U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Amendment No. 1)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2009
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission File No. 001-34222
EFT BIOTECH HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Nevada (State or other Jurisdiction of Incorporation or Organization) | 22-1211204 (I.R.S. Employer Identification No.) |
| | |
929 Radecki Court City of Industry, CA | 91748 |
| (Address of Principal Executive Offices) | (Zip Code) |
Issuer's Telephone Number: (626) 581 - 0388
With Copies to:
Virginia K Sourlis, Esq.
The Sourlis Law Firm
2 Bridge Avenue
The Galleria
Red Bank, New Jersey 07701
Telephone: (732) 530-9007
N/A
(Former name, former address and former
fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
¨ Yes x No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
¨ Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” "non-accelerated filer" and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer | ¨ | Accelerated filer | ¨ |
| | | | |
| Non-accelerated filer | ¨ | Smaller reporting company | x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
¨ Yes x No
State the number of shares outstanding of each of the issuer's classes of common equity, as of the last practicable date: As of December 10, 2009, there were 75,983,205 shares of common stock, par value $0.00001 per share, of the Registrant issued and outstanding.
EXPLANATORY NOTE
The Registrant is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 to amend the disclosure in Note 13 to the Registrant’s financial statements pursuant to a comment letter, dated November 25, 2009, from the SEC. The remaining items of the initial Form 10-Q have not been changed and are incorporated by reference herein. The Registrant is also refilling Exhibits 31 and 32 with this Amendment No. 1.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Note 13 - COMMITMENT
Operating Lease
The Company leases office space in the US under an operating lease agreement. The lease provides for monthly lease payments approximating $10,063 and expires on July 31, 2009. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Month Ending June 30, | | | |
| 2010, one month | | $ | 10,063 | |
The Company rents office space for its sales division in Hong Kong. The lease provides for free lease in the first two years and a monthly lease payments approximating $50,000 USD starting the beginning of the third year and expires on June 30, 2012. Expensing the 5-year total rent evenly over the life of the lease, the future minimum lease payments under the operating lease are as follows:
| Month Ending June 30, | | | |
| 2010 | | $ | 270,000 | |
| 2011 | | | 360,000 | |
| 2012 | | | 360,000 | |
| Total | | $ | 990,000 | |
The Company rents storage space for its sales division in Hong Kong. The lease provides for monthly lease payments approximating $1,135 USD starting on May 8, 2008 and expiring on May 7, 2010. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Month Ending June 30, | | | |
| 2010 | | $ | 10,215 | |
| 2011 | | | 1,135 | |
| Total | | $ | 11,350 | |
The Company rents office space for its service center in Korea. The lease provides for monthly lease payments approximating $9,330 USD starting on June 25, 2009 and expires on June 24, 2011. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 83,970 | |
| 2011 | | | 111,960 | |
| 2012 | | | 27,990 | |
The Company rents storage space for its service center in Korea. The lease provides for monthly lease payments approximating $1,134 USD starting on June 25, 2009 and expires on June 24, 2011. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 10,206 | |
| 2011 | | | 13,608 | |
| 2012 | | | 3,402 | |
The Company rents office space for its service center in Vietnam. The lease provides for monthly lease payments approximating $2,420 USD starting on May 9, 2009 and expires on May 9, 2011. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 21,780 | |
| 2011 | | | 29,040 | |
| 2012 | | | 2,420 | |
The Company rents office space for its service center in Vietnam SaiKong. The lease provides for monthly lease payments approximating $1,400 USD starting on August 8, 2009 and expires on August 8, 2011. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 12,600 | |
| 2011 | | | 16,800 | |
| 2012 | | | 5,600 | |
The Company rents office space for its service center in Thailand. The lease provides for monthly lease payments approximating $1,860 USD starting on April 20, 2009 and expires on February 28, 2010. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 16,740 | |
The Company rents office space for its service center as Thailand Center. The lease provides for monthly lease payments approximating $564 USD starting on April 1, 2009 and expires on February 28, 2010. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 5,076 | |
The Company rents office space for its auction product purchase center in China. The lease provides for monthly lease payments approximating $732 USD starting on June 1, 2009 and expires on May 30, 2010. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 6,588 | |
| 2011 | | | 1,464 | |
The Company rents another office space for its auction product purchase center in China. The lease provides for monthly lease payments approximating $264 USD starting on July 15, 2009 and expires on July 14, 2010. Future minimum lease payments under the operating leases as of June 30, 2009 approximate the following:
| Year Ending June 30, | | | |
| 2010 | | $ | 2,376 | |
| 2011 | | | 1,056 | |
Rent expenses for the three months ended June 30, 2009 and June 30, 2008 were approximately $183,914 and $120,535, respectively.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, there unto duly authorized.
| | EFT BIOTECH HOLDINGS, INC. |
| | |
| Dated: December 10, 2009 | /s/ Jack Jie Qin |
| | Jack Jie Qin |
| | Chief Executive Officer, President and Chairman |
| | (Principal Executive Officer) |
| | |
| Dated: December 10, 2009 | /s/ Sharon Tang |
| | Sharon Tang |
| | Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |
