0001072588-11-000250.txt : 20111208 0001072588-11-000250.hdr.sgml : 20111208 20111208172703 ACCESSION NUMBER: 0001072588-11-000250 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111031 FILED AS OF DATE: 20111208 DATE AS OF CHANGE: 20111208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDINA INTERNATIONAL HOLDINGS, INC. CENTRAL INDEX KEY: 0001093248 STANDARD INDUSTRIAL CLASSIFICATION: SHIP & BOAT BUILDING & REPAIRING [3730] IRS NUMBER: 841469319 STATE OF INCORPORATION: CO FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27211 FILM NUMBER: 111251601 BUSINESS ADDRESS: STREET 1: 1802 POMONA ROAD CITY: CORONA STATE: CA ZIP: 92880 BUSINESS PHONE: 909 522 4414 MAIL ADDRESS: STREET 1: 1802 POMONA ROAD CITY: CORONA STATE: CA ZIP: 92880 FORMER COMPANY: FORMER CONFORMED NAME: COLORADO COMMUNITY BRAODCASTING INC DATE OF NAME CHANGE: 19990813 10-Q 1 mihi10q.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ----------------------------------------------------- FORM 10Q ----------------------------------------------------- (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2011 or [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to ___________ Commission file number: 000-27211 MEDINA INTERNATIONAL HOLDINGS, INC. ----------------------------------------------------- (Exact name of registrant as specified in its charter) COLORADO 84-1469319 ------------------------- --------------------------- (State of Incorporation) (IRS Employer ID Number) 1802 Pomona Rd., CA 92880 ----------------------------------------------------- (Address of principal executive offices) 909-522-4414 ----------------------------------------------------- (Registrant's Telephone number) 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 past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes [X] 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 for Regulation S-T (ss.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 [ ] No [ ] Indicate by check mark whether the registrant is a large accelerated file, 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. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Indicate the number of share outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of October 31, 2011, there were 55,290,117 shares of the registrant's common stock issued and outstanding. PART I - FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Page ---- Consolidated Balance Sheets - October 31, 2011 and April 30, 2011 F-1 Consolidated Statement of Operations - Three months and six months ended October 31, 2011 and 2010 F-2 Statement of Cash Flows - Six months ended October 31, 2011 and 2010 F-3 Statement of Changes in Stockholders' Equity (Deficit) F-4 Notes to Consolidated Financial Statements F-5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 1 Item 3. Quantitative and Qualitative Disclosures About Market Risk - Not Applicable 6 Item 4. Controls and Procedures 7 PART II - OTHER INFORMATION Item 1. Legal Proceedings 7 Item 1A. Risk Factors - Not Applicable 7 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 7 Item 3. Defaults Upon Senior Securities 8 Item 4. Removed and Reserved Item 5. Other Information 8 Item 6. Exhibits 8 SIGNATURES 9 Item 1. Financial Statements (Unaudited)
MEDINA INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES Consolidated Balance Sheets October 31, April 30, 2011 2011 (Unaudited) (Audited) ASSETS Current Assets: Cash $ 65,744 $ 17,353 Receivables 20,727 5,890 Inventory 32,435 99,640 --------------- -------------- Total current assets 118,906 122,883 --------------- -------------- Property & Equipment 913,746 848,213 Accumulated depreciation (486,192) (422,272) --------------- -------------- Total property & equipment 427,554 425,941 --------------- -------------- Other assets Prepaid Expenses 13,012 31,461 --------------- -------------- TOTAL ASSETS $ 559,472 $ 580,285 =============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 963,854 $ 759,866 Accrued liabilities 345,323 295,994 Short term debt 209,882 214,564 Customer Deposit 316,151 238,495 Stock subscription payable - 2,962 Notes payable 219,032 62,077 Related party payable 833,480 833,480 Related Parties - short-term borrowings from shareholders 438,012 417,820 --------------- -------------- Total current liabilities 3,325,734 2,825,258 --------------- -------------- Stockholders' equity (deficit): Preferred stock, Series 'A' , $.01 par value, 50 shares authorized, 20 issued and outstanding as on October 31, 2011 and April 30, 2011 240,000 240,000 Common stock, $0.0001 par value, 500,000,000 shares authorized, 55,290,117 and 51,110,497 shares issued and outstanding on October 31, 2011 and April 30, 2011 5,529 5111 Additional paid-in capital 3,924,836 3,519,292 Accumulated deficit (6,827,435) (6,009,376) --------------- -------------- Total Medina International Holdings, Inc. stockholders' equity (deficit) (2,657,070) (2,244,973) --------------- -------------- Noncontrolling Interest (109,192) 0 --------------- -------------- Total stockholders' equity (deficit) (2,766,262) (2,244,973) --------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $ 559,472 $ 580,285 =============== ============== The accompanying notes are an integral part of these financial statements F-1
MEDINA INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statement of Operations (Unaudited) For the three months ended For the six months ended October 31, October 31, 2011 2010 2011 2010 ---- ---- ---- ---- Sales, net $ 139,681 $ 418,791 $ 440,343 $ 907,051 Cost of Goods Sold 112,608 238,081 293,404 580,964 ------------------------------------- ----------------------------------- Gross Profit (Loss) 27,073 180,710 146,939 326,087 ------------------------------------- ----------------------------------- General and administrative expenses 449,506 125,409 724,091 240,157 Selling and marketing expenses 23,447 37,169 49,645 90,300 Cost of acuisition fopr 51% of Wintec Protective Systems, Inc. - - 219,600 - ------------------------------------- ----------------------------------- Income (Loss) from operations (445,880) 18,132 (846,397) (4,370) ------------------------------------- ----------------------------------- Other income - - - - Interest expense (48,441) (19,359) (100,454) (29,366) ------------------------------------- ----------------------------------- Net other loss (48,441) (19,359) (100,454) (29,366) ------------------------------------- ----------------------------------- Loss before income tax (expense) benefit (494,321) (1,227) (946,851) (33,736) Income tax (expense) benefit - - - - ------------------------------------- ----------------------------------- Net Income (Loss) $ (494,321) $(1,227) $ (946,851 $ (33,736) Less Net (income) loss attributable to noncontrolling interest $ 128,791 $ - $ 128,791 $ - ------------------------------------- ----------------------------------- Less Net (income) loss attributable to Medina International Holdings, Inc. $ (365,5$0) (1,227) $ (818,060 $ (33,736) ===================================== =================================== Basic $ (0.01) $ (0.00) $ (0.02) $ (0.00) ------------------------------------- ----------------------------------- Diluted $ (0.01) $ (0.00) $ (0.02) $ (0.00) ===================================== =================================== Weighted average number of shares outstanding: Basic 55,818,598 51,006,747 55,818,598 51,006,747 ------------------------------------- ----------------------------------- Diluted 55,818,598 51,006,747 55,818,598 51,006,747 -------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. F-2
Medina International Holdings, Inc. and Subsidiaries Consolidated Statements of Shareholders' Equity (Unaudited) Additional Common Common Stock Preferred Stock Paid-In Stock Subscription Accumulated Shares Amount Shares Amount Capital Subscribed Receivable Deficit ----------------------------------------------------------------------------------------------------- Balance - April 30, 2008 35,560,091 $ 3,556 - $ - $ 2,419,032 $ 10,000 $ (3,000) $ (2,929,850) Net loss (1,768,434) ----------------------------------------------------------------------------------------------------- Balance - April 30, 2009 35,560,091 $ 3,556 - $ - $ 2,419,032 $ 10,000 $ (3,000) $ (4,698,284) Stock issued for subscription payable 20 240,000 Stock issued to Directors 50,000 5 3,157 Stock issued for subscription payable 11,091,250 1,109 661,629 Stock issued for accrued liabilities 4,135,000 413 413,087 Shares issued for services 70,406 7 7,033 Stock subscription receivable 100,000 10 9,990 (10,000) 3,000 (3,000) Net loss (742,070) ----------------------------------------------------------------------------------------------------- Balance - April 30, 2010 51,006,747 5,100 20 240,000 3,513,928 - - (5,443,354) Stock issued to Directors 93,750 10 4,365 Shares issued for services 10,000 1 999 Net loss (566,022) ----------------------------------------------------------------------------------------------------- Balance - April 30, 2011 51,110,497 5,111 20 240,000 3,519,292 $ - $ - $ (6,009,376) Stock issued for 51% acquisition 3,000,000 300 239,700 Cash 1,000,000 100 149,900 Loan Interest 29,620 3 2,959 Directors fees 100,000 10 7,990 Consultant 50,000 5 4,995 Net loss $ (818,059) ----------------------------------------------------------------------------------------------------- Balance - October 31, 2011 $ 55,290,117 $ 5,529 $ 20 $ 240,000 $ 3,924,836 $ - $ - $ (6,827,435) ===================================================================================================== The accompanying notes are an integral part of these financial statements. F-3
Medina International Holdings, Inc. and Subsidiaries Consolidated Statements of Shareholders' Equity (Unaudited) (continued) Stockholders' Equity Medina International Non-Controlling Holdings, Inc. Interest Totals ---------------------------------------------- Balance - April 30, 2008 $ (500,262) Net loss (1,768,434) ------------------------------------------- Balance - April 30, 2009 $ (2,268,696) $ - $ (2,268,696) Stock issued for subscription payable 240,000 240,000 Stock issued to Directors 3,162 3,162 Stock issued for subscription payable 662,738 662,738 Stock issued for accrued liabilities 413,500 413,500 Shares issued for services 7,040 7,040 Stock subscription receivable - - Net loss (742,070) (742,070) -------------------------------------------- Balance - April 30, 2010 (1,684,326) (1,684,326) - Stock issued to Directors 4,375 4,375 Shares issued for services 1,000 1,000 Net loss (566,022) (566,022) -------------------------------------------- Balance - April 30, 2011 $ (2,244,973) (2,244,973) - Stock issued for 51% acquisition 240,000 $ 19,600 259,600 Cash 150,000 150,000 Loan Interest 2,962 2,962 Directors fees 8,000 8,000 Consultant 5,000 5,000 Net loss (818,059) $ (128,792) (946,851) -------------------------------------------- Balance - October 31, 2011 $ (2,657,070) $ (109,192$ (2,766,262) ============================================ The accompanying notes are an integral part of these financial statements. F-4
MEDINA INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statement of Cash Flows (Unaudited) Six Months Ended October 31, 2011 2010 ------------------------------- Net loss $ (946,851) $ (33,736) Adjustments to reconcile net loss to net cash used in operating activities: Common stock expenses - 2,625 Depreciation expenses 63,920 78,556 Stock issued for acquiring 51% of Wintec 259,600 - Interest on Convertible Notes 68,333 - Stock issued for services 13,000 - Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (14,837) 62,283 (Increase) decrease in other receivable - (2,570) (Increase) decrease in inventory 67,205 (40,360) Increase (decrease) in accounts payable and accrued liabilities 253,317 114,079 Increase (decrease) in customer deposits 77,656 (207,500) (Increase) decrease in prepaid expenses 18,449 (11,846) Total adjustments 806,643 (4,733) ------------------------------- Net cash (used) received in operating activities (140,208) (38,469) ------------------------------- Cash flows from investing activities: Purchase of property and equipment (65,533) (17,725) ------------------------------- Net cash used in investing activities (65,533) (17,725) ------------------------------- Cash flows from financing activities: Proceeds (payments) from notes payables - related party (1,378) 20,650 Proceeds (Payments) from note payable 90,000 (29,000) Proceeds (Payments) from lines of credit & credit cards (4,682) (6,163) Proceeds (Payments) from short-term borrowings Shareholders 20,192 (35,213) Proceeds from sale of stock 150,000 - ------------------------------- Net cash provided (used) by financing activities 254,132 (49,726) ------------------------------- Net increase (decrease) in cash and cash equivalents 48,391 (105,920) Cash and cash equivalents - beginning of period 17,353 107,223 Cash and cash equivalents - end of period $ 65,744 $ 1,303 =============================== Supplemental disclosure of cash flow information: Interest Paid $ 5,212 $ 6,985 =============================== Taxes paid $ - $ - =============================== The accompanying notes are an integral part of these financial statements F-5
Medina International Holdings, Inc. and Subsidiaries Notes to the Consolidated Financial Statements For the six months ended October 31, 2011 (Unaudited) NOTE 1 - BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Medina International Holdings, Inc. ("Company," "Medina," "we," "us," "our") was incorporated in 1998 as Colorado Community Broadcasting, Inc. The Company intended to purchase low power television licenses or stations and planned to broadcast local programming mixed with appropriate national programming. The Company changed the name of the business in 2005 to Medina International Holdings, Inc. The Company, under its two wholly owned subsidiaries, Harbor Guard Boats, Inc. and Medina Marine, Inc., plans to manufacture and sell recreational and commercial boats. The Company formed Medina Marine, Inc., as a wholly owned subsidiary of the Company, on May 22, 2006 to manufacture and sell fire rescue, rescue and recreational boats. The Company signed an agreement to acquire Modena Sports Design, LLC, as a wholly owned subsidiary of the Company on June 18, 2008. Modena Sports Design, LLC was formed in the State of California in 2003 to produce fire rescue, rescue and recreational boats. Modena Sports Design, LLC reorganized as a California corporation on January 7, 2010 changed its name to Harbor Guard Boats, Inc. The Company entered into an agreement with WinTec Protective Systems, Inc. on June 28, 2011 to acquire 51% of the equity or 20,400,000 common shares of WinTec Protective Systems, Inc. in exchange for 3,000,000 common shares of the Company. Wintec Protective Systems, Inc. formed Security Glass Solution, Inc. a wholly owned subsidiary in the State of Texas on July 28, 2011. Agreement with Wintec Protective Systems, Inc. On June 28, 2011, Medina International Holdings, Inc. entered into a Contribution and Exchange Agreement with WinTec Protective Systems, Inc. ("WinTec.") As part of the Contribution and Exchange Agreement, the Company agreed to issue 3,000,000 shares of its restricted common stock in exchange for 20,400,000 shares of the common stock of WinTec. As a result of such exchange, the Company holds 51% of the issued and outstanding common stock of WinTec, making WinTec a subsidiary of the Company. Wintec was incorporated in the State of Texas. Wintec's Operations are located in Houston, Texas. Wintec has developed various products such as CORTAIN, Hydro-Tain, and Blast Block. Medina International Holdings, Inc. has first right to use CORTAIN, anti-corrosion material for small marine crafts. As part of the Contribution and Exchange Agreement, the Company has agreed to register the 3,000,000 shares issued with the Securities and Exchange Commission ("SEC") for resale by WinTec. If any of the following occur: F-6 (i) the Registration Statement is not filed on or before the Required Filing Date, (ii) the Registration Statement is not declared effective on or before the Required Effective Date, or (iii)the Registration Statement is declared effective but cease to be effective for a period of time which shall exceed three hundred and sixty five (365) days in the aggregate per year (defined as a period of 365 days commencing on the date the Registration Statement is declared effective)then the Company will be required to pay WinTec an amount equal to one-half percent (0.5%) of the fair market value of the 3,000,000 shares of the Company's common stock on the first business day after the non-registration event and for each subsequent thirty (30) day period (pro rata for any period less than thirty (30) days) which are subject to such Non-Registration Event. Stock Redemption and Purchase Agreement Concurrent with the signing of the Contribution and Exchange Agreement, the Company also entered into a Stock Redemption and Purchase Agreement with WinTec. The Stock Redemption and Purchase Agreement provides that provides WinTec the right to repurchase 12,400,000 shares of its common stock held by the Company upon the closing of the Contribution and Exchange Agreement in exchange for $1,500,000(amended to $237,658 on October 24,2011). In addition, the Company has agreed to issue to WinTec an option to purchase up to 3,000,000 shares of its restricted common stock at an exercise price of $0.10 per share. The Stock Redemption and Purchase Agreement provides that the WinTec Board of Directors shall be reduced from 7 to 6 directors and that the Company will have the ability to appoint 2 of the directors. Upon the completion of the Stock Redemption and Purchase Agreement, the Company will hold 8,000,000 shares of WinTec, representing 20% of the issued and outstanding common stock of WinTec. Loan Agreement and Revolving Promissory Note Concurrent to the signing of the Contribution and Exchange Agreement, the Company entered into a Loan Agreement and Revolving Promissory Note with WinTec. As part of the Loan Agreement, the Company has agreed to lend to WinTec $1,500,000 (amended to $237,658 on October 24,2011) cash to be used by WinTec to expand its business operations, which includes at some future point moving their laboratory facility from Texas to California. The Loan Agreement provides for the funds to be delivered to WinTec, as set forth below: - Fifty Thousand Dollars ($50,000) upon execution of the loan documentation, and - Four Hundred Fifty Thousand ($450,000) amended to $187,658 on October 24, 2011 and 90 days after the execution of the loan documentation. F-7 The Loan Agreement provides for the Company to be issued an exclusive license for the use of WinTec's anti-corrosion material for small marine craft, pursuant and the first right of first refusal to exclusively license such intellectual property of WinTec as it may license to third parties. The Revolving Promissory Note has an annual interest rate of 1% and a term of four (4) years from the date of issuance. The Revolving Promissory Note does not provide for a payment schedule, only that payments will be made as requested by the Company. Stock Issuance On June 28, 2011, as part of the Contribution and Exchange Agreement and the Stock Redemption and Purchase Agreement, the Company made the following issuances of its restricted common stock and equity instruments: - 3,000,000 shares of its restricted common stock to WinTec pursuant to the Contribution and Exchange Agreement in exchange for 20,400,000 shares of the common stock of WinTec. - An option to purchase 3,000,000 shares of the Company's restricted common stock at an exercise price of $0.10 per share to WinTec as part of the Stock Redemption and Purchase Agreement. The future success of the Company is likely dependent on its ability to obtain additional capital to develop its proposed products and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will obtain positive cash flow. Presentation of Interim Information In the opinion of the management of the Company, the accompanying unaudited financial statements include all normal adjustments considered necessary to present fairly the financial position and operating results of the Company for the periods presented. The financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2011. It is management's opinion that when the interim financial statements are read in conjunction with the April 30, 2011 Annual Report on Form 10-K, the disclosures are adequate to make the information presented not misleading. Interim results are not necessarily indicative of results for a full year or any future period. The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the assets, liabilities, revenues, and expenses of subsidiaries, Medina Marine, Inc., Harbor Guard Boats, Inc. and Wintec Protective Systems, Inc. All intercompany balances and transactions have been eliminated in consolidation. F-8 Going Concern Recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to raise additional capital, obtain financing and to succeed in its future operations. The financial statements 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 the Company be unable to continue as a going concern. The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplates continuation of the Company as a going concern. On October 31, 2011, the Company's current liabilities exceeded its current assets by $3,206,828. Also, the Company's operations generated $440,343 revenue during the current period ended and the Company's accumulated deficit is $6,827,435. Management has taken various steps to revise its operating and financial requirements, which we believe are sufficient to provide the Company with the ability to continue on in the subsequent year. Management devoted considerable effort during the period ended October 31, 2011 towards management of liabilities and improving our operations. Management believes that the above actions will allow the Company to continue its operations through the next fiscal year. The future success of the Company is likely dependent on its ability to attain additional capital to develop its proposed products and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will obtain positive cash flow. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Consolidation The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the assets, liabilities, revenues, and expenses of our two wholly owned subsidiaries, Medina Marine, Inc. and Harbor Guard Boats, Inc. and of Wintec Protective Systems, Inc. 51% subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions are used for, but are not limited to; 1) Revenue recognition; 2) Allowance for doubtful accounts; 3) Inventory costs; 4) Asset impairments; 5) Depreciable lives of assets; 6) Income tax reserves and valuation allowances; 7) Fair value of stock options; 8) Allocation of direct and indirect cost of sales; 9) Contingent liabilities; and 10) Warranty liabilities. F-9 Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require exercise of judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates. Revenue Recognition Revenue Recognition is recognized when earned. The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue. Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts. Accounts receivable The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. At October 31, 2011 and April 30, 2010, the Company had no balance in its allowance for doubtful accounts. Inventory We carry our inventories at the lower of its cost or market value. Cost is determined using first-in, first-out ("FIFO") method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value. Fixed Assets Capital assets are stated at cost. Equipment consisting of molds is stated at cost. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. - -------------------------------------- ------------------ Property and Equipment No. of Years - -------------------------------------- ------------------ Molds 7 Manufacturing Tools 5 Computers 3 Furniture 3 Manufacturing tool HGB - used 3 Office Equipments 3 Office Phone 3 - -------------------------------------- ------------------ F-10 Long Lived Assets The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance. Impairment losses are required to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced. Comprehensive Loss Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. Issuance of Shares for Service The Company accounts for employee and non-employee stock awards, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. Fair Value of Financial Instruments The Company discloses estimated fair values of financial instruments. The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying, as financial instruments are a reasonable estimate of fair value. Foreign Currently Translations and Hedging The Company is exposed to foreign currency fluctuations due to international trade. The management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. The management does not currently hedge foreign currency exposure. Basic and Diluted Net Loss per Share Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. F-11 Products and services, geographic areas and major customers The Company earns revenue from the sale of recreational and commercial boats. The Company's products were sold domestically and internationally. The Company does not separate sales activities into different operating segments. Recently issued accounting pronouncements In June 2009, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principals" (formerly Statement of Financial Accounting Standards ("SFAS") No. 168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles"). ASC 105 establishes the FASB ASC as the single source of authoritative nongovernmental U.S. GAAP. The standard is effective for interim and annual periods ending after September 15, 2009. We adopted the provisions of the standard on September 30, 2009, which did not have a material impact on our financial statements. There were various other accounting standards and interpretations issued in 2009, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. NOTE 3 Inventory As of October 31, 2011 and April 30, 2011, inventory consisted of the following:
- ------------------------------------------------------- --------------- -------------- Item October 31 April 30, - ------------------------------------------------------- --------------- -------------- 2011 2011 ---- ---- Raw materials and supplies $ 1,961 $ 5,465 Work in progress 30,474 94,175 Finished goods -------------- -------------- Total Inventory $ 32,435 $99,640 - ------------------------------------------------------- -------------- --------------
NOTE 4 Property and equipment As of October 31, 2011 and April 30, 2011, Property and equipment consisted of the following:
- ------------------------------------------------------- --------------- -------------- Property and Equipment October 31 April 30, - ------------------------------------------------------- --------------- -------------- 2011 2011 ---- ---- Machinery and equipment; including molds & tools $893,629 $828,441 Computers 13,535 13,535 Furniture and fixtures 2,537 2,537 Office equipments 3,545 3,200 Fire Extinguisher 500 500 -------- --------- Total property and equipment 913,746 848,213 Less: Accumulated Depreciation 486,192 (422,272) ---------- --------- Total property and equipment $427,554 $ 425,941 - ---------------------------------------------------- ---------- ---------
F-12 The Company has spent on Designs for new designs for 30' and 37'and company is developing a 20' mold during the six months period ended October 31, 2011. NOTE 5 Prepaid expenses As of October 31, 2011 and April 30, 2011, prepaid expenses included operating expenses and vendor deposit in the amount of $13,012 and $31,461 respectively. NOTE 6 Accrued liabilities Our accrued liabilities as of October 31, 2011 and April 30 2011 were as follows: --------------------------------------------------- --------------- ------------ Accrued Liabilities October 31 April 30, --------------------------------------------------- --------------- ------------ 2011 2011 ------- ------- Interest- related party 12,000 10,000 Interest - notes payable -- 683 Payroll and taxes 320,251 256,490 Warranty liabilities 13,072 28,821 -------------- ------------ Total accrued liabilities $ 345,323 $ 295,994 --------------------------------------------------- -------------- ------------ NOTE 7 Short-term debt
- --------------------------------------------------------- ------------------------------- Short-term debt October 31 April 30, - --------------------------------------------------------- ------------------------------- 2011 2011 ---- ---- Line of credit - Financial Institution $ 94,932 $ 94,932 Credit card 114,950 119,632 -------- ------- Total $209,882 $214,564 ------------------------------------------------------ ------------- ---------------
As of October 31, 2011 the Company had a line of credit totaling $100,000, under which the Company may borrow on an unsecured basis at an interest rate of 8.75%. The outstanding balance as of October 31, 2011 was $94,932. The Company's remaining credit cards carry various interest rates and require monthly payments, and are substantially held in the name of or guaranteed by related parties. NOTE 8 Risk Management Activities Foreign Currency The majority of our business is denominated in U.S. dollars and fluctuations in the foreign currency markets will have a minimal effect on our business. F-13 Commodity Prices We are exposed to market risk from changes in commodity prices. The cost of our products could increase, if the prices of fiberglass and/or aluminum increases significantly, further decreasing our ability to attain profitable operations. We are not involved in any purchase commitments with any of our vendors. Insurance We are exposed to several risks, including fire, earthquakes, theft, and key person liabilities. We do not carry any insurance for these risks, other than general liability insurance, which will adversely affect our operations if any of these risks materialize. NOTE 9 Customer deposit Deposit from customers consisted of the following:
------------------------------------------------------- --------------- -------------- Customer Deposits October 31 April 30, ------------------------------------------------------- --------------- -------------- 2011 2011 ---- ---- Deposit for commercial boats $295,651 $ 217,995 Deposit for recreational boats 20,500 20,500 -------------- -------------- Total customer deposits $316,151 $ 238,495 ----------------------------------------------------- -------------- --------------
NOTE 10 Notes payable
Notes payable consisted of the following: - ------------------------------------------------------- --------------- -------------- Notes Payable October 31 April 30, - ------------------------------------------------------- --------------- -------------- 2011 2011 ---- ---- Notes payable - related party $60,699 $ 62,077 Notes payable - other 158,333 0,000 ------------ ------------- Total notes payable $219,032 $ 62,077 - ------------------------------------------------------- ------------ -------------
As of October 31, 2011, the Company had an unsecured note payable to Srikrishna Mankal, son of Madhava Rao Mankal, CFO of the Company, in the amount of $50,000, which bears interest at 8% per annum. As of October 31, 2011, accrued Interest on this note was $12,000. As of October 31, 2011, the Company had an unsecured note payable to Rosa Medina, mother of Daniel Medina, President of the Company, in the amount of $10,699, which bears interest at 8% per annum. As of October 31, 2011, accrued Interest on this note was $0. F-14 The convertible notes for $52,500 issued to Asher Enterprises, Inc. ("Asher") in June 24, 2011 are due and maturity date on the March 13, 2012 with interest of 8% per annum. These notes are convertible at the election of Asher from time to time after the issuance date. In the event of default, the amount of principal and interest not paid and the notes become immediately due and payable. Should that occur, the Company is liable to pay Asher 150% of the then outstanding principal and interest. The note agreements contain covenants requiring Asher's written consent for certain activities not in existence or not committed to by the Company on the issue date of the notes, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets and certain advances and loans in excess of $100,000. Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Asher after the issuance date into an equivalent of the Company's common stock determined by 60% of the average of the three lowest closing bid prices of the Company's common stock during the ten trading days prior to the date the conversion notice is sent by Asher. We have provided $35,000 as interest expense loss on the above transaction. The convertible notes for $42,500 issued to Asher Enterprises, Inc. ("Asher") in August 1,2011 are due and maturity date on the May 1, 2012 with interest of 8% per annum. These notes are convertible at the election of Asher from time to time after the issuance date. In the event of default, the amount of principal and interest not paid and the notes become immediately due and payable. Should that occur, the Company is liable to pay Asher 150% of the then outstanding principal and interest. The note agreements contain covenants requiring Asher's written consent for certain activities not in existence or not committed to by the Company on the issue date of the notes, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets and certain advances and loans in excess of $100,000. Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Asher after the issuance date into an equivalent of the Company's common stock determined by 60% of the average of the three lowest closing bid prices of the Company's common stock during the ten trading days prior to the date the conversion notice is sent by Asher. We have provided $28,333 as interest expense loss on the above transaction. NOTE 11 Related Party Transactions As of October 31, 2011 the Company owed $833,480 to a related party shareholder committed as part of the purchase transaction of Modena Sports Design, LLC (currently Harbor Guard Boats, Inc.) On December 28, 2010, Albert Mardikian and MGS Grand Sport, Inc., a California corporation filed a Complaint for breach of contract; money lent; account stated; accounting; declaratory relief; fraud and deceit; breach of fiduciary duty; conversion; and involuntary dissolution in Superior Court of the State of California, County of Orange against Medina International Holdings, Inc.; Modena Sports Design, LLC; Harbor Guard Boats, Inc.; Madhava Rao Mankal; and Danny Medina. Plaintiffs are seeking monetary damages exceeding $1 million as well as punitive damages in unspecified amounts and a dissolution of the Company. Mr. Mardikian is a Director and significant shareholder of the Company. The suit is in its preliminary stages and no prediction can be made as to its eventual outcome. At this stage, the Company believes that plaintiffs' claims are without merit and will vigorously defend the lawsuit in the normal course of business. F-15 NOTE 12 Shareholders' loans At October 31 2011, Shareholders' loans consisted of the following:
- ------------------------------------------------------- --------------- -------------- Shareholders' Loans October 31 April 30, - ------------------------------------------------------- --------------- -------------- 2011 2011 ---- ---- Daniel Medina, President $ 186,588 $ 163,924 Madhava Rao Mankal, Chief Financial Officer 251,424 253,896 --------------- -------------- Total Shareholders' Loans $ 438,012 $ 417,820 - ------------------------------------------------------- -------------- ---------------
Shareholders' loans are unsecured, accrued at 10% interest per annum and due on demand. Interest is accrued and included in Shareholders' loan account. From time to time, shareholders are involved in funding operations. These funds are provided and collected on an as needed basis. NOTE 13 Stockholders' equity Common Stock The Company has been authorized to issue, 500,000,000 shares of common stock with a par value of $0.0001. As of October 31, 2011 and April 30, 2011, the Company had 55,290,117 and 51,110,497 shares of its common stock issued and outstanding respectively. During the six months period ended October 31, 2010 4,179,620 common shares were issued by the Company for cash and services. Preferred Stock The Company has been authorized to issue 10,000,000 shares of preferred stock with a par value of $.01, out of which 10 shares have been designated as convertible Series `A' preferred stock ("Series A"). The Series `A' has a stated value $12,000 per share, each one share of Series `A' is convertible into 1% of the outstanding common shares at the time of conversion, may be converted at anytime, is redeemable by the Company in whole or in part at anytime at a price equal to the greater of (a) $12,000 per share or (b) the market value of the common stock into which the Series `A' is convertible, has preferential liquidation rights to common stock subject to a 150% of invested capital cap, and has voting rights equal to common stock in an amount equal to the number of shares that Series `A' could be converted into 20 preferred shares were issued or outstanding at October 31, 2010. In 2010, in satisfaction of a stock subscription payable incurred in May 01, 2007, the Company issued 20 shares of its Series `A' preferred stock to two of its executive officers, Messrs. Madhava Rao Mankal, CFO of the Company and Daniel Medina, President of the Company. Mr. Mankal and Mr. Medina each received 10 shares of Series `A' preferred stock, which was valued at $240,000 in total. F-16 NOTE 14 Acquisition Medina International Holdings, Inc. ("Company") acquired Modena Sport Designs, LLC (currently Harbor Guard Boats, Inc.) a California corporation, on June 18, 2008, as its wholly owned subsidiary. The results of operations of Modena Sport Designs, LLC included in the consolidated financial statements of the Company in the form 10-K for the year ended April 30, 2009, are from June 18, 2008 to April 30, 2009. The Company accounted for the acquisition of 100% equity of Modena Sport Designs, LLC using the purchase method. The purchase price to acquire Modena Sport Designs, LLC (fixed assets, molds, and license agreements) was 11,000,000 shares of the Company's common stock and $1,000,000 in cash payments, of which $800,000 is contingent on boat sales at the rate of 10% of price of each boat sale and $200,000 was due within two to three months upon signing of the agreement. The 11,000,000 shares of Company's common stock was valued at $0.06, which was the fair value of the Company's common stock traded on the Over-the-counter-bulletin-board (OTCBB) market. Share certificates for 11,000,000 shares were issued on June 1, 2009 and accounted in Medina international Holdings, Inc.'s books for the year ended April 30, 2009. The complete disclosure of the acquisition of Modena Sports Design, LLC (currently Harbor Guard Boats, Inc.), along with the acquired goodwill, were reported in our annual report on Form 10-K for the period ended April 30, 2010. NOTE 15 Commitments Operating Leases The Company signed a 3 year lease agreement for a 11,900 square feet building in the city of Corona, in the state of California, effective April 2010. The address for this location is 1802 Pomona Rd, Corona, CA 92880. This building is owned by unrelated parties. The lease expires on March 31, 2013, and calls for monthly payments initially at $2,600 per month plus costs, escalating over the term of the lease to $6,000 per month plus costs. The Company has various license agreements with a related party allowing its technology to be utilized in the manufacture of its boats. These licenses agreements typically provide for small periodic renewal payments, along with royalty fee payments based on a percentage (generally 1.5% - 2%) of related gross sales. NOTE 16 Subsequent Events None F-17 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CAUTIONARY AND FORWARD LOOKING STATEMENTS In addition to statements of historical fact, this Form 10-Q contains forward-looking statements. The presentation of future aspects of Medina International Holdings, Inc. ("Medina International Holdings, Inc., "Company" or "issuer") found in these statements is subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," or "could" or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause the Company's actual results to be materially different from any future results expressed or implied by Medina International Holdings, Inc. in those statements. Important facts that could prevent Medina International Holdings, Inc. from achieving any stated goals include, but are not limited to, the following: Some of these risks might include, but are not limited to, the following: (a) Volatility or decline of the Company's stock price; (b) Potential fluctuation in quarterly results; (c) Failure of the Company to earn revenues or profits; (d) Inadequate capital to continue or expand its business inability to raise additional capital or financing to implement its business plans; (e) Failure to achieve a business; (f) Rapid and significant changes in markets; (g) Litigation with or legal claims and allegations by outside parties; and (h) Insufficient revenues to cover operating costs. There is no assurance that the Company will be profitable, the Company may not be able to successfully develop, manage or market its products and services, the Company may not be able to attract or retain qualified executives and personnel, the Company's products and services may become obsolete, government regulation may hinder the Company's business, additional dilution in outstanding stock ownership may be incurred due to the issuance of more shares, warrants and stock options, or the exercise of warrants and stock options, and other risks inherent in the Company's businesses. 1 The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed by the Company and any Current Reports on Form 8-K filed by the Company. Overview We are in the business of providing quality products and services to emergency and rescue personnel who risk their lives to save others. We design, manufacture, test, deliver, and support fire rescue, rescue, and patrol watercrafts (commercial), ranging from 15' to 37' in length. Our commercial watercrafts are sold to organizations dedicated to protecting its country and its citizens. Our products are sold to fire, search & rescue, emergency, police, defense, and military departments in the United States and abroad. Fire departments are our largest customers and we rely heavily on government funded departments to achieve sales and continue our operations. In addition, we also manufacture two models of recreational watercrafts. Key Challenges We face numerous challenges to sustain our operations. We have identified some of the challenges we continue to face: a) Continuing to expand our customer base both domestically and internationally; b) Continuing to meet or exceed customer's price expectations; c) Continuing to build brand name both domestically and internationally; d) Continuing to provide quality customer support; e) Competing with established competitors; f) Continuing the development of new products to bring to market; and g) Reducing internal control weaknesses over financial reporting and disclosure. The main uncertainty about our operations is whether we will continue to receive orders for our commercial products. Our potential customers rely on federal grants or other government budgets to receive funds to purchase equipment. Depending on the size of aid received, organization's decision maker(s) purchase equipment(s) for their departments. The size of the aid received by these departments creates a demand for our product, in terms of price and features. The timing of the funds cannot be predicted for our prospective international customers. The size of the aid cannot be predicted; hence we will be unable to forecast our outlook for the coming fiscal year. In June of 2011, we acquired 51% of Wintec Protective Systems, Inc. and in June 18, 2008 we acquired Harbor Guard Boats, Inc. as our wholly owned subsidiary. Our management has recognized that our businesses is changing, and in response, we are attempting to rebalance our workforce and manufacturing capacity. We may incur costs as a result of our efforts to meet these restructuring needs. 2 In addition, our Company's accounting and financial systems need to be substantially improved in order to accommodate our current and projected production levels. We may incur costs as a result of our efforts to improve the accounting and financial systems. Strategy Our business strategy is to deliver quality products and services to aid organizations dedicated to protect its people and property. Our intent is to not only manufacture high quality watercrafts, but also to seek and/or develop innovative products to assist emergency and defense personnel and departments to become more efficient and effective in their mission. In addition, our strategy includes the following: a) Capitalize on the demand for commercial and recreational watercrafts; b) Build long-term relationships with business partners and stakeholders while providing profitability for our investors; c) Develop and expand strategic partnerships; d) Identify new products and markets to meet changing customer requirements; e) Retain and provide opportunities for growth for our employees; For the Three Months Ended October 31, 2011 Compared to the Three Months Ended October 31, 2010 The Company recognized $139,681 in revenues during the three months ended October 31, 2011 as compared to $418,791 for the three months period ended October 31, 2010, resulting a decrease in sales during the quarter of $279,110. We sold one boat for the three months ended October 31, 2010 compared to two during the three months ended October 31, 2010. Our cost of goods sold for the three months ended October 31, 2011 was $112,608 compared to $238,081 during the three months ended October 31, 2010. The decrease in cost of goods sold of $125,473 or 52.70% was a result of decrease in corresponding sales activities. During the three months ended October 31, 2011, we incurred general and administrative expenses of $449,506 compared to $125,409 during the three months ended October 31, 2010. The increase in general and administrative expenses for the three months period ended October 31, 2011 of $324,097 or 258.43% was mainly due to the development expenditure of Wintec Protective Systems, Inc. and Professional & Legal expenses. During the three months ended October 31, 2011, the Company incurred selling and marketing expenses of $23,447 compared to $37,169 during the three months ended October 31, 2010. The decrease of $13,722 or %36.91 in selling expenses was primarily due to the decrease in selling commission of $14,922. Interest expense increased by $29,082 or 150.22% for the three month period ended October 31, 2011. The Company incurred $48,441 for the three month period ended October 31, 2011 compared to $19,359 for the three month period ended October 31, 2010. Increasing in interest is mainly due to additional borrowing. During the three months ended October 31, 2011, the Company recognized a net loss of $494,321 compared to $1,227 during the three months ended October 31, 2010. Increase in net loss of $493,094 was a result of increase in administration expenses. 3 For the Six Months Ended October 31, 2011 Compared to the Six Months Ended October 31, 2010 The Company recognized $440,343 in revenue during the six months period ended October 31, 2011 as compared to $907,051 for the six months period ended October 31, 2010 resulting decrease in sales during the six months ended by $466,708. We sold three boats for the six months ended October 31, 2011 compared to five during the six months ended October 31, 2010. Our cost of goods sold for the six months ended October 31, 2011 was $293,404 compared to $580,964 during the six months ended October 31, 2010. The decrease in cost of goods sold of $287,560 or 49.49% was a result due to decrease in corresponding sales activities. During the six months ended October 31, 2011, we incurred general and administrative expenses of $724,091 compared to $240,156 during the six months ended October 31, 2010. The increase in general and administrative expenses for the six months period ended October 31, 2011 of $483,934 or 201.50% was mainly due to mainly due to the development expenditure of Wintec Protective Systems, Inc. and Professional & Legal expenses. During the six months ended October 31, 2011, the Company incurred selling and marketing expenses of $49,645 compared to $90,300 during the six months ended October 31, 2010. The decrease of $40,655 or 45.02% was primarily due to the sales commission of $35,988, freight charges of $452 and marketing expenses of $3,045. Interest expense increased by $71,088 or 242.07% for the six month period ended October 31, 2011. The Company incurred $100,454 for the six month period ended October 31, 2011 compared to $29,366 for the six month period ended October 31, 2010. Increases in interest expense is mainly due to additional borrowing. During the six months ended October 31, 2011, the Company recognized a net loss of $946,851 compared to $33,736 during the six months ended October 31, 2010. Increase in net loss of $913,115 or 2,706.64% was a result of the $483,934 increase in administration expenses and cost of acquisition of Wintec Protective Systems, Inc. $219,600. Liquidity and Capital Resources As of October 31, 2011, the Company had $65,744 cash on hand, an inventory of $32,435 and net property and equipment of $427,554. The Company's total current liabilities were $3,325,734 as of October 31, 2011, which was represented mainly accounts payable of $963,854, accrued liabilities of $345,323, deposits from customers of $316,151, short-term debt of $209,882, notes payable of $219,032 and short-term borrowings from shareholders totaling $438,012. In addition, note payable incurred as a result of acquisition amounting to $833,480 are included in the current liabilities. At October 30, 2011, the Company's current liabilities exceeded current assets by $3,206,828. The Company used $140,208 in operating activities for the six months period ended October 31, 2011 compared to usage of $38,469 for six month period ended October 31, 2010. The Company used $65,533 in investing activities for the six months period ended October 31, 2011 compared to 17,725 for six month period ended October 31, 2010. 4 During the six months period ended October 31, 2011, the Company provided $254,132 in financing activities includes loan in the amount of $95,000 from unrelated party, proceeds from sale of restricted stock for $150,000 and $20,192 from short-term borrowings from shareholder. The Company made payments includes $4,682 towards the lines of credits and credit cards and $1,378 towards notes payable related parties held by the Company.. During the six months period ended October 31, 2010, the Company made payments towards short-term borrowings from related parties, lines of credit and credit cards and notes payables in the amount of $35,213, $6,163, and $29,000, respectively. The Company has an accumulated deficit, as of October 31, 2011, of $6,827,435 compared to $6,009,376 as of April 30, 2011. The convertible notes for $52,500 issued to Asher Enterprises, Inc. ("Asher") in June 24, 2011 are due and maturity date on the March 13, 2012 with interest of 8% per annum. These notes are convertible at the election of Asher from time to time after the issuance date. In the event of default, the amount of principal and interest not paid and the notes become immediately due and payable. Should that occur, the Company is liable to pay Asher 150% of the then outstanding principal and interest. The note agreements contain covenants requiring Asher's written consent for certain activities not in existence or not committed to by the Company on the issue date of the notes, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets and certain advances and loans in excess of $100,000. Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Asher after the issuance date into an equivalent of the Company's common stock determined by 60% of the average of the three lowest closing bid prices of the Company's common stock during the ten trading days prior to the date the conversion notice is sent by Asher. We have provided $35,000 as interest expense loss on the above transaction. Contractual Obligations and Other Commercial Commitments The Company does not have sufficient capital to meet its cash needs, including the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934. Management will have to seek loans or equity placements to cover such cash needs and cover outstanding payables. Lack of existing capital may be a sufficient impediment to prevent the Company from accomplishing its goal of expanding operations. There is no assurance that the Company will be able to carry out our business. No commitments to provide additional funds have been made by the Company's management or other stockholders. Accordingly, there can be no assurance that any additional funds will be available to the Company to cover its expenses as they are incurred. Irrespective of whether the Company's cash assets prove to be inadequate to meet its operational needs, the management might seek to compensate providers of services by issuances of stock in lieu of cash. 5 Off-Balance Sheet Arrangements In accordance with the definition under SEC rules, the following qualify as off-balance sheet arrangements: a) Any obligation under certain guarantees or contracts; b) A retained or contingent interest in assets transferred to an unconsolidated entity or similar entity or similar arrangement that serves as credit, liquidity, or market risk support to that entity for such assets; c) Any obligation under certain derivative instruments; and d) Any obligation under a material variable interest held by the registrant in an unconsolidated entity that provides financing, liquidity, market risk, or credit risk support to the registrant, or engages in leasing, hedging, or research and development services with the registrant. The following will address each of the above items pertaining to the Company. As of October 31, 2011, we do not have any obligation under certain guarantees or contracts as defined above. As of October 31, 2011, we do not have any retained or contingent interest in assets as defined above. As of October 31, 2011, we do not hold derivative financial instruments. Accounting for Derivative Instrument and Hedging Activities as amended. As of October 31, 2011, we did not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities ("SPEs"), which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As of October 31, 2011 and April 30, 2011, we were not involved in any unconsolidated SPE transactions. Dividends The Company has not declared or paid any cash dividend on its common stock and does not anticipate paying dividends for the foreseeable future. Recent Accounting Pronouncements There were various other accounting standards and interpretations issued in 2009, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. Going Concern The Company's auditors have issued a "going concern" qualification as part of their opinion in the Audit Report. For the year ended April 30, 2011, there was substantial doubt about the ability of the Company to continue as a "going concern." The Company has limited capital, debt in excess of $3,206,828 no significant cash, minimal other assets, and no capital commitments. 6 ITEM 3.QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not Applicable ITEM 4.CONTROLS AND PROCEDURES Disclosures Controls and Procedures We have adopted and maintained disclosure controls and procedures (as such term is defined in Rules 13a 15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is gathered and communicated to our management, including our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), as appropriate, to allow for timely decisions regarding required disclosure. As required by SEC Rule 15d-15(b), our Chief Executive Officer carried out an evaluation under the supervision and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 15d-14 as of the end of the period covered by this report. Based on the foregoing evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures are not effective in timely alerting them to material information required to be included in our periodic SEC filings and to ensure that information required to be disclosed in our periodic SEC filings is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure as a result of the deficiency in our internal control over financial reporting discussed below. There was no change in our internal control over financial reporting that occurred during the quarter ended October 31, 2011, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS On December 28, 2010, Albert Mardikian and MGS Grand Sport, Inc., a California corporation filed a Complaint for breach of contract; money lent; account stated; accounting; declaratory relief; fraud and deceit; breach of fiduciary duty; conversion; and involuntary dissolution in Superior Court of the State of California, County of Orange against Medina International Holdings, Inc.; Modena Sports Design, LLC; Harbor Guard Boats, Inc.; Madhava Rao Mankal; and Danny Medina. Plaintiffs are seeking monetary damages exceeding $1 million as well as punitive damages in unspecified amounts and a dissolution of the Company. Mr. Mardikian is a Director and significant shareholder of the Company. The suit is in its preliminary stages and no prediction can be made as to its eventual outcome. At this stage, the Company believes that plaintiffs' claims are without merit and will vigorously defend the lawsuit in the normal course of business. 7 ITEM 2. CHANGES IN SECURITIES - During the period of May 1, 2011 through October 31, 2011, the Company issued 3,000,000 common shares at $.08 per share of its common stock to Wintec Protective Systems, Inc. for the value of $240,000 in exchange for 51% of the equity of Wintec Protective Systems. The Company also issued 100,000 common shares at $0.08 to two Independent Directors toward fees, 50,000 common shares at $0.10 per share for the value of $5,000 as legal consulting to patent attorney, 1,000,000 common shares in lieu of cash in the amount of $150,000 at price of $0.15 per share and 29,620 common shares towards settlement of interest on loan amounting to $2,962. Exemption From Registration Claimed All of the above sales by the Company of its unregistered securities were made by the Company in reliance upon Section 4(2) of the Securities Act of 1933, as amended (the "1933 Act"). All of the individuals and/or entities that purchased the unregistered securities were known to the Company and its management, through pre-existing business relationships. All purchasers were provided access to all material information, which they requested, and all information necessary to verify such information and were afforded access to management of the Company in connection with their purchases. All purchasers of the unregistered securities acquired such securities for investment and not with a view toward distribution, acknowledging such intent to the Company. All certificates or agreements representing such securities that were issued contained restrictive legends, prohibiting further transfer of the certificates or agreements representing such securities, without such securities either being first registered or otherwise exempt from registration in any further resale or disposition. ITEM 3. DEFAULTS UPON SENIOR SECURITIES - None. ITEM 4. REMOVED AND RESERVED None. ITEM 5 OTHER INFORMATION - None. ITEM 6. EXHIBITS - Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K. Exhibit 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act Exhibit 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act Exhibit 32.1 Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act Exhibit 32.2 Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act 8 101.INS XBRL Instance Document (1) 101.SCH XBRL Taxonomy Extension Schema Document (1) 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document (1) 101.DEF XBRL Taxonomy Extension Definition Linkbase Document (1) 101.LAB XBRL Taxonomy Extension Label Linkbase Document (1) 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document (1) ----------------- (1) Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. SIGNATURES Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MEDINA INTERNATIONAL HOLDINGS, INC. (Registrant) Dated: December __, 2011 By: /s/ Daniel Medina ----------------------------------- Daniel Medina, President Dated: December __, 2011 By: /s/ Madhava Rao Mankal ----------------------------------- Madhava Rao Mankal, Chief Financial Officer EX-31 2 ex31dm.txt CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a) (Section 302 of the Sarbanes Oxley Act of 2002) I, Daniel Medina, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Medina International Holdings, 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 issuer as of, and for, the periods presented in this report; 4. As registrant's certifying officer I am 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)) 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 issuer, 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 issuer'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 issuer's internal control over financial reporting that occurred during the registrant issuer's most recent fiscal quarter (the registrant issuer's 4th quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant issuer's internal control over financial reporting; and 5. As the registrant issuer's certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant issuer's auditors and the audit committee of the registrant issuer'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 issuer'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 issuer's internal control over financial reporting. Date: December 7, 2011 By:/s/ Daniel Medina --------------------------- Daniel Medina President and Chief Executive Officer EX-31 3 ex31rm.txt CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a) (Section 302 of the Sarbanes Oxley Act of 2002) I, Madhava Rao Mankal, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Medina International Holdings, 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 issuer as of, and for, the periods presented in this report; 4. As registrant's certifying officer I am 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)) 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 issuer, 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 issuer'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 issuer's internal control over financial reporting that occurred during the registrant issuer's most recent fiscal quarter (the registrant issuer's 4th quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant issuer's internal control over financial reporting; and 5. As the registrant issuer's certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant issuer's auditors and the audit committee of the registrant issuer's board of directors (or persons performing the equivalent functions): a. 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I, Daniel Medina, President of the company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief. (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 operations of the Company. /s/ Daniel Medina -------------------------------- Daniel Medina, President Date: December 7, 2011 EX-32 5 ex32rm.txt EXHIBIT 32 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 Quarterly Report of Medina International Holdings, Inc. (the "Company") on Form 10-Q for the period ending October 31, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"). 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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Cash Receivables Inventory Total current assets Fixed Assets: Property & Equipment Accumulated depreciation Total Property & Equipment Other Assets: Prepaid Expenses TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Accounts payable Accrued liabilities Short term debt Customer Deposit Stock subscription payable Notes payable Related party payable Related Parties - short-term borrowings from shareholders Total current liabilities Stockholders' equity (deficit): Preferred stock, Series 'A' , $.01 par value, 50 shares authorized, 20 issued and outstanding as on October 31, 2011 and April 30, 2011 Common stock, $0.0001 par value, 500,000,000 shares authorized, 55,290,117 and 51,110,497 shares issued and outstanding on October 31, 2011 and April 30, 2011 Additional paid-in capital Accumulated deficit Total Medina International Holdings, Inc. stockholders' equity Noncontrolling interest Total stockholders' equity (deficit) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Stockholders' Equity Preferred Stock shares par value Preferred Stock shares Authorized Preferred stock, issued shares Preferred stock, outstanding shares Common Stock shares par value Common Stock shares Authorized Common Stock shares Issued Common Stock shares Outstanding Consolidated Statement Of Operations Sales, net Cost of Goods Sold Gross Profit (Loss) General and administrative expenses Selling and marketing expenses Cost of acquisition for majority of Wintec Protective Systems, Inc. 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Net loss per share (Medina International Holdings, Inc.): Basic Diluted Weighted average number of shares outstanding: Basic Diluted Statement of Cash Flows [Abstract] Cash flows from operating activities: Net loss Adjustments to reconcile net loss to net cash used in operating activities: Common stock expenses Depreciation expenses Stock issued for acquiring majority of Wintec Interest on Convertible Notes Stock issued for services Changes in operating assets and liabilities: Impairment Loss on Investment (Increase) decrease in accounts receivable (increase) decrease in other receivables (Increase) decrease in inventory Increase (decrease) in accounts payable and accrued liabilities Increase (decrease) in customer deposits (Increase) decrease in prepaid expenses Total adjustments Net cash received from (used in) operating activities Cash flows from investing activities: Purchase of property and equipment Net cash used in investing activities Cash flows from financing activities: Proceeds (payments) on/from notes payables, related party Proceeds (payment) on/from note payable Proceeds (payment) on/from Lines of Credit & Credit Cards Proceeds (Payments) from short-term borrowings Shareholders Proceeds from sale of stock Net cash (used in) provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents - beginning of period Cash and cash equivalents - end of period Supplemental disclosure of cash flow information: Interest Paid Taxes paid Non-cash financing and investing activities: Equipment Purchased from related party Stock issued for compensation Statement [Table] Statement [Line Items] Opening Balance, shares Opening Balance, amount Stock issued to Directors, shares Stock issued to Directors, amount Stock issued for services, shares Stock issued for services, amount Stock issued for cash, Shares Stock issued for cash, Amount Stock Issued for Loan Interest, Shares Stock Issued for Loan Interest, Amount Stock issued for 51% acquisition, shares Stock issued for 51% acquisition, amount Ending Balance, shares Ending Balance, amount Statement of Stockholders' Equity [Abstract] Notes to Financial Statements BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventory Property and equipment Prepaid expenses Accrued liabilities Short-term debt Risk Management Activities Customer deposit Notes payable Related Party Transactions Shareholders' loans Stockholders' equity Acquisition Commitments Subsequent Events Assets, Current Property, Plant and Equipment, Net Assets Liabilities, Current Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Gross Profit Operating Income (Loss) Nonoperating Income (Expense) Net Income (Loss) Attributable to Parent Weighted Average Number of Shares Outstanding, Basic Weighted Average Number of Shares Outstanding, Diluted Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Shares, Issued Inventory Disclosure [Text Block] Schedule of Accrued Liabilities [Table Text Block] Debt Disclosure [Text Block] EX-101.PRE 10 mihi-20111031_pre.xml EX-101.DEF 11 mihi-20111031_def.xml ZIP 12 0001072588-11-000250-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001072588-11-000250-xbrl.zip M4$L#!!0````(`&F+B#]?56(UHT4``(^B`@`1`!P`;6EH:2TR,#$Q,3`S,2YX M;6Q55`D``\8YX4[&.>%.=7@+``$$)0X```0Y`0``[%WK<]LXDO]^5?<_\+PU MNTF59?/]R&M+L9V,;Q+;8WMV=C]=T21D88S"OG"QG'ZLE`4EQ8U MTZ(X*^JCA7(Q\H[NHX=C>`'E%:4G*SU-R8H3-*B$;![#VZP@CB-=5:PZ^=(2 M685)W+MWW?&LPL"-[UCAZ8L2,/"&1`&*2^NP-R65PB@,)Z-R7'Y"CI/G,3J& M0CTHA0CV9O565RI6``ST<3DZ]J8$W??SG\]G%48(K-[%PR,O&J5E%9F6S4R? 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Inventory
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Inventory

As of October 31, 2011 and April 30, 2011, inventory consisted of the following:

 

Item  October 31,  April 30,
   2011  2011
           
Raw materials and supplies  $1,961   $5,465 
Work in progress   30,474    94,175 
Finished goods   —      —   
Total Inventory  $32,435   $99,640 

 
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` end XML 16 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of significant accounting policies
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation and Consolidation

 

The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the assets, liabilities, revenues, and expenses of our two wholly owned subsidiaries, Medina Marine, Inc. and Harbor Guard Boats, Inc. and of Wintec Protective Systems, Inc. 51% subsidiary. All intercompany balances and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions are used for, but are not limited to;

 

1) Revenue recognition;

2) Allowance for doubtful accounts;

3) Inventory costs;

4) Asset impairments;

5) Depreciable lives of assets;

6) Income tax reserves and valuation allowances;

7) Fair value of stock options;

8) Allocation of direct and indirect cost of sales;

9) Contingent liabilities; and

10) Warranty liabilities.

 

Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require exercise of judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates.

 

Revenue Recognition

 

Revenue Recognition is recognized when earned. The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue.

 

Cash and Cash Equivalents

 

The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts.

 

Accounts receivable

 

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. At October 31, 2011 and April 30, 2010, the Company had no balance in its allowance for doubtful accounts.

 

 

Inventory

 

We carry our inventories at the lower of its cost or market value. Cost is determined using first-in, first-out ("FIFO") method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value.

 

Fixed Assets

 

Capital assets are stated at cost. Equipment consisting of molds is stated at cost. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred.

 

- -------------------------------------- ------------------

Property and Equipment No. of Years

- -------------------------------------- ------------------

Molds 7

Manufacturing Tools 5

Computers 3

Furniture 3

Manufacturing tool HGB - used 3

Office Equipments 3

Office Phone 3

- -------------------------------------- ------------------

 

Long Lived Assets

 

The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance. Impairment losses are required to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced.

 

 

 

Comprehensive Loss

 

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income.

 

Issuance of Shares for Service

 

The Company accounts for employee and non-employee stock awards, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

 

Fair Value of Financial Instruments

 

The Company discloses estimated fair values of financial instruments. The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying, as financial instruments are a reasonable estimate of fair value.

 

Foreign Currently Translations and Hedging

 

The Company is exposed to foreign currency fluctuations due to international trade. The management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. The management does not currently hedge foreign currency exposure.

 

Basic and Diluted Net Loss per Share

 

Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised.

 

Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

 

Products and services, geographic areas and major customers

 

The Company earns revenue from the sale of recreational and commercial boats. The Company’s products were sold domestically and internationally. The Company does not separate sales activities into different operating segments.

 

Recently issued accounting pronouncements

 

In June 2009, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principals" (formerly Statement of Financial Accounting Standards ("SFAS") No. 168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles"). ASC 105 establishes the FASB ASC as the single source of authoritative nongovernmental U.S. GAAP. The standard is effective for interim and annual periods ending after September 15, 2009. We adopted the provisions of the standard on September 30, 2009, which did not have a material impact on our financial statements.

 

There were various other accounting standards and interpretations issued in 2009, none of which are expected to have a material impact on the Company's financial position, operations or cash flows.
XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Oct. 31, 2011
Apr. 30, 2011
ASSETS    
Cash $ 65,744 $ 17,353
Receivables 20,727 5,890
Inventory 32,435 99,640
Total current assets 118,906 122,883
Fixed Assets:    
Property & Equipment 913,746 848,213
Accumulated depreciation (486,192) (422,272)
Total Property & Equipment 427,554 425,941
Other Assets:    
Prepaid Expenses 13,012 31,461
TOTAL ASSETS 559,472 580,285
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)    
Accounts payable 963,854 759,866
Accrued liabilities 345,323 295,994
Short term debt 209,882 214,564
Customer Deposit 316,151 238,495
Stock subscription payable 0 2,962
Notes payable 219,032 62,077
Related party payable 833,480 833,480
Related Parties - short-term borrowings from shareholders 438,012 417,820
Total current liabilities 3,325,734 2,825,258
Stockholders' equity (deficit):    
Preferred stock, Series 'A' , $.01 par value, 50 shares authorized, 20 issued and outstanding as on October 31, 2011 and April 30, 2011 240,000 240,000
Common stock, $0.0001 par value, 500,000,000 shares authorized, 55,290,117 and 51,110,497 shares issued and outstanding on October 31, 2011 and April 30, 2011 5,529 5,111
Additional paid-in capital 3,924,836 3,519,292
Accumulated deficit (6,827,435) (6,009,376)
Total Medina International Holdings, Inc. stockholders' equity (2,657,070) (2,244,973)
Noncontrolling interest (109,192) 0
Total stockholders' equity (deficit) (2,766,262) (2,244,973)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $ 559,472 $ 580,285
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders Equity (Unaudited) (USD $)
Common Stock
Preferred Stock
Additional Paid-In Capital
Retained Earnings / Accumulated Deficit
Equity - Medina International
Noncontrolling Interest
Total
Opening Balance, amount at Apr. 30, 2010 $ 5,100 $ 240,000 $ 3,513,928 $ (5,443,354) $ (1,684,326)   $ (1,684,326)
Opening Balance, shares at Apr. 30, 2010 51,006,747 20          
Stock issued to Directors, shares 93,750            
Stock issued to Directors, amount 10   4,365   4,375   4,375
Stock issued for services, shares 10,000            
Stock issued for services, amount 1   999   1,000   1,000
Net loss       (566,022) (566,022)   (566,022)
Ending Balance, amount at Apr. 30, 2011 5,111 240,000 3,519,292 (6,009,376) (2,244,973)   (2,244,973)
Ending Balance, shares at Apr. 30, 2011 51,110,497 20          
Stock issued to Directors, shares 100,000            
Stock issued to Directors, amount 10   7,990   8,000   8,000
Stock issued for services, shares 50,000            
Stock issued for services, amount 5   4,995   5,000   5,000
Stock issued for cash, Shares 1,000,000            
Stock issued for cash, Amount 100   149,900   150,000   150,000
Stock Issued for Loan Interest, Shares 29,620            
Stock Issued for Loan Interest, Amount 3   2,959   2,962   2,962
Stock issued for 51% acquisition, shares 3,000,000            
Stock issued for 51% acquisition, amount 300   239,700   240,000 19,600 259,600
Net loss       (818,059) (818,059) (128,792) (946,851)
Ending Balance, amount at Oct. 31, 2011 $ 5,529 $ 240,000 $ 3,924,836 $ (6,827,435) $ (2,657,070) $ (109,192) $ (2,766,262)
Ending Balance, shares at Oct. 31, 2011 55,290,117 20          
XML 19 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Subsequent Events

 

None
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Business, basis of presentation and accounting policies
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES

 

Medina International Holdings, Inc. ("Company," "Medina," "we," "us," "our") was incorporated in 1998 as Colorado Community Broadcasting, Inc. The Company intended to purchase low power television licenses or stations and planned to broadcast local programming mixed with appropriate national programming. The Company changed the name of the business in 2005 to Medina International Holdings, Inc.

 

The Company, under its two wholly owned subsidiaries, Harbor Guard Boats, Inc. and Medina Marine, Inc., plans to manufacture and sell recreational and commercial boats. The Company formed Medina Marine, Inc., as a wholly owned subsidiary of the Company, on May 22, 2006 to manufacture and sell fire rescue, rescue and recreational boats.

 

The Company signed an agreement to acquire Modena Sports Design, LLC, as a wholly owned subsidiary of the Company on June 18, 2008. Modena Sports Design, LLC was formed in the State of California in 2003 to produce fire rescue, rescue and recreational boats. Modena Sports Design, LLC reorganized as a California corporation on January 7, 2010 changed its name to Harbor Guard Boats, Inc.

 

The Company entered into an agreement with WinTec Protective Systems, Inc. on June 28, 2011 to acquire 51% of the equity or 20,400,000 common shares of WinTec Protective Systems, Inc. in exchange for 3,000,000 common shares of the Company.

 

Wintec Protective Systems, Inc. formed Security Glass Solution, Inc. a wholly owned subsidiary in the State of Texas on July 28, 2011.

 

Agreement with Wintec Protective Systems, Inc.

 

On June 28, 2011, Medina International Holdings, Inc. entered into a Contribution and Exchange Agreement with WinTec Protective Systems, Inc. ("WinTec.") As part of the Contribution and Exchange Agreement, the Company agreed to issue 3,000,000 shares of its restricted common stock in exchange for 20,400,000 shares of the common stock of WinTec. As a result of such exchange, the Company holds 51% of the issued and outstanding common stock of WinTec, making WinTec a subsidiary of the Company.

Wintec was incorporated in the State of Texas. Wintec's Operations are located in Houston, Texas. Wintec has developed various products such as CORTAIN, Hydro-Tain, and Blast Block. Medina International Holdings, Inc. has first right to use CORTAIN, anti-corrosion material for small marine crafts.

As part of the Contribution and Exchange Agreement, the Company has agreed to register the 3,000,000 shares issued with the Securities and Exchange Commission ("SEC") for resale by WinTec. If any of the following occur:

(i) the Registration Statement is not filed on or before the Required Filing Date,

(ii) the Registration Statement is not declared effective on or before the Required Effective Date, or

(iii)the Registration Statement is declared effective but cease to be effective for a period of time which shall exceed three hundred and sixty five (365) days in the aggregate per year (defined as a period of 365 days commencing on the date the Registration Statement is declared effective)then the Company will be required to pay WinTec an amount equal to one-half percent (0.5%) of the fair market value of the 3,000,000 shares of the Company's common stock on the first business day after the non-registration event and for each subsequent thirty (30) day period (pro rata for any period less than thirty (30) days) which are subject to such Non-Registration Event.

Stock Redemption and Purchase Agreement

Concurrent with the signing of the Contribution and Exchange Agreement, the Company also entered into a Stock Redemption and Purchase Agreement with WinTec. The Stock Redemption and Purchase Agreement provides that provides WinTec the right to repurchase 12,400,000 shares of its common stock held by the Company upon the closing of the Contribution and Exchange Agreement in exchange for $1,500,000(amended to $237,658 on October 24,2011). In addition, the Company has agreed to issue to WinTec an option to purchase up to 3,000,000 shares of its restricted common stock at an exercise price of $0.10 per share.

The Stock Redemption and Purchase Agreement provides that the WinTec Board of Directors shall be reduced from 7 to 6 directors and that the Company will have the ability to appoint 2 of the directors.

Upon the completion of the Stock Redemption and Purchase Agreement, the Company will hold 8,000,000 shares of WinTec, representing 20% of the issued and outstanding common stock of WinTec.

Loan Agreement and Revolving Promissory Note

Concurrent to the signing of the Contribution and Exchange Agreement, the Company entered into a Loan Agreement and Revolving Promissory Note with WinTec. As part of the Loan Agreement, the Company has agreed to lend to WinTec $1,500,000 (amended to $237,658 on October 24,2011) cash to be used by WinTec to expand its business operations, which includes at some future point moving their laboratory facility from Texas to California.

The Loan Agreement provides for the funds to be delivered to WinTec, as set forth below:

- Fifty Thousand Dollars ($50,000) upon execution of the loan documentation, and

- Four Hundred Fifty Thousand ($450,000) amended to $187,658 on October 24, 2011 and 90 days after the execution of the loan documentation

The Loan Agreement provides for the Company to be issued an exclusive license for the use of WinTec's anti-corrosion material for small marine craft, pursuant and the first right of first refusal to exclusively license such intellectual property of WinTec as it may license to third parties.

The Revolving Promissory Note has an annual interest rate of 1% and a term of four (4) years from the date of issuance. The Revolving Promissory Note does not provide for a payment schedule, only that payments will be made as requested by the Company.

 

Stock Issuance

On June 28, 2011, as part of the Contribution and Exchange Agreement and the Stock Redemption and Purchase Agreement, the Company made the following issuances of its restricted common stock and equity instruments:

- 3,000,000 shares of its restricted common stock to WinTec pursuant to the Contribution and Exchange Agreement in exchange for 20,400,000 shares of the common stock of WinTec.

- An option to purchase 3,000,000 shares of the Company's restricted common stock at an exercise price of $0.10 per share to WinTec as part of the Stock Redemption and Purchase Agreement.

The future success of the Company is likely dependent on its ability to obtain additional capital to develop its proposed products and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will obtain positive cash flow.

 

Presentation of Interim Information

 

In the opinion of the management of the Company, the accompanying unaudited financial statements include all normal adjustments considered necessary to present fairly the financial position and operating results of the Company for the periods presented. The financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2011. It is management's opinion that when the interim financial statements are read in conjunction with the April 30, 2011 Annual Report on Form 10-K, the disclosures are adequate to make the information presented not misleading. Interim results are not necessarily indicative of results for a full year or any future period. The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the assets, liabilities, revenues, and expenses of subsidiaries, Medina Marine, Inc., Harbor Guard Boats, Inc. and Wintec Protective Systems, Inc. All intercompany balances and transactions have been eliminated in consolidation.

 

Going Concern

 

Recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to raise additional capital, obtain financing and to succeed in its future operations. The financial statements 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 the Company be unable to continue as a going concern.

 

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplates continuation of the Company as a going concern. On October 31, 2011, the Company's current liabilities exceeded its current assets by $3,206,828. Also, the Company's operations generated $440,343 revenue during the current period ended and the Company's accumulated deficit is $6,827,435.

 

Management has taken various steps to revise its operating and financial requirements, which we believe are sufficient to provide the Company with the ability to continue on in the subsequent year. Management devoted considerable effort during the period ended October 31, 2011 towards management of liabilities and improving our operations. Management believes that the above actions will allow the Company to continue its operations through the next fiscal year.

 

The future success of the Company is likely dependent on its ability to attain additional capital to develop its proposed products and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will obtain positive cash flow.
XML 22 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
Oct. 31, 2011
Apr. 30, 2011
Stockholders' Equity    
Preferred Stock shares par value $ 0.01 $ 0.01
Preferred Stock shares Authorized 50 50
Preferred stock, issued shares 20 20
Preferred stock, outstanding shares 20 20
Common Stock shares par value $ 0.0001 $ 0.0001
Common Stock shares Authorized 500,000,000 500,000,000
Common Stock shares Issued 55,290,117 51,110,497
Common Stock shares Outstanding 55,290,117 51,110,497
XML 23 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Related Party Transactions

As of October 31, 2011 the Company owed $833,480 to a related party shareholder committed as part of the purchase transaction of Modena Sports Design, LLC (currently Harbor Guard Boats, Inc.)

 

On December 28, 2010, Albert Mardikian and MGS Grand Sport, Inc., a California corporation filed a Complaint for breach of contract; money lent; account stated; accounting; declaratory relief; fraud and deceit; breach of fiduciary duty; conversion; and involuntary dissolution in Superior Court of the State of California, County of Orange against Medina International Holdings, Inc.; Modena Sports Design, LLC; Harbor Guard Boats, Inc.; Madhava Rao Mankal; and Danny Medina. 

Plaintiffs are seeking monetary damages exceeding $1 million as well as punitive damages in unspecified amounts and a dissolution of the Company. Mr. Mardikian is a Director and significant shareholder of the Company. The suit is in its preliminary stages and no prediction can be made as to its eventual outcome. At this stage, the Company believes that plaintiffs' claims are without merit and will vigorously defend the lawsuit in the normal course of business.

 
XML 24 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 6 Months Ended
Oct. 31, 2011
Dec. 08, 2011
Document And Entity Information    
Entity Registrant Name MEDINA INTERNATIONAL HOLDINGS, INC.  
Entity Central Index Key 0001093248  
Document Type 10-Q  
Document Period End Date Oct. 31, 2011  
Amendment Flag false  
Current Fiscal Year End Date --04-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 852,450
Entity Common Stock, Shares Outstanding   55,290,117
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
XML 25 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' loans
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Shareholders' loans

 

At October 31 2011, Shareholders' loans consisted of the following:

 

Shareholders’ Loans  October 31,  April 30,
   2011  2011
Daniel Medina, President  $186,588   $163,924 
Madhava Rao Mankal, Chief Financial Officer   251,424    253,896 
Total Shareholders’ Loans  $438,012   $417,820 

 

 

Shareholders' loans are unsecured, accrued at 10% interest per annum and due on demand.

 

Interest is accrued and included in Shareholders' loan account. From time to time, shareholders are involved in funding operations. These funds are provided and collected on an as needed basis.
XML 26 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statement of Operations (Unaudited) (USD $)
 3 Months Ended 6 Months Ended
Oct. 31, 2011
Oct. 31, 2010
Oct. 31, 2011
Oct. 31, 2010
Consolidated Statement Of Operations        
Sales, net $ 139,681 $ 418,791 $ 440,343 $ 907,051
Cost of Goods Sold 112,608 238,081 293,404 580,964
Gross Profit (Loss) 27,073 180,710 146,939 326,087
General and administrative expenses 449,506 125,409 724,091 240,157
Selling and marketing expenses 23,447 37,169 49,645 90,300
Cost of acquisition for majority of Wintec Protective Systems, Inc. 0 0 219,600 0
Income (Loss) from operations (445,880) 18,132 (846,397) (4,370)
Other income (expense)        
Interest expense (48,441) (19,359) (100,454) (29,366)
Net other loss (48,441) (19,359) (100,454) (29,366)
Loss before income tax (expense) benefit (494,321) (1,227) (946,851) (33,736)
Income tax (expense) benefit 0 0 0 0
Net Income (loss) (494,321) (1,227) (946,851) (33,736)
Less: Net (income) loss attributable to noncontrolling interest 128,791 0 128,791 0
Net Income (loss) attributable to Medina Internationa Holdings, Inc. $ (365,530) $ (1,227) $ (818,060) $ (33,736)
Net loss per share (Medina International Holdings, Inc.):        
Basic $ (0.01) $ 0 $ (0.02) $ 0
Diluted $ (0.01) $ 0 $ (0.02) $ 0
Weighted average number of shares outstanding:        
Basic 55,818,598 51,006,747 55,818,598 51,006,747
Diluted 55,818,598 51,006,747 55,818,598 51,006,747
XML 27 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accrued liabilities
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Accrued liabilities

 

Our accrued liabilities as of October 31, 2011 and April 30 2011 were as follows:

 

 

Accrued Liabilities  October 31,  April 30,
   2011  2011
Interest – related party  $12,000   $10,000 
Interest – notes payable   —      683 
Payroll and taxes   320,251    256,490 
Warranty liabilities   13,072    28,821 
Total accrued liabilities  $345,323   $295,994 
XML 28 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Prepaid expenses
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Prepaid expenses

 

As of October 31, 2011 and April 30, 2011, prepaid expenses included operating expenses and vendor deposit in the amount of $13,012 and $31,461 respectively.
XML 29 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' equity
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Stockholders' equity

 

Common Stock

 

The Company has been authorized to issue, 500,000,000 shares of common stock with a par value of $0.0001. As of October 31, 2011 and April 30, 2011, the Company had 55,290,117 and 51,110,497 shares of its common stock issued and outstanding respectively. During the six months period ended October 31, 2010 4,179,620 common shares were issued by the Company for cash and services.

 

Preferred Stock

 

The Company has been authorized to issue 10,000,000 shares of preferred stock with a par value of $.01, out of which 10 shares have been designated as convertible Series `A' preferred stock ("Series A"). The Series `A' has a stated value $12,000 per share, each one share of Series `A' is convertible into 1% of the outstanding common shares at the time of conversion, may be converted at anytime, is redeemable by the Company in whole or in part at anytime at a price equal to the greater of (a) $12,000 per share or (b) the market value of the common stock into which the Series `A' is convertible, has preferential liquidation rights to common stock subject to a 150% of invested capital cap, and has voting rights equal to common stock in an amount equal to the number of shares that Series `A' could be converted into 20 preferred shares were issued or outstanding at October 31, 2010.

 

In 2010, in satisfaction of a stock subscription payable incurred in May 01, 2007, the Company issued 20 shares of its Series `A' preferred stock to two of its executive officers, Messrs. Madhava Rao Mankal, CFO of the Company and Daniel Medina, President of the Company. Mr. Mankal and Mr. Medina each received 10 shares of Series `A' preferred stock, which was valued at $240,000 in total.

 
XML 30 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Customer deposit
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Customer deposit

 

Deposit from customers consisted of the following:

 

Customer Deposits  October 31,  April 30,
   2011  2011
Deposit for commercial boats  $295,651   $217,995 
Deposit for recreational boats   20,500    20,500 
Total customer deposits  $316,151   $238,495 
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Short-term debt
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Short-term debt

 

 

Short-term debt  October 31,  April 30,
   2011  2011
Line of credit – Financial Institution  $94,932   $94,932 
Credit card   114,950    119,632 
Total  $209,882   $214,564 

 

 

As of October 31, 2011 the Company had a line of credit totaling $100,000, under which the Company may borrow on an unsecured basis at an interest rate of 8.75%. The outstanding balance as of October 31, 2011 was $94,932.

 

The Company's remaining credit cards carry various interest rates and require monthly payments, and are substantially held in the name of or guaranteed by related parties.
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Risk Management Activities
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Risk Management Activities

 

Foreign Currency

 

The majority of our business is denominated in U.S. dollars and fluctuations in the foreign currency markets will have a minimal effect on our business.

 

Commodity Prices

 

We are exposed to market risk from changes in commodity prices. The cost of our products could increase, if the prices of fiberglass and/or aluminum increases significantly, further decreasing our ability to attain profitable operations. We are not involved in any purchase commitments with any of our vendors.

 

Insurance

 

We are exposed to several risks, including fire, earthquakes, theft, and key person liabilities. We do not carry any insurance for these risks, other than general liability insurance, which will adversely affect our operations if any of these risks materialize.
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Notes payable
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Notes payable

 

Notes payable consisted of the following:

 

Notes Payable  October 31,  April 30,
   2011  2011
Notes payable – related party  $60,699   $62,077 
Notes payable – other   158,333    —   
Total notes payable  $219,032   $62,077 

 

As of October 31, 2011, the Company had an unsecured note payable to Srikrishna Mankal, son of Madhava Rao Mankal, CFO of the Company, in the amount of $50,000, which bears interest at 8% per annum. As of October 31, 2011, accrued Interest on this note was $12,000.

 

As of October 31, 2011, the Company had an unsecured note payable to Rosa Medina, mother of Daniel Medina, President of the Company, in the amount of $10,699, which bears interest at 8% per annum. As of October 31, 2011, accrued Interest on this note was $0.

 

The convertible notes for $52,500 issued to Asher Enterprises, Inc. (“Asher”) in June 24, 2011 are due and maturity date on the March 13, 2012 with interest of 8% per annum. These notes are convertible at the election of Asher from time to time after the issuance date. In the event of default, the amount of principal and interest not paid and the notes become immediately due and payable. Should that occur, the Company is liable to pay Asher 150% of the then outstanding principal and interest. The note agreements contain covenants requiring Asher’s written consent for certain activities not in existence or not committed to by the Company on the issue date of the notes, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets and certain advances and loans in excess of $100,000. Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Asher after the issuance date into an equivalent of the Company’s common stock determined by 60% of the average of the three lowest closing bid prices of the Company’s common stock during the ten trading days prior to the date the conversion notice is sent by Asher. We have provided $35,000 as interest expense loss on the above transaction.

The convertible notes for $42,500 issued to Asher Enterprises, Inc. (“Asher”) in August 1,2011 are due and maturity date on the May 1, 2012 with interest of 8% per annum. These notes are convertible at the election of Asher from time to time after the issuance date. In the event of default, the amount of principal and interest not paid and the notes become immediately due and payable. Should that occur, the Company is liable to pay Asher 150% of the then outstanding principal and interest. The note agreements contain covenants requiring Asher’s written consent for certain activities not in existence or not committed to by the Company on the issue date of the notes, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets and certain advances and loans in excess of $100,000. Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Asher after the issuance date into an equivalent of the Company’s common stock determined by 60% of the average of the three lowest closing bid prices of the Company’s common stock during the ten trading days prior to the date the conversion notice is sent by Asher. We have provided $28,333 as interest expense loss on the above transaction.
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Commitments
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Commitments

 

Operating Leases

 

The Company signed a 3 year lease agreement for a 11,900 square feet building in the city of Corona, in the state of California, effective April 2010. The address for this location is 1802 Pomona Rd, Corona, CA 92880. This building is owned by unrelated parties. The lease expires on March 31, 2013, and calls for monthly payments initially at $2,600 per month plus costs, escalating over the term of the lease to $6,000 per month plus costs.

 

The Company has various license agreements with a related party allowing its technology to be utilized in the manufacture of its boats. These licenses agreements typically provide for small periodic renewal payments, along with royalty fee payments based on a percentage (generally 1.5% - 2%) of related gross sales.
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Consolidated Statement of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Oct. 31, 2011
Oct. 31, 2010
Cash flows from operating activities:    
Net loss $ (946,851) $ (33,736)
Adjustments to reconcile net loss to net cash used in operating activities:    
Common stock expenses 0 2,625
Depreciation expenses 63,920 78,556
Stock issued for acquiring majority of Wintec 259,600 0
Interest on Convertible Notes 68,333 0
Stock issued for services 13,000 0
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (14,837) 62,283
(increase) decrease in other receivables 0 (2,570)
(Increase) decrease in inventory 67,205 (40,360)
Increase (decrease) in accounts payable and accrued liabilities 253,317 114,079
Increase (decrease) in customer deposits 77,656 (207,500)
(Increase) decrease in prepaid expenses 18,449 (11,846)
Total adjustments 806,643 (4,733)
Net cash received from (used in) operating activities (140,208) (38,469)
Cash flows from investing activities:    
Purchase of property and equipment (65,533) (17,725)
Net cash used in investing activities (65,533) (17,725)
Cash flows from financing activities:    
Proceeds (payments) on/from notes payables, related party (1,378) 20,650
Proceeds (payment) on/from note payable 90,000 (29,000)
Proceeds (payment) on/from Lines of Credit & Credit Cards (4,682) (6,163)
Proceeds (Payments) from short-term borrowings Shareholders 20,192 (35,213)
Proceeds from sale of stock 150,000 0
Net cash (used in) provided by financing activities 254,132 (49,726)
Net increase (decrease) in cash and cash equivalents 48,391 (105,920)
Cash and cash equivalents - beginning of period 17,353 107,223
Cash and cash equivalents - end of period 65,744 1,303
Supplemental disclosure of cash flow information:    
Interest Paid 5,212 6,985
Taxes paid $ 0 $ 0
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Property and equipment
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Property and equipment

 

As of October 31, 2011 and April 30, 2011, Property and equipment consisted of the following:

 

 

Property and Equipment  October 31,  April 30,
   2011  2011
Machinery and equipment; including molds & tools  $893,629   $828,441 
Computers   13,535    13,535 
Furniture and fixtures   2,537    2,537 
Fire Extinguisher   3,545    3,200 
   Total property and equipment   913,746    848,213 
Less: Accumulated Depreciation   (486,192)   (422,272)
Total property and equipment  $427,554   $425,941 

 

 

The Company has spent on Designs for new designs for 30’ and 37’and company is developing a 20’ mold during the six months period ended October 31, 2011.
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Acquisition
 6 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Acquisition

 

Medina International Holdings, Inc. ("Company") acquired Modena Sport Designs, LLC (currently Harbor Guard Boats, Inc.) a California corporation, on June 18, 2008, as its wholly owned subsidiary. The results of operations of Modena Sport Designs, LLC included in the consolidated financial statements of the Company in the form 10-K for the year ended April 30, 2009, are from June 18, 2008 to April 30, 2009.

 

The Company accounted for the acquisition of 100% equity of Modena Sport Designs, LLC using the purchase method. The purchase price to acquire Modena Sport Designs, LLC (fixed assets, molds, and license agreements) was 11,000,000 shares of the Company's common stock and $1,000,000 in cash payments, of which $800,000 is contingent on boat sales at the rate of 10% of price of each boat sale and $200,000 was due within two to three months upon signing of the agreement.

 

The 11,000,000 shares of Company's common stock was valued at $0.06, which was the fair value of the Company's common stock traded on the Over-the-counter-bulletin-board (OTCBB) market. Share certificates for 11,000,000 shares were issued on June 1, 2009 and accounted in Medina international Holdings, Inc.'s books for the year ended April 30, 2009.

 

The complete disclosure of the acquisition of Modena Sports Design, LLC (currently Harbor Guard Boats, Inc.), along with the acquired goodwill, were reported in our annual report on Form 10-K for the period ended April 30, 2010.