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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elysee Development Corp (PK) | USOTC:ASXSF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.00462 | -1.94% | 0.23362 | 0.193 | 0.3345 | 0.23362 | 0.23362 | 0.23362 | 500 | 21:00:27 |
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nevada | 86-0837251 | |
(State or Other Jurisdiction | (I.R.S. Employer Identification | |
Of Incorporation or Organization) | Number) | |
Xavier De Cocklaan 42, 9831 Deurle, Belgium | N/A | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ | |||
(Do not check if a smaller reporting company)
|
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EXHIBIT 31.1 | ||||||||
EXHIBIT 31.2 | ||||||||
EXHIBIT 32.1 | ||||||||
EXHIBIT 32.2 |
June 30, 2008 | March 31, 2008 | |||||||
(unaudited) | ||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 1,467,692 | $ | 1,728,281 | ||||
Accounts receivable, net of allowance for doubtful accounts of $32,083 at June 30,
2008 and $32,181 at March 31, 2008
|
2,444,089 | 1,902,920 | ||||||
Inventories, net
|
1,450,696 | 1,360,709 | ||||||
Prepaid expense
|
877,486 | 970,173 | ||||||
Total current assets
|
6,239,963 | 5,962,083 | ||||||
PROPERTY AND EQUIPMENT, NET
|
907,876 | 692,609 | ||||||
OTHER ASSETS
|
675,000 | 675,000 | ||||||
Patents, net
|
107,680 | 15,827 | ||||||
TOTAL ASSETS
|
$ | 7,930,519 | $ | 7,445,519 | ||||
|
||||||||
LIABILITIES AND STOCKHOLDERS EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion, long term debt
|
$ | 67,344 | $ | 58,583 | ||||
Line of Credit
|
853,621 | 779,718 | ||||||
Accounts payable
|
1,854,429 | 2,002,439 | ||||||
Accrued liabilities
|
816,023 | 781,737 | ||||||
Income taxes payable
|
15,122 | 15,121 | ||||||
Total current liabilities
|
3,606,539 | 3,637,598 | ||||||
LONG TERM DEBT
|
168,604 | 94,754 | ||||||
STOCKHOLDERS DEFICIT:
|
||||||||
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and
outstanding)
|
| |||||||
Common stock, $0.001 par value; (50,000,000 shares authorized, 18,637,803 shares
issued and outstanding at June 30, 2008 and March 31, 2008 )
|
18,638 | 18,638 | ||||||
Additional paid-in capital
|
18,014,107 | 17,929,992 | ||||||
Accumulated deficit
|
(13,932,611 | ) | (14,263,113 | ) | ||||
Accumulated other comprehensive income (loss) (foreign currency translation adjustment)
|
55,242 | 27,650 | ||||||
Total stockholders equity (deficit)
|
4,155,376 | 3,713,167 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
|
$ | 7,930,519 | $ | 7,445,519 | ||||
1
For the three months ended | ||||||||
June 30, | ||||||||
2008 | 2007 | |||||||
Net sales
|
$ | 3,635,479 | $ | 1,244,657 | ||||
Cost of sales
|
1,269,424 | 665,428 | ||||||
Gross profit
|
2,366,055 | 579,229 | ||||||
Operating Expenses
|
||||||||
Research and development
|
124,958 | 29,389 | ||||||
Sales and marketing
|
671,299 | 103,241 | ||||||
General and administrative
|
1,130,313 | 744,481 | ||||||
Depreciation and amortization
|
91,261 | 65,634 | ||||||
TOTAL OPERATING EXPENSES
|
2,017,831 | 942,745 | ||||||
INCOME (LOSS) FROM OPERATIONS
|
348,224 | (363,516 | ) | |||||
OTHER INCOME (EXPENSES)
|
||||||||
Interest expense
|
(35,343 | ) | (28,829 | ) | ||||
Other income
|
17,621 | 1,392 | ||||||
TOTAL OTHER INCOME (EXPENSES)
|
(17,723 | ) | (27,437 | ) | ||||
|
||||||||
NET INCOME (LOSS) BEFORE TAX
|
$ | 330,501 | $ | (390,953 | ) | |||
|
||||||||
INCOME (LOSS) PER SHARE
|
||||||||
Basic
|
$ | 0.02 | $ | (0.03 | ) | |||
Fully diluted
|
$ | 0.01 | $ | (0.03 | ) | |||
|
||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||
Basic
|
18,637,803 | 13,611,630 | ||||||
Fully diluted
|
27,000,995 | 13,611,630 | ||||||
2
For the three months ended June 30, | ||||||||
(Unaudited) | ||||||||
2008 | 2007 | |||||||
Net Income (Loss)
|
$ | 330,501 | $ | (390,953 | ) | |||
|
||||||||
OTHER COMPREHENSIVE
|
||||||||
INCOME (LOSS):
|
||||||||
Foreign currency translation adjustment
|
27,592 | 4,600 | ||||||
|
||||||||
|
||||||||
Comprehensive income (loss)
|
$ | 358,093 | $ | (386,353 | ) | |||
|
3
For the three months ended | ||||||||
June 30, | ||||||||
2008 | 2007 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income (loss)
|
$ | 330,501 | $ | (390,953 | ) | |||
Adjustments to reconcile net income (loss) to net cash used
by operating activities Depreciation and amortization
|
91,261 | 65,634 | ||||||
Inventory reserve
|
(48 | ) | | |||||
Allowance for doubtful accounts
|
(98 | ) | | |||||
Value of stock options issued to employees
|
88,425 | | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(541,169 | ) | 296,096 | |||||
Inventories
|
(89,987 | ) | 211,818 | |||||
Prepaid expenses
|
92,687 | (122,238 | ) | |||||
Accounts payable
|
(148,010 | ) | 382,544 | |||||
Accrued liabilities
|
34,286 | 855,583 | ||||||
Net cash provided by (used by) operating activities
|
(142,152 | ) | 1,298,484 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchases of equipment
|
(287,613 | ) | (50,364 | ) | ||||
Net cash used by investing activities
|
(287,613 | ) | (50,364 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net proceeds from private placement
|
| 6,045,294 | ||||||
Net proceeds from (repayments of) capital lease note payable
|
82,611 | (11,201 | ) | |||||
Proceeds from (repayments of) line of credit
|
34,286 | (522,226 | ) | |||||
Net cash provided by financing activities
|
116,897 | 5,511,867 | ||||||
NET (DECREASE) INCREASE IN CASH
|
(312,868 | ) | 6,759,987 | |||||
Effect of exchange rate changes on cash and cash equivalents
|
52,279 | 6,756 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING
|
1,728,281 | 126,966 | ||||||
CASH AND CASH EQUIVALENTS, ENDING
|
$ | 1,467,692 | $ | 6,893,709 | ||||
Supplemental Information:
|
||||||||
Interest paid
|
$ | 23,443 | $ | 23,376 | ||||
Income taxes paid
|
$ | | $ | | ||||
4
1. | BACKGROUND AND ORGANIZATION | |
The Company is a manufacturer and distributor of cosmetic dentistry products, including a full line of professional dental and retail Over-The-Counter tooth whitening products which are distributed in Europe, and recently in Asia and the United States. The Company manufactures many of its products in its facility in Deurle, Belgium as well as outsourced manufacturing in China. The Company distributes its products using both its own internal sales force and through the use of third party distributors. | ||
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Organization and Principles of Consolidation | ||
The accompanying consolidated financial statements include the accounts of Remedent, Inc. (formerly Remedent USA, Inc.), a Nevada corporation, and its four subsidiaries, Remedent N.V. (Belgian corporation) located in Deurle, Belgium, Remedent Professional, Inc. (incorporated in California) and a subsidiary of Remedent Professional Holdings, Inc., Remedent Asia Pte. Ltd, a wholly-owned subsidiary formed under the laws of Singapore, and Sylphar N.V. (incorporated in Belgium as a wholly owned subsidiary on September 24, 2007), (collectively, the Company). Remedent, Inc. is a holding company with headquarters in Deurle, Belgium. Remedent Professional, Inc. and Remedent Professional Holdings, Inc. have been dormant since inception. Remedent Asia Pte. Ltd., commenced operations as of July 2005. All significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. Corporate administrative costs are not allocated to subsidiaries. | ||
Interim Financial Information | ||
The interim consolidated financial statements of Remedent, Inc. and Subsidiaries (the Company) are condensed and do not include some of the information necessary to obtain a complete understanding of the financial data. Management believes that all adjustments necessary for a fair presentation of results have been included in the unaudited consolidated financial statements for the interim periods presented. Operating results for the three months ended June 30, 2008, are not necessarily indicative of the results that may be expected for the year ended March 31, 2009. Accordingly, your attention is directed to footnote disclosures found in the Annual Report on Form 10-KSB for the year ended March 31, 2008, and particularly to Note 1, which includes a summary of significant accounting policies. | ||
Basis of Presentation | ||
The Companys financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America. These principles contemplate the realization of assets and liquidation of liabilities in the normal course of business. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | ||
Revenue Recognition | ||
The Company recognizes revenue from product sales when persuasive evidence of a sale exists: that is, a product is shipped under an agreement with a customer; risk of loss and title has passed to the customer; the fee is fixed or determinable; and collection of the resulting receivable is reasonably assured. Sales allowances are estimated based upon historical experience of sales returns. |
5
Impairment of Long-Lived Assets | ||
Long-lived assets consist primarily of patents and property and equipment. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. If impairment exists, the carrying amount of the long-lived assets is reduced to its estimated fair value, less any costs associated with the final settlement. As of June 30, 2008, management believes there was no impairment of the Companys long-lived assets. | ||
Pervasiveness of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates estimates and judgments, including those related to revenue, bad debts, inventories, fixed assets, intangible assets, stock based compensation, income taxes, and contingencies. Estimates are based on historical experience and on various other assumptions that the Company believes reasonable in the circumstances. The results form the basis for making judgments about the carrying vales of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid investments with maturities of three months or less to be cash or cash equivalents. | ||
Accounts Receivable and Allowance for Doubtful Accounts | ||
The Company sells professional dental equipment to various companies, primarily to distributors located in Western Europe. The terms of sales vary by customer, however, generally are 2% 10 days, net 30 days. Accounts receivable is reported at net realizable value and net of allowance for doubtful accounts. The Company uses the allowance method to account for uncollectible accounts receivable. The Companys estimate is based on historical collection experience and a review of the current status of trade accounts receivable. | ||
Inventories | ||
The Company purchases certain of its products in components that require assembly prior to shipment to customers. All other products are purchased as finished goods ready to ship to customers. | ||
The Company writes down inventories for estimated obsolescence to estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected, then additional inventory write-downs may be required. Inventory reserves for obsolescence totaled $15,764 at June 30, 2008 and $15,812 at March 31, 2008. | ||
Prepaid Expense | ||
The Companys prepaid expense consists of prepayments to suppliers for inventory purchases and to the Belgium customs department, to obtain an exemption of direct VAT payments for imported goods out of the European Union (EU). This prepayment serves as a guarantee to obtain the facility to pay VAT at the moment of sale and not at the moment of importing goods at the border. Prepaid expenses also include VAT payments made for goods and services in excess of VAT payments received from the sale of products as well as amounts for other prepaid operating expenses. |
6
Property and Equipment | ||
Property and equipment are stated at cost. Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed. At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to income. | ||
The Company depreciates its property and equipment for financial reporting purposes using the straight-line method based upon the following useful lives of the assets: |
Tooling
|
3 Years | |||
Furniture and fixtures
|
4 Years | |||
Machinery and Equipment
|
4 Years |
Patents | ||
Patents consist of the costs incurred to purchase patent rights and are reported net of accumulated amortization. Patents are amortized using the straight-line method over a period based on their contractual lives. | ||
Research and Development Costs | ||
The Company expenses research and development costs as incurred. | ||
Advertising | ||
Costs incurred for producing and communicating advertising are expensed when incurred and included in sales and marketing and general and administrative expenses. For the three month periods ended June 30, 2008 and June 30, 2007, advertising expense was $86,600 and $38,331, respectively. | ||
Income taxes | ||
Income taxes are provided in accordance with Statement of Financial Accounting Standards No. 109 (SFAS 109), Accounting for Income Taxes . Deferred taxes are recognized for temporary differences in the bases of assets and liabilities for financial statement and income tax reporting as well as for operating losses and credit carry forwards. A provision has been made for income taxes due on taxable income and for the deferred taxes on the temporary differences. The components of the deferred tax asset and liability are individually classified as current and non-current based on their characteristics. | ||
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | ||
Warranties | ||
The Company typically warrants its products against defects in material and workmanship for a period of 18 months from shipment. Based upon historical trends and warranties provided by the Companys suppliers and sub-contractors, the Company has made a provision for warranty costs of $23,646 and $23,718 as of June 30, 2008 and March 31, 2008, respectively. | ||
Segment Reporting | ||
Statement of Financial Accounting Standards No. 131 (SFAS 131), Disclosure About Segments of an Enterprise and Related Information requires use of the management approach model for segment reporting. The management approach model is based on the way a companys management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Companys management considers its business to comprise one segment for reporting purposes. |
7
Computation of Earnings (Loss) per Share | ||
Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share attributable to common stockholders assuming dilution is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Potential common shares related to stock options and stock warrants are excluded from the computation when their effect is anti-dilutive. | ||
Conversion of Foreign Currencies | ||
The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Companys European subsidiaries, Remedent N.V. and Sylphar N.V., is the Euro, for Remedent Asia the Singapore Dollar. Finally, the functional currency for Remedent Professional, Inc. is the U.S. dollar. The Company translates foreign currency statements to the reporting currency in accordance with FASB 52. The assets and liabilities of companies whose functional currency is other that the U.S. dollar are included in the consolidation by translating the assets and liabilities at the exchange rates applicable at the end of the reporting period. The statements of income of such companies are translated at the average exchange rates during the applicable period. Translation gains or losses are accumulated as a separate component of stockholders equity. | ||
Comprehensive Income (Loss) | ||
The Company has adopted the provisions of Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income (SFAS No. 130). SFAS No. 130 establishes standards for the reporting and display of comprehensive income, its components and accumulated balances in a full set of general purpose financial statements. SFAS No. 130 defines comprehensive income (loss) to include all changes in equity except those resulting from investments by owners and distributions to owners, including adjustments to minimum pension liabilities, accumulated foreign currency translation, and unrealized gains or losses on marketable securities. | ||
The Companys only component of other comprehensive income is the accumulated foreign currency translation consisting of gains of $27,592 and $4,600 for the three month periods ended June 30, 2008 and June 30, 2007, respectively. These amounts have been recorded as a separate component of stockholders equity. | ||
Stock Based Compensation | ||
In December 2004, the Financial Accounting Standards Board issued SFAS No. 123R, Share-Based Payment . Subsequently, the Securities and Exchange Commission (SEC) provided for a phase-in implementation process for SFAS No. 123R, which required adoption of the new accounting standard no later than January 1, 2006. SFAS No. 123R requires accounting for stock options using a fair-value-based method as described in such statement and recognize the resulting compensation expense in the Companys financial statements. Prior to January 1, 2006, the Company accounted for employee stock options using the intrinsic value method under APB No. 25, Accounting for Stock Issued to Employees and related Interpretations, which generally resulted in no employee stock option expense. The Company adopted SFAS No. 123R on January 1, 2006 and does not plan to restate financial statements for prior periods. The Company plans to continue to use the Black-Scholes option valuation model in estimating the fair value of the stock option awards issued under SFAS No. 123R. The adoption of SFAS No. 123R has a material impact on the Companys results of operations. For the three month periods ended June 30, 2008 and June 30, 2007, equity compensation in the form of stock options and grants of restricted stock totaled $88,425 and $nil, respectively. |
8
Recent Accounting Pronouncements | ||
In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities . This statement changes the disclosure requirements for derivative instruments and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, and its related interpretations, and (c) how derivative instruments and related hedged items affect an entitys financial position, financial performance, and cash flows. This statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008 (the Companys fiscal year beginning April 1, 2009), with early application encouraged. This statement encourages, but does not require, comparative disclosures for earlier periods at initial adoption. Management is in the process of evaluating the impact the future application of this pronouncement may have on its consolidated financial statements. | ||
In December 2007, the FASB issued SFAS No. 141 (Revised 2007) Business Combinations . SFAS 141 (Revised) establishes principles and requirements for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree. The statement also provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. The guidance will become effective for the Companys fiscal year beginning April 1, 2009. Management is in the process of evaluating the impact SFAS 141 (Revised) will have on the Companys financial statements upon adoption. | ||
In December 2007, the FASB issued SFAS No. 160 Noncontrolling Interests in Consolidated Financial Statements an amendment of ARB No. 51 . SFAS 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. The guidance will become effective for the Companys fiscal year beginning April 1, 2009. Management is in the process of evaluating the impact SFAS 160 will have on the Companys financial statements upon adoption. | ||
3. | PRIVATE PLACEMENT | |
On June 25, 2007, the Company completed its private offering of 5,600,000 shares of its common stock, par value $.001 per share at a purchase price of $1.25 per share (the Shares) and warrants to purchase 4,200,000 shares of common stock, par value $.001 per share, at an exercise price of $1.55 per share (the Warrants) to certain institutional and accredited investors, for an aggregate purchase price of $7,000,000 (the Offering). | ||
Under the terms of the Offering, the Warrants are exercisable for a period of five years and entitle the holder to purchase one share of restricted common stock (the Warrant Shares) for $1.55 per Warrant Share. The Company also has the right to redeem the Warrants for $0.001 per Warrant Share covered by the Warrants if the Shares trade on the OTC Electronic Bulletin Board or similar market above $5.25 per share for 20 consecutive trading days following the initial effective date of the registration statement covering the resale of the Shares and Warrant Shares, based upon the closing bid price for the Shares for each trading day (the Redemption Right). Once the Redemption Right vests, the Company has the right, but not the obligation, to redeem the Warrants for $0.001 per Warrant Share covered by the Warrants upon 30 days written notice to the holders of the Warrants. | ||
Under the terms of the Purchase Agreement and the Registration Rights Agreement, the Company was required to prepare and file with the Securities and Exchange Commission (the Commission) a registration statement covering the resale of the Shares and the Warrant Shares. The Company agreed to prepare and file a registration statement covering the resale no later than 30 days after the Closing. The registration statement became effective October 23, 2007. | ||
The Company engaged Roth Capital Partners, LLC, as its exclusive agent to offer the Shares and Warrants (the Placement Agent). The Placement Agent is entitled to a fee equal to ten percent (10%) of the gross proceeds derived from the Offering, of which the Placement Agent may, at its option, receive up to 2% of its 10% fee in securities issued in the Offering. Further, the Company agreed to pay the Placement Agent 5% of the exercise price of the Warrants promptly following the Companys receipt thereof. In addition, the Company agreed to reimburse the Placement Agent for its out-of-pocket expenses related to the Offering, including an up front payment of $25,000 to cover such expenses, of which any unused amount will be netted against the Placement Agents 10% fee. |
9
As of June 30, 2008, the total costs of this private placement were $1,228,808, comprising of: commissions of $762,505; out-of-pocket costs of $25,000; professional fees of $369,323 and direct travel costs of $71,980; and have been recorded against share capital as a cost of financing. | ||
The Offering was conducted in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the Securities Act), including, without limitation, that under Section 506 of Regulation D promulgated under the Securities Act. The Units were offered and sold by the Company to accredited investors in reliance on Section 506 of Regulation D of the Securities. | ||
4. | CONCENTRATION OF RISK | |
Financial Instruments Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade accounts receivable. | ||
Concentrations of credit risk with respect to trade receivables are normally limited due to the number of customers comprising the Companys customer base and their dispersion across different geographic areas. At June 30, 2008 one customer accounted for 44% of the Companys trade accounts receivable. The Company performs ongoing credit evaluations of its customers and normally does not require collateral to support accounts receivable. | ||
Purchases The Company has diversified its sources for product components and finished goods and, as a result, the loss of a supplier would not have a material impact on the Companys operations. For the three month period ended June 30, 2008, the Company had five suppliers who accounted for a total of 25% of gross purchases. For the three month period ended June 30, 2007, the Company had five suppliers who accounted for a total of 29% of gross purchases. | ||
Revenues For the three months ended June 30, 2008 the Company had one customer that accounted for 36% of total revenues. For the three month period ended June 30, 2007 the Company had five customers that accounted for 32% of total revenues. | ||
5. | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | |
A summary of accounts receivable and allowance for doubtful accounts as of June 30, 2008 and March 31, 2008 is as follows: |
June 30, 2008 | March 31, 2008 | |||||||
Accounts receivable, gross
|
$ | 2,476,172 | $ | 1,935,101 | ||||
Less: allowance for doubtful accounts
|
(32,083) | (32,181 | ) | |||||
Accounts receivable, net
|
$ | 2,444,089 | $ | 1,902,920 | ||||
6. | INVENTORIES | |
Inventories are stated at the lower of cost (weighted average) or market. Inventory costs include material, labor and manufacturing overhead. Individual components of inventory are listed below as follows: |
June 30, 2008 | March 31, 2008 | |||||||
Raw materials
|
$ | 30,681 | $ | 29,788 | ||||
Components
|
1,090,416 | 970,101 | ||||||
Finished goods
|
345,363 | 376,632 | ||||||
|
1,466,460 | 1,376,521 | ||||||
Less: reserve for obsolescence
|
(15,764) | (15,812 | ) | |||||
Net inventory
|
$ | 1,450,696 | $ | 1,360,709 | ||||
10
7. | PREPAID EXPENSES | |
Prepaid expenses are summarized as follows: |
June 30, 2008 | March 31, 2008 | |||||||
Prepaid materials and components
|
$ | 621,666 | $ | 588,639 | ||||
Prepaid Belgium income taxes
|
| 79,060 | ||||||
Prepaid consulting
|
73,861 | 62,237 | ||||||
VAT payments in excess of VAT receipts
|
82,674 | 117,467 | ||||||
Royalties
|
39,410 | 39,530 | ||||||
Prepaid trade show expenses
|
15,408 | 25,276 | ||||||
Prepaid rent
|
15,347 | 10,812 | ||||||
Other
|
29,119 | 47,152 | ||||||
|
$ | 877,486 | $ | 970,173 | ||||
8. | PROPERTY AND EQUIPMENT | |
Property and equipment are summarized as follows: |
June 30, 2008 | March 31, 2008 | |||||||
Furniture and Fixtures
|
$ | 198,789 | $ | 182,079 | ||||
Machinery and Equipment
|
984,154 | 801,251 | ||||||
Tooling
|
342,450 | 254,450 | ||||||
|
1,525,393 | 1,237,780 | ||||||
Accumulated depreciation
|
(617,517) | (545,171 | ) | |||||
Property & equipment, net
|
$ | 907,876 | $ | 692,609 | ||||
9. | LONG TERM INVESTMENTS AND ADVANCES | |
Innovative Medical & Dental Solutions, LLC (IMDS, LLC) | ||
Effective July 15, 2007 the Company entered into a Limited Liability Company Merger and Equity Reallocation Agreement (the Participation Agreement) through its subsidiary, Remedent N.V. Pursuant to the terms of the Participation Agreement, the Company has acquired a 10% equity interest in IMDS, LLC in consideration for $300,000 which was converted against IMDS receivables. | ||
The agreement stipulates certain exclusive world wide rights to certain tooth whitening technology, and the right to purchase at standard cost certain whitening lights and accessories and to sell such lights in markets not served by the LLC. The terms of the Participation Agreement also provide that Remedent N.V. has the first right to purchase additional equity. Parties to the Participation Agreement include two officers of IMDS, LLC, and an individual who is both an officer and director of Remedent Inc., and certain unrelated parties. | ||
IMDS, LLC is registered with the Secretary of the State of Florida as a limited liability company and with the Secretary of the State of California as a foreign corporation authorized to operate in California. IMDS, LLC is merging with White Science World Wide, LLC, a limited liability company organized under the laws of the State of Georgia. The merged companies are operating as a single entity as IMDS, LLC, a Florida limited liability company. | ||
Soca Networks Singapore (Soca) | ||
Pursuant to the terms of a letter of intent dated December 17, 2007, the Company has agreed to purchase 20% of Soca for a total purchase price of $750,000. Half of the purchase price has been advanced $375,000 to Soca as a down payment, pending completion of the agreement terms. The balance of $375,000 is to be paid through the issuance of 220,588 shares of the Companys common stock. The final agreement is currently being negotiated and management expects to close the agreement within the first half of the new fiscal year 2009. |
11
10. | LICENSED PATENTS | |
Teeth Whitening Patents | ||
In October 2004, the Company acquired from the inventor the exclusive, perpetual license to two issued United States patents which are applicable to several teeth whitening products currently being marketed by the Company. Pursuant to the terms of the license agreement, the Company was granted an exclusive, worldwide, perpetual license to manufacture, market, distribute and sell the products contemplated by the patents subject to the payment of $65,000 as reimbursement to the patent holder for legal and other costs associated with obtaining the patents, which was paid in October 2004, and royalties for each unit sold subject to an annual minimum royalty of $100,000 per year. The Company is amortizing the initial cost of $65,000 for these patents over a ten year period and accordingly has recorded $24,375 of accumulated amortization for this patent as of June 30, 2008. The Company accrues this royalty when it becomes payable to inventory therefore no provision has been made for this obligation as of June 30, 2008 (2007-Nil). | ||
Universal Applicator Patent | ||
In September 2004, the Company entered into an agreement with Lident N.V. (Lident), a company controlled by Mr. De Vreese, the Companys Chairman, to obtain an option, exercisable through December 31, 2005, to license an international patent (excluding the US) and worldwide manufacturing and distribution rights for a potential new product which Lident had been assigned certain rights by the inventors of the products, who are unrelated parties, prior to Mr. De Vreese association with the Company. The patent is an Italian patent which relates to a single use universal applicator for dental pastes, salves, creams, powders, liquids and other substances where manual application could be relevant. The Company has filed to have the patent approved throughout Europe. The agreement required the Company to advance to the inventors through Lident a fully refundable deposit of 100,000 subject to the Companys due diligence regarding the enforceability of the patent and marketability of the product, which, if viable, would be assigned to the Company for additional consideration to the inventors of 100,000 and an ongoing royalty from sales of products related to the patent equal to 3% of net sales and, if not viable, the deposit would be repaid in full by Lident. The consideration the Company had agreed to pay Lident upon the exercise of the option is the same as the consideration Lident is obligated to pay the original inventors. Consequently, Lident would not have profited from the exercise of the option. Furthermore, at a meeting of the Companys Board of Directors on July 13, 2005, the Board accepted Lidents offer to facilitate an assignment of Lidents intellectual property rights to the technology to the Company in exchange for the reimbursement of Lidents actual costs incurred relating to the intellectual property. Consequently, when the Company exercises the option, all future payments, other than the reimbursement of costs would be paid directly to the original inventors and not to Lident. | ||
On December 12, 2005, the Company exercised the option and the Company and the patent holder agreed to revise the assignment agreement whereby the Company agreed to pay 50,000 additional compensation in the form of prepaid royalties instead of the 100,000 previously agreed. The Company paid 25,000 in September 2005 and the remaining 25,000 was paid in the period ended June 30, 2008. The patent is being amortized over five (5) years and accordingly, the Company has recorded $61,411 of accumulated amortization for this patent as of June 30, 2008. | ||
11. | LINE OF CREDIT | |
On October 8, 2004, our wholly owned subsidiary, Remedent N.V., obtained a mixed-use line of credit facility with Fortis Bank, a Belgian bank, for 1,070,000 (the Facility). The Facility was secured by a first lien on the assets of Remedent N.V. The purpose of the Facility is to provide working capital to grow our business and to finance certain accounts receivable as necessary. Since opening the Facility in 2004, Remedent N.V. and Fortis Bank have subsequently amended the Facility several times to increase or decrease the line of credit. On May 3, 2005 the Facility was amended to decrease the line of credit to 1,050,000. On March 13, 2006 the Facility was amended to increase the mixed-use line of credit to 2,300,000, consisting of a 1,800,000 credit line based on the eligible accounts receivable and a 500,000 general line of credit. The latest amendment to the Facility, dated January 3, 2008, amended and decreased the mixed-use line of credit to 2,050,000, to be used by Remedent NV and/or Sylphar NV. Each line of credit carries its own interest rates and fees as provided in the Facility. |
12
Remedent N.V. and Sylphar N.V. are currently only utilizing two lines of credit, advances based on account receivables and the straight loan. As of June 30, 2008 and March 31, 2008, Remedent N.V. and Sylphar N.V. had in aggregate, $853,621 and $779,718 in advances outstanding, respectively, under this mixed-use line of credit facility. | ||
12. | LONG TERM DEBT | |
On June 15, 2005, the Company entered into two five year capital lease agreements for manufacturing equipment totaling 70,296 (US $85,231). On October 24, 2006, the Company entered into another five year capital lease agreement for additional manufacturing equipment totaling 123,367 (US $157,503). On May 15, 2008, the company entered into a third capital lease agreement over a three year period for additional manufacturing equipment totaling 63,395 (US $ 98,516).The leases require monthly payments of principal and interest at 7.43% of 1,258 (US$1,983 at June 30, 2008) for the first two leases and 9.72% of 2,276 (US$3,588 at June 30, 2008) and provide for buyouts at the conclusion of the five year term of 2,820 (US$4,445) or 4.0% of original value for the first two contracts and 4,933 (US $7,776) or 4.0 % of the original value for the second contract. Concerning the third lease contract requires monthly payments of principal and interest at 9,40% of 1,909 (US $ 3,009 at June 30, 2008) and provides for buyout at the conclusion of the three year term of 633,95 (US $ 999) or 1% of the original value of this contract. | ||
The book value as of June 30, 2008 and March 31, 2008 of the equipment subject to the foregoing leases are $235,947 and $149,673, respectively. | ||
13. | DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS | |
Borrowings from employees and entities controlled by officers of the Company are, unsecured, non-interest bearing, and due on demand. | ||
Transactions with related parties consisted of the following: | ||
Compensation: | ||
During the three month periods ended June 30, 2008 and 2007 respectively, the Company incurred $179,632 and $156,594 respectively, as compensation for all directors and officers. | ||
Sales Transactions: | ||
One of the Companys directors owns a minority interest in a client company, IMDS Inc., to which goods were sold during the quarter ended June 30, 2008 and 2007 totaling $34,980 and $355 respectively. Accounts receivable at year end with this customer totaled $91,533 and $392,057 as at March 31, 2008 and 2007 respectively. | ||
Accounts receivable with this customer totaled $47,429 and $361,129 as at June 30, 2008 and 2007 respectively. | ||
All related party transactions involving provision of services or tangible assets were recorded at the exchange amount, which is the value established and agreed to by the related parties reflecting arms length consideration payable for similar services or transfers. |
13
14. | ACCRUED LIABILITIES | |
Accrued liabilities are summarized as follows: |
June 30, 2008 | March 31, 2008 | |||||||
Accrued employee benefit taxes and payroll
|
$ | 142,247 | $ | 178,645 | ||||
Accrued Travel
|
11,823 | 17,667 | ||||||
Advances and deposits
|
6,655 | 212,736 | ||||||
Commissions
|
254,861 | 130,875 | ||||||
Accrued audit and tax preparation fees
|
8,343 | 4,000 | ||||||
Reserve for warranty costs
|
23,646 | 23,718 | ||||||
Accrued interest
|
| 984 | ||||||
Accrued consulting fees
|
3,288 | 35,204 | ||||||
Other accrued expenses
|
271,112 | 177,908 | ||||||
|
$ | 816,023 | $ | 781,737 | ||||
15. | EQUITY COMPENSATION PLANS | |
The Board of Directors and stockholders approved the Nonstatutory Stock Option Plan (the 2001 Plan) and adopted it on May 29, 2001. The Company has reserved 250,000 shares of its common stock for issuance to the directors, employees and consultants under the Plan. The Plan is administered by the Board of Directors. Vesting terms of the options range from immediately to five years. | ||
Pursuant to an Information Statement on Schedule 14C mailed on May 9, 2005 to all stockholders of record as of the close of business on February 1, 2005 and became effective June 3, 2005, the Company authorized the implementation of a 2004 Incentive and Nonstatutory Stock Option Plan (2004 Plan) reserving 800,000 shares of common stock for issuance to employees, directors and consultants of the Company or any subsidiaries. This plan became effective as of June 3, 2005 after the Company had completed a one for twenty reverse split. | ||
On August 17, 2007, pursuant to the terms of the Companys 2004 Plan, the Company granted to an employee 100,000 options to purchase the Companys common stock at a price of $1.50 per share. These options will vest over the next 3 years and are exercisable for a period of 5 years. The Company valued the foregoing options using the Black Scholes option pricing model using the following assumptions: no dividend yield; expected volatility rate of 115%; risk free interest rate of 4.75% and an average life of 5 years resulting in a value of $1.24 per option granted. The value of these options will be recognized on a straight-line basis over the next three years and accordingly a value of $28,780 has been recorded in the year ended March 31, 2008. | ||
On September 21, 2007 the Company granted to employees and directors a total of 570,000 options to purchase the Companys common stock at a price of $1.75 per share. These options will vest over the next 3 years and are exercisable for a period of 10 years. The Company valued the foregoing options using the Black Scholes option pricing model using the following assumptions: no dividend yield; expected volatility rate of 115%; risk free interest rate of 4.75% and an average life of 7 years resulting in a value of $1.47 per option granted. The value of these options will be recognized on a straight-line basis over the next three years and accordingly a value of $88,425 has been recorded in the three months ended June 30, 2008 (2007 $nil). |
14
A summary of the option activity for the three months ended June 30, 2008 pursuant to the terms of the plans is as follows: |
2001 Plan | 2004 Plan | Other | ||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||
Outstanding | Average | Outstanding | Average | Outstanding | Average | |||||||||||||||||||
Options | Exercise Price | Options | Exercise Price | Options | Exercise Price | |||||||||||||||||||
Options outstanding , March 31, 2008
|
222,500 | $ | 1.29 | 730,666 | $ | 4.46 | 150,000 | $ | 1.75 | |||||||||||||||
|
||||||||||||||||||||||||
Granted
|
| | | | | | ||||||||||||||||||
Exercised
|
| | | | | | ||||||||||||||||||
Cancelled or expired
|
| | | | | | ||||||||||||||||||
|
||||||||||||||||||||||||
Options outstanding, June 30, 2008
|
222,500 | $ | 1.29 | 730,666 | $ | 2.17 | 150,000 | $ | 1.75 | |||||||||||||||
|
||||||||||||||||||||||||
Options exercisable June 30, 2008
|
222,500 | $ | 1.29 | 210,666 | $ | 4.25 | | | ||||||||||||||||
|
||||||||||||||||||||||||
Exercise price range
|
$ | 1.00 to $4.00 | $ | 1.50 to $4.00 | $ | 1.75 | ||||||||||||||||||
|
||||||||||||||||||||||||
Weighted average remaining life
|
3.8 years | 7.8 years | 9.23 years | |||||||||||||||||||||
|
||||||||||||||||||||||||
Shares available for future issuance
|
27,500 | 69,334 | N/A | |||||||||||||||||||||
|
A summary of the Companys equity compensation plans approved and not approved by shareholders is as follows: |
Number of | Number of securities | |||||||||||
securities to be | remaining available for | |||||||||||
issued upon | future issuance under | |||||||||||
exercise of | Weighted-average | equity compensation | ||||||||||
outstanding | exercise price of | plans (excluding | ||||||||||
options, warrants | outstanding options | securities reflected | ||||||||||
Plan Category | and right | warrants and rights | in column (a)) | |||||||||
Equity Compensation Plans approved by security holders
|
1,103,166 | $ | 1.93 | 96,834 | ||||||||
Equity Compensation Plans not approved by security holders
|
297,298 | $ | 1.50 | NA | ||||||||
|
||||||||||||
|
1,400,464 | $ | 1.84 | 96,834 | ||||||||
|
Prior to January 1, 2006, the Company accounted for employee stock-based compensation under the recognition and measurement principles of Accounting Principles Board Opinion (APB) No. 25, Accounting for Stock Issued to Employees, and related Interpretations, as permitted by SFAS No. 123, Accounting for Stock-Based Compensation. Under the recognition principles of APB No. 25, compensation expense related to restricted stock and performance units was recognized in the financial statements. However, APB No. 25 generally did not require the recognition of compensation expense for stock options because the exercise price of these instruments was generally equal to the fair value of the underlying common stock on the date of grant, and the related number of shares granted were fixed at that point in time. | ||
Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123(R), Share-Based Payment. In addition to recognizing compensation expense related to restricted stock and performance units, SFAS No. 123(R) also requires recognition of compensation expense related to the estimated fair value of stock options. The Company adopted SFAS No. 123(R) using the modified-prospective-transition method. Under that transition method, compensation expense recognized subsequent to adoption includes: (a) compensation cost for all share-based payments granted prior to, but not yet vested as of January 1, 2006, based on the values estimated in accordance with the original provisions of SFAS No. 123, and (b) compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair values estimated in accordance with the provisions of SFAS No. 123(R). Consistent with the modified-prospective-transition method, the Companys results of operations for prior periods have not been adjusted to reflect the adoption of FAS 123(R). For the three months ended June 30, 2008 the Company recognized $88,425 (2007 $nil) in compensation expense in the consolidated statement of operations. |
15
16. | COMMON STOCK WARRANTS AND OTHER OPTIONS | |
As of June 30, 2008, the Company has 7,260,026 warrants to purchase the Companys common stock outstanding that were not granted under shareholder approved equity compensation plans at prices ranging between $1.20 and $3.00 per share with expiration dates between August 2007 and September 2012 as follows: |
Weighted | ||||||||
Outstanding | Average Exercise | |||||||
Warrants | Price | |||||||
Warrants and options outstanding , March 31, 2008
|
7,260,026 | $ | 1.67 | |||||
Granted
|
| | ||||||
|
||||||||
Exercised
|
| | ||||||
|
||||||||
Cancelled or expired
|
| | ||||||
|
||||||||
Warrants exercisable March 31, 2008
|
7,260,026 | $ | 1.62 | |||||
|
||||||||
Exercise price range
|
$ | 1.20 to $3.00 | ||||||
|
||||||||
Weighted average remaining life
|
3.16 Years | |||||||
|
17. | SEGMENT INFORMATION | |
The Companys only operating segment consists of dental products and oral hygiene products sold by Remedent Inc., Remedent N.V., Sylphar N.V. and Remedent Asia Ltd.. Since the Company only has one segment, no further segment information is presented. | ||
Customers Outside of the United States |
June 30, 2008 | June 30, 2007 | |||||||
U.S. sales
|
$ | 2,158,900 | $ | 33,777 | ||||
Foreign sales
|
1,476,579 | 1,210,880 | ||||||
|
||||||||
|
$ | 3,635,479 | $ | 1,244,657 | ||||
|
18. | COMMITMENTS | |
Real Estate Lease | ||
The Company leases its 26,915 square feet office and warehouse facility in Deurle, Belgium from an unrelated party pursuant to a nine year lease commencing December 20, 2001 at a base rent of $6,838 per month ($11,097 per month at June 30, 2008). The minimum aggregate rent to be paid over the remaining lease term based upon the conversion rate for the at March 31, 2008 is $359,773. | ||
Minimum monthly lease payments for real estate, and all other leased equipment for the next three years are as follows based upon the conversion rate for the (Euro) at June 30, 2008. |
March 31, 2009
|
$ | 240,734 | ||
March 31, 2010
|
$ | 76,896 | ||
March 31, 2011
|
$ | 42,143 | ||
Total:
|
$ | 359,773 |
Factoring Agreement | ||
On April 24, 2008, the Company entered into a Factoring Agreement (Agreement) with First Community Financial, a division of Pacific Western Bank (First Community) whereby First Community may purchase, from time to time, on a limited recourse basis such of the Companys accounts now existing or hereafter created and arising out of the sale of goods or service by the Company. The factoring credit facility limit is $1,000,000 and amounts factored are subject to an interest rate of prime plus 2%. Security for the factoring credit facility is a first charge over all the assets of the Company. The Agreement shall remain in effect until October 16, 2008 and may be renewed for successive six month periods unless terminated under certain conditions. |
16
17
18
For the three months ended | ||||||||
June 30, | ||||||||
2008 | 2007 | |||||||
NET SALES
|
100.00 | % | 100.00 | % | ||||
COST OF SALES
|
34.92 | % | 53.46 | % | ||||
|
||||||||
GROSS PROFIT
|
65.08 | % | 46.54 | % | ||||
|
||||||||
OPERATING EXPENSES
|
||||||||
Research and development
|
3.44 | % | 2.36 | % | ||||
Sales and marketing
|
18.47 | % | 8.29 | % | ||||
General and administrative
|
31.09 | % | 59.81 | % | ||||
Depreciation and amortization
|
2.51 | % | 5.27 | % | ||||
|
||||||||
TOTAL OPERATING EXPENSES
|
55.50 | % | 75.74 | % | ||||
|
||||||||
INCOME (LOSS) FROM OPERATIONS
|
9.58 | % | (29.21 | )% | ||||
|
||||||||
Other income (expense)
|
(0.49 | )% | (2.20 | )% | ||||
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
9.09% | (31.41 | )% | |||||
|
||||||||
NET INCOME (LOSS)
|
9.09 | % | (31.41 | )% | ||||
19
20
21
22
23
Exhibit No | Description | |||
|
||||
2.1 |
Stock Exchange Agreement with Resort World Enterprises, Inc. (1)
|
|||
|
||||
3.1 |
Articles of Incorporation of Jofran Confectioners International, Inc., a Nevada
corporation, dated July 31, 1986 (1)
|
|||
|
||||
3.2 |
Amendment to Articles of Incorporation changing name from Jofran Confectioners
International, Inc., a Nevada corporation, to Cliff Typographers, Inc., a Nevada
corporation, dated July 31, 1986 (1)
|
|||
|
||||
3.3 |
Amendment to Articles of Incorporation changing name from Cliff Typographers, Inc., a
Nevada corporation, to Cliff Graphics International, Inc., a Nevada corporation, dated
January 9, 1987 (1)
|
|||
|
||||
3.4 |
Amendment to Articles of Incorporation changing name from Cliff Graphics International,
Inc., a Nevada corporation, to Global Golf Holdings, Inc., a Nevada corporation, dated
March 8, 1995 (1)
|
|||
|
||||
3.5 |
Amendment to Articles of Incorporation changing name from Global Golf Holdings, Inc., a
Nevada corporation, to Dino Minichiello Fashions, Inc., a Nevada corporation, dated
November 20, 1997 (1)
|
|||
|
||||
3.6 |
Amendment to Articles of Incorporation changing name from Dino Minichiello Fashions, Inc.,
a Nevada corporation, to Resort World Enterprises, Inc., a Nevada corporation, dated
August 18, 1998 (1)
|
|||
|
||||
3.7 |
Amendment to Articles of Incorporation changing name from Resort World Enterprises, Inc.,
a Nevada corporation, to Remedent , Inc., dated October 5, 1998 (1)
|
|||
|
||||
3.8 |
Amended and Restated Articles of Incorporation changing name from Remedent, USA, Inc. to
Remedent, Inc. and to effect a one-for-twenty reverse stock split on June 3, 2005 (2)
|
|||
|
||||
3.9 |
Amended and Restated Bylaws (2)
|
|||
|
||||
4.1 |
Specimen of Stock Certificate (3)
|
|||
|
||||
4.2 |
Form of Subscription Agreement (4)
|
|||
|
||||
4.3 |
Form of Warrant for Common Stock (4)
|
|||
|
||||
4.4 |
Form of Registration Rights Agreement (4)
|
|||
|
||||
4.5 |
Form of Warrant for Unit (5)
|
|||
|
||||
4.6 |
Form of Warrant for Common Stock (6)
|
|||
|
||||
10.1 |
Distribution Agreement, dated April 10, 2008, by and between Remedent N.V. and GlamTech
USA, Inc. (7)
|
|||
|
||||
10.2 |
Factoring Agreement between Remedent, Inc. and First Community Financial, a division of
Pacific Western Bank, dated April 24, 2008 (8)
|
|||
|
||||
10.3 |
OEM Agreement between Remedent, Inc. and SensAble Technologies, Inc., dated June 30, 2008 (9)
|
|||
|
||||
31.1 |
Certifications of the Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act.*
|
|||
|
||||
31.2 |
Certifications of the Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act.*
|
|||
|
||||
32.1 |
Certifications of the Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act.*
|
|||
|
||||
32.2 |
Certifications of the Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act.*
|
* | Filed herewith. | |
(1) | Incorporated by reference from Registration Statement on Form SB-2 filed with the SEC on July 24, 2002. | |
(2) | Incorporated by reference from Form 8-K filed with the SEC on June 8, 2005. | |
(3) | Incorporated by reference from Form SB-2 filed with the SEC on August 4, 2005. | |
(4) | Incorporated by reference from Form 8-K filed with the SEC on July 11, 2005. | |
(5) | Incorporated by reference from Form SB-2/A filed with the SEC on October 26, 2005 | |
(6) | Incorporated by reference from Form 8-K filed with the SEC on June 27, 2007. |
24
(7) |
Incorporated by reference from Form 8-K filed with the SEC on April 15, 2008.
|
|
(8) | Incorporated by reference from Form 8-K filed with the SEC on April 30, 2008. | |
(9) | Incorporated by reference from Form 8-K filed with the SEC on July 7, 2008. |
25
REMEDENT, INC.
|
||||
Date: August 19, 2008 | By: | /s/ Robin List | ||
Name: | Robin List | |||
Title: | Chief Executive Officer | |||
Date: August 19, 2008 | By: | /s/ Philippe Van Acker | ||
Name: | Philippe Van Acker | |||
Title: | Chief Financial Officer | |||
26
1 Year Elysee Development (PK) Chart |
1 Month Elysee Development (PK) Chart |
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