XML 52 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies)
12 Months Ended
Mar. 31, 2018
Policies  
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 the Internet. Customers who purchase through the Internet 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 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 are not allowed to return products. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer deposits.

The Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers, and all the related amendments (new revenue standard) to all contracts using the modified retrospective method beginning on March 31, 2018. The adoption will not result in an adjustment to the retained earnings as of April 1, 2018. The comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The adoption of the new revenue standard will have no impact on either reported sales to customers or net earnings. The Company will continue to recognize revenue from product sales as goods are shipped or delivered to the customer, as control of goods occurs at the same time.