their intermediaries from bribing foreign officials for the purpose of obtaining or keeping business or otherwise obtaining favorable treatment. In particular, we may be held liable for actions taken by our strategic or local partners even though such partners are foreign companies that are not subject to the FCPA. Any determination that we violated the FCPA could result in sanctions that could have a material adverse effect on our business.

Failure to meet customers’ expectations or deliver expected performance of our products could result in losses and negative publicity, which will harm our business .

If our products fail to perform in the manner expected by our customers, then our revenues may be delayed or lost due to adverse customer reaction, negative publicity about us and our products, which could adversely affect our ability to attract or retain customers.  Furthermore, disappointed customers may initiate claims for substantial damages against us, regardless of our responsibility for such failure.

If product liability lawsuits are successfully brought against us, we may incur substantial liabilities and may be required to limit commercialization of our products.

Although we have not been a party to any product liability lawsuits and are currently not aware of any anticipated product liability claims with respect to our products, the nature of our business exposes us to product liability lawsuits arising out of the commercialization of our products.  In the future, an individual may bring a liability claim against us if one of our products causes, or merely appears to have caused, an injury.  If we cannot successfully defend ourselves against the product liability claim, we may incur substantial liabilities.  Regardless of merit or eventual outcome, liability claims may result in:

• decreased demand for our products;

• injury to our reputation;

• costs of related litigation;

• substantial monetary awards to customers;

• product recalls;

• loss of revenue; and

• the inability to commercialize our products.

We may have difficulty managing our growth.

We have been experiencing significant growth in the scope of our operations, including the launch of our retail direct to consumer business model in Asia through strategic partnerships.  This growth has placed significant demands on our management as well as our financial and operational resources.  In order to achieve our business objectives, we anticipate that we will need to continue to grow.  If this growth occurs, it will continue to place additional significant demands on our management and our financial and operational resources, and will require that we continue to develop and improve our operational, financial and other internal controls.  We have been distributing our products primarily in Europe and we have recently launched sales and distribution in the United States and Asia, this expansion could further increase the challenges involved in implementing appropriate operational and financial systems, expanding manufacturing capacity and scaling up production, expanding our sales and marketing infrastructure and capabilities and providing adequate training and supervision to maintain high quality standards.  The main challenge associated with our growth has been, and we believe will continue to be, our ability to recruit and integrate skilled sales, manufacturing and management personnel.  Our inability to scale our business appropriately or otherwise adapt to growth would cause our business, financial condition and results of operations to suffer.

18

It may be difficult to enforce a United States judgment against us, our officers and directors, or to assert United States securities laws claims in Belgium and to serve process on substantially all of our directors and officers and these experts.

Our directors, our Chief Executive Officer and our Chief Financial Officer are nonresidents of the United States.  A substantial portion of our assets and all or a substantial portion of the assets of these officers and directors and experts are located outside of the United States.  As a result, it may be difficult to effect service of process within the United States with respect to matters arising under the United States securities laws or to enforce, in the United States courts, judgments predicated upon civil liability under the United States securities laws.  It also may be difficult to enforce in Belgium, in original actions or in actions for enforcement of judgment of United States courts, civil liabilities predicated upon United States securities laws.

If we are unable to protect our intellectual property rights or our intellectual property rights are inadequate, our competitive position could be harmed or we could be required to incur expenses to enforce our rights .

Our future success will depend, in part, on our ability to obtain and maintain patent protection for our products and technology, to preserve our trade secrets and to operate without infringing the intellectual property of others.  In part, we rely on patents to establish and maintain proprietary rights in our technology and products.  While we hold licenses to a number of issued patents and have other patent applications pending on our products and technology, we cannot assure you that any additional patents will be issued, that the scope of any patent protection will be effective in helping us address our competition or that any of our patents will be held valid if subsequently challenged.  Other companies also may independently develop similar products, duplicate our products or design products that circumvent our patents.

In addition, if our intellectual property rights are inadequate, we may be exposed to third-party infringement claims against us.  Although we have not been a party to any infringement claims and are currently not aware of any anticipated infringement claim, we cannot predict whether third parties will assert claims of infringement against us, or whether any future claims will prevent us from operating our business as planned.  If we are forced to defend against third-party infringement claims, whether they are with or without merit or are determined in our favor, we could face expensive and time-consuming litigation.  If an infringement claim is determined against us, we may be required to pay monetary damages or ongoing royalties.  In addition, if a third party successfully asserts an infringement claim against us and we are unable to develop suitable non-infringing alternatives or license the infringed or similar intellectual property on reasonable terms on a timely basis, then our business could suffer.

If we are unable to meet customer demand or comply with quality regulations, our sales will suffer.

We manufacture many of our products at our Deurle, Belgium production facilities.  In order to achieve our business objectives, we will need to significantly expand our manufacturing capabilities to produce the systems and accessories necessary to meet demand.  We may encounter difficulties in scaling-up production of our products, including problems involving production capacity and yields, quality control and assurance, component supply and shortages of qualified personnel.  In addition, our manufacturing facilities are subject to periodic inspections by foreign regulatory agencies.  Our success will depend in part upon our ability to manufacture our products in compliance with regulatory requirements.  Our business will suffer if we do not succeed in manufacturing our products on a timely basis and with acceptable manufacturing costs while at the same time maintaining good quality control and complying with applicable regulatory requirements.

We are dependent on Guy De Vreese, our Chairman and Chief Executive Officer, and any loss of such key personnel could result in the loss of a significant portion of our business.

Our success is highly dependent upon the key business relations and expertise of Guy De Vreese, our Chairman and Chief Executive Officer.  Unlike larger companies, we rely heavily on a small number of officers to conduct a large portion of our business.  The loss of service of our Chairman and Chief Executive Officer along with the loss of his numerous contacts and relationships in the industry would have a material adverse effect on our business.  We do not have an employment agreement with Mr. Guy De Vreese.

If we cannot build and maintain strong brand loyalty our business may suffer.

We believe that the importance of brand recognition will increase as more companies produce competing products.  Development and awareness of our brands will depend largely on our ability to advertise and market successfully.  If we are unsuccessful, our brands may not be able to gain widespread acceptance among consumers.  Our failure to develop our brands sufficiently would have a material adverse effect on our business, results of operations and financial condition.

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Risks Relating To Our Common Stock

There is a limited public trading market for our common stock.

Our Common Stock presently trades on the Over-the-Counter Bulletin Board under the symbol “REMI.” We cannot assure you, however, that such market will continue or that you will be able to liquidate your shares acquired in this offering at the price you paid or otherwise.  We also cannot assure you that any other market will be established in the future.  The price of our common stock may be highly volatile and your liquidity may be adversely affected in the future.

Our common stock is thinly traded, so you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.

There is limited market activity in our stock and we are too small to attract the interest of many brokerage firms and analysts. We cannot give you any assurance that a broader or more active public trading market for our common stock will develop or be sustained. While we are trading on the Over-The-Counter Bulletin Board, our trading volume may be limited by the fact that many major institutional investment funds, including mutual funds, as well as individual investors follow a policy of not investing in Over- the–Counter Bulletin Board stocks and certain major brokerage firms restrict their brokers from recommending Over-the-Counter Bulletin Board stocks because they are considered speculative, volatile, thinly traded and the market price of the common stock may not accurately reflect our underlying value. The market price of our common stock could be subject to wide fluctuations in response to quarterly variations in our revenues and operating expenses, announcements of new products or services by us, significant sales of our common stock, the operating and stock price performance of other companies that investors may deem comparable to us, and news reports relating to trends in our markets or general economic conditions.

The ownership of our stock is highly concentrated in our management.

As of June 30, 2013, our present directors and executive officers, and their respective affiliates beneficially owned approximately 29% of our outstanding common stock, including underlying options that were exercisable or which would become exercisable within 60 days.  As a result of their ownership, our directors and executive officers and their respective affiliates collectively are able to significantly influence all matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions.  This concentration of ownership may also have the effect of delaying or preventing a change in control.

We have a substantial number of shares authorized but not yet issued.

Our Articles of Incorporation authorize the issuance of up to 50,000,000 shares of common stock and 10,000,000 shares of preferred stock.  Our Board of Directors has the authority to issue additional shares of common stock and preferred stock and to issue options and warrants to purchase shares of our common stock and preferred stock without stockholder approval.  Future issuance of common stock and preferred stock could be at values substantially below current market prices and therefore could represent further substantial dilution to our stockholders.  In addition, the Board could issue large blocks of voting stock to fend off unwanted tender offers or hostile takeovers without further stockholder approval

Our stock may be governed by the “penny stock rules,” which impose additional requirements on broker-dealers who make transactions in our stock.

SEC rules require a broker-dealer to provide certain information to purchasers of securities traded at less than $5.00, which are not traded on a national securities exchange.  Since our common stock is not currently traded on an exchange, our common stock is considered a “penny stock,” and trading in our common stock is subject to the requirements of Rules 15g-1 through 15g-9 under the Securities Exchange Act of 1934 (the “Penny Stock Rules”).  The Penny Stock Rules require a broker-dealer to deliver a standardized risk disclosure document prepared by the SEC that provides information about penny stocks and the nature and level of risks in the penny stock market.  The broker-dealer must also give bid and offer quotations and broker and salesperson compensation information to the prospective investor orally or in writing before or with the confirmation of the transaction.  In addition, the Penny Stock Rules require a broker-dealer to make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction before a transaction in a penny stock.  These requirements may severely limit the liquidity of securities in the secondary market because few broker-dealers may be likely to undertake these compliance activities.  Therefore, the disclosure requirements under the Penny Stock Rules may have the effect of reducing trading activity in our common stock, which may make it more difficult for investors to sell their shares.

20

We have historically not paid dividends and do not intend to pay dividends.

We have historically not paid dividends to our stockholders and management does not anticipate paying any cash dividends on our common stock to our stockholders for the foreseeable future.  We intend to retain future earnings, if any, for use in the operation and expansion of our business. 

The Public Company Accounting Oversight Board, or PCAOB, is currently unable to inspect the audit work and practices of auditors operating in Belgium, including our auditor.

Our auditors, Grant Thornton Bedrijfsrevisoren CVBA, are registered with the Public Company Accounting Oversight Board (PCAOB). Our auditors, like any other independent registered public accounting firms operating in Belgium, are not permitted, because of Belgian law restrictions, to be subject to inspections by the PCAOB that assess their compliance with U.S. law and professional standards in connection with performance of audits of financial statements filed with the SEC. As a result, our investors may not realize the potential benefits of such inspections.

ITEM 1B — UNRESOLVED STAFF COMMENTS

Not Applicable. 

ITEM 2 — PROPERTIES

The Company leases an office facility of 5,187 square feet in Gent, Belgium from an unrelated party pursuant to a nine year lease commencing September 1, 2008. at a base rent of €5,712 per month for the total location ($7,350 per month at March 31, 2013).

The Company leases an office facility of 1,991 square feet in Rome, Italy to support the sales and marketing division of our veneer business, from an unrelated party pursuant a six year lease commencing July 1, 2011, at a base rent of € 6,500 per month for the total location ($8,364 per month at March 31, 2013).

ITEM 3 — LEGAL PROCEEDINGS

To the best knowledge of management, there are no material legal proceedings pending against the Company.

ITEM 4 — [RESERVED AND REMOVED]

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PART II

ITEM 5 — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common stock is quoted on the Over the Counter Bulletin Board under the symbol “REMI.”  The following table shows the range of the high and low bid for our common stock as reported by the Over-The-Counter Bulletin Board for the time periods indicated:

	Bid Prices
	High		Low
Quarter ended June 30, 2011	$	0.47	$	0.32
Quarter ended September 30, 2011	$	0.45	$	0.19
Quarter ended December 31, 2011	$	0.30	$	0.18
Quarter ended March 31, 2012	$	0.50	$	0.16
Quarter ended June 30, 2012	$	0.50	$	0.25
Quarter ended September 30, 2012	$	0.27	$	0.19
Quarter ended December 31, 2012	$	0.24	$	0.10
Quarter ended March 31, 2013	$	0.14	$	0.10

Bid quotations represent interdealer prices without adjustment for retail markup, markdown and/or commissions and may not necessarily represent actual transactions.

Stockholders

As of June 25, 2012, the number of stockholders of record was approximately 188, not including beneficial owners whose shares are held by banks, brokers and other nominees.

Dividends

We have not paid any dividends on our common stock, and we do not anticipate paying any dividends in the foreseeable future. Our Board of Directors intends to follow a policy of retaining earnings, if any, to finance the growth of the company. The declaration and payment of dividends in the future will be determined by our Board of Directors in light of conditions then existing, including our earnings, financial condition, capital requirements and other factors.

Securities Authorized for Issuance under Equity Compensation Plans

As of March 31, 2013, we had three equity compensation plans approved by our stockholders (1) our Incentive and Nonstatutory Stock Option Plan enacted in 2001 (the “2001 Plan”), (2) our 2004 Incentive and Nonstatutory Stock Option Plan (the “2004 Plan”); and (3) our 2007 Equity Incentive Plan (the “2007 Plan”). Our stockholders approved the 2001 Plan reserving 250,000 shares of common stock of the Company pursuant an Information Statement on Schedule 14C filed with the Commission on August 15, 2001. In addition, our stockholders approved the 2004 Plan reserving 800,000 shares of common stock of the Company pursuant to an Information Statement on Schedule 14C filed with the Commission on May 9, 2005.  Finally, our stockholders approved the 2007 Plan reserving 1,000,000 shares of common stock of the Company pursuant to a Definitive Proxy Statement on Schedule 14A filed with the Commission on October 2, 2007.

In addition to the equity compensation plans approved by our stockholders, we have issued options and warrants to individuals pursuant to individual compensation plans not approved by our stockholders.  These options and warrants have been issued in exchange for services or goods received by us.

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 The following table provides aggregate information as of March 31, 2013 and March 31, 2012 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

	2001 Plan				2004 Plan				2007 Plan				Other
	Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price
Options outstanding,March 31, 2011		250,000		1.20		557,500		0.89		1,000,000		1.15		350,000		0.97
Cancelled or expired		(237,500)		—		(25,000)		4.00		—		—		—		—
Options outstanding, March 31, 2012		12,500		1.20		532,500		0.96		1,000,000		1.15		350,000		0.97
Options expired		—		—		(100,000)		1.50		—		—		—		—
Options outstanding, March 31, 2013		12,500		1.20		432,500		0.84		1,000,000		1.15		350,000		0.97
Options exercisable March 31, 2013		12,500		1.20		432,500		0.96		1,000,000		1.15		350,000		0.97
Exercise price range	$	2.00			$	0.50 - $2.46			$	0.50 - $1.75			$	0.39 - 1.75
Weighted average remaining life		1 years				5.28 years				5.12 years				3.6 years

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		1,445,000	$	1.17		605,000
Equity Compensation Plans not approved by security holders		820,000	$	0.97		NA
Total		2,265,000	$	1.10		605,000

For the year ended March 31, 2013, the Company recognized $Nil (2012 — $50,387) in compensation expense in the consolidated statement of operations.

ITEM 6 — SELECTED FINANCIAL DATA

Not Applicable.

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ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

In addition to historical information, this section contains “forward-looking” statements, including statements regarding the growth of product lines, optimism regarding the business, expanding sales and other statements. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market acceptance of our products. In addition, actual results could vary materially based on changes or slower growth in the oral care and cosmetic dentistry products market; the potential inability to realize expected benefits and synergies; domestic and international business and economic conditions; changes in the dental industry; unexpected difficulties in penetrating the oral care and cosmetic dentistry products market; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of manufacturing capacity; future production variables impacting excess inventory and other risk factors listed in the section of this Annual Report entitled “Risk Factors” and from time to time in our Securities and Exchange Commission filings under “risk factors” and elsewhere.

Each forward-looking statement should be read in context with, and with an understanding of, the various disclosures concerning our business made elsewhere in this Annual Report, as well as other public reports filed by us with the Securities and Exchange Commission. Readers should not place undue reliance on any forward-looking statement as a prediction of actual results of developments. Except as required by applicable law or regulation, we undertake no obligation to update or revise any forward-looking statement contained in this Annual Report. This section should be read in conjunction with our consolidated financial statements.

Overview

We design, develop, manufacture and distribute cosmetic dentistry products.  Leveraging our knowledge of regulatory requirements regarding dental products and management’s experience in the needs of the professional dental community, we have developed a line of professional veneers as well as a family of teeth whitening products for both professional and “Over-The-Counter” (“OTC”) use, that are distributed in Europe, Asia, Middle East and the United States.  We manufacture many of our products in our facility in Ghent, Belgium as well as outsourced manufacturing in Ghent, China and France. We distribute our products using both our own internal sales force and through the use of third party distributors.  We have established dealers in 28 countries encompassing, Europe, Asia, Latin America, the Pacific Rim and the Middle East.

Recent Developments

On June 3, 2011, the Company obtained a loan in the principal amount of $1,000,000 (the “Loan”) from an unrelated private company, Excelsior Medical (HK) (“EM”). In connection with the Loan, the Company issued a promissory note, with a simple interest rate of 5% per annum, secured by certain assets of the Company (the “Note”). The maturity date of the Loan is June 3, 2014. Interest of $50,000 per annum is payable in cash on an annual basis. In September 2010, we entered into a license agreement with EM (the “EM license agreement”). Under the EM license agreement, we granted EM an exclusive license to certain Asian territories in exchange for $500,000 which was received during the year ended March 31, 2011. The Company received a further $500,000 from EM as an advance payment for veneers.  The $500,000 advance, less taxes withheld, was recorded as deferred revenue of $475,250 as of March 31, 2011. Effective as of January 11, 2012, the Company entered into a Rescission Agreement with EM and Asia Best Healthcare Co., Ltd. Under the Rescission Agreement, the Company agreed to repay a total of $1,000,000 received under the Distribution Agreement, plus a simple interest rate of 5%, beginning on June 30, 2012, according to the following payment schedule: (i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013. The Company also agreed to secure such obligations owed to EM with certain collateral of the Company. During the period ended December 31, 2012 a partial payment of $20,000 in interest has been made. The Company is currently in the process of re-negotiating the terms of repayment.

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On January 28, 2012, we entered into a Preference A Shares and Preference A-1 Shares Purchase Agreement (“Share Purchase Agreement”) with Glamsmile Dental Technology Ltd., a Cayman Islands company and a subsidiary of Company (“Glamsmile Dental”), Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., Beijing Glamsmile Trading Co., Ltd., Beijing Glamsmile Dental Clinic Co., Ltd., and Shanghai Glamsmile Dental Clinic Co., Ltd., Gallant Network Limited, a shareholder of Glamsmile Dental (“Gallant”), and IDG-Accel China Growth Fund III L.P. (“IDG Growth”), IDG-Accel China III Investors L.P.(“IDG Investors”) and Crown Link Group Limited (“Crown”)(“IDG Growth, IDG Investors and Crown collectively referred to as the “Investors”), pursuant to which the Investors agreed to (i) purchase from the Company an aggregate of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental, which represents all of the issued and outstanding Preference A-1 Shares of Glamsmile Dental, for an aggregate purchase price of $2,000,000, and (ii) purchase from Glamsmile Dental an aggregate of 5,000,000 shares of Preference A Shares for an aggregate purchase price of $5,000,000.

On February 10, 2012, the sale of the Preference A-1 Shares and the Preference A Shares was completed. As a result of the closing, the equity ownership of Glamsmile Dental, on an as converted basis, is as follows: 31.4% by the Investors, 39.2 % by Gallant, and 29.4% by the Company. Mr. De Vreese, our chairman, will remain as a director of Glamsmile Dental along with Mr. David Lok, who is the Chief Executive Officer and director of Glamsmile Dental and principal of Gallant. In addition, at the closing, the Investors have a right to appoint one director of Glamsmile Dental, and as such it is contemplated that after the closing the Board of Directors of Glamsmile Dental will consists of Mr. De Vreese, Mr. Lok and a director appointed by the Investors.

Under the terms of the Share Purchase Agreement, we agreed to transfer 500,000 shares of Glamsmile Dental owned by the Company to the Investors in the event of breach of certain covenants by the Company. In connection with the Share Purchase Agreement, we also entered into an Investor’s Rights Agreement, Right of First Refusal and Co-Sale Agreement, and Voting Agreement with the parties. In addition, in connection with the contemplated transactions in the Share Purchase Agreement on January 20, 2012, we entered into a Distribution, License and Manufacturing Agreement with Glamsmile Dental pursuant to which we appointed Glamsmile Dental as the exclusive distributor and licensee of Glamsmile Veneer Products bearing the “Glamsmile” name and mark in the B2C Market in the People’s Republic of China (including Hong Kong and Macau) and Republic of China (Taiwan) and granted related manufacturing rights and licenses in exchange for the original issuance of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental and $250,000 (the receipt of which was acknowledged as an off set to payment of certain invoices of Glamsmile (Asia) Limited).

During the fiscal year ended March 31, 2012, we opened a new Glamsmile Studio in Rome, Italy.

On February 28, 2013, the Company entered into an Exclusive Distribution Agreement with Biotech Medical Aesthetic SAS, a French Company, for distributing its River 8 veneers Worldwide. Biotech International is already active in over 40 countries as market leader in dental and orthopedic surgery implants. Both partners have agreed upon a renewable 5 years contract.

Financial Results and Trends

Revenue decreased by approximately 69.7% to $2,937,276 in the year ended March 31, 2013 as compared to $9,687,292 in the year ended March 31, 2012.  In fiscal 2013, we experienced a decline in revenues as a result of the deconsolidation of our OTC division Sylphar at the quarter ending September 2011 and secondly, the deconsolidation of our Asian Division at the end of January 2012 resulting in decreased revenue for both entities. Additionally, included during the fiscal year ending March 31, 2012 were non-recurring royalty fees in reference to the DenMat Distribution agreement and the non-recurring fee in connection with the First Fit Distribution agreement.

Our net income/( loss) attributable to our stockholders was ($0.05) for fiscal 2013 and $0.02 for fiscal 2012. During the year ended March 31, 2013 we recognized $349,054 in equity income from our Asian investment. Our net income for fiscal 2013 was positively impacted by a gain of $454,430 on the sale of our OTC division 

Critical Accounting Estimates

Basis for Presentation

Our financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America. 

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Pervasiveness of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates estimates and judgments, including those related to revenue, bad debts, inventories, fixed assets, intangible assets, stock based compensation, income taxes, and contingencies. Estimates are based on historical experience and on various other assumptions that the Company believes reasonable in the circumstances. The results form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Revenue Recognition

The Company recognizes revenue from product sales when persuasive evidence of a sale exists: that is, a product is shipped under an agreement with a customer; risk of loss and title has passed to the customer; the fee is fixed or determinable; and collection of the resulting receivable is reasonably assured. Sales allowances are estimated based upon historical experience of sales returns.

Revenues from product sales are recognized when the product is shipped and title and risk of loss has passed to the customer, typically upon delivery and when the quantity and price is fixed and determinable, and when collectability is reasonable assured.

Upfront fees are recognized upon the date of the agreement (i.e. point of sale) because they relate solely to the sale of territories (that are sold in perpetuity), are non-refundable, and are not contingent upon additional deliverables.

We have evaluated all deliverables in our contracts (per ASC 605-25-5) ((a) territory & (b) manufacturing/marketing training & development fees) and determined that they are separate, as follows:

⋅ Both (a) & (b) have value to our customers on a standalone basis and can be sold by our customers separately.

⋅ Delivery or performance of the undelivered item or items is considered probable and substantially in our control.

Our development fees/milestone payments are recognized in accordance with the Milestone Method pursuant to FASB ASC 605.  Revenues from milestones related to an arrangement under which we have continuing performance obligations i.e. specifically scheduled training and development activities, if deemed substantive, are recognized as revenue upon achievement of the milestone. Milestones are considered substantive if all of the following conditions are met: (a) the milestone is non-refundable; (b) achievement of the milestone was not reasonably assured at the inception of the arrangement; (c) substantive effort is involved to achieve the milestone; and (d) the amount of the milestone appears reasonable in relation to the effort expended. If any of these conditions is not met, the milestone payment is deferred and recognized as revenue as we complete our performance obligations.

We receive royalty revenues under license agreements with third parties that sell products based on technology developed by us or to which we have rights. The license agreements provide for the payment of royalties to us based on sales of the licensed product. We record these revenues as earned monthly, based on reports from our licensees.

Business Combinations

On April 1, 2010, the Company adopted the new accounting guidance for business combinations according to FASB Codification ASC 805, Business Combinations . This guidance establishes principles and requirements for the reporting entity in a business combination, including recognition and measurement in the financial statements of the identifiable assets acquired, the liabilities assumed, goodwill, and any noncontrolling interest in the acquiree, as well as disclosure requirements to enable financial statement users to evaluate the nature and financial effects of the business combination. Additionally, it provides guidance for identifying a business combination, measuring the acquisition date, and defining the measurement period for adjusting provisional amounts recorded. The implementation of this standard did not have an impact on the Company’s consolidated financial statements.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash or cash equivalents.

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Non-Controlling Interest

The Company adopted ASC Topic 810 Noncontrolling Interests in Consolidated Financial Statements — an Amendment of Accounting Research Bulletin No. 51 as of April 1, 2009. SFAS 160 establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest and the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. ASC Topic 810 also establishes reporting requirements that provide sufficient disclosures that clearly identify and distinguish between the interest of the parent and the interests of the noncontrolling owner. The adoption of ASC Topic 810 impacted the presentation of our consolidated financial position, results of operations and cash flows.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, line of credit, short term and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values because of the short maturities of those instruments. The Company’s investment in MFI is classified as an available for sale investment and is initially measured at fair value with all subsequent gains and losses recorded in other comprehensive income until realized. The Company’s long-term debt consists of its revolving credit facility and long-term capital lease obligations. The carrying value of the revolving credit facility approximates fair value because of its variable short-term interest rates.  The fair value of the Company’s long-term capital lease obligations is based on current rates for similar financing. 

Accounts Receivable and Allowance for Doubtful Accounts

The Company sells professional dental equipment to various companies, primarily to distributors located in Western Europe, the Middle East and China. The terms of sales vary by customer, however, generally are 2% 10 days, net 30 days. Accounts receivable is reported at net realizable value and net of allowance for doubtful accounts. The Company uses the allowance method to account for uncollectible accounts receivable. The Company’s estimate is based on historical collection experience and a review of the current status of trade accounts receivable.

Inventories

The Company purchases certain of its products in components that require assembly prior to shipment to customers. All other products are purchased as finished goods ready to ship to customers.

The Company writes down inventories for estimated obsolescence to estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected, then additional inventory write-downs may be required. Inventory reserves for obsolescence totaled $88,724 at March 31, 2013 and $156,239 at March 31, 2012.

 Prepaid Expense

The Company’s prepaid expense consists of prepayments to suppliers for inventory purchases and to the Belgium customs department, to obtain an exemption of direct VAT payments for imported goods out of the European Union (“EU”). This prepayment serves as a guarantee to obtain the facility to pay VAT at the moment of sale and not at the moment of importing goods at the border. Prepaid expenses also include VAT payments made for goods and services in excess of VAT payments received from the sale of products as well as amounts for other prepaid operating expenses.

Property and Equipment

Property and equipment are stated at cost. Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed. At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to income.

The Company depreciates its property and equipment for financial reporting purposes using the straight-line method based upon the following useful lives of the assets:

Tooling	3 Years
Furniture and fixtures	4 Years
Machinery and Equipment	4 Years

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Patents

Patents consist of the costs incurred to purchase patent rights and are reported net of accumulated amortization. Patents are amortized using the straight-line method over a period based on their contractual lives.

Research and Development Costs

The Company expenses research and development costs as incurred.

Advertising

Costs incurred for producing and communicating advertising are expensed when incurred and included in sales and marketing and general and administrative expenses. For the years ended March 31, 2013 and March 31, 2012, advertising expense was $283,690 and 590,285 respectively.

Income taxes

Income taxes are accounted for under the asset and liability method as stipulated by Accounting Standards Codification (“ASC”) 740 formerly Statement of Financial Accounting Standards (“SFAS”) No. 109, “Accounting for Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when in management’s view it is more likely than not (50%) that such deferred tax will not be utilized.

Effective February 1, 2008, the Company adopted certain provisions under ASC Topic 740, Income Taxes, (“ASC 740”), which provide interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Effective with the Company’s adoption of these provisions, interest related to the unrecognized tax benefits is recognized in the financial statements as a component of income taxes. The adoption of ASC 740 did not have an impact on the Company’s financial position and results of operations.

In the unlikely event that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax position would then be recorded if the Company determined it is probable that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. As of March 31, 2013, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authorities.

Warranties

The Company typically warrants its products against defects in material and workmanship for a period of 24 months from shipment.

A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting period is as follows:

	Year ended March 31, 2013		Year ended March 31, 2012
Product warranty liability:
Opening balance	$	20,019	$	21,260
Accruals for product warranties issued in the period		(973)		(2,002)
Adjustments to liabilities for pre-existing warranties		255		761
Ending liability	$	19,301	$	20,019

Based upon historical trends and warranties provided by the Company’s suppliers and sub-contractors, the Company has made a provision for warranty costs of $19,301 and $20,019 as of March 31, 2013 and March 31, 2012, respectively.

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Segment Reporting

“Disclosure About Segments of an Enterprise and Related Information” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s management considers its business to comprise one segment for reporting purposes.

Computation of Earnings (Loss) per Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share attributable to common stockholders assuming dilution is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued.

 On April 1, 2009, the Company adopted changes issued by the FASB to the calculation of earnings per share. These changes state that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method for all periods presented. The adoption of this change had no impact on the Company’s basic or diluted net loss per share because the Company has never issued any share-based awards that contain non-forfeitable rights.

 At each of March 31, 2013 and 2012, the Company had 19,995,969, shares of common stock issued and outstanding.  At March 31, 2013 and 2012, the Company had 3,378,379 and 7,794,627 warrants outstanding, respectively and 1,795,000 and 1,895,000 options outstanding, respectively.  All outstanding warrants and options were excluded from the computation of earnings per share for the year ended March 31, 2013 because their effect would have been anti-dilutive.  

Further, pursuant to ASC 260-10-50-1(c), if a fully diluted share calculation was computed for the years ended March 31, 2013 and 2012 respectively, it would have excluded all warrants and all but 200,000 options respectively since the Company’s average share trading price during the last two year period was less than the exercise price of all other warrants and options.

Conversion of Foreign Currencies

The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s European subsidiaries, Remedent N.V., GlamSmile Rome and GlamSmile Deutschland GmbH, is the Euro, for Glamsmile Asia Ltd., and its subsidiaries, the Hong Kong dollar and the Chinese Renmimbi (“RMB”) for Mainland China. Finally, the functional currency for Remedent Professional, Inc. is the U.S. dollar. The assets and liabilities of companies whose functional currency is other that the U.S. dollar are included in the consolidation by translating the assets and liabilities at the exchange rates applicable at the end of the reporting period. The statements of income of such companies are translated at the average exchange rates during the applicable period. Translation gains or losses are accumulated as a separate component of stockholders’ equity.

Comprehensive Income (Loss)

Comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and unrealized gains or losses on marketable securities.

The Company’s other comprehensive income for the year ended March 31, 2013 consisted of a gain on foreign currency translation of $91,006 and a fair value adjustment on AFS Security in the amount of $472,561. For the year ended March 31, 2012 the Company’s only component of other comprehensive income is the accumulated foreign currency translation (losses) of $(846,880). These amounts have been recorded as a separate component of stockholders’ equity (deficit).

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Stock Based Compensation

The Company has a stock-based compensation plan. The Company measures the compensation cost of stock options and other stock-based awards to employees and directors at fair value at the grant date and recognizes compensation expense over the requisite service period for awards expected to vest.

Except for transactions with employees and directors, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Additionally, the Company has determined that the dates used to value the transaction are either:

(1) The date at which a commitment for performance by the counter party to earn the equity instruments is established; or

(2) The date at which the counter party’s performance is complete.

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Recently Issued Accounting Pronouncements

Recently Adopted

In October 2009, the FASB issued ASU 2009-13, “Multiple-Deliverable Revenue Arrangements, (amendments to ASC Topic 605, Revenue Recognition)” (“ASU 2009-13”). ASU 2009-13 requires entities to allocate revenue in an arrangement using estimated selling prices of the delivered goods and services based on a selling price hierarchy. The amendments eliminate the residual method of revenue allocation and require revenue to be allocated using the relative selling price method. The standard also expands the disclosure requirements for multiple deliverable revenue arrangements. ASU 2009-13 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2009-13 has had no impact upon the Company’s consolidated financial statements.

In October 2009, the FASB issued ASU 2009-14, Certain Revenue Arrangements that Include Software Elements – a consensus of the FASB Emerging Issues Task Force , which changes the accounting model for revenue arrangements that include both tangible products and software elements. This new guidance removes from the scope of the software revenue recognition guidance in ASC 985-605, Software Revenue Recognition, those tangible products containing software components and non-software components that function together to deliver the tangible product’s essential functionality. In addition, this guidance requires that hardware components of a tangible product containing software components always be excluded from the software revenue recognition guidance as well as provides further guidance on determining which software, if any, relating to the tangible product also would be excluded from the scope of software revenue recognition guidance. The guidance further identifies specific factors in determining whether the tangible product contains software that works together with the non-software components of the tangible product to deliver the tangible product’s essential functions. Guidance is also provided on how a vendor should allocate arrangement consideration to deliverables in an arrangement containing both tangible products and software. The disclosures mandated in ASU 2009-13 are also required by this new guidance. ASU 2009-14 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-14 has had no impact upon the Company’s consolidated financial statements.

In April 2010, the FASB issued ASU 2010-17 ,” Revenue Recognition – Milestone Method”. The amendments in this Update provide guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. ASU 2010-17 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-17 has had no impact upon the Company’s consolidated financial statements.

In May 2011, the FASB issued ASU 2011-04 and updated the accounting guidance related to fair value measurements. The updated guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards (IFRS). The updated guidance is effective for the Company beginning in the fourth quarter of fiscal year 2012. The adoption of ASU 2011-04 has not had a material effect on the Company’s results of operations, financial condition, and cash flows.

In June 2011, the FASB issued new accounting guidance on comprehensive income that was amended in December 2011. The objective of this accounting guidance is to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The guidance eliminates the option to present components of other comprehensive income as part of the statement of stockholders’ equity and requires them to be presented in the statement of comprehensive income instead. This accounting guidance, as amended, was effective for the Company on April 1, 2012. The adoption of this guidance has not had a material effect on the Company’s results of operations, financial condition or results of operations.

Recent Accounting Pronouncements Not Yet Adopted

In December 2011, the FASB issued ASU 2011-11, “ Balance Sheet (Topic 210) – Disclosures about offsetting assets and liabilities ”. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. This standard is applicable for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosures will be required for all periods presented. The adoption of ASU 2011-11 is not expected to have an impact upon the Company’s consolidated financial statements.

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In September 2011, the FASB issued new accounting guidance on testing goodwill for impairment. The primary objective of this accounting guidance is to reduce complexity and costs by allowing an entity to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. If, after assessing qualitative factors, an entity determines that it is not more likely than not (a likelihood of more than 50 percent ) that the fair value of a reporting unit is less than its carrying amount, then the two-step goodwill impairment test is unnecessary. This accounting guidance is effective for the Company in fiscal 2013 but early adoption is permitted. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In December 2011, the FASB issued new accounting guidance on disclosures about offsetting assets and liabilities. The requirements for offsetting are different under U.S. GAAP and IFRS. Therefore, the objective of this accounting guidance is to facilitate comparison between financials statements prepared under U.S. GAAP and IFRS by enhancing disclosures of the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain assets and liabilities. This accounting guidance will be effective for the Company on April 1, 2013. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In July 2012, the FASB issued guidance that simplifies how entities test indefinite-lived intangible assets for impairment, which improves consistency in impairment testing requirements among long-lived asset categories. ASU 2012-02 permits an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, ASU 2012-02 eliminates the requirement to perform quantitative impairment testing as outlined in the previously issued standards. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will not have an impact on the Company’s financial position, results of operations or financial statement disclosures.

In February 2013, the FASB issued guidance requiring the reporting of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about these amounts. The amendments do not change the current requirements for reporting net income or other comprehensive income in the financial statements. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will affect the presentation of comprehensive income but will not impact the Company's financial position, results of operations or cash flows.

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RESULTS OF OPERATIONS

For the Fiscal Years Ending March 31, 2013 and 2012

Comparative details of results of operations for the years ended March 31, 2013 and 2012 as a percentage of sales are as follows:

	2013			2012
NET SALES		100.00	%		100.00	%
COST OF SALES		48.80	%		23.00	%
GROSS PROFIT		51.20	%		77.00	%
OPERATING EXPENSES
Research and development		2.04	%		3.70	%
Sales and marketing		26.88	%		22.40	%
General and administrative		73.34	%		41.08	%
Depreciation and amortization		10.69	%		5.84	%
TOTAL OPERATING EXPENSES		112.95	%		99.32	%
(LOSS) INCOME FROM OPERATIONS		(61.75)	%		(5.19)	%
Other income (expense)		28.33	%		21.84	%
INCOME (LOSS) BEFORE INCOME TAXES & NON-CONTROLLING INTEREST		(33.42)	%		16.66	%
Income tax expense		(0.01)	%		(3.25)	%
NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST		(33.43)	%		13.40	%
NON-CONTROLLING INTEREST		—	%		8.34	%
NET INCOME (LOSS)		(33.43)	%		5.06	%

*Note that above figures are not comparable due to the equity method used because:

A. Remedent OTC BV and its subsidiaries are accounted for using the equity method for the period September 2011 through June 30, 2012 while previously the financials of Remedent OTC BV and its subsidiaries were fully included in the financial statements of Remedent Inc. Further, at the beginning of July 2012, the Company sold its 100 % interest in the share capital of Remedent OTC B.V. and consequently the Company’s financial results for the year ended March 31, 2013 do not include an equity portion of the results of operations for Remedent OTC B.V.; and

B. GlamSmile Asia and its subsidiaries are accounted for using the equity method since February 2012, while previously the financials of GlamSmile Asia and its subsidiaries were fully included in the financial statement of Remedent Inc.

Net Sales

Net sales decreased by approximately 69.7% to $2,937,276 in the year ended March 31, 2013 as compared to $9,687,292 in the year ended March 31, 2012.  The decrease in sales is primarily due to the deconsolidation of our OTC division at the quarter ending September 2011as described above and also because of the deconsolidation of our Asian Division at the end of January 2012, resulting in decreased revenue. For our Asian Division, the equity method is currently being used in calculating the monthly results. Additionally, included during the fiscal year ending March 31, 2012 were non-recurring royalty fees in reference to the DenMat Distribution agreement and the non-recurring fee in connection with the First Fit Distribution agreement.  

Cost of Sales

Cost of sales decreased approximately 35.7% to $1,433,348 in the year ended March 31, 2013 as compared to $2,227,891 in the year ended March 31, 2012.  The decrease in cost of sales is primarily due to the deconsolidation of our OTC division at the quarter ending September 2011 as described above and secondly, the deconsolidation of our Asian Division at the end of January 2012, resulting in decreased cost of sales. Cost of sales as a percentage of sales has increased because of the deconsolidation of our Asian division at the end of January 2012, known for its higher margins due to direct selling, the deconsolidation of our OTC Division and the non-recurring Royalty fees in reference to the DenMat distribution agreement and the non-recurring fees in reference to the First Fit Agreement, both included in the year ending March 31, 2012.

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Gross Profit

Our gross profit decreased by $5,955,473 or 79.8%, to $1,503,928 for the fiscal year ended March 31, 2013 as compared to $7,459,401 for the year ended March 31, 2012 as a result of the deconsolidation of our OTC division at the quarter ending September 2011 as described above and secondly, the deconsolidation of our Asian Division at the end of January 2012, resulting in decreased gross profit. For our Asian Division, the equity method is currently being used in calculating the monthly results. Our gross profit as a percentage of sales decreased to 51,2% for the year ending March 31, 2013 as compared to 77.00 % for the year ending March 31, 2012. The decrease in gross profit is the result of the sales of the OTC Division and our Asian Division, combined with the non-recurring royalty fees in reference to the DenMat Distribution agreement and the non-recurring fee in connection with the first Fit Distribution agreement which were included in the year ending March 31, 2012.

Operating Expenses

Research and Development .  Our research and development expenses decreased $249,951 to $59,988 for the year ended March 31, 2013 as compared to $309,939 for the year ended March 31, 2012, a decrease of 80.6%.  Research and development expenses have decreased primarily due to the deconsolidation of our OTC division at the quarter ending September 2011 as described above and secondly, the deconsolidation of our Asian Division at the end of January 2012. For our Asian Division, the equity method is currently being used in calculating the monthly results, whereas, for the year ending March 31, 2012, we reported 10 months of Research and Development Expenses for our Asian Division

Sales and marketing costs .  Our sales and marketing costs decreased $1,627,246 to $789,566 or 67.3% for the year ended March 31, 2013 as compared to $2,416,812 for the year ended March 31, 2012.  The decrease is largely due to the deconsolidation of our Asian Division at the end of January 2012, resulting in decreased sales and marketing costs. For our Asian Division, the equity method is currently applicable, whereas, previously we reported sales and marketing costs for a full 10 months for our Asian Division.

General and administrative costs .  Our general and administrative costs for the year ended March 31, 2013 and 2012 were $2,154,193 and $4,686,347 respectively, representing a decrease of $2,532,154 or 54%.  The decrease in general and administrative costs as compared to the prior year occurred primarily as a result of the deconsolidation of our Asian Division at the end of January 2012, resulting in decreased general and administrative costs.

Depreciation and amortization .  Our depreciation and amortization decreased $234,639 or 42.8%, to $314,023 for the year ended March 31, 2013 as compared to $548,662 for the year ended March 31, 2012. The decrease is largely due to the deconsolidation of our Asian divisions, as described above.

Net interest expense.   Our net interest expense was $186,034 for the year ended March 31, 2013 as compared to $387,292 for the year ended March 31, 2012, a decrease of $201,258 or 52%. Interest expense has decreased primarily because of decreased utilization of our available bank credit line.

Liquidity and Capital Resources

Cash and Cash Equivalents

Our balance sheet at March 31, 2013 reflects cash and cash equivalents of $64,504 as compared to $203,584 as of March 31, 2012, a decrease of $139,080.  Net cash used by operations was $946,316 for the year ended March 31, 2013 as compared to net cash used by operations of $109,777 for the year ended March 31, 2012, an increase year over year of $836,539 in cash used by operations. 

As of March 31, 2013, there has been no indication of a trend of increased doubtful accounts.  As a result, at this time, we do not anticipate increased reserves.

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Investing Activities

Net cash provided by investing activities was $1,087,582 for the year ended March 31, 2013 as compared to net cash used by investing activities of $3,840,048 for the year ended March 31, 2012. During the year ended March 31, 2013 the Company invested in equipment and patents in the amount of $142,821 and $37,467 respectively. During the year ended March 31, 2013 we also received $1,267,870 from the sale of our OTC:BB division.

Cash used in investing activities in the year ended March 31, 2012 was primarily cash divested as a result of the deconsolidation of the GlamSmile Asia division as well as of the OTC division.

Financing Activities

Net cash used by financing activities totalled $213.302 for the year ended March 31, 2013 as compared to net cash provided by financing activities of $2,524,412 for the year ended March 31, 2012. Net cash provided from financing activities in the year ended March 31, 2013 was lower than in the year ended March 31, 2012 primarily because of the partial sale of our investment in Asia and because we received a short term loan offset by net repayments against our line of credit in the amount of $414,061.  We did not complete any private placements in either 2013 or 2012. However, we did receive a short term loan of $132,820 in the year ended March 31, 2013 which has been offset by repayments of lease obligations and line of credit in the amounts of $103,214 and $242,908 respectively.

The Company has a mixed-use line of credit facility with BNP Paribas Fortis Bank, a Belgian bank (the “Facility”).  The Facility is secured by a first lien on the assets of Remedent N.V..  On January 3, 2008, an amendment was made decreasing the mixed-use line of credit to €2,050,000, to be used by Remedent NV and/or Sylphar NV. Each line of credit carries its own interest rates and fees as provided in the Facility and varies from the current prevailing bank rate

The latest amendment to the Facility, dated December 3, 2012, reduced the line of credit of Remedent N.V. from a mixed credit line of €1,250,000 (to be used as = € 750,000 straight loans and € 500,000 for advances on accounts receivable) to a Credit line of € 400,000 to be used as straight loans. The repayment of the reduced Credit line is agreed as following: € 500,000 by the end of the quarter ending March 2013 (repaid) and € 250,000 by the end of the quarter ending June 2013.The line of credit carries its own interest rates and fees as provided in the Facility and vary from the current prevailing bank rate of approximately 3.27%, for draws on the credit line, to 9.9% for advances on accounts receivable. As of March 31, 2013 and March 31, 2012, Remedent N.V. had in aggregate, $836,355 and $1,079,263 in advances outstanding, respectively, under the mixed-use line of credit facilities.

During the years ended March 31, 2013 and March 31, 2012, we recognized an increase/(decrease) in cash and cash equivalents of $(67,044) and $(33,523), respectively, from the effect of exchange rates between the Euro and the US Dollar.

Internal and External Sources of Liquidity

As of March 31, 2013, we had current assets of $2,570,782 compared to $3,268,854 at March 31, 2012. This decrease of $698,072 was due to a decrease in cash of $139,080, decrease in inventories of $85,959, and a decrease in prepaid expenses of $582,764, offset by an increase in accounts receivable of $109,731.

Current liabilities at March 31, 2013 of $3,908,628 were $301,267 greater than current liabilities as at March 31, 2012 of $3,607,361.  The increase was primarily a result of an increase in the current portion of long-term debt in the amount of $350,765, an increase in accrued liabilities of $200,733, and an increase in deferred revenue of $91,875, offset by a decrease of $242,908, $39,362 and $61,836 in the use of our line of credit, accounts payable, and amounts due to related parties, respectively.

Our cash and cash equivalents of $64,504 as of March 31, 2013 are not sufficient to support our operations through our current fiscal year and we need additional financing. During the year ended March 31, 2013, we have been unable to generate cash flows sufficient to support our operations and have been dependent on loans and strategic partnerships. We remain dependent on outside sources of funding until our results of operations provide positive cash flows. During our current fiscal year, we expect to continue to incur operating losses. With our current level of funding, substantial doubt exists about our ability to continue as a going concern.

The financial statements contained in this report do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be unable to continue in existence. Our ability to continue as a going concern is dependent upon our ability to generate sufficient cash flows to meet our obligations on a timely basis, to obtain additional financing as may be required, and ultimately to attain profitable operations. However, there is no assurance that profitable operations or sufficient cash flows will occur in the future.

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We have supported current operations by raising additional operating cash through loans and strategic partnerships and through the sale of non-core divisions of our business. During the current year ended March 31, 2013 we sold our interest in the OTC division and realized $1,267,870 in cash. This has provided us with the cash inflows to continue our business plan, but has not resulted in a significant improvement in our financial position. We are considering alternatives to address our cash flow situation that include raising capital through additional sale of our common stock and/or debentures. This could result in substantial dilution of existing stockholders.

As discussed in this Report, we anticipate that we will need to raise additional funds to satisfy our working capital requirements and implement our business strategy to expand our direct to consumer business model.  We intend to focus completely on our core business within the professional dental community and the veneer market.

However, there can be no assurance that we will be successfully in the implementation of our plan, our current financial position can be improved, that we will be able to locate a strategic partner, that we can raise additional working capital, or that we can achieve positive cash flows from operations. Our long-term viability as a going concern is dependent upon our ability to (i) locate sources of debt or equity funding to meet current commitments and near-term future requirements and (ii) achieve profitability and ultimately generate sufficient cash flow from operations to sustain our continuing operations. In the event we are unable to raise additional funds, we may draw funds from the balance remaining on our credit facility or may have to postpone our expansion plans to establish additional dental studios in Europe and China.

Off-Balance Sheet Arrangements

At March 31, 2013, we were not a party to any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

ITEM 7A — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable

ITEM 8 — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The Financial Statements that constitute Item 8 are included at the end of this report beginning on Page F-1.

ITEM 9 — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A - CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, as of the end of the period covered by this report, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Act of 1934. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be included in our Securities and Exchange Commission (“SEC”) reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, relating to the Company, including our consolidated subsidiaries, and was made known to them by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of March 31, 2013, our disclosure controls and procedures are effective at these reasonable assurance levels.

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(b) Management’s Report on Internal Control over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is a process designed under the supervision of the Company’s principal executive officer and principal financial officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurances with respect to financial statement preparation and presentation. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As of March 31, 2013, management assessed the effectiveness of the Company’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in “Internal Control — Integrated Framework,” issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Based on the assessment, management determined that the Company maintained effective internal control over financial reporting as of March 31, 2013 based on the COSO criteria.

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to permanent  rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

Change in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting during the quarter ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

ITEM 9B— OTHER INFORMATION

None.

PART III

ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Directors, Executive Officers and Significant Employees

The following table sets forth the names and ages of our current directors and executive officers, the principal offices and positions with us held by each person and the date such person became our director or executive officer.  Our executive officers are elected annually by the Board of Directors.  Each year the stockholders elect the board of directors.  The executive officers serve terms of one year or until their death, resignation or removal by the Board of Directors.  There was no arrangement or understanding between any executive officer or director and any other person pursuant to which any person was elected as an executive officer or director.  There are no family relationships between any of our directors, executive officers, director nominees or significant employees.  Mr. Kolsteeg is independent as determined by the NASDAQ rules.

Person	Age	Position
Guy De Vreese	58	Chairman, Chief Executive Officer
Fred Kolsteeg	70	Director
Philippe Van Acker	48	Director, Chief Financial Officer and Chief Accounting Officer

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Biographies

Guy De Vreese, Chairman .  From April 1, 2002, Mr. De Vreese has served as our Chairman of the Board.  Effective upon Mr. List’s resignation as Chief Executive Officer, on December 10, 2008 Mr. De Vreese became our Chief Executive Officer.  From June 2001 Mr. De Vreese has also served as President of Remedent N.V. and he has served as President of DMDS, Ltd., a European subsidiary of Dental & Medical Systems, Inc. DMDS, Ltd. developed and marketed high-tech dental equipment.  In August 1996, Mr. De Vreese founded DMD N.V., a Belgian company that was the independent European distributor for DMDS products and was its Chief Executive Officer until DMD purchased its distribution rights in April 1998.  Mr. De Vreese later worked as CEO from 1996 through February 1999 for Lident, N.V., a Belgian company that merged with DMD and specialized in digital photography and developer of imaging software.  Mr. De Vreese also served as a consultant providing services to DMDS, Ltd. from February 1999 to June 2001.  Mr. De Vreese resides in Belgium. Mr. De Vreese’s years of experience in the dental industry  provides us with invaluable industry contacts and know-how, in addition to special insight into our customers’ needs and requirements. In addition, Mr. De Vreese’s extensive experience in our industry, commitment to research and development of innovative dental products, and in-depth knowledge of our company gained by serving as our CEO provide valuable insights for our Board.  The Board believes that Mr. De Vreese demonstrated leadership abilities and business judgment, provide an important leadership element to our Board

Philippe Van Acker, Director, Chief Accounting Officer .  Mr. Van Acker was appointed as our Chief Financial Officer as of March 30, 2005.  Effective December 18, 2008, Mr. Van Acker resigned as Chief Financial Officer and became our Chief Accounting Officer as well as assuming a position on the Board of Directors.  Effective July 17, 2012, Mr. Van Acker was re-appointed as our Chief Financial Officer.

From July 2001 to March 30, 2005, Mr. Van Acker has served as a director of our subsidiary, Remedent N.V. where he has also served as financial controller.  From 1999 to 2001, Mr. Van Acker served as Director of Finance for DMDS, Ltd., a European subsidiary of Dental & Medical Diagnostic Systems, Inc., a company that developed and marketed high-tech dental equipment.  From 1992 to 1999, Mr. Van Acker held various positions with Pfizer Medical Technology Group.  Mr. Van Acker resides in Belgium.  Mr. Van Acker’s executive management experience and extensive background in finance and investment matters provide important contributions and critical insight to our Board.  The Board believes that Mr. Van Acker’s financial background and understanding of the dental industry and our business bring perspectives beneficial to the Board as the Company seeks to expand its presence in Europe and China.

Fred Kolsteeg, Director .  Mr. Kolsteeg has served as a director of the Company since April 2002.  Since 1996, Mr. Kolsteeg has served as the president of WAVE Communications, a Dutch based advertising agency.  Prior to founding WAVE in 1996, he founded several other advertising agencies such as ARA, Team and Team Saatchi.  Mr. Kolsteeg has also worked at Phillips and Intermarco Publicis.  Mr. Kolsteeg resides in Holland.  Mr. Kolsteeg  has experience managing operations and finance for multiple businesses. Our Board believes that this experience, adds valuable perspectives and he is an “audit committee financial expert” as defined in SEC rules.

Stephen Ross, Director, Chief Financial Officer, Secretary .  Mr. Ross has served as our director since August 2001 and as our Secretary since April 2002.  He also served as our Chief Financial Officer from August 2001 until March 2005.  He was reappointed as Chief Financial Officer, effective December 18, 2008.  From February 1998 through January 2001, Mr. Ross was CFO of Dental & Medical Diagnostic Systems, Inc., a company that developed and marketed high-tech dental equipment and declared bankruptcy in July 2001.  Commencing in 1996 and terminating February 1998, Mr. Ross served as a senior management consultant with Kibel and Green, a corporate restructuring and management firm.  Prior to working for Kibel and Green, Mr. Ross served as CFO and co-founder of a personal care company, and as tax manager with an accounting firm.  Mr. Ross resides in Los Angeles, California. Our Board believes that  Mr. Ross’ financial background, relevant expertise in our industry and knowledge of our company gained by serving as our CFO provide special insight and perspective for our Board. Our Board believes that Mr. Ross’ leadership and management experience at multiple companies enables him to provide our Board with critical perspectives on issues important to our business. In addition, our Board believes that our CFO should serve on the Board of Directors to facilitate direct access and open communication on issues relating to internal controls over financial reporting.

Effective as of July 17, 2012, Stephen Ross resigned from his position as the Chief Financial Officer and Director of Remedent Inc.

Legal Proceedings

None of our directors or executive officers were involved in a legal proceeding during the past ten years which are material to an evaluation of the ability or integrity of any director, person nominated to become a director or executive officer of the Company and required to be disclosed under Item 401(f) of Regulation S-K.

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Director Committees and Director Independence

The Company does not have a separate compensation, nominating or audit committee.  The Board of Directors has determined that Mr. Kolsteeg is “independent,” as independence is defined in the listing standards for the Nasdaq Stock Market.  Accordingly, we have one director who is “independent.”

Board Leadership Structure and Role in Risk Oversight

The Board does not have a policy as to whether the roles of our Chairman and Chief Executive Officer should be separate. Instead, the Board makes this determination based on what best serves the our Company’s needs at any given time.   Currently, Mr. De Vreese holds the positions of Chairman and Chief Executive Officer of our Company, and the Board has one independent director. The Board may decide to separate the positions of Chairman and Chief Executive Officer in the future if the Board believes it is in the best interest of the Company and our stockholders.

The Board believes that effective board leadership is highly dependent on the experience, skills and personal interaction between persons in leadership roles.  The Company believes that having one person, particularly Mr. De Vreese  with his extensive knowledge of the industry and executive management experience, his extensive knowledge of the operations of the Company and his own commitment to innovation and strategic thinking, serve as both Chief Executive Officer and Chairman is the best leadership structure for the Company because it demonstrates to our employees, customers and stockholders that the Company is under strong leadership, with a single person setting the tone and having primary responsibility for managing the Company’s operations. Accordingly, with significant input from our Board, Mr. De Vreese sets the strategic direction for our Company and provides daily leadership and guidance to our managements and employees.  In addition, this unity of leadership promotes strategy development and execution, timely decision-making and effective management of Company resources.  The Company believes that it has been well-served by this structure.

In its governance role, and particularly in exercising its duty of care and diligence, the Board is responsible for ensuring that appropriate risk management policies and procedures are in place to protect the company’s assets and business.  Our Board has broad and ultimate oversight responsibility for our risk management processes and programs and executive management is responsible for the day-to-day evaluation and management of risks to the company.

Audit Committee Financial Expert

Our Board of Directors has not established a separate audit committee within the meaning of Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Instead, our entire Board of Directors acts as the audit committee within the meaning of Section 3(a)(58)(B) of the Exchange Act. In addition, our Board of Directors has not made a determination as to whether a director on the Board meets the definition of an “audit committee financial expert” within the meaning of Item 407(d)(5) of Regulation S-K. We continue to seek  candidates for outside directors and for a financial expert to serve on a separate audit committee when we establish one. Due to our small size and limited resources, it has been difficult to recruit outside directors and financial experts, especially due to the fact that we do not have directors and officer’s liability insurance to offer suitable candidates.

In fulfilling its oversight responsibilities, the Board has reviewed and discussed the audited financial statements with management and discussed with the independent auditors the matters required to be discussed by SAS 61. Management is responsible for the financial statements and the reporting process, including the system of internal controls. The independent auditors are responsible for expressing an opinion on the conformity of those audited financial statements with generally accepted accounting principles.

The Board discussed with the independent auditors, the auditors’ independence from the management of the Company and received written disclosures and the letter from the independent accountants required by Independence Standards Board Standard No. 1.

After Board review and discussions, as mentioned above, the Board recommended that the audited financial statements be included in the Company’s Annual Report on Form 10-K.

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Governance Committee and Nominations to the Board of Directors

There were no material changes to the procedures by which security holders may recommend nominees to our Board of Directors.

Code of Ethics

We have adopted a written Code of Ethics that applies to our senior management. A copy of our Code of Ethics, executed by the Chief Executive Officer and Chief Financial Officer, has been filed as an exhibit to our Annual Report on Form 10-K for the fiscal year ended March 31, 2013. A copy of our Code of Ethics is available to any stockholder by addressing a request to the attention of the Secretary of the Company and mailing such request to the Company’s corporate offices. Any amendment to the Code of Ethics or any waiver of the Code of Ethics will be disclosed promptly following the date of such amendment or waiver pursuant to a Form 8-K filing with the Securities and Exchange Commission.

Compliance with Section 16 of the Securities Exchange Act of 1934

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our executive officers and directors and persons who own more than 10% of a registered class of our equity securities, to file with the Securities and Exchange Commission (hereinafter referred to as the “Commission”) initial statements of beneficial ownership, reports of changes in ownership and Annual Reports concerning their ownership, of Common Stock and other of our equity securities on Forms 3, 4, and 5, respectively. Executive officers, directors and greater than 10% stockholders are required by Commission regulations to furnish us with copies of all Section 16(a) reports they file. Based solely on information available to us in public filings, we believe that all reports required by Section 16(a) for transactions in the year ended March 31, 2013, were timely filed.

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ITEM 11 — EXECUTIVE COMPENSATION

Summary Compensation

Our Board of Directors has not established a separate compensation committee nor any other committee that acts as such a committee. Instead, the entire Board of Directors reviews and approves executive compensation policies and practices, reviews, salaries and bonuses for our officers, administers our benefit plans, and considers other matters as may, from time to time, be referred to it. We do not currently have a Compensation Committee Charter.  Our Board continues to emphasize the important link between our performance, which ultimately benefits all stockholders, and the compensation of our executives. Therefore, the primary goal of our executive compensation policy is to closely align the interests of the stockholders with the interests of the executive officers. In order to achieve this goal, we attempt to (i) offer compensation opportunities that attract and retain executives whose abilities and skills are critical to our long-term success and reward them for their efforts in ensuring our success and (ii) encourage executives to manage from the perspective of owners with an equity stake in the Company.

The following table sets forth information regarding all forms of compensation received by the named executive officers during the fiscal years ended March 31, 2013 and March 31, 2012, respectively:

SUMMARY COMPENSATION TABLE

Name and Principal Position (a)	Year (b)	Salary ($) (c)		Bonus ($) (d)		Stock Awards ($) (e)		Option Awards ($) (f)		Non-Equity Incentive Plan Compensation ($) (g)		Nonqualified Deferred Compensation Earnings ($) (h)		All Other Compensation ($) (i)			Total ($) (j)
Guy De Vreese,	2013	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	324,692	(1)	$	324,692	(1)
CEO and Chairman	2012	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	348,299	(1)	$	348,249	(1)
Philippe Van Acker,	2013	$	175,783	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-		$	175,783
Chief Accounting Officer, Director	2012	$	189,403	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-		$	189,403
Stephen Ross	2013	$	45,000	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-		$	45,000
Former CFO & Director	2012	$	120,000	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-	$	-0-		$	120,000

(1) These amounts are consulting fees, including a car allowance paid by Remedent N.V. to Lausha, N.V., a company controlled by Mr. De Vreese, pursuant to an oral consulting agreement between Lausha N.V. and Remedent N.V.

Outstanding Equity Awards at Fiscal Year End

The following table provides information with respect to the named executive officers concerning unexercised stock options held by them at March 31, 2013.  As of March 31, 2013, there were no outstanding stock awards and columns (g) through (j) have been omitted.

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OPTION AWARDS

Name (a)	Number of Securities Underlying Unexercised Options (#) Exercisable (b)		Number of Securities Underlying Unexercised Options (#) Unexercisable (c)		Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d)	Option Exercise Price ($) (e)		Option Expiration Date (f)
Guy De Vreese		100,000		-0-		$	1.75	20-Sept-2017
Philippe Van Acker		75,000		-0-		$	2.46	23-Dec-2015
Philippe Van Acker		50,000		-0-		$	1.75	20-Sept-2017
Philippe Van Acker		100,000		-0-		$	0.50	19-Mar-2019

Director Compensation Table

Generally, our directors do not receive any cash compensation, but are entitled to reimbursement of their reasonable expenses incurred in attending directors’ meetings.  However, at the discretion of our Board of Directors, we may periodically issue stock options under our stock option plan to directors.

Our directors did not receive any compensation for board services during the fiscal year ended March 31, 2013.

Employment Agreements

Our subsidiary, Remedent, N.V., has an employment agreement with Mr. Philippe Van Acker, our Chief Financial Officer and Chief Accounting Officer.  We do not currently have any other employment agreement with our Chief Executive Officer.

Long-Term Incentive Plans-Awards in Last Fiscal Year

We do not currently have any long-term incentive plans.

ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth information regarding the beneficial ownership of our common stock as of  June 25, 2013.  The information in this table provides the ownership information for:

a. each person known by us to be the beneficial owner of more than 5% of our common stock;

b. each of our directors;

c. each of our executive officers; and

d. our executive officers, directors and director nominees as a group.

Beneficial ownership has been determined in accordance with Rule 13d-3 of the 1934 Exchange Act and includes voting or investment power with respect to the shares.  Unless otherwise indicated, the persons named in the table below have sole voting and investment power with respect to the number of shares indicated as beneficially owned by them.  Common stock beneficially owned and percentage ownership is based on 19,995,969 shares outstanding as of June 25, 2013.

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Name of Beneficial Owner (1)	Shares Beneficially Owned		Percentage Beneficially Owned
Guy De Vreese, CEO, Chairman (2)
Xavier de Cocklaan 42
9831 Deurle, Belgium		4,733,680		23.67	%
Philippe Van Acker, Chief Financial Officer, Chief Accounting Officer, Director (3)
Xavier de Cocklaan 42
9831 Deurle, Belgium		225,000		1.13	%
Stephen Ross, former CFO, Secretary, Director (4)
1921 Malcolm #101
Los Angeles, CA 90025		576,327		2.88	%
Fred Kolsteeg, Director (5)
Managelaantje 10
3062 CV Rotterdam
The Netherlands		295,000		1.48	%
All Officers and Directors as a Group (4 persons)		5,945,007		29.16	%
5% or Greater Stockholders
Austin W. Marxe and David M. Greenhouse (6)
153 East 53rd Street, 55th Floor
New York, NY 10022		4,520,933		22.61	%
Den-Mat Holdings, LLC (7)
2727 Skyway Drive
Santa Maria, CA 93455		3,378,379		14.45	%

*      Less than one percent

1. Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act.  Pursuant to the rules of the Securities and Exchange Commission, shares of common stock which an individual or group has a right to acquire within 60 days pursuant to the exercise of options or warrants are deemed to be outstanding for the purpose of computing the percentage ownership of such individual or group, but are not deemed to be beneficially owned and outstanding for the purpose of computing the percentage ownership of any other person shown in the table.

2. Guy De Vreese holds 3,304,426 shares in his own name, which such amount includes 100,000 shares of common stock underlying options which vested on September 17, 2007 and have an exercise price of $1.75 per share; 72,787 shares of common stock held in the name of Lausha N.V., a Belgian company controlled by Guy De Vreese; 6,467 shares of common stock held in the name of Lident N.V., a Belgian company controlled by Guy De Vreese; and 1,400,000 shares of common stock held in the name of Lausha HK, a Hong Kong company controlled by Guy De Vreese.

3. Includes 75,000 shares of common stock underlying options which vested on December 2005 and have an exercise price of $2.46 per share; 50,000 shares of common stock underlying options which have vested as of September 17, 2009 and have an exercise price of $1.75 per share; and 100,000 shares of common stock underlying options which were fully vested on March 19, 2009 and have an exercise price of $0.50 per share.

43

4. Includes 12,500 shares of common stock underlying options which vested on April 8, 2004 and have an exercise price of $2.00 per share; and 100,000 shares of common stock underlying options which were fully vested on March 19, 2009 and have an exercise price of $0.50 per share.

5. Includes 200,000 shares of common stock underlying options which were fully vested on March 19, 2009 and have an exercise price of $0.50 per share.

6.  Austin W. Marxe (Marxe) and David M. Greenhouse (Greenhouse) share voting and investment control over all securities owned by Special Situations Fund III QP, L.P. (QP), Special Situations Cayman Fund, L.P. (CAY) and Special Situations Private Equity Fund, LP (PE). 541,075 shares of Common Stock are owned by QP, 960,075 shares of Common Stock are owned by CAY and 3,019,783 shares of Common Stock are owned by PE. The interest of Marxe and Greenhouse in the shares of Common Stock owned by QP, CAY and PE is limited to the extent of his pecuniary interest.

7.. Consists of warrants to purchase 3,378,379 shares of common stock.

ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Related Transactions

Compensation

During the years ended March 31, 2013 and 2012 respectively, the Company incurred $545,475 and $664,586 as compensation for all directors and officers.

Sales Transactions

All related party transactions involving provision of services or tangible assets were recorded at the exchange amount, which is the value established and agreed to by the related parties reflecting arm’s length consideration payable for similar services or transfers.

44

Other Transactions

On June 3, 2009, the Company entered into the First Fit-Crown Distribution and License Agreement (the “First Fit Distribution Agreement”) with Den-Mat.  Under the terms of the First Fit Distribution Agreement, the Company appointed Den-Mat to be the its sole and exclusive distributor to market, license and sell certain products relating to the Company’s proprietary First Fit technology (the “First Fit Products”), in the United States, Canada and Mexico (the “First Fit Territory”).  In connection therewith, the Company also granted Den-Mat certain non-exclusive rights to manufacture and produce the First Fit Products in the First-Fit Territory; and a sole and exclusive transferable and sublicensable right and license to use the Company’s intellectual property rights relating to the First Fit Products to perform its obligations as a distributor (provided the Company retains the right to use and license related intellectual property in connection with the manufacture of the First Fit Products for sale outside of the  First Fit Territory), as the terms and transactions are further detailed in the First Fit Distribution Agreement.  The consummation of the transactions described herein and contemplated in the First Fit Distribution Agreement are subject to certain closing conditions which includes, in addition to customary closing conditions: the completion of Den-Mat’s due diligence with respect to the First Fit Products to its satisfaction; execution and delivery of  Non-Competition Agreements by Guy De Vreese and Evelyne Jacquemyns; and the delivery of the Development Payment and first installment of the License Payment (the “Development Payment” and License Payment” are defined below).  The First Fit Distribution Agreement provides that the consummation of the transactions contemplated therein will occur upon the performance or waiver of such closing conditions.  Under the First Fit Distribution Agreement, the Company granted such distribution rights, licensing rights and manufacturing rights, in consideration for the following:  (i) a non-refundable development fee of Four Hundred Thousand Dollars ($400,000) (the “Development Payment”) payable in two installments as follows: (a) Fifty Thousand Dollars ($50,000) within seven (7) days after the effective date of the First Fit Distribution Agreement (the “Effective Date”), and (b) Three Hundred Fifty Thousand Dollars ($350,000) within twenty one (21) days after the Effective Date ; (ii) a non-refundable license fee of Six Hundred Thousand Dollars ($600,000) payable in three (3) equal installments of $200,000 each, with the first installment payable on the closing date contemplated in the First Fit Distribution Agreement (the “Closing Date”), and with the second and third installments payable on the 30th and 60th day, respectively, after the Closing Date; (iii) certain royalty payments based on the sales of the First Fit Products by Den-Mat or its sublicensees; and (iv) certain minimum royalty payment to maintain exclusivity, as such  terms are more particularly described in the First Fit Distribution Agreement.

On March 29, 2010, a certain Amendment No. 1 to First Fit Crown Distribution and License Agreement (“First Fit Amendment”) between the Company and Den-Mat, pursuant to which the Company agreed to sell to Den-Mat all of the intellectual property or used by Company related to the First Fit product (“First Fit IP”) became effectuated upon Company’s receipt of Den-Mat’s countersignatures to the First Fit Amendment.  The First Fit Amendment amends the First Fit-Crown Distribution and License Agreement dated June 3, 2009 between the Company and Den-Mat, pursuant to which Den-Mat was granted certain license and distribution rights relating to the First Fit IP and First Fit products.  The total purchase price for the First Fit IP consists of installment payments and royalty payments.  The cash component of the purchase price of the First Fit IP is $2,850,000 to be paid in the form of cash in the following installments: (a) $50,000 upon delivery by Remedent to Den-Mat of a working prototype of the First Fit crown, (b) $525,000 on or before March 15, 2010 (c) $700,000 on June 30, 2010, and (d) $500,000 on December 31, 2010, June 30, 2011 and December 31, 2011. In connection with the execution of the First Fit Agreement, Den-Mat also agreed to make an advance cash payment of $75,000 to the Company towards the purchase price.  In addition to the cash component, Den-Mat agreed to pay Remedent a capital payment equal to a certain percent of Den-Mat’s net revenues generated by the sale of the First Fit products.

In connection with our Distribution, License & Manufacturing Agreement with Den-Mat (the “Distribution Agreement”) dated as August 2008, as amended and restated by the parties on June 3, 2009 pursuant to the Amended and Restated Distribution, License and Manufacturing Agreement, and as consideration for Den-Mat’s obligations under the Distribution Agreement, we agreed, among other things, to issue Den-Mat or an entity to be designated by Den-Mat, warrants to purchase up to three million three hundred seventy-eight thousand three hundred seventy-nine (3,378,379) shares of our common stock, par value $0.001 per share at an exercise price of $1.48 per share, exercisable for a period of five years . The warrants were  issued in the period ended September 30, 2008 and were valued at $4,323,207 based upon the Black-Scholes option pricing model utilizing a market price on the date of grant of $1.48 per share, an annualized volatility of 131%, a risk free interest rate of 3.07% and an expected life of five years. The expense was originally classified as a non-operating expense however, we have subsequently reclassified the expense to operations since our agreement with Den-Mat is in the normal course of our operations. The reclassification increased our operations expenses by $4,323,207, while reducing our other expenses by the same amount, resulting in no net impact upon our consolidated net loss for the year ended March 31, 2009.

45

On March 29, 2010, concurrently with the execution of the First Fit Amendment (as described above), the Company and Den-Mat entered into Amendment No. 2 to the Amended and Restated Distribution, License and Manufacturing Agreement (“Glamsmile Amendment”) with Den-Mat pursuant to which certain provisions of a certain Amended and Restated Distribution, License and Manufacturing Agreement previously entered into by the Company and Den-Mat on June 3, 2009 and subsequently amended on August 11, 2009, were amended.  The Glamsmile Amendment became effective concurrently with the effectiveness of the First Fit Amendment.  Among other things, the Glamsmile Amendment (1) permits the Company to purchase its requirements for GlamSmile Products from another party, other than Den-Mat, provided Company pays De-Mat a royalty payment on net revenues received by Company per unit/tooth, (2) decreases the percentage of securities to be covered in a warrant to purchase securities of B2C Market Subsidiary and the exercise price of such warrant to be issued to Den-Mat  in the event a B2C Market Subsidiary is formed under the terms set forth in such agreement, (3) expands the definition of “Excluded Market” to include Australia, Belgium, France and United Arab Emirates, and (4) provides a consulting fee, equal to a percentage of net revenues received by Den-Mat from the Sale of Unit/Teeth and trays, to the Company for its services, support and certain additional consideration, (5) terminates certain provisions relating to minimum requirement obligations and rights, and (6) amends the formula for calculation a certain exit fee in the event of a change of control.

On March 27, 2012, the distribution agreements with Den-Mat were terminated pursuant to a certain Termination and Distribution Agreement with Den-Mat (“Den-Mat Distribution Agreement”). Pursuant to the Den-Mat Distribution Agreement, we granted Den-Mat a non-exclusive, irrevocable, perpetual, royalty free, license to use within certain territory, which among other territories excludes China, Macau, Hong Kong, and Taiwan, the intellectual property that was the subject of the license to Den-Mat under the Amended and Restated Distribution, License and Manufacturing Agreement dated June 3, 2009, as amended from time to time (“Prior Agreements”), as such intellectual property relates the products which was the subject of the Prior Agreements. In connection with the termination of the Prior Agreements, under the Den-Mat Distribution Agreement, Den-Mat agreed to pay us $200,000.

Guy De Vreese, our Chairman of the Board and Chief Executive Officer, is the managing director of our subsidiary, Remedent N.V.  Mr. De Vreese provides his services as Remedent N.V.’s Managing Director through his company, Lausha, N.V.  Lausha, N.V.  has an oral consulting arrangements with Remedent N.V. that provide for Mr. De Vreese’s services and is a  company controlled by Mr. De Vreese.  On March 20, 2006, Lausha N.V. and Lident N.V. merged into Lausha N.V., controlled by Mr. De Vreese.  Lausha N.V. received a total of $324;692 and $348,299 as compensation for services relating to his duties as Managing Director of Remedent N.V. on a-day-to-day base  for the years ending March 31, 2013 and March 31, 2012, respectively.

Director Independence

Due the Company’s size and limited resources, the Company does not have a separate compensation, nominating or audit committee.  The Board of Directors has determined that Mr. Kolsteeg is  “independent,” as independence is defined in the listing standards for the Nasdaq Stock Market.  Accordingly, we have one director who is “independent.”

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees . The aggregate fees paid for the annual audit of financial statements included in our Annual Report for the year ended March 31, 2013 and the review of our quarterly reports for such year, amounted to $53,473. The aggregate fees paid for the annual audit of financial statements included in our Annual Report for the year ended March 31, 2012 and the review of our quarterly reports for such years amounted to $78,128.

Audit Related Fees . For the years ended March 31, 2013 and March 31, 2012, we paid $7,614 and $12,074, respectively, to PKF for other audit related fees.

46

Tax Fees . For the years ended March 31, 2013 and March 31, 2012, we paid $2,213 and $1,824, respectively, to PKF for fees associated with tax return preparation.

The above-mentioned fees are set forth as follows in tabular form:

	2013		2012
Audit Fees	$	53,473	$	78,128
Audit Related Fees	$	7,614	$	12,074
Tax Fees	$	2,213	$	1,824
All Other Fees	$	-	$	-

The Company’s Board of Directors serves as the Audit Committee and has unanimously approved all audit and non-audit services provided by the independent auditors. The independent accountants and management are required to periodically report to the Board of Directors regarding the extent of services provided by the independent accountants, and the fees for the services performed to date.

There have been no non-audit services provided by our independent accountant for the year ended March 31, 2013.

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)(1)      Financial Statements .

Consolidated balance sheet as of March 31, 2013 and March 31, 2012, and the related consolidated statements of operations, stockholders’ equity, cash flows, and comprehensive loss for each of the years in the 2 year period ended March 31, 2013.

(a)(2)      Schedules .

All schedules have been omitted because they are not required, not applicable, or the information is otherwise set forth in the consolidated financial statements or the notes thereto.

(a)(3)      Exhibits .

The information required by this Item is set forth in the section of this Annual Report entitled “EXHIBIT INDEX” and is incorporated herein by reference.

47

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	REMEDENT, INC.
Dated: July 15, 2013	/s/ Guy De Vreese
	By: Guy De Vreese
	Its: Chief Executive Officer (Principal Executive
	Officer)
Dated: July 15, 2013	/s/ Philippe Van Acker
	By: Philippe Van Acker
	Its: Chief Financial Officer (Principal Financial
	Officer and Principal Accounting Officer)

In accordance with the Exchange Act, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dated: July 15, 2013	/s/ Guy De Vreese
	Guy De Vreese, Chairman of the Board of Directors, and
	Chief Executive Officer (“Principal Executive Officer”)
Dated: July 15, 2013	/s/ Philippe Van Acker
	Philippe Van Acker, Director and Chief Financial
	Officer  (Principal Financial Officer and
	Principal Accounting Officer)
Dated: July 15, 2013	/s/ Fred Kolsteeg
	Fred Kolsteeg, Director

48

 

EXHIBIT INDEX

Exhibit No.	Description
2.1	Stock Exchange Agreement with Resort World Enterprises, Inc. (1)
3.1	Articles of Incorporation of Jofran Confectioners International, Inc., a Nevada corporation, dated July 31, 1986 (1)
3.2	Amendment to Articles of Incorporation changing name from Jofran Confectioners International, Inc., a Nevada corporation, to Cliff Typographers, Inc., a Nevada corporation, dated July 31, 1986 (1)
3.3	Amendment to Articles of Incorporation changing name from Cliff Typographers, Inc., a Nevada corporation, to Cliff Graphics International, Inc., a Nevada corporation, dated January 9, 1987 (1)
3.4	Amendment to Articles of Incorporation changing name from Cliff Graphics International, Inc., a Nevada corporation, to Global Golf Holdings, Inc., a Nevada corporation, dated March 8, 1995 (1)
3.5	Amendment to Articles of Incorporation changing name from Global Golf Holdings, Inc., a Nevada corporation, to Dino Minichiello Fashions, Inc., a Nevada corporation, dated November 20, 1997 (1)
3.6	Amendment to Articles of Incorporation changing name from Dino Minichiello Fashions, Inc., a Nevada corporation, to Resort World Enterprises, Inc., a Nevada corporation, dated August 18, 1998 (1)
3.7	Amendment to Articles of Incorporation changing name from Resort World Enterprises, Inc., a Nevada corporation, to Remedent, Inc., dated October 5, 1998 (1)
3.8	Amended and Restated Articles of Incorporation changing name from Remedent, USA, Inc. to Remedent, Inc. and to effect a one-for-twenty reverse stock split on June 3, 2005 (2)
3.9	Amended and Restated Bylaws (2)
4.1	Specimen of Stock Certificate (3)
10.1	Incentive and Nonstatutory Stock Option Plan, dated May 29, 2001 (1)
10.2	2004 Incentive and Nonstatutory Stock Option Plan (4)
10.3	Voting Agreement between Remedent, Inc., and Robin List, dated December 10, 2008   (5)
10.4	Distribution, License and Manufacturing Agreement dated as of January 20, 2012, (the “Effective Date”) by and among Remedent, Inc., a Nevada corporation (“Remedent Nevada”), Remedent N.V., a company incorporated under the laws of Belgium (“Remedent Belgium) and GlamSmile Dental Technology, Ltd., a company incorporated under the laws of the Cayman Islands (8)
10.5	Termination and License Agreement dated March 27, 2012 (8)
14.1	Code of Ethics, adopted March 25, 2003 (22)
21.1	List of Subsidiaries*

49

31.1	Certifications of the Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act.*
31.2	Certifications of the Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act.*
32.1	Certifications of the Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act.*
32.2	Certifications of the Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act.*

101.INS	XBRL Instance Document (7)
101.SCH	XBRL Taxonomy Extension Schema (7)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase (7)
101.DEF	XBRL Taxonomy Extension Definition Linkbase (7)
101.LAB	XBRL Taxonomy Extension Label Linkbase (7)
101.FRE	XBRL Taxonomy Extension Presentation Linkbase (7)

*	Filed herewith
(1)	Incorporated by reference from Registration Statement on Form SB-2 filed with the SEC on July 24, 2002.
(2)	Incorporated by reference from Form 8-K filed with the SEC on June 8, 2005.
(3)	Incorporated by reference from Form SB-2 filed with the SEC on August 4, 2005.
(4)	Incorporated by reference from Form SB-2/A filed with the SEC on October 26, 2005.
(5)	Incorporated by reference from Form 8-K filed with the SEC on December 16, 2008.
(6)	Incorporated by reference from Form 10-KSB filed with the SEC on July 15, 2003.

(7)	XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
(8)	Incorporated by reference from Form 10-KSB filed with the SEC on July 16, 2012.

50

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2013

Index

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-1
CONSOLIDATED BALANCE SHEETS	F-2
CONSOLIDATED STATEMENTS OF OPERATIONS	F-3
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)	F-4
CONSOLIDATED STATEMENTS OF CASH FLOWS	F-5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	F-6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	F-7

INDEPENDENT AUDITORS’ REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Remedent, Inc.

We have audited the accompanying consolidated balance sheets of Remedent, Inc. as of March 31, 2013 and March 31, 2012 and the related consolidated statements of operations, changes in stockholders’ equity, cash flows, and comprehensive loss for each of the two years in the period ended March 31, 2013. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Remedent, Inc. at March 31, 2013 and March 31, 2012 and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2013 in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company incurred a net loss of $981,936 during the year ended March 31, 2013, and as of that date, the Company’s current liabilities exceeded its current assets by $1,337,846. The Company also experienced cash outflows from operations during the year ending March 31, 2013 totalling $946,316 and had cash on hand at March 31, 2013 of $64,504. Also, as discussed in Note 12, the reimbursement schedule for a long term debt commitment has not been complied with. These conditions, along with other matters as set forth in Note 1, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

Brussels - Belgium, July 15, 2013

Grant Thornton bedrijfsrevisoren CVBA

Statutory Auditors

Represented by

/s/ Gunther Loits

Registered Auditor

Tel +32 (0)2 242 11 40 / Fax +32 (0)2 242 03 45 / Gunther.Loits@be.gt.com / www.grantthornton.be

Grant Thornton bedrijfsrevisoren CVBA / burgerlijke vennootschap met handelsvorm

Metrologielaan 10, bus 15 / 1130 Brussel / BTW BE 0439 814 826 / RPR Antwerpen

Grant Thornton bedrijfsrevisoren CVBA is a member firm of the Grant Thornton International Limited network of legally independent firms.

F - 1

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	March 31, 2013		March 31, 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	64,504	$	203,584
Accounts receivable, net of allowance for doubtful accounts of $4,833 at March 31, 2013 and $12,361 at March 31, 2012		947,971		838,240
Inventories, net		991,807		1,077,766
Prepaid expense		566,500		1,149,264
Total current assets		2,570,782		3,268,854
PROPERTY AND EQUIPMENT, NET		695,084		641,220
OTHER ASSETS
Investment in GlamSmile Asia Ltd		2,441,572		2,092,518
Investment in MFI (Note 3)		787,339		—
Investment in Remedent OTC BV (Note 3)		—		962,505
Patents, net		32,059		—
Total assets	$	6,526,836	$	6,965,097
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Current portion, long term debt	$	1,214,266	$	863,501
Line of Credit		836,355		1,079,263
Accounts payable		971,814		1,009,176
Accrued liabilities		737,064		536,331
Deferred revenue		149,129		57,254
Due to related parties (Note 3)		—		61,836
Total current liabilities		3,908,628		3,607,361
Long term debt less current portion		1,131,364		1,452,523
Total liabilities		5,039,992		5,059,884
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 March 31, 2013 and March 31, 2012 respectively)		19,996		19,996
Treasury stock, at cost; 723,000 shares outstanding at March 31, 2013 and March 31, 2012 respectively		(831,450)		(831,450)
Additional paid-in capital		24,906,269		24,906,269
Accumulated deficit		(21,604,571)		(20,622,635)
Accumulated other comprehensive income (loss)		(1,118,262)		(1,681,829)
Obligation to issue shares (Note 3)		97,500		97,500
Total Remedent, Inc. stockholders’ equity		1,469,482		1,887,851
Non-controlling interest		17,362		17,362
Total stockholders’ equity		1,486,844		1,905,213
Total liabilities and equity	$	6,526,836	$	6,965,097

COMMITMENTS (Note 19)

 The accompanying notes are an integral part of these consolidated financial statements.

F - 2

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	For the years ended March 31,
	2013		2012
Net sales	$	2,937,276	$	9,687,292
Cost of sales		1,433,348		2,227,891
Gross profit		1,503,928		7,459,401
Operating Expenses
Research and development		59,988		309,939
Sales and marketing		789,566		2,416,812
General and administrative		2,154,193		4,686,347
Depreciation and amortization		314,023		548,662
TOTAL OPERATING EXPENSES		3,317,770		7,961,760
OPERATING (LOSS) INCOME		(1,813,842)		(502,359)
NON-OPERATING (EXPENSE) INCOME
Gain on sale of Asset Remedent OTC BV (Note 3)		454,430		2,085,669
Equity income from investments		199,990		173,337
Interest expense		(186,034)		(387,292)
Other income		363,673		244,276
TOTAL OTHER INCOME		832,059		2,115,990
(LOSS) PROFIT FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(981,783)		1,613,631
Income tax expense		(153)		(315,069)
NET(LOSS) INCOME		(981,936)		1,298,562
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		—		(808,079)
NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT INC. Common Stockholders	$	(981,936)	$	490,483
(LOSS) PROFIT PER SHARE
Basic	$	(0.05)	$	0.02
Fully diluted	$	(0.05)	$	0.02
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		19,995,969		19,995,969
Fully diluted		19,995,969		20,019,969

The accompanying notes are an integral part of these consolidated financial statements.

F - 3

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE YEARS ENDED MARCH 31, 2013 AND 2012

	Shares	Amount		Additional Paid in Capital		Obligation to Issue Shares		Accumulated Deficit		Treasury Stock		Other Comprehensive Income (Loss)		Total		Non- controlling Interest (net of OCI)		Total
		$		$		$		$		$		$		$		$		$
Balance, March 31, 2011	19,995,969		19,996		24,855,883		97,500		(21,113,118)		(831,450)		(834,949)		2,193,862		838,509		3,032,371
Value of stock options issued to employees	—		—		50,386		—		—		—		—		50,386		—		50,386
Deconsolidation	—		—		—		—		—		—		—		—		(1,629,225)		(1,629,225)
Unrealized foreign exchange gain (loss)	—		—		—		—		—		—		(846,880)		(846,880)		-		(846,880)
Net income for the year	—		—		—		—		490,483		—		—		490,483		808,078		1,298,561
Balance, March 31, 2012	19,995,969		19,996		24,906,269		97,500		(20,622,635)		(831,450)		(1,681,829)		1,887,851		17,362		1,905,213
Unrealized foreign exchange gain (loss)	—		—		—		—		—		—		91,006		91,006		—		91,006
Fair value adjustment AFS investment	—		—		—		—		—		—		472,561		472,561		—		472,561
Net loss for the year	—		—		—		—		(981,936)		—		—		(981,936)		—		(981,936)
Balance, March 31, 2013	19,995,969		19,996		24,906,269		97,500		(21,604,571)		(831,450)		(1,118,262)		1,469,482		17,362		1,486,844

The accompanying notes are an integral part of these consolidated financial statements.

F - 4

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the year ended March 31,
	2013		2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (loss)	$	(981,936)	$	1,298,561
Adjustments to reconcile net (loss) to net cash used by operating activities:
Gain on Sale of Glamsmile Asia (note 3)		—		(1,470,776)
Gain on sale of Remedent OTC B.V.		(454,430)		—
Non cash revenue		—		(475,250)
Depreciation and amortization		314,023		548,662
Inventory reserve		(67,515)		25,832
Allowance for doubtful accounts		(7,528)		(16,614)
Value of stock options issued to employees and consultants		—		50,387
Investment income		(199,990)		(173,337)
Other non-cash income		(301,341)		—
Changes in operating assets and liabilities:
Accounts receivable		(109,731)		790,249
Inventories		85,959		228,790
Prepaid expenses		552,763		(804,000)
Accounts payable		(37,363)		(171,692)
Accrued liabilities		200,733		(626,896)
Due to related parties		(61,836)		61,836
Accrued and unpaid interest on debt		30,001		42,467
Deferred revenue		91,875		582,004
Net cash used by operating activities		(946,316)		(109,777)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on sale of Remedent OTC BV		1,267,870		—
Cash divested on deconsolidation of Remedent OTC B.V.		—		(2,372,445)
Cash divested on deconsolidation of GlamSmile Asia		—		(1,044,674)
Purchases of patent rights		(37,467)		(101,759)
Purchases of equipment		(142,821)		(321,170)
Net cash used by investing activities		1,087,582		(3,840,048)
CASH FLOWS FROM FINANCING ACTIVITIES
Short term loan		132,820		1,000,000
Proceeds from issuance of GlamSmile Asia preferred stock (Note 3)		—		2,000,000
Repayments of capital lease note payable		(103,214)		(61,527)
Advances (repayments) of line of credit		(242,908)		(414,061)
Net cash provided by financing activities		(213,302)		2,524,412
NET INCREASE (DECREASE) IN CASH		(72,036)		(1,425,413)
Effect of exchange rate changes on cash and cash equivalents		(67,044)		(33,523)
CASH AND CASH EQUIVALENTS, BEGINNING		203,584		1,662,520
CASH AND CASH EQUIVALENTS, ENDING	$	64,504	$	203,584
Supplemental Cash Flow Information :
Interest paid	$	155,908	$	252,208
Income taxes paid	$	—	$	—
SUPPLEMENTAL NON-CASH FINANCING AND INVESTING ACTIVITIES:
Prepaid expense converted to investment in MFI	$	314,778		—
Deferred revenue converted to loan	$	—	$	500,000

The accompanying notes are an integral part of these consolidated financial statements.

F - 5

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	For the year ended March 31,
	2013		2012
Net (Loss) Profit attributable to Remedent, Inc. common shareholders	$	(981,936)	$	490,483
OTHER COMPREHENSIVE INCOME (LOSS):
Fair value adjustment on AFS investment		472,561		—
Foreign currency translation adjustment		91,006		(846,880)
COMPREHENSIVE PROFIT(LOSS) ATTRIBUTABLE TO REMEDENT, INC. common shareholders	$	(418,369)	$	(356,397)

The accompanying notes are an integral part of these consolidated financial statements.

F - 6

REMEDENT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.  DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION

The Company is a manufacturer and distributor of cosmetic dentistry products, including a full line of professional dental tooth whitening products which are distributed in Europe, Asia and the United States. The Company manufactures many of its products in its facility in Ghent, Belgium as well as outsourced manufacturing in its facility in Beijing, China and Ghent.  The Company distributes its products using both its own internal sales force and through the use of third party distributors.

In these notes, the terms “Remedent”, “Company”, “we”, “us” or “our” mean Remedent, Inc. and all of its subsidiaries, whose operations are included in these consolidated financial statements.

The Company’s financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.

These financial statements of the Company are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the Company’s ability to achieve profitable operations, continued financial support from its shareholders, and the ability of management to raise additional debt financing and/or equity capital through private and public offerings of its common stock.

As of March 31, 2013 the Company had working capital deficit of $1,337,846 and an accumulated deficit of $21,604,571. In the second half of the financial year ending March 31, 2013 the management of the Company has taken measures to reduce general expenses and to increase sales prices which should have a positive impact on the results, the cash flow and the liquidity of the Company. The management is also convinced that, in case of necessity, important cash flows can be generated by the sale of investments of the Company. However, additional funding may be required in order to support the Company’s operations and the execution of its business plan.

There can be no assurance that the Company will be successful in raising the required debt financing and/or equity capital or that it will ultimately attain a successful level of operations. These risks, among others, are also discussed in ITEM 1A – Risk Factors. Despite these matters of emphasis, the financial statements have been prepared on a going concern basis.

In these notes, the terms “Remedent”, “Company”, “we”, “us”, or “our” mean Remedent, Inc. and all of its subsidiaries, whose operations are included in these consolidated financial statements.

The Company has conducted a subsequent events review through the date the financial statements were issued, and has concluded that there were no subsequent events requiring adjustments or additional disclosures to the Company's financial statements at March 31, 2013.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of: Remedent N.V. (incorporated in Belgium) located in Ghent , Belgium, Remedent Professional, Inc. and Remedent Professional Holdings, Inc. (both incorporated in California and inactive), Glamtech-USA, Inc. (a Delaware corporation acquired effective August 24, 2008), Remedent N.V.’s  51% owned subsidiary, GlamSmile Deutschland GmbH, a German private company located in Munich and Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome.

Remedent N.V.’s 29.4 % investment in Glamsmile Dental Technology Ltd., a Cayman Islands company (“Glamsmile Dental”) and its subsidiaries, Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially 100 % owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., a 100 % owned subsidiary or GlamSmile Asia, its 80% owned subsidiary Beijing Glamsmile Trading Co., Ltd. and its 98% owned subsidiary Beijing Glamsmile Dental Clinic Co., Ltd., including its 100% Shanghai Glamsmile Dental Clinic Co., Ltd., and its 50 % owned Whenzhou GlamSmile Dental Clinic Ltd., which are accounted for using the equity method after January 31, 2012 (see Note 3 – Long-term Investment)

Remedent, Inc. is a holding company with headquarters in Ghent, Belgium. Remedent Professional, Inc. and Remedent Professional Holdings, Inc. have been dormant since inception.

F - 7

For all periods presented, all significant inter-company accounts and transactions have been eliminated in the consolidated financial statements and corporate administrative costs are not allocated to subsidiaries.

Pervasiveness of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates estimates and judgments, including those related to revenue, bad debts, inventories, fixed assets, intangible assets, stock based compensation, income taxes, and contingencies. Estimates are based on historical experience and on various other assumptions that the Company believes reasonable in the circumstances. The results form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Revenue Recognition

The Company recognizes revenue from product sales when persuasive evidence of a sale exists: that is, a product is shipped under an agreement with a customer; risk of loss and title has passed to the customer; the fee is fixed or determinable; and collection of the resulting receivable is reasonably assured. Sales allowances are estimated based upon historical experience of sales returns.

Revenues from product sales are recognized when the product is shipped and title and risk of loss has passed to the customer, typically upon delivery and when the quantity and price is fixed and determinable, and when collectability is reasonable assured.

Upfront fees are recognized upon the date of the agreement (i.e. point of sale) because they relate solely to the sale of territories (that are sold in perpetuity), are non-refundable, and are not contingent upon additional deliverables.

We have evaluated all deliverables in our contracts (per ASC 605-25-5) ((a) territory & (b) manufacturing/marketing training & development fees) and determined that they are separate, as follows:

• Both (a) & (b) have value to our customers on a standalone basis and can be sold by our customers separately.

• Delivery or performance of the undelivered item or items is considered probable and substantially in our control.

Our development fees/milestone payments are recognized in accordance with the Milestone Method pursuant to FASB ASC 605.  Revenues from milestones related to an arrangement under which we have continuing performance obligations i.e. specifically scheduled training and development activities, if deemed substantive, are recognized as revenue upon achievement of the milestone. Milestones are considered substantive if all of the following conditions are met: (a) the milestone is non-refundable; (b) achievement of the milestone was not reasonably assured at the inception of the arrangement; (c) substantive effort is involved to achieve the milestone; and (d) the amount of the milestone appears reasonable in relation to the effort expended. If any of these conditions is not met, the milestone payment is deferred and recognized as revenue as we complete our performance obligations.

We receive royalty revenues under license agreements with third parties that sell products based on technology developed by us or to which we have rights. The license agreements provide for the payment of royalties to us based on sales of the licensed product. We record these revenues as earned monthly, based on reports from our licensees.

Shipping and Handling

Shipping and handling costs are included as a component of cost of sales.  Shipping and handling costs billed to customers are included in sales.

F - 8

Impairment of Long-Lived Assets

Long-lived assets consist primarily of patents and property and equipment. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. If impairment exists, the carrying amount of the long-lived assets is reduced to its estimated fair value, less any costs associated with the final settlement.  To date, management has not identified any impairment of property and equipment.  There can be no assurance, however, that market conditions or demands for the Company’s services will not change which could result in future long-lived asset impairment. 

Business Combinations

On April 1, 2010, the Company adopted the new accounting guidance for business combinations according to FASB Codification ASC 805, Business Combinations . This guidance establishes principles and requirements for the reporting entity in a business combination, including recognition and measurement in the financial statements of the identifiable assets acquired, the liabilities assumed, goodwill, and any noncontrolling interest in the acquiree, as well as disclosure requirements to enable financial statement users to evaluate the nature and financial effects of the business combination. Additionally, it provides guidance for identifying a business combination, measuring the acquisition date, and defining the measurement period for adjusting provisional amounts recorded. The implementation of this standard did not have an impact on the Company’s consolidated financial statements.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash or cash equivalents.

Non-Controlling Interest

The Company adopted ASC Topic 810 Noncontrolling Interests in Consolidated Financial Statements— an Amendment of Accounting Research Bulletin No. 51 as of April 1, 2009. SFAS 160 establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest and the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. ASC Topic 810 also establishes reporting requirements that provide sufficient disclosures that clearly identify and distinguish between the interest of the parent and the interests of the noncontrolling owner. The adoption of ASC Topic 810 impacted the presentation of our consolidated financial position, results of operations and cash flows.

Fair Value of Financial Instruments 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, line of credit, short term and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values because of the short maturities of those instruments. The Company’s investment in MFI is classified as an available for sale investment with all subsequent gains and losses recorded in other comprehensive income until realized. The Company’s long-term debt consists of its revolving credit facility and long-term capital lease obligations. The carrying value of the revolving credit facility approximates fair value because of its variable short-term interest rates.  The fair value of the Company’s long-term capital lease obligations is based on current rates for similar financing. 

F - 9

Accounts Receivable and Allowance for Doubtful Accounts

The Company sells professional dental equipment to various companies, primarily to distributors located in Western Europe, Middle East, the United States of America, Asia and China. The terms of sales vary by customer, however, generally are 2% 10 days, net 30 days. Accounts receivable is reported at net realizable value and net of allowance for doubtful accounts. The Company uses the allowance method to account for uncollectible accounts receivable. The Company’s estimate is based on historical collection experience and a review of the current status of trade accounts receivable.

Inventories

The Company purchases certain of its products in components that require assembly prior to shipment to customers. All other products are purchased as finished goods ready to ship to customers.

The Company writes down inventories for estimated obsolescence to estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected, then additional inventory write-downs may be required. Inventory reserves for obsolescence totaled $88,724 at March 31, 2013 and $156,239 at March 31, 2012.

Prepaid Expense

The Company’s prepaid expense consists of prepayments to suppliers for inventory purchases and to the Belgium customs department, to obtain an exemption of direct VAT payments for imported goods out of the European Union (“EU”). This prepayment serves as a guarantee to obtain the facility to pay VAT at the moment of sale and not at the moment of importing goods at the border. Prepaid expenses also include VAT payments made for goods and services in excess of VAT payments received from the sale of products as well as amounts for other prepaid operating expenses.

Property and Equipment

Property and equipment are stated at cost. Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed. At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to income.

The Company depreciates its property and equipment for financial reporting purposes using the straight-line method based upon the following useful lives of the assets:

Tooling	3 Years
Furniture and fixtures	4 Years
Machinery and Equipment	4 Years

Patents

Patents consist of the costs incurred to purchase patent rights and are reported net of accumulated amortization. Patents are amortized using the straight-line method over a period based on their contractual lives.

Research and Development Costs

The Company expenses research and development costs as incurred.

F - 10

Advertising

Costs incurred for producing and communicating advertising are expensed when incurred and included in sales and marketing and general and administrative expenses. For the years ended March 31, 2013 and March 31, 2012, advertising expense was $283,690 and $590,285, respectively.

Income taxes

Income taxes are accounted for under the asset and liability method as stipulated by Accounting Standards Codification (“ASC”) 740 formerly Statement of Financial Accounting Standards (“SFAS”) No. 109, “Accounting for Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when in management’s view it is more likely than not (50%) that such deferred tax will not be utilized. 

Effective February 1, 2008, the Company adopted certain provisions under ASC Topic 740, Income Taxes, (“ASC 740”), which provide interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Effective with the Company’s adoption of these provisions, interest related to the unrecognized tax benefits is recognized in the financial statements as a component of income taxes. The adoption of ASC 740 did not have an impact on the Company’s financial position and results of operations.

In the unlikely event that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax position would then be recorded if the Company determined it is probable that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. As of March 31, 2013, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authorities.

Warranties

The Company typically warrants its products against defects in material and workmanship for a period of 24 months from shipment.

A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting period is as follows:

	Year ended March 31, 2013		Year ended March 31, 2012
Product warranty liability:
Opening balance	$	20,019	$	21,260
Accruals for product warranties issued in the period		(973)		(2,002)
Adjustments to liabilities for pre-existing warranties		255		761
Ending liability	$	19,301	$	20,019

Based upon historical trends and warranties provided by the Company’s suppliers and sub-contractors, the Company has made a provision for warranty costs of $19,301 and $20,019 as of March 31, 2013 and March 31, 2012, respectively.

F - 11

Segment Reporting

“Disclosure About Segments of an Enterprise and Related Information” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s management considers its business to comprise one segment for reporting purposes.

Computation of Earnings (Loss) per Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share attributable to common stockholders assuming dilution is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued.

On April 1, 2009, the Company adopted changes issued by the FASB to the calculation of earnings per share. These changes state that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method for all periods presented. The adoption of this change had no impact on the Company’s basic or diluted net loss per share because the Company has never issued any share-based awards that contain non-forfeitable rights.

At each of March 31, 2013 and 2012, the Company had 19,995,969, shares of common stock issued and outstanding.  At March 31, 2013 and 2012, the Company had 3,378,379 and 7,794,627 warrants outstanding, respectively and 1,795,000 and 1,895,000 options outstanding, respectively.  All outstanding warrants and options were excluded from the computation of earnings per share for the year ended March 31, 2013 because their effect would have been anti-dilutive.  

Further, pursuant to ASC 260-10-50-1(c), if a fully diluted share calculation was computed for the years ended March 31, 2013 and 2012 respectively, it would have excluded all warrants and all but 200,000 options respectively since the Company’s average share trading price during the last two year period was less than the exercise price of all other warrants and options.

Conversion of Foreign Currencies

The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s European subsidiaries, Remedent N.V., GlamSmile Rome and GlamSmile Deutschland GmbH, is the Euro, for Glamsmile Asia Ltd., and its subsidiaries, the Hong Kong dollar and the Chinese Renmimbi (“RMB”) for Mainland China. Finally, the functional currency for Remedent Professional, Inc. is the U.S. dollar. The assets and liabilities of companies whose functional currency is other that the U.S. dollar are included in the consolidation by translating the assets and liabilities at the exchange rates applicable at the end of the reporting period. The statements of income of such companies are translated at the average exchange rates during the applicable period. Translation gains or losses are accumulated as a separate component of stockholders’ equity.

Comprehensive Income (Loss)

Comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and unrealized gains or losses on ‘Available For Sales (AFS)’ securities.

The Company’s other comprehensive income for the year ended March 31, 2013 consisted of a gain on foreign currency translation of $91,006 and a fair value adjustment on AFS security in the amount of $472,561. For the year ended March 31, 2012 the Company’s only component of other comprehensive income is the accumulated foreign currency translation (losses) of $(846,880). These amounts have been recorded as a separate component of stockholders’ equity (deficit).

F - 12

Stock Based Compensation

The Company has a stock-based compensation plan which is described more fully in Note 17. The Company measures the compensation cost of stock options and other stock-based awards to employees and directors at fair value at the grant date and recognizes compensation expense over the requisite service period for awards expected to vest.

Except for transactions with employees and directors, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Additionally, the Company has determined that the dates used to value the transaction are either:

(1) The date at which a commitment for performance by the counter party to earn the equity instruments is established; or

(2) The date at which the counter party’s performance is complete.

New Accounting Pronouncements

Recently Adopted

In December 2011, the FASB issued ASU 2011-11, “ Balance Sheet (Topic 210) – Disclosures about offsetting assets and liabilities ”. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. This standard is applicable for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosures will be required for all periods presented. The adoption of ASU 2011-11 is not expected to have an impact upon the Company’s consolidated financial statements.

In October 2009, the FASB issued ASU 2009-13, “Multiple-Deliverable Revenue Arrangements, (amendments to ASC Topic 605, Revenue Recognition)” (“ASU 2009-13”). ASU 2009-13 requires entities to allocate revenue in an arrangement using estimated selling prices of the delivered goods and services based on a selling price hierarchy. The amendments eliminate the residual method of revenue allocation and require revenue to be allocated using the relative selling price method. The standard also expands the disclosure requirements for multiple deliverable revenue arrangements. ASU 2009-13 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2009-13 has had no impact upon the Company’s consolidated financial statements.

In October 2009, the FASB issued ASU 2009-14, Certain Revenue Arrangements that Include Software Elements – a consensus of the FASB Emerging Issues Task Force , which changes the accounting model for revenue arrangements that include both tangible products and software elements. This new guidance removes from the scope of the software revenue recognition guidance in ASC 985-605, Software Revenue Recognition, those tangible products containing software components and non-software components that function together to deliver the tangible product’s essential functionality. In addition, this guidance requires that hardware components of a tangible product containing software components always be excluded from the software revenue recognition guidance as well as provides further guidance on determining which software, if any, relating to the tangible product also would be excluded from the scope of software revenue recognition guidance. The guidance further identifies specific factors in determining whether the tangible product contains software that works together with the non-software components of the tangible product to deliver the tangible product’s essential functions. Guidance is also provided on how a vendor should allocate arrangement consideration to deliverables in an arrangement containing both tangible products and software. The disclosures mandated in ASU 2009-13 are also required by this new guidance. ASU 2009-14 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-14 has had no impact upon the Company’s consolidated financial statements.

In April 2010, the FASB issued ASU 2010-17 ,” Revenue Recognition – Milestone Method”. The amendments in this Update provide guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. ASU 2010-17 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-17 has had no impact upon the Company’s consolidated financial statements.

F - 13

In May 2011, the FASB issued ASU 2011-04 and updated the accounting guidance related to fair value measurements. The updated guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards (IFRS). The updated guidance is effective for the Company beginning in the fourth quarter of fiscal year 2012. The adoption of ASU 2011-04 has not had a material effect on the Company’s results of operations, financial condition, and cash flows.

Recent Accounting Pronouncements Not Yet Adopted

In June 2011, the FASB issued new accounting guidance on comprehensive income that was amended in December 2011. The objective of this accounting guidance is to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The guidance eliminates the option to present components of other comprehensive income as part of the statement of stockholders’ equity and requires them to be presented in the statement of comprehensive income instead. This accounting guidance, as amended, will be effective for the Company on April 1, 2012. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In September 2011, the FASB issued new accounting guidance on testing goodwill for impairment. The primary objective of this accounting guidance is to reduce complexity and costs by allowing an entity to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. If, after assessing qualitative factors, an entity determines that it is not more likely than not (a likelihood of more than 50 percent ) that the fair value of a reporting unit is less than its carrying amount, then the two-step goodwill impairment test is unnecessary. This accounting guidance is effective for the Company in fiscal 2013 but early adoption is permitted. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In December 2011, the FASB issued new accounting guidance on disclosures about offsetting assets and liabilities. The requirements for offsetting are different under U.S. GAAP and IFRS. Therefore, the objective of this accounting guidance is to facilitate comparison between financials statements prepared under U.S. GAAP and IFRS by enhancing disclosures of the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain assets and liabilities. This accounting guidance will be effective for the Company on April 1, 2013. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In July 2012, the FASB issued guidance that simplifies how entities test indefinite-lived intangible assets for impairment, which improves consistency in impairment testing requirements among long-lived asset categories. ASU 2012-02 permits an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, ASU 2012-02 eliminates the requirement to perform quantitative impairment testing as outlined in the previously issued standards. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will not have an impact on the Company’s financial position, results of operations or financial statement disclosures.

In February 2013, the FASB issued guidance that requires reporting of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about these amounts. The amendments do not change the current requirements for reporting net income or other comprehensive income in the financial statements. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will affect the presentation of comprehensive income but will not impact the Company's financial position, results of operations or cash flows.

3.   LONG-TERM INVESTMENTS

REMEDENT OTC BV

In connection with the restructuring of the Company’s OTC business in December 2008, the Company controlled Remedent OTC BV until September 30, 2011 through its board representations. As agreed upon in the Voting Agreement, after September 30, 2011, the Company had one board representation and consequently no longer controlled its investment in Remedent OTC BV. As such, the financials of Remedent OTC BV are no longer included in the consolidated Financial Statements but accounted for through the equity method. No gain or loss was recorded on the deconsolidation. After September 30, 2011, the Company still owned 50% of Remedent OTC BV.

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For the year ended March 31, 2013, the Company recorded an equity loss of $(149,064) in “Other (expenses) income” for its portion of the net loss recorded by Remedent OTC B.V.

Effective July 13, 2012, and as amended February 7, 2013 the Company sold 100% of its interest in the share capital of Remedent OTC B.V., to an arm’s length party for the total sales price of €950,000 ( $667,300 (€ 500,000), (received during July 2012) and $600,570 (€450,000) was received in February 2013.

GLAMSMILE ASIA LTD.

Acquisition

Effective January 1, 2010 the Company acquired 50.98% of the issued and outstanding shares of Glamsmile Asia Ltd. (“Glamsmile Asia” or “Glamsmile”), a private Hong Kong company, with subsidiaries in Hong Kong and Mainland China, in exchange for the following consideration:

1. 325,000 Euro (US$466,725).  As of March 31, 2011 the full amount was paid.

2. 250,000 shares of common stock to be issued during the fiscal year ended March 31, 2011($97,500 was recorded as an obligation to issue shares as at March 31, 2010).  The parties have agreed that the shares will be issued during fiscal year ended March 31, 2014.

3. 100,000 options on closing (issued);

4. 100,000 options per opened store at closing (issued);

5. 100,000 options for each additional store opened before the end of 2011 at the price of the opening date of the store;

6. Assumption of Glamsmile’s January 1, 2010 deficit of $73,302.; and

7. Repayment of the founding shareholder’s original advances in the amount of $196,599.  The balance of $196,599, recorded as due to related parties at March 31, 2010, is unsecured, non-interest bearing and has no specific terms of repayment other than it will be paid out of revenues from Glamsmile, as working capital allows.  During the year ended March 31, 2011 a total of $101,245 was paid to the founding shareholder, leaving a balance due of $95,354 on June 27, 2011. As at March 31, 2012 the full amount was paid.

All options reside under the Company’s option plan and are five year options.

Also pursuant to the agreement, the Company granted irrevocable right to Glamsmile Asia to use the Glamsmile trademark in Greater China.

The Company acquired a 50.98% interest in GlamSmile Asia Ltd. (“GlamSmile Asia”) in order to obtain a platform in the Chinese Market to expand and introduce our GlamSmile Asia concept into the Chinese Market. In order to sell into the Chinese Market, an approval by Chinese Authorities is required, in the form of licenses. As GlamSmile Asia was already the owner of such licenses prior to the acquisition, this was an important advantage. We obtained control of GlamSmile Asia through the acquisition of the 50.98% interest and the appointment of our CEO as a Board member of GlamSmile Asia.

(a) Details of the acquisition date fair value transferred, and allocation thereof are as follows:

Common shares (250,000 at $0.39/share) (rate at December 31, 2009)	$	97,500
325,000 Euro (at 1.436077)		466,725
200,000 stock options (*)		62,108
Total consideration	$	626,333
Cash	$	167,288
Accounts receivable	$	27,836
Inventory	$	23,347
Equipment, net	$	76,647
Accounts payable	$	(145,996)
Accruals	$	(25,446)
Other payables	$	(196,978)
Net liability (sub-consolidated financial statements of GlamSmile Asia Ltd including the Mainland China Subsidiaries)		(73,302)
Goodwill	$	699,635

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* The value of the stock options was determined by using the Black-Scholes valuation model with a stock price of $0.39/share, an option price of $0.39/share, an expected life of 5 years, a volatility of 112%, a risk free rate of 1.30%, and a dividend rate of zero.

(b)       The acquisition date fair value of the total consideration transferred was allocated amongst assets, liabilities and non-controlling interest based upon their fair value at the time of acquisition.  We evaluated all current assets for collectability and because they were current and there was no history of collection problems, determined that their carrying value was equal to their fair value.  We also evaluated all current liabilities and because there was no evidence of over or under accruals, we also determined that the carrying value of the Company’s current liabilities was equal to fair value.  Lastly, we evaluated the fair value of Glamsmile’s equipment and because it was all recently acquired, i.e. within the past year, because there was no evidence of impairment, or non-functionality, and because the recorded value of the equipment was approximately equal to its replacement cost, we also determined that the carrying value of the equipment was equal to its fair value.

Deconsolidation

On January 28, 2012, the Company entered into a Preference A Shares and Preference A-1 Shares Purchase Agreement (“Share Purchase Agreement”) with Glamsmile Dental Technology Ltd., a Cayman Islands company and a subsidiary of the Company (“Glamsmile Dental”), Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., Beijing Glamsmile Trading Co., Ltd., Beijing Glamsmile Dental Clinic Co., Ltd., and Shanghai Glamsmile Dental Clinic Co., Ltd., Gallant Network Limited, a shareholder of Glamsmile Dental (“Gallant”), and IDG-Accel China Growth Fund III L.P. (“IDG Growth”), IDG-Accel China III Investors L.P.(“IDG Investors”) and Crown Link Group Limited (“Crown”)(“IDG Growth, IDG Investors and Crown collectively referred to as the “Investors”), pursuant to which the Investors agreed to (i) purchase from the Company an aggregate of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental, which represents all of the issued and outstanding Preference A-1 Shares of Glamsmile Dental, for an aggregate purchase price of $2,000,000, and (ii) purchase from Glamsmile Dental an aggregate of 5,000,000 shares of Preference A Shares for an aggregate purchase price of $5,000,000.

Under the terms of the Share Purchase Agreement, the Company agreed (a) to indemnify the Investors and their respective affiliates for losses arising out of a breach, or inaccuracy or misrepresentation in any representation or warranty made by the Company or a breach or violation of a covenant or agreement made by the Company for up to $1,500,000, and (b) to transfer 500,000 shares of Glamsmile Dental owned by the Company to the Investors in the event of breach of certain covenants by the Company. In connection with the Share Purchase Agreement, the Company also agreed to enter into an Investor’s Rights Agreement, Right of First Refusal and Co-Sale Agreement, and Voting Agreement with the parties.

In addition, in connection with the contemplated transactions in the Share Purchase Agreement on January 20, 2012, the Company entered into a Distribution, License and Manufacturing Agreement with Glamsmile Dental pursuant to which the Company appointed Glamsmile Dental as the exclusive distributor and licensee of Glamsmile Veneer Products bearing the “Glamsmile” name and mark in the B2C Market in the People’s Republic of China (including Hong Kong and Macau) and Republic of China (Taiwan) and granted related manufacturing rights and licenses in exchange for the original issuance of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental and $250,000 (the receipt of which was acknowledged as an offset to payment of certain invoices of Glamsmile (Asia) Limited).

On February 10, 2012, the sale of the Preference A-1 Shares and the Preference A Shares was completed. As a result of the closing, the equity ownership of Glamsmile Dental, on an as converted basis, is as follows: 31.4% by the Investors, 39.2 % by Gallant, and 29.4% by the Company. Mr. De Vreese, our chairman, will remain as a director of Glamsmile Dental along with Mr. David Lok, who is the Chief Executive Officer and director of Glamsmile Dental and principal of Gallant. The Investors have a right to appoint one director of Glamsmile Dental, and accordingly the Board of Directors of Glamsmile Dental will consist of Mr. De Vreese, Mr. Lok and a director appointed by the Investors.

In conjunction with the transaction and resulting deconsolidation of Glamsmile Dental, the Company recorded a gain of $1,470,776, calculated as follows:

Consideration received	$	2,000,000
Fair value of 29.4% interest		2,055,884
Carrying value of non-controlling interest		1,117,938
Less: carrying value of former subsidiary’s net assets		(2,002,329)
Goodwill		(699,635)
Investment China & Hong Kong		(1,082)
Rescission agreement Excelsior (Note 14)		(1,000,000)
	$	1,470,776

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The following tables represent the summary financial information of GlamSmile Asia as derived from its financial statements and prepared under US GAAP:

	Year ended		Year ended
Operating data:	March 31, 2013		March 31, 2012
Revenues	$	7,479,281	$	3,693,113
Gross profit		7,221,627		3,517,406
Income (loss) from operations		1,999,783		1,474,736
Net income	$	1,378,182	$	1,273,324

For the year ended March 31, 2013, the Company recorded equity income of $349,054 (2012 - $36,634) in “Equity income from investments ” for its portion of the net income recorded by GlamSmile Dental Technology Ltd.

MEDICAL FRANCHISES & INVESTMENTS

Effective March 31, 2013, the Company acquired 6.12 % of the issued and outstanding shares of Medical Franchises & Investments N.V., a Belgium corporation ("MFI NV") in exchange for a cash prepayment of $314,778 that was made during the fiscal year ended March 31, 2012. The Company’s investment in 70,334 shares of MFI NV has been recorded at the fair value of $787,339 which is the quoted market price of aapproximately USD $11.19 (€8.70) per share. Because the investment is being recognized as an available-for-sale investment, an unrecognized gain of $472,561 has been recorded in accumulated other comprehensive income. Future unrealized gains and losses on the investment in MFI will also be recognized in other comprehensive income until realized.

Per ASC-320-10-25-1, investments in debt and equity securities that have readily determinable fair values and are not classified as trading or held-to-maturity securities, are classified as available-for-sale securities.

MFI NV has been founded to market an advance in dental technology which has the potential to replace the process of making mechanical impressions of teeth and bite structures with a digital/optical scan.

4.   SHORT TERM LOAN

Effective December 3, 2012, the Company entered into a Loan Agreement (the “Loan Agreement”) with BNP Paribas Fortis Bank, a Belgian Bank, pursuant to which the Company borrowed $132,820 (€100.000). The loan bears interest of 3.68 % per annum and is repayable in 24 equal monthly installments of € 4,331 ($5,573 at the closing rate of March 31, 2013). No additional guaranties (see note 13- secured debt agreements (2)) were required.

As of March 31, 2013, the Company has recorded $63,728 as a current liability and the balance of $49,378 as long term.

5.   DISTRIBUTION AGREEMENTS

Den-Mat Distribution Agreement

On August 24, 2008, the Company entered into a distribution agreement (the “Distribution Agreement”) with Den-Mat Holdings, LLC, a Delaware limited liability company (“Den-Mat”).   Pursuant to the Distribution Agreement, the Company appointed Den-Mat to be the sole and exclusive distributor to market, license and sell certain products relating to the Company’s GlamSmile tray technology, including, but not limited to, its GlamSmile veneer products and other related veneer products (the “Products”), throughout the world, with the exception of Australia, Austria, Belgium, Brazil, France (including all French overseas territories “Dom-Tom”), Germany, Italy, New Zealand, Oman, Poland, Qatar, Saudi Arabia, Singapore, Switzerland, Thailand, and United Arab Emirates (collectively the “Excluded Markets”) and the China Market (the “Territory”). 

As consideration for such distribution, licensing and manufacturing rights, Den-Mat will pay the Company:

(i)	an initial payment of $2,425,000 (received);
(ii)	a payment of $250,000 for each of the first three contract periods in the initial Guaranty Period, subject to certain terms and conditions;
(iii)	certain periodic payments as additional paid-up royalties in the aggregate amount of $500,000 (received);
(iv)	a payment of $1,000,000 promptly after Den-Mat manufactures a limited quantity of products at a facility owned or leased by Den-Mat;

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(v)	A payment of $1,000,000 promptly upon completion of certain training of Den-Mat’s personnel;
(vi)	a payment of $1,000,000 upon the first to occur of (a) February 1, 2009 or (b) the date thirty (30) days after den-Mat sells GlamSmile Products incorporating twenty thousand (20,000) Units/Teeth to customers regardless of whether Den-Mat has manufactured such Units/Teeth in a Den-Mat facility or has purchased such Units/Teeth from the Company;
(vii)	certain milestone payments; and
(viii)	certain royalty payments.

The Company has received $698,597 in royalty payments and $4,000,000 in milestone payments, subsequent to the initial payment of $2,425,000.

Further, as consideration for Den-Mat’s obligations under the Distribution Agreement, the Company agreed to, among other things:

(i) issue to Den-Mat or an entity to be designated by Den-Mat, warrants to purchase up to 3,378,379 shares of the Corporation’s common stock, par value $0.001 per share (the “Warrant Shares”) at an exercise price of $1.48 per share, exercisable for a period of five years (the “Den-Mat Warrant”) (The warrants were  issued in the period ended September 30, 2008 and were valued at $4,323,207 based upon the Black-Scholes option pricing model utilizing a market price on the date of grant of $1.48 per share, an annualized volatility of 131%, a risk free interest rate of 3.07% and an expected life of five years. The expense was originally classified as a non-operating expense however, we have subsequently reclassified the expense to operations since our agreement with Den-Mat is in the normal course of our operations.  The reclassification increased our operations expenses by $4,323,207, while reducing our other expenses by the same amount, resulting in no net impact upon our consolidated net loss for the year ended March 31, 2009.

(ii) execute and deliver to Den-Mat a registration rights agreement covering the registration of the Warrant Shares (the “Registration Rights Agreement”) which as of March 31, 2011 has not yet been filed (*); and

(iii) cause its Chairman of the Board, Guy De Vreese, to execute and deliver to Den-Mat a non-competition agreement.

(*) In 2009, the Company and Den-Mat agreed that the shares underlying the warrants would be registered pursuant to a registration statement upon the earlier occurrence of (a) Den-Mat’s demand for the shares to be registered, or (b) an initiation and filing of a registration statement by other investors or the Company.  As of March 31, 2011, neither event has occurred to trigger a registration statement.  As a result, the Company is not under default under the distribution agreement and there is no impact on the distribution agreement or the accounting for the distribution agreement.

On June 3, 2009, the Distribution Agreement was amended and restated (the “Amended Agreement”). The Amended Agreement modifies and clarifies certain terms and provisions which among other things includes:

(1) the expansion of the list of Excluded Markets to include Spain, Japan, Portugal, South Korea and South Africa for a period of time;

(2) clarification that Den-Mat’s distribution and license rights are non-exclusive to market, sell and distribute the Products directly to consumers through retail locations (“B2C Market”) in the Territory and an undertaking to form a separate subsidiary to and to issue warrants to Den-Mat in the subsidiary in the event that the Company decides to commercially exploit the B2C Market in North America after January 1, 2010;

(3) subject to certain exceptions, a commitment from the Company to use Den-Mat as its supplier to purchase all of its, and its licensee’s, GlamSmile products in the B2C Market from Den-Mat, with reciprocal commitment from Den-Mat to sell such products;

(4) modification of certain defined terms such as “Guaranty Period,” “Exclusivity Period” and addition of the term “Contract Period”; and

(5) the “Guaranty Period” (as defined therein) is no longer a  three year period but has been changed to the first three “Contract Periods”.  The first Contract Period commences on the first day of the Guaranty Period (which the Parties agreed has commenced as of April 1, 2009), and continues for fifteen (15) months or such longer period that would be necessary in order for Den-Mat to purchase a certain minimum number of Units/Teeth as agreed upon in the Amended Agreement (“Minimum Purchase Requirement”) in the event that the Company’s manufacturing capacity falls below a certain threshold.  The second and each subsequent GlamSmile Contract Period begins on the next day following the end of the preceding “Contract Period” and continues for twelve (12) months or such longer period that would be necessary in order for Den-Mat to meet its Minimum Purchase Requirement in the event that the Company’s manufacturing capacity falls below a certain threshold.

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In August 2009, the Distribution Agreement was further amended (the “August Amendment”). The August Amendment expands the Company’s products covered under the Distribution Agreement to include the Company’s new Prego System Technology (“Prego System”), also commonly known as “Glamstrip”. Under the Amendment, the $250,000 payment which was originally due upon the expiration of the first Contract Period (as defined in the Distribution Agreement) is now due on the earlier occurrence of (i) sixty days from August 11, 2009 or (ii) the performance of the Company’s live patient clinical demonstration of the Prego System to be performed at Den-Mat’s reasonable satisfaction (received).

The August Amendment also provides for (a) the royalty rate for products manufactured and sold by Den-Mat using the Prego System after the Guaranty Period (as defined in the Distribution Agreement), (b) Den-Mat’s right to elect to manufacture or purchase from a third party manufacturer any or all portion of the minimum purchase requirements under the Distribution Agreement provided however, that if Den-Mat fails to purchase the minimum number of Units/Teeth as required during any month, Den-Mat may cure such default by paying the Company a certain royalty on the difference between the minimum purchase requirement and the amount actual purchased by Den-Mat during such month, with such royalties accruing and being due and payable upon the earlier occurrence of either (1) one hundred twenty days from August 11, 2009 or (2) the successful performance of the Company’s live patient demonstration of the First Fit Technology licensed to Den-Mat pursuant to the First Fit-Crown Distribution and License Agreement, to be performed at Den-Mat’s reasonable satisfaction; and all shortfall payments thereafter being due and payable within 15 days after the end of the month in which shortfall occurred, and (c) Den-Mat’s option to purchase a certain number of Prego Systems in lieu of Trays during each of the first three Contract Periods pursuant to the terms, including price and conditions, set forth in the Amendment so long as such option is exercised during the period commencing on August 11, 2009 and ending on the later of either 91 days or 31 days after the Company demonstrates to Den-Mat that it has the capacity to produce a certain number of Prego System per Contract Period. Furthermore under the Amendment, if Den-Mat fails to purchase the required minimum Trays during any Contract Period, such failure may be cured by payment equal to the difference between the aggregate purchase price that would have been paid had Den-Mat purchased the required minimum and the aggregate purchase price actually paid for such Contract Year within 30 days after the end of such Contract Period. With the exception of the provisions amended by the Amendment, the Distribution Agreement remains in full force and effect.

First Fit Distribution Agreement

On June 3, 2009, the Company entered into the First Fit-Crown Distribution and License Agreement (the “First Fit Distribution Agreement”) with Den-Mat.  Under the terms of the First Fit Distribution Agreement, the Company appointed Den-Mat to be its sole and exclusive distributor to market, license and sell certain products relating to the Company’s proprietary First Fit technology (the “First Fit Products”), in the United States, Canada and Mexico (the “First Fit Territory”).  In connection therewith, the Company also granted Den-Mat certain non-exclusive rights to manufacture and produce the First Fit Products in the First-Fit Territory; and a sole and exclusive transferable and sub-licensable right and license to use the Company’s intellectual property rights relating to the First Fit Products to perform its obligations as a distributor (provided the Company retains the right to use and license related intellectual property in connection with the manufacture of the First Fit Products for sale outside of the  First Fit Territory).

Consummation of the First Fit Distribution Agreement is subject to: completion of Den-Mat’s due diligence; execution and delivery of Non-Competition Agreements; and the delivery of the Development Payment and first installment of the License Payment (the “Development Payment” and License Payment” are defined below).

Under the First Fit Distribution Agreement, the Company granted such distribution rights, licensing rights and manufacturing rights, in consideration for the following:  (i) a non-refundable development fee of Four Hundred Thousand Dollars ($400,000) (the “Development Payment”) payable in two installments of $50,000 each, one within seven days after the effective date of the First Fit Distribution Agreement, and another $350,000 payment within twenty one days after the Effective Date ($400,000 received as at June 30, 2009); (ii) a non-refundable license fee of $600,000 payable in three equal installments of $200,000 each, with the first installment payable on the Closing Date, and with the second and third installments payable on the 30th and 60th day, respectively, after the Closing Date (received); (iii) certain royalty payments based on the sales of the First Fit Products by Den-Mat or its sub-licensees; and (iv) certain minimum royalty payments to maintain exclusivity.

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Den-Mat’s rights as an exclusive distributor and licensee will continue at least through the first Contract Period (defined below) and until the termination of the First Fit Distribution Agreement.  Den-Mat’s exclusivity ends at the end of any Contract Period in which Den-Mat fails to make certain minimum royalty payments.  In the event that such exclusivity is terminated, Den-Mat has the option to either terminate the First Fit Distribution Agreement upon ninety (90) days written notice, or become a non-exclusive distributor and licensee, in which event Den-Mat’s obligation to pay certain agreed upon royalties would continue.  “Contract Period”  means the following periods: (A) the first eighteen months beginning on the first day of the month following the month in which the Closing occurs, provided that if Den-Mat is not fully operational within sixty days after the Closing Date, the first Contract Period will be extended by one day for each day after the sixtieth day until Den-Mat becomes fully operational; (B) the subsequent twelve months; and (C) each subsequent twelve month period thereafter, in each case during which the First Fit Distribution Agreement is in effect.

On March 29, 2010, a certain Amendment No. 1 was made to the First Fit Distribution Agreement dated June 3, 2009.  The terms of Amendment No. 1 are as follows:

The total purchase price for the First Fit IP consists of installment payments and royalty payments. The cash component of the purchase price of the First Fit IP is $2,850,000 to be paid in the form of cash in the following installments: (a) $50,000 upon delivery by Remedent to Den-Mat of a working prototype of the First Fit crown (received); (b) $525,000 on or before March 15, 2010 (received); (c) $700,000 on June 30, 2010(received); and (d) $500,000 on December 31, 2010(received), June 30, 2011 (during the three months ended June 30, 2011 the Company agreed to postpone receipt of the $500,000 due from Den-Mat on June 30, 2011 to be received as follows: $250,000 at the end of September, 2011 (received) and $250,000 at the end of October, 2011(received)) and December 31, 2011 (see Note 4).

Effective March 27, 2012 the Company and Den-Mat entered into a termination and license agreement, as follows:

(a) the parties have agreed to terminate the distribution, manufacturing and license agreement and any ancillary agreements (the “Agreements”);

(b) Den-Mat will pay the Company $200,000 cash in complete satisfaction of any and all payments due ($110,000 received and $90,000 subsequently received); and

(c) the Company grants to Den-Mat a non-exclusive, irrevocable, perpetual, royalty free license to use within the territory of intellectual property that was the subject of the Agreements and license with Den-Mat.

6.   CONCENTRATION OF RISK

Financial Instruments — Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade accounts receivable.

Concentrations of credit risk with respect to trade receivables are normally limited due to the number of customers comprising the Company’s customer base and their dispersion across different geographic areas. At March 31, 2013 five customers accounted for a total of 72.9% of the Company’s trade accounts receivable and one of those customers accounted for 42.17% of total accounts receivable. At March 31, 2012 five customers accounted for a total of 65% of the Company’s trade accounts receivable and one of those customers accounted for 26.7% of total accounts receivable.  The Company performs ongoing credit evaluations of its customers and normally does not require collateral to support accounts receivable.

Purchases — The Company has diversified its sources for product components and finished goods and, as a result, the loss of a supplier would not have a material impact on the Company’s operations. For the year ended March 31, 2013, the Company had five suppliers who accounted for 28.5% of gross purchases.  For the year ended March 31, 2012, the Company had five suppliers who accounted for 34.5% of gross purchases.

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Revenues — For the year ended March 31, 2013 the Company had five customers that accounted for 71.31 % of total revenues .For the year ended March 31, 2012 the Company had five customers that accounted for 26.44% of total revenues.

7.   ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company’s accounts receivable at year end were as follows:

	March 31, 2013		March 31, 2012
Accounts receivable, gross	$	952,804	$	850,601
Less: allowance for doubtful accounts		(4,833)		(12,361)
Accounts receivable, net	$	947,971	$	838,240

8.   INVENTORIES

Inventories at year end are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following:

	March 31, 2013		March 31, 2012
Raw materials	$	38,452	$	58,189
Components		214,723		283,572
Finished goods		827,356		892,244
		1,080,531		1,234,005
Less: reserve for obsolescence		(88,724)		(156,239)
Net inventory	$	991,807	$	1,077,766

9.   PREPAID EXPENSES

Prepaid expenses are summarized as follows:

	March 31, 2013		March 31, 2012
Prepaid materials and components	$	196,876	$	882,998
Prepaid consulting		73,854		—
VAT payments in excess of VAT receipts		41,241		60,252
Royalties		—		18,109
Prepaid trade show expenses		4,632		—
Prepaid rent		129,957		145,138
Other		119,940		42,767
	$	566,500	$	1,149,264

10.   PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	March 31, 2013		March 31, 2012
Furniture and Fixtures	$	596,471	$	540,104
Machinery and Equipment		1,619,770		1,499,271
		2,216,241		2,039,375
Accumulated depreciation		(1,521,157)		(1,398,155)
Property & equipment, net	$	695,084	$	641,220

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11.   LINE OF CREDIT

The Company has a mixed-use line of credit facility with BNP Paribas Fortis Bank, a Belgian bank (the “Facility”). The Facility is secured by a first lien on the assets of Remedent N.V. and by personal guarantee of the Company’s CEO.

The latest amendment to the Facility, dated December 3, 2012, reduced the line of credit of Remedent N.V. from a mixed credit line of €1,250,000 (to be used as = € 750,000 straight loans and € 500,000 for advances on accounts receivable) to a Credit line of € 400,000 to be used as straight loans. The repayment of the reduced Credit line is agreed as following: € 500,000 by the end of the quarter ending March 2013 (repaid) and € 250,000 by the end of the quarter ending June 2013.The line of credit carries its own interest rates and fees as provided in the Facility and vary from the current prevailing bank rate of approximately 3.27%, for draws on the credit line, to 9.9% for advances on accounts receivable. As of March 31, 2013 and March 31, 2012, Remedent N.V. had in aggregate, $836,355 and $1,079,263 in advances outstanding, respectively, under the mixed-use line of credit facilities.

12.   LONG TERM DEBT

Capital Lease Agreements:

On January 15, 2010, the Company entered into a capital lease agreement over a 5 year period for veneer manufacturing equipment totaling €251,903 (US $324,124).

The lease requires a monthly payment of principal and interest at 9.72% and provide for a buyout at the conclusion of the lease terms of 4% of the original value of the contract.

The net book value as of March 31, 2013 and March 31, 2012 of the equipment subject to the foregoing lease was $160,056 and $273,557 respectively.

The following is a schedule by years of future minimum lease payments under capital lease together with the present value of the net minimum lease payments as of March 31, 2013:

Year ending March 31:
2014	$	82,812
2015		83,509
2016		—
Later years		—
Total minimum lease payments		166,321
Less: Amount representing estimated executory costs (such as taxes, maintenance, and insurance), including profit thereon, included in total minimum lease payments		—
Net minimum lease payments		166,321
Less: Amount representing interest (*)		6,265
Present value of minimum lease payments (**)	$	160,056

*  Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases.

** Reflected in the balance sheet as current and non-current obligations under capital leases of $78,070 and $81,986 respectively.

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Secured Debt Agreements (1)

On June 3, 2011, the Company obtained a loan in the principal amount of $1,000,000 (the “Loan”) from an unrelated private company, Excelsior Medical (HK) (“EM”). In connection with the Loan, the Company issued a promissory note, with a simple interest rate of 5% per annum, secured by certain assets of the Company (the “Note”). The maturity date of the Loan is June 3, 2014. Interest of $50,000 per annum is payable in cash on an annual basis.

Effective as of January 11, 2012, the Company entered into a Rescission Agreement with EM and Asia Best Healthcare Co., Ltd. Under the Rescission Agreement, the Company agreed to repay a total of $1,000,000 received under the Distribution Agreement, plus a simple interest rate of 5%, beginning on June 30, 2012, according to the following payment schedule: (i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013. The Company also agreed to secure such obligations owed to EM with certain collateral of the Company. During the period ended December 31, 2012 a partial payment of $20,000 in interest has been made. The Company is currently in the process of re-negotiating the terms of repayment.

Secured Debt Agreements (2)

On December 3, 2012, the Company obtained a loan in the principal amount of € 100,000 (the “Loan”) from BNP Paribas Fortis bank, to be repaid over the next 24 months. The loan is secured by a lien on the assets of Remedent N.V. as already granted for the use of our existing Credit Line Facility. The maturity date of the Loan is January 2, 2015 at an Interest of 3.68% to be repaid in monthly installments of € 4,331 ($5,573).

F - 23

13.   DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

Transactions with related parties not disclosed elsewhere in these financial statements consisted of the following:

Compensation:

During the years ended March 31, 2013 and 2012 respectively, the Company incurred $545,475 and $664,586 as compensation for all directors and officers.

Sales Transactions:

All related party transactions involving provision of services or tangible assets were recorded at the exchange amount, which is the value established and agreed to by the related parties reflecting arm’s length consideration payable for similar services or transfers.

14.   ACCRUED LIABILITIES

Accrued liabilities are summarized as follows: 

	March 31, 2013		March 31, 2012
Accrued employee benefit taxes and payroll	$	397,666	$	358,148
Accrued travel		9,650		10,010
Commissions		—		687
Accrued audit and tax preparation fees		14,264		11,318
Reserve for warranty costs		19,301		20,019
Reserve for income taxes		—		2,936
Advances received on account		11,823		—
Accrued advertising		9,864		—
Accrued interest		12,578		1,322
Accrued consulting fees		2,500		16,129
Other accrued expenses		259,418		115,762
	$	737,064	$	536,331

15.   INCOME TAXES

The domestic and foreign (“Belgium”, “German”, “Italian”, Hong Kong and China) components of income (loss) before income taxes and minority interest were comprised of the following:

	March 31, 2013		March 31, 2012
Domestic	$	(169,271)	$	(776,668)
Foreign		(812,512)		2,176,183
	$	(981,783)	$	1,399,515

F - 24

The Company’s domestic and foreign components of deferred income taxes are as follows:

	March 31, 2013		March 31, 2012
Domestic — Net operating loss carryforward	$	7,864,378	$	7,805,133
Foreign — Net operating loss carryforward		529,153		244,774
Total		8,393,531		8,049,907
Valuation allowance		(8,393,531)		(8,049,907)
Net deferred tax assets	$	—	$	—

Because of the uncertainty surrounding the timing of realizing the benefits of favorable tax attributes in future income tax returns, the Company has placed a valuation allowance against its deferred income tax assets.

The principal reasons for the difference between the income tax (benefit) and the amounts computed by applying the statutory income tax rates to the income (loss) for the year ended March 31, 2013 and March 31, 2012 are as follows:

	March 31, 2013			March 31, 2012
Domestic
Pre tax income (loss)	$	(169,271)		$	(776,668)
Statutory tax rate		35	%		35	%
Tax benefit based upon statutory rate		(59,245)			(271,833)
Valuation allowance		59,245			271,833
Net domestic income tax (benefit)		—			—
Foreign
Pre tax income (loss)		(812,512)			2,176,183
Statutory tax rate		35	%		35	%
Tax expense (benefit) based upon statutory rate		(284,379)			761,664
Permanent differences		284,379			446,595
		—			—
Net foreign income tax expense (benefit)		153			315,069
Total Income tax (benefit )	$	153		$	315,069

16.   EQUITY COMPENSATION PLANS

As of March 31, 2013, the Company had three equity compensation plans approved by its stockholders (1) the 2001 Incentive and Non-statutory Stock Option Plan (the “2001 Plan”), (2) the 2004 Incentive and Non-statutory Stock Option Plan (the “2004 Plan”); and (3) the 2007 Equity Incentive Plan (the “2007 Plan”). The Company’s stockholders approved the 2001 Plan reserving 250,000 shares of common stock of the Company pursuant to an Information Statement on Schedule 14C filed with the Commission on August 15, 2001. In addition, the Company’s stockholders approved the 2004 Plan reserving 800,000 shares of common stock of the Company pursuant to an Information Statement on Schedule 14C filed with the Commission on May 9, 2005.  Finally, the Company’s stockholders approved the 2007 Plan reserving 1,000,000 shares of common stock of the Company pursuant to a Definitive Proxy Statement on Schedule 14A filed with the Commission on October 2, 2007.

In addition to the equity compensation plans approved by the Company’s stockholders, the Company has issued options and warrants to individuals pursuant to individual compensation plans not approved by our stockholders.  These options and warrants have been issued in exchange for services or goods received by the Company.

The following table provides aggregate information as of March 31, 2013 and March 31, 2012 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

F - 25

	2001 Plan				2004 Plan				2007 Plan				Other
	Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price
Options outstanding,March 31, 2011		250,000		1.20		557,500		0.89		1,000,000		1.15		350,000		0.97
Cancelled or expired		(237,500)		—		(25,000)		4.00		—		—		—		—
Options outstanding, March 31, 2012		12,500		1.20		532,500		0.96		1,000,000		1.15		350,000		0.97
Options expired		—		—		(100,000)		1.50		—		—		—		—
Options outstanding, March 31, 2013		12,500		1.20		432,500		0.84		1,000,000		1.15		350,000		0.97
Options exercisable March 31, 2013		12,500		1.20		432,500		0.96		1,000,000		1.15		350,000		0.97
Exercise price range	$	2.00			$	0.50 - $2.46			$	0.50 - $1.75			$	.39 - 1.75
Weighted average remaining life		1 years				5.0 years				5.12 years				3.6 years

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		1,445,000	$	1.17		605,000
Equity Compensation Plans not approved by security holders		820,000	$	0.97		NA
Total		2,265,000	$	1.10		605,000

For the year ended March 31, 2013, the Company recognized $Nil (2012 — $50,387) in stock based compensation expense in the consolidated statement of operations.

17.   COMMON STOCK WARRANTS AND OTHER OPTIONS

As of March 31, 2013 and March 31, 2012, the Company had warrants to purchase the Company’s common stock outstanding that were not granted under shareholder approved equity compensation plans as follows:

F - 26

	Outstanding Warrants		Weighted Average Exercise Price
Warrants and options outstanding, March 31, 2011		7,794,627	$	1.50
Expired		(4,056,248)
Warrants outstanding March 31, 2012 and March 31, 2013		3,738,379		1.50
Warrants exercisable March 31, 2012 and March 31, 2013		3,738,379	$	1.50
Exercise price range	$	1.00 to $1.65
Weighted average remaining life		.40 Years

18.   SEGMENT INFORMATION

The Company’s only operating segment consists of dental products and oral hygiene products sold by Remedent Inc., Remedent N.V., GlamSmile Deutschland GmbH and GlamSmile Rome SRL

	Revenues For the year ended March 31, 2013		Revenues For the year ended March 31, 2012
	Revenues (a)		Revenues (a)
United States	$	—	$	1,120,437
Europe		2,937,276		5,010,610
China		—		3,556,245
Total	$	2,937,276	$	9,687,292

	Long-lived Assets As at		Long-lived Assets As at
	March 31, 2013		March 31, 2012
United States	$	—	$	3,055,023
Europe	$	3,956,054		641,220
China		—		-
Total	$	3,956,054	$	3,696,243

(a) Revenues are attributed to country based on location of customer.

F - 27

19.   COMMITMENTS

Real Estate Lease:

The Company leases an office facility of 5,187 square feet in Gent, Belgium from an unrelated party pursuant to a nine year lease commencing September 1, 2008. at a base rent of €5,712 per month for the total location ($7,350 per month at March 31, 2013).

Secondly, the Company leases an office facility of 1,991 square feet in Rome, Italy to support the sales and marketing division of our veneer business, from an unrelated party pursuant a six year lease commencing July 1, 2011, at a base rent of € 6,500 per month for the total location ($8,364 per month at March 31, 2013).

Real Estate Lease and All Other Leased Equipment:

Minimum monthly lease payments for real estate, and all other leased equipment are as follows based upon the conversion rate for the (Euro) at March 31, 2013:

March 31, 2014		395,214
March 31, 2015		340,335
March 31, 2016		245,336
March 31, 2016		207,493
After five years		91,247
Total:	$	1,279,625

20.   FINANCIAL INSTRUMENTS

The FASB ASC topic 820 on fair value measurement and disclosures establishes three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), observable inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2), and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3).

The carrying values and fair values of our financial instruments are as follows:

			March 31, 2013				March 31, 2012
			Carrying		Fair		Carrying		Fair
	Level		value		Value		value		value
Cash		1	$	64,504	$	64,504	$	203,584	$	203,584
Accounts receivable		2	$	947,971	$	947,971	$	838,240	$	838,240
Long term investments and advances OTC     Division		2	$	—	$	—	$	962,505	$	962,505
Long Term investment and advance -     GlamSmile Dental Technology Asia		2	$	2,441,572	$	2,441,572	$	2,092,518	$	2,092,518
Long term investments and advances MFI		1	$	787,339	$	787,339	$	—	$	—
Line of credit		2	$	836,355	$	836,355	$	1,079,263	$	1,079,263
Short term debt		2	$	1,214,266	$	1,214,266	$	863,501	$	863,501
Deferred revenue		2	$	149,129	$	149,129	$	57,254	$	57,254
Accounts payable		2	$	971,813	$	971,813	$	1,009,176	$	1,009,176
Accrued liabilities		2	$	737,064	$	737,064	$	536,331	$	536,331
Long term debt		2	$	1,131,364	$	1,131,364	$	1,452,523	$	1,452,523

F - 28

 

The following method was used to estimate the fair values of our financial instruments: 

The carrying amount of level 1 and level 2 financial instruments approximates fair value because of the short maturity of the instruments.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. Level 3 financial assets also include certain investment securities for which there is limited market activity such that the determination of fair value requires significant judgment or estimation.

The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s policy is to recognize transfers into and out of levels within the fair value hierarchy at the end of the fiscal quarter in which the actual event or change in circumstances that caused the transfer occurs. There were no significant transfers between Level 1, Level 2, or Level 3 during the fiscal years ended March 31, 2013 or March 31, 2012. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table provides a reconciliation of the beginning and ending balances of the item measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3):

	Year ended March 31, 2013		Year ended March 31, 2012
Long term investments and advances:
Beginning balance	$	2,092,518	$	—
Gains (losses) included in net loss		—		—
Transfers in (out of level 3)		349,054		2,092,518
Ending balance	$	2,441,572	$	2,092,518

F - 29

EX-21.1

Exhibit 21.1

List of Subsidiaries of Remedent, Inc.

We have the following wholly owned subsidiaries:

(1)	Remedent N.V., a Belgium corporation (“Remedent NV”);
(2)	Remedent Professional Holdings, Inc., a California corporation;
(3)	Remedent Professional, Inc., a California corporation (a subsidiary of Remedent Professional Holdings, Inc.), and
(4)	Glamtech-USA, Inc., a Delaware corporation (“Glamtech”).

Further, we have ownership interests in the following entities:

(i)	GlamSmile Asia Ltd., a private Hong Kong company –Remedent, N.V. has 29,40% ownership interest in GlamSmile Asia Ltd., which has the following subsidiaries: GlamSmile Studio in Hong Kong, GlamSmile Studio’s in Mainland China (Beijing-Shangai and Whenzhou) and the GlamSmile Production Lab, also located in China (Beijing)
(ii)	GlamSmile Deutschland GmbH, a German private company- Remedent N.V. has  51% ownership interest in GlamSmile Deutschland GmbH
(iii)	GlamSmile Rome SRL, an Italian private company-Remedent N.V. has 80% ownership interest in GlamSmile Rome SRL
(iv)	MFI N.V., a Belgium corporation - Remedent N.V. has  6,12% ownership interest in MFI N.V.
(v)	GlamSmile Dental Technology Ltd., a Cayman Island company, -Remedent, N.V. owns 29.4% of Glamsmile Dental Technology Ltd. (“Glamsmile Dental”), which owns on its return 29,4% of GlamSmile Asia Ltd (i)
(vi)	Beijing Glamsmile Technology Development Ltd.- Glamsmile Dental owns 100% of Beijing Glamsmile Technology Development Ltd. (“Beijing Glamsmile”)
(vii)	Beijing Glamsmile Trading Co. Ltd- Beijing Glamsmile owns 80% of Beijing Glamsmile Trading Co. Ltd., which has an 98% ownership interest in (A) Beijing Glamsmile Dental Clinic Co., Ltd., (B) a 100% ownership interest in Shanghai Glamsmile Dental Clinic Co., Ltd., and (C) a 50 % ownership interest in Wenzhou Glamsmile Dental Clinic Co., Ltd.

EX-31.1

Exhibit 31.1

CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302

I, Guy De Vreese, certify that:

1.	I have reviewed this Annual Report on Form 10-K of Remedent, Inc.
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.	The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
		a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c.	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
		d.	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.	The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
		a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
		b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: July 15, 2013
By:	/s/ Guy De Vreese
	Name:  Guy De Vreese
	Title:  Chief Executive Officer (Principal Executive Officer)

EX-31.2

 Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302

I, Philippe Van Acker, certify that:

1.	I have reviewed this Annual Report on Form 10-K of Remedent, Inc.
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.	The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
		a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c.	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
		d.	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.	The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
		a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
		b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: July 15, 2013
By:	/s/ Philippe Van Acker
	Name: Philippe Van Acker
	Title:  Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32.1

 Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Remedent, Inc. (the “Company”) on Form 10-K for the period ended March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.         The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.         The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: July 15, 2013
By:	/s/ Guy De Vreese
	Name:  Guy De Vreese
	Title:  Chief Executive Officer (Principal Executive Officer)

EX-32.2

 Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Remedent, Inc. (the “Company”) on Form 10-K for the period ended March  31, 2013  as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.          The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.          The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: July 15, 2013
By:	/s/ Philippe Van Acker
	Name:  Philippe Van Acker
	Title:  Chief Financial Officer (Principal Financial and Accounting Officer)

XML

PROPERTY AND EQUIPMENT

12 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

10.   PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	March 31, 2013		March 31, 2012
Furniture and Fixtures	$	596,471	$	540,104
Machinery and Equipment		1,619,770		1,499,271
		2,216,241		2,039,375
Accumulated depreciation		(1,521,157)		(1,398,155)
Property & equipment, net	$	695,084	$	641,220

XML

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Accounts receivable, gross	$ 952,804	$ 850,601
Less: allowance for doubtful accounts	(4,833)	(12,361)
Accounts receivable, net	$ 947,971	$ 838,240

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Net sales	$ 2,937,276	$ 9,687,292
Cost of sales	1,433,348	2,227,891
Gross profit	1,503,928	7,459,401
Operating Expenses
Research and development	59,988	309,939
Sales and marketing	789,566	2,416,812
General and administrative	2,154,193	4,686,347
Depreciation and amortization	314,023	548,662
TOTAL OPERATING EXPENSES	3,317,770	7,961,760
OPERATING (LOSS) INCOME	(1,813,842)	(502,359)
NON-OPERATING (EXPENSE) INCOME
Gain on sale of Asset Remedent OTC BV (Note 3)	454,430	2,085,669
Equity income from investments	199,990	173,337
Interest expense	(186,034)	(387,292)
Other income	363,673	244,276
TOTAL OTHER INCOME	832,059	2,115,990
(LOSS) PROFIT FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(981,783)	1,613,631
Income tax expense	(153)	(315,069)
NET(LOSS) INCOME	(981,936)	1,298,562
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	0	(808,079)
NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT INC. Common Stockholders	$ (981,936)	$ 490,483
(LOSS) PROFIT PER SHARE
Basic (in dollars per share)	$ (0.05)	$ 0.02
Fully diluted (in dollars per share)	$ (0.05)	$ 0.02
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	19,995,969	19,995,969
Fully diluted (in shares)	19,995,969	20,019,969

XML

LONG-TERM INVESTMENTS

12 Months Ended

Mar. 31, 2013

Long Term Investment [Abstract]

Long Term Investments [Text Block]

3.   LONG-TERM INVESTMENTS

REMEDENT OTC BV

In connection with the restructuring of the Company’s OTC business in December 2008, the Company controlled Remedent OTC BV until September 30, 2011 through its board representations. As agreed upon in the Voting Agreement, after September 30, 2011, the Company had one board representation and consequently no longer controlled its investment in Remedent OTC BV. As such, the financials of Remedent OTC BV are no longer included in the consolidated Financial Statements but accounted for through the equity method. No gain or loss was recorded on the deconsolidation. After September 30, 2011, the Company still owned 50% of Remedent OTC BV.

For the year ended March 31, 2013, the Company recorded an equity loss of $(149,064) in “Other (expenses) income” for its portion of the net loss recorded by Remedent OTC B.V.

Effective July 13, 2012, and as amended February 7, 2013 the Company sold 100% of its interest in the share capital of Remedent OTC B.V., to an arm’s length party for the total sales price of €950,000 ( $667,300 (€ 500,000), (received during July 2012) and $600,570 (€450,000) was received in February 2013.

GLAMSMILE ASIA LTD.

Acquisition

Effective January 1, 2010 the Company acquired 50.98% of the issued and outstanding shares of Glamsmile Asia Ltd. (“Glamsmile Asia” or “Glamsmile”), a private Hong Kong company, with subsidiaries in Hong Kong and Mainland China, in exchange for the following consideration:

1. 325,000 Euro (US$466,725).  As of March 31, 2011 the full amount was paid.

2. 250,000 shares of common stock to be issued during the fiscal year ended March 31, 2011($97,500 was recorded as an obligation to issue shares as at March 31, 2010).  The parties have agreed that the shares will be issued during fiscal year ended March 31, 2014.

3. 100,000 options on closing (issued);

4. 100,000 options per opened store at closing (issued);

5. 100,000 options for each additional store opened before the end of 2011 at the price of the opening date of the store;

6. Assumption of Glamsmile’s January 1, 2010 deficit of $73,302.; and

7. Repayment of the founding shareholder’s original advances in the amount of $196,599.  The balance of $196,599, recorded as due to related parties at March 31, 2010, is unsecured, non-interest bearing and has no specific terms of repayment other than it will be paid out of revenues from Glamsmile, as working capital allows.  During the year ended March 31, 2011 a total of $101,245 was paid to the founding shareholder, leaving a balance due of $95,354 on June 27, 2011. As at March 31, 2012 the full amount was paid.

All options reside under the Company’s option plan and are five year options.

Also pursuant to the agreement, the Company granted irrevocable right to Glamsmile Asia to use the Glamsmile trademark in Greater China.

The Company acquired a 50.98% interest in GlamSmile Asia Ltd. (“GlamSmile Asia”) in order to obtain a platform in the Chinese Market to expand and introduce our GlamSmile Asia concept into the Chinese Market. In order to sell into the Chinese Market, an approval by Chinese Authorities is required, in the form of licenses. As GlamSmile Asia was already the owner of such licenses prior to the acquisition, this was an important advantage. We obtained control of GlamSmile Asia through the acquisition of the 50.98% interest and the appointment of our CEO as a Board member of GlamSmile Asia.

(a) Details of the acquisition date fair value transferred, and allocation thereof are as follows:

Common shares (250,000 at $0.39/share) (rate at December 31, 2009)	$	97,500
325,000 Euro (at 1.436077)		466,725
200,000 stock options (*)		62,108
Total consideration	$	626,333
Cash	$	167,288
Accounts receivable	$	27,836
Inventory	$	23,347
Equipment, net	$	76,647
Accounts payable	$	(145,996)
Accruals	$	(25,446)
Other payables	$	(196,978)
Net liability (sub-consolidated financial statements of GlamSmile Asia Ltd including the Mainland China Subsidiaries)		(73,302)
Goodwill	$	699,635

* The value of the stock options was determined by using the Black-Scholes valuation model with a stock price of $0.39/share, an option price of $0.39/share, an expected life of 5 years, a volatility of 112%, a risk free rate of 1.30%, and a dividend rate of zero.

(b)       The acquisition date fair value of the total consideration transferred was allocated amongst assets, liabilities and non-controlling interest based upon their fair value at the time of acquisition.  We evaluated all current assets for collectability and because they were current and there was no history of collection problems, determined that their carrying value was equal to their fair value.  We also evaluated all current liabilities and because there was no evidence of over or under accruals, we also determined that the carrying value of the Company’s current liabilities was equal to fair value.  Lastly, we evaluated the fair value of Glamsmile’s equipment and because it was all recently acquired, i.e. within the past year, because there was no evidence of impairment, or non-functionality, and because the recorded value of the equipment was approximately equal to its replacement cost, we also determined that the carrying value of the equipment was equal to its fair value.

Deconsolidation

On January 28, 2012, the Company entered into a Preference A Shares and Preference A-1 Shares Purchase Agreement (“Share Purchase Agreement”) with Glamsmile Dental Technology Ltd., a Cayman Islands company and a subsidiary of the Company (“Glamsmile Dental”), Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., Beijing Glamsmile Trading Co., Ltd., Beijing Glamsmile Dental Clinic Co., Ltd., and Shanghai Glamsmile Dental Clinic Co., Ltd., Gallant Network Limited, a shareholder of Glamsmile Dental (“Gallant”), and IDG-Accel China Growth Fund III L.P. (“IDG Growth”), IDG-Accel China III Investors L.P.(“IDG Investors”) and Crown Link Group Limited (“Crown”)(“IDG Growth, IDG Investors and Crown collectively referred to as the “Investors”), pursuant to which the Investors agreed to (i) purchase from the Company an aggregate of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental, which represents all of the issued and outstanding Preference A-1 Shares of Glamsmile Dental, for an aggregate purchase price of $2,000,000, and (ii) purchase from Glamsmile Dental an aggregate of 5,000,000 shares of Preference A Shares for an aggregate purchase price of $5,000,000.

Under the terms of the Share Purchase Agreement, the Company agreed (a) to indemnify the Investors and their respective affiliates for losses arising out of a breach, or inaccuracy or misrepresentation in any representation or warranty made by the Company or a breach or violation of a covenant or agreement made by the Company for up to $1,500,000, and (b) to transfer 500,000 shares of Glamsmile Dental owned by the Company to the Investors in the event of breach of certain covenants by the Company. In connection with the Share Purchase Agreement, the Company also agreed to enter into an Investor’s Rights Agreement, Right of First Refusal and Co-Sale Agreement, and Voting Agreement with the parties.

In addition, in connection with the contemplated transactions in the Share Purchase Agreement on January 20, 2012, the Company entered into a Distribution, License and Manufacturing Agreement with Glamsmile Dental pursuant to which the Company appointed Glamsmile Dental as the exclusive distributor and licensee of Glamsmile Veneer Products bearing the “Glamsmile” name and mark in the B2C Market in the People’s Republic of China (including Hong Kong and Macau) and Republic of China (Taiwan) and granted related manufacturing rights and licenses in exchange for the original issuance of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental and $250,000 (the receipt of which was acknowledged as an offset to payment of certain invoices of Glamsmile (Asia) Limited).

On February 10, 2012, the sale of the Preference A-1 Shares and the Preference A Shares was completed. As a result of the closing, the equity ownership of Glamsmile Dental, on an as converted basis, is as follows: 31.4% by the Investors, 39.2 % by Gallant, and 29.4% by the Company. Mr. De Vreese, our chairman, will remain as a director of Glamsmile Dental along with Mr. David Lok, who is the Chief Executive Officer and director of Glamsmile Dental and principal of Gallant. The Investors have a right to appoint one director of Glamsmile Dental, and accordingly the Board of Directors of Glamsmile Dental will consist of Mr. De Vreese, Mr. Lok and a director appointed by the Investors.

In conjunction with the transaction and resulting deconsolidation of Glamsmile Dental, the Company recorded a gain of $1,470,776, calculated as follows:

Consideration received	$	2,000,000
Fair value of 29.4% interest		2,055,884
Carrying value of non-controlling interest		1,117,938
Less: carrying value of former subsidiary’s net assets		(2,002,329)
Goodwill		(699,635)
Investment China & Hong Kong		(1,082)
Rescission agreement Excelsior (Note 14)		(1,000,000)
	$	1,470,776

The following tables represent the summary financial information of GlamSmile Asia as derived from its financial statements and prepared under US GAAP:

	Year ended		Year ended
Operating data:	March 31, 2013		March 31, 2012
Revenues	$	7,479,281	$	3,693,113
Gross profit		7,221,627		3,517,406
Income (loss) from operations		1,999,783		1,474,736
Net income	$	1,378,182	$	1,273,324

For the year ended March 31, 2013, the Company recorded equity income of $349,054 (2012 - $36,634) in “Equity income from investments ” for its portion of the net income recorded by GlamSmile Dental Technology Ltd.

MEDICAL FRANCHISES & INVESTMENTS

Effective March 31, 2013, the Company acquired 6.12 % of the issued and outstanding shares of Medical Franchises & Investments N.V., a Belgium corporation ("MFI NV") in exchange for a cash prepayment of $314,778 that was made during the fiscal year ended March 31, 2012. The Company’s investment in 70,334 shares of MFI NV has been recorded at the fair value of $787,339 which is the quoted market price of aapproximately USD $11.19 (€8.70) per share. Because the investment is being recognized as an available-for-sale investment, an unrecognized gain of $472,561 has been recorded in accumulated other comprehensive income. Future unrealized gains and losses on the investment in MFI will also be recognized in other comprehensive income until realized.

Per ASC-320-10-25-1, investments in debt and equity securities that have readily determinable fair values and are not classified as trading or held-to-maturity securities, are classified as available-for-sale securities.

MFI NV has been founded to market an advance in dental technology which has the potential to replace the process of making mechanical impressions of teeth and bite structures with a digital/optical scan.

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COMMON STOCK WARRANTS AND OTHER OPTIONS

12 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

17.   COMMON STOCK WARRANTS AND OTHER OPTIONS

As of March 31, 2013 and March 31, 2012, the Company had warrants to purchase the Company’s common stock outstanding that were not granted under shareholder approved equity compensation plans as follows:

	Outstanding Warrants		Weighted Average Exercise Price
Warrants and options outstanding, March 31, 2011		7,794,627	$	1.50
Expired		(4,056,248)
Warrants outstanding March 31, 2012 and March 31, 2013		3,738,379		1.50
Warrants exercisable March 31, 2012 and March 31, 2013		3,738,379	$	1.50
Exercise price range	$	1.00 to $1.65
Weighted average remaining life		.40 Years

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EQUITY COMPENSATION PLANS (Details Textual) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Allocated Share-based Compensation Expense	$ 0	$ 50,387
Plan 2001 [Member]
Exercise price range	250,000
Plan 2004 [Member]
Exercise price range	800,000
Plan 2007 [Member]
Exercise price range	1,000,000

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PROPERTY AND EQUIPMENT (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Furniture and Fixtures	$ 596,471	$ 540,104
Machinery and Equipment	1,619,770	1,499,271
Property, Plant and Equipment, Gross	2,216,241	2,039,375
Accumulated depreciation	(1,521,157)	(1,398,155)
Property & equipment, net	$ 695,084	$ 641,220

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LINE OF CREDIT

12 Months Ended

Mar. 31, 2013

Line Of Credit [Abstract]

Line Of Credit [Text Block]

11.   LINE OF CREDIT

The Company has a mixed-use line of credit facility with BNP Paribas Fortis Bank, a Belgian bank (the “Facility”). The Facility is secured by a first lien on the assets of Remedent N.V. and by personal guarantee of the Company’s CEO.

The latest amendment to the Facility, dated December 3, 2012, reduced the line of credit of Remedent N.V. from a mixed credit line of €1,250,000 (to be used as = € 750,000 straight loans and € 500,000 for advances on accounts receivable) to a Credit line of € 400,000 to be used as straight loans. The repayment of the reduced Credit line is agreed as following: € 500,000 by the end of the quarter ending March 2013 (repaid) and € 250,000 by the end of the quarter ending June 2013.The line of credit carries its own interest rates and fees as provided in the Facility and vary from the current prevailing bank rate of approximately 3.27%, for draws on the credit line, to 9.9% for advances on accounts receivable. As of March 31, 2013 and March 31, 2012, Remedent N.V. had in aggregate, $836,355 and $1,079,263 in advances outstanding, respectively, under the mixed-use line of credit facilities.

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LONG-TERM INVESTMENTS (Details 2) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues	$ 2,937,276	$ 9,687,292	[1]
Gross profit	1,503,928	7,459,401
Glamsmile Asia [Member]
Revenues	7,479,281	3,693,113
Gross profit	7,221,627	3,517,406
Income (loss) from operations	1,999,783	1,474,736
Net income	$ 1,378,182	$ 1,273,324

[1] Revenues are attributed to country based on location of customer.

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LINE OF CREDIT (Details Textual)	3 Months Ended			12 Months Ended
	Jun. 30, 2013 EUR (€)	Mar. 31, 2013 EUR (€)	Dec. 03, 2012 EUR (€)	Mar. 31, 2013 Minimum [Member]	Mar. 31, 2013 Maximum [Member]	Mar. 31, 2013 Remedent Nv [Member] USD ($)	Mar. 31, 2012 Remedent Nv [Member] USD ($)
Line of Credit Facility, Current Borrowing Capacity			€ 1,250,000
Line of Credit Facility, Interest Rate During Period				3.27%	9.90%
Line of Credit Facility, Amount Outstanding						836,355	1,079,263
Line Of Credit Facility Capacity Available For Straight Loans			750,000
Line Of Credit Facility Capacity Available For Acccounts Receivable Advances			500,000
Line Of Credit Facility Capacity Available For Straight Loans Decreased			400,000
Line of Credit Facility, Decrease, Repayments	€ 250,000	€ 500,000

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EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table provides aggregate information as of March 31, 2013 and March 31, 2012 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

	2001 Plan				2004 Plan				2007 Plan				Other
	Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price
Options outstanding,March 31, 2011		250,000		1.20		557,500		0.89		1,000,000		1.15		350,000		0.97
Cancelled or expired		(237,500)		—		(25,000)		4.00		—		—		—		—
Options outstanding, March 31, 2012		12,500		1.20		532,500		0.96		1,000,000		1.15		350,000		0.97
Options expired		—		—		(100,000)		1.50		—		—		—		—
Options outstanding, March 31, 2013		12,500		1.20		432,500		0.84		1,000,000		1.15		350,000		0.97
Options exercisable March 31, 2013		12,500		1.20		432,500		0.96		1,000,000		1.15		350,000		0.97
Exercise price range	$	2.00			$	0.50 - $2.46			$	0.50 - $1.75			$	.39 - 1.75
Weighted average remaining life		1 years				5.0 years				5.12 years				3.6 years

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		1,445,000	$	1.17		605,000
Equity Compensation Plans not approved by security holders		820,000	$	0.97		NA
Total		2,265,000	$	1.10		605,000

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FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

20.   FINANCIAL INSTRUMENTS

The FASB ASC topic 820 on fair value measurement and disclosures establishes three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), observable inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2), and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3).

The carrying values and fair values of our financial instruments are as follows:

			March 31, 2013				March 31, 2012
			Carrying		Fair		Carrying		Fair
	Level		value		Value		value		value
Cash		1	$	64,504	$	64,504	$	203,584	$	203,584
Accounts receivable		2	$	947,971	$	947,971	$	838,240	$	838,240
Long term investments and advances OTC     Division		2	$	—	$	—	$	962,505	$	962,505
Long Term investment and advance -     GlamSmile Dental Technology Asia		2	$	2,441,572	$	2,441,572	$	2,092,518	$	2,092,518
Long term investments and advances MFI		1	$	787,339	$	787,339	$	—	$	—
Line of credit		2	$	836,355	$	836,355	$	1,079,263	$	1,079,263
Short term debt		2	$	1,214,266	$	1,214,266	$	863,501	$	863,501
Deferred revenue		2	$	149,129	$	149,129	$	57,254	$	57,254
Accounts payable		2	$	971,813	$	971,813	$	1,009,176	$	1,009,176
Accrued liabilities		2	$	737,064	$	737,064	$	536,331	$	536,331
Long term debt		2	$	1,131,364	$	1,131,364	$	1,452,523	$	1,452,523

The following method was used to estimate the fair values of our financial instruments: 

The carrying amount of level 1 and level 2 financial instruments approximates fair value because of the short maturity of the instruments.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. Level 3 financial assets also include certain investment securities for which there is limited market activity such that the determination of fair value requires significant judgment or estimation.

The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s policy is to recognize transfers into and out of levels within the fair value hierarchy at the end of the fiscal quarter in which the actual event or change in circumstances that caused the transfer occurs. There were no significant transfers between Level 1, Level 2, or Level 3 during the fiscal years ended March 31, 2013 or March 31, 2012. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table provides a reconciliation of the beginning and ending balances of the item measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3):

	Year ended March 31, 2013		Year ended March 31, 2012
Long term investments and advances:
Beginning balance	$	2,092,518	$	—
Gains (losses) included in net loss		—		—
Transfers in (out of level 3)		349,054		2,092,518
Ending balance	$	2,441,572	$	2,092,518

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COMMITMENTS

12 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

19.   COMMITMENTS

Real Estate Lease:

The Company leases an office facility of 5,187 square feet in Gent, Belgium from an unrelated party pursuant to a nine year lease commencing September 1, 2008. at a base rent of €5,712 per month for the total location ($7,350 per month at March 31, 2013).

Secondly, the Company leases an office facility of 1,991 square feet in Rome, Italy to support the sales and marketing division of our veneer business, from an unrelated party pursuant a six year lease commencing July 1, 2011, at a base rent of € 6,500 per month for the total location ($8,364 per month at March 31, 2013).

Real Estate Lease and All Other Leased Equipment:

Minimum monthly lease payments for real estate, and all other leased equipment are as follows based upon the conversion rate for the (Euro) at March 31, 2013:

March 31, 2014		395,214
March 31, 2015		340,335
March 31, 2016		245,336
March 31, 2016		207,493
After five years		91,247
Total:	$	1,279,625

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LONG-TERM INVESTMENTS (Details) (USD $)	Mar. 31, 2013
Common shares (250,000 at $0.39/share) (rate at December 31, 2009)	$ 97,500
325,000 Euro (at 1.436077)	466,725
200,000 stock options	62,108	[1]
Total consideration	626,333
Cash	167,288
Accounts receivable	27,836
Inventory	23,347
Equipment, net	76,647
Accounts payable	(145,996)
Accruals	(25,446)
Other payables	(196,978)
Net liability (sub-consolidated financial statements of GlamSmile Asia Ltd including the Mainland China Subsidiaries)	(73,302)
Goodwill	$ 699,635

[1] The value of the stock options was determined by using the Black-Scholes valuation model with a stock price of $0.39/share, an option price of $0.39/share, an expected life of 5 years, a volatility of 112%, a risk free rate of 1.30%, and a dividend rate of zero.

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PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property and equipment are summarized as follows:

	March 31, 2013		March 31, 2012
Furniture and Fixtures	$	596,471	$	540,104
Machinery and Equipment		1,619,770		1,499,271
		2,216,241		2,039,375
Accumulated depreciation		(1,521,157)		(1,398,155)
Property & equipment, net	$	695,084	$	641,220

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SEGMENT INFORMATION (Tables)

12 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The Company’s only operating segment consists of dental products and oral hygiene products sold by Remedent Inc., Remedent N.V., GlamSmile Deutschland GmbH and GlamSmile Rome SRL

	Revenues For the year ended March 31, 2013		Revenues For the year ended March 31, 2012
	Revenues (a)		Revenues (a)
United States	$	—	$	1,120,437
Europe		2,937,276		5,010,610
China		—		3,556,245
Total	$	2,937,276	$	9,687,292

	Long-lived Assets As at		Long-lived Assets As at
	March 31, 2013		March 31, 2012
United States	$	—	$	3,055,023
Europe	$	3,956,054		641,220
China		—		-
Total	$	3,956,054	$	3,696,243

(a) Revenues are attributed to country based on location of customer.

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LONG-TERM INVESTMENTS (Details Textual)	1 Months Ended				12 Months Ended			1 Months Ended		12 Months Ended				12 Months Ended						12 Months Ended			1 Months Ended	12 Months Ended								12 Months Ended
	Feb. 28, 2013 USD ($)		Feb. 28, 2013 EUR (€)		Mar. 31, 2013 USD ($)	Mar. 31, 2013 EUR (€)	Mar. 31, 2012 USD ($)	Jul. 31, 2012 Remedent OTC B.V. [Member] USD ($)	Jul. 31, 2012 Remedent OTC B.V. [Member] EUR (€)	Mar. 31, 2013 Remedent OTC B.V. [Member] USD ($)	Mar. 31, 2013 Remedent OTC B.V. [Member] EUR (€)	Jul. 13, 2012 Remedent OTC B.V. [Member]	Sep. 30, 2011 Remedent OTC B.V. [Member]	Mar. 31, 2011 GLAMSMILE ASIA LTD. [Member] USD ($)	Mar. 31, 2010 GLAMSMILE ASIA LTD. [Member] USD ($)	Mar. 31, 2013 GLAMSMILE ASIA LTD. [Member]	Jun. 27, 2011 GLAMSMILE ASIA LTD. [Member] USD ($)	Mar. 31, 2011 GLAMSMILE ASIA LTD. [Member] EUR (€)	Jan. 01, 2010 GLAMSMILE ASIA LTD. [Member] USD ($)	Mar. 31, 2011 GLAMSMILE ASIA LTD. [Member] Options Held [Member]	Mar. 31, 2011 GLAMSMILE ASIA LTD. [Member] Opened Store Option [Member]	Mar. 31, 2011 GLAMSMILE ASIA LTD. [Member] Additional Store Opened Option [Member]	Jan. 28, 2012 Glamsmile Dental Technology Ltd., [Member] USD ($)	Mar. 31, 2013 Glamsmile Dental Technology Ltd., [Member] USD ($)	Mar. 31, 2012 Glamsmile Dental Technology Ltd., [Member] USD ($)	Feb. 10, 2012 Glamsmile Dental Technology Ltd., [Member] Investor [Member]	Feb. 10, 2012 Glamsmile Dental Technology Ltd., [Member] Gallant [Member]	Feb. 10, 2012 Glamsmile Dental Technology Ltd., [Member] Mr.De Vreese [Member]	Jan. 28, 2012 Glamsmile Dental Technology Ltd., [Member] Series A Preferred Stock [Member] USD ($)	Jan. 28, 2012 Glamsmile Dental Technology Ltd., [Member] Preference A-1 Shares [Member] USD ($)	Jan. 20, 2012 Glamsmile Dental Technology Ltd., [Member] Preference A-1 Shares [Member] USD ($)	Mar. 31, 2012 Medical Franchises And Investments [Member] USD ($)	Mar. 31, 2013 Medical Franchises And Investments [Member]
Equity Method Investment, Ownership Percentage										51.00%	51.00%		50.00%			100.00%								29.40%		31.40%	39.20%	29.40%
Equity Method Investment, Realized Gain (Loss) on Disposal										$ (149,064)														$ 349,054	$ 36,634
Business Acquisition, Percentage of Voting Interests Acquired					50.98%											50.98%			50.98%
325,000 Euro (at 1.436077)					466,725									466,725				325,000
Equity Method Investment Sold Ownership Percentage												100.00%
Equity Method Investment, Net Sales Proceeds	600,570	[1]	450,000	[1]				667,300	500,000		950,000
Stock Issued During Period, Value, New Issues															97,500
Stock Issued During Period, Shares, New Issues														250,000						100,000	100,000	100,000
Accumulated deficit					(21,604,571)		(20,622,635)												73,302
Payments for Advance to Affiliate														101,245	196,599
Due to Related Parties, Noncurrent															196,599		95,354
Preferred Stock, shares outstanding					0		0																						2,857,143	5,000,000
Discontinued Operation, Amounts of Material Contingent Liabilities Remaining																							1,500,000
Stock Transferred During Period, Shares, Contingent Consideration																							500,000
Preferred stock, shares issued					0		0																								2,857,143
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding)					0		0																								250,000
Deconsolidation, Gain (Loss), Amount																								1,470,776
Preferred Stock, Value, Outstanding																													2,000,000	5,000,000
Stock Price					$ 0.39
Option Price					$ 0.39
Fair Value Assumptions, Expected Term					5 years
Fair Value Assumptions, Expected Volatility Rate					112.00%
Fair Value Assumptions, Risk Free Interest Rate					1.30%
Fair Value Assumptions, Expected Dividend Rate					0.00%
Percentage Of Investments Acquired From Issued And Outstanding Shares																																	6.12%
Shares Acquired From Investment					70,334
Fair Market Value Of Investment					787,339
Fair Market Price Per Share					$ 11.19	€ 8.70
Payments to Acquire Investments																																314,778
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax					$ 472,561
Fair Value Conversion Rate					1.436077
Business Acquisition Stock Options Issued					200,000

[1] The value of the stock options was determined by using the Black-Scholes valuation model with a stock price of $0.39/share, an option price of $0.39/share, an expected life of 5 years, a volatility of 112%, a risk free rate of 1.30%, and a dividend rate of zero.

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ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)

12 Months Ended

Mar. 31, 2013

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The Company’s accounts receivable at year end were as follows:

	March 31, 2013		March 31, 2012
Accounts receivable, gross	$	952,804	$	850,601
Less: allowance for doubtful accounts		(4,833)		(12,361)
Accounts receivable, net	$	947,971	$	838,240

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INCOME TAXES (Details 2) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Pre tax income (loss)	$ (981,783)	$ 1,399,515
Net domestic income tax (benefit)	153	315,069
Domestic Tax Authority [Member]
Pre tax income (loss)	(169,271)	(776,668)
Statutory tax rate	35.00%	35.00%
Tax expense (benefit) based upon statutory rate	(59,245)	(271,833)
Valuation allowance	59,245	271,833
Net domestic income tax (benefit)	0	0
Foreign Tax Authority [Member]
Pre tax income (loss)	(812,512)	2,176,183
Statutory tax rate	35.00%	35.00%
Tax expense (benefit) based upon statutory rate	(284,379)	761,664
Net domestic income tax (benefit)	153	315,069
Permanent differences	284,379	446,595
Income Tax Expense (Benefit), Continuing Operations	$ 0	$ 0

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FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011
Cash	$ 64,504	$ 203,584	$ 1,662,520
Accounts receivable, net of allowance for doubtful accounts of $4,833 at March 31, 2013 and $12,361 at March 31, 2012	947,971	838,240
Long term investments and advances OTC Division	0	962,505
Long Term investment and advance - GlamSmile Dental Technology Asia	2,441,572	2,092,518
Long term investments and advances MFI	787,339	0
Line of Credit	836,355	1,079,263
Deferred revenue	149,129	57,254
Accounts payable	971,814	1,009,176
Accrued liabilities	737,064	536,331
Fair Value, Inputs, Level 1 [Member]
Cash	64,504	203,584
Cash, Fair Value	64,504	203,584
Long term investments and advances MFI	787,339	0
Long term investments and advances MFI, Fair Value	787,339	0
Fair Value, Inputs, Level 2 [Member]
Accounts receivable, net of allowance for doubtful accounts of $4,833 at March 31, 2013 and $12,361 at March 31, 2012	947,971	838,240
Accounts receivable, Fair Value	947,971	838,240
Long term investments and advances OTC Division	0	962,505
Long term investments and advances OTC Division, Fair Value	0	962,505
Long Term investment and advance - GlamSmile Dental Technology Asia	2,441,572	2,092,518
Long Term investment and advance - GlamSmile Dental Technology Asia, Fair Value	2,441,572	2,092,518
Line of Credit	836,355	1,079,263
Line of credit, Fair Value	836,355	1,079,263
Short term debt	1,214,266	863,501
Short term debt, Fair Value	1,214,266	863,501
Deferred revenue	149,129	57,254
Deferred revenue, Fair Value	149,129	57,254
Accounts payable	971,813	1,009,176
Accounts payable, Fair Value	971,813	1,009,176
Accrued liabilities	737,064	536,331
Accrued liabilities, Fair Value	737,064	536,331
Long term debt	1,131,364	1,452,523
Long term debt, Fair Value	$ 1,131,364	$ 1,452,523

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INCOME TAXES (Details 1) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Domestic — Net operating loss carryforward	$ 7,864,378	$ 7,805,133
Foreign — Net operating loss carryforward	529,153	244,774
Total	8,393,531	8,049,907
Valuation allowance	(8,393,531)	(8,049,907)
Net deferred tax assets	$ 0	$ 0

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DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION (Details Textual) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Working Capital Deficit	$ 1,337,846
Retained Earnings (Accumulated Deficit)	$ (21,604,571)	$ (20,622,635)

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SEGMENT INFORMATION (Details) (USD $)	12 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Revenues	$ 2,937,276		$ 9,687,292	[1]
Long-Lived Assets	3,956,054		3,696,243
United States [Member]
Revenues	0	[1]	1,120,437	[1]
Long-Lived Assets	0		3,055,023
Europe [Member]
Revenues	2,937,276	[1]	5,010,610	[1]
Long-Lived Assets	3,956,054		641,220
China [Member]
Revenues	0	[1]	3,556,245	[1]
Long-Lived Assets	$ 0		$ 0

[1] Revenues are attributed to country based on location of customer.

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SEGMENT INFORMATION

12 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

18.   SEGMENT INFORMATION

The Company’s only operating segment consists of dental products and oral hygiene products sold by Remedent Inc., Remedent N.V., GlamSmile Deutschland GmbH and GlamSmile Rome SRL

	Revenues For the year ended March 31, 2013		Revenues For the year ended March 31, 2012
	Revenues (a)		Revenues (a)
United States	$	—	$	1,120,437
Europe		2,937,276		5,010,610
China		—		3,556,245
Total	$	2,937,276	$	9,687,292

	Long-lived Assets As at		Long-lived Assets As at
	March 31, 2013		March 31, 2012
United States	$	—	$	3,055,023
Europe	$	3,956,054		641,220
China		—		-
Total	$	3,956,054	$	3,696,243

(a) Revenues are attributed to country based on location of customer.

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CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (loss)	$ (981,936)	$ 1,298,562
Adjustments to reconcile net (loss) to net cash used by operating activities:
Gain on Sale of Glamsmile Asia (note 3)	0	(1,470,776)
Gain on sale of Remedent OTC B.V.	(454,430)	(2,085,669)
Non cash revenue	0	(475,250)
Depreciation and amortization	314,023	548,662
Inventory reserve	(67,515)	25,832
Allowance for doubtful accounts	(7,528)	(16,614)
Value of stock options issued to employees and consultants	0	50,387
Investment income	(199,990)	(173,337)
Other non-cash income	(301,341)	0
Changes in operating assets and liabilities:
Accounts receivable	(109,731)	790,249
Inventories	85,959	228,790
Prepaid expenses	552,763	(804,000)
Accounts payable	(37,363)	(171,692)
Accrued liabilities	200,733	(626,896)
Due to related parties	(61,836)	61,836
Accrued and unpaid interest on debt	30,001	42,467
Deferred revenue	91,875	582,004
Net cash used by operating activities	(946,316)	(109,777)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on sale of Remedent OTC BV	1,267,870	0
Cash divested on deconsolidation of Remedent OTC B.V.	0	(2,372,445)
Cash divested on deconsolidation of GlamSmile Asia	0	(1,044,674)
Purchases of patent rights	(37,467)	(101,759)
Purchases of equipment	(142,821)	(321,170)
Net cash used by investing activities	1,087,582	(3,840,048)
CASH FLOWS FROM FINANCING ACTIVITIES
Short term loan	132,820	1,000,000
Proceeds from issuance of GlamSmile Asia preferred stock (Note 3)	0	2,000,000
Repayments of capital lease note payable	(103,214)	(61,527)
Advances (repayments) of line of credit	(242,908)	(414,061)
Net cash provided by financing activities	(213,302)	2,524,412
NET INCREASE (DECREASE) IN CASH	(72,036)	(1,425,413)
Effect of exchange rate changes on cash and cash equivalents	(67,044)	(33,523)
CASH AND CASH EQUIVALENTS, BEGINNING	203,584	1,662,520
CASH AND CASH EQUIVALENTS, ENDING	64,504	203,584
Supplemental Cash Flow Information :
Interest paid	155,908	252,208
Income taxes paid	0	0
SUPPLEMENTAL NON-CASH FINANCING AND INVESTING ACTIVITIES:
Prepaid expense converted to investment in MFI	314,778	0
Deferred revenue converted to loan	$ 0	$ 500,000

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DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION

12 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.  DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION

The Company is a manufacturer and distributor of cosmetic dentistry products, including a full line of professional dental tooth whitening products which are distributed in Europe, Asia and the United States. The Company manufactures many of its products in its facility in Ghent, Belgium as well as outsourced manufacturing in its facility in Beijing, China and Ghent.  The Company distributes its products using both its own internal sales force and through the use of third party distributors.

In these notes, the terms “Remedent”, “Company”, “we”, “us” or “our” mean Remedent, Inc. and all of its subsidiaries, whose operations are included in these consolidated financial statements.

The Company’s financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.

These financial statements of the Company are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the Company’s ability to achieve profitable operations, continued financial support from its shareholders, and the ability of management to raise additional debt financing and/or equity capital through private and public offerings of its common stock.

As of March 31, 2013 the Company had working capital deficit of $1,337,846 and an accumulated deficit of $21,604,571. In the second half of the financial year ending March 31, 2013 the management of the Company has taken measures to reduce general expenses and to increase sales prices which should have a positive impact on the results, the cash flow and the liquidity of the Company. The management is also convinced that, in case of necessity, important cash flows can be generated by the sale of investments of the Company. However, additional funding may be required in order to support the Company’s operations and the execution of its business plan.

There can be no assurance that the Company will be successful in raising the required debt financing and/or equity capital or that it will ultimately attain a successful level of operations. These risks, among others, are also discussed in ITEM 1A – Risk Factors. Despite these matters of emphasis, the financial statements have been prepared on a going concern basis.

In these notes, the terms “Remedent”, “Company”, “we”, “us”, or “our” mean Remedent, Inc. and all of its subsidiaries, whose operations are included in these consolidated financial statements.

The Company has conducted a subsequent events review through the date the financial statements were issued, and has concluded that there were no subsequent events requiring adjustments or additional disclosures to the Company's financial statements at March 31, 2013.

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SHORT TERM LOAN

12 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

4.   SHORT TERM LOAN

Effective December 3, 2012, the Company entered into a Loan Agreement (the “Loan Agreement”) with BNP Paribas Fortis Bank, a Belgian Bank, pursuant to which the Company borrowed $132,820 (€100.000). The loan bears interest of 3.68 % per annum and is repayable in 24 equal monthly installments of € 4,331 ($5,573 at the closing rate of March 31, 2013). No additional guaranties (see note 13- secured debt agreements (2)) were required.

As of March 31, 2013, the Company has recorded $63,728 as a current liability and the balance of $49,378 as long term.

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FINANCIAL INSTRUMENTS (Details 1) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Long term investments and advances:
Beginning balance	$ 2,092,518	$ 0
Gains (losses) included in net loss	0	0
Transfers in (out of level 3)	349,054	2,092,518
Ending balance	$ 2,441,572	$ 2,092,518

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of: Remedent N.V. (incorporated in Belgium) located in Ghent , Belgium, Remedent Professional, Inc. and Remedent Professional Holdings, Inc. (both incorporated in California and inactive), Glamtech-USA, Inc. (a Delaware corporation acquired effective August 24, 2008), Remedent N.V.’s  51% owned subsidiary, GlamSmile Deutschland GmbH, a German private company located in Munich and Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome.

Remedent N.V.’s 29.4 % investment in Glamsmile Dental Technology Ltd., a Cayman Islands company (“Glamsmile Dental”) and its subsidiaries, Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially 100 % owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., a 100 % owned subsidiary or GlamSmile Asia, its 80% owned subsidiary Beijing Glamsmile Trading Co., Ltd. and its 98% owned subsidiary Beijing Glamsmile Dental Clinic Co., Ltd., including its 100% Shanghai Glamsmile Dental Clinic Co., Ltd., and its 50 % owned Whenzhou GlamSmile Dental Clinic Ltd., which are accounted for using the equity method after January 31, 2012 (see Note 3 – Long-term Investment)

Remedent, Inc. is a holding company with headquarters in Ghent, Belgium. Remedent Professional, Inc. and Remedent Professional Holdings, Inc. have been dormant since inception.

For all periods presented, all significant inter-company accounts and transactions have been eliminated in the consolidated financial statements and corporate administrative costs are not allocated to subsidiaries.

Pervasiveness of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates estimates and judgments, including those related to revenue, bad debts, inventories, fixed assets, intangible assets, stock based compensation, income taxes, and contingencies. Estimates are based on historical experience and on various other assumptions that the Company believes reasonable in the circumstances. The results form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Revenue Recognition

The Company recognizes revenue from product sales when persuasive evidence of a sale exists: that is, a product is shipped under an agreement with a customer; risk of loss and title has passed to the customer; the fee is fixed or determinable; and collection of the resulting receivable is reasonably assured. Sales allowances are estimated based upon historical experience of sales returns.

Revenues from product sales are recognized when the product is shipped and title and risk of loss has passed to the customer, typically upon delivery and when the quantity and price is fixed and determinable, and when collectability is reasonable assured.

Upfront fees are recognized upon the date of the agreement (i.e. point of sale) because they relate solely to the sale of territories (that are sold in perpetuity), are non-refundable, and are not contingent upon additional deliverables.

We have evaluated all deliverables in our contracts (per ASC 605-25-5) ((a) territory & (b) manufacturing/marketing training & development fees) and determined that they are separate, as follows:

• Both (a) & (b) have value to our customers on a standalone basis and can be sold by our customers separately.

• Delivery or performance of the undelivered item or items is considered probable and substantially in our control.

Our development fees/milestone payments are recognized in accordance with the Milestone Method pursuant to FASB ASC 605.  Revenues from milestones related to an arrangement under which we have continuing performance obligations i.e. specifically scheduled training and development activities, if deemed substantive, are recognized as revenue upon achievement of the milestone. Milestones are considered substantive if all of the following conditions are met: (a) the milestone is non-refundable; (b) achievement of the milestone was not reasonably assured at the inception of the arrangement; (c) substantive effort is involved to achieve the milestone; and (d) the amount of the milestone appears reasonable in relation to the effort expended. If any of these conditions is not met, the milestone payment is deferred and recognized as revenue as we complete our performance obligations.

We receive royalty revenues under license agreements with third parties that sell products based on technology developed by us or to which we have rights. The license agreements provide for the payment of royalties to us based on sales of the licensed product. We record these revenues as earned monthly, based on reports from our licensees.

Shipping and Handling

Shipping and handling costs are included as a component of cost of sales.  Shipping and handling costs billed to customers are included in sales.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of patents and property and equipment. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. If impairment exists, the carrying amount of the long-lived assets is reduced to its estimated fair value, less any costs associated with the final settlement.  To date, management has not identified any impairment of property and equipment.  There can be no assurance, however, that market conditions or demands for the Company’s services will not change which could result in future long-lived asset impairment. 

Business Combinations

On April 1, 2010, the Company adopted the new accounting guidance for business combinations according to FASB Codification ASC 805, Business Combinations . This guidance establishes principles and requirements for the reporting entity in a business combination, including recognition and measurement in the financial statements of the identifiable assets acquired, the liabilities assumed, goodwill, and any noncontrolling interest in the acquiree, as well as disclosure requirements to enable financial statement users to evaluate the nature and financial effects of the business combination. Additionally, it provides guidance for identifying a business combination, measuring the acquisition date, and defining the measurement period for adjusting provisional amounts recorded. The implementation of this standard did not have an impact on the Company’s consolidated financial statements.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash or cash equivalents.

Non-Controlling Interest

The Company adopted ASC Topic 810 Noncontrolling Interests in Consolidated Financial Statements— an Amendment of Accounting Research Bulletin No. 51 as of April 1, 2009. SFAS 160 establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest and the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. ASC Topic 810 also establishes reporting requirements that provide sufficient disclosures that clearly identify and distinguish between the interest of the parent and the interests of the noncontrolling owner. The adoption of ASC Topic 810 impacted the presentation of our consolidated financial position, results of operations and cash flows.

Fair Value of Financial Instruments 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, line of credit, short term and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values because of the short maturities of those instruments. The Company’s investment in MFI is classified as an available for sale investment with all subsequent gains and losses recorded in other comprehensive income until realized. The Company’s long-term debt consists of its revolving credit facility and long-term capital lease obligations. The carrying value of the revolving credit facility approximates fair value because of its variable short-term interest rates.  The fair value of the Company’s long-term capital lease obligations is based on current rates for similar financing. 

Accounts Receivable and Allowance for Doubtful Accounts

The Company sells professional dental equipment to various companies, primarily to distributors located in Western Europe, Middle East, the United States of America, Asia and China. The terms of sales vary by customer, however, generally are 2% 10 days, net 30 days. Accounts receivable is reported at net realizable value and net of allowance for doubtful accounts. The Company uses the allowance method to account for uncollectible accounts receivable. The Company’s estimate is based on historical collection experience and a review of the current status of trade accounts receivable.

Inventories

The Company purchases certain of its products in components that require assembly prior to shipment to customers. All other products are purchased as finished goods ready to ship to customers.

The Company writes down inventories for estimated obsolescence to estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected, then additional inventory write-downs may be required. Inventory reserves for obsolescence totaled $88,724 at March 31, 2013 and $156,239 at March 31, 2012.

Prepaid Expense

The Company’s prepaid expense consists of prepayments to suppliers for inventory purchases and to the Belgium customs department, to obtain an exemption of direct VAT payments for imported goods out of the European Union (“EU”). This prepayment serves as a guarantee to obtain the facility to pay VAT at the moment of sale and not at the moment of importing goods at the border. Prepaid expenses also include VAT payments made for goods and services in excess of VAT payments received from the sale of products as well as amounts for other prepaid operating expenses.

Property and Equipment

Property and equipment are stated at cost. Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed. At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to income.

The Company depreciates its property and equipment for financial reporting purposes using the straight-line method based upon the following useful lives of the assets:

Tooling	3 Years
Furniture and fixtures	4 Years
Machinery and Equipment	4 Years

Patents

Patents consist of the costs incurred to purchase patent rights and are reported net of accumulated amortization. Patents are amortized using the straight-line method over a period based on their contractual lives.

Research and Development Costs

The Company expenses research and development costs as incurred.

Advertising

Costs incurred for producing and communicating advertising are expensed when incurred and included in sales and marketing and general and administrative expenses. For the years ended March 31, 2013 and March 31, 2012, advertising expense was $283,690 and $590,285, respectively.

Income taxes

Income taxes are accounted for under the asset and liability method as stipulated by Accounting Standards Codification (“ASC”) 740 formerly Statement of Financial Accounting Standards (“SFAS”) No. 109, “Accounting for Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when in management’s view it is more likely than not (50%) that such deferred tax will not be utilized. 

Effective February 1, 2008, the Company adopted certain provisions under ASC Topic 740, Income Taxes, (“ASC 740”), which provide interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Effective with the Company’s adoption of these provisions, interest related to the unrecognized tax benefits is recognized in the financial statements as a component of income taxes. The adoption of ASC 740 did not have an impact on the Company’s financial position and results of operations.

In the unlikely event that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax position would then be recorded if the Company determined it is probable that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. As of March 31, 2013, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authorities.

Warranties

The Company typically warrants its products against defects in material and workmanship for a period of 24 months from shipment.

A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting period is as follows:

	Year ended March 31, 2013		Year ended March 31, 2012
Product warranty liability:
Opening balance	$	20,019	$	21,260
Accruals for product warranties issued in the period		(973)		(2,002)
Adjustments to liabilities for pre-existing warranties		255		761
Ending liability	$	19,301	$	20,019

Based upon historical trends and warranties provided by the Company’s suppliers and sub-contractors, the Company has made a provision for warranty costs of $19,301 and $20,019 as of March 31, 2013 and March 31, 2012, respectively.

Segment Reporting

“Disclosure About Segments of an Enterprise and Related Information” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s management considers its business to comprise one segment for reporting purposes.

Computation of Earnings (Loss) per Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share attributable to common stockholders assuming dilution is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued.

On April 1, 2009, the Company adopted changes issued by the FASB to the calculation of earnings per share. These changes state that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method for all periods presented. The adoption of this change had no impact on the Company’s basic or diluted net loss per share because the Company has never issued any share-based awards that contain non-forfeitable rights.

At each of March 31, 2013 and 2012, the Company had 19,995,969, shares of common stock issued and outstanding.  At March 31, 2013 and 2012, the Company had 3,378,379 and 7,794,627 warrants outstanding, respectively and 1,795,000 and 1,895,000 options outstanding, respectively.  All outstanding warrants and options were excluded from the computation of earnings per share for the year ended March 31, 2013 because their effect would have been anti-dilutive.  

Further, pursuant to ASC 260-10-50-1(c), if a fully diluted share calculation was computed for the years ended March 31, 2013 and 2012 respectively, it would have excluded all warrants and all but 200,000 options respectively since the Company’s average share trading price during the last two year period was less than the exercise price of all other warrants and options.

Conversion of Foreign Currencies

The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s European subsidiaries, Remedent N.V., GlamSmile Rome and GlamSmile Deutschland GmbH, is the Euro, for Glamsmile Asia Ltd., and its subsidiaries, the Hong Kong dollar and the Chinese Renmimbi (“RMB”) for Mainland China. Finally, the functional currency for Remedent Professional, Inc. is the U.S. dollar. The assets and liabilities of companies whose functional currency is other that the U.S. dollar are included in the consolidation by translating the assets and liabilities at the exchange rates applicable at the end of the reporting period. The statements of income of such companies are translated at the average exchange rates during the applicable period. Translation gains or losses are accumulated as a separate component of stockholders’ equity.

Comprehensive Income (Loss)

Comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and unrealized gains or losses on ‘Available For Sales (AFS)’ securities.

The Company’s other comprehensive income for the year ended March 31, 2013 consisted of a gain on foreign currency translation of $91,006 and a fair value adjustment on AFS security in the amount of $472,561. For the year ended March 31, 2012 the Company’s only component of other comprehensive income is the accumulated foreign currency translation (losses) of $(846,880). These amounts have been recorded as a separate component of stockholders’ equity (deficit).

Stock Based Compensation

The Company has a stock-based compensation plan which is described more fully in Note 17. The Company measures the compensation cost of stock options and other stock-based awards to employees and directors at fair value at the grant date and recognizes compensation expense over the requisite service period for awards expected to vest.

Except for transactions with employees and directors, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Additionally, the Company has determined that the dates used to value the transaction are either:

(1) The date at which a commitment for performance by the counter party to earn the equity instruments is established; or

(2) The date at which the counter party’s performance is complete.

New Accounting Pronouncements

Recently Adopted

In December 2011, the FASB issued ASU 2011-11, “ Balance Sheet (Topic 210) – Disclosures about offsetting assets and liabilities ”. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. This standard is applicable for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosures will be required for all periods presented. The adoption of ASU 2011-11 is not expected to have an impact upon the Company’s consolidated financial statements.

In October 2009, the FASB issued ASU 2009-13, “Multiple-Deliverable Revenue Arrangements, (amendments to ASC Topic 605, Revenue Recognition)” (“ASU 2009-13”). ASU 2009-13 requires entities to allocate revenue in an arrangement using estimated selling prices of the delivered goods and services based on a selling price hierarchy. The amendments eliminate the residual method of revenue allocation and require revenue to be allocated using the relative selling price method. The standard also expands the disclosure requirements for multiple deliverable revenue arrangements. ASU 2009-13 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2009-13 has had no impact upon the Company’s consolidated financial statements.

In October 2009, the FASB issued ASU 2009-14, Certain Revenue Arrangements that Include Software Elements – a consensus of the FASB Emerging Issues Task Force , which changes the accounting model for revenue arrangements that include both tangible products and software elements. This new guidance removes from the scope of the software revenue recognition guidance in ASC 985-605, Software Revenue Recognition, those tangible products containing software components and non-software components that function together to deliver the tangible product’s essential functionality. In addition, this guidance requires that hardware components of a tangible product containing software components always be excluded from the software revenue recognition guidance as well as provides further guidance on determining which software, if any, relating to the tangible product also would be excluded from the scope of software revenue recognition guidance. The guidance further identifies specific factors in determining whether the tangible product contains software that works together with the non-software components of the tangible product to deliver the tangible product’s essential functions. Guidance is also provided on how a vendor should allocate arrangement consideration to deliverables in an arrangement containing both tangible products and software. The disclosures mandated in ASU 2009-13 are also required by this new guidance. ASU 2009-14 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-14 has had no impact upon the Company’s consolidated financial statements.

In April 2010, the FASB issued ASU 2010-17 ,” Revenue Recognition – Milestone Method”. The amendments in this Update provide guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. ASU 2010-17 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-17 has had no impact upon the Company’s consolidated financial statements.

In May 2011, the FASB issued ASU 2011-04 and updated the accounting guidance related to fair value measurements. The updated guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards (IFRS). The updated guidance is effective for the Company beginning in the fourth quarter of fiscal year 2012. The adoption of ASU 2011-04 has not had a material effect on the Company’s results of operations, financial condition, and cash flows.

Recent Accounting Pronouncements Not Yet Adopted

In June 2011, the FASB issued new accounting guidance on comprehensive income that was amended in December 2011. The objective of this accounting guidance is to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The guidance eliminates the option to present components of other comprehensive income as part of the statement of stockholders’ equity and requires them to be presented in the statement of comprehensive income instead. This accounting guidance, as amended, will be effective for the Company on April 1, 2012. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In September 2011, the FASB issued new accounting guidance on testing goodwill for impairment. The primary objective of this accounting guidance is to reduce complexity and costs by allowing an entity to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. If, after assessing qualitative factors, an entity determines that it is not more likely than not (a likelihood of more than 50 percent ) that the fair value of a reporting unit is less than its carrying amount, then the two-step goodwill impairment test is unnecessary. This accounting guidance is effective for the Company in fiscal 2013 but early adoption is permitted. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In December 2011, the FASB issued new accounting guidance on disclosures about offsetting assets and liabilities. The requirements for offsetting are different under U.S. GAAP and IFRS. Therefore, the objective of this accounting guidance is to facilitate comparison between financials statements prepared under U.S. GAAP and IFRS by enhancing disclosures of the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain assets and liabilities. This accounting guidance will be effective for the Company on April 1, 2013. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In July 2012, the FASB issued guidance that simplifies how entities test indefinite-lived intangible assets for impairment, which improves consistency in impairment testing requirements among long-lived asset categories. ASU 2012-02 permits an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, ASU 2012-02 eliminates the requirement to perform quantitative impairment testing as outlined in the previously issued standards. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will not have an impact on the Company’s financial position, results of operations or financial statement disclosures.

In February 2013, the FASB issued guidance that requires reporting of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about these amounts. The amendments do not change the current requirements for reporting net income or other comprehensive income in the financial statements. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will affect the presentation of comprehensive income but will not impact the Company's financial position, results of operations or cash flows.

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COMMITMENTS (Tables)

12 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

Minimum monthly lease payments for real estate, and all other leased equipment are as follows based upon the conversion rate for the (Euro) at March 31, 2013:

March 31, 2014		395,214
March 31, 2015		340,335
March 31, 2016		245,336
March 31, 2016		207,493
After five years		91,247
Total:	$	1,279,625

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Organization and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of: Remedent N.V. (incorporated in Belgium) located in Ghent , Belgium, Remedent Professional, Inc. and Remedent Professional Holdings, Inc. (both incorporated in California and inactive), Glamtech-USA, Inc. (a Delaware corporation acquired effective August 24, 2008), Remedent N.V.’s  51% owned subsidiary, GlamSmile Deutschland GmbH, a German private company located in Munich and Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome.

Remedent N.V.’s 29.4 % investment in Glamsmile Dental Technology Ltd., a Cayman Islands company (“Glamsmile Dental”) and its subsidiaries, Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially 100 % owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., a 100 % owned subsidiary or GlamSmile Asia, its 80% owned subsidiary Beijing Glamsmile Trading Co., Ltd. and its 98% owned subsidiary Beijing Glamsmile Dental Clinic Co., Ltd., including its 100% Shanghai Glamsmile Dental Clinic Co., Ltd., and its 50 % owned Whenzhou GlamSmile Dental Clinic Ltd., which are accounted for using the equity method after January 31, 2012 (see Note 3 – Long-term Investment)

Remedent, Inc. is a holding company with headquarters in Ghent, Belgium. Remedent Professional, Inc. and Remedent Professional Holdings, Inc. have been dormant since inception.

For all periods presented, all significant inter-company accounts and transactions have been eliminated in the consolidated financial statements and corporate administrative costs are not allocated to subsidiaries.

Use of Estimates, Policy [Policy Text Block]

Pervasiveness of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates estimates and judgments, including those related to revenue, bad debts, inventories, fixed assets, intangible assets, stock based compensation, income taxes, and contingencies. Estimates are based on historical experience and on various other assumptions that the Company believes reasonable in the circumstances. The results form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

The Company recognizes revenue from product sales when persuasive evidence of a sale exists: that is, a product is shipped under an agreement with a customer; risk of loss and title has passed to the customer; the fee is fixed or determinable; and collection of the resulting receivable is reasonably assured. Sales allowances are estimated based upon historical experience of sales returns.

Revenues from product sales are recognized when the product is shipped and title and risk of loss has passed to the customer, typically upon delivery and when the quantity and price is fixed and determinable, and when collectability is reasonable assured.

Upfront fees are recognized upon the date of the agreement (i.e. point of sale) because they relate solely to the sale of territories (that are sold in perpetuity), are non-refundable, and are not contingent upon additional deliverables.

We have evaluated all deliverables in our contracts (per ASC 605-25-5) ((a) territory & (b) manufacturing/marketing training & development fees) and determined that they are separate, as follows:

• Both (a) & (b) have value to our customers on a standalone basis and can be sold by our customers separately.

• Delivery or performance of the undelivered item or items is considered probable and substantially in our control.

Our development fees/milestone payments are recognized in accordance with the Milestone Method pursuant to FASB ASC 605.  Revenues from milestones related to an arrangement under which we have continuing performance obligations i.e. specifically scheduled training and development activities, if deemed substantive, are recognized as revenue upon achievement of the milestone. Milestones are considered substantive if all of the following conditions are met: (a) the milestone is non-refundable; (b) achievement of the milestone was not reasonably assured at the inception of the arrangement; (c) substantive effort is involved to achieve the milestone; and (d) the amount of the milestone appears reasonable in relation to the effort expended. If any of these conditions is not met, the milestone payment is deferred and recognized as revenue as we complete our performance obligations.

We receive royalty revenues under license agreements with third parties that sell products based on technology developed by us or to which we have rights. The license agreements provide for the payment of royalties to us based on sales of the licensed product. We record these revenues as earned monthly, based on reports from our licensees.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling

Shipping and handling costs are included as a component of cost of sales.  Shipping and handling costs billed to customers are included in sales.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

Long-lived assets consist primarily of patents and property and equipment. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. If impairment exists, the carrying amount of the long-lived assets is reduced to its estimated fair value, less any costs associated with the final settlement.  To date, management has not identified any impairment of property and equipment.  There can be no assurance, however, that market conditions or demands for the Company’s services will not change which could result in future long-lived asset impairment. 

Business Combinations Policy [Policy Text Block]

Business Combinations

On April 1, 2010, the Company adopted the new accounting guidance for business combinations according to FASB Codification ASC 805, Business Combinations . This guidance establishes principles and requirements for the reporting entity in a business combination, including recognition and measurement in the financial statements of the identifiable assets acquired, the liabilities assumed, goodwill, and any noncontrolling interest in the acquiree, as well as disclosure requirements to enable financial statement users to evaluate the nature and financial effects of the business combination. Additionally, it provides guidance for identifying a business combination, measuring the acquisition date, and defining the measurement period for adjusting provisional amounts recorded. The implementation of this standard did not have an impact on the Company’s consolidated financial statements.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash or cash equivalents.

Non Cotrolling Interest [Policy Text Block]

Non-Controlling Interest

The Company adopted ASC Topic 810 Noncontrolling Interests in Consolidated Financial Statements— an Amendment of Accounting Research Bulletin No. 51 as of April 1, 2009. SFAS 160 establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest and the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. ASC Topic 810 also establishes reporting requirements that provide sufficient disclosures that clearly identify and distinguish between the interest of the parent and the interests of the noncontrolling owner. The adoption of ASC Topic 810 impacted the presentation of our consolidated financial position, results of operations and cash flows.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments 

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, line of credit, short term and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values because of the short maturities of those instruments. The Company’s investment in MFI is classified as an available for sale investment with all subsequent gains and losses recorded in other comprehensive income until realized. The Company’s long-term debt consists of its revolving credit facility and long-term capital lease obligations. The carrying value of the revolving credit facility approximates fair value because of its variable short-term interest rates.  The fair value of the Company’s long-term capital lease obligations is based on current rates for similar financing. 

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Accounts Receivable and Allowance for Doubtful Accounts

The Company sells professional dental equipment to various companies, primarily to distributors located in Western Europe, Middle East, the United States of America, Asia and China. The terms of sales vary by customer, however, generally are 2% 10 days, net 30 days. Accounts receivable is reported at net realizable value and net of allowance for doubtful accounts. The Company uses the allowance method to account for uncollectible accounts receivable. The Company’s estimate is based on historical collection experience and a review of the current status of trade accounts receivable.

Inventory, Policy [Policy Text Block]

Inventories

The Company purchases certain of its products in components that require assembly prior to shipment to customers. All other products are purchased as finished goods ready to ship to customers.

The Company writes down inventories for estimated obsolescence to estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected, then additional inventory write-downs may be required. Inventory reserves for obsolescence totaled $88,724 at March 31, 2013 and $156,239 at March 31, 2012.

Prepaid Expense [Policy Text Block]

Prepaid Expense

The Company’s prepaid expense consists of prepayments to suppliers for inventory purchases and to the Belgium customs department, to obtain an exemption of direct VAT payments for imported goods out of the European Union (“EU”). This prepayment serves as a guarantee to obtain the facility to pay VAT at the moment of sale and not at the moment of importing goods at the border. Prepaid expenses also include VAT payments made for goods and services in excess of VAT payments received from the sale of products as well as amounts for other prepaid operating expenses.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are stated at cost. Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed. At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to income.

The Company depreciates its property and equipment for financial reporting purposes using the straight-line method based upon the following useful lives of the assets:

Tooling	3 Years
Furniture and fixtures	4 Years
Machinery and Equipment	4 Years

Patents [Policy Text Block]

Patents

Patents consist of the costs incurred to purchase patent rights and are reported net of accumulated amortization. Patents are amortized using the straight-line method over a period based on their contractual lives.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs

The Company expenses research and development costs as incurred.

Advertising Costs, Policy [Policy Text Block]

Advertising

Costs incurred for producing and communicating advertising are expensed when incurred and included in sales and marketing and general and administrative expenses. For the years ended March 31, 2013 and March 31, 2012, advertising expense was $283,690 and $590,285, respectively.

Income Tax, Policy [Policy Text Block]

Income taxes

Income taxes are accounted for under the asset and liability method as stipulated by Accounting Standards Codification (“ASC”) 740 formerly Statement of Financial Accounting Standards (“SFAS”) No. 109, “Accounting for Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when in management’s view it is more likely than not (50%) that such deferred tax will not be utilized. 

Effective February 1, 2008, the Company adopted certain provisions under ASC Topic 740, Income Taxes, (“ASC 740”), which provide interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Effective with the Company’s adoption of these provisions, interest related to the unrecognized tax benefits is recognized in the financial statements as a component of income taxes. The adoption of ASC 740 did not have an impact on the Company’s financial position and results of operations.

In the unlikely event that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax position would then be recorded if the Company determined it is probable that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. As of March 31, 2013, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authorities.

Standard Product Warranty, Policy [Policy Text Block]

Warranties

The Company typically warrants its products against defects in material and workmanship for a period of 24 months from shipment.

A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting period is as follows:

	Year ended March 31, 2013		Year ended March 31, 2012
Product warranty liability:
Opening balance	$	20,019	$	21,260
Accruals for product warranties issued in the period		(973)		(2,002)
Adjustments to liabilities for pre-existing warranties		255		761
Ending liability	$	19,301	$	20,019

Based upon historical trends and warranties provided by the Company’s suppliers and sub-contractors, the Company has made a provision for warranty costs of $19,301 and $20,019 as of March 31, 2013 and March 31, 2012, respectively.

Segment Reporting, Policy [Policy Text Block]

Segment Reporting

“Disclosure About Segments of an Enterprise and Related Information” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s management considers its business to comprise one segment for reporting purposes.

Earnings Per Share, Policy [Policy Text Block]

Computation of Earnings (Loss) per Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share attributable to common stockholders assuming dilution is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued.

On April 1, 2009, the Company adopted changes issued by the FASB to the calculation of earnings per share. These changes state that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method for all periods presented. The adoption of this change had no impact on the Company’s basic or diluted net loss per share because the Company has never issued any share-based awards that contain non-forfeitable rights.

At each of March 31, 2013 and 2012, the Company had 19,995,969, shares of common stock issued and outstanding.  At March 31, 2013 and 2012, the Company had 3,378,379 and 7,794,627 warrants outstanding, respectively and 1,795,000 and 1,895,000 options outstanding, respectively.  All outstanding warrants and options were excluded from the computation of earnings per share for the year ended March 31, 2013 because their effect would have been anti-dilutive.  

Further, pursuant to ASC 260-10-50-1(c), if a fully diluted share calculation was computed for the years ended March 31, 2013 and 2012 respectively, it would have excluded all warrants and all but 200,000 options respectively since the Company’s average share trading price during the last two year period was less than the exercise price of all other warrants and options.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Conversion of Foreign Currencies

The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s European subsidiaries, Remedent N.V., GlamSmile Rome and GlamSmile Deutschland GmbH, is the Euro, for Glamsmile Asia Ltd., and its subsidiaries, the Hong Kong dollar and the Chinese Renmimbi (“RMB”) for Mainland China. Finally, the functional currency for Remedent Professional, Inc. is the U.S. dollar. The assets and liabilities of companies whose functional currency is other that the U.S. dollar are included in the consolidation by translating the assets and liabilities at the exchange rates applicable at the end of the reporting period. The statements of income of such companies are translated at the average exchange rates during the applicable period. Translation gains or losses are accumulated as a separate component of stockholders’ equity.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss)

Comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and unrealized gains or losses on ‘Available For Sales (AFS)’ securities.

The Company’s other comprehensive income for the year ended March 31, 2013 consisted of a gain on foreign currency translation of $91,006 and a fair value adjustment on AFS security in the amount of $472,561. For the year ended March 31, 2012 the Company’s only component of other comprehensive income is the accumulated foreign currency translation (losses) of $(846,880). These amounts have been recorded as a separate component of stockholders’ equity (deficit).

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock Based Compensation

The Company has a stock-based compensation plan which is described more fully in Note 17. The Company measures the compensation cost of stock options and other stock-based awards to employees and directors at fair value at the grant date and recognizes compensation expense over the requisite service period for awards expected to vest.

Except for transactions with employees and directors, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Additionally, the Company has determined that the dates used to value the transaction are either:

(1) The date at which a commitment for performance by the counter party to earn the equity instruments is established; or

(2) The date at which the counter party’s performance is complete.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

Recently Adopted

In December 2011, the FASB issued ASU 2011-11, “ Balance Sheet (Topic 210) – Disclosures about offsetting assets and liabilities ”. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. This standard is applicable for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosures will be required for all periods presented. The adoption of ASU 2011-11 is not expected to have an impact upon the Company’s consolidated financial statements.

In October 2009, the FASB issued ASU 2009-13, “Multiple-Deliverable Revenue Arrangements, (amendments to ASC Topic 605, Revenue Recognition)” (“ASU 2009-13”). ASU 2009-13 requires entities to allocate revenue in an arrangement using estimated selling prices of the delivered goods and services based on a selling price hierarchy. The amendments eliminate the residual method of revenue allocation and require revenue to be allocated using the relative selling price method. The standard also expands the disclosure requirements for multiple deliverable revenue arrangements. ASU 2009-13 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2009-13 has had no impact upon the Company’s consolidated financial statements.

In October 2009, the FASB issued ASU 2009-14, Certain Revenue Arrangements that Include Software Elements – a consensus of the FASB Emerging Issues Task Force , which changes the accounting model for revenue arrangements that include both tangible products and software elements. This new guidance removes from the scope of the software revenue recognition guidance in ASC 985-605, Software Revenue Recognition, those tangible products containing software components and non-software components that function together to deliver the tangible product’s essential functionality. In addition, this guidance requires that hardware components of a tangible product containing software components always be excluded from the software revenue recognition guidance as well as provides further guidance on determining which software, if any, relating to the tangible product also would be excluded from the scope of software revenue recognition guidance. The guidance further identifies specific factors in determining whether the tangible product contains software that works together with the non-software components of the tangible product to deliver the tangible product’s essential functions. Guidance is also provided on how a vendor should allocate arrangement consideration to deliverables in an arrangement containing both tangible products and software. The disclosures mandated in ASU 2009-13 are also required by this new guidance. ASU 2009-14 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-14 has had no impact upon the Company’s consolidated financial statements.

In April 2010, the FASB issued ASU 2010-17 ,” Revenue Recognition – Milestone Method”. The amendments in this Update provide guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. ASU 2010-17 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, which corresponds to the Company’s fiscal year beginning April 1, 2011. The adoption of ASU 2010-17 has had no impact upon the Company’s consolidated financial statements.

In May 2011, the FASB issued ASU 2011-04 and updated the accounting guidance related to fair value measurements. The updated guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards (IFRS). The updated guidance is effective for the Company beginning in the fourth quarter of fiscal year 2012. The adoption of ASU 2011-04 has not had a material effect on the Company’s results of operations, financial condition, and cash flows.

Recent Accounting Pronouncements Not Yet Adopted

In June 2011, the FASB issued new accounting guidance on comprehensive income that was amended in December 2011. The objective of this accounting guidance is to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The guidance eliminates the option to present components of other comprehensive income as part of the statement of stockholders’ equity and requires them to be presented in the statement of comprehensive income instead. This accounting guidance, as amended, will be effective for the Company on April 1, 2012. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In September 2011, the FASB issued new accounting guidance on testing goodwill for impairment. The primary objective of this accounting guidance is to reduce complexity and costs by allowing an entity to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. If, after assessing qualitative factors, an entity determines that it is not more likely than not (a likelihood of more than 50 percent ) that the fair value of a reporting unit is less than its carrying amount, then the two-step goodwill impairment test is unnecessary. This accounting guidance is effective for the Company in fiscal 2013 but early adoption is permitted. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In December 2011, the FASB issued new accounting guidance on disclosures about offsetting assets and liabilities. The requirements for offsetting are different under U.S. GAAP and IFRS. Therefore, the objective of this accounting guidance is to facilitate comparison between financials statements prepared under U.S. GAAP and IFRS by enhancing disclosures of the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain assets and liabilities. This accounting guidance will be effective for the Company on April 1, 2013. The Company does not expect the impact of this new accounting guidance to have a material impact on its financial condition or results of operations.

In July 2012, the FASB issued guidance that simplifies how entities test indefinite-lived intangible assets for impairment, which improves consistency in impairment testing requirements among long-lived asset categories. ASU 2012-02 permits an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, ASU 2012-02 eliminates the requirement to perform quantitative impairment testing as outlined in the previously issued standards. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will not have an impact on the Company’s financial position, results of operations or financial statement disclosures.

In February 2013, the FASB issued guidance that requires reporting of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about these amounts. The amendments do not change the current requirements for reporting net income or other comprehensive income in the financial statements. The guidance will be effective for the Company's first quarter of fiscal 2014. The adoption of this guidance will affect the presentation of comprehensive income but will not impact the Company's financial position, results of operations or cash flows.

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INVENTORIES (Tables)

12 Months Ended

Mar. 31, 2013

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories at year end are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following:

	March 31, 2013		March 31, 2012
Raw materials	$	38,452	$	58,189
Components		214,723		283,572
Finished goods		827,356		892,244
		1,080,531		1,234,005
Less: reserve for obsolescence		(88,724)		(156,239)
Net inventory	$	991,807	$	1,077,766

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COMMITMENTS (Details Textual)	0 Months Ended	1 Months Ended
	Jan. 15, 2010	Jul. 31, 2011	Sep. 30, 2008	Mar. 31, 2013 USD ($)	Mar. 31, 2013 EUR (€)	Jul. 01, 2011 Real Estate Lease [Member] Sales and Marketing Division [Member] sqft	Sep. 01, 2008 Real Estate Lease [Member] Sales and Marketing Division [Member] sqft	Mar. 31, 2013 Real Estate Lease [Member] Sales and Marketing Division [Member] Monthly Payment [Member] USD ($)	Mar. 31, 2013 Real Estate Lease [Member] Sales and Marketing Division [Member] Monthly Payment [Member] EUR (€)
Area Of Land						1,991	5,187
Lease Period	5 years	6 years	9 years
Operating Leases Future Minimum Payments Due Unrelated Party				$ 7,350	€ 5,712			$ 8,364	€ 6,500

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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The domestic and foreign (“Belgium”, “German”, “Italian”, Hong Kong and China) components of income (loss) before income taxes and minority interest were comprised of the following:

	March 31, 2013		March 31, 2012
Domestic	$	(169,271)	$	(776,668)
Foreign		(812,512)		2,176,183
	$	(981,783)	$	1,399,515

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The Company’s domestic and foreign components of deferred income taxes are as follows:

	March 31, 2013		March 31, 2012
Domestic — Net operating loss carryforward	$	7,864,378	$	7,805,133
Foreign — Net operating loss carryforward		529,153		244,774
Total		8,393,531		8,049,907
Valuation allowance		(8,393,531)		(8,049,907)
Net deferred tax assets	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The principal reasons for the difference between the income tax (benefit) and the amounts computed by applying the statutory income tax rates to the income (loss) for the year ended March 31, 2013 and March 31, 2012 are as follows:

	March 31, 2013			March 31, 2012
Domestic
Pre tax income (loss)	$	(169,271)		$	(776,668)
Statutory tax rate		35	%		35	%
Tax benefit based upon statutory rate		(59,245)			(271,833)
Valuation allowance		59,245			271,833
Net domestic income tax (benefit)		—			—
Foreign
Pre tax income (loss)		(812,512)			2,176,183
Statutory tax rate		35	%		35	%
Tax expense (benefit) based upon statutory rate		(284,379)			761,664
Permanent differences		284,379			446,595
		—			—
Net foreign income tax expense (benefit)		153			315,069
Total Income tax (benefit )	$	153		$	315,069

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COMMITMENTS (Details) (USD $)	Mar. 31, 2013
March 31, 2014	$ 395,214
March 31, 2015	340,335
March 31, 2016	245,336
March 31, 2016	207,493
After five years	91,247
Total:	$ 1,279,625

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PREPAID EXPENSES (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Prepaid materials and components	$ 196,876	$ 882,998
Prepaid consulting	73,854	0
VAT payments in excess of VAT receipts	41,241	60,252
Royalties	0	18,109
Prepaid trade show expenses	4,632	0
Prepaid rent	129,957	145,138
Other	119,940	42,767
Prepaid Expense, Current	$ 566,500	$ 1,149,264

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SHORT TERM LOAN (Details Textual)	1 Months Ended		12 Months Ended
	Dec. 31, 2012 USD ($)	Dec. 31, 2012 EUR (€)	Mar. 31, 2013 USD ($)	Mar. 31, 2013 EUR (€)	Mar. 31, 2012 USD ($)
Proceeds from Short-term Debt	$ 132,820	€ 100	$ 132,820		$ 1,000,000
Short-term Debt, Percentage Bearing Fixed Interest Rate			3.68%	3.68%
Debt Instrument, Periodic Payment, Interest			5,573	4,331	50,000
Loans Payable, Current			63,728
Loans Payable, Noncurrent			$ 49,378
Short-term Debt, Terms			repayable in 24 equal monthly installments	repayable in 24 equal monthly installments

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013 Tools, Dies and Molds [Member]	Mar. 31, 2013 Furniture and Fixtures [Member]	Mar. 31, 2013 Machinery and Equipment [Member]	Mar. 31, 2013 Remedent OTC B.V. [Member]	Sep. 30, 2011 Remedent OTC B.V. [Member]	Mar. 31, 2013 Glam Smile Deutschland Gmb H [Member]	Mar. 31, 2013 Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., [Member]	Mar. 31, 2013 Glamsmile Asia [Member]	Mar. 31, 2013 Beijing Glamsmile Trading Co., Ltd [Member]	Mar. 31, 2013 Beijing Glamsmile Dental Clinic Co., Ltd., [Member]	Mar. 31, 2013 Shanghai Glamsmile Dental Clinic Co., Ltd., [Member]	Mar. 31, 2013 Whenzhou GlamSmile Dental Clinic Ltd., [Member]	Mar. 31, 2013 Glamsmile Dental Technology Ltd., [Member]	Mar. 31, 2013 Glam Smile Rome [Member]
Equity Method Investment, Ownership Percentage						51.00%	50.00%	51.00%	100.00%	100.00%	80.00%	98.00%	100.00%	50.00%	29.40%	80.00%
Common Stock, shares issued	19,995,969	19,995,969
Common Stock, shares outstanding	19,995,969	19,995,969
Class of Warrant or Right, Outstanding	3,378,379	7,794,627
Options outstanding	2,265,000	1,895,000
Provision For Warranty Costs	$ 19,301	$ 20,019
Inventory Valuation Reserves	88,724	156,239
Property, Plant and Equipment, Useful Life			3 years	4 years	4 years
Advertising Expense	283,690	590,285
Stock Options	200,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	91,006	(846,880)
Concentration Risk, Customer	The terms of sales vary by customer, however, generally are 2% 10 days, net 30 days.
Fair Value Of Adjustment On Investment	$ (472,561)	$ 0

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CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2013	Mar. 31, 2012
Less: allowance for doubtful accounts	$ 4,833	$ 12,361
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	50,000,000	50,000,000
Common Stock, shares issued	19,995,969	19,995,969
Common Stock, shares outstanding	19,995,969	19,995,969
Treasury stock, shares	723,000	723,000

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ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

12 Months Ended

Mar. 31, 2013

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

7.   ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company’s accounts receivable at year end were as follows:

	March 31, 2013		March 31, 2012
Accounts receivable, gross	$	952,804	$	850,601
Less: allowance for doubtful accounts		(4,833)		(12,361)
Accounts receivable, net	$	947,971	$	838,240

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CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT) (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Obligation To Issue Shares [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance at Mar. 31, 2011	$ 3,032,371	$ 19,996	$ 24,855,883	$ 97,500	$ (21,113,118)	$ (831,450)	$ (834,949)	$ 2,193,862	$ 838,509
Balance (in shares) at Mar. 31, 2011		19,995,969
Value of stock options issued to employees	50,386	0	50,386	0	0	0	0	50,386	0
Deconsolidation	(1,629,225)	0	0	0	0	0	0	0	(1,629,225)
Unrealized foreign exchange gain (loss)	(846,880)	0	0	0	0	0	(846,880)	(846,880)	0
Net income (loss) for the year	1,298,562	0	0	0	490,483	0	0	490,483	808,078
Balance at Mar. 31, 2012	1,905,213	19,996	24,906,269	97,500	(20,622,635)	(831,450)	(1,681,829)	1,887,851	17,362
Balance (in shares) at Mar. 31, 2012		19,995,969
Unrealized foreign exchange gain (loss)	91,006	0	0	0	0	0	91,006	91,006	0
Fair value adjustment AFS investment	472,561	0	0	0	0	0	472,561	472,561	0
Net income (loss) for the year	(981,936)	0	0	0	(981,936)	0	0	(981,936)	0
Balance at Mar. 31, 2013	$ 1,486,844	$ 19,996	$ 24,906,269	$ 97,500	$ (21,604,571)	$ (831,450)	$ (1,118,262)	$ 1,469,482	$ 17,362
Balance (in shares) at Mar. 31, 2013		19,995,969

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LONG TERM DEBT (Details) (USD $)	Mar. 31, 2013		Mar. 31, 2012
2014	$ 82,812
2015	83,509
2016	0
Later years	0
Total minimum lease payments	166,321
Less: Amount representing estimated executory costs (such as taxes, maintenance, and insurance), including profit thereon, included in total minimum lease payments	0
Net minimum lease payments	166,321
Less: Amount representing interest (*)	6,265	[1]
Present value of minimum lease payments (**)	$ 160,056	[2]	$ 273,557

[1] Amount necessary to reduce net minimum lease payments to present value calculated at the Company's incremental borrowing rate at the inception of the leases.

[2] Reflected in the balance sheet as current and non-current obligations under capital leases of $78,070 and $81,986 respectively.

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CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2013	Mar. 31, 2012
ASSETS
Cash and cash equivalents	$ 64,504	$ 203,584
Accounts receivable, net of allowance for doubtful accounts of $4,833 at March 31, 2013 and $12,361 at March 31, 2012	947,971	838,240
Inventories, net	991,807	1,077,766
Prepaid expense	566,500	1,149,264
Total current assets	2,570,782	3,268,854
PROPERTY AND EQUIPMENT, NET	695,084	641,220
OTHER ASSETS
Investment in GlamSmile Asia Ltd	2,441,572	2,092,518
Investment in MFI (Note 3)	787,339	0
Investment in Remedent OTC BV (Note 3)	0	962,505
Patents, net	32,059	0
Total assets	6,526,836	6,965,097
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current portion, long term debt	1,214,266	863,501
Line of Credit	836,355	1,079,263
Accounts payable	971,814	1,009,176
Accrued liabilities	737,064	536,331
Deferred revenue	149,129	57,254
Due to related parties (Note 3)	0	61,836
Total current liabilities	3,908,628	3,607,361
Long term debt less current portion	1,131,364	1,452,523
Total liabilities	5,039,992	5,059,884
EQUITY:
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at March 31, 2013 and March 31, 2012 respectively)	19,996	19,996
Treasury stock, at cost; 723,000 shares outstanding at March 31, 2013 and March 31, 2012 respectively	(831,450)	(831,450)
Additional paid-in capital	24,906,269	24,906,269
Accumulated deficit	(21,604,571)	(20,622,635)
Accumulated other comprehensive income (loss)	(1,118,262)	(1,681,829)
Obligation to issue shares (Note 3)	97,500	97,500
Total Remedent, Inc. stockholders' equity	1,469,482	1,887,851
Non-controlling interest	17,362	17,362
Total stockholders' equity	1,486,844	1,905,213
Total liabilities and equity	$ 6,526,836	$ 6,965,097

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DISTRIBUTION AGREEMENTS (Details Textual) (USD $)	12 Months Ended			1 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Aug. 31, 2009	Sep. 30, 2008 Den Mat Distribution Agreement [Member]	Mar. 31, 2013 Den Mat Distribution Agreement [Member]	Mar. 27, 2012 Den Mat Distribution Agreement [Member]	Sep. 30, 2008 Den Mat Distribution Agreement [Member] Warrant [Member]	Mar. 31, 2013 Den Mat Distribution Agreement [Member] Warrant [Member]	Mar. 31, 2009 Den Mat Distribution Agreement [Member] Warrant [Member]	Mar. 31, 2013 First Fit Distribution Agreement [Member]	Mar. 27, 2012 First Fit Distribution Agreement [Member]	Dec. 31, 2011 First Fit Distribution Agreement [Member]	Oct. 31, 2011 First Fit Distribution Agreement [Member]	Sep. 30, 2011 First Fit Distribution Agreement [Member]	Jun. 30, 2011 First Fit Distribution Agreement [Member]	Dec. 31, 2010 First Fit Distribution Agreement [Member]	Jun. 30, 2010 First Fit Distribution Agreement [Member]	Mar. 31, 2010 First Fit Distribution Agreement [Member]	Mar. 29, 2010 First Fit Distribution Agreement [Member]	Jun. 30, 2009 First Fit Distribution Agreement [Member]
Initial Payment Received Distribution Agreement					$ 2,425,000
Contractual Payment Agreed For Each Of First Three Contract Periods In Initial Guaranty Period					250,000
Royalties Received Distribution Agreement One					500,000
Consideration Agreed To Be Received Upon Manufacture Of Limited Quantity Of Products By Licensee					1,000,000
Consideration Agreed To Be Received Upon Completion Of Training Of Licensee Personnel					1,000,000
Consideration Agreed To Be Received After Certain Period Or After Achievement Of Certain Sales Volume					1,000,000
Number Of Units Sold					20,000
Proceeds from Royalties Received					698,597
Milestone Payment Received Distribution Agreement	4,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								3,378,379
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001						$ 0.001
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 1.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value							4,323,207
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate							131.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate							3.07%
Nonoperating Expenses Reclassified To Operating Expenses									4,323,207
Non-Refundable Development Fee Agreed										400,000
Non Refundable Development Fee Agreed First Instalment										50,000
Non-Refundable Development Fee Agreed, Second Instalment										350,000										400,000
Non-Refundable License Fee Agreed										600,000
Non-Refundable License Fee Agreed, Instalment Amount										200,000
Distribution Agreement Purchase Price Value, First Instalment Received						110,000													2,850,000
Distribution Agreement Purchase Price Value Subsequent Instalment Received						90,000					200,000	250,000	250,000	250,000	500,000	500,000	700,000	525,000	50,000
Warants Exercisable Term				5 years
Distribution Agreement Payment			$ 250,000

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting period is as follows:

	Year ended March 31, 2013		Year ended March 31, 2012
Product warranty liability:
Opening balance	$	20,019	$	21,260
Accruals for product warranties issued in the period		(973)		(2,002)
Adjustments to liabilities for pre-existing warranties		255		761
Ending liability	$	19,301	$	20,019

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EQUITY COMPENSATION PLANS

12 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

16.   EQUITY COMPENSATION PLANS

As of March 31, 2013, the Company had three equity compensation plans approved by its stockholders (1) the 2001 Incentive and Non-statutory Stock Option Plan (the “2001 Plan”), (2) the 2004 Incentive and Non-statutory Stock Option Plan (the “2004 Plan”); and (3) the 2007 Equity Incentive Plan (the “2007 Plan”). The Company’s stockholders approved the 2001 Plan reserving 250,000 shares of common stock of the Company pursuant to an Information Statement on Schedule 14C filed with the Commission on August 15, 2001. In addition, the Company’s stockholders approved the 2004 Plan reserving 800,000 shares of common stock of the Company pursuant to an Information Statement on Schedule 14C filed with the Commission on May 9, 2005.  Finally, the Company’s stockholders approved the 2007 Plan reserving 1,000,000 shares of common stock of the Company pursuant to a Definitive Proxy Statement on Schedule 14A filed with the Commission on October 2, 2007.

In addition to the equity compensation plans approved by the Company’s stockholders, the Company has issued options and warrants to individuals pursuant to individual compensation plans not approved by our stockholders.  These options and warrants have been issued in exchange for services or goods received by the Company.

The following table provides aggregate information as of March 31, 2013 and March 31, 2012 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

	2001 Plan				2004 Plan				2007 Plan				Other
	Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price
Options outstanding,March 31, 2011		250,000		1.20		557,500		0.89		1,000,000		1.15		350,000		0.97
Cancelled or expired		(237,500)		—		(25,000)		4.00		—		—		—		—
Options outstanding, March 31, 2012		12,500		1.20		532,500		0.96		1,000,000		1.15		350,000		0.97
Options expired		—		—		(100,000)		1.50		—		—		—		—
Options outstanding, March 31, 2013		12,500		1.20		432,500		0.84		1,000,000		1.15		350,000		0.97
Options exercisable March 31, 2013		12,500		1.20		432,500		0.96		1,000,000		1.15		350,000		0.97
Exercise price range	$	2.00			$	0.50 - $2.46			$	0.50 - $1.75			$	.39 - 1.75
Weighted average remaining life		1 years				5.0 years				5.12 years				3.6 years

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		1,445,000	$	1.17		605,000
Equity Compensation Plans not approved by security holders		820,000	$	0.97		NA
Total		2,265,000	$	1.10		605,000

For the year ended March 31, 2013, the Company recognized $Nil (2012 — $50,387) in stock based compensation expense in the consolidated statement of operations.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Product warranty liability:
Opening balance	$ 20,019	$ 21,260
Accruals for product warranties issued in the period	(973)	(2,002)
Adjustments to liabilities for pre-existing warranties	255	761
Ending liability	$ 19,301	$ 20,019

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INVENTORIES (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Raw materials	$ 38,452	$ 58,189
Components	214,723	283,572
Finished goods	827,356	892,244
Inventory, Gross	1,080,531	1,234,005
Less: reserve for obsolescence	(88,724)	(156,239)
Net inventory	$ 991,807	$ 1,077,766

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EQUITY COMPENSATION PLANS (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Options outstanding	2,265,000	1,895,000
Weighted Average Exercise Price, Options outstanding	$ 1.10
Plan 2001 [Member]
Options outstanding	12,500	250,000
Cancelled or expired	0	(237,500)
Options outstanding	12,500	12,500
Options exercisable	12,500
Weighted Average Exercise Price, Options exercisable	$ 1.20
Exercise price range	$ 2.00
Weighted average remaining life	1 year
Weighted Average Exercise Price, Options outstanding	$ 1.20	$ 1.20
Weighted Average Exercise Price, Options expired	$ 0	$ 0
Weighted Average Exercise Price, Options outstanding	$ 1.20	$ 1.20
Plan 2004 [Member]
Options outstanding	532,500	557,500
Cancelled or expired	(100,000)	(25,000)
Options outstanding	432,500	532,500
Options exercisable	432,500
Exercise price range, Lower limit	$ 0.50
Exercise price range, Upper limit	$ 2.46
Weighted Average Exercise Price, Options exercisable	$ 0.96
Weighted average remaining life	5 years
Weighted Average Exercise Price, Options outstanding	$ 0.96	$ 0.89
Weighted Average Exercise Price, Options expired	$ 1.50	$ 4.00
Weighted Average Exercise Price, Options outstanding	$ 0.84	$ 0.96
Plan 2007 [Member]
Options outstanding	1,000,000	1,000,000
Cancelled or expired	0	0
Options outstanding	1,000,000	1,000,000
Options exercisable	1,000,000
Exercise price range, Lower limit	$ 0.50
Exercise price range, Upper limit	$ 1.75
Weighted Average Exercise Price, Options exercisable	$ 1.15
Weighted average remaining life	5 years 1 month 13 days
Weighted Average Exercise Price, Options outstanding	$ 1.15	$ 1.15
Weighted Average Exercise Price, Options expired	$ 0	$ 0
Weighted Average Exercise Price, Options outstanding	$ 1.15	$ 1.15
Others [Member]
Options outstanding	350,000	350,000
Cancelled or expired	0	0
Options outstanding	350,000	350,000
Options exercisable	350,000
Exercise price range, Lower limit	$ 0.39
Exercise price range, Upper limit	$ 1.75
Weighted Average Exercise Price, Options exercisable	$ 0.97
Weighted average remaining life	3 years 7 months 6 days
Weighted Average Exercise Price, Options outstanding	$ 0.97	$ 0.97
Weighted Average Exercise Price, Options expired	$ 0	$ 0
Weighted Average Exercise Price, Options outstanding	$ 0.97	$ 0.97

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COMMON STOCK WARRANTS AND OTHER OPTIONS (Tables)

12 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

As of March 31, 2013 and March 31, 2012, the Company had warrants to purchase the Company’s common stock outstanding that were not granted under shareholder approved equity compensation plans as follows:

	Outstanding Warrants		Weighted Average Exercise Price
Warrants and options outstanding, March 31, 2011		7,794,627	$	1.50
Expired		(4,056,248)
Warrants outstanding March 31, 2012 and March 31, 2013		3,738,379		1.50
Warrants exercisable March 31, 2012 and March 31, 2013		3,738,379	$	1.50
Exercise price range	$	1.00 to $1.65
Weighted average remaining life		.40 Years

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LONG TERM DEBT (Tables)

12 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

The following is a schedule by years of future minimum lease payments under capital lease together with the present value of the net minimum lease payments as of March 31, 2013:

Year ending March 31:
2014	$	82,812
2015		83,509
2016		—
Later years		—
Total minimum lease payments		166,321
Less: Amount representing estimated executory costs (such as taxes, maintenance, and insurance), including profit thereon, included in total minimum lease payments		—
Net minimum lease payments		166,321
Less: Amount representing interest (*)		6,265
Present value of minimum lease payments (**)	$	160,056

*  Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases.

** Reflected in the balance sheet as current and non-current obligations under capital leases of $78,070 and $81,986 respectively.

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ACCRUED LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2013

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued liabilities are summarized as follows: 

	March 31, 2013		March 31, 2012
Accrued employee benefit taxes and payroll	$	397,666	$	358,148
Accrued travel		9,650		10,010
Commissions		—		687
Accrued audit and tax preparation fees		14,264		11,318
Reserve for warranty costs		19,301		20,019
Reserve for income taxes		—		2,936
Advances received on account		11,823		—
Accrued advertising		9,864		—
Accrued interest		12,578		1,322
Accrued consulting fees		2,500		16,129
Other accrued expenses		259,418		115,762
	$	737,064	$	536,331

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CONCENTRATION OF RISK

12 Months Ended

Mar. 31, 2013

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

6.   CONCENTRATION OF RISK

Financial Instruments — Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade accounts receivable.

Concentrations of credit risk with respect to trade receivables are normally limited due to the number of customers comprising the Company’s customer base and their dispersion across different geographic areas. At March 31, 2013 five customers accounted for a total of 72.9% of the Company’s trade accounts receivable and one of those customers accounted for 42.17% of total accounts receivable. At March 31, 2012 five customers accounted for a total of 65% of the Company’s trade accounts receivable and one of those customers accounted for 26.7% of total accounts receivable.   The Company performs ongoing credit evaluations of its customers and normally does not require collateral to support accounts receivable.

Purchases — The Company has diversified its sources for product components and finished goods and, as a result, the loss of a supplier would not have a material impact on the Company’s operations. For the year ended March 31, 2013, the Company had five suppliers who accounted for 28.5% of gross purchases.  For the year ended March 31, 2012, the Company had five suppliers who accounted for 34.5% of gross purchases.

Revenues — For the year ended March 31, 2013 the Company had five customers that accounted for 71.31 % of total revenues .For the year ended March 31, 2012 the Company had five customers that accounted for 26.44% of total revenues.

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INCOME TAXES (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Domestic	$ (169,271)	$ (776,668)
Foreign	(812,512)	2,176,183
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ (981,783)	$ 1,399,515

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LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Mar. 31, 2013

Long Term Investment [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

(a) Details of the acquisition date fair value transferred, and allocation thereof are as follows:

Common shares (250,000 at $0.39/share) (rate at December 31, 2009)	$	97,500
325,000 Euro (at 1.436077)		466,725
200,000 stock options (*)		62,108
Total consideration	$	626,333
Cash	$	167,288
Accounts receivable	$	27,836
Inventory	$	23,347
Equipment, net	$	76,647
Accounts payable	$	(145,996)
Accruals	$	(25,446)
Other payables	$	(196,978)
Net liability (sub-consolidated financial statements of GlamSmile Asia Ltd including the Mainland China Subsidiaries)		(73,302)
Goodwill	$	699,635

* The value of the stock options was determined by using the Black-Scholes valuation model with a stock price of $0.39/share, an option price of $0.39/share, an expected life of 5 years, a volatility of 112%, a risk free rate of 1.30%, and a dividend rate of zero.

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

In conjunction with the transaction and resulting deconsolidation of Glamsmile Dental, the Company recorded a gain of $1,470,776, calculated as follows:

Consideration received	$	2,000,000
Fair value of 29.4% interest		2,055,884
Carrying value of non-controlling interest		1,117,938
Less: carrying value of former subsidiary’s net assets		(2,002,329)
Goodwill		(699,635)
Investment China & Hong Kong		(1,082)
Rescission agreement Excelsior (Note 14)		(1,000,000)
	$	1,470,776

Summary Financial Information Of GlamSmile Asia [Table Text Block]

The following tables represent the summary financial information of GlamSmile Asia as derived from its financial statements and prepared under US GAAP:

	Year ended		Year ended
Operating data:	March 31, 2013		March 31, 2012
Revenues	$	7,479,281	$	3,693,113
Gross profit		7,221,627		3,517,406
Income (loss) from operations		1,999,783		1,474,736
Net income	$	1,378,182	$	1,273,324

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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying values and fair values of our financial instruments are as follows:

			March 31, 2013				March 31, 2012
			Carrying		Fair		Carrying		Fair
	Level		value		Value		value		value
Cash		1	$	64,504	$	64,504	$	203,584	$	203,584
Accounts receivable		2	$	947,971	$	947,971	$	838,240	$	838,240
Long term investments and advances OTC     Division		2	$	—	$	—	$	962,505	$	962,505
Long Term investment and advance -     GlamSmile Dental Technology Asia		2	$	2,441,572	$	2,441,572	$	2,092,518	$	2,092,518
Long term investments and advances MFI		1	$	787,339	$	787,339	$	—	$	—
Line of credit		2	$	836,355	$	836,355	$	1,079,263	$	1,079,263
Short term debt		2	$	1,214,266	$	1,214,266	$	863,501	$	863,501
Deferred revenue		2	$	149,129	$	149,129	$	57,254	$	57,254
Accounts payable		2	$	971,813	$	971,813	$	1,009,176	$	1,009,176
Accrued liabilities		2	$	737,064	$	737,064	$	536,331	$	536,331
Long term debt		2	$	1,131,364	$	1,131,364	$	1,452,523	$	1,452,523

Redeemable Noncontrolling Interest [Table Text Block]

The following table provides a reconciliation of the beginning and ending balances of the item measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3):

	Year ended March 31, 2013		Year ended March 31, 2012
Long term investments and advances:
Beginning balance	$	2,092,518	$	—
Gains (losses) included in net loss		—		—
Transfers in (out of level 3)		349,054		2,092,518
Ending balance	$	2,441,572	$	2,092,518

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PREPAID EXPENSES

12 Months Ended

Mar. 31, 2013

Prepaid Expenses Disclosure [Abstract]

Prepaid Expenses Disclosure [Text Block]

9.   PREPAID EXPENSES

Prepaid expenses are summarized as follows:

	March 31, 2013		March 31, 2012
Prepaid materials and components	$	196,876	$	882,998
Prepaid consulting		73,854		—
VAT payments in excess of VAT receipts		41,241		60,252
Royalties		—		18,109
Prepaid trade show expenses		4,632		—
Prepaid rent		129,957		145,138
Other		119,940		42,767
	$	566,500	$	1,149,264

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DISTRIBUTION AGREEMENTS

12 Months Ended

Mar. 31, 2013

Distribution Agreements [Abstract]

Distribution Agreements Disclosure [Text Block]

5.   DISTRIBUTION AGREEMENTS

Den-Mat Distribution Agreement

On August 24, 2008, the Company entered into a distribution agreement (the “Distribution Agreement”) with Den-Mat Holdings, LLC, a Delaware limited liability company (“Den-Mat”).   Pursuant to the Distribution Agreement, the Company appointed Den-Mat to be the sole and exclusive distributor to market, license and sell certain products relating to the Company’s GlamSmile tray technology, including, but not limited to, its GlamSmile veneer products and other related veneer products (the “Products”), throughout the world, with the exception of Australia, Austria, Belgium, Brazil, France (including all French overseas territories “Dom-Tom”), Germany, Italy, New Zealand, Oman, Poland, Qatar, Saudi Arabia, Singapore, Switzerland, Thailand, and United Arab Emirates (collectively the “Excluded Markets”) and the China Market (the “Territory”). 

As consideration for such distribution, licensing and manufacturing rights, Den-Mat will pay the Company:

(i)	an initial payment of $2,425,000 (received);
(ii)	a payment of $250,000 for each of the first three contract periods in the initial Guaranty Period, subject to certain terms and conditions;
(iii)	certain periodic payments as additional paid-up royalties in the aggregate amount of $500,000 (received);
(iv)	a payment of $1,000,000 promptly after Den-Mat manufactures a limited quantity of products at a facility owned or leased by Den-Mat;

(v)	A payment of $1,000,000 promptly upon completion of certain training of Den-Mat’s personnel;
(vi)	a payment of $1,000,000 upon the first to occur of (a) February 1, 2009 or (b) the date thirty (30) days after den-Mat sells GlamSmile Products incorporating twenty thousand (20,000) Units/Teeth to customers regardless of whether Den-Mat has manufactured such Units/Teeth in a Den-Mat facility or has purchased such Units/Teeth from the Company;
(vii)	certain milestone payments; and
(viii)	certain royalty payments.

The Company has received $698,597 in royalty payments and $4,000,000 in milestone payments, subsequent to the initial payment of $2,425,000.

Further, as consideration for Den-Mat’s obligations under the Distribution Agreement, the Company agreed to, among other things:

(i) issue to Den-Mat or an entity to be designated by Den-Mat, warrants to purchase up to 3,378,379 shares of the Corporation’s common stock, par value $0.001 per share (the “Warrant Shares”) at an exercise price of $1.48 per share, exercisable for a period of five years (the “Den-Mat Warrant”) (The warrants were  issued in the period ended September 30, 2008 and were valued at $4,323,207 based upon the Black-Scholes option pricing model utilizing a market price on the date of grant of $1.48 per share, an annualized volatility of 131%, a risk free interest rate of 3.07% and an expected life of five years.  The expense was originally classified as a non-operating expense however, we have subsequently reclassified the expense to operations since our agreement with Den-Mat is in the normal course of our operations.  The reclassification increased our operations expenses by $4,323,207, while reducing our other expenses by the same amount, resulting in no net impact upon our consolidated net loss for the year ended March 31, 2009.

(ii) execute and deliver to Den-Mat a registration rights agreement covering the registration of the Warrant Shares (the “Registration Rights Agreement”) which as of March 31, 2011 has not yet been filed (*); and

(iii) cause its Chairman of the Board, Guy De Vreese, to execute and deliver to Den-Mat a non-competition agreement.

(*) In 2009, the Company and Den-Mat agreed that the shares underlying the warrants would be registered pursuant to a registration statement upon the earlier occurrence of (a) Den-Mat’s demand for the shares to be registered, or (b) an initiation and filing of a registration statement by other investors or the Company.  As of March 31, 2011, neither event has occurred to trigger a registration statement.  As a result, the Company is not under default under the distribution agreement and there is no impact on the distribution agreement or the accounting for the distribution agreement.

On June 3, 2009, the Distribution Agreement was amended and restated (the “Amended Agreement”). The Amended Agreement modifies and clarifies certain terms and provisions which among other things includes:

(1) the expansion of the list of Excluded Markets to include Spain, Japan, Portugal, South Korea and South Africa for a period of time;

(2) clarification that Den-Mat’s distribution and license rights are non-exclusive to market, sell and distribute the Products directly to consumers through retail locations (“B2C Market”) in the Territory and an undertaking to form a separate subsidiary to and to issue warrants to Den-Mat in the subsidiary in the event that the Company decides to commercially exploit the B2C Market in North America after January 1, 2010;

(3) subject to certain exceptions, a commitment from the Company to use Den-Mat as its supplier to purchase all of its, and its licensee’s, GlamSmile products in the B2C Market from Den-Mat, with reciprocal commitment from Den-Mat to sell such products;

(4) modification of certain defined terms such as “Guaranty Period,” “Exclusivity Period” and addition of the term “Contract Period”; and

(5) the “Guaranty Period” (as defined therein) is no longer a  three year period but has been changed to the first three “Contract Periods”.  The first Contract Period commences on the first day of the Guaranty Period (which the Parties agreed has commenced as of April 1, 2009), and continues for fifteen (15) months or such longer period that would be necessary in order for Den-Mat to purchase a certain minimum number of Units/Teeth as agreed upon in the Amended Agreement (“Minimum Purchase Requirement”) in the event that the Company’s manufacturing capacity falls below a certain threshold.  The second and each subsequent GlamSmile Contract Period begins on the next day following the end of the preceding “Contract Period” and continues for twelve (12) months or such longer period that would be necessary in order for Den-Mat to meet its Minimum Purchase Requirement in the event that the Company’s manufacturing capacity falls below a certain threshold.

In August 2009, the Distribution Agreement was further amended (the “August Amendment”). The August Amendment expands the Company’s products covered under the Distribution Agreement to include the Company’s new Prego System Technology (“Prego System”), also commonly known as “Glamstrip”. Under the Amendment, the $250,000 payment which was originally due upon the expiration of the first Contract Period (as defined in the Distribution Agreement) is now due on the earlier occurrence of (i) sixty days from August 11, 2009 or (ii) the performance of the Company’s live patient clinical demonstration of the Prego System to be performed at Den-Mat’s reasonable satisfaction (received).

The August Amendment also provides for (a) the royalty rate for products manufactured and sold by Den-Mat using the Prego System after the Guaranty Period (as defined in the Distribution Agreement), (b) Den-Mat’s right to elect to manufacture or purchase from a third party manufacturer any or all portion of the minimum purchase requirements under the Distribution Agreement provided however, that if Den-Mat fails to purchase the minimum number of Units/Teeth as required during any month, Den-Mat may cure such default by paying the Company a certain royalty on the difference between the minimum purchase requirement and the amount actual purchased by Den-Mat during such month, with such royalties accruing and being due and payable upon the earlier occurrence of either (1) one hundred twenty days from August 11, 2009 or (2) the successful performance of the Company’s live patient demonstration of the First Fit Technology licensed to Den-Mat pursuant to the First Fit-Crown Distribution and License Agreement, to be performed at Den-Mat’s reasonable satisfaction; and all shortfall payments thereafter being due and payable within 15 days after the end of the month in which shortfall occurred, and (c) Den-Mat’s option to purchase a certain number of Prego Systems in lieu of Trays during each of the first three Contract Periods pursuant to the terms, including price and conditions, set forth in the Amendment so long as such option is exercised during the period commencing on August 11, 2009 and ending on the later of either 91 days or 31 days after the Company demonstrates to Den-Mat that it has the capacity to produce a certain number of Prego System per Contract Period. Furthermore under the Amendment, if Den-Mat fails to purchase the required minimum Trays during any Contract Period, such failure may be cured by payment equal to the difference between the aggregate purchase price that would have been paid had Den-Mat purchased the required minimum and the aggregate purchase price actually paid for such Contract Year within 30 days after the end of such Contract Period. With the exception of the provisions amended by the Amendment, the Distribution Agreement remains in full force and effect.

First Fit Distribution Agreement

On June 3, 2009, the Company entered into the First Fit-Crown Distribution and License Agreement (the “First Fit Distribution Agreement”) with Den-Mat.  Under the terms of the First Fit Distribution Agreement, the Company appointed Den-Mat to be its sole and exclusive distributor to market, license and sell certain products relating to the Company’s proprietary First Fit technology (the “First Fit Products”), in the United States, Canada and Mexico (the “First Fit Territory”).  In connection therewith, the Company also granted Den-Mat certain non-exclusive rights to manufacture and produce the First Fit Products in the First-Fit Territory; and a sole and exclusive transferable and sub-licensable right and license to use the Company’s intellectual property rights relating to the First Fit Products to perform its obligations as a distributor (provided the Company retains the right to use and license related intellectual property in connection with the manufacture of the First Fit Products for sale outside of the  First Fit Territory).

Consummation of the First Fit Distribution Agreement is subject to: completion of Den-Mat’s due diligence; execution and delivery of Non-Competition Agreements; and the delivery of the Development Payment and first installment of the License Payment (the “Development Payment” and License Payment” are defined below).

Under the First Fit Distribution Agreement, the Company granted such distribution rights, licensing rights and manufacturing rights, in consideration for the following:  (i) a non-refundable development fee of Four Hundred Thousand Dollars ($400,000) (the “Development Payment”) payable in two installments of $50,000 each, one within seven days after the effective date of the First Fit Distribution Agreement, and another $350,000 payment within twenty one days after the Effective Date ($400,000 received as at June 30, 2009); (ii) a non-refundable license fee of $600,000 payable in three equal installments of $200,000 each, with the first installment payable on the Closing Date, and with the second and third installments payable on the 30th and 60th day, respectively, after the Closing Date (received); (iii) certain royalty payments based on the sales of the First Fit Products by Den-Mat or its sub-licensees; and (iv) certain minimum royalty payments to maintain exclusivity.

Den-Mat’s rights as an exclusive distributor and licensee will continue at least through the first Contract Period (defined below) and until the termination of the First Fit Distribution Agreement.  Den-Mat’s exclusivity ends at the end of any Contract Period in which Den-Mat fails to make certain minimum royalty payments.  In the event that such exclusivity is terminated, Den-Mat has the option to either terminate the First Fit Distribution Agreement upon ninety (90) days written notice, or become a non-exclusive distributor and licensee, in which event Den-Mat’s obligation to pay certain agreed upon royalties would continue.  “Contract Period”  means the following periods: (A) the first eighteen months beginning on the first day of the month following the month in which the Closing occurs, provided that if Den-Mat is not fully operational within sixty days after the Closing Date, the first Contract Period will be extended by one day for each day after the sixtieth day until Den-Mat becomes fully operational; (B) the subsequent twelve months; and (C) each subsequent twelve month period thereafter, in each case during which the First Fit Distribution Agreement is in effect.

On March 29, 2010, a certain Amendment No. 1 was made to the First Fit Distribution Agreement dated June 3, 2009.  The terms of Amendment No. 1 are as follows:

The total purchase price for the First Fit IP consists of installment payments and royalty payments. The cash component of the purchase price of the First Fit IP is $2,850,000 to be paid in the form of cash in the following installments: (a) $50,000 upon delivery by Remedent to Den-Mat of a working prototype of the First Fit crown (received); (b) $525,000 on or before March 15, 2010 (received); (c) $700,000 on June 30, 2010(received); and (d) $500,000 on December 31, 2010(received), June 30, 2011 (during the three months ended June 30, 2011 the Company agreed to postpone receipt of the $500,000 due from Den-Mat on June 30, 2011 to be received as follows: $250,000 at the end of September, 2011 (received) and $250,000 at the end of October, 2011(received)) and December 31, 2011 (see Note 4).

Effective March 27, 2012 the Company and Den-Mat entered into a termination and license agreement, as follows:

(a) the parties have agreed to terminate the distribution, manufacturing and license agreement and any ancillary agreements (the “Agreements”);

(b) Den-Mat will pay the Company $200,000 cash in complete satisfaction of any and all payments due ($110,000 received and $90,000 subsequently received); and

(c) the Company grants to Den-Mat a non-exclusive, irrevocable, perpetual, royalty free license to use within the territory of intellectual property that was the subject of the Agreements and license with Den-Mat.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Net (Loss) Profit attributable to Remedent, Inc. common shareholders	$ (981,936)	$ 490,483
OTHER COMPREHENSIVE INCOME (LOSS):
Fair value adjustment on AFS investment	472,561	0
Foreign currency translation adjustment	91,006	(846,880)
COMPREHENSIVE PROFIT(LOSS) ATTRIBUTABLE TO REMEDENT, INC. common shareholders	$ (418,369)	$ (356,397)

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CONCENTRATION OF RISK (Details Textual)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Suppliers Accounted For Gross Purchases Percentage	28.50%	34.50%
Customers Accounted For Total Revenues Percentage	71.31%	26.44%
Customer Category One [Member]
Customers Accounted For Trade Accounts Receivables Percentage	72.90%	65.00%
Customer Category Two [Member]
Customers Accounted For Trade Accounts Receivables Percentage	42.17%	26.70%

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LONG-TERM INVESTMENTS (Details 1) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Carrying value of non-controlling interest	$ 17,362	$ 17,362
Glamsmile Dental Technology Ltd., [Member]
Consideration received	2,000,000
Fair value of 29.4% interest	2,055,884
Carrying value of non-controlling interest	1,117,938
Less: carrying value of former subsidiary's net assets	(2,002,329)
Goodwill	(699,635)
Investment China & Hong Kong	(1,082)
Rescission agreement Excelsior (Note 14)	(1,000,000)
Disposal Group Including Discontinued Operation Liability Assets Net	$ 1,470,776

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PREPAID EXPENSES (Tables)

12 Months Ended

Mar. 31, 2013

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

Prepaid expenses are summarized as follows:

	March 31, 2013		March 31, 2012
Prepaid materials and components	$	196,876	$	882,998
Prepaid consulting		73,854		—
VAT payments in excess of VAT receipts		41,241		60,252
Royalties		—		18,109
Prepaid trade show expenses		4,632		—
Prepaid rent		129,957		145,138
Other		119,940		42,767
	$	566,500	$	1,149,264

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EQUITY COMPENSATION PLANS (Details 1) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Options outstanding	2,265,000	1,895,000
Weighted-average exercise price of outstanding options warrants and rights	$ 1.10
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))	605,000
Equity Compensation Plan Approved By Security Holders [Member]
Options outstanding	1,445,000
Weighted-average exercise price of outstanding options warrants and rights	$ 1.17
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))	605,000
Equity Compensation Plan Not Approved By Security Holders [Member]
Options outstanding	820,000
Weighted-average exercise price of outstanding options warrants and rights	$ 0.97
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))	0

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LONG TERM DEBT (Details Textual)	0 Months Ended		1 Months Ended		3 Months Ended	12 Months Ended						1 Months Ended	3 Months Ended
	Jan. 15, 2010 USD ($)	Jan. 15, 2010 EUR (€)	Jul. 31, 2011	Sep. 30, 2008	Dec. 31, 2012	Mar. 31, 2013 USD ($)		Mar. 31, 2013 EUR (€)	Mar. 31, 2012 USD ($)	Jan. 11, 2012 USD ($)	Jun. 03, 2011 USD ($)	Dec. 31, 2012 Rescission Agreement [Member] USD ($)	Dec. 31, 2012 Bnp Paribas Fortis Bank Member [Member] USD ($)	Dec. 31, 2012 Bnp Paribas Fortis Bank Member [Member] EUR (€)	Dec. 03, 2012 Bnp Paribas Fortis Bank Member [Member] EUR (€)
Capital Lease Obligations	$ 324,124	€ 251,903
Lease Period	5 years	5 years	6 years	9 years
Capital Leases Interest Rate						9.72%		9.72%
Capital Leases Buyout Rate						4.00%		4.00%
Present value of minimum lease payments (**)						160,056	[1]		273,557
Secured Long-term Debt, Noncurrent										1,000,000	1,000,000				100,000
Debt Instrument, Interest Rate During Period					3.68%				5.00%
Debt Instrument, Periodic Payment, Interest						5,573		4,331	50,000				5,573	4,331
Debt Instrument, Maturity Date									Jun. 03, 2014				Jan. 02, 2015	Jan. 02, 2015
Debt Instrument, Description						(i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013.		(i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013.
Interest Expense, Debt												20,000
Long-term Debt, Maturities, Repayment Terms					24 months
Capital Lease Obligations, Current						78,070
Capital Lease Obligations, Noncurrent						$ 81,986

[1] Reflected in the balance sheet as current and non-current obligations under capital leases of $78,070 and $81,986 respectively.

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LONG TERM DEBT

12 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

12.   LONG TERM DEBT

Capital Lease Agreements:

On January 15, 2010, the Company entered into a capital lease agreement over a 5 year period for veneer manufacturing equipment totaling €251,903 (US $324,124).

The lease requires a monthly payment of principal and interest at 9.72% and provide for a buyout at the conclusion of the lease terms of 4% of the original value of the contract.

The net book value as of March 31, 2013 and March 31, 2012 of the equipment subject to the foregoing lease was $160,056 and $273,557 respectively.

The following is a schedule by years of future minimum lease payments under capital lease together with the present value of the net minimum lease payments as of March 31, 2013:

Year ending March 31:
2014	$	82,812
2015		83,509
2016		—
Later years		—
Total minimum lease payments		166,321
Less: Amount representing estimated executory costs (such as taxes, maintenance, and insurance), including profit thereon, included in total minimum lease payments		—
Net minimum lease payments		166,321
Less: Amount representing interest (*)		6,265
Present value of minimum lease payments (**)	$	160,056

*  Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases.

** Reflected in the balance sheet as current and non-current obligations under capital leases of $78,070 and $81,986 respectively.

Secured Debt Agreements (1)

On June 3, 2011, the Company obtained a loan in the principal amount of $1,000,000 (the “Loan”) from an unrelated private company, Excelsior Medical (HK) (“EM”). In connection with the Loan, the Company issued a promissory note, with a simple interest rate of 5% per annum, secured by certain assets of the Company (the “Note”). The maturity date of the Loan is June 3, 2014. Interest of $50,000 per annum is payable in cash on an annual basis.

Effective as of January 11, 2012, the Company entered into a Rescission Agreement with EM and Asia Best Healthcare Co., Ltd. Under the Rescission Agreement, the Company agreed to repay a total of $1,000,000 received under the Distribution Agreement, plus a simple interest rate of 5%, beginning on June 30, 2012, according to the following payment schedule: (i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013. The Company also agreed to secure such obligations owed to EM with certain collateral of the Company. During the period ended December 31, 2012 a partial payment of $20,000 in interest has been made. The Company is currently in the process of re-negotiating the terms of repayment.

Secured Debt Agreements (2)

On December 3, 2012, the Company obtained a loan in the principal amount of € 100,000 (the “Loan”) from BNP Paribas Fortis bank, to be repaid over the next 24 months. The loan is secured by a lien on the assets of Remedent N.V. as already granted for the use of our existing Credit Line Facility. The maturity date of the Loan is January 2, 2015 at an Interest of 3.68% to be repaid in monthly installments of € 4,331 ($5,573).

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INVENTORIES

12 Months Ended

Mar. 31, 2013

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

8.   INVENTORIES

Inventories at year end are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following:

	March 31, 2013		March 31, 2012
Raw materials	$	38,452	$	58,189
Components		214,723		283,572
Finished goods		827,356		892,244
		1,080,531		1,234,005
Less: reserve for obsolescence		(88,724)		(156,239)
Net inventory	$	991,807	$	1,077,766

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COMMON STOCK WARRANTS AND OTHER OPTIONS (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Options outstanding	2,265,000	1,895,000
Weighted Average Exercise Price, Options outstanding	$ 1.10
Warrant [Member]
Options outstanding	3,738,379	7,794,627
Warrants expired		(4,056,248)
Options outstanding		3,738,379
Weighted Average Exercise Price, Options outstanding	$ 1.50	$ 1.50
Weighted Average Exercise Price, Options outstanding		$ 1.50
Options exercisable		3,738,379
Warrants exercisable March 31, 2012 and March 31, 2013	$ 1.50	$ 1.50
Exercise price range, Lower limit	$ 1.00
Exercise price range, Upper limit	$ 1.65
Weighted average remaining life	12 days

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INCOME TAXES

12 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

15.   INCOME TAXES

The domestic and foreign (“Belgium”, “German”, “Italian”, Hong Kong and China) components of income (loss) before income taxes and minority interest were comprised of the following:

	March 31, 2013		March 31, 2012
Domestic	$	(169,271)	$	(776,668)
Foreign		(812,512)		2,176,183
	$	(981,783)	$	1,399,515

The Company’s domestic and foreign components of deferred income taxes are as follows:

	March 31, 2013		March 31, 2012
Domestic — Net operating loss carryforward	$	7,864,378	$	7,805,133
Foreign — Net operating loss carryforward		529,153		244,774
Total		8,393,531		8,049,907
Valuation allowance		(8,393,531)		(8,049,907)
Net deferred tax assets	$	—	$	—

Because of the uncertainty surrounding the timing of realizing the benefits of favorable tax attributes in future income tax returns, the Company has placed a valuation allowance against its deferred income tax assets.

The principal reasons for the difference between the income tax (benefit) and the amounts computed by applying the statutory income tax rates to the income (loss) for the year ended March 31, 2013 and March 31, 2012 are as follows:

	March 31, 2013			March 31, 2012
Domestic
Pre tax income (loss)	$	(169,271)		$	(776,668)
Statutory tax rate		35	%		35	%
Tax benefit based upon statutory rate		(59,245)			(271,833)
Valuation allowance		59,245			271,833
Net domestic income tax (benefit)		—			—
Foreign
Pre tax income (loss)		(812,512)			2,176,183
Statutory tax rate		35	%		35	%
Tax expense (benefit) based upon statutory rate		(284,379)			761,664
Permanent differences		284,379			446,595
		—			—
Net foreign income tax expense (benefit)		153			315,069
Total Income tax (benefit )	$	153		$	315,069

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DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

13.   DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

Transactions with related parties not disclosed elsewhere in these financial statements consisted of the following:

Compensation:

During the years ended March 31, 2013 and 2012 respectively, the Company incurred $545,475 and $664,586 as compensation for all directors and officers.

Sales Transactions:

All related party transactions involving provision of services or tangible assets were recorded at the exchange amount, which is the value established and agreed to by the related parties reflecting arm’s length consideration payable for similar services or transfers.

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Document And Entity Information (USD $)	12 Months Ended
	Mar. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Trading Symbol	remi
Entity Common Stock, Shares Outstanding		19,995,969
Entity Registrant Name	REMEDENT, INC.
Entity Central Index Key	0001078037
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 1,999,597

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ACCRUED LIABILITIES

12 Months Ended

Mar. 31, 2013

Accrued Liabilities [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

14.   ACCRUED LIABILITIES

Accrued liabilities are summarized as follows: 

	March 31, 2013		March 31, 2012
Accrued employee benefit taxes and payroll	$	397,666	$	358,148
Accrued travel		9,650		10,010
Commissions		—		687
Accrued audit and tax preparation fees		14,264		11,318
Reserve for warranty costs		19,301		20,019
Reserve for income taxes		—		2,936
Advances received on account		11,823		—
Accrued advertising		9,864		—
Accrued interest		12,578		1,322
Accrued consulting fees		2,500		16,129
Other accrued expenses		259,418		115,762
	$	737,064	$	536,331

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ACCRUED LIABILITIES (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Accrued employee benefit taxes and payroll	$ 397,666	$ 358,148
Accrued travel	9,650	10,010
Commissions	0	687
Accrued audit and tax preparation fees	14,264	11,318
Reserve for warranty costs	19,301	20,019
Reserve for income taxes	0	2,936
Advances received on account	11,823	0
Accrued advertising	9,864	0
Accrued interest	12,578	1,322
Accrued consulting fees	2,500	16,129
Other accrued expenses	259,418	115,762
Accrued Liabilities, Current	$ 737,064	$ 536,331

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DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Related Party Transaction, Expenses from Transactions with Related Party	$ 545,475	$ 664,586