Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Feb. 16, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Entity Registrant Name | REMEDENT, INC. | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,995,969 | |
Entity Central Index Key | 0001078037 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --03-31 | |
Amendment Flag | false | |
Trading Symbol | REMI | |
Title of 12(b) Security | None |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 83,296 | $ 114,634 |
Accounts receivable, net of allowance for doubtful accounts of $172,447 at December 31, 2020 and $154,447 at March 31, 2020 | 474,611 | 329,340 |
Inventories, net | 107,582 | 90,841 |
Prepaid expenses and other current assets | 34,046 | 146,249 |
Total current assets | 699,535 | 681,064 |
PROPERTY AND EQUIPMENT, NET | 75,144 | 67,092 |
PATENTS, NET | 2,703 | |
OTHER ASSETS | ||
Equity investment in GlamSmile Asia Ltd (Note 3) | 2,035,535 | 2,150,724 |
Investment in Condor Technology (Note 3) | 1,294,708 | 1,159,561 |
Investment in Metrics in Balance (Note 3) | 3,455,122 | 3,450,598 |
Total assets | 7,562,747 | 7,509,039 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,371,173 | 2,294,884 |
Accrued liabilities | 403,680 | 486,763 |
Deferred revenue | 137,491 | 100,571 |
Total current liabilities | 2,912,344 | 2,882,218 |
Long-term portion of lease liabilities | 5,455 | 5,455 |
Total liabilities | 2,917,799 | 2,887,673 |
EQUITY: | ||
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding) | ||
Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at December 31, 2020 and March 31, 2020 respectively) | 19,996 | 19,996 |
Treasury stock, at cost; 723,000 shares outstanding at December 31, 2020 and March 31, 2020 respectively | (831,450) | (831,450) |
Additional paid-in capital | 24,906,269 | 24,906,269 |
Accumulated deficit | (18,475,808) | (18,575,388) |
Accumulated other comprehensive income (loss) (foreign currency translation adjustment) | (1,154,583) | (1,070,239) |
Obligation to issue shares (Note 3) | 97,500 | 97,500 |
Total Remedent, Inc. stockholders' equity | 4,561,924 | 4,546,688 |
Non-controlling interest | 83,024 | 74,678 |
Total stockholders' equity | 4,644,948 | 4,621,366 |
Total liabilities and equity | $ 7,562,747 | $ 7,509,039 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Allowance for doubtful accounts | $ 172,447 | $ 154,447 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 19,995,969 | 19,995,969 |
Common Stock, shares outstanding | 19,995,969 | 19,995,969 |
Treasury stock, shares | 723,000 | 723,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
Net sales | $ 337,468 | $ 262,077 | $ 878,519 | $ 814,111 |
Cost of sales | 128,432 | 94,562 | 308,032 | 239,432 |
Gross profit | 209,036 | 167,515 | 570,487 | 574,679 |
Operating Expenses | ||||
Sales and marketing | 45,464 | 94,867 | 83,073 | 295,165 |
General and administrative | 140,513 | 178,919 | 372,995 | 507,914 |
Depreciation and amortization | 8,681 | 16,745 | 28,224 | 58,314 |
TOTAL OPERATING EXPENSES | 194,658 | 290,531 | 484,292 | 861,393 |
(LOSS) INCOME FROM OPERATIONS | 14,378 | (123,016) | 86,195 | (286,714) |
OTHER INCOME (EXPENSES) | ||||
Equity (loss) income from investments | 91,467 | (30,799) | 24,482 | (201,751) |
Interest expense | (1,380) | (2,029) | (3,155) | (5,039) |
Interest / Other income (expense) | 0 | (1,355) | ||
Other deductions | (3,673) | (5,755) | 2,784 | (1,788) |
TOTAL OTHER INCOME | 86,414 | (38,583) | 24,111 | (209,933) |
INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST | 100,792 | (161,599) | 110,306 | (496,647) |
PROVISION FOR INCOME TAXES | (2,402) | (1,683) | (2,402) | (1,683) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE NON-CONTROLLING INTEREST, NET OF TAX | 98,390 | (163,282) | 107,904 | (498,330) |
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 3,934 | (14,756) | 8,324 | 932 |
NET INCOME (LOSS) ATTRIBUTABLE TO REMEDENT INC. COMMON SHAREHOLDERS | $ 94,456 | $ (148,526) | $ 99,580 | $ (499,262) |
INCOME PER SHARE | ||||
Basic | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
Fully diluted | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||
Basic | 19,995,969 | 19,995,969 | 19,995,969 | 19,995,969 |
Fully diluted | 19,995,969 | 19,995,969 | 19,995,969 | 19,995,969 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
NET INCOME | $ 98,390 | $ (163,282) | $ 107,904 | $ (498,330) |
OTHER COMPREHENSIVE INCOME (LOSS): | ||||
Foreign currency translation adjustment | (18,718) | (12,228) | (84,344) | 36 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 79,672 | (175,510) | 23,560 | (498,294) |
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (3,934) | (14,756) | (8,324) | 932 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO REMEDENT, INC. common shareholders | $ 83,606 | $ (160,754) | $ 31,884 | $ (499,226) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 107,904 | $ (498,330) |
Adjustments to reconcile net income to net cash used by operating activities | ||
Depreciation and amortization | 28,224 | 58,314 |
Inventory reserve | 74,142 | (6,023) |
Allowance for doubtful accounts | 18,000 | (1,377) |
Equity investment | (24,482) | 201,751 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (145,271) | (129,649) |
Inventories | (16,741) | (8,180) |
Prepaid expenses | 112,203 | 217,696 |
Accounts payable | 76,291 | 217,459 |
Accrued liabilities | (83,083) | (65,483) |
Deferred revenue | 36,920 | 48,915 |
Net cash provided by (used by) operating activities | 184,107 | 35,093 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Patent costs | (2,703) | 0 |
Net cash (used by) investing activities | (2,703) | 0 |
Net increase in cash | 181,404 | 35,093 |
Effect of exchange rate changes on cash and cash equivalents | (212,742) | (83) |
CASH AND CASH EQUIVALENTS, BEGINNING | 114,634 | 66,539 |
CASH AND CASH EQUIVALENTS, ENDING | 83,296 | 101,549 |
Supplemental Information: | ||
Interest paid | 3,155 | 5,039 |
Income taxes paid | $ 0 | $ 0 |
DESCRIPTION OF THE COMPANY AND
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2020 | |
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION | |
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION | 1. DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION The Company is a manufacturer and distributor of cosmetic dentistry products, including a full line of professional dental tooth whitening products which are distributed in Europe, Asia and the United States. The Company manufactures many of its products in Ghent, Belgium as well as outsourced manufacturing in Beijing, China. The Company distributes its products using both its own internal sales force and through the use of third party distributors. In these notes, the terms “Remedent”, “Company”, “we”, “us” or “our” mean Remedent, Inc. and all of its subsidiaries, whose operations are included in these consolidated financial statements. The Company’s financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. These financial statements of the Company are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Despite the net profit for the accounting years ending March 31, 2019, March 31, 2018 and March 31, 2017, the accumulated losses of the past affect the financial situation of the Company. The continuation of the Company as a going concern is dependent upon the Company’s ability to continue to generate profitable operations. As of December 31, 2020, the Company had a working capital deficit of $2,212,809, and an accumulated deficit of $18,475,808. Additional funding may be required in order to support the Company’s operations and the execution of its business plan. There can be no assurance that the Company will be successful in raising the required capital or that it will ultimately attain a successful level of operations. These risks, among others, are also discussed in ITEM 1A – Risk Factors in the Company’s annual report on Form 10-K filed on June 29, 2020 with the SEC. The Company has conducted a subsequent events review through the date the financial statements were issued, and has concluded that there were no subsequent events requiring adjustments or additional disclosures to the Company’s financial statements at December 31, 2020. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the Company, as applied in the interim consolidated financial statements presented herein are substantially the same as presented in the Company’s Form 10-K for the year ended March 31, 2020, except as may be indicated below: 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 and nine months ended December 31, 2020, are not necessarily indicative of the results that may be expected for the year ended March 31, 2021. Accordingly, your attention is directed to footnote disclosures found in the Annual Report on Form 10-K for the year ending March 31, 2020, and particularly to Note 2, which includes a summary of significant accounting policies. Basis of Consolidation The accompanying consolidated financial statements include the accounts of: Remedent N.V. (incorporated in Belgium) located in Ghent, Belgium, Remedent Professional, Inc. and Remedent Professional Holdings, Inc. (both incorporated in California and inactive), Glamtech-USA, Inc. (a Delaware corporation acquired effective August 24, 2008), Condor North America LLC, a Nevada Corporation (effective March 31, 2020 this subsidiary is inactive), Remedent N.V.’s 50 % owned subsidiary, Biotech Dental Benelux N.V., a Belgium private company located in Ghent, Remedent N.V.’s 51% owned subsidiary, GlamSmile Deutschland GmbH, a German private company located in Munich (effective March 31, 2014 this subsidiary is inactive), Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome (effective March 31, 2014 this subsidiary is inactive). Remedent N.V. owns 21.51% of Glamsmile Dental Technology Ltd., a Cayman Islands company (“Glamsmile Dental”). The subsidiaries of Glamsmile Dental include: Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong, Beijing Glamsmile Technology Development Ltd., a 100% owned subsidiary or GlamSmile Asia, its 80% owned subsidiary Beijing Glamsmile Trading Co., Ltd. and its 98% owned subsidiary Beijing Glamsmile Dental Clinic Co., Ltd., including its 100% owned Shanghai Glamsmile Dental Clinic Co., Ltd., its 100% owned Guangzhou Dental Clinic Co., Ltd. and its 50% owned Whenzhou GlamSmile Dental Clinic Ltd., which are accounted for using the equity method after January 31, 2012 (see Note 3 – Long-term Investment). Remedent, Inc. is a holding company with headquarters in Ghent, Belgium. Remedent Professional, Inc. and Remedent Professional Holdings, Inc. have been dormant since inception. For all periods presented, all significant inter-company accounts and transactions have been eliminated in the consolidated financial statements and corporate administrative costs are not allocated to subsidiaries. Warranties The Company typically warrants its products against defects in material and workmanship for a period of 24 months from shipment. A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting periods is as follows: Nine months ended Year ended December 31, 2020 March 31, 2020 Product warranty liability: Opening balance $ 5,496 $ 5,610 Accruals for product warranties issued in the period 640 — Adjustments to liabilities for pre-existing warranties — (123) Ending liability $ $ 5,496 Based upon historical trends and warranties provided by the Company’s suppliers and sub-contractors, the Company has made a provision for warranty costs of $6,136 and $5,496 as of December 31, 2020 and March 31, 2020, respectively. Computation of Earnings (Loss) per Share Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share attributable to common stockholders assuming dilution is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. On April 1, 2009, the Company adopted changes issued by the FASB to the calculation of earnings per share. These changes state that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method for all periods presented. The adoption of this change had no impact on the Company’s basic or diluted net loss per share because the Company has never issued any share-based awards that contain non-forfeitable rights. At each of December 31, 2020 and March 31, 2020, the Company had 19,995,969, shares of common stock issued and outstanding. The Company did not have any warrants or options outstanding at either of December 31, 2020 or March 31, 2020. Conversion of Foreign Currencies The reporting and functional currency for the consolidated financial statements of the Company is the U.S. dollar. The home currency for the Company’s European subsidiaries, Remedent N.V., Biotech Dental Benelux N.V., Metrics in Balance N.V. , GlamSmile Rome and GlamSmile Deutschland GmbH, is the Euro, for Glamsmile Asia Ltd., and its subsidiaries, the Hong Kong dollar and the Chinese Renmimbi (“RMB”) for Mainland China. The assets and liabilities of companies whose functional currency is other that the U.S. dollar are included in the consolidation by translating the assets and liabilities at the exchange rates applicable at the end of the reporting period. The statements of income of such companies are translated at the average exchange rates during the applicable period. Translation gains or losses are accumulated as a separate component of stockholders’ equity. Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and unrealized gains or losses on ‘Available For Sale (AFS)’ securities. During the nine months ended December 31, 2020 and 2019 the Company did not record any unrealized gains or losses on AFS securities. The Company’s only component of other comprehensive income is the accumulated foreign currency translation consisting of (losses) / gains of ($84,344) and $36 for the nine months ended December 31, 2020 and 2019, respectively. These amounts have been recorded as a separate component of stockholders’ equity (deficit). Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (the “FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. Adopted Accounting Pronouncements In February 2016, the FASB established ASU Topic 842 – Leases, by issuing ASU Topic No. 2016-02 (“Topic 842”), which requires lessees to recognize lease on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU Topic 2018-11 – Targeted Improvements. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and a lease liability for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted Topic 842 in the first quarter of 2019 utilizing the modified retrospective transition method and a cumulative effect adjustment at the beginning of the first quarter of 2019. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date, and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of the right-to-use assets. The adoption of Topic 842 resulted in the recognition of right-of use assets of approximately $180,926 and lease liabilities for operating leases of approximately $180,926 and no cumulative effect adjustment on retained earnings on its unaudited Consolidated Balance Sheets or material impact to its unaudited Consolidated Statements of Operations and Comprehensive Loss in the period of adoption. Right-of-use assets are included in Prepaid and other assets, and lease liabilities are included in Accrued liabilities in the unaudited consolidated balance sheet for the period ended December 31, 2020. See Note 13 — Leases, for additional information. |
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS | 9 Months Ended |
Dec. 31, 2020 | |
LONG-TERM INVESTMENTS | |
LONG-TERM INVESTMENTS | 3. LONG-TERM INVESTMENTS GLAMSMILE ASIA LTD. Acquisition Effective January 1, 2010 the Company acquired 50.98% of the issued and outstanding shares of Glamsmile Asia Ltd. (“Glamsmile Asia” or “Glamsmile”), a private Hong Kong company, with subsidiaries in Hong Kong and Mainland China, in exchange for the following consideration: 1. 325,000 Euro (US$466,725). As of March 31, 2011 the full amount was paid. 2. 250,000 shares of common stock to be issued during the fiscal year ended March 31, 2011 ($97,500 was recorded as an obligation to issue shares as at March 31, 2010). The parties have agreed that the shares will be issued during fiscal year ended March 31, 2015. 3. 100,000 options on closing (issued); 4. 100,000 options per opened store at closing (issued); 5. 100,000 options for each additional store opened before the end of 2011 at the price of the opening date of the store; 6. Assumption of Glamsmile’s January 1, 2010 deficit of $73,302.; and 7. Repayment of the founding shareholder’s original advances in the amount of $196,599. The balance of $196,599, recorded as due to related parties at March 31, 2010, is unsecured, non-interest bearing and has no specific terms of repayment other than it will be paid out of revenues from Glamsmile, as working capital allows. During the year ended March 31, 2011 a total of $101,245 was paid to the founding shareholder, leaving a balance due of $95,354 on June 27, 2011. As at March 31, 2012 the full amount was paid. All options reside under the Company’s option plan and are five year options. Also pursuant to the agreement, the Company granted irrevocable right to Glamsmile Asia to use the Glamsmile trademark in Greater China. The Company acquired a 50.98% interest in GlamSmile Asia Ltd. (“GlamSmile Asia”) in order to obtain a platform in the Chinese Market to expand and introduce our GlamSmile Asia concept into the Chinese Market. In order to sell into the Chinese Market, an approval by Chinese Authorities is required, in the form of licenses. As GlamSmile Asia was already the owner of such licenses prior to the acquisition, this was an important advantage. We obtained control of GlamSmile Asia through the acquisition of the 50.98% interest and the appointment of our CEO as a Board member of GlamSmile Asia. On January 30, 2014, the Company has sold a total of 2,500,000 ordinary shares of its investment in GlamSmile Dental Technology Ltd for $3,000,000 and recognized a gain on the sale in the amount of $1,582,597. Effective March 31, 2014 the Company has retained a 21.51% ownership in GlamSmile Asia Ltd. Deconsolidation On January 28, 2012, the Company entered into a Preference A Shares and Preference A‑1 Shares Purchase Agreement (“Share Purchase Agreement”) with Glamsmile Dental Technology Ltd., a Cayman Islands company and a subsidiary of the Company (“Glamsmile Dental”), Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong and a substantially owned subsidiary of Glamsmile Dental, Beijing Glamsmile Technology Development Ltd., Beijing Glamsmile Trading Co., Ltd., Beijing Glamsmile Dental Clinic Co., Ltd., and Shanghai Glamsmile Dental Clinic Co., Ltd., Gallant Network Limited, a shareholder of Glamsmile Dental (“Gallant”), and IDG-Accel China Growth Fund III L.P. (“IDG Growth”), IDG-Accel China III Investors L.P.(“IDG Investors”) and Crown Link Group Limited (“Crown”)(“IDG Growth, IDG Investors and Crown collectively referred to as the “Investors”), pursuant to which the Investors agreed to (i) purchase from the Company an aggregate of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental, which represents all of the issued and outstanding Preference A-1 Shares of Glamsmile Dental, for an aggregate purchase price of $2,000,000, and (ii) purchase from Glamsmile Dental an aggregate of 5,000,000 shares of Preference A Shares for an aggregate purchase price of $5,000,000. Under the terms of the Share Purchase Agreement, the Company agreed (a) to indemnify the Investors and their respective affiliates for losses arising out of a breach, or inaccuracy or misrepresentation in any representation or warranty made by the Company or a breach or violation of a covenant or agreement made by the Company for up to $1,500,000, and (b) to transfer 500,000 shares of Glamsmile Dental owned by the Company to the Investors in the event of breach of certain covenants by the Company. In connection with the Share Purchase Agreement, the Company also agreed to enter into an Investor’s Rights Agreement, Right of First Refusal and Co-Sale Agreement, and Voting Agreement with the parties. In addition, in connection with the contemplated transactions in the Share Purchase Agreement on January 20, 2012, the Company entered into a Distribution, License and Manufacturing Agreement with Glamsmile Dental pursuant to which the Company appointed Glamsmile Dental as the exclusive distributor and licensee of Glamsmile Veneer Products bearing the “Glamsmile” name and mark in the B2C Market in the People’s Republic of China (including Hong Kong and Macau) and Republic of China (Taiwan) and granted related manufacturing rights and licenses in exchange for the original issuance of 2,857,143 shares of Preference A-1 Shares of Glamsmile Dental and $250,000 (the receipt of which was acknowledged as an offset to payment of certain invoices of Glamsmile (Asia) Limited). On February 10, 2012, the sale of the Preference A-1 Shares and the Preference A Shares was completed. As a result of the closing, the equity ownership of Glamsmile Dental, on an as converted basis, is as follows: 31.4% by the Investors, 39.2 % by Gallant, and 29.4% by the Company. Mr. De Vreese, our chairman, will remain as a director of Glamsmile Dental along with Mr. David Lok, who is the Chief Executive Officer and director of Glamsmile Dental and principal of Gallant. The Investors have a right to appoint one director of Glamsmile Dental, and accordingly the Board of Directors of Glamsmile Dental will consist of Mr. De Vreese, Mr. Lok and a director appointed by the Investors. In conjunction with the transaction and resulting deconsolidation of Glamsmile Dental, the Company recorded a gain of $1,470,776, calculated as follows: Consideration received $ 2,000,000 Fair value of 29.4% interest 2,055,884 Carrying value of non-controlling interest 1,117,938 Less: carrying value of former subsidiary’s net assets (2,002,329) Goodwill (699,635) Investment China & Hong Kong (1,082) Rescission agreement Excelsior (Note 11) (1,000,000) $ 1,470,776 For the nine month periods ended December 31, 2020 and December 31, 2019 the Company recorded equity (loss) income of $(115,189) and $(28,667) respectively as “Other (expenses) income” for its portion of the net income recorded by GlamSmile Dental Technology Ltd. The following tables represent the summary financial information of GlamSmile Asia as derived from its financial statements and prepared under US GAAP: Nine months ended Nine months ended Operating data: December 31, 2020 December 31, 2019 Revenues $ 3,172,318 $ 3,607,967 Gross profit 2,147,669 2,376,689 Income (loss) from operations (436,589) (42,360) Net income $ (535,517) $ (133,272) CONDOR TECHNOLOGIES (formerly Medical Franchises & Investments”) Effective March 31, 2013, the Company acquired 6.12 % of the issued and outstanding shares of Condor Technologies NV (formerly Medical Franchises & Investments N.V.), a Belgium corporation in exchange for a cash prepayment of $314,778 that was made during the fiscal year ended March 31, 2012. The Company’s investment in 70,334 shares of MFI NV has been recorded at the fair value of $787,339 which is the quoted market price of approximately USD $11.19 (€8.70) per share. As a result of our adoption of ASU 2016-01, the investment is being recognized as a financial instrument with a readily determinable fair value and an unrecognized gain of $51,695 has been recorded in income due to the fair value per share at December 31, 2020, being $17,58 (€15,00) per share. Further, as a result of our adoption of ASU 2016-01, we have recorded a transition date adjustment as at April 1, 2018 to reclassify the unrecognized profit of $178,361 recorded in 2018 from other comprehensive income to deficit. MFI NV has been founded to market an advance in dental technology which has the potential to replace the process of making mechanical impressions of teeth and bite structures with a digital/optical scan. METRICS IN BALANCE N.V. Effective November 22, 2018, the Company acquired 63,112 shares or 3.08% of the issued and outstanding shares of Metrics in Balance N.V., a Belgium Corporation (“MIB”). As of March 29, 2019, our 60% ownership of SmileWise was merged into MIB, and we converted cash payments to MIB of $123,912 (€ 110,271) to MIB shares; resulting in an increased in our shareholding of MIB by 1,082,190 shares to a total of 1,145,302 or 26.09%. MIB listed on the Euronext, Paris, France in March 2018 and trading has been minimal to date. Consequently, the quoted market price has not been disclosed because it may not be representative of the fair value of our investment. MIB has been founded to allow healthcare and dental professionals to determine the relationship between malocclusion and posture problems thereby enabling therapy to improve quality of life. As a result of the increase in share ownership the Company has determined that significant control exists and consequently the investment is being recorded as an equity investment and all gains or losses are recorded in income. During the year ended March 31, 2020 we recorded a loss of ($21,413). During the year ended March 31, 2019 we recorded $2,832,822 in equity income comprised of a gain on merger of SmileWise in the amount of $3,007,301 resulting from the re-measurement of the value of SmileWise, offset by an equity loss of $174,479. SmileWise was fair valued using an average of discounted cash flow and comparable exit methods employing the following inputs: discounted cash flows using a weighted average cost of capital (“WAAC”) of 23%; software as a service (“SaaS”) multiples, dental industry multiples and mergers and acquisition (“M&A”) multiples of between 5.1 and 18.5. As at March 31, 2020 and March 31, 2019 unrealized net gains (loss) on our investment in MIB were ($2,413) and $2,832,822 respectively. As at December 31, 2020, we recorded a net loss for the three and nine months ending December 31, 2020 of $(8,465) and $(4,524) respectively, reflecting Remedent’s 26.09%. As at December 31, 2019, we recorded a net loss for the three and nine months ending December 31, 2019 of $(8,934) and $(12,580) respectively, reflecting Remedent’s 26.09%. The following table represents the summary financial information of MIB as derived from its financial statements and prepared under US GAAP: Nine months ended Nine months ended Operating data: December 31, 2020 December 31, 2019 Revenues $ 33,304 $ 26,948 Gross profit 9,162 26,458 Income (loss) from operations 21,186 (64,452) Net (loss) $ 17,341 $ (48,217) SMILEWISE CORPORATE B.V.B.A. Effective April 16, 2018, the Company acquired 60% of the issued and outstanding shares of SmileWise Corporate B.V.B.A., a Belgium corporation (“SmileWise’) in exchange for a cash payment of $2,592 (€2,226) that was made during April 2018. As of March 29, 2019, 100% of SmileWise was merged into MIB. This merger/integration was completed because SmileWise needed a new ‘practice-building’ clinical concept and MIB needed a team to fill the clinics with patients. SmileWise is a dental marketing agency and software developer catering to dentists. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 9 Months Ended |
Dec. 31, 2020 | |
CONCENTRATION OF RISK | |
CONCENTRATION OF RISK | 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 Company’s customer base and their dispersion across different geographic areas. At December 31, 2020, five customers accounted for 11.72% of the Company’s trade accounts receivables, and two customers accounted for 7.11%. At December 31, 2019, five customers accounted for 12.66% of the Company's trade accounts receivables, and two customers accounted for 6.73%. The Company performs ongoing credit evaluations of its customers and normally does not require collateral to support accounts receivable. Purchases — The Company has diversified its sources for product components and finished goods and, as a result, the loss of a supplier would not have a material impact on the Company’s operations. For the nine months ended December 31, 2020 the Company had five suppliers who accounted for 46.07% of accounts payable. For the nine months ended December 31, 2019 the Company had five suppliers who accounted for 44.93% of accounts payable. Revenues — For the nine months ended December 31, 2020 the Company had five customers that accounted for 36.45% of total revenues. Two of the five customers accounted for 27.33% of total revenues. For the nine months ended December 31, 2019 the Company had five customers that accounted for 31.39% of total revenues. Two of the five customers accounted for 16.16% of total revenues. |
ACCOUNTS RECEIVABLE AND ALLOWAN
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | 9 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | |
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | 5. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company’s accounts receivable at period end were as follows: December 31, 2020 March 31, 2020 Accounts receivable, gross $ 647,058 $ 483,787 Less: allowance for doubtful accounts (172,447) (154,447) Accounts receivable, net $ 474,611 $ 329,340 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Dec. 31, 2020 | |
INVENTORIES | |
INVENTORIES | 6. INVENTORIES Inventories at period end are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following: December 31, 2020 March 31, 2020 Raw materials $ 8,290 $ 7,483 Components 108,811 91,808 Finished goods 637,727 564,654 754,828 663,945 Less: reserve for obsolescence (647,246) (573,104) Net inventory $ 107,582 $ 90,841 |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 9 Months Ended |
Dec. 31, 2020 | |
PREPAID EXPENSES AND OTHER ASSETS | |
PREPAID EXPENSES AND OTHER ASSETS | 7. PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets are summarized as follows: December 31, 2020 March 31, 2020 Prepaid materials and components $ 20,184 $ 51,050 VAT payments in excess of VAT receipts — 3,947 Other 4,433 4,418 Right-of-use assets 9,429 86,834 $ 34,046 $ 146,249 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | 8. PROPERTY AND EQUIPMENT Property and equipment are summarized as follows: December 31, 2020 March 31, 2020 Furniture and Fixtures $ 480,252 $ 480,252 Machinery and Equipment 1,389,406 1,917,825 1,869,658 2,398,077 Accumulated depreciation (1,794,514) (2,330,985) Property & equipment, net $ 75,144 $ 67,092 |
DUE TO RELATED PARTIES AND RELA
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2020 | |
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS | |
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS | 9. DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS Transactions with related parties not disclosed elsewhere in these financial statements consisted of the following: Compensation: During the nine month periods ended December 31, 2020 and 2019 respectively, the Company incurred $159,443 and $151,328 respectively, as compensation for all directors and officers. 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 and reflects arms’ length consideration payable for similar services or transfers. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 9 Months Ended |
Dec. 31, 2020 | |
ACCRUED LIABILITIES | |
ACCRUED LIABILITIES | 10. ACCRUED LIABILITIES Accrued liabilities are summarized as follows: December 31, 2020 March 31, 2020 Accrued employee benefit taxes and payroll $ 123,295 $ 102,207 Accrued travel 6,136 5,496 Accrued audit and tax preparation fees 14,691 17,395 Reserve for warranty costs 6,136 5,496 Accrued commission 15,000 15,000 Accrued consulting fees 197,538 196,633 Tax reserve 4,940 5,630 VAT to be paid 15,138 7,997 Accrued interest 1,160 — Other accrued expenses + lease liability 19,646 130,909 $ 403,680 $ 486,763 |
EQUITY COMPENSATION PLANS
EQUITY COMPENSATION PLANS | 9 Months Ended |
Dec. 31, 2020 | |
EQUITY COMPENSATION PLANS | |
EQUITY COMPENSATION PLANS | 11. EQUITY COMPENSATION PLANS As of December 31, 2020, the Company had two equity compensation plans approved by its stockholders (1) the 2004 Incentive and Non-statutory Stock Option Plan (the “2004 Plan”); and (2) the 2007 Equity Incentive Plan (the “2007 Plan”). The Company’s approved the 2004 Plan reserving 800,000 shares of common stock of the Company pursuant to an Information Statement on Schedule 14C filed with the Commission on May 9, 2005. Finally, the Company’s stockholders approved the 2007 Plan reserving 1,000,000 shares of common stock of the Company pursuant to a Definitive Proxy Statement on Schedule 14A filed with the Commission on October 2, 2007. In addition to the equity compensation plans approved by the Company’s stockholders, the Company has previously issued options and warrants to individuals pursuant to individual compensation plans not approved by our stockholders. These options and warrants have been issued in exchange for services or goods received by the Company. A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows: Number of securities remaining available for Number of future securities to issuance be under issued upon equity exercise of Weighted-average compensation of exercise price of plans outstanding outstanding (excluding options, options securities warrants warrants and reflected Plan Category and rights rights in column (a)) Equity Compensation Plans approved by security holders 0 $ 0.50 1,962,500 For the nine month periods ended December 31, 2020 and December 31, 2019 the Company has not recognized any stock based compensation expense in the consolidated statement of operations. No stock options were granted or cancelled in the nine month periods ended December 31, 2020 and December 31, 2019. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Dec. 31, 2020 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION The Company’s only operating segment consists of dental products and oral hygiene products sold by Remedent Inc., Condor North America LLC., Remedent N.V., Metrics in Balance N.V. and Biotech Dental Benelux N.V. Our operations are primarily in Europe and Asia and 100% of our sales for the nine months ended December 31, 2020 and 100.00% of our sales for the nine months ended December 31, 2019 were generated from customers outside of the United States. |
LEASES
LEASES | 9 Months Ended |
Dec. 31, 2020 | |
LEASES | |
LEASES | 13. LEASES The Company enters into operating leases primarily for real estate, office equipment and vehicles. Lease terms generally range from four to nine years. On April 1, 2019, the Company adopted Topic 842, using the modified-retrospective approach as discussed in Note 2, and as a result, recognized a right-of-use asset of $170,898 and a lease liability of $170,898. No cumulative-effect adjustment to retained earnings was required upon adoption of Topic 842. Right-of use-assets are recorded in prepaid expenses and other current assets and lease liabilities are recorded in accrued liabilities or other liabilities depending on whether they are current or noncurrent. The Company uses a 12% rate to determine the present value of the lease payments. Information related to the Company’s right-of-use assets and related liabilities were as follows: Nine Months Ended December 31, 2020 Cash paid for operating lease liabilities $ 14,524 Right-of-use assets obtained in exchange for new operating lease obligations Weighted-average remaining lease term, real estate 0.25 years Weighted-average remaining lease term, all other leased equipment 0.83 years Weighted-average discount rate % The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. Maturities of lease liabilities as of December 31, 2020, were as follows: Nine months ended Year ended Due in 12-month period ended December 31, December 31, 2020 March 31, 2020 2020 $ 4,177 $ 85,550 2021 5,569 5,569 9,746 91,119 Less imputed interest (317) (4,285) Total lease liabilities $ 9,429 $ 86,834 Current operating lease liabilities 3,974 $ 81,379 Non-current lease liabilities 5,455 5,455 Total lease liabilities $ 9,429 $ 86,834 As of December 31, 2020, right-of-use assets were $9,429 and lease liabilities were $9,429. During the nine months ended December 31, 2020, the Company did not enter into any new lease arrangements, and did not have any arrangements that had not yet commenced. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended |
Dec. 31, 2020 | |
FINANCIAL INSTRUMENTS | |
FINANCIAL INSTRUMENTS | 14. FINANCIAL INSTRUMENTS The FASB ASC topic 820 on fair value measurement and disclosures establishes three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), observable inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2), and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3). The carrying values and fair values of our financial instruments are as follows: December 31, 2020 March 31, 2020 Carrying Fair Carrying Fair Level Value Value value Value Cash 1 $ 83,296 $ 83,296 $ 114,634 $ 114,634 Accounts receivable 2 $ 474,611 $ 474,611 $ 329,340 $ 329,340 Long Term investment and advance - GlamSmile Dental Technology Asia 3 $ 2,035,535 $ 2,035,535 $ 2,150,724 $ 2,150,724 Long term investments and advances Condor 1 $ 1,294,708 $ 1,294,708 $ 1,159,561 $ 1,159,561 Investment in Metrics in Balance 2 $ 3,455,122 $ 3,455,122 $ 3,450,598 $ 3,450,598 Deferred revenue 2 $ 137,491 $ 137,491 $ 100,571 $ 100,571 Accounts payable 2 $ 2,371,173 $ 2,371,173 $ 2,294,884 $ 2,294,884 Accrued liabilities 2 $ 403,680 $ 403,680 $ 486,763 $ 486,763 The following method was used to estimate the fair values of our financial instruments: The carrying amount of level 1 and level 2 financial instruments approximates fair value because of the short maturity of the instruments. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. Level 3 financial assets also include certain investment securities for which there is limited market activity such that the determination of fair value requires significant judgment or estimation. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s policy is to recognize transfers into and out of levels within the fair value hierarchy at the end of the fiscal quarter in which the actual event or change in circumstances that caused the transfer occurs. There were no significant transfers between Level 1, Level 2, or Level 3 during the three month period ended December 31, 2020. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table provides a reconciliation of the beginning and ending balances of the item measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3): Nine month period ended Nine month period ended December 31, December 31, 2020 2019 Long term investments and advances: Beginning balance $ 2,150,724 $ 2,306,817 Gains (losses) included in net loss (115,189) (28,667) Transfers in (out of level 3) — — Ending balance $ 2,035,535 $ 2,278,150 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Interim Financial Information | 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 and nine months ended December 31, 2020, are not necessarily indicative of the results that may be expected for the year ended March 31, 2021. Accordingly, your attention is directed to footnote disclosures found in the Annual Report on Form 10-K for the year ending March 31, 2020, and particularly to Note 2, which includes a summary of significant accounting policies. |
Basis of Consolidation | Basis of Consolidation The accompanying consolidated financial statements include the accounts of: Remedent N.V. (incorporated in Belgium) located in Ghent, Belgium, Remedent Professional, Inc. and Remedent Professional Holdings, Inc. (both incorporated in California and inactive), Glamtech-USA, Inc. (a Delaware corporation acquired effective August 24, 2008), Condor North America LLC, a Nevada Corporation (effective March 31, 2020 this subsidiary is inactive), Remedent N.V.’s 50 % owned subsidiary, Biotech Dental Benelux N.V., a Belgium private company located in Ghent, Remedent N.V.’s 51% owned subsidiary, GlamSmile Deutschland GmbH, a German private company located in Munich (effective March 31, 2014 this subsidiary is inactive), Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome (effective March 31, 2014 this subsidiary is inactive). Remedent N.V. owns 21.51% of Glamsmile Dental Technology Ltd., a Cayman Islands company (“Glamsmile Dental”). The subsidiaries of Glamsmile Dental include: Glamsmile (Asia) Limited, a company organized and existing under the laws of Hong Kong, Beijing Glamsmile Technology Development Ltd., a 100% owned subsidiary or GlamSmile Asia, its 80% owned subsidiary Beijing Glamsmile Trading Co., Ltd. and its 98% owned subsidiary Beijing Glamsmile Dental Clinic Co., Ltd., including its 100% owned Shanghai Glamsmile Dental Clinic Co., Ltd., its 100% owned Guangzhou Dental Clinic Co., Ltd. and its 50% owned Whenzhou GlamSmile Dental Clinic Ltd., which are accounted for using the equity method after January 31, 2012 (see Note 3 – Long-term Investment). Remedent, Inc. is a holding company with headquarters in Ghent, Belgium. Remedent Professional, Inc. and Remedent Professional Holdings, Inc. have been dormant since inception. For all periods presented, all significant inter-company accounts and transactions have been eliminated in the consolidated financial statements and corporate administrative costs are not allocated to subsidiaries. |
Warranties | Warranties The Company typically warrants its products against defects in material and workmanship for a period of 24 months from shipment. A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting periods is as follows: Nine months ended Year ended December 31, 2020 March 31, 2020 Product warranty liability: Opening balance $ 5,496 $ 5,610 Accruals for product warranties issued in the period 640 — Adjustments to liabilities for pre-existing warranties — (123) Ending liability $ $ 5,496 Based upon historical trends and warranties provided by the Company’s suppliers and sub-contractors, the Company has made a provision for warranty costs of $6,136 and $5,496 as of December 31, 2020 and March 31, 2020, respectively. |
Computation of Earnings (Loss) per Share | Computation of Earnings (Loss) per Share Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share attributable to common stockholders assuming dilution is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. On April 1, 2009, the Company adopted changes issued by the FASB to the calculation of earnings per share. These changes state that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method for all periods presented. The adoption of this change had no impact on the Company’s basic or diluted net loss per share because the Company has never issued any share-based awards that contain non-forfeitable rights. At each of December 31, 2020 and March 31, 2020, the Company had 19,995,969, shares of common stock issued and outstanding. The Company did not have any warrants or options outstanding at either of December 31, 2020 or March 31, 2020. |
Conversion of Foreign Currencies | Conversion of Foreign Currencies The reporting and functional currency for the consolidated financial statements of the Company is the U.S. dollar. The home currency for the Company’s European subsidiaries, Remedent N.V., Biotech Dental Benelux N.V., Metrics in Balance N.V. , GlamSmile Rome and GlamSmile Deutschland GmbH, is the Euro, for Glamsmile Asia Ltd., and its subsidiaries, the Hong Kong dollar and the Chinese Renmimbi (“RMB”) for Mainland China. The assets and liabilities of companies whose functional currency is other that the U.S. dollar are included in the consolidation by translating the assets and liabilities at the exchange rates applicable at the end of the reporting period. The statements of income of such companies are translated at the average exchange rates during the applicable period. Translation gains or losses are accumulated as a separate component of stockholders’ equity. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and unrealized gains or losses on ‘Available For Sale (AFS)’ securities. During the nine months ended December 31, 2020 and 2019 the Company did not record any unrealized gains or losses on AFS securities. The Company’s only component of other comprehensive income is the accumulated foreign currency translation consisting of (losses) / gains of ($84,344) and $36 for the nine months ended December 31, 2020 and 2019, respectively. These amounts have been recorded as a separate component of stockholders’ equity (deficit). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (the “FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. Adopted Accounting Pronouncements In February 2016, the FASB established ASU Topic 842 – Leases, by issuing ASU Topic No. 2016-02 (“Topic 842”), which requires lessees to recognize lease on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU Topic 2018-11 – Targeted Improvements. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and a lease liability for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted Topic 842 in the first quarter of 2019 utilizing the modified retrospective transition method and a cumulative effect adjustment at the beginning of the first quarter of 2019. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date, and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of the right-to-use assets. The adoption of Topic 842 resulted in the recognition of right-of use assets of approximately $180,926 and lease liabilities for operating leases of approximately $180,926 and no cumulative effect adjustment on retained earnings on its unaudited Consolidated Balance Sheets or material impact to its unaudited Consolidated Statements of Operations and Comprehensive Loss in the period of adoption. Right-of-use assets are included in Prepaid and other assets, and lease liabilities are included in Accrued liabilities in the unaudited consolidated balance sheet for the period ended December 31, 2020. See Note 13 — Leases, for additional information. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of product warranty liability | Nine months ended Year ended December 31, 2020 March 31, 2020 Product warranty liability: Opening balance $ 5,496 $ 5,610 Accruals for product warranties issued in the period 640 — Adjustments to liabilities for pre-existing warranties — (123) Ending liability $ $ 5,496 |
LONG-TERM INVESTMENTS (Tables)
LONG-TERM INVESTMENTS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Long Term Investments [Line Items] | |
Schedule of conjunction with the transaction and resulting deconsolidation of company recorded a gain | In conjunction with the transaction and resulting deconsolidation of Glamsmile Dental, the Company recorded a gain of $1,470,776, calculated as follows: Consideration received $ 2,000,000 Fair value of 29.4% interest 2,055,884 Carrying value of non-controlling interest 1,117,938 Less: carrying value of former subsidiary’s net assets (2,002,329) Goodwill (699,635) Investment China & Hong Kong (1,082) Rescission agreement Excelsior (Note 11) (1,000,000) $ 1,470,776 |
GlamSmile Asia [Member] | |
Long Term Investments [Line Items] | |
Schedule of represent the summary financial information derived from its financial statements and prepared under US GAAP | The following tables represent the summary financial information of GlamSmile Asia as derived from its financial statements and prepared under US GAAP: Nine months ended Nine months ended Operating data: December 31, 2020 December 31, 2019 Revenues $ 3,172,318 $ 3,607,967 Gross profit 2,147,669 2,376,689 Income (loss) from operations (436,589) (42,360) Net income $ (535,517) $ (133,272) |
Metrics In Balance NV [Member] | |
Long Term Investments [Line Items] | |
Schedule of represent the summary financial information derived from its financial statements and prepared under US GAAP | The following table represents the summary financial information of MIB as derived from its financial statements and prepared under US GAAP: Nine months ended Nine months ended Operating data: December 31, 2020 December 31, 2019 Revenues $ 33,304 $ 26,948 Gross profit 9,162 26,458 Income (loss) from operations 21,186 (64,452) Net (loss) $ 17,341 $ (48,217) |
ACCOUNTS RECEIVABLE AND ALLOW_2
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | |
Schedule of accounts receivable | The Company’s accounts receivable at period end were as follows: December 31, 2020 March 31, 2020 Accounts receivable, gross $ 647,058 $ 483,787 Less: allowance for doubtful accounts (172,447) (154,447) Accounts receivable, net $ 474,611 $ 329,340 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
INVENTORIES | |
Schedule of inventories | Inventories at period end are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following: December 31, 2020 March 31, 2020 Raw materials $ 8,290 $ 7,483 Components 108,811 91,808 Finished goods 637,727 564,654 754,828 663,945 Less: reserve for obsolescence (647,246) (573,104) Net inventory $ 107,582 $ 90,841 |
PREPAID EXPENSES AND OTHER AS_2
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
PREPAID EXPENSES AND OTHER ASSETS | |
Schedule of prepaid expenses | Prepaid expenses and other assets are summarized as follows: December 31, 2020 March 31, 2020 Prepaid materials and components $ 20,184 $ 51,050 VAT payments in excess of VAT receipts — 3,947 Other 4,433 4,418 Right-of-use assets 9,429 86,834 $ 34,046 $ 146,249 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and equipment | Property and equipment are summarized as follows: December 31, 2020 March 31, 2020 Furniture and Fixtures $ 480,252 $ 480,252 Machinery and Equipment 1,389,406 1,917,825 1,869,658 2,398,077 Accumulated depreciation (1,794,514) (2,330,985) Property & equipment, net $ 75,144 $ 67,092 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
ACCRUED LIABILITIES | |
Schedule of accrued liabilities | Accrued liabilities are summarized as follows: December 31, 2020 March 31, 2020 Accrued employee benefit taxes and payroll $ 123,295 $ 102,207 Accrued travel 6,136 5,496 Accrued audit and tax preparation fees 14,691 17,395 Reserve for warranty costs 6,136 5,496 Accrued commission 15,000 15,000 Accrued consulting fees 197,538 196,633 Tax reserve 4,940 5,630 VAT to be paid 15,138 7,997 Accrued interest 1,160 — Other accrued expenses + lease liability 19,646 130,909 $ 403,680 $ 486,763 |
EQUITY COMPENSATION PLANS (Tabl
EQUITY COMPENSATION PLANS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
EQUITY COMPENSATION PLANS | |
Schedule of equity compensation plans approved and not approved by shareholders | Number of securities remaining available for Number of future securities to issuance be under issued upon equity exercise of Weighted-average compensation of exercise price of plans outstanding outstanding (excluding options, options securities warrants warrants and reflected Plan Category and rights rights in column (a)) Equity Compensation Plans approved by security holders 0 $ 0.50 1,962,500 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
LEASES | |
Schedule of information related to the right-of-use assets and related liabilities | Information related to the Company’s right-of-use assets and related liabilities were as follows: Nine Months Ended December 31, 2020 Cash paid for operating lease liabilities $ 14,524 Right-of-use assets obtained in exchange for new operating lease obligations Weighted-average remaining lease term, real estate 0.25 years Weighted-average remaining lease term, all other leased equipment 0.83 years Weighted-average discount rate % |
Schedule of maturities of lease liabilities | Maturities of lease liabilities as of December 31, 2020, were as follows: Nine months ended Year ended Due in 12-month period ended December 31, December 31, 2020 March 31, 2020 2020 $ 4,177 $ 85,550 2021 5,569 5,569 9,746 91,119 Less imputed interest (317) (4,285) Total lease liabilities $ 9,429 $ 86,834 Current operating lease liabilities 3,974 $ 81,379 Non-current lease liabilities 5,455 5,455 Total lease liabilities $ 9,429 $ 86,834 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
FINANCIAL INSTRUMENTS | |
Schedule of carrying values and fair values of our financial instruments | The carrying values and fair values of our financial instruments are as follows: December 31, 2020 March 31, 2020 Carrying Fair Carrying Fair Level Value Value value Value Cash 1 $ 83,296 $ 83,296 $ 114,634 $ 114,634 Accounts receivable 2 $ 474,611 $ 474,611 $ 329,340 $ 329,340 Long Term investment and advance - GlamSmile Dental Technology Asia 3 $ 2,035,535 $ 2,035,535 $ 2,150,724 $ 2,150,724 Long term investments and advances Condor 1 $ 1,294,708 $ 1,294,708 $ 1,159,561 $ 1,159,561 Investment in Metrics in Balance 2 $ 3,455,122 $ 3,455,122 $ 3,450,598 $ 3,450,598 Deferred revenue 2 $ 137,491 $ 137,491 $ 100,571 $ 100,571 Accounts payable 2 $ 2,371,173 $ 2,371,173 $ 2,294,884 $ 2,294,884 Accrued liabilities 2 $ 403,680 $ 403,680 $ 486,763 $ 486,763 |
Schedule of reconciliation of the beginning and ending balances of the item measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) | The following table provides a reconciliation of the beginning and ending balances of the item measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3): Nine month period ended Nine month period ended December 31, December 31, 2020 2019 Long term investments and advances: Beginning balance $ 2,150,724 $ 2,306,817 Gains (losses) included in net loss (115,189) (28,667) Transfers in (out of level 3) — — Ending balance $ 2,035,535 $ 2,278,150 |
DESCRIPTION OF THE COMPANY AN_2
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION | ||
Working Capital Deficit | $ (2,212,809) | |
Accumulated deficit | $ (18,475,808) | $ (18,575,388) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product warranty liability (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Product warranty liability: | ||
Opening balance | $ 5,496 | $ 5,610 |
Accruals for product warranties issued in the period | 640 | 0 |
Adjustments to liabilities for pre-existing warranties | 0 | (123) |
Ending liability | $ 6,136 | $ 5,496 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - USD ($) | 9 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2014 | |
Accounting Policies [Line Items] | |||||
Provision For Warranty Costs | $ 6,136 | $ 5,496 | |||
Foreign Currency Transaction Gain, before Tax | $ (84,344) | $ 36 | |||
Common Stock, Shares, Issued | 19,995,969 | 19,995,969 | |||
Common Stock, Shares, Outstanding | 19,995,969 | 19,995,969 | |||
Right-of-use assets | $ 9,429 | $ 86,834 | |||
Lease liabilities | $ 9,429 | $ 86,834 | |||
Practical expedient | false | ||||
ASU 2016-02 | |||||
Accounting Policies [Line Items] | |||||
Right-of-use assets | $ 180,926 | $ 170,898 | |||
Lease liabilities | $ 180,926 | $ 170,898 | |||
GlamSmile Deutschland GmbH [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 51.00% | ||||
GlamSmile Asia [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 100.00% | 21.51% | |||
Beijing Glamsmile Trading Co Ltd [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 80.00% | ||||
Beijing Glamsmile Dental Clinic Co Ltd [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 98.00% | ||||
Shanghai Glamsmile Dental Clinic Co Ltd [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||
Whenzhou Glamsmile Dental Clinic Ltd [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Glamsmile Dental Technology Ltd [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 21.51% | ||||
Glam Smile Rome [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 80.00% | ||||
Biotech Dental Benelux N.V [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Guangzhou Dental Clinic Co., Ltd. [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 100.00% |
LONG-TERM INVESTMENTS (Details)
LONG-TERM INVESTMENTS (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Carrying value of non-controlling interest | $ 83,024 | $ 74,678 |
Glamsmile Dental Technology Ltd [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration received | 2,000,000 | |
Fair value of 29.4% interest | 2,055,884 | |
Carrying value of non-controlling interest | 1,117,938 | |
Less: carrying value of former subsidiary's net assets | (2,002,329) | |
Goodwill | (699,635) | |
Investment China & Hong Kong | (1,082) | |
Rescission agreement Excelsior | (1,000,000) | |
Disposal Group Including Discontinued Operation Liability Assets Net | $ 1,470,776 |
LONG-TERM INVESTMENTS - Summary
LONG-TERM INVESTMENTS - Summary of represent the summary financial information derived from its financial statements and prepared under US GAAP (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating data: | ||||
Revenues | $ 337,468 | $ 262,077 | $ 878,519 | $ 814,111 |
Gross profit | 209,036 | 167,515 | 570,487 | 574,679 |
Income (loss) from operations | 14,378 | (123,016) | 86,195 | (286,714) |
Net income (loss) | $ 94,456 | $ (148,526) | 99,580 | (499,262) |
GlamSmile Asia [Member] | ||||
Operating data: | ||||
Revenues | 3,172,318 | 3,607,967 | ||
Gross profit | 2,147,669 | 2,376,689 | ||
Income (loss) from operations | (436,589) | (42,360) | ||
Net income (loss) | (535,517) | (133,272) | ||
MIB [Member] | ||||
Operating data: | ||||
Revenues | 33,304 | 26,948 | ||
Gross profit | 9,162 | 26,458 | ||
Income (loss) from operations | 21,186 | (64,452) | ||
Net income (loss) | $ 17,341 | $ (48,217) |
LONG-TERM INVESTMENTS - Additio
LONG-TERM INVESTMENTS - Additional information (Details) | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($)multiple | Jan. 28, 2012USD ($)shares | Mar. 31, 2010USD ($) | Apr. 30, 2018EUR (€) | Apr. 30, 2018USD ($) | Jan. 30, 2014USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($)multiple | Mar. 31, 2012USD ($) | Mar. 31, 2011EUR (€)shares | Mar. 31, 2011USD ($)shares | Mar. 31, 2010USD ($) | Dec. 31, 2020€ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2019 | Mar. 29, 2019 | Nov. 22, 2018EUR (€)shares | Nov. 22, 2018USD ($)shares | Apr. 16, 2018 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 10, 2012 | Jan. 20, 2012USD ($)shares | Jun. 27, 2011USD ($) | Jan. 01, 2010USD ($) |
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | $ 3,007,301 | |||||||||||||||||||||||||||||
Accumulated deficit | $ (18,575,388) | $ (18,575,388) | $ (18,475,808) | |||||||||||||||||||||||||||
Preferred Stock, shares outstanding | shares | 0 | 0 | 0 | |||||||||||||||||||||||||||
Preferred stock, shares issued | shares | 0 | 0 | 0 | |||||||||||||||||||||||||||
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding) | ||||||||||||||||||||||||||||||
Shares Acquired From Investment | shares | 70,334 | |||||||||||||||||||||||||||||
Fair Market Value Of Investment | $ 787,339 | |||||||||||||||||||||||||||||
Fair Market Price Per Share | (per share) | € 8.70 | $ 11.19 | ||||||||||||||||||||||||||||
Accounts Receivable, Net, Current | 329,340 | 329,340 | $ 474,611 | |||||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,621,366 | 4,621,366 | $ 4,644,948 | |||||||||||||||||||||||||||
Loss On Equity Method Investment | $ 174,479 | $ 174,479 | ||||||||||||||||||||||||||||
Weighted Average Cost Of Capital Percentage | 23.00% | 23.00% | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ 94,456 | $ (148,526) | $ 99,580 | $ (499,262) | ||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Saas Multiples | multiple | 5.1 | 5.1 | ||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Saas Multiples | multiple | 18.5 | 18.5 | ||||||||||||||||||||||||||||
Smilewise Corporate BVBAMember [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||||||||||
Percentage Of Investments Acquired From Issued And Outstanding Shares | 60.00% | |||||||||||||||||||||||||||||
Payments to Acquire Investments | € 2,226 | $ 2,592 | ||||||||||||||||||||||||||||
Metrics In Balance NV [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 26.09% | 26.09% | ||||||||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 2,832,822 | $ (21,413) | $ 2,832,822 | |||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | |||||||||||||||||||||||||||||
Percentage Of Investments Acquired From Issued And Outstanding Shares | 3.08% | 3.08% | ||||||||||||||||||||||||||||
Shares Acquired From Investment | shares | 63,112 | 63,112 | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ (8,465) | $ (8,934) | (4,524) | (12,580) | ||||||||||||||||||||||||||
Condor Technologies NV [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 51,695 | |||||||||||||||||||||||||||||
Fair Value Per Share | (per share) | € 1,500 | $ 1,758 | ||||||||||||||||||||||||||||
Condor Technologies NV [Member] | Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 178,361 | |||||||||||||||||||||||||||||
GlamSmile Asia [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 21.51% | ||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.98% | 50.98% | ||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | € 325,000 | $ 466,725 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 97,500 | |||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 250,000 | 250,000 | ||||||||||||||||||||||||||||
Accumulated deficit | $ 73,302 | |||||||||||||||||||||||||||||
Payments for Advance to Affiliate | $ 196,599 | $ 101,245 | ||||||||||||||||||||||||||||
Due to Related Parties, Noncurrent | $ 196,599 | $ 196,599 | $ 95,354 | |||||||||||||||||||||||||||
Deconsolidation, Gain (Loss), Amount | 1,470,776 | |||||||||||||||||||||||||||||
GlamSmile Asia [Member] | Options Held [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 100,000 | 100,000 | ||||||||||||||||||||||||||||
GlamSmile Asia [Member] | Opened Store Option [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 100,000 | 100,000 | ||||||||||||||||||||||||||||
GlamSmile Asia [Member] | Additional Store Opened Option [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 100,000 | 100,000 | ||||||||||||||||||||||||||||
Glamsmile Dental Technology Ltd [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 21.51% | |||||||||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 1,582,597 | $ (115,189) | $ (28,667) | |||||||||||||||||||||||||||
Discontinued Operation, Amounts of Material Contingent Liabilities Remaining | $ 1,500,000 | |||||||||||||||||||||||||||||
Stock Transferred During Period, Shares, Contingent Consideration | shares | 500,000 | |||||||||||||||||||||||||||||
Equity Method Investment Sold Number Of Shares | shares | 2,500,000 | |||||||||||||||||||||||||||||
Equity Method Investment, Amount Sold | $ 3,000,000 | |||||||||||||||||||||||||||||
Glamsmile Dental Technology Ltd [Member] | Investor [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 31.40% | |||||||||||||||||||||||||||||
Glamsmile Dental Technology Ltd [Member] | Gallant [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 39.20% | |||||||||||||||||||||||||||||
Glamsmile Dental Technology Ltd [Member] | De Vreese [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 29.40% | |||||||||||||||||||||||||||||
Glamsmile Dental Technology Ltd [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Preferred Stock, shares outstanding | shares | 5,000,000 | |||||||||||||||||||||||||||||
Preferred Stock, Value, Outstanding | $ 5,000,000 | |||||||||||||||||||||||||||||
Glamsmile Dental Technology Ltd [Member] | Preference A-1 Shares [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Preferred Stock, shares outstanding | shares | 2,857,143 | |||||||||||||||||||||||||||||
Preferred stock, shares issued | shares | 2,857,143 | |||||||||||||||||||||||||||||
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding) | $ 250,000 | |||||||||||||||||||||||||||||
Preferred Stock, Value, Outstanding | $ 2,000,000 | |||||||||||||||||||||||||||||
Medical Franchises And Investments [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Percentage Of Investments Acquired From Issued And Outstanding Shares | 6.12% | |||||||||||||||||||||||||||||
Payments to Acquire Investments | $ 314,778 | |||||||||||||||||||||||||||||
Metrics In Balance NV [Member] | ||||||||||||||||||||||||||||||
Long Term Investments [Line Items] | ||||||||||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ (2,413) | |||||||||||||||||||||||||||||
Percentage Of Investments Acquired From Issued And Outstanding Shares | 26.09% | 26.09% | ||||||||||||||||||||||||||||
Shares Acquired From Investment | shares | 1,145,302 | 1,145,302 | ||||||||||||||||||||||||||||
Cash Payments Converted | € 110,271 | $ 123,912 | ||||||||||||||||||||||||||||
Cash Payments Converted Shares | shares | 1,082,190 | 1,082,190 |
CONCENTRATION OF RISK (Details)
CONCENTRATION OF RISK (Details) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Revenue, Net [Member] | Customer Category One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 27.33% | 16.16% |
Sales Revenue, Net [Member] | Customer Category Five [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 36.45% | 31.39% |
Accounts Receivable [Member] | Customer Category Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 7.11% | 6.73% |
Accounts Receivable [Member] | Customer Category Five [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 11.72% | 12.66% |
Accounts Payable [Member] | Customer Category Five [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 46.07% | 44.93% |
ACCOUNTS RECEIVABLE AND ALLOW_3
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||
Accounts receivable, gross | $ 647,058 | $ 483,787 |
Less: allowance for doubtful accounts | (172,447) | (154,447) |
Accounts receivable, net | $ 474,611 | $ 329,340 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
INVENTORIES | ||
Raw materials | $ 8,290 | $ 7,483 |
Components | 108,811 | 91,808 |
Finished goods | 637,727 | 564,654 |
Gross inventory | 754,828 | 663,945 |
Less: reserve for obsolescence | (647,246) | (573,104) |
Net inventory | $ 107,582 | $ 90,841 |
PREPAID EXPENSES AND OTHER AS_3
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
PREPAID EXPENSES AND OTHER ASSETS | ||
Prepaid materials and components | $ 20,184 | $ 51,050 |
VAT payments in excess of VAT receipts | 3,947 | |
Other | 4,433 | 4,418 |
Right-of-use assets | 9,429 | 86,834 |
Prepaid expenses and other assets | $ 34,046 | $ 146,249 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
PROPERTY AND EQUIPMENT | ||
Furniture and Fixtures | $ 480,252 | $ 480,252 |
Machinery and Equipment | 1,389,406 | 1,917,825 |
Property & equipment, gross | 1,869,658 | 2,398,077 |
Accumulated depreciation | (1,794,514) | (2,330,985) |
Property & equipment, net | $ 75,144 | $ 67,092 |
DUE TO RELATED PARTIES AND RE_2
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 159,443 | $ 151,328 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
ACCRUED LIABILITIES | ||
Accrued employee benefit taxes and payroll | $ 123,295 | $ 102,207 |
Accrued travel | 6,136 | 5,496 |
Accrued audit and tax preparation fees | 14,691 | 17,395 |
Reserve for warranty costs | 6,136 | 5,496 |
Accrued commission | 15,000 | 15,000 |
Accrued consulting fees | 197,538 | 196,633 |
Tax reserve | 4,940 | 5,630 |
VAT to be paid | 15,138 | 7,997 |
Accrued interest | 1,160 | |
Other accrued expenses + lease liability | 19,646 | 130,909 |
Accrued Liabilities, Current | $ 403,680 | $ 486,763 |
EQUITY COMPENSATION PLANS - Equ
EQUITY COMPENSATION PLANS - Equity compensation plans approved and not approved by shareholders (Details) - Equity Compensation Plan approved by security holders [Member] | Dec. 31, 2020$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of securities to be issued upon exercise of outstanding options, warrants and rights | 0 |
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares | $ 0.50 |
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | 1,962,500 |
EQUITY COMPENSATION PLANS - Add
EQUITY COMPENSATION PLANS - Additional information (Details) | Dec. 31, 2020shares |
Plan 2004 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 800,000 |
Plan 2007 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,000,000 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEGMENT INFORMATION | ||
Segment operations ,Percentage | 100.00% | 100.00% |
LEASES - Right-of-use assets an
LEASES - Right-of-use assets and related liabilities (Details) | 9 Months Ended |
Dec. 31, 2020USD ($) | |
LEASES | |
Cash paid for operating lease liabilities | $ 14,524 |
Weighted-average remaining lease term, real estate | 3 months |
Weighted-average remaining lease term, all other leased equipment | 9 months 29 days |
Weighted-average discount rate | 12.00% |
LEASES - Maturities of lease li
LEASES - Maturities of lease liabilities (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
LEASES | ||
2020 | $ 4,177 | $ 85,550 |
2021 | 5,569 | 5,569 |
Total | 9,746 | 91,119 |
Less imputed interest | (317) | (4,285) |
Total lease liabilities | 9,429 | 86,834 |
Current operating lease liabilities | 3,974 | 81,379 |
Non-current lease liabilities | $ 5,455 | $ 5,455 |
LEASES - Additional information
LEASES - Additional information (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Apr. 01, 2019 |
LEASES | |||
Right-of-use assets | $ 9,429 | $ 86,834 | |
Lease liabilities | $ 9,429 | $ 86,834 | |
Weighted-average discount rate | 12.00% | ||
ASU 2016-02 | |||
LEASES | |||
Right-of-use assets | $ 180,926 | $ 170,898 | |
Lease liabilities | $ 180,926 | $ 170,898 |
FINANCIAL INSTRUMENTS - Carryin
FINANCIAL INSTRUMENTS - Carrying values and fair values (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, Carrying Value | $ 83,296 | $ 114,634 |
Accounts receivable, Carrying Value | 474,611 | 329,340 |
Long Term investment and advance - GlamSmile Dental Technology Asia, Carrying Value | 1,294,708 | 1,159,561 |
Deferred revenue, Carrying Value | 137,491 | 100,571 |
Accounts payable, Carrying Value | 2,371,173 | 2,294,884 |
Accrued liabilities, Carrying Value | 403,680 | 486,763 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, Carrying Value | 83,296 | 114,634 |
Cash, Fair Value | 83,296 | 114,634 |
Long term investments and advances Condor, Carrying Value | 1,294,708 | 1,159,561 |
Long term investments and advances Condor, Fair Value | 1,294,708 | 1,159,561 |
Long term investment Metrics in Balance, Carrying Value | 3,455,122 | 3,450,598 |
Long term investment Metrics in Balance, Fair Value | 3,455,122 | 3,450,598 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accounts receivable, Carrying Value | 474,611 | 329,340 |
Accounts receivable, Fair Value | 474,611 | 329,340 |
Deferred revenue, Carrying Value | 137,491 | 100,571 |
Deferred revenue, Fair Value | 137,491 | 100,571 |
Accounts payable, Carrying Value | 2,371,173 | 2,294,884 |
Accounts payable, Fair Value | 2,371,173 | 2,294,884 |
Accrued liabilities, Carrying Value | 403,680 | 486,763 |
Accrued liabilities, Fair Value | 403,680 | 486,763 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long Term investment and advance - GlamSmile Dental Technology Asia, Carrying Value | 2,035,535 | 2,150,724 |
Long Term investment and advance - GlamSmile Dental Technology Asia, Fair Value | $ 2,035,535 | $ 2,150,724 |
FINANCIAL INSTRUMENTS - Additio
FINANCIAL INSTRUMENTS - Additional information (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long term investments and advances: | ||
Beginning balance | $ 2,150,724 | $ 2,306,817 |
Gains (losses) included in net loss | (115,189) | (28,667) |
Transfers in (out of level 3) | 0 | 0 |
Ending balance | $ 2,035,535 | $ 2,278,150 |