☒
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
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65-2954561
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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c/o Shandong Spring Pharmaceutical Co., Ltd Economic Development Zone.
|
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Gucheng Road Sishui County Shandong Province PR China 273200
|
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(Address of principal executive offices)
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(Zip Code)
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|
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Page
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PART I - FINANCIAL INFORMATION
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||
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|
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Item 1:
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Financial Statements
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3
|
Item 2:
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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14
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Item 3:
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Quantitative and Qualitative Disclosures About Market Risk
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19
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Item 4:
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Controls and Procedures
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19
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|
|
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PART II - OTHER INFORMATION
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||
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|
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Item 1:
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Legal Proceedings
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19
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Item 1A:
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Risk Factors
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19
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Item 2:
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Unregistered Sales of Equity Securities and Use of Proceeds
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19
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Item 3:
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Defaults Upon Senior Securities
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19
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Item 4:
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Removed and Reserved
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19
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Item 5:
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Other Information
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19
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Item 6:
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Exhibits
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20
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Page
|
|
|
Consolidated Balance Sheets as of June 30, 2016 and March 31, 2016 (Unaudited)
|
3
|
|
|
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended June 30, 2016 and 2015 (Unaudited)
|
4
|
|
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Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2016 and 2015 (Unaudited)
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5
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|
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Notes to Consolidated Financial Statements (Unaudited)
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6 - 13
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|
JUNE 30,
2016
|
MARCH 31,
2016
|
||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
9,006,665
|
$
|
7,639,084
|
||||
Accounts receivable
|
432,048
|
533,262
|
||||||
Inventories
|
2,241,244
|
2,287,312
|
||||||
Prepaid leases – current portion
|
936,957
|
961,609
|
||||||
Total current assets
|
12,616,914
|
11,421,267
|
||||||
|
||||||||
Prepaid leases
|
2,019,123
|
2,312,650
|
||||||
Development cost of acer truncatum bunge planting
|
41,553,022
|
42,166,533
|
||||||
Plant, property, and equipment, net
|
12,999,381
|
12,872,997
|
||||||
Intangible assets, net
|
11,701,216
|
12,295,147
|
||||||
Deferred tax assets
|
241,126
|
246,913
|
||||||
Total assets
|
$
|
81,130,782
|
$
|
81,315,507
|
||||
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||
Liabilities:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and other accrued expenses
|
$
|
248,868
|
$
|
190,248
|
||||
Taxes payable
|
912,487
|
739,068
|
||||||
Deferred tax liabilities
|
17,894
|
36,640
|
||||||
Total current liabilities
|
1,179,249
|
965,956
|
||||||
|
||||||||
Stockholders' Equity
|
||||||||
Preferred stock, par value $500 per share; 45 shares authorized, issued and outstanding at June 30, 2016 and March 31, 2016.
|
22,500
|
22,500
|
||||||
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 29,764,168 and 29,720,690 shares issued and outstanding at June 30, 2016 and March 31, 2016, respectively.
|
29,764
|
29,721
|
||||||
Additional paid-in capital
|
4,760,053
|
4,648,461
|
||||||
Statutory reserve
|
1,828,504
|
1,828,504
|
||||||
Retained earnings
|
74,558,836
|
72,983,301
|
||||||
Accumulated other comprehensive income (loss)
|
(1,248,124
|
)
|
837,064
|
|||||
Total stockholders' equity
|
79,951,533
|
80,349,551
|
||||||
Total liabilities and stockholders' equity
|
$
|
81,130,782
|
$
|
81,315,507
|
|
THREE MONTHS ENDED
JUNE 30, |
|||||||
|
2016
|
2015
|
||||||
Sales
|
$
|
9,712,495
|
$
|
11,485,752
|
||||
Cost of Goods Sold
|
5,912,261
|
5,802,976
|
||||||
Gross Profit
|
3,800,234
|
5,682,776
|
||||||
Operating Expenses
|
||||||||
Selling Expenses
|
747,880
|
769,845
|
||||||
General &Administrative Expenses
|
850,357
|
754,068
|
||||||
Research & Development Expenses
|
69,160
|
190,568
|
||||||
Total operating expenses
|
1,667,397
|
1,714,481
|
||||||
Income from operations
|
2,132,837
|
3,968,295
|
||||||
Interest income
|
15,422
|
12,855
|
||||||
Income before income tax provision
|
2,148,259
|
3,981,150
|
||||||
Income tax provision
|
572,724
|
976,705
|
||||||
Net income
|
1,575,535
|
3,004,445
|
||||||
Other comprehensive income (loss)
|
||||||||
Foreign currency translation adjustment
|
(2,085,188
|
)
|
356,065
|
|||||
Comprehensive income (loss)
|
$
|
(509,653
|
)
|
$
|
3,360,510
|
|||
|
||||||||
Earnings per common share
|
||||||||
Basic and Diluted
|
$
|
0.05
|
$
|
0.10
|
||||
|
||||||||
Weighted average number of common shares outstanding
|
||||||||
Basic and Diluted
|
29,755,568
|
29,700,690
|
|
THREE MONTHS ENDED
JUNE 30, |
|||||||
|
2016
|
2015
|
||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$
|
1,575,535
|
$
|
3,004,445
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization of plant, property and equipment
|
176,525
|
153,219
|
||||||
Amortization of intangible assets | 282,974 | 336,462 | ||||||
Amortization of prepaid leases
|
237,807
|
172,097
|
||||||
Issuance of common shares for services
|
10,609
|
-
|
||||||
Stock-based compensation expenses
|
101,026
|
-
|
||||||
Deferred taxes
|
(18,630
|
)
|
-
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Inventory
|
(12,762
|
)
|
(1,421,332
|
)
|
||||
Accounts receivable
|
88,876
|
(75,125
|
)
|
|||||
Taxes payable
|
195,296
|
(312,668
|
)
|
|||||
Accounts payable and other accrued expenses
|
64,465
|
(29,156
|
)
|
|||||
Net cash provided by operating activities
|
2,701,721
|
1,827,942
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Acquisition of property, plant and equipment
|
(639,877
|
)
|
(409,806
|
)
|
||||
Advance payment for construction
|
-
|
(241,818
|
)
|
|||||
Development cost of acer truncatum bunge planting
|
(474,608
|
)
|
(879,042
|
)
|
||||
Net cash used in investing activities
|
(1,114,485
|
)
|
(1,530,666
|
)
|
||||
|
||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(219,655
|
)
|
61,532
|
|||||
Net increase in cash and cash equivalents
|
1,367,581
|
358,808
|
||||||
Cash and cash equivalents at beginning of period
|
7,639,084
|
13,083,532
|
||||||
Cash and cash equivalents at end of period
|
$
|
9,006,665
|
$
|
13,442,340
|
||||
|
||||||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the periods for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
531,488
|
$
|
1,023,018
|
|
June 30,
|
June 30,
|
||||||
|
2016
|
2015
|
||||||
Period End Exchange Rate (RMB/USD)
|
6.6312
|
6.1136
|
||||||
Average Period Exchange Rate (RMB/USD)
|
6.5317
|
6.1203
|
June 30,
|
March 31,
|
|||||||
|
2016
|
2016
|
||||||
Raw materials
|
$
|
682,123
|
$
|
998,342
|
||||
Packaging materials
|
522,376
|
145,860
|
||||||
Work-in-process
|
238,234
|
639,342
|
||||||
Finished goods
|
798,511
|
503,768
|
||||||
Total Inventories
|
$
|
2,241,244
|
$
|
2,287,312
|
June 30,
|
March 31,
|
|||||||
|
2016
|
2016
|
||||||
Machinery & Equipment
|
$
|
1,723,191
|
$
|
1,740,751
|
||||
Office equipment and automobiles
|
474,300
|
486,779
|
||||||
Building
|
12,885,075
|
12,605,012
|
||||||
Leasehold Improvements
|
1,206,418
|
1,238,160
|
||||||
Subtotal
|
16,288,984
|
16,070,702
|
||||||
Less: Accumulated Depreciation & Amortization
|
(3,289,603
|
)
|
(3,197,705
|
)
|
||||
Total plant, property and equipment, net
|
$
|
12,999,381
|
$
|
12,872,997
|
As of
|
||||||||
June 30,
|
March 31,
|
|||||||
2016
|
2016
|
|||||||
Corporate Income Tax
|
$
|
483,483
|
$
|
435,686
|
||||
Value-Added Tax
|
389,257
|
273,317
|
||||||
Other Tax & Fees
|
39,747
|
30,065
|
||||||
Total Tax Payable
|
$
|
912,487
|
$
|
739,068
|
|
Three Months Ended
June 30,
|
|||||||
|
2016
|
2015
|
||||||
|
||||||||
U.S. Statutory rate
|
$
|
751,891
|
$
|
1,393,403
|
||||
Tax rate difference between China and U.S.
|
(214,826
|
)
|
(398,115
|
)
|
||||
Permanent difference
|
35,659
|
(18,583
|
)
|
|||||
Effective tax rate
|
$
|
572,724
|
$
|
976,705
|
|
Three Months Ended
June 30,
|
|||||||
|
2016
|
2015
|
||||||
Current
|
$
|
591,354
|
$
|
976,705
|
||||
Deferred
|
(18,630
|
)
|
-
|
|||||
Total
|
$
|
572,724
|
$
|
976,705
|
·
|
Expected volatility 92.03%;
|
·
|
Risk-free interest rate 0.33%;
|
·
|
Expected term (year) 0.85;
|
·
|
Exercise price $0.4.
|
Shares
|
Weighted
Average
Grant
Date Fair
Value
|
|||||||
Options outstanding at April 1, 2016
|
2,600,000
|
$
|
529,100
|
|||||
Granted
|
-
|
-
|
||||||
Exercised
|
-
|
-
|
||||||
Canceled
|
-
|
-
|
||||||
Expired
|
2,600,000
|
$
|
529,100
|
|||||
Options outstanding at June 30, 2016
|
-
|
$
|
-
|
Three Months Ended
|
||||||||||||||||
June 30,
|
$
|
%
|
||||||||||||||
2016
|
2015
|
Change
|
Change
|
|||||||||||||
Sales
|
9,712,495
|
11,485,752
|
(1,773,257
|
)
|
(15.4
|
)%
|
||||||||||
Cost of Goods Sold
|
(5,912,261
|
)
|
(5,802,976
|
)
|
(109,285
|
)
|
1.9
|
%
|
||||||||
Gross Profit
|
3,800,234
|
5,682,776
|
(1,882,542
|
)
|
(33.1
|
)%
|
||||||||||
Operating Expenses
|
(1,667,397
|
)
|
(1,714,481
|
)
|
47,084
|
(2.7
|
)%
|
|||||||||
Operating Income
|
2,132,837
|
3,968,295
|
(1,835,458
|
)
|
(46.3
|
)%
|
||||||||||
Interest Income
|
15,422
|
12,855
|
2,567
|
20.0
|
%
|
|||||||||||
Income Tax Provision
|
(572,724
|
)
|
(976,705
|
)
|
403,981
|
|
(41.4
|
)%
|
||||||||
Net Income
|
1,575,535
|
3,004,445
|
(1,428,910
|
)
|
(47.6
|
)%
|
||||||||||
Comprehensive Income (Loss)
|
(509,653
|
)
|
3,360,510
|
(3,870,163
|
)
|
(115.2
|
)%
|
For the Three Months Ended June 30,
|
||||||||||||||||
2016
|
2015
|
|||||||||||||||
Health care supplements
|
3,184,339
|
32.8
|
%
|
3,648,586
|
31.8
|
%
|
||||||||||
Drugs (Huoliyuan Capsule)
|
5,119,019
|
52.7
|
%
|
7,837,166
|
68.2
|
%
|
||||||||||
Acer truncatum oil
|
1,409,137
|
14.5
|
%
|
-
|
-
|
%
|
||||||||||
Total
|
9,712,495
|
100
|
%
|
11,485,752
|
100
|
%
|
June 30,
2016
|
June 30,
2015
|
Change
in $
|
Variance
|
|||||||||||||
Health care supplements
|
1,414,571
|
1,972,246
|
(557,675
|
)
|
(28.3
|
)%
|
||||||||||
Drugs (Huoliyuan Capsules)
|
1,720,074
|
3,710,530
|
(1,990,456
|
)
|
(53.6
|
)%
|
||||||||||
Acer truncatum oil
|
665,589
|
-
|
665,589
|
100.0
|
%
|
|||||||||||
Total
|
3,800,234
|
5,682,776
|
(1,882,542
|
)
|
(33.1
|
)%
|
For the Three Months Ended June 30,
|
||||||||||||||||
2016
|
2015
|
Change in $
|
Change in %
|
|||||||||||||
Net cash provided by operating activities
|
$
|
2,701,721
|
$
|
1,827,942
|
873,779
|
47.8
|
%
|
|||||||||
Net cash used in investing activities
|
$
|
(1,114,485
|
)
|
$
|
(1,530,666
|
)
|
416,181
|
(27.2
|
)%
|
|||||||
Effect of exchange rate change on cash and cash equivalents
|
$
|
(219,655
|
)
|
$
|
61,532
|
(281,187
|
)
|
(457.0
|
)%
|
|||||||
Net increase in cash and cash equivalents
|
$
|
1,367,581
|
$
|
358,808
|
1,008,773
|
281.1
|
%
|
|||||||||
Cash and cash equivalents, beginning balance
|
$
|
7,639,084
|
$
|
13,083,532
|
(5,444,448
|
)
|
(41.6
|
)%
|
||||||||
Cash and cash equivalents, ending balance
|
$
|
9,006,665
|
$
|
13,442,340
|
(4,435,675
|
)
|
(33.0
|
)%
|
31.1
|
Rule 13a-14(a)/ 15d-14(a) Certification of Chief Executive Officer
|
31.2
|
Rule 13a-14(a)/ 15d-14(a) Certification of Chief Financial Officer
|
32
|
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
|
|
|
101. INS
|
XBRL Instance Document.
|
101. SCH
|
XBRL Taxonomy Extension Schema Document.
|
101. CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101. DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101. LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101. PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
Date: August 15, 2016
|
Date: August 15, 2016
|
|
By:
|
/s/ Li Chuanmin
|
|
Li Chuanmin,, Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section13(a) or15(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.
|
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 13, 2016 |
|
Document and Entity Information: | ||
Entity Registrant Name | China YCT International Group, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Trading Symbol | cyig | |
Amendment Flag | false | |
Entity Central Index Key | 0000847464 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 29,764,168 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS PARENTHETICAL {verbose} - $ / shares |
Jun. 30, 2016 |
Mar. 31, 2016 |
---|---|---|
CONSOLIDATED BALANCE SHEETS PARENTHETICAL | ||
Preferred stock par value | $ 500.00 | $ 500.00 |
Preferred stock shares authorized | 45 | 45 |
Preferred stock shares issued | 45 | 45 |
Preferred stock shares outstanding | 45 | 45 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares issued | 29,764,168 | 29,720,690 |
Common stock shares outstanding | 29,764,168 | 29,720,690 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Sales | $ 9,712,495 | $ 11,485,752 |
Cost of Goods Sold | 5,912,261 | 5,802,976 |
Gross profit | 3,800,234 | 5,682,776 |
Operating Expenses | ||
Selling Expenses | 747,880 | 769,845 |
General &Administrative Expenses | 850,357 | 754,068 |
Research & Development Expenses | 69,160 | 190,568 |
Total operating expenses | 1,667,397 | 1,714,481 |
Income from operations | 2,132,837 | 3,968,295 |
Interest income | 15,422 | 12,855 |
Income before income tax provision | 2,148,259 | 3,981,150 |
Income tax provision | 572,724 | 976,705 |
Net income | 1,575,535 | 3,004,445 |
Other comprehensive income (loss) | ||
Foreign currency translation adjustment | (2,085,188) | 356,065 |
Comprehensive income (loss) | $ (509,653) | $ 3,360,510 |
Earnings per common share: Basic and Diluted | $ 0.05 | $ 0.10 |
Weighted average number of common shares outstanding: Basic and Diluted | 29,755,568 | 29,700,690 |
Note 1 - Organization and Principal Activities |
3 Months Ended |
---|---|
Jun. 30, 2016 | |
Notes | |
Note 1 - Organization and Principal Activities | NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES
China YCT International Group, Inc. ("China YCT") ("the Company") was incorporated in the State of Florida, in the United States of America (the "USA") in January 1989, and reincorporated in the State of Delaware on April 4, 2007. China YCT, through its 100% owned subsidiary Landway Nano Bio-Tech, Inc. ("Landway Nano"), incorporated in Delaware, owns 100% of Shandong Spring Pharmaceutical Co., Ltd. ("Shandong Spring"), incorporated in the People's Republic of China ("PRC"). China YCT International Group, Inc. and its subsidiaries are collectively referred to as the "Company". Shandong Spring is engaged in the business of research, developing, manufacturing, and selling traditional Chinese medicine and other healthcare products in China. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies |
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Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | NOTE 2 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2016 and the results of operations and cash flows for the periods ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three months ended June 30, 2016 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending March 31, 2017. The balance sheet on March 31, 2016 has been derived from the audited financial statements at that date.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended March 31, 2016 as included in our Annual Report on Form 10-K.
Certain amounts have been reclassified to conform to current year presentation.
Principles of consolidation
The consolidated financial statements include the financial statements of China YCT, Landway Nano and its wholly owned subsidiary, Shandong Spring. All inter-company transactions and balances are eliminated in consolidation.
Use of estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Significant accounting estimates reflected in the Company's consolidated financial statements include: the valuation of inventory, the estimated useful lives and impairment of property, equipment, and intangible assets.
Revenue recognition
The Company sells two types of products: non-medical products and medical products. Medical products are sold to certified medicine distributors. Non-medical products are sold directly to its customers through its internet sales channel. To order non-medical products, customers place orders on the Company's order system through internet. Customers need to make payment when they place their orders. Goods are shipped to customers once the orders and payments were received.
The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin ("SAB") 104, included in the Codification as ASC 605, Revenue Recognition. Sales revenue is recognized on 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. According to the Company's policy, customers can exchange defective products, but not allowed to return products. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer deposits.
Impairment of long-lived assets
The Company reviews and evaluates the net carrying value of its long-lived assets at least annually, or upon the occurrence of other events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. Per ASC 360-10-35-21, a long-lived asset (asset group) shall be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Per ASC 360-10-35-17, an impairment loss shall be recognized only if the carrying amount of the long-lived asset (asset group) is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset (asset group).
Income taxes
The Company accounts for income tax under the asset and liability method as stipulated by ASC 740 "Income Taxes", which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred Income taxes are recognized for all significant temporary differences between tax and financial statements bases of assets and liabilities. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.
Stock Based Compensation
The Company recognizes compensation expense for stock-based compensation in accordance with ASC Topic 718. For employee stock-based awards, we calculate the fair value of the award on the date of grant using the Black-Scholes method for stock options and the quoted price of our common stock for unrestricted shares; the expense is recognized over the service period for awards expected to vest. Share-based payments to consultants, service providers and other non-employees are accounted for under in accordance with ASC Topic 718, ASC Topic 505, Equity Payments to Non-Employees or other applicable authoritative guidance. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. We consider many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience.
Earnings per common share ("EPS")
Basic EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted shares reflect the potential dilution that could occur if securities or other contracts to issue common stock (convertible preferred stock, forward contracts, warrants to purchase common stock, contingently issuable shares, common stock options and warrants and their equivalents using the treasury stock method) were exercised or converted into common stock.
Fair Value of Financial Instruments The Company has adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.
The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates fair values because of the short-term maturing of these instruments.
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:
Level 1 quoted prices in active markets for identical assets or liabilities.
Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions)
We have no financial assets or liabilities measured at fair value on a recurring basis.
Foreign currency translation
The accounts of the Company's Chinese subsidiary are maintained in RMB and the accounts of the U.S. parent company are maintained in USD. The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification ("ASC") Topic 830 "Foreign Currency Matters". According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders' equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, "Comprehensive Income." Gains and losses resulting from the foreign currency transactions are reflected in the statements of income.
Translation adjustments resulting from this process amounted to ($2,085,188) and $356,065 for the three months ended June 30, 2016 and 2015, respectively.
The following exchange rates were used to translate the amounts from RMB into United States dollars ("USD") for the respective periods:
Recent accounting pronouncements
The Company's management has evaluated all the recently issued accounting pronouncements during the quarter ended June 30, 2016 and does not believe that they will have a material effect on the Company's consolidated financial position and results of operations. |
Note 3 - Inventory |
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Note 3 - Inventory | NOTE 3 - INVENTORY
Inventory consists of finished goods, work-in-process, packaging materials, and raw materials. No allowance for inventory was made for the three months ended June 30, 2016 and 2015.
The components of inventories as of June 30, 2016 and March 31, 2016 were as follows:
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Note 4 - Plant, Property, and Equipment, Net |
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Note 4 - Plant, Property, and Equipment, Net | NOTE 4 PLANT, PROPERTY, AND EQUIPMENT, NET
The components of property and equipment were as follows:
The depreciation and amortization expense for the three months ended June 30, 2016 and 2015 was $176,525 and $153,219, respectively.
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Note 5 - Major Customer and Vendor |
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Note 5 - Major Customer and Vendor | NOTE 5 - MAJOR CUSTOMER AND VENDOR
The Company sold products through ten distributors during the three months ended June 30, 2016 and 2015. Sales to three distributors represented 23%, 16%, and 14% of total sales for the three months ended June 30, 2016. Sales to three distributors represented 32%, 25%, and 12% of total sales for the three months ended June 30, 2015.
The Company sold 6 and 11 products during the three months ended June 30, 2016 and 2015, respectively. Sales of three products represented 53%, 15% and 14% of total sales for the three months ended June 30, 2016. Sales of one product represented 69% of total sales for the three months ended June 30, 2015.
The Company purchases its products from Shandong Yong Chun Tang (Shandong YCT) according to the contract renewed on February 26, 2015 between the Company and Shandong YCT. Pursuant to the renewed two year contracts, for the period from February 26, 2015 to February 25, 2017, the Company can purchase 10 products from Shandong YCT on fixed prices. On June 25, 2015, the Company made an amendment to the renewed Purchase and Sale Contract with Shandong YCT. Pursuant to the amended agreement, the Company no longer purchases and sells the 10 products included in the contract renewed on February 26, 2015 and agreed to purchase and sell four new products without changes in other terms of the previous contract. The Company can purchase these four new products from Shandong YCT at fixed prices. Total purchases from Shandong YCT represented 33% and 25% of our total purchases during the three months ended June 30, 2016 and 2015, respectively. The purchases from three other vendors represented 23%, 18%, and 14% of the Companys total purchases for the three months ended June 30, 2016. The purchases from two other vendors represented 39% and 23% of the Companys total purchases for the three months ended June 30, 2015. |
Note 6 - Taxes Payable |
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Note 6 - Taxes Payable | NOTE 6 - TAXES PAYABLE
Taxes payable at June 30, 2016 and March 31, 2016 were as follows:
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Note 7 - Income Taxes |
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Note 7 - Income Taxes | NOTE 7 - INCOME TAXES
The Company is incorporated in the United States of America and is subject to United States federal taxation. No provisions for income taxes have been made, as the Company had no U.S. taxable income for the three months ended June 30, 2016 and 2015.
The Companys Chinese subsidiaries are governed by the Income Tax Law of the PRC concerning the privately run and foreign invested enterprises, which are generally subject to tax at a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments.
The reconciliation of income tax expense at the U.S. statutory rate of 35% to the Company's effective tax rate is as follows:
The provisions for income taxes are summarized as follows:
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Note 8 - Stockholders' Equity |
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Note 8 - Stockholders' Equity | NOTE 8 - STOCKHOLDERS EQUITY
Stock Issued for compensation and service
On April 19, 2016, in accordance with the Company's agreement with the independent director, the Company issued 43,478 shares of common stock to one independent director, which were valued at $10,609 based on the quoted price at issuance.
Stock Option Plan
On July 23, 2015, the Company adopted a stock option plan that was approved by its Board of Directors on June 15, 2015. This plan was intended to retain and provide incentives for talented employees, officers and directors, and to align stockholder and employee interests. Under this stock option plan, the participants of the plan include the Company's directors, officers and some employees who were previously determined by the Board of Directors. On July 23, 2015, the Company signed stock option agreements with each participant and granted options to purchase a total of 2.6 million shares of Common Stock to the participants. The vesting period of the stock options was ten months from July 23, 2015, the grant date of the stock options. Immediately following the date when the stock options were vested, the participants would have five consecutive business days to exercise the stock options at an exercise price of $0.40 per share. Stock options not exercised within the five consecutive business days would expire. The Company assessed the fair value of the total granted stock options on the grant date using a Black-Scholes Stock Option Pricing Model. Significant assumptions used in calculating fair value of options are as follows:
The estimated fair value of the total granted stock options on the grant date was $529,100 which was being amortized over ten months period. For the quarter ended June 30, 2016, the amortization of stock-based compensation expense was $101,026. As of June 30, 2016, the total estimated fair value of the stock options in amount of $529,100 had been fully amortized. All stock options expired on May 30, 2016 and none of the vested stock options were exercised by the end of the option exercise date.
A summary of the changes in stock options outstanding under the Companys stock option plan during the quarter ended June 30, 2016 is presented below:
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Note 9 - Subsequent Events |
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Note 9 - Subsequent Events | NOTE 9 SUBSEQUENT EVENTS
The Company has evaluated subsequent events that have occurred after the date of the balance sheet through the date of issuance of these consolidated financial statements and determined that no subsequent event requires recognition or disclosure to the consolidated financial statements. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Basis of Presentation (Policies) |
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Jun. 30, 2016 | |
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Basis of Presentation | Basis of presentation
The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2016 and the results of operations and cash flows for the periods ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three months ended June 30, 2016 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending March 31, 2017. The balance sheet on March 31, 2016 has been derived from the audited financial statements at that date.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended March 31, 2016 as included in our Annual Report on Form 10-K.
Certain amounts have been reclassified to conform to current year presentation. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Principles of Consolidation (Policies) |
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Jun. 30, 2016 | |
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Principles of Consolidation | Principles of consolidation
The consolidated financial statements include the financial statements of China YCT, Landway Nano and its wholly owned subsidiary, Shandong Spring. All inter-company transactions and balances are eliminated in consolidation. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Use of Estimates (Policies) |
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Jun. 30, 2016 | |
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Use of Estimates | Use of estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Significant accounting estimates reflected in the Company's consolidated financial statements include: the valuation of inventory, the estimated useful lives and impairment of property, equipment, and intangible assets. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Revenue Recognition (Policies) |
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Revenue Recognition | Revenue recognition
The Company sells two types of products: non-medical products and medical products. Medical products are sold to certified medicine distributors. Non-medical products are sold directly to its customers through its internet sales channel. To order non-medical products, customers place orders on the Company's order system through internet. Customers need to make payment when they place their orders. Goods are shipped to customers once the orders and payments were received.
The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin ("SAB") 104, included in the Codification as ASC 605, Revenue Recognition. Sales revenue is recognized on 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. According to the Company's policy, customers can exchange defective products, but not allowed to return products. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies) |
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Impairment of Long-lived Assets | Impairment of long-lived assets
The Company reviews and evaluates the net carrying value of its long-lived assets at least annually, or upon the occurrence of other events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. Per ASC 360-10-35-21, a long-lived asset (asset group) shall be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Per ASC 360-10-35-17, an impairment loss shall be recognized only if the carrying amount of the long-lived asset (asset group) is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset (asset group). |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Income Taxes (Policies) |
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Income Taxes | Income taxes
The Company accounts for income tax under the asset and liability method as stipulated by ASC 740 "Income Taxes", which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred Income taxes are recognized for all significant temporary differences between tax and financial statements bases of assets and liabilities. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Stock Based Compensation (Policies) |
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Stock Based Compensation | Stock Based Compensation
The Company recognizes compensation expense for stock-based compensation in accordance with ASC Topic 718. For employee stock-based awards, we calculate the fair value of the award on the date of grant using the Black-Scholes method for stock options and the quoted price of our common stock for unrestricted shares; the expense is recognized over the service period for awards expected to vest. Share-based payments to consultants, service providers and other non-employees are accounted for under in accordance with ASC Topic 718, ASC Topic 505, Equity Payments to Non-Employees or other applicable authoritative guidance. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. We consider many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Earnings Per Common Share ("EPS") (Policies) |
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Earnings Per Common Share ("EPS") | Earnings per common share ("EPS")
Basic EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted shares reflect the potential dilution that could occur if securities or other contracts to issue common stock (convertible preferred stock, forward contracts, warrants to purchase common stock, contingently issuable shares, common stock options and warrants and their equivalents using the treasury stock method) were exercised or converted into common stock. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) |
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Jun. 30, 2016 | |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company has adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.
The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates fair values because of the short-term maturing of these instruments.
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:
Level 1 quoted prices in active markets for identical assets or liabilities.
Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions)
We have no financial assets or liabilities measured at fair value on a recurring basis. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Foreign Currency Translation (Policies) |
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Foreign Currency Translation | Foreign currency translation
The accounts of the Company's Chinese subsidiary are maintained in RMB and the accounts of the U.S. parent company are maintained in USD. The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification ("ASC") Topic 830 "Foreign Currency Matters". According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders' equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, "Comprehensive Income." Gains and losses resulting from the foreign currency transactions are reflected in the statements of income.
Translation adjustments resulting from this process amounted to ($2,085,188) and $356,065 for the three months ended June 30, 2016 and 2015, respectively.
The following exchange rates were used to translate the amounts from RMB into United States dollars ("USD") for the respective periods:
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Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) |
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Jun. 30, 2016 | |
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Recent Accounting Pronouncements | Recent accounting pronouncements
The Company's management has evaluated all the recently issued accounting pronouncements during the quarter ended June 30, 2016 and does not believe that they will have a material effect on the Company's consolidated financial position and results of operations. |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Foreign Currency Translation: Schedule of Intercompany Foreign Currency Balances (Tables) |
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Schedule of Intercompany Foreign Currency Balances |
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Note 3 - Inventory: Schedule of Inventory (Tables) |
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Schedule of Inventory |
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Note 4 - Plant, Property, and Equipment, Net: Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment |
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Note 6 - Taxes Payable: Schedule of Taxes Payable (Tables) |
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Schedule of Taxes Payable |
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Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) |
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Schedule of Effective Income Tax Rate Reconciliation |
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Note 7 - Income Taxes: Schedule of Provision for Income Tax Expense (Benefit) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||
Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Tax Expense (Benefit) |
|
Note 8 - Stockholders' Equity: Schedule of Share-based Compensation, Activity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity |
|
Note 1 - Organization and Principal Activities (Details) |
3 Months Ended |
---|---|
Jun. 30, 2016 | |
Landway Nano Bio-Tech, Inc. | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
Shandong Spring Pharmaceutical Co., Ltd. | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Foreign Currency Translation (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Details | ||
Foreign currency translation adjustment | $ (2,085,188) | $ 356,065 |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Foreign Currency Translation: Schedule of Intercompany Foreign Currency Balances (Details) |
Jun. 30, 2016 |
Jun. 30, 2015 |
---|---|---|
Details | ||
Foreign Currency Exchange Rate, Translation | 6.6312 | 6.1136 |
Foreign Currency Exchange Rate Translation Average Rate | 6.5317 | 6.1203 |
Note 3 - Inventory: Schedule of Inventory (Details) - USD ($) |
Jun. 30, 2016 |
Mar. 31, 2016 |
---|---|---|
Details | ||
Raw Materials | $ 682,123 | $ 998,342 |
Packaging materials | 522,376 | 145,860 |
Work-in-process | 238,234 | 639,342 |
Finished goods | 798,511 | 503,768 |
Inventories | $ 2,241,244 | $ 2,287,312 |
Note 4 - Plant, Property, and Equipment, Net: Property, Plant and Equipment (Details) - USD ($) |
Jun. 30, 2016 |
Mar. 31, 2016 |
---|---|---|
Details | ||
Machinery and Equipment, Gross | $ 1,723,191 | $ 1,740,751 |
Office Equipment and Automobiles | 474,300 | 486,779 |
Buildings and Improvements, Gross | 12,885,075 | 12,605,012 |
Leasehold Improvements, Gross | 1,206,418 | 1,238,160 |
Property, Plant and Equipment, Gross | 16,288,984 | 16,070,702 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (3,289,603) | (3,197,705) |
Plant, property, and equipment, net | $ 12,999,381 | $ 12,872,997 |
Note 4 - Plant, Property, and Equipment, Net (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Details | ||
Depreciation | $ 176,525 | $ 153,219 |
Note 5 - Major Customer and Vendor (Details) |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Number Of Major Distributors | The Company sold products through ten distributors | The Company sold products through ten distributors |
Concentration Risk, Other Risk | Sales to three distributors represented 23%, 16%, and 14% of total sales | Sales to three distributors represented 32%, 25%, and 12% of total sales |
Concentration Risk, Product | Sales of three products represented 53%, 15% and 14% of total sales | Sales of one product represented 69% of total sales |
Shandong YCT | ||
Concentration Risk, Supplier | 33% | 25% |
Other Vendor 1 | ||
Concentration Risk, Supplier | 23%, 18%, | 39% |
Other Vendor 2 | ||
Concentration Risk, Supplier | 14% | 23% |
Note 6 - Taxes Payable: Schedule of Taxes Payable (Details) - USD ($) |
Jun. 30, 2016 |
Mar. 31, 2016 |
---|---|---|
Details | ||
Corporate Income Tax | $ 483,483 | $ 435,686 |
Value-Added Tax | 389,257 | 273,317 |
Other Tax & Fees | 39,747 | 30,065 |
Taxes payable | $ 912,487 | $ 739,068 |
Note 7 - Income Taxes (Details) |
3 Months Ended |
---|---|
Jun. 30, 2016 | |
Details | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% |
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Details | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 751,891 | $ 1,393,403 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (214,826) | (398,115) |
Permanent difference | 35,659 | (18,583) |
Income tax provision | $ 572,724 | $ 976,705 |
Note 7 - Income Taxes: Schedule of Provision for Income Tax Expense (Benefit) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Details | ||
Current Federal Tax Expense (Benefit) | $ 591,354 | $ 976,705 |
Deferred Income Tax Expense (Benefit) | (18,630) | |
Income tax provision | $ 572,724 | $ 976,705 |
Note 8 - Stockholders' Equity (Details) |
3 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
shares
| |
Issuance of common shares for services | $ 10,609 |
Stock-based compensation expenses | 101,026 |
Independent Director | |
Issuance of common shares for services | $ 10,609 |
Common Stock | Independent Director | |
Stock Issued During Period, Shares, New Issues | shares | 43,478 |
Note 8 - Stockholders' Equity: Assumptions Used (Details) |
3 Months Ended |
---|---|
Jun. 30, 2016
$ / shares
| |
Details | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 92.03% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.33% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 0.4 |
Note 8 - Stockholders' Equity: Schedule of Share-based Compensation, Activity (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
|
Details | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 529,100 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 2,600,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period Total Fair Value | $ 529,100 |
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