10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2018

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____.

Commission File No. 001-15975

REMEDENT, INC.

(Exact Name of Registrant as Specified in Its Charter)

Nevada	86-0837251
(State or Other Jurisdiction Of Incorporation or Organization)	(I.R.S. Employer Identification Number)
Zuiderlaan 1-3 bus 8, 9000 Ghent, Belgium	N/A
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code 011 32 9 241 58 80

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 for 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 every Interactive Data File required to be submitted 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 such files).

Yes x                                   No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨                                 No x

The number of common shares of registrant’s stock outstanding as of November 14, 2018 was 19,995,969.

REMEDENT, INC.

FORM 10-Q INDEX

	Page Number
PART I – FINANCIAL INFORMATION
Item 1.  Financial Statements
Consolidated Balance Sheets as of September 30, 2018 (Unaudited) and March 31, 2018	3
Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2018 and September 30, 2017 (Unaudited)	4
Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended September 30, 2018 and September 30, 2017 (Unaudited)	5
Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2018 and September 30, 2017 (Unaudited)	6
Notes to Consolidated Financial Statements (Unaudited)	7
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.  Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.  Controls and Procedures	19
PART II – OTHER INFORMATION
Item 1.     Legal Proceedings	20
Item 1A.  Risk Factors	20
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.     Defaults Upon Senior Securities	20
Item 4.     [Removed and Reserved.]	20
Item 5.     Other Information	20
Item 6.     Exhibits	21
Signature Page	22

2

PART I – FINANCIAL INFORMATION

Item 1.

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS 

	September 30, 2018			March 31, 2018
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	55,119		$	92,875
Accounts receivable, net of allowance for doubtful accounts of $178,695 at September 30, 2018 and $189,926 at March 31, 2018		996,404			1,157,424
Inventories, net		111,888			123,112
Prepaid expense		256,135			297,211
Total current assets		1,419,546			1,670,622
PROPERTY AND EQUIPMENT, NET		166,375			143,682
OTHER ASSETS
Investment in GlamSmile Asia Ltd		2,279,535			2,245,137
Investment in Condor Technologies (formerly MFI) (Note 3)		1,378,653			1,378,653
Investment in Smilewise		2,592			—
Total assets	$	5,246,701		$	5,438,094
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable	$	1,790,776		$	1,569,067
Accrued liabilities		257,903			423,539
Deferred revenue		60,487			81,875
Due to related parties		48,716			51,778
Total current liabilities		2,157,882			2,126,259
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 September 30, 2018 and March 31, 2018 respectively)		19,996			19,996
Treasury stock, at cost; 723,000 shares outstanding at September 30, 2018 and March 31, 2018 respectively		(831,450	)		(831,450	)
Additional paid-in capital		24,906,269			24,906,269
Accumulated deficit		(20,259,239	)		(20,024,323	)
Accumulated other comprehensive (loss) (foreign currency translation adjustment)		(920,177	)		(936,553	)
Obligation to issue shares (Note 3)		97,500			97,500
Total Remedent, Inc. stockholders’ equity		3,012,899			3,231,439
Non-controlling interest		75,920			80,396
Total stockholders’ equity		3,088,819			3,311,835
Total liabilities and equity	$	5,246,701		$	5,438,094

The accompanying notes are an integral part of these consolidated financial statements.

3

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For the three months ended September 30,						For the six months ended September 30,
	2018			2017			2018			2017
Net sales	$	345,640		$	678,694		$	780,488		$	1,470,033
Cost of sales		116,536			197,700			222,070			530,872
Gross profit		229,104			480,994			558,418			939,161
Operating Expenses
Research and development		—			221			120			1,860
Sales and marketing		141,473			240,057			335,372			479,205
General and administrative		175,354			262,290			442,821			447,797
Depreciation and amortization		24,920			24,671			49,335			49,315
TOTAL OPERATING EXPENSES		341,747			527,239			827,648			978,177
(LOSS) INCOME FROM OPERATIONS		(112,643	)		(46,245	)		(269,230	)		(39,016	)
OTHER INCOME (EXPENSES)
Equity income from investments		30,667			112,480			34,398			177,128
Interest expense		(742	)		(9,987	)		(2,734	)		(11,871	)
Interest / Other income		—			—			229			—
Other deductions		(386	)		(292	)		(2,057	)		(2,216	)
TOTAL OTHER INCOME		29,539			102,201			29,836			163,041
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE NON-CONTROLLING INTEREST, NET OF TAX		(83,104	)		55,956			(239,394	)		124,025
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST		6,952			(6,228	)		4,478			(11,866	)
NET INCOME (LOSS) ATTRIBUTABLE TO REMEDENT INC. COMMON SHAREHOLDERS	$	(76,152	)	$	49,728		$	(234,916	)	$	112,159
INCOME PER SHARE
Basic	$	0.00		$	0.00		$	(0.01	)	$	0.01
Fully diluted	$	0.00		$	0.00		$	(0.01	)	$	0.01
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

The accompanying notes are an integral part of these consolidated financial statements.

4

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	For the three months ended September 30,						For the six months ended September 30,
	2018			2017			2018			2017
NET INCOME	$	(83,104	)	$	55,956		$	(239,394	)	$	124,025
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment		(2,329	)		21,073			16,376			15,486
TOTAL COMPREHENSIVE INCOME (LOSS)		(85,433	)		77,029			(223,018	)		139,511
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		6,952			(6,228	)		4,478			(11,866	)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO REMEDENT INC. common shareholders	$	(78,481	)	$	70,801		$	(218,540	)	$	127,645

The accompanying notes are an integral part of these consolidated financial statements.

5

REMEDENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the six months ended September 30,
	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	(239,394	)	$	124,025
Adjustments to reconcile net income to net cash used by operating activities
Depreciation and amortization		49,335			49,315
Inventory reserve		(38,943	)		59,429
Allowance for doubtful accounts		(11,231	)		16,855
Equity investment		(34,398	)		(177,128	)
Changes in operating assets and liabilities:
Accounts receivable		161,020			(49,450	)
Inventories		11,224			(11,612	)
Prepaid expenses		41,076			(105,310	)
Accounts payable		221,710			201,121
Accrued liabilities		(165,636	)		(80,882	)
Deferred revenue		(21,388	)		(24,413	)
Due to related parties		(3,062	)		—
Net cash used by operating activities		(29,687	)		1,950
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of equipment		—			(4,341	)
Net cash used by investing activities		—			(4,341	)
NET INCREASE (DECREASE) IN CASH		(29,687	)		(2,391	)
Effect of exchange rate changes on cash and cash equivalents		(8,069	)		(55,901	)
CASH AND CASH EQUIVALENTS, BEGINNING		92,875			147,106
CASH AND CASH EQUIVALENTS, ENDING	$	55,119		$	88,814
Supplemental Information:
Interest paid	$	2,734		$	11,871
Income taxes paid	$	—		$	—

The accompanying notes are an integral part of these consolidated financial statements.

6

REMEDENT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 its facility 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, 2017 and March 31, 2016, 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 September 30, 2018 the Company had a working capital deficit of $738,336 and an accumulated deficit of $20,259,239. 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 July 13, 2018 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 September 30, 2018.

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, 2017, except as may be indicated below:

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), 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) and Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome (effective March 31, 2014 this subsidiary is inactive) and Remedent N.V.’s 60% owned subsidiary, SmileWise Corporate B.V.B.A., a Belgium private company located in Ghent.

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.

7

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 six months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the year ended March 31, 2019. Accordingly, your attention is directed to footnote disclosures found in the Annual Report on Form 10-K for the year ending March 31, 2018, and particularly to Note 2, which includes a summary of significant accounting policies.

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:

	Six months ended September 30, 2018			Year ended March 31, 2018
Product warranty liability:
Opening balance	$	6,164		$	5,333
Accruals for product warranties issued in the period		—			831
Adjustments to liabilities for pre-existing warranties		(364	)		—
Ending liability	$	5,800		$	6,164

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 $5,800 and $6,164 as of September 30, 2018 and March 31, 2018, 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 September 30, 2018 and March 31, 2018, the Company had 19,995,969, shares of common stock issued and outstanding.  At September 30, 2018 and March 31, 2018, the Company did not have any warrants outstanding but had 787,500 and 787,500 options outstanding respectively.  

Further, pursuant to ASC 260-10-50-1(c), if a fully diluted share calculation was computed for the three and six month periods ended September 30, 2018 and September 30, 2017 respectively, it would have excluded all options respectively since the Company’s average share trading price during the three month and six month periods ended September 30, 2018 and September 30, 2017 were less than the exercise price of all options.

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., SmileWise Corporate B.V.B.A., 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.

8

Comprehensive Income (Loss)

The Company’s only component of other comprehensive income is the accumulated foreign currency translation consisting of (loss) and gains of $16,376 and $15,486 for the six months ended September 30, 2018 and 2017, respectively. These amounts have been recorded as a separate component of stockholders’ equity (deficit).

Recently Adopted Accounting Pronouncements

Effective April 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, as amended (Topic 606, commonly referred to as ASC 606) to all contracts using the modified retrospective method. Because the adoption of ASC 606 did not result in any significant change to the Company’s revenue accounting, our opening retained earnings balance has not been changed. Also, the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Most of the Company’s sales revenue continues to be recognized when products are shipped from manufacturing facilities. For certain customer loyalty and free goods, the Company continues to recognize the proportionate revenue and cost of product when the incentives are shipped. For contracts with customers where performance occurs over time, such as software sales, the Company recognizes revenue ratably over the performance period.

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, “Leases” (Topic 842). The FASB issued this update to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The updated guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the standard is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements, however, we do not expect the adoption will have a material increase in the assets and liabilities of our consolidated balance sheet.

The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

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.

9

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. As of March 31, 2014 the Company has received $1,850,000 and has recorded the balance of $1,150,000 as an amount receivable.

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 six month periods ended September 30, 2018 and September 30, 2017 the Company recorded equity income of $34,398 and $177,128 respectively as “Other income” for its portion of the net income recorded by GlamSmile Dental Technology Ltd.

10

The following tables represent the summary financial information of GlamSmile Asia as derived from its financial statements and prepared under US GAAP:

Operating data:	Six months ended September 30, 2018		Six months ended September 30, 2017
Revenues	$	2,367,764	$	3,378,743
Gross profit		2,007,827		2,952,336
Income (loss) from operations		215,158		1,038,782
Net income	$	159,916	$	823,471

CONDOR TECHNOLOGIES (formerly Medical Franchises & Investments ("MFI"))

Effective March 31, 2013, the Company acquired 6.12 % of the issued and outstanding shares of Condor Technologies NV, a Belgium corporation ("Condor") 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 Condor 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. Because the investment is being recognized as an available-for-sale investment future unrealized gains and losses on the investment in Condor will also be recognized in other comprehensive income until realized.

Per ASC-320-10-25-1, investments in debt and equity securities that have readily determinable fair values and are not classified as trading or held-to-maturity securities, are classified as available-for-sale securities.

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. During November 2016, the name of the company MFI NV was changed to Condor Technologies NV.

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 September 30, 2018, five customers accounted for 87.49% of the Company’s trade accounts receivables, and two customers accounted for 81.08%.   At September 30, 2017, five customers accounted for 79.06% of the Company’s trade accounts receivables, and two customers accounted for 68.83%.   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 six months ended September 30, 2018 the Company had five suppliers who accounted for 49.10% of accounts payable. For the six months ended September 30, 2017 the Company had five suppliers who accounted for 61.28% of accounts payable.

Revenues —  For the six months ended September 30, 2018 the Company had five customers that accounted for 84.02% of total revenues. One of the five customers accounted for 30.35% of total revenues. For the six months ended September 30, 2017 the Company had five customers that accounted for 56.49% of total revenues. One of the five customers accounted for 33.27% of total revenues.

5. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company’s accounts receivable at period end were as follows:

	September 30, 2018			March 31, 2018
Accounts receivable, gross	$	1,175,099		$	1,347,350
Less: allowance for doubtful accounts		(178,695	)		(189,926	)
Accounts receivable, net	$	996,404		$	1,157,424

11

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:

	September 30, 2018			March 31, 2018
Raw materials	$	11,364		$	12,683
Components		121,961			134,660
Finished goods		598,165			634,314
		731,490			781,657
Less: reserve for obsolescence		(619,602	)		(658,545	)
Net inventory	$	111,888		$	123,112

7. PREPAID EXPENSES

Prepaid expenses are summarized as follows:

	September 30, 2018		March 31, 2018
Prepaid materials and components	$	198,962	$	235,010
VAT payments in excess of VAT receipts		—		1,733
Prepaid tradeshow		12,807		—
Prepaid consulting		912		969
Prepaid rent		—		1,277
Other		43,454		58,222
	$	256,135	$	297,211

8. PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	September 30, 2018			March 31, 2018
Furniture and Fixtures	$	476,991		$	477,001
Machinery and Equipment		2,148,113			2,104,720
		2,625,104			2,581,721
Accumulated depreciation		(2,458,729	)		(2,438,039	)
Property & equipment, net	$	166,375		$	143,682

9. LONG TERM DEBT

Secured Debt Agreement

On June 3, 2011, the Company obtained a loan in the principal amount of $1,000,000 (the “Loan”) from an unrelated private company, Excelsior Medical (HK) (“EM”). In connection with the Loan, the Company issued a promissory note, with a simple interest rate of 5% per annum, secured by certain assets of the Company (the “Note”). The maturity date of the Loan is June 3, 2014. Interest of $50,000 per annum is payable in cash on an annual basis.

Effective as of January 11, 2012, the Company entered into a Rescission Agreement with EM and Asia Best Healthcare Co., Ltd. Under the Rescission Agreement, the Company agreed to repay a total of $1,000,000 received under the Distribution Agreement, plus a simple interest rate of 5%, beginning on June 30, 2012, according to the following payment schedule: (i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013. The Company also agreed to secure such obligations owed to EM with certain collateral of the Company. During the period ended December 31, 2012 a partial payment of $20,000 in interest has been made.

12

Final settlement agreements were re-negotiated with EM and Asia Best Healthcare Co, Ltd. During January 2017. The Company agreed to pay a total amount of $500,000 to EM as final settlement and simultaneously agreed to pay a total amount of $500,000 to Asia Best Healthcare co., Ltd as final settlement of the loan agreement. Both payments were executed on March 6, 2017 as final settlement.

10. 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 six month periods ended September 30, 2018 and 2017 respectively, the Company incurred $99,163 and $122,837 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.

11. ACCRUED LIABILITIES

Accrued liabilities are summarized as follows:

	September 30, 2018		March 31, 2018
Accrued employee benefit taxes and payroll	$	89,817	$	218,361
Accrued travel		5,800		6,164
Accrued VAT		3,600		12,472
Accrued audit and tax preparation fees		12,120		24,520
Reserve for warranty costs		5,800		6,164
Accrued consulting fees		131,501		136,726
Tax reserve		1,328		1,412
Other accrued expenses		7,937		17,720
	$	257,903	$	423,539

12. EQUITY COMPENSATION PLANS

As of September 30, 2018, 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 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 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.

The following table provides aggregate information as of September 30, 2018 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

13

	2004 Plan				2007 Plan
	Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price
Options outstanding and exercisable March 31, 2018 and September 30, 2018		357,500	$	0.50		430,000	$	0.50
Exercise price range	$	0.50			$	0.50
Weighted average remaining life		0.47  years				0.47 years

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		787,500	$	0.50		1,175,000
Total		787,500	$	0.50		1,175,000

For the six month periods ended September 30, 2018 and September 30, 2017 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 six month periods ended September 30, 2018 and September 30, 2017.

13. 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., and Biotech Dental Benelux N.V. Our operations are primarily in Europe and Asia and 100% of our sales for the six months ended September 30, 2018 and 79% of our sales for the six months ended September 30, 2017 were generated from customers outside of the United States.

14

14. COMMITMENTS

Real Estate Lease:

The Company leases an office facility of 5,187 square feet in Ghent, Belgium from an unrelated party pursuant to a nine year lease commencing September 1, 2008 at a base rent of €5,712 per month for the total location ($6,625 per month at September 30, 2018).

Secondly, the Company leases an office facility of 635 square feet in Brussels, Belgium from an unrelated party pursuant to a lease that expired June 30, 2018 at a base rent of €969 per month for the total location.

Real Estate Lease and All Other Leased Equipment:

Minimum monthly lease payments for real estate, and all other leased equipment are as follows based upon the conversion rate for the (Euro) at September 30, 2018:

March 31, 2018		52,603
March 31, 2019		105,206
March 31, 2020		83,098
March 31, 2021		5,592
Total:	$	246,499

15. 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:

			September 30, 2018				March 31, 2018
			Carrying		Fair		Carrying		Fair
	Level		Value		Value		value		value
Cash		1	$	55,119		55,119	$	92,875		92,875
Accounts receivable		2	$	996,404		996,404	$	1,157,424		1,157,424
Long Term investment and advance - GlamSmile Dental Technology Asia		2	$	2,279,535		2,279,535	$	2,245,137		2,245,137
Long term investments and advances Condor		1	$	1,378,653		1,378,653	$	1,378,653		1,378,653
Long term investments SmileWise		1		2,592		2,592		-		-
Deferred revenue		2	$	60,487		60,487	$	81,875		81,875
Accounts payable		2	$	1,790,776		1,790,776	$	1,569,067		1,569,067
Accrued liabilities		2	$	257,903		257,903	$	423,539		423,539

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.

15

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 six month period ended September 30, 2018. 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):

	Six month period ended September 30, 2018		Six month period ended September 30, 2017
Long term investments and advances:
Beginning balance	$	2,245,137	$	1,970,245
Gains (losses) included in net loss		34,398		177,128
Transfers in (out of level 3)		—		—
Ending balance	$	2,279,535	$	2,147,373

16

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The discussion contained herein is for the three and six months ended September 30, 2018 and September 30, 2017. The following discussion should be read in conjunction with the Company’s consolidated financial statements and the notes to the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018.  In addition to historical information, this section contains “forward-looking” statements, including statements regarding the growth of product lines, optimism regarding the business, expanding sales and other statements. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market acceptance of our products. In addition, actual results could vary materially based on changes or slower growth in the oral care and cosmetic dentistry products market; the potential inability to realize expected benefits and synergies; domestic and international business and economic conditions; changes in the dental industry; unexpected difficulties in penetrating the oral care and cosmetic dentistry products market; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of manufacturing capacity; future production variables impacting excess inventory and other risk factors.  Factors that could cause or contribute to any differences are discussed in “Risk Factors” and elsewhere in the Company’s annual report on Form 10-K filed on June 29, 2015 with the Securities and Exchange Commission.  Except as required by applicable law or regulation, the Company undertakes no obligation to revise or update any forward-looking statements contained in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018. The information contained in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 is not a complete description of the Company’s business or the risks associated with an investment in the Company’s common stock. Each reader should carefully review and consider the various disclosures made by the Company in this Quarterly Report on Form 10-Q and in the Company’s other filings with the Securities and Exchange Commission.

Overview

We specialize in the research, development, and manufacturing of oral care and cosmetic dentistry products.  We are one of the leading manufacturers of cosmetic dentistry products in Europe.  Leveraging our knowledge of regulatory requirements regarding dental products and management’s experience in the needs of the professional dental community, we design, develop, manufacture and distribute our cosmetic dentistry products, including a full line of professional dental products that are distributed in Europe, Asia and the United States.  We distribute our products using both our own internal sales force and through the use of third party distributors.

Results of Operations

Comparative detail of results as a percentage of sales is as follows:

	For the three months ended September 30,						For the six months ended September 30,
	2018			2017			2018			2017
NET SALES		100.00	%		100.00	%		100.00	%		100.00	%
COST OF SALES		33.72	%		29.13	%		28.45	%		36.11	%
GROSS PROFIT		66.28	%		70.87	%		71.55	%		63.89	%
OPERATING EXPENSES
Research and development		0.00	%		0.03	%		0.02	%		0.13	%
Sales and marketing		40.93	%		35.37	%		42.97	%		32.60	%
General and administrative		50.73	%		38.65	%		56.73	%		30.46	%
Depreciation and amortization		7.21	%		3.64	%		6.32	%		3.35	%
TOTAL OPERATING EXPENSES		98.87	%		77.68	%		106.04	%		66.54	%
INCOME (LOSS) FROM OPERATIONS		(32.59	)%		(6.81	)%		(34.49	)%		(2.65	)%
Other income		8.55	%		15.06	%		3.82	%		11.09	%
NET INCOME		(24.04	)%		8.24	%		(30.67	)%		8.44	%
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST		2.01	%		(0.92	)%		0.57	%		(0.81	)%
NET INCOME (LOSS) ATTRIBUTABLE TO REMEDENT INC. COMMON SHAREHOLDERS		(22.03	)%		7.33	%		(30.10	)%		7.63	%

17

Net Sales

Net sales decreased by approximately 49.1% to $345,640 for the three months ended September 30, 2018 as compared to $678,694 for the three months ended September 30, 2017.  The decrease in sales is primarily due to the reduced sales of our Condor 3D Scanner in the North American market. In anticipation of our additional tool for the Condor 3D Scanner, which will be an easy-to-use addition (with minimal user training) to the already existing Condor 3D Scanner and which will be available by the 1^st quarter 2019, we reduced our active approach in the US market.

Net sales decreased by approximately 46.9% to $780,488 for the six months ended September 30, 2018 as compared to $1,470,033 for the six months ended September 30, 2017.  Net sales decreased in the six months ended September 30, 2018 for the same reason as the six month variance.

Cost of Sales

Cost of sales decreased approximately 41.1% to $116,536 for the three months ended September 30, 2018 as compared to $197,700 for the three months ended September 30, 2017. Cost of sales, as a percentage of net sales, has increased to 33.72% in the quarter ended September 30, 2018 as compared to 29.13% in the quarter ended September 30 2017.

Cost of sales decreased approximately 58.2% to $222,070 for the six months ended September 30, 2018 as compared to $530,872 for the six months ended September 30, 2017. Cost of sales decreased mainly because of decreased sales.

Gross Profit

Our gross profit decreased by $251,890 or 52.4% to $229,104 for the three months ended September 30, 2018 as compared to $480,994 for the three months ended September 30, 2017. Our gross profit as a percentage of sales decreased to 66.28% in the three months ended September 30, 2018 as compared to 70.87% for the three months ended September 30, 2017.

Our gross profit decreased by $380,743 or 40.5%, to $558,418 for the six months ended September 30, 2018 as compared to $939,161 for the six months ended September 30, 2017 primarily because of decreased sales.

Operating Expenses

Research and Development.  Our research and development expenses decreased to zero for the three months ended September 30, 2018 as compared to $221 for the three months ended September 30, 2017 an increase of 100.0%.

Our research and development costs decreased by $1,740 or 93.5% to $120 for the six months ended September 30, 2018 as compared to $1,860 for the six months ended September 30, 2017. Our research and development costs have decreased because of the finalization of our Software program the “Smile me Mirror”.

Sales and marketing costs. Our sales and marketing costs for the three months ended September 30, 2018 and 2017 were $141,473 and $240,057 respectively, representing a decrease of $98,584 or 41.1%.  The decrease is largely due to reduced marketing and advertising costs as we are expecting the additional tool for the Condor 3D Scanner by the beginning of next year.

Our sales and marketing costs decreased by $143,833 or 30% to $335,372 for the six months ended September 30, 2018 as compared to $479,205 for the six months ended September 30, 2017 mainly because of our reduced advertising and marketing costs in reference to the new and additional Condor 3D Scanner tool.

General and administrative costs. Our general and administrative costs for the three months ended September 30, 2018 and 2017 were $175,354 and $262,290 respectively, representing a decrease of $86,936, or 33.1%. Our general and administrative costs for the six months ended September 30, 2018 and 2017 were $442,821 and $447,797 respectively, representing a decrease of $4,976 or 1.1%.  The decrease in general and administration costs is largely due to increased synergy between our internal divisions as a result of ongoing internal reorganization.

Depreciation and amortization.   Our depreciation and amortization was $24,920 for the three months ended September 30, 2018 as compared to $24,671 for the three months ended September 30, 2017.   Our depreciation and amortization was $49,335 for the six months ended September 30, 2018 versus $49,315 for the six months ended September 30, 2017.

Other income.   Our net other income was $29,539 for the three months ended September 30, 2018 as compared to $102,201 for the three months ended September 30, 2017, representing a decrease in other income of $72,662.    The decrease in other income was primarily because of decreased income from equity investments. Our net other income decreased by $133,205 to $29,836 for the six months ended September 30, 2018 as compared to $163,041 for the six months ended September 30, 2017, for the same reason as the three month variance.

Internal and External Sources of Liquidity

As of September 30, 2018, we had current assets of $1,419,546 compared to $1,670,622 at March 31, 2018. The decrease of $251,076 was due to a decrease in cash of $37,756, a decrease in accounts receivable of $161,020, decrease in inventories of $11,224 and a decrease in prepaid expenses of $41,076.

18

As of September 30, 2018, we had cash of $55,119. We anticipate that we will need to raise additional funds to satisfy our working capital requirements and implement our business strategy to expand our direct to consumer business model. We intend to continue to look for opportunities to expand the number of GlamSmile Studios in Europe.  We will continue to review our expected cash requirements, make all efforts to collect any aged receivables, and take appropriate cost reduction measures to ensure that we have sufficient working capital to fund our operations. In the event additional needs for cash arise, we may seek to raise additional funds from a combination of sources including issuance of debt or equity securities. Additional financing may not be available on terms favorable to us, or at all. Any additional financing activity could be dilutive to our current stockholders. If adequate funds are not available or are not available on acceptable terms, our ability to take advantage of unanticipated opportunities or respond to competitive pressures could be limited.

 Cash and Cash equivalents

Our balance sheet at September 30, 2018 reflects cash of $55,119 as compared to $92,875 as of March 31, 2018, a decrease of $37,756.

Operations

Net cash used by operations was $29,687 for the six months ended September 30, 2018 as compared to net cash provided by operations of $1,950 for the six months ended September 30, 2017. The increase of $31,637 in net cash used by operations for the six months ended September 30, 2018 as compared to the six months ended September 30, 2017 is primarily because of decreased income of $363,419, offset by the changes in operating assets and liabilities.

Investing activities

Net cash used in investing activities totaled nil for the six months ended September 30, 2018 as compared to net cash used by investing activities of $4,341 for the six months ended September 30, 2017. Cash used in the six months ended September 30, 2017 was primarily for investing in equipment.

Financing activities

During the six months ended September 30, 2018 and September 30, 2017, we recognized an increase/ (decrease) in cash and cash equivalents of ($8,069) and ($55,901), respectively, from the effect of exchange rates between the Euro and the US Dollar.

Off-Balance Sheet Arrangements

At September 30, 2018, we did not have any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not Applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported within the required time periods and that such information is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.  In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objective, and management is required to exercise its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Management conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2018.  Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2018.

Changes in Internal Control Over Financial Reporting

There have been no material changes in our  internal controls over financial reporting identified in connection with the evaluation of disclosure controls and procedures discussed above that occurred during the quarter ended September 30, 2018 or subsequent to that date that have materially affected, or are reasonably likely to materially affect, our  internal control over financial reporting.

19

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

To the best knowledge of management, there are no material legal proceedings pending against the Company.

Item 1A. Risk Factors

Not Applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None. 

Item 3. Defaults Upon Senior Securities

None.

Item 4. [Removed and Reserved]

Item 5. Other Information

None.

20

Item 6. Exhibits

EXHIBIT INDEX

Exhibit No	Description
31.1*	Certifications of the Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act
31.2*	Certifications of the Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act
32.1*	Certifications of the Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act
32.2*	Certifications of the Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase
101.DEF*	XBRL Taxonomy Extension Definition Linkbase
101.LAB*	XBRL Taxonomy Extension Label Linkbase
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase

* Filed herewith

21

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	REMEDENT, INC.
Date:    November 14, 2018	By:	/s/ Guy De Vreese
		Name:	Guy De Vreese
		Title:	Chief Executive Officer (Principal Executive Officer)
Date:    November 14, 2018	By:	/s/ Philippe Van Acker
		Name:	Philippe Van Acker
		Title:	Chief Financial Officer (Principal Financial and Accounting Officer)

22

EX-31.1

EXHIBIT 31.1

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

I, Guy De Vreese, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Remedent, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:      November 14, 2018	By:	/s/ Guy De Vreese
		Name:	Guy De Vreese
		Title:	Chief Executive Officer (Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

I, Philippe Van Acker, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Remedent, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:      November 14, 2018	By:	/s/ Philippe Van Acker
		Name:	Philippe Van Acker
		Title:	Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Remedent, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date:      November 14, 2018	By:	/s/ Guy De Vreese
		Name:	Guy De Vreese
		Title:	Chief Executive Officer (Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Remedent, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date:      November 14, 2018	By:	/s/ Philippe Van Acker
		Name:	Philippe Van Acker
		Title:	Chief Financial Officer (Principal Financial and Accounting Officer)

XML

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 14, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	REMEDENT, INC.
Entity Central Index Key	0001078037
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	REMI
Entity Common Stock, Shares Outstanding		19,995,969
Entity Emerging Growth Company	false
Entity Small Business	true

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Mar. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 55,119	$ 92,875
Accounts receivable, net of allowance for doubtful accounts of $178,695 at September 30, 2018 and $189,926 at March 31, 2018	996,404	1,157,424
Inventories, net	111,888	123,112
Prepaid expense	256,135	297,211
Total current assets	1,419,546	1,670,622
PROPERTY AND EQUIPMENT, NET	166,375	143,682
OTHER ASSETS
Investment in GlamSmile Asia Ltd	2,279,535	2,245,137
Investment in Condor Technologies (formerly MFI) (Note 3)	1,378,653	1,378,653
Investment in Smilewise	2,592	0
Total assets	5,246,701	5,438,094
CURRENT LIABILITIES:
Accounts payable	1,790,776	1,569,067
Accrued liabilities	257,903	423,539
Deferred revenue	60,487	81,875
Due to related parties	48,716	51,778
Total current liabilities	2,157,882	2,126,259
EQUITY:
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding)	0	0
Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at September 30, 2018 and March 31, 2018 respectively)	19,996	19,996
Treasury stock, at cost; 723,000 shares outstanding at September 30, 2018 and March 31, 2018 respectively	(831,450)	(831,450)
Additional paid-in capital	24,906,269	24,906,269
Accumulated deficit	(20,259,239)	(20,024,323)
Accumulated other comprehensive (loss) (foreign currency translation adjustment)	(920,177)	(936,553)
Obligation to issue shares (Note 3)	97,500	97,500
Total Remedent, Inc. stockholders' equity	3,012,899	3,231,439
Non-controlling interest	75,920	80,396
Total stockholders' equity	3,088,819	3,311,835
Total liabilities and equity	$ 5,246,701	$ 5,438,094

XML

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Allowance for doubtful accounts	$ 178,695	$ 189,926
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

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 345,640	$ 678,694	$ 780,488	$ 1,470,033
Cost of sales	116,536	197,700	222,070	530,872
Gross profit	229,104	480,994	558,418	939,161
Operating Expenses
Research and development	0	221	120	1,860
Sales and marketing	141,473	240,057	335,372	479,205
General and administrative	175,354	262,290	442,821	447,797
Depreciation and amortization	24,920	24,671	49,335	49,315
TOTAL OPERATING EXPENSES	341,747	527,239	827,648	978,177
(LOSS) INCOME FROM OPERATIONS	(112,643)	(46,245)	(269,230)	(39,016)
OTHER INCOME (EXPENSES)
Equity income from investments	30,667	112,480	34,398	177,128
Interest expense	(742)	(9,987)	(2,734)	(11,871)
Interest / Other income	0	0	229	0
Other deductions	(386)	(292)	(2,057)	(2,216)
TOTAL OTHER INCOME	29,539	102,201	29,836	163,041
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE NON-CONTROLLING INTEREST, NET OF TAX	(83,104)	55,956	(239,394)	124,025
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST	6,952	(6,228)	4,478	(11,866)
NET INCOME (LOSS) ATTRIBUTABLE TO REMEDENT INC. COMMON SHAREHOLDERS	$ (76,152)	$ 49,728	$ (234,916)	$ 112,159
INCOME PER SHARE
Basic	$ 0.00	$ 0.00	$ (0.01)	$ 0.01
Fully diluted	$ 0.00	$ 0.00	$ (0.01)	$ 0.01
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

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
NET INCOME	$ (83,104)	$ 55,956	$ (239,394)	$ 124,025
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment	(2,329)	21,073	16,376	15,486
TOTAL COMPREHENSIVE INCOME (LOSS)	(85,433)	77,029	(223,018)	139,511
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	6,952	(6,228)	4,478	(11,866)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO REMEDENT INC. common shareholders	$ (78,481)	$ 70,801	$ (218,540)	$ 127,645

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ (239,394)	$ 124,025
Adjustments to reconcile net income to net cash used by operating activities
Depreciation and amortization	49,335	49,315
Inventory reserve	(38,943)	59,429
Allowance for doubtful accounts	(11,231)	16,855
Equity investment	(34,398)	(177,128)
Changes in operating assets and liabilities:
Accounts receivable	161,020	(49,450)
Inventories	11,224	(11,612)
Prepaid expenses	41,076	(105,310)
Accounts payable	221,710	201,121
Accrued liabilities	(165,636)	(80,882)
Deferred revenue	(21,388)	(24,413)
Due to related parties	(3,062)	0
Net cash used by operating activities	(29,687)	1,950
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of equipment	0	(4,341)
Net cash used by investing activities	0	(4,341)
NET INCREASE (DECREASE) IN CASH	(29,687)	(2,391)
Effect of exchange rate changes on cash and cash equivalents	(8,069)	(55,901)
CASH AND CASH EQUIVALENTS, BEGINNING	92,875	147,106
CASH AND CASH EQUIVALENTS, ENDING	55,119	88,814
Supplemental Information:
Interest paid	2,734	11,871
Income taxes paid	$ 0	$ 0

XML

DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION

6 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

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 its facility 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, 2017 and March 31, 2016, 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 September 30, 2018 the Company had a working capital deficit of $738,336 and an accumulated deficit of $20,259,239. 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 July 13, 2018 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 September 30, 2018.

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

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, 2017, except as may be indicated below:

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), 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) and Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome (effective March 31, 2014 this subsidiary is inactive) and Remedent N.V.’s 60% owned subsidiary, SmileWise Corporate B.V.B.A., a Belgium private company located in Ghent.

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.

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 six months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the year ended March 31, 2019. Accordingly, your attention is directed to footnote disclosures found in the Annual Report on Form 10-K for the year ending March 31, 2018, and particularly to Note 2, which includes a summary of significant accounting policies.

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:

	Six months ended September 30, 2018			Year ended March 31, 2018
Product warranty liability:
Opening balance	$	6,164		$	5,333
Accruals for product warranties issued in the period		—			831
Adjustments to liabilities for pre-existing warranties		(364	)		—
Ending liability	$	5,800		$	6,164

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 $5,800 and $6,164 as of September 30, 2018 and March 31, 2018, 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 September 30, 2018 and March 31, 2018, the Company had 19,995,969, shares of common stock issued and outstanding.  At September 30, 2018 and March 31, 2018, the Company did not have any warrants outstanding but had 787,500 and 787,500 options outstanding respectively.  

Further, pursuant to ASC 260-10-50-1(c), if a fully diluted share calculation was computed for the three and six month periods ended September 30, 2018 and September 30, 2017 respectively, it would have excluded all options respectively since the Company’s average share trading price during the three month and six month periods ended September 30, 2018 and September 30, 2017 were less than the exercise price of all options.

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., SmileWise Corporate B.V.B.A., 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)

The Company’s only component of other comprehensive income is the accumulated foreign currency translation consisting of (loss) and gains of $16,376 and $15,486 for the six months ended September 30, 2018 and 2017, respectively. These amounts have been recorded as a separate component of stockholders’ equity (deficit).

Recently Adopted Accounting Pronouncements

Effective April 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, as amended (Topic 606, commonly referred to as ASC 606) to all contracts using the modified retrospective method. Because the adoption of ASC 606 did not result in any significant change to the Company’s revenue accounting, our opening retained earnings balance has not been changed. Also, the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Most of the Company’s sales revenue continues to be recognized when products are shipped from manufacturing facilities. For certain customer loyalty and free goods, the Company continues to recognize the proportionate revenue and cost of product when the incentives are shipped. For contracts with customers where performance occurs over time, such as software sales, the Company recognizes revenue ratably over the performance period.

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, “Leases” (Topic 842). The FASB issued this update to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The updated guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the standard is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements, however, we do not expect the adoption will have a material increase in the assets and liabilities of our consolidated balance sheet.

The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

XML

LONG-TERM INVESTMENTS

6 Months Ended

Sep. 30, 2018

Long-term Investments [Abstract]

Long Term Investments [Text Block]

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. As of March 31, 2014 the Company has received $1,850,000 and has recorded the balance of $1,150,000 as an amount receivable.

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 six month periods ended September 30, 2018 and September 30, 2017 the Company recorded equity income of $34,398 and $177,128 respectively as “Other 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:

Operating data:	Six months ended September 30, 2018		Six months ended September 30, 2017
Revenues	$	2,367,764	$	3,378,743
Gross profit		2,007,827		2,952,336
Income (loss) from operations		215,158		1,038,782
Net income	$	159,916	$	823,471

CONDOR TECHNOLOGIES (formerly Medical Franchises & Investments ("MFI"))

Effective March 31, 2013, the Company acquired 6.12 % of the issued and outstanding shares of Condor Technologies NV, a Belgium corporation ("Condor") 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 Condor 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. Because the investment is being recognized as an available-for-sale investment future unrealized gains and losses on the investment in Condor will also be recognized in other comprehensive income until realized.

Per ASC-320-10-25-1, investments in debt and equity securities that have readily determinable fair values and are not classified as trading or held-to-maturity securities, are classified as available-for-sale securities.

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. During November 2016, the name of the company MFI NV was changed to Condor Technologies NV.

XML

CONCENTRATION OF RISK

6 Months Ended

Sep. 30, 2018

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

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 September 30, 2018, five customers accounted for 87.49% of the Company’s trade accounts receivables, and two customers accounted for 81.08%.  At September 30, 2017, five customers accounted for 79.06% of the Company’s trade accounts receivables, and two customers accounted for 68.83%.  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 six months ended September 30, 2018 the Company had five suppliers who accounted for 49.10% of accounts payable. For the six months ended September 30, 2017 the Company had five suppliers who accounted for 61.28% of accounts payable.

Revenues —  For the six months ended September 30, 2018 the Company had five customers that accounted for 84.02% of total revenues. One of the five customers accounted for 30.35% of total revenues. For the six months ended September 30, 2017 the Company had five customers that accounted for 56.49% of total revenues. One of the five customers accounted for 33.27% of total revenues.

XML

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

6 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

5. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company’s accounts receivable at period end were as follows:

	September 30, 2018			March 31, 2018
Accounts receivable, gross	$	1,175,099		$	1,347,350
Less: allowance for doubtful accounts		(178,695	)		(189,926	)
Accounts receivable, net	$	996,404		$	1,157,424

XML

INVENTORIES

6 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

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:

	September 30, 2018			March 31, 2018
Raw materials	$	11,364		$	12,683
Components		121,961			134,660
Finished goods		598,165			634,314
		731,490			781,657
Less: reserve for obsolescence		(619,602	)		(658,545	)
Net inventory	$	111,888		$	123,112

XML

PREPAID EXPENSES

6 Months Ended

Sep. 30, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses Disclosure [Text Block]

7. PREPAID EXPENSES

Prepaid expenses are summarized as follows:

	September 30,  2018		March 31, 2018
Prepaid materials and components	$	198,962	$	235,010
VAT payments in excess of VAT receipts		—		1,733
Prepaid tradeshow		12,807		—
Prepaid consulting		912		969
Prepaid rent		—		1,277
Other		43,454		58,222
	$	256,135	$	297,211

XML

PROPERTY AND EQUIPMENT

6 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

8. PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	September 30, 2018			March 31, 2018
Furniture and Fixtures	$	476,991		$	477,001
Machinery and Equipment		2,148,113			2,104,720
		2,625,104			2,581,721
Accumulated depreciation		(2,458,729	)		(2,438,039	)
Property & equipment, net	$	166,375		$	143,682

XML

LONG TERM DEBT

6 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

9. LONG TERM DEBT

Secured Debt Agreement

On June 3, 2011, the Company obtained a loan in the principal amount of $1,000,000 (the “Loan”) from an unrelated private company, Excelsior Medical (HK) (“EM”). In connection with the Loan, the Company issued a promissory note, with a simple interest rate of 5% per annum, secured by certain assets of the Company (the “Note”). The maturity date of the Loan is June 3, 2014. Interest of $50,000 per annum is payable in cash on an annual basis.

Effective as of January 11, 2012, the Company entered into a Rescission Agreement with EM and Asia Best Healthcare Co., Ltd. Under the Rescission Agreement, the Company agreed to repay a total of $1,000,000 received under the Distribution Agreement, plus a simple interest rate of 5%, beginning on June 30, 2012, according to the following payment schedule: (i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013. The Company also agreed to secure such obligations owed to EM with certain collateral of the Company. During the period ended December 31, 2012 a partial payment of $20,000 in interest has been made.

Final settlement agreements were re-negotiated with EM and Asia Best Healthcare Co, Ltd. During January 2017. The Company agreed to pay a total amount of $500,000 to EM as final settlement and simultaneously agreed to pay a total amount of $500,000 to Asia Best Healthcare co., Ltd as final settlement of the loan agreement. Both payments were executed on March 6, 2017 as final settlement.

XML

DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2018

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

10. 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 six month periods ended September 30, 2018 and 2017 respectively, the Company incurred $99,163 and $122,837 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.

XML

ACCRUED LIABILITIES

6 Months Ended

Sep. 30, 2018

Accrued Liabilities [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

11. ACCRUED LIABILITIES

Accrued liabilities are summarized as follows:

	September 30, 2018		March 31, 2018
Accrued employee benefit taxes and payroll	$	89,817	$	218,361
Accrued travel		5,800		6,164
Accrued VAT		3,600		12,472
Accrued audit and tax preparation fees		12,120		24,520
Reserve for warranty costs		5,800		6,164
Accrued consulting fees		131,501		136,726
Tax reserve		1,328		1,412
Other accrued expenses		7,937		17,720
	$	257,903	$	423,539

XML

EQUITY COMPENSATION PLANS

6 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

12. EQUITY COMPENSATION PLANS

As of September 30, 2018, 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 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 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.

The following table provides aggregate information as of September 30, 2018 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

	2004 Plan				2007 Plan
	Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price
Options outstanding and exercisable March 31, 2018 and September 30, 2018		357,500	$	0.50		430,000	$	0.50
Exercise price range	$	0.50			$	0.50
Weighted average remaining life		0.47  years				0.47 years

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		787,500	$	0.50		1,175,000
Total		787,500	$	0.50		1,175,000

For the six month periods ended September 30, 2018 and September 30, 2017 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 six month periods ended September 30, 2018 and September 30, 2017.

XML

SEGMENT INFORMATION

6 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13. 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., and Biotech Dental Benelux N.V. Our operations are primarily in Europe and Asia and 100% of our sales for the six months ended September 30, 2018 and 79% of our sales for the six months ended September 30, 2017 were generated from customers outside of the United States.

XML

COMMITMENTS

6 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

14. COMMITMENTS

Real Estate Lease:

The Company leases an office facility of 5,187 square feet in Ghent, Belgium from an unrelated party pursuant to a nine year lease commencing September 1, 2008 at a base rent of €5,712 per month for the total location ($6,625 per month at September 30, 2018).

Secondly, the Company leases an office facility of 635 square feet in Brussels, Belgium from an unrelated party pursuant to a lease that expired June 30, 2018 at a base rent of €969 per month for the total location.

Real Estate Lease and All Other Leased Equipment:

Minimum monthly lease payments for real estate, and all other leased equipment are as follows based upon the conversion rate for the (Euro) at September 30, 2018:

March 31, 2018		52,603
March 31, 2019		105,206
March 31, 2020		83,098
March 31, 2021		5,592
Total:	$	246,499

XML

FINANCIAL INSTRUMENTS

6 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

15. 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:

			September 30, 2018				March 31, 2018
			Carrying		Fair		Carrying		Fair
	Level		Value		Value		value		value
Cash		1	$	55,119		55,119	$	92,875		92,875
Accounts receivable		2	$	996,404		996,404	$	1,157,424		1,157,424
Long Term investment and advance - GlamSmile Dental Technology Asia		2	$	2,279,535		2,279,535	$	2,245,137		2,245,137
Long term investments and advances Condor		1	$	1,378,653		1,378,653	$	1,378,653		1,378,653
Long term investments SmileWise		1		2,592		2,592		-		-
Deferred revenue		2	$	60,487		60,487	$	81,875		81,875
Accounts payable		2	$	1,790,776		1,790,776	$	1,569,067		1,569,067
Accrued liabilities		2	$	257,903		257,903	$	423,539		423,539

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 six month period ended September 30, 2018. 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):

	Six month period ended September 30, 2018		Six month period ended September 30, 2017
Long term investments and advances:
Beginning balance	$	2,245,137	$	1,970,245
Gains (losses) included in net loss		34,398		177,128
Transfers in (out of level 3)		—		—
Ending balance	$	2,279,535	$	2,147,373

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

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), 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) and Remedent N.V.’s 80 % owned subsidiary, GlamSmile Rome, an Italian private company located in Rome (effective March 31, 2014 this subsidiary is inactive) and Remedent N.V.’s 60% owned subsidiary, SmileWise Corporate B.V.B.A., a Belgium private company located in Ghent.

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.

Interim Financial Information [Policy Text Block]

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 six months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the year ended March 31, 2019. Accordingly, your attention is directed to footnote disclosures found in the Annual Report on Form 10-K for the year ending March 31, 2018, and particularly to Note 2, which includes a summary of significant accounting policies.

Standard Product Warranty, Policy [Policy Text Block]

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:

	Six months ended September 30, 2018			Year ended March 31, 2018
Product warranty liability:
Opening balance	$	6,164		$	5,333
Accruals for product warranties issued in the period		—			831
Adjustments to liabilities for pre-existing warranties		(364	)		—
Ending liability	$	5,800		$	6,164

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 $5,800 and $6,164 as of September 30, 2018 and March 31, 2018, respectively.

Earnings Per Share, Policy [Policy Text Block]

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 September 30, 2018 and March 31, 2018, the Company had 19,995,969, shares of common stock issued and outstanding.  At September 30, 2018 and March 31, 2018, the Company did not have any warrants outstanding but had 787,500 and 787,500 options outstanding respectively.  

Further, pursuant to ASC 260-10-50-1(c), if a fully diluted share calculation was computed for the three and six month periods ended September 30, 2018 and September 30, 2017 respectively, it would have excluded all options respectively since the Company’s average share trading price during the three month and six month periods ended September 30, 2018 and September 30, 2017 were less than the exercise price of all options.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

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., SmileWise Corporate B.V.B.A., 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, Policy [Policy Text Block]

Comprehensive Income (Loss)

The Company’s only component of other comprehensive income is the accumulated foreign currency translation consisting of (loss) and gains of $16,376 and $15,486 for the six months ended September 30, 2018 and 2017, respectively. These amounts have been recorded as a separate component of stockholders’ equity (deficit).

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

Effective April 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, as amended (Topic 606, commonly referred to as ASC 606) to all contracts using the modified retrospective method. Because the adoption of ASC 606 did not result in any significant change to the Company’s revenue accounting, our opening retained earnings balance has not been changed. Also, the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Most of the Company’s sales revenue continues to be recognized when products are shipped from manufacturing facilities. For certain customer loyalty and free goods, the Company continues to recognize the proportionate revenue and cost of product when the incentives are shipped. For contracts with customers where performance occurs over time, such as software sales, the Company recognizes revenue ratably over the performance period.

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, “Leases” (Topic 842). The FASB issued this update to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The updated guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the standard is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements, however, we do not expect the adoption will have a material increase in the assets and liabilities of our consolidated balance sheet.

The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

A tabular reconciliation of the Company’s aggregate product warranty liability for the reporting periods is as follows:

	Six months ended September 30, 2018			Year ended March 31, 2018
Product warranty liability:
Opening balance	$	6,164		$	5,333
Accruals for product warranties issued in the period		—			831
Adjustments to liabilities for pre-existing warranties		(364	)		—
Ending liability	$	5,800		$	6,164

XML

LONG-TERM INVESTMENTS (Tables)

6 Months Ended

Sep. 30, 2018

Long-term Investments [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

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

Condensed Income Statement [Table Text Block]

The following tables represent the summary financial information of GlamSmile Asia as derived from its financial statements and prepared under US GAAP:

Operating data:	Six months ended September 30, 2018		Six months ended September 30, 2017
Revenues	$	2,367,764	$	3,378,743
Gross profit		2,007,827		2,952,336
Income (loss) from operations		215,158		1,038,782
Net income	$	159,916	$	823,471

XML

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)

6 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The Company’s accounts receivable at period end were as follows:

	September 30, 2018			March 31, 2018
Accounts receivable, gross	$	1,175,099		$	1,347,350
Less: allowance for doubtful accounts		(178,695	)		(189,926	)
Accounts receivable, net	$	996,404		$	1,157,424

XML

INVENTORIES (Tables)

6 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories at period end are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following:

	September 30, 2018			March 31, 2018
Raw materials	$	11,364		$	12,683
Components		121,961			134,660
Finished goods		598,165			634,314
		731,490			781,657
Less: reserve for obsolescence		(619,602	)		(658,545	)
Net inventory	$	111,888		$	123,112

XML

PREPAID EXPENSES (Tables)

6 Months Ended

Sep. 30, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

Prepaid expenses are summarized as follows:

	September 30,  2018		March 31, 2018
Prepaid materials and components	$	198,962	$	235,010
VAT payments in excess of VAT receipts		—		1,733
Prepaid tradeshow		12,807		—
Prepaid consulting		912		969
Prepaid rent		—		1,277
Other		43,454		58,222
	$	256,135	$	297,211

XML

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property and equipment are summarized as follows:

	September 30, 2018			March 31, 2018
Furniture and Fixtures	$	476,991		$	477,001
Machinery and Equipment		2,148,113			2,104,720
		2,625,104			2,581,721
Accumulated depreciation		(2,458,729	)		(2,438,039	)
Property & equipment, net	$	166,375		$	143,682

XML

ACCRUED LIABILITIES (Tables)

6 Months Ended

Sep. 30, 2018

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued liabilities are summarized as follows:

	September 30, 2018		March 31, 2018
Accrued employee benefit taxes and payroll	$	89,817	$	218,361
Accrued travel		5,800		6,164
Accrued VAT		3,600		12,472
Accrued audit and tax preparation fees		12,120		24,520
Reserve for warranty costs		5,800		6,164
Accrued consulting fees		131,501		136,726
Tax reserve		1,328		1,412
Other accrued expenses		7,937		17,720
	$	257,903	$	423,539

XML

EQUITY COMPENSATION PLANS (Tables)

6 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table provides aggregate information as of September 30, 2018 with respect to all compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance.

	2004 Plan				2007 Plan
	Outstanding Options		Weighted Average Exercise Price		Outstanding Options		Weighted Average Exercise Price
Options outstanding and exercisable March 31, 2018 and September 30, 2018		357,500	$	0.50		430,000	$	0.50
Exercise price range	$	0.50			$	0.50
Weighted average remaining life		0.47  years				0.47 years

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

A summary of the Company’s equity compensation plans approved and not approved by shareholders is as follows:

Plan Category	Number of securities to be issued upon exercise of of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity Compensation Plans approved by security holders		787,500	$	0.50		1,175,000
Total		787,500	$	0.50		1,175,000

XML

COMMITMENTS (Tables)

6 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

Minimum monthly lease payments for real estate, and all other leased equipment are as follows based upon the conversion rate for the (Euro) at September 30, 2018:

March 31, 2018		52,603
March 31, 2019		105,206
March 31, 2020		83,098
March 31, 2021		5,592
Total:	$	246,499

XML

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying values and fair values of our financial instruments are as follows:

			September 30, 2018				March 31, 2018
			Carrying		Fair		Carrying		Fair
	Level		Value		Value		value		value
Cash		1	$	55,119		55,119	$	92,875		92,875
Accounts receivable		2	$	996,404		996,404	$	1,157,424		1,157,424
Long Term investment and advance - GlamSmile Dental Technology Asia		2	$	2,279,535		2,279,535	$	2,245,137		2,245,137
Long term investments and advances Condor		1	$	1,378,653		1,378,653	$	1,378,653		1,378,653
Long term investments SmileWise		1		2,592		2,592		-		-
Deferred revenue		2	$	60,487		60,487	$	81,875		81,875
Accounts payable		2	$	1,790,776		1,790,776	$	1,569,067		1,569,067
Accrued liabilities		2	$	257,903		257,903	$	423,539		423,539

Redeemable Noncontrolling Interest [Table Text Block]

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):

	Six month period ended September 30, 2018		Six month period ended September 30, 2017
Long term investments and advances:
Beginning balance	$	2,245,137	$	1,970,245
Gains (losses) included in net loss		34,398		177,128
Transfers in (out of level 3)		—		—
Ending balance	$	2,279,535	$	2,147,373

XML

DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION (Details Textual) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Working Capital Deficit	$ 738,336
Accumulated deficit	$ (20,259,239)	$ (20,024,323)

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Product warranty liability:
Opening balance	$ 6,164	$ 5,333
Accruals for product warranties issued in the period	0	831
Adjustments to liabilities for pre-existing warranties	(364)	0
Ending liability	$ 5,800	$ 6,164

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018	Mar. 31, 2014
Accounting Policies [Line Items]
Common Stock, shares issued	19,995,969		19,995,969
Provision For Warranty Costs	$ 5,800		$ 6,164
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	787,500
Foreign Currency Transaction Gain (Loss), before Tax	$ 16,376	$ 15,486
Equity Option [Member]
Accounting Policies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	787,500		787,500
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%
SmileWise Corporate BVBA [Member]
Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	60.00%

XML

LONG-TERM INVESTMENTS (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of non-controlling interest	$ 75,920	$ 80,396
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 (Note 11)	(1,000,000)
Disposal Group Including Discontinued Operation Liability Assets Net	$ 1,470,776

XML

LONG-TERM INVESTMENTS (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating data:
Revenues	$ 345,640	$ 678,694	$ 780,488	$ 1,470,033
Gross profit	229,104	480,994	558,418	939,161
Income (loss) from operations	(112,643)	(46,245)	(269,230)	(39,016)
Net income	$ (76,152)	$ 49,728	(234,916)	112,159
GlamSmile Asia [Member]
Operating data:
Revenues			2,367,764	3,378,743
Gross profit			2,007,827	2,952,336
Income (loss) from operations			215,158	1,038,782
Net income			$ 159,916	$ 823,471

XML

LONG-TERM INVESTMENTS (Details Textual)	1 Months Ended			6 Months Ended		12 Months Ended
	Mar. 31, 2014 USD ($)	Jan. 30, 2014 USD ($) shares	Jan. 28, 2012 USD ($) shares	Sep. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2017 USD ($)	Mar. 31, 2012 USD ($)	Mar. 31, 2011 USD ($) shares	Mar. 31, 2011 EUR (€) shares	Mar. 31, 2010 USD ($)	Sep. 30, 2018 € / shares	Jun. 30, 2018 USD ($) shares	Mar. 31, 2018 USD ($) shares	Mar. 31, 2013	Feb. 10, 2012	Jan. 20, 2012 USD ($) shares	Jun. 27, 2011 USD ($)	Jan. 01, 2010	Dec. 31, 2009 USD ($)
Long Term Investments [Line Items]
Accumulated deficit				$ (20,259,239)								$ (20,024,323)
Payments for Advance to Affiliate									$ 196,599
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)				$ 0							$ 0	$ 0
Shares Acquired From Investment | shares				70,334
Fair Market Value Of Investment				$ 787,339
Fair Market Price Per Share | (per share)				$ 11.19						€ 8.70
Accounts Receivable, Net, Current				$ 996,404								$ 1,157,424
GlamSmile Asia [Member]
Long Term Investments [Line Items]
Equity Method Investment, Ownership Percentage	21.51%			100.00%
Business Acquisition, Percentage of Voting Interests Acquired				50.98%													50.98%
Payments to Acquire Businesses, Gross							$ 466,725	€ 325,000
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							$ 101,245
Due to Related Parties, Noncurrent									$ 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		$ 34,398	$ 177,128
Equity Method Investment, Net Sales Proceeds	$ 1,850,000
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
Accounts Receivable, Net, Current	$ 1,150,000
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] | Mr.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

XML

CONCENTRATION OF RISK (Details Textual)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Sales Revenue, Net [Member] | Customer Category Five [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	84.02%	56.49%
Sales Revenue, Net [Member] | Customer Category Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	30.35%	33.27%
Accounts Receivable [Member] | Customer Category Five [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	87.49%	79.06%
Accounts Receivable [Member] | Customer Category Two [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	81.08%	68.83%
Accounts Payable [Member] | Customer Category Five [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	49.10%	61.28%

XML

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 1,175,099	$ 1,347,350
Less: allowance for doubtful accounts	(178,695)	(189,926)
Accounts receivable, net	$ 996,404	$ 1,157,424

XML

INVENTORIES (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Inventory [Line Items]
Raw materials	$ 11,364	$ 12,683
Components	121,961	134,660
Finished goods	598,165	634,314
Inventory, Gross	731,490	781,657
Less: reserve for obsolescence	(619,602)	(658,545)
Net inventory	$ 111,888	$ 123,112

XML

PREPAID EXPENSES (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Prepaid Expenses [Line Items]
Prepaid materials and components	$ 198,962	$ 235,010
VAT payments in excess of VAT receipts	0	1,733
Prepaid tradeshow	12,807	0
Prepaid consulting	912	969
Prepaid rent	0	1,277
Other	43,454	58,222
Prepaid Expense, Current	$ 256,135	$ 297,211

XML

PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Furniture and Fixtures	$ 476,991	$ 477,001
Machinery and Equipment	2,148,113	2,104,720
Property, Plant and Equipment, Gross	2,625,104	2,581,721
Accumulated depreciation	(2,458,729)	(2,438,039)
Property & equipment, net	$ 166,375	$ 143,682

XML

LONG TERM DEBT (Details Textual) - USD ($)			1 Months Ended
	Jan. 11, 2012	Jun. 03, 2011	Dec. 31, 2012	Jan. 31, 2017
Excelsior Medical HK EM [Member]
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent				$ 500,000
Excelsior Medical HK EM [Member] | Secured Debt Agreements One [Member]
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent		$ 1,000,000
Debt Instrument, Interest Rate During Period		5.00%
Debt Instrument, Periodic Payment, Interest		$ 50,000
EM and Asia Best Healthcare [Member]
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent				$ 500,000
Long-term Debt, Maturities, Repayment Terms	(i) $250,000 to be paid no later than June 30, 2012, (ii) $250,000 plus interest on June 30, 2012, (iii) $250,000 plus interest on December 31, 2012, and (iv) $250,000 plus interest on June 30, 2013.
EM and Asia Best Healthcare [Member] | Secured Debt Agreements One [Member]
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent	$ 1,000,000
Debt Instrument, Interest Rate During Period	5.00%
Interest Expense, Debt			$ 20,000

XML

DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 99,163	$ 122,837

XML

ACCRUED LIABILITIES (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Accrued Liabilities [Line Items]
Accrued employee benefit taxes and payroll	$ 89,817	$ 218,361
Accrued travel	5,800	6,164
Accrued VAT	3,600	12,472
Accrued audit and tax preparation fees	12,120	24,520
Reserve for warranty costs	5,800	6,164
Accrued consulting fees	131,501	136,726
Tax reserve	1,328	1,412
Other accrued expenses	7,937	17,720
Accrued Liabilities, Current	$ 257,903	$ 423,539

XML

EQUITY COMPENSATION PLANS (Details)	6 Months Ended
	Sep. 30, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding | shares	787,500
Weighted Average Exercise Price, Options outstanding	$ 0.50
Plan 2004 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding | shares	357,500
Weighted Average Exercise Price, Options outstanding	$ 0.50
Exercise price range	$ 0.50
Weighted average remaining life	5 months 19 days
Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding | shares	430,000
Weighted Average Exercise Price, Options outstanding	$ 0.50
Exercise price range	$ 0.50
Weighted average remaining life	5 months 19 days

XML

EQUITY COMPENSATION PLANS (Details 1)	Sep. 30, 2018 $ / shares shares
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	787,500
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))	1,175,000
Equity Compensation Plan Approved By Security Holders [Member]
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	787,500
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))	1,175,000

XML

EQUITY COMPENSATION PLANS (Details Textual)	Sep. 30, 2018 shares
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

XML

SEGMENT INFORMATION (Details Textual)	6 Months Ended
	Sep. 30, 2018
Segment Reporting Information [Line Items]
Disclosure on Geographic Areas, Description of Revenue from External Customers	Our operations are primarily in Europe and Asia and 100% of our sales for the six months ended September 30, 2018 and 79% of our sales for the six months ended September 30, 2017 were generated from customers outside of the United States.

XML

COMMITMENTS (Details)	Sep. 30, 2018 USD ($)
Property Subject to or Available for Operating Lease [Line Items]
March 31, 2018	$ 52,603
March 31, 2019	105,206
March 31, 2020	83,098
March 31, 2021	5,592
Total:	$ 246,499

XML

COMMITMENTS (Details Textual)	6 Months Ended
	Sep. 30, 2018 USD ($) ft²	Sep. 30, 2018 EUR (€) ft²
Property Subject to or Available for Operating Lease [Line Items]
Operating Leases Future Minimum Payments Due Unrelated Party | $	$ 246,499
Real Estate Lease [Member] | Gent, Belgium [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease Commencement Date	Sep. 01, 2008
Real Estate Lease [Member] | Gent, Belgium [Member] | Unrelated Party [Member]
Property Subject to or Available for Operating Lease [Line Items]
Area Of Land	5,187	5,187
Operating Leases Future Minimum Payments Due Unrelated Party	$ 6,625	€ 5,712
Real Estate Lease [Member] | Brussels, Belgium [Member]
Property Subject to or Available for Operating Lease [Line Items]
Lease Expiration Date	Jun. 30, 2018
Real Estate Lease [Member] | Brussels, Belgium [Member] | Unrelated Party [Member]
Property Subject to or Available for Operating Lease [Line Items]
Area Of Land	635	635
Operating Leases Future Minimum Payments Due Unrelated Party | €		€ 969

XML

FINANCIAL INSTRUMENTS (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, Carrying Value	$ 55,119	$ 92,875	$ 88,814	$ 147,106
Accounts receivable, Carrying Value	996,404	1,157,424
Long Term investment and advance - GlamSmile Dental Technology Asia, Carrying Value	1,378,653	1,378,653
Long term investments and advances Condor, Carrying Value	2,592	0
Deferred revenue, Carrying Value	60,487	81,875
Accounts payable, Carrying Value	1,790,776	1,569,067
Accrued liabilities, Carrying Value	257,903	423,539
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, Carrying Value	55,119	92,875
Cash, Fair Value	55,119	92,875
Long term investments and advances Condor, Carrying Value	1,378,653	1,378,653
Long term investments and advances Condor, Fair Value	1,378,653	1,378,653
Long term investments SmileWise, Carrying Value	2,592	0
Long term investments SmileWise, Fair Value	2,592	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accounts receivable, Carrying Value	996,404	1,157,424
Accounts receivable, Fair Value	996,404	1,157,424
Long Term investment and advance - GlamSmile Dental Technology Asia, Carrying Value	2,279,535	2,245,137
Long Term investment and advance - GlamSmile Dental Technology Asia, Fair Value	2,279,535	2,245,137
Deferred revenue, Carrying Value	60,487	81,875
Deferred revenue, Fair Value	60,487	81,875
Accounts payable, Carrying Value	1,790,776	1,569,067
Accounts payable, Fair Value	1,790,776	1,569,067
Accrued liabilities, Carrying Value	257,903	423,539
Accrued liabilities, Fair Value	$ 257,903	$ 423,539

XML

FINANCIAL INSTRUMENTS (Details 1) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Long term investments and advances:
Beginning balance	$ 2,245,137	$ 1,970,245
Gains (losses) included in net loss	34,398	177,128
Transfers in (out of level 3)	0	0
Ending balance	$ 2,279,535	$ 2,147,373