Condensed Financial Information of Global-Tech (Tables)

12 Months Ended

Mar. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheets

The following is the condensed financial information of Global-Tech on a stand-alone basis:

Balance sheets

	March 31, 2013			March 31, 2012
	US$			US$
ASSETS
Current assets:
Cash and cash equivalents		19,405,865			21,984,305
Available-for-sale investments		—			2,000,000
Prepaid expenses		46,903			43,210
Deposits and other assets		40,087			24,723
Total current assets		19,492,855			24,052,238
Interests in subsidiaries		55,812,262			55,206,077
Available-for-sale investments		1,045,200			1,033,800
Total assets		76,350,317			80,292,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Other accrued liabilities		92,114			201,483
Total liabilities		92,114			201,483
Shareholders’ equity:
Common stock, par value US$0.04 per share; 12,500,000 shares authorized; 3,230,814 and 3,229,314 shares issued as of March 31, 2013 and 2012		129,233			129,173
Preferred stock, par value US$0.04 per share; 250,000 shares authorized; no shares issued		—			—
Additional paid-in capital		85,053,402			84,786,226
Statutory reserves		1,238,361			—
Accumulated deficit		(15,932,941	)		(9,690,526	)
Accumulated other comprehensive income		10,709,740			9,697,445
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2013 and 2012		(4,663,321	)		(4,663,321	)
Total Global-Tech Advanced Innovations Inc. shareholders’ equity		76,534,474			80,258,997
Non-controlling interests		(276,271	)		(168,365	)
Total equity		76,258,203			80,090,632
Total liabilities and shareholders’ equity		76,350,317			80,292,115

Condensed Statements of Operations and Comprehensive Income

Statements of operations and comprehensive income

	Fiscal years ended March 31,
	2013			2012			2011
	US$			US$			US$
Net sales		—			—			—
Cost of goods sold		—			—			—
Gross profit		—			—			—
Selling, general and administrative expenses		(1,071,502	)		(1,158,531	)		(1,252,554	)
Operating loss		(1,071,502	)		(1,158,531	)		(1,252,554	)
Interest income, net		344,582			35,349			29,831
Equity in profits (losses) of subsidiaries		(484,185	)		1,923,914			(2,155,198	)
Other income (expense), net		(752,196	)		609,945			(635,050	)
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc.		(1,963,301	)		1,410,677			(4,012,971	)
Other comprehensive income
Foreign currency translation adjustments		989,800			2,278,213			2,304,178
Release of unrealized loss on available-for-sale investments, net of income tax of nil, upon disposal		—			—			1,877
Unrealized gain on available-for-sale investments, net of income tax of nil		22,495			24,600			11,092
Unrealized loss on available-for-sale investments, net of income tax of nil		—			(643	)		—
Total comprehensive income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc.		(951,006	)		3,712,847			(1,695,824	)

Condensed Statements of Cash Flows

Statements of cash flows

	Fiscal years ended March 31,
	2013			2012			2011
	US$			US$			US$
Cash flows from operating activities:
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc.		(1,963,301	)		1,410,677			(4,012,971	)
Adjustments to reconcile net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. to net cash provided by operating activities:
Stock compensation expense		258,128			34,121			470,139
Shares issued to an employee		9,108			—			1,969
Equity in losses (profits) of subsidiaries		484,185			(1,923,914	)		2,155,198
Interest received from available-for-sale investments		—			(13	)		—
Changes in operating assets and liabilities:
Prepaid expenses		(3,693	)		(2,582	)		3,465
Deposits and other assets		(15,364	)		4,969			(3,769	)
Other accrued liabilities		(109,369	)		(26,324	)		(7,591	)
Net cash used in operating activities		(1,340,306	)		(503,066	)		(1,393,560	)
Cash flows from investing activities:
Purchases of available-for-sale investments		—			(8,999,987	)		(3,000,000	)
Proceeds from disposal of available-for-sale investments		2,000,000			9,000,000			15,986,532
Repayment of amounts due from (advances to) subsidiaries, net		910,372			13,091,819			(639,128	)
Capital injection into subsidiaries		(1,107,753	)		(1,732,162	)		(1,858,931	)
Net cash provided by investing activities		1,802,619			11,359,670			10,488,473
Cash flows from financing activities:
Cash dividend paid		(3,040,753	)		—			—
Net cash used in financing activities		(3,040,753	)		—			—
Net increase (decrease) in cash and cash equivalents		(2,578,440	)		10,856,604			9,094,913
Cash and cash equivalents at beginning of fiscal year		21,984,305			11,127,701			2,032,788
Cash and cash equivalents at end of fiscal year		19,405,865			21,984,305			11,127,701