Quarterly Report

0001553350-17-000588.txt : 20170515 0001553350-17-000588.hdr.sgml : 20170515 20170515131526 ACCESSION NUMBER: 0001553350-17-000588 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DS HEALTHCARE GROUP, INC. CENTRAL INDEX KEY: 0001463959 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 208380461 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35763 FILM NUMBER: 17842890 BUSINESS ADDRESS: STREET 1: 1601 GREEN ROAD CITY: POMPANO BEACH STATE: FL ZIP: 33064 BUSINESS PHONE: 888-404-7770 MAIL ADDRESS: STREET 1: 1601 GREEN ROAD CITY: POMPANO BEACH STATE: FL ZIP: 33064 FORMER COMPANY: FORMER CONFORMED NAME: Divine Skin Inc. DATE OF NAME CHANGE: 20090512 10-Q 1 dskx_10q.htm QUARTERLY REPORT Quarterly Report

U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(MARK ONE)

þ Quarterly Report Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934

For the quarterly period ended March 31, 2017

o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _______.

Commission File No. 001-35763

DS HEALTHCARE GROUP, INC.

(Exact name of registrant as specified in its charter)


Florida	20-8380461
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

1601 Green Road, Deerfield Beach, Florida	33064
(Address of Principal Executive Offices)	(Zip Code)

(888) 404-7770
(Issuer’s Telephone Number, Including Area Code) ___________________________________________ (Former Name, if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 þ No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its Corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.


Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company þ
(Do not check if a smaller reporting company)	Emerging growth company ¨

If an emerging growth company, indicate by checkmark if the registrant has not elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

There were 23,537,330 shares of common stock outstanding as of May 15, 2017.

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

DS Healthcare Group, Inc. (dba DS Laboratories) and Subsidiaries

Condensed Consolidated Balance Sheets


	March 31,			December 31,
	2017			2016
	(Unaudited)
ASSETS

Current Assets
Cash	$	651,636		$	322,319
Accounts receivable, net		811,473			2,028,360
Inventories, net		2,274,387			2,251,005
Prepaid expenses and other current assets		115,326			114,612
Total Current Assets		3,852,822			4,716,296

Furniture and Equipment, net		97,564			106,531
Intangible Assets, net		361,877			340,295
Other Assets		595,399			555,162

TOTAL ASSETS	$	4,907,662		$	5,718,284

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts payable	$	2,270,921		$	2,413,000
Accrued expenses		1,075,694			1,235,914
Notes payable, current portion		161,049			75,932
Other current liabilities		704,920			712,232
Total Current Liabilities		4,212,584			4,437,078

Long Term Debt, net of current portion		539,644			47,587

TOTAL LIABILITIES		4,752,228			4,484,665

COMMITMENTS AND CONTINGENCIES

Shareholders' Equity
Preferred stock, $0.001 par value, 30,000,000 shares authorized: 0 shares issued and outstanding at both March 31, 2017 and December 31, 2016, respectively
Common stock, $0.001 par value, 300 million shares authorized: 23,537,330 shares issued and outstanding at both March 31, 2017 and December 31, 2016, respectively		23,538			23,538
Additional paid-in-capital		29,060,555			29,060,555
Accumulated deficit		(29,067,812	)		(27,918,109	)
Accumulated comprehensive income		139,153			67,635
Total Shareholders' Equity		155,434			1,233,619

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	4,907,662		$	5,718,284

See accompanying notes to condensed consolidated financial statements

DS Healthcare Group, Inc. (dba DS Laboratories) and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)


	For the Three Months Ended
	March 31,
	2017			2016


Net Revenue	$	2,094,393		$	2,325,035

Cost of Goods Sold		1,063,237			1,434,066

Gross Profit		1,031,156			890,969

Operating Costs and Expenses:
Selling and marketing
Commissions and consulting		214,907			188,643
Marketing and promotion		415,614			479,325
Other selling and marketing expenses		386,943			490,091
		1,017,464			1,158,059
General and administrative
Salary and personnel costs		613,321			641,814
Professional fees and consulting costs		353,117			1,208,676
Other general and administrative expenses		249,014			254,252
		1,215,452			2,104,742

Total operating costs and expenses		2,232,916			3,262,801

Operating Loss		(1,201,760	)		(2,371,832	)

Other Income (Expense)
Interest expense		(50,058	)		(10,231	)
Interest income		40,468			—
Other		61,647			(131,494	)

Total other income (expense)		52,057			(141,725	)

Net Loss Attributable to Common Shareholders	$	(1,149,703	)	$	(2,513,557	)

Basic and Diluted Earnings per Share:
Weighted average shares outstanding		22,537,330			22,556,765
Net Loss per share	$	(0.05	)	$	(0.11	)

Other Comprehensive Loss:
Foreign currency translation adjustment	$	28,128		$	(223,171	)
Comprehensive loss	$	(1,177,831	)	$	(2,290,386	)

See accompanying notes to condensed consolidated financial statements

DS Healthcare Group, Inc. (dba DS Laboratories) and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	For the Three Months Ended March 31,
	2017			2016
Cash Flows from Operating Activities:

Net Loss	$	(1,149,703	)	$	(2,513,557	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		30,775			141,361
Recovery of bad debts		—			(65,241	)
Stock issued for services		—			24,000
Changes in operating assets and liabilities:
Accounts receivable, net		1,216,887			464,580
Inventories, net		(23,382	)		270,748
Prepaid expenses and other current assets		(714	)		53,272
Accounts payable		(142,079	)		184,863
Accrued expenses		(160,220	)		(427,418	)
Other current liabilities		(7,312	)		(209,196	)
Net cash used in operating activities		(235,748	)		(2,076,588	)

Cash Flows from Investing Activities:
Other assets		(40,237	)		468
Net cash (used in) provided by investing activities		(40,237	)		468

Cash Flows from Financing Activities:
Proceeds of loans and notes		590,145			97,966
Repayment of loans and notes		(12,971	)		(100,719	)
Net cash provided (used in) financing activities		577,174			(2,753	)

Effect of exchange rate changes on cash		28,128			194,030

Increase (Decrease) in cash		329,317			(1,884,843	)
Cash, Beginning of Period		322,319			4,517,604

Cash, End of Period	$	651,636		$	2,632,761

Supplemental Information:
Cash paid for interest	$	6,662		$	—

See accompanying notes to condensed consolidated financial statements

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. – ORGANIZATION AND NATURE OF BUSINESS

Terms and Definitions


	ASC	Accounting Standards Codification
	ASU	Accounting Standards Update
	FASB	Financial Accounting Standards Board
	FIFO	First-in, First-out
	US GAAP	Accounting principles generally accepted in the United States of America
	SEC	Securities and Exchange Commission
	2016-QTR	Three months ended March 31, 2016
	2017-QTR	Three months ended March 31, 2017
	VIE	Variable Interest Entity

Organization and Nature of Business

DS Healthcare Group, Inc. (d/b/a DS Laboratories) (the “Company”, “DS Laboratories”, ”DSKX”, “we”, “us” or “our”) was organized under the laws of the State of Florida in January 2007. Through its predecessors, the Company has been developing and marketing hair care, skin care and personal care products for over fifteen years. The Company has grown steadily over the last few years with a network of top specialty retailers and distributors throughout North America, Europe, Asia and South America. The Company researches and develops its own products, which management believes keeps the Company at the forefront of innovation. The Company utilizes two innovative technologies in its products, (1) “Liposome Technology”, which acts as a carrier agent, and has been designed to enhance the action of the active ingredients in our products, and (2) “Nanosome Technology”, which acts as a delivery vehicle, and has been designed to infuse active compounds into targeted cells for increased efficiency of our products. We currently offer products within the following broad product categories: Hair Care, Skin Care and Personal Care.

NOTE 2. – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Presentation

The condensed consolidated financial statements are prepared using the accrual basis of accounting where revenues and expenses are recognized in the period in which they were incurred. The basis of accounting conforms to US GAAP.

The condensed consolidated financial statements include the accounts of the Company and its operating subsidiaries DS Laboratories, Inc., Sigma Development and Holding Co., Inc., Polaris Labs, Inc., Polymer Inc., and Divine Skin Laboratories, S.A. de CV (“DS Mexico”). Also included in the consolidated financial statements are the operating activities of Velocity Storage and Packaging, LLC (“Velocity”), which were accounted for as Variable Interest Entity (“VIE”) through October 31, 2016. As of November 1, 2016, Velocity employees have been hired directly by DS Healthcare and the VIE is no longer used. All significant intercompany balances and transactions have been eliminated in consolidation.

Interim Condensed Consolidated Financial Statements

The interim condensed consolidated financial statements presented herein have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such rules and regulations. The interim condensed consolidated financial statements should be read in conjunction with the Company’s annual consolidated financial statements and related disclosures included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 31, 2017. In the opinion of management, all adjustments (consisting only of those of a normal recurring nature) which are necessary to provide a fair presentation of financial position as of March 31, 2017 and the related operating results and cash flows for the interim periods presented have been made. The results of operations for the periods presented are not necessarily indicative of the results to be expected for future periods or for the year ending December 31, 2017.

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Use of Estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties that may cause actual results to differ materially from such estimates. Significant estimates and assumptions underlying these consolidated financial statements include:


·	Estimates of allowances for uncollectable accounts receivable,
·	Estimates of inventory obsolescence and overhead and labor cost allocations,
·	Estimates assuming future earning capacity of our intangible assets,
·	Estimates of value of equity transactions for services rendered,
·	Estimates of returned or damaged product,
·	Estimates made in connection with our acquisition loss reserve, and
·	Estimates made in our deferred income tax calculations, for which there is a full valuation allowance.

Accounts Receivable

Accounts receivable are reported at their net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. The Company also provides for allowances against accounts receivables for product returns and cooperative advertising allowances. At March 31, 2017 and December 31, 2016, the allowance for uncollectable accounts was $591,836 and $725,929, respectively, including reserves for product returns and advertising costs.

Inventories

Inventory is reported at the lower of cost or market on the FIFO method. Our inventory is subject to expiration and obsolescence. Accordingly, quantities purchased and sell through rates are periodically monitored for potential overstocking or pending expiration as a basis for establishing the appropriate reserve for any estimated expiration or obsolescence. At March 31, 2017 and December 31, 2016, the allowance for obsolescence was $651,641 at both dates.

Revenue Recognition

The Company’s revenue recognition policies are in compliance with ASU No. 2014-09, “Revenue from Contracts with Customers”, which establishes core principle of the revenue recognition that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. The Company recognizes revenue when all of the following criteria are met:


·	Identify the contract(s) with a customer,
·	Identify the separate performance obligations in the contract,
·	Determine the transaction price,

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 2. – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)


·	Allocate the transaction price to the separate performance obligations, and
·	Recognize revenues when (or as) the Company satisfies a performance obligation.

Shipping and handling charges related to sales transactions are recorded as sales revenues when billed to customers or included in the sales price. Shipping and handling costs are included in cost of goods sold.

Research and Development

The Company currently maintains a functional laboratory employing a new product development director, Dr. Patel, a chemist and a lab technician that identify new technology, test product alternatives and improve existing formulations and technologies. In addition, our Chief Executive Officer devotes a portion of his time in identifying new technologies and formulations to develop new products and improve existing products with the newest technology available. Such activities are expensed in the year incurred. Such costs include laboratory supplies, salaries, materials and consultant fees. These costs are classified as product development, salaries, selling, general and administrative expenses in the condensed consolidated statements of operations, and amounted to $41,642 and $34,736 for 2017-QTR and 2016-QTR, respectively.

On February 8, 2017, the Company entered into a Joint Venture arrangement with EverCare for the development of certain new products, whereby the operational costs would be shared between the two companies. Pursuant to that agreement during 2017-QTR the two companies shared operational costs totaling $19,149.

Earnings Per Share

Potentially dilutive securities are excluded from the computation of diluted net loss per share for all of the periods presented in the accompanying condensed consolidated statements of operations because the reported net loss in each of these periods results in their inclusion being antidilutive. Antidilutive securities, which consist of stock options and warrants that are not included in the diluted net loss per share calculation, consisted of an aggregate of 0 and 444,213 shares as of March 31, 2017 and March 31, 2016, respectively.

NOTE 3. – LIQUIDITY and GOING CONCERN

We have sustained operational losses since our inception. At March 31, 2017, we had an accumulated deficit of approximately $29,067,812. The Company cannot predict how long it will continue to incur further losses or whether it will ever become profitable as this is dependent upon the reduction of certain operating expenses, success of new and existing products and increase in overall revenue among other things. These conditions raise substantial doubt about the entity’s ability to continue as a going concern.

As of March 31, 2017, we had $651,636 in cash. While we have historically financed our operations and growth primarily through the issuance and sale of shares of our common stock, a line of credit and the issuance of promissory notes. We are implementing, and will continue to implement, various measures to address our financial condition, including but not limited to continuing to seek debt and new equity financing. However, there can be no assurances that the Company will be able to raise additional capital on favorable terms, or at all.

Accordingly, the accompanying condensed consolidated financial statements have been prepared in conformity with US GAAP, which contemplates continuation of the Company as a going concern. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and carrying amount or classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. We are implementing, and will continue to implement, various measures to address our financial condition.

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 4. – RECENT ACCOUNTING PRONOUNCEMENTS

Management continually evaluates the potential impact, if any, of all recent accounting pronouncements on our condensed consolidated financial statements or related disclosures and, if significant, makes the appropriate disclosures required by such new accounting pronouncements.

Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-07, Compensation – Retirement Benefits, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). primarily to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost, ASU 2017-07 was issued to improve the reporting of net benefit cost in the financial statements by adding a standard-setting project to provide additional guidance on the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets. Public business entities should apply ASU 2017-07 for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company has not yet determined the effect of the adoption of this standard on the Company’s consolidated financial position and results of operations.

In February 2017, the FASB issued 2017-05—Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). The FASB is issuing this update to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the update to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. The standard is required to be applied prospectively. The Company is evaluating the standard, including the impact on its consolidated financial statements and results of operations. The Company has not yet determined the effect of the adoption of this standard on the Company’s consolidated financial position and results of operations.

In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year entity). Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company has determined that the effect of adopting this standard will not have a material effect on the Company’s consolidated financial position and results of operations.

In January 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial statements. This guidance will be effective in the first quarter of fiscal year 2019 and early adoption is not permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements.

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 5. – INVENTORIES

Significant components of inventory at March 31, 2017 and December 31, 2016 consist primarily of:


	2017			2016

Bulk product and raw materials	$	1,993,509		$	1,739,309
Work in process		287,329			196,451
Merchandise inventory		572,820			815,103
Inventory in transit		72,370			151,783
Less: Allowance		(651,641	)		(651,641	)
	$	2,274,387		$	2,251,005

In March 2016, the Company, under former management, entered in a barter credit agreement with a third party to sell slow moving, finished goods inventory in exchange for trade credits the company may use to purchase goods and/or services in the future. For the three months ended March 31, 2016 the trade credits acquired under the agreement totaled $2,228,617, have no expiration and can be used at any time. The cost of slow moving inventory under the arrangement totaled $249,319. See “Footnote 9. – Barter Credits” for additional information regarding the revenue recognition of the barter credits.

NOTE 6. – INTANGIBLE ASSETS

Significant components of intangible assets at March 31, 2017 and December 31, 2016 consist of:


	2017			2016
DS Mexico customer list		652,598			590,821
Less: Accumulated amortization		(316,128	)		(273,528	)
Net customer list		336,470			317,293

Goodwill		25,407			23,002
	$	361,877		$	340,295

The following table represents the amortized cost of the various assets over the remaining years; the weighted average remaining period is 5.83 years.


	2017		2018		2019		2020		Beyond		Total
Asset:
Mexican Customer list	$	72,537	$	72,537	$	72,537	$	72,537	$	27,145	$	317,293
	$	72,537	$	72,537	$	72,537	$	72,537	$	27,145	$	317,293

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 7. – COMMITMENTS AND CONTINGENCIES

Pending and threatened litigation

The Company is a party to or otherwise involved in legal proceedings arising in the normal and ordinary course of business. As of the date of this report, except as otherwise disclosed below, we are not aware of any other proceeding, threatened or pending, against us which, if determined adversely, would have a material effect on our business, results of operations, cash flows or financial position.

On March 29, 2016, DS Healthcare, Mr. Khesin, and certain former members of the Board of Directors were sued in a class action styled, Prasant Shah v. DS Healthcare Group, Inc., et. al., Case No. 16-60661, which is pending in the United States District Court for the Southern District of Florida. A later-filed class action has been consolidated. The class action arises from the Company’s March 23, 2016 and March 28, 2016 8-K filings, which stated, in pertinent part, that the audit committee had concluded that the unaudited condensed consolidated financial statements of the Company for the two fiscal quarters ended June 30, 2015 and September 30, 2015 (the “June and September 2015 Quarters”), should no longer be relied upon because of certain errors in such financial statements, and that Daniel Khesin had been terminated for cause and removed as Chairman and a member of the Board of Directors. Plaintiffs have until November 2, 2016 to file an Amended Complaint, which DS Healthcare must respond to no later than December 19, 2016. The Company also received the first of three related shareholder derivative demands was on March 29, 2016. A mediation concerning the class action and the derivative demands was scheduled for October 17, 2016, in Miami, Florida. As a result of this mediation hearing and subsequent negotiations, there is an agreement with Plaintiffs in both the securities case and the derivative demands as to amount of the settlement and most of the key terms. The parties are negotiating the precise terms of the Court stipulations that will need to be filed. Agreements on the terms of inter-defendant releases are pending approval by both sides. The final settlements will also need to be approved by the Court.

On May 27, 2016, PhotoMedex, Inc., Radiancy, Inc., and PhotoMedex Technology, Inc. (collectively, “PhotoMedex”) filed a civil action for damages and declaratory relief against DS Healthcare in the United States District Court for the Southern District of New York. The lawsuit is styled PhotoMedex, Inc. v. DS Healthcare Group, Inc., Case No. 1:16-cv-03981. The lawsuit arises from two merger agreements: (i) an Agreement and Plan of Merger and Reorganization among DS Healthcare Group, Inc., PHMD P Acquisition Corp., PhotoMedex, Inc. and Radiancy, Inc. dated February 19, 2016; and (ii) an Agreement and Plan of Merger and Reorganization by and among DS Healthcare Group, Inc., PHMD Professional Acquisition Corp., PhotoMedex Technology, Inc. and PhotoMedex, Inc. dated February 19, 2016. PhotoMedex alleges that DS Healthcare breached both agreements by failing to meet its pre-closing obligations and not completing the transactions contemplated by the agreements. PhotoMedex seeks a declaratory judgment that their terminations of the two agreements were proper, and requests an award of damages specified by the agreements, including a “break-up fee” of $3 million.

DS Healthcare disputes the claims asserted by PhotoMedex, including that PhotoMedex is entitled to the “break-up fee” under the agreements. DS Healthcare has also asserted a counterclaims for damages against PhotoMedex for their breaches of the two agreements. An initial case management conference was scheduled for October 13, 2016 however no resolution was reached. A settlement conference occurred on January 31, 2017 and once again no settlement was achieved. Although both parties continue to work to reach an agreement, the court case is scheduled on or after September 15, 2017.

On December 28, 2015, the Company, our Chief Executive Officer, Daniel Khesin individually, and Abner Silva, a former consultant and employee was named in a lawsuit brought in the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida by a former investor relations contractor claiming monetary damages and allegations of using material or false misrepresentations. The Plaintiff’s complaint alleges owed compensation in stock and cash. Management vigorously defended the action and an Order of Dismissal With Prejudice was achieved on January 5, 2017.

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 7. – COMMITMENTS AND CONTINGENCIES (Continued)

The Company has received several pre-litigation demand letters from various former employees, including but not limited to a demand for alleged past wages, shares and commissions on various sales which do not qualify as revenue under GAAP guidance from former Chief Executive Officer, Renee Barch-Niles. While we cannot determine the outcome of these disputes, the Company intends to vehemently defend its position to the fullest extent possible. Accordingly, the Company has not reserved for these disputes.

At this time, the amount of any loss, or range of loss, cannot be reasonably estimated as the case has only been initiated and no discovery has been conducted to determine the validity of any claim or claims made by plaintiffs. Therefore, the Company has not recorded reserves and contingent liabilities related to these particular legal matters. However, in the future, as the cases progress, the Company may be required to increase its contingent liability or reserve for these matters.

It is impossible for us to predict with any certainty the outcome of pending disputes, and unless otherwise stated below, we cannot predict whether any liability arising from pending claims and litigation will be material in relation to our consolidated financial position or results of operations. For additional information regarding these matters, see the Pending Transactions disclosures in the Company’s Form 10-K for the year ending December 31, 2016 filed on March 31, 2017.

NOTE 8. – RELATED PARTY TRANSACTIONS

For the three months ended March 31, 2017 and 2016, the Company was a party to the following related party transactions not disclosed elsewhere in these financial statements:

The Company paid $27,418 and $25,808 during 2017-QTR and 2016-QTR, respectively, as compensation to the father of our Chief Executive Officer,

The Company paid $0 and $6,250 during 2017-QTR and 2016-QTR, respectively, as compensation to the sister of our Chief Executive Officer,

The Company paid $15,000 and $15,000 in 2017-QTR and 2016-QTR, respectively, as compensation to Dr. Fernando Tamez. Dr. Tamez is President of DS Mexico since 2009 which we acquired in November 2012. Dr. Tamez oversees the day-to-day operations of DS Mexico.

The Company paid $50,000 and $0 in 2017-QTR and 2016-QTR, respectively, as compensation to Dr. Fernando Tamez as Chief Operating Officer of the Company.

Mr. Tamez owns an interest with an entity in Brazil with which the Company sold product. During 2017-QTR and 2016-QTR, there were no sales to the entity in Brazil, respectively, and there were no outstanding accounts receivable balances as of March 31, 2017 and December 31, 2016, respectively. This entity has since ceased operations.

Mr. Tamez owns an interest with an entity in Spain with which the Company sold product. During 2017-QTR and 2016-QTR, the Company sold $48,583 and $81,233, respectively, and the outstanding accounts receivable balance as of March 31, 2017 and December 31, 2016 was $ 559,283 and $498,479, respectively. The Company has an informal agreement to purchase the Company from Mr. Tamez upon it reaching certain millstones however a formal agreement has not been completed to date.

The Company recorded a liability due to Mr. Tamez of approximately MXN $2,118,000 Mexican pesos, or $129,200, relating to his profit sharing agreement and is included in other current liabilities in the accompanying balance sheet as of December 31, 2016 and March 31, 2017.

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 8. – RELATED PARTY TRANSACTIONS (Continued)

Executed and effective on December 29, 2016, the Company entered into an agreement to acquire the distribution rights of its Brazilian distributor, of which our current chief operating officer Fernando Tamez, and former Officer Abner Silva, are shareholders and listed as sellers on the agreement, to acquire 100% of the distributers shares in exchange for $47,000 in cash to satisfy certain liabilities, guaranteed employment contract for an employee valued at approximately $28,000, and the option to receive 500 units per month at no cost for 24 months. The agreement includes the Company assuming all current operating cost of the distributor during the period between the execution of the agreement and the alteration of the shareholder’s agreement. The Company determined the agreement’s value to be approximately $250,000.

On January 30, 2017, the Company paid $33,000 towards the purchase price. However as of the date of the Company filing its annual 10-K report for the year ended December 31, 2016, the Brazilian distributor was not cooperative with the Company’s attempts to perform the required due diligence and refused to grant access to the records or provide the required information preventing the Company to properly consolidate the entity. Therefore, on March 29, 2017, the Company informed the Brazilian distributor, by way of legal letter, that they are in breach of the agreement and subsequently rescinded the agreement dated December 29, 2016 and has demanded a return of the monies paid to date. Due to the uncertainty of the outcome of this legal action and the uncertainty of the Company’s ability to obtain the net assets of the distributor in 2016, the Company deemed it necessary to expense the full value of the agreement in 2016.

On February 8, 2017, the Company entered into a Stock Purchase & Joint Venture and Financing arrangement with EverCare Prohealth Technologies LTD (“Evercare”), a private Hong Kong company. With respect to the Stock Purchase, Evercare acquired the totality of the share representing DS Laboratories capital stock in exchange for financing and consideration discussed below. With respect to financing, EverCare would provide $2 million in financing to the Company. Included in the agreement is the granting of exclusive distribution rights to EverCare for Asia, Australia and Africa and the appointment by EverCare of two additional members to the Company’s board of directors. Additionally, the Company has pledged via transfer of certain intellectual property, held under its DS Laboratories subsidiary, to EverCare as security for the financing. Such pledge includes buyback provisions exercisable within 5 years of the closing date of the transaction. Under the terms of the Agreement, the Company may buyback the intellectual property held under its DS Laboratories subsidiary from EverCare between March 1, 2022 and May 31, 2022, and would have to pay the equivalent to the purchase price plus 7.5% annualized compounded interest which is to be calculated over each installment as of the date of payment to the Company. A condition of the buyback option is that effective with the financing arrangement, DS Laboratories trademarks are subject to issuance by the Company of shares equaling 5% of its capital stock at no cost at the date of closing the buyback, issuance of the Company of 1.1 million shares representing it capital stock and granting Evercare an option to acquire the total of these share for $2.2 million.

Additionally, the Company received as consideration 3 million shares of Evercare, warrants to purchase up to 900,000 shares of EverCare at $0.25 per share as part of the arrangement which can be sold back to EverCare, under certain conditions, to obtain additional financing. As of March 31, 2017, EverCare has provided $0.5 million in financing. Interest under the financing will accrue at 7.5% per annum.

The Joint Venture arrangement with EverCare is for the development of certain new products, whereby the operational costs would be shared between the two companies. For the 2017-QTR the two companies shared operational costs totaling $19,149.

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 9. – BARTER CREDITS

In December 2015, the Company, under former management entered an agreement with a barter trading company to sell slow moving, finished goods in exchange for prepaid credits. During the three months ended March 31, 2016, the Company sold merchandise worth $2,228,617 to this barter trading company. However, these credits proved to have no economic value and accordingly revenue did not meet the criteria as defined in Accounting Standards Codification 605 (“ASC”). The Company has reversed the sales to this barter trading company since it failed to meet the revenue standards and has expensed the barter credits, the results of which are reflected in net revenue of the company’s consolidated condensed statement of operations and comprehensive loss for the three months ending March 31, 2016.

NOTE 10 – DEBT

Bank Loans

On March 31, 2017, the Company’s Mexican subsidiary obtained a bank loan for MXN $482,000.00 or $25,764.52, payable in May 2017. As of March 31, 2017, the outstanding amount on this bank loan was MXN $482,000 or $25,764.52 and bears annual interest of 16.71%.

On March 31, 2017, the Company’s Mexican subsidiary obtained a bank loan for MXN $1´353,028.04 or $72,323.89, payable in May 2017. As of March 31, 2017, the outstanding amount on this bank loan was MXN $1,353,028.04 or $72,323.89 and bears annual interest of 14.64%.

Evercare Sale & Joint Venture Agreement

DS HEALTHCARE GROUP, INC. (dba DS LABORATORIES) and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 11 – EQUITY

Common Stock

In January 2016, the company entered into a Stock Purchase Agreement with a private party in the amount of $1,996,500 for 605,000 shares of the company’s stock. As of December 31, 2016 the purchase agreement was partially settled. The Company has offset subscription receivable against the additional paid in capital of $1,196,500. The Board of Directors decided to negotiate a revision to the original Stock Purchase Agreement and an agreement was reached on February 8, 2017.

NOTE 12. – ACQUISITION

Executed and effective on December 29, 2016, the Company entered into an agreement to acquire the distribution rights of it Brazilian distributor, of which our current chief operating officer Fernando Tamez, and former Officer Abner Silva, are shareholders and listed as sellers on the agreement, to acquire 100% of the distributers shares in exchange for $47,000 in cash to satisfy certain liabilities, guaranteed employment contract for an employee valued at approximately $28,000, and the option to receive 500 units per month at no cost for 24 months. The agreement includes The Company assuming all current operating cost of the distributor during the period between the execution of the agreement and the alteration of the shareholder’s agreement. The Company determined the agreement’s value to be approximately $250,000.

On January 30, 2017, the Company paid $33,000 towards the purchase price. However as of the date of the Company filing its annual 10-K report for the year ended December 31, 2016, the Brazilian distributor was not cooperative with The Company’s attempts to perform the required due diligence and refused to grant access to the records or provide the required information preventing the Company to properly consolidating the entity. Therefore, on March 29, 2017, the Company informed the Brazilian distributor, by way of legal letter, that they are in breach of the agreement and subsequently rescinded the agreement dated December 29, 2016 and has demanded a return of the monies paid to date. Due to the uncertainty of the outcome of this legal action and the uncertainty of the Company’s ability to obtain the net assets of the distributor in 2016, the Company deemed it necessary to expense the full value of the agreement in 2016.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.

This filing contains forward-looking statements, including statements regarding, among other things, our projected sales and profitability, our Company’s growth strategies, our Company’s future financing plans and our Company’s anticipated needs for working capital. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the matters described in this filing generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology.

This discussion is intended to supplement and highlight information contained in, and should be read in conjunction with, our condensed consolidated financial statements and related notes and the selected financial data presented elsewhere in this report.

Significant Accounting Policies

Our condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Note 2 to condensed consolidated financial statements describes the significant accounting policies used in the preparation of the condensed consolidated financial statements. Certain of these significant accounting policies are considered to be critical accounting policies, as defined below.

A critical accounting policy is defined as one that is both material to the presentation of our condensed consolidated financial statements and requires management to make difficult, subjective or complex judgments that could have a material effect on our financial condition and results of operations. Specifically, critical accounting estimates have the following attributes: 1) we are required to make assumptions about matters that are highly uncertain at the time of the estimate; and 2) different estimates we could reasonably have used, or changes in the estimate that are reasonably likely to occur, would have a material effect on our financial condition or results of operations.

Estimates and assumptions about future events and their effects cannot be determined with certainty. We base our estimates on historical experience and on various other assumptions believed to be applicable and reasonable under the circumstances. These estimates may change as new events occur, as additional information is obtained and as our operating environment changes. These changes have historically been minor and have been included in the condensed consolidated financial statements as soon as they became known. Based on a critical assessment of our accounting policies and the underlying judgments and uncertainties affecting the application of those policies, management believes that our condensed consolidated financial statements are fairly stated in accordance with accounting principles generally accepted in the United States, and present a meaningful presentation of our financial condition and results of operations. We believe the following critical accounting policies reflect our more significant estimates and assumptions used in the preparation of our condensed consolidated financial statements:

Risks and Uncertainties – The Company’s business could be impacted by price pressure on its product manufacturing, acceptance of its products in the market place, new competitors, changes in federal and/or state legislation and other factors. The Company also has been experiencing significant growth which puts serious strains on its cash availability requirements. If the Company is unsuccessful in securing adequate liquidity, its plans may be curtailed. Adverse changes in these areas could negatively impact the Company’s financial position, results of operations and cash flows.

Accounts Receivable – Accounts receivable are reported at their net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible.

Inventory – Inventory is reported at the lower of cost or market on the first-in, first-out (FIFO) method. Our inventory is subject to expiration and obsolescence. Accordingly, quantities purchased and sell through rates are periodically monitored for potential overstocking or pending expiration as a basis for establishing the appropriate reserve for any estimated expiration or obsolescence.

Revenue Recognition – Revenue is recognized when a product is shipped. The Company’s revenue recognition policies are in compliance with ASU No. 2014-09, “Revenue from Contracts with Customers”, which establishes core principle of the revenue recognition that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. The Company recognizes revenue when all the following criteria are met:

Identify the contract(s) with a customer,

Identify the separate performance obligations in the contract,

Determine the transaction price,

Allocate the transaction price to the separate performance obligations, and

Recognize revenues when (or as) the Company satisfies a performance obligation.

Research and Development – The Company incurs formulation costs that include salaries, materials and consultant fees. These costs are classified as product development, selling and general and administrative expenses in the condensed consolidated statements of operations.

Results of Operations

Three Months Ended March 31, 2017 as Compared to the Three Months Ended March 31, 2016

Revenues, net – Total net revenues decreased from $2,325,035 for the 2016-QTR to $2,094,393 for 2017 QTR. The decrease in net revenue was attributable to a decrease in net revenue from U.S. operations.

Net revenue from US operations decreased from $1,637,057 in 2016-QTR to $1,337,175 in 2017-QTR. Net revenue from DS Mexico increased from $687,978 in 2016-QTR to $757,218 in 2017-QTR. In general, the reduction in net revenue is a result of reducing our inventory levels during 2016 coupled with an increase in customer backorders. Despite the increase in customer back orders we continue to market our products and increase our sales pipeline with our current distributors and, where possible, seek new domestic and foreign distributor relationships.

Cost of Goods Sold – Total cost of goods sold decreased from $1,434,066 in 2016-QTR to $1,063,237 in 2017-QTR. The decrease in cost of goods sold is primarily a result of reducing our inventory levels during 2016 coupled with an increase in customer back orders. The decrease in cost of goods sold from US operations totaling $424,567 was primarily due to the reduction in net revenue, coupled with reducing our inventory levels during 2016. Cost of goods sold from DS Mexico increased by $53,738, or 18%, from $299,178 for 2016-QTR to $352,916 for 2017-QTR.

Gross Profit – Our consolidated gross profit increased $140,186, or 16%, from $890,969 for 2016-QTR to $1,031,155 for 2017-QTR. Of the total increase in gross profit, our gross profit from US operations increased $124,684, or 25% from $502,168 for 2016-QTR to $626,853 for 2017-QTR, and our gross profit from DS Mexico increased by $15,502, or 4%, from $388,800 for 2016-QTR to $404,302 for 2017-QTR.

Selling and Marketing Costs – Selling and marketing costs decreased $140,595 from $1,158,059 in 2016-QTR to $1,017,464 in 2017-QTR, or 12%. The decrease was due to the following:

–

Decreases of:

$113,749 for travel for our sales persons due to imposed cost reductions, and

$24,,056 for freight and shipping costs resulting from a decrease in net revenue for the 2017-QTR.

General and Administrative Costs – General and administrative costs decreased $889,290 from $2,104,742 in 2016-QTR to $1,215,452 in 2017-QTR, or 42%. The decrease is attributable to a $884,374 reduction for professional fees primarily associated with accounting services and defending the class action law suit.

Other Income and Expenses – Other income and expenses increased $193,782 from $141,725 in expenses for 2016-QTR to $52,057 in income for 2017-QTR. The increase is attributable to:

Other expense decreased $193,148 from $131,499 expense in 2016-QTR to $61,649 income in 2017-QTR.

Liquidity and Capital Resources

We had cash of $651,636 and working capital of $(359,762) at March 31, 2017. Our operating and capital requirements in connection with supporting our expanding operations and introducing new products have been and will continue to be significant to us. Since inception, our losses from operations and working capital required to grow our business were satisfied primarily through the private sales of our common stock and by credit financing.

Despite our losses since inception, we believe that by increasing our sales and gross profit margins while maintaining and better optimizing our current operational structure and administrative expenses, we can minimize the cash needed to support our operations. Our largest consumption of cash is the working capital necessary to support expanding sales. The sale of additional equity or convertible debt securities will result in dilution to our stockholders. The incurrence of indebtedness would result in increased fixed obligations and may also result in covenants that would restrict our operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

We are implementing, and will continue to implement, various measures to address our financial condition, including methods to increase gross profit margins and reducing and streamlining our operational costs and overhead. We are continuing to seek debt and equity financing; however, there can be no assurances that the Company will be able to raise additional capital on favorable terms, or at all.

Bank Loans

On March 31, 2017, the Company’s Mexican subsidiary obtained a bank loan for MXN $1´353,028.04 or $72,323.89, payable in May 2017. As of March 31, 2017, the outstanding amount on this bank loan was MXN $1´353,028.04 or $72,323.89 and bears annual interest of 14.64%.

Evercare Sale & Joint Venture Agreement

Cash Flows for the Three Months Ended March 31, 2017

Cash Flows from Operating Activities

Operating activities used $235,748 in net cash in 2017-QTR compared to $2,076,588 in 2016-QTR. The decrease of $1,840,840, or 89%, in net cash used for operating activities was due to a decrease in net loss of $1,363,854, a decrease in non-cash items of $69,345, and an increase in changes in operating assets and liabilities of $546,331. For additional details, see the consolidated statements of cash flows in the consolidated financial statements.

Cash Flows used in Investing Activities

Our investing activities used $40,237 in net cash 2017-QTR compared to providing $468 in 2016-QTR.

Cash Flows from Financing Activities

Our financing activities provided $590,145 in net cash in 2017-QTR compared to a use of net cash of $2,753 in 2016-QTR, primarily as a result of loans obtained to finance U.S and DS Mexico operations.

Financial Position

Total Assets –Our total assets decreased $810,622 or 14% from $5,718,284 as of December 31, 2016 to $4,907,662 as of March 31, 2017. The net decrease in current assets of $863,474, or 18%, is a result of a decrease in current assets, partially offset by an increase in non-current assets. The component of the net decrease in current assets are discussed below.

Current Assets – Our current assets decreased from $4,716,296 as of December 31, 2016, to $3,852,822 as of March 31, 2017. The decrease in our current assets of $863,474, or 18%, is attributable to increases in cash and cash equivalents, and an increase in inventories, offset by a decrease in accounts receivable, net.

Inventory – Inventory levels increased 1 % from December 31, 2016 to March 31, 2017, primarily as a result of an increase in production activities in 2017-QTR to fulfill back orders.

Accounts Receivable, net – Accounts receivable decreased $1,216,887, or 60%, primarily because of increased collection efforts with our domestic and international customers.

Prepaid Expenses and other current assets – Prepaid expenses increased nominally from December 31, 2016.

Non-current Assets – Our non-current assets increased from $1,001,988 as of December 31, 2016 to $1,054,840 as of March 31, 2017. The increase in non-current assets of $52,852, or 5%, is attributable to an increase of $40,237 in a related party receivable, Fernando Tamez, who is our distributor in Spain.

Total Liabilities – Our total liabilities increased from $4,484,665 as of December 31, 2016, to $4,752,228 as of March 31, 2017. The increase in our total liabilities of $267,563, or 5%, is attributable to a decrease in current liabilities, offset by an increase in long-term debt, net of current portion associated with our debt financing in the US and in Mexico.

Current Liabilities – Our current liabilities decreased from $4,437,078 as of December 31, 2016, to $4,212,584 as of March 31, 2017. The decrease in our current liabilities of $224,494, or 5%, is attributable to an aggregate net decrease of $309,611 in accounts payable, accrued expenses and other current liabilities, offset by an aggregate increase of $85,117 in short-term debt. The aggregate net decrease in accounts payable, accrued expenses and other current liabilities was related, in part, to the use of cash generated by the reduction in accounts receivables.

Long term debt, net of current portion – Our long-term debt, net of current portion increased from $47,587 as of December 31, 2016, to $539,644 as of March 31, 2017. The increase of $492,057 was primarily related to loans obtained to finance U.S and DS Mexico operations.

Material Commitments

None.

Off Balance Sheet Arrangements

None.

Recent Accounting Pronouncements

Management continually evaluates the potential impact, if any, of all recent accounting pronouncements on our financial statements or related disclosures and, if significant, makes the appropriate disclosures required by such new accounting pronouncements.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable to smaller reporting companies.

ITEM 4.

CONTROLS AND PROCEDURES

Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d–15(e) under the Exchange Act) are designed to provide reasonable assurance that information required to be disclosed in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the forms and rules of the SEC and that such information is accumulated and communicated to management, including the CEO and CFO, in a manner to allow timely decisions regarding required disclosures.

As of December 31, 2016, and during the preparation of this Form 10–Q, our management, including the CEO and CFO, evaluated the effectiveness of our internal control over financial reporting based on the criteria in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (COSO) and identified material weaknesses. In conducting this evaluation, management considered the information identified and conclusions reached by the non-management directors in the review as of December 31, 2015, In addition, management identified and disclosed those specific material weaknesses in our internal controls that persisted into the first and second quarter of 2016 in our annual 10-K report for the same year end.

As of December 31, 2016, management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (COSO) and identified material weaknesses. In conducting this evaluation, management considered the information identified and conclusions reached by the non-management directors in the review as of December 31, 2016, A “material weakness” is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of our annual or interim financial statement will not be presented or detected by our employees.

The specific material weaknesses that management identified in our internal controls as of December 31, 2015, that persist are as follows:

We did not have adequate staffing resources to 1) prepare account reconciliations, financial statements; fluctuation analysis and relevant analytics on a timely basis, and 2) provide appropriate review and supervision for all necessary areas. Additionally, our general staff do not have the necessary training to perform appropriate analytical and/or review procedures.

We did not have enough 1) adequately trained technical accounting and external reporting personnel to support standalone external financial reporting under SEC requirements, and 2) personnel with necessary experience with United States generally accepted accounting principles to address and report fluctuation analysis and relevant analytics to senior management.

We did not have appropriate written internal control documentation of our process and procedures for all necessary areas, including documentation and testing of key internal controls.

We did not obtain adequate documentation to support all credit card transactions.

We did not obtain adequate documentation to support revenue recognition, resulting in recognition of revenue for products not shipped and appropriateness of amount being billed.

We did not have effective controls over stock based payments made to employees and non-employees, including proper accounting of awards as either equity or liability awards and timely processing and recording of stock based payment arrangements.

We did not have effective controls over our executive management’s decisions to book certain barter credits as revenue as defined in Accounting Standards Codification 605 (“ASC”). As result the Company has reversed certain of its sales to customers that did not meet the standards.

We did not have effective controls over issuing customer credit approvals and product credit memorandums. As a result, credits were issued by multiple individuals and without the finance department’s approval and in some cases overwritten certain credit policies and procedures.

We did not have effective controls over our revenue recognition and policies which caused certain products to be shipped to customers without prior credit checks and approvals from the finance department.

We did not have effective controls over customer pricing and as a result pricing discrepancies between wholesale and retail were established by multiple individuals without the correct policies and procedures.

We did not have effective controls over our executive management’s overrides of certain policies and procedures, as a result certain advances, expenses and other possible illegal activities may have occurred.

We did not have effective controls over stock issuances and as result shares may have been issued without the correct approval and documentation.

We did not have effective controls over incentives to the sales force and as a result customers received incentives that were not properly designed, approved or lacked proper structure.

We did not have effective controls over the advance of $11,500 to Abner Silva in 2013, which we have deemed an officer. As a result, these payments were received as satisfaction of certain moneys owed to him or his affiliate companies, such payments, if any, required prior approval of our compensation committee, which approval was not received. This loan may be in violation of Section 402 of the Sarbanes Oxley Act of 2002 and such violation could have a material adverse effect on our Company, including, but not limited to criminal, civil or administrative sanctions, penalties, or investigations, in addition to potential securities litigation.

We also did not effectively implement comprehensive entity level internal controls and were unable to adequately segregate duties within the accounting department due to an insufficient number of staff, and implement appropriate information technology controls.

The specific material weaknesses that management identified in our internal controls in our 10-K as of December 31, 2015, that have been remediated during the second half of 2016 are as follows:


	·	The Company hired a Controller on October 31, 2016 with technical accounting and SEC experience to manage treasury functions, accounts credit & collections, accounts payable, and order entry departments. The Controller is responsible for preparing standalone financials in accordance with United States generally accepted accounting principles quarterly, and monthly by April 1, 2017. In addition, the Company hired two additional accounting interns to assist in the month end close, account reconciliations and various projects.
	·	All credit card expenditures require support and submission of an expense report for reimbursement. All expense reports are approved by each department head and by the Controller prior to reimbursement. Undocumented expenditures are not processed.
	·	All sales require a valid customer purchase order and price adjustments to the Company’s pricing are approved by the Finance Department to insure adherence to the Company’s revenue recognition policy. All exceptions are reviewed by the Finance Department.
	·	Issuance of any of the company’s common stock based payments or awards to anyone requires board approval, without exception, and published in the board minutes.
	·	Management’s corporate policy adopted by the board during 2016 requires any product sales contract in excess of $1,000,000 be vetted and approved by the board. In addition, during the second quarter of 2016, the Finance Department began to monitor sales orders for compliance with sales terms on purchase orders and to insure compliance with the company’s revenue recognition policy.
	·	During the second quarter of 2016, the Finance department began to monitor and approve all requests for the issuance of a customer credit to insure validity to the claim and maintain compliance with the company’s revenue recognition policy.
	·	During the third quarter of 2016, the Finance Department requires new customers to complete a background check for credit worthiness prior to processing any order into sales, except for advance payment where we may ship prior to the completion of the background check.
	·	During 2016, the board adopted a policy that discourages advances, expenses and other illegal activities.

Throughout the year ended 2014, 2015 and 2016, Daniel Khesin, the Company's former chief executive officer and former chief financial officer, received in addition to base compensation, reimbursement and payroll advances of expenses of approximately $76,000, $40,000 and $48,000 through August 2016, respectively, which were for non-business related goods and services. For the year ended 2016, the amount above includes $27,000 for use of a leased vehicle and related car insurance which was approved by the board of directors and $10,000 owed us from Mr. Khesin for certain legal fees paid on his behalf. The Company owes Mr. Khesin $44,100 related to medical contributions incorrectly deducted from his salary from 2013 – 2015. Pursuant to his executive employment agreement, $50,000 in shares were to be payable in shares of the Company's common stock each fiscal year-end.

While Mr. Khesin believed that these payments were received as satisfaction of certain bonus or other perquisites earned by him monthly under his employment agreement, such payments, if any, required approval of our compensation committee, which approval was not received until subsequent to 2014, 2015, and 2016. Section 402 of the Sarbanes Oxley Act of 2002 prohibits advances or loans to a director or executive officer of a public company. While our audit committee has concluded that the payments made to Mr. Khesin prior to board approval may be in violation of Section 402 of the Sarbanes Oxley Act of 2002, in the event it is determined any such payments were a violation of the Sarbanes Oxley Act, such violation could have a material adverse effect on our Company, including, but not limited to criminal, civil or administrative sanctions, penalties, or investigations, in addition to potential securities litigation.

As a consequence of these activities, the company received notice from its independent auditor of potential illegal acts concerning payments of personal expenses by the Company for 2014 and 2015. The Company’s Audit Committee has agreed with the findings for 2014 and 2015. On September 29, 2016. The Company, in accordance with Section 10A of the Securities and Exchange Act of 1934, informed the Commission in a letter also dated September 29, 2016. See "Controls and Procedures" and "Executive Compensation" below.

We consider the payment of the personal benefits prior to receiving board approval, as a failure of our internal control system. To remediate this failure, we have implemented enhanced controls over credit card and cash disbursements and documentation under the supervision of our Chief Financial Officer, John Power. We have also enhanced controls over expense reporting and established stricter guidelines for transaction receipts. These enhanced controls include, but are not limited to establishing a preparation and review functions for expense reports, mandatory receipt requirement, limited access to the physical credit card and weekly reporting. We feel that these enhancements will be adequate to prevent this event from recurring in the future.

Since our inception, we have relied on an outside accounting consultants to ensure that our financial statements contain all necessary adjustments to conform to U.S. GAAP. The consultants are U.S. certified public accountants. On October 31, 2016, the Company hired a controller to be responsible for the timely and accurate preparation of our financial statements in conformity to U.S. GAAP. The Controller joins our Chief Financial Officer, who also has the requisite expertise in U.S. GAAP, to help remediate the material weaknesses in our internal control over financial reporting and prevent future errors in our financial statements which could lead to a restatement of those financial statements.

Furthermore, in an effort to remediate certain of the weaknesses above we have also added three independent directors to our board of directors who have formed an audit committee including the appointment of a financial expert. The committee is charged with, and has been, developing financial policies and controls, reviewing and providing oversight to our financial reporting processes, financial statements and public filings. Our ability to remediate the material weaknesses in our internal control over financial reporting will be dependent upon the development and implementation of these changes, which will require both the hiring of additional accounting personnel and the investment in enhanced systems, policies and procedures.

As a March 31, 2017, the Company believes that all of the control weaknesses previously identified and report have been mitigated. Additionally, the Company has not found any new weakness as of May 15, 2017. Effective with the filing of our annual report on 10-K for the year ended December 31, 2016 the Company continued to add additional internal control to further strengthen its financial reporting. Additional internal control procedures included:

The hiring of additional personnel within the accounting department in order to further segregate functions and duties,

The institution of an internal review process for all transactions between related parties of the company to insure our financial statements are both correctly presented and appropriately disclosed, and

The streamlining of the process of reviewing the financials of our subsidiary in Mexico to improving accuracy and the timeliness of obtaining interim financial information.

Our management, including our Chief Executive Officer and our Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.

Changes in Internal Control over Financial Reporting

Except as otherwise stated above, there were no changes in our internal control over financial reporting or in other factors during the quarter ended March 31, 2017, that have materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

ITEM 1A.

RISK FACTORS

Not Applicable to smaller reporting companies.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.

MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS


Exhibit Number		Description
10.1		Stock Purchase And Joint Venture Agreement
31.1		Certification pursuant to Rule 13a-14(a) (Provided herewith)
31.2		Certification pursuant to Rule 13a-14(a)/15d-14(a) (provided herewith)
32.1		Certification pursuant to Section 1350 (Provided herewith)
32.2		Certification pursuant to Section 1350 (Provided herewith)
101		XBRL Interactive Data File

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: May 15, 2017	DS HEALTHCARE GROUP, INC.

	By:	/s/ Daniel Khesin
		Daniel Khesin
		Chief Executive Officer




	By:	/s/ John Power
		John Power Chief Financial Officer/ Principal Accounting Officer

EX-10.1 2 dskx_ex10z1.htm STOCK PURCHASE AND JOINT VENTURE AGREEMENT STOCK PURCHASE AND JOINT VENTURE AGREEMENT

EXHIBIT 10.1

STOCK PURCHASE AND JOINT VENTURE AGREEMENT

By and among

DS Healthcare Group, Inc,

And

EverCare Prohealth Technologies LTD.

Dated: February 7, 2017

STOCK PURCHASE AND JOINT VENTURE AGREEMENT

STOCK PURCHASE AND JOINT VENTURE AGREEMENT, dated and effective as of January 31, 2017 (this “Agreement”), by and among DS Healthcare Group, Inc., a Florida corporation (“DS”) and Evercare Prohealth Technologies LTD, a Hong Kong corporation (“ECPT”). DS and ECPT are collectively referred to herein as “Parties” and individually as a “Party”.

References made herein to any Party or Parties shall include the affiliates of such Party or Parties, defined as a persons or enterprises that directly, or indirectly through one or more intermediaries, control, or is controlled by, or is under common control with, the Party or Parties specified.

RECITALS:

WHEREAS, DS Laboratories (“DS Labs”) is a wholly owned subsidiary of DS.

WHEREAS, DS Laboratories is the owner of the trademarks, trademark registrations, formulas, patents and other intellectual property set forth on Schedule A hereto (the “DS Trademarks”);

WHEREAS, DS is a leading manufacturer of personal care products, including products listed in Schedule B (the “DS Products”);

WHEREAS, ECPT currently distributes personal care products in Asia for sale to consumers;

WHEREAS, subject to the terms and conditions of this Agreement, DS an ECPT desire to: (i) form a joint venture for developing New Products (as such term is defined below) and New Trademarks (as such term is defined below), manufacturing New Products and DS Products, marketing and sale of the New Products and the DS Products; and (ii) execute a stock purchase whereby ECPT acquires the totality of the shares representing DS Laboratories capital stock and, in consequence, acquires the DS Trademarks in exchange for the Consideration (as such term is defined below);

WHEREAS, DS shall market and commercialize the DS Products and the New Products within the Exclusive DS Territory (as such terms is defined below), subject to the terms and condition of this Agreement. ECPT shall market and commercialize the DS Products and the New Products in any territory different to the Exclusive DS Territory.

WHEREAS, DS desires to contribute certain expertise, facilities, property, assets and capital to the Joint Venture (as such term is defined below) and, as such, shall be the sole manufacturer of the DS Products and the New Products; and

WHEREAS, ECPT desires to contribute certain capital to the Joint Venture.

REPRESENTATIONS

Each Party hereby represents that:

Is duly organized and validly existing under the laws of their corresponding jurisdiction and is duly authorized to conduct business, and to the extent applicable, in good standing in each jurisdiction where the nature of its activities or its properties makes such qualification necessary.

ii.

Has all required power and authority to execute and deliver this Agreement, as well as to perform the obligations hereunder.

iii.

The execution, delivery and performance by each Party of its obligations under this Agreement will not (a) contravene any law or any order, writ, decree or injunction of any governmental authority, (b) conflict with, or result in a breach of any term, covenant, condition or provision of, or constitute a default under, or result in the creation or imposition of any encumbrance upon any of its assets pursuant to, the terms of any agreement or instruments to which it is a Party or by which it or any of its assets are bound; or (c) violate any provision of its by-laws.

iv.

Its representatives have sufficient powers and authority to execute this Agreement on behalf of each Party, and which powers and authority have not, as of the date hereof, been revoked, modified or limited in any manner.

NOW, THEREFORE, in consideration of the promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, each of the Parties hereto agrees as follows:

ARTICLE I
PRINCIPAL DEFINITIONS

Except as otherwise provided herein, the capitalized terms set forth below shall have the following meanings:

“Agreement” means this Stock Purchase and Joint Venture Agreement.

“Buyback Option” shall have the meaning set forth in Section 2.4 of this Agreement.

“Call Option” shall have the meaning set forth in Section 2.3 of this Agreement.

“Confidential Information” shall have de meaning ascribed in Section 7.1 of this Agreement.

“Consideration” means, jointly, the Purchase Price, the ECPT Shares, the ECPT Warrants and the BuyBack Option.

“DS” means DS Healthcare Group, Inc.

“DS Bank Account” means Citibank Account #

“DS Labs Shares” means 10,000 shares representing the total capital stock of DS Labs.

“DS Labs Trademark Settlement” shall mean the final settlement of certain trademark dispute with YUWI company, a Chinese manufacturer.

“DS Products” means all products listed in Schedule B to this Agreement.

“DS Trademarks” means all trademarks, brands, logos, formulas and related intellectual property listed in Schedule A to this Agreement.

“ECPT” means EverCare Prohealth Technologies LTD.

“ECPT Bank Account” means [*].

“ECPT Call Option” shall have the meaning set forth in Section 2.4 of this Agreement.

“ECPT Shares” shall have the meaning set forth in Section 2.3 of this Agreement.

“ECPT Warrants” shall have the meaning set forth in Section 2.3 of this Agreement.

“Exchange Notification” shall have the meaning set forth in Section 2.3 of this Agreement.

“Exchange Price” shall have the meaning set forth in Section 2.3 of this Agreement.

“Exclusive DS Territory” shall mean North America, South America, Europe, Russia and Turkey.

“First Offer Delivery Period” shall have the meaning set forth in Section 3.6 of this Agreement.

“First Offer Notice” shall have the meaning set forth in Section 3.6 of this Agreement.

“First Offer Reply” shall have the meaning set forth in Section 3.6 of this Agreement.

“ICC” shall mean the International Chamber of Commerce.

“Key Employees” shall have the meaning set forth in Section 3.3 of this Agreement.

“License Agreement” shall have the meaning set forth in Section 2.5 of this Agreement.

“New Products” shall mean any new products manufactured by DS pursuant to the terms and conditions of this Agreement.

“New Trademarks” means all trademarks, brands, logos, formulas, patents and related intellectual property developed by the Parties pursuant to this Agreement.

“Purchase Price” shall have the meaning set forth in Section 2.2. of this Agreement.

“Person” means a natural person or any legal, commercial or governmental entity, such as, but not limited to, a corporation, general partnership, joint venture, limited partnership, limited liability company, trust, business association, group acting in concert, or any person in a representative capacity.

“USD” or “Dollars” means Dollars, legal currency of the United States of America.

ARTICLE II
STOCK PURCHASE AND SALE; BUYBACK OPTION

Section 2.1 Purchase and Sale of DS Labs. DS agrees to sell, free from any lien or encumbrance, the DS Labs Shares; and ECPT agrees to purchase the DS Labs Shares in exchange for the Consideration, as described below.

Section 2.2 Purchase Price. ECPT agrees to pay USD$2,000,000.00 (two million Dollars) (the “Purchase Price”) for the DS Labs Shares. The parties agree that the Purchase Price shall be paid in four different installments, as follows:

USD$500,000.00 (five hundred thousand Dollars) on the date of execution of this Agreement.

USD$500,000.00 (five hundred thousand Dollars) on the date of the DS Labs Trademark Settlement or the date which is 6 (six) months after the payment of the first installment, pursuant to item 1. above, whichever date comes last.

USD$500,000.00 (five hundred thousand Dollars), on the date of the DS Labs Trademark Settlement or the date which is 12 (twelve) months after the payment of the first installment, pursuant to item 1. above; whichever date comes last.

USD$500,000.00 (five hundred thousand Dollars) on the date of the DS Labs Trademark Settlement or the date which is 18 (eighteen) months after the payment of the first installment, pursuant to item 1. above; whichever date comes last.

Section 2.3 ECPT Shares and ECPT Warrants. As additional consideration for the transfer of the DS Labs Shares, ECPT will: (i) on the date of execution of this Agreement, issue and deliver to DS 3 (three) million shares representing its capital stock (“ECPT Shares”) and (ii) grant DS an option to acquire (“Call Option”), on or before February 1^st, 2018, up to 900,000 (nine hundred thousand) shares (“ECPT Warrants”) at 0.25 cents each share. The ECPT Warrants shall also be approved and issued by ECPT on the date of execution of this Agreement.

At any time after the 2^nd anniversary of the execution of this agreement and during the 5 (five) years following the execution of this Agreement, DS may notify to ECPT its intention to exchange its ECPT Shares for cash (“Exchange Notification”). Each exchange must be for at least 10% (ten per cent) of the ECPT Shares, unless otherwise agreed in writing by the Parties. Upon such notification, ECPT and DS shall jointly agree on the date of the exchange, which shall not occur later than 15 (fifteen) days as of the date of the Exchange Notification and the price of the exchange shall be determined by applying a 25% discount to the last price paid by an investor or a 25% discount to the market price should the shares be trading on any public market. (“Exchange Price”). On the day of the exchange, DS shall deliver the share certificates to ECPT and ECPT shall transfer the Exchange Price to DS Bank Account as described in the Exchange Notification.

From the date of the execution of this Agreement and up to February 1, 2018, DS shall have the right, but not the obligation, to exercise its Call Option and acquire the totality or part of the ECPT Warrants at .25 (twenty-five cents) each ECPT share. If DS wishes to execute its Call Option it must deliver a notification to ECPT, stating the date of execution of the Call Option, the number of shares to be acquired and the purchase price to be paid. On the date of the execution, DS shall deliver the ECPT Warrants representing the shares acquired by DS and DS shall deliver the price to ECPT Bank Account. Any shares acquired pursuant to the exercise of the Call Option shall also be subject to the cash for shares exchange described in the immediate preceding paragraph.

DS may not, within the term of this Agreement, transfer the ECPT Shares and the ECPT Warrants to any third party without the prior written consent of ECPT.

Section 2.4 Buyback Option. ECPT hereby grants DS the right (but not the obligation) to, directly or indirectly, buy the DS Labs Shares and the DS Trademarks, free of any lien or encumbrance, subject to the following conditions, as anticipated by the Parties (“Buyback Option”):

“Exercise Period” DS would be entitled to exercise the Buyback Option between March 1, 2022 and May 31, 2022.

ii.

“Buyback Notice” shall be the date, within the Exercise Period, on which DS communicates by written notice to ECPT of its will to exercise the Buyback Option and acquire all of DS Labs Shares and DS Trademarks.

iii.

“Buyback Option Price” DS would have to pay the equivalent to the Purchase Price plus 7.5% annualized compounded interest. Interest to be calculated over each installment as of the date of payment to DS.

iv.

“Conditions Precedent” the effective transfer of DS Labs Shares and, consequently, DS Labs Trademarks would be subject to: (i) issuance by DS of shares equaling 5% (five per cent) of its capital stock, to be delivered to ECPT at no cost at the date of closing of the Buyback Option, (ii) issuance by DS of 1.1 (one point one) million shares representing its capital stock and granting ECPT the call option to acquire the totality of such shares at 2.2 million Dollars, (iii) DS Labs Shares and DS Trademarks being free from any lien or encumbrance; and (iv) DS Labs being free from any liability, including without limitation, labor liabilities, contract liabilities, etc. ECPT shall be liable for executing any and all documents required to comply with the obligations set forth in items (iii) and (iv) of this paragraph, failure to do so in a timely manner will result in payment of a penalty to DS equivalent to 2 times the cost of resolution incurred by DS in order for ECPT to comply with the conditions precedent, including without limitation, attorneys fees. Regardless of payment of such penalty, ECPT shall be bound and obligated to comply with the obligations set forth herein in order for the Buyback Option to be correctly executed. Additionally, if DS takes any action in order for ECPT to comply with its obligations pursuant to this Section 2.4, ECPT shall be obligated to cooperate with any of such actions by executing any documents and/or activities as instructed by DS.

“DS Labs Shares” and “DS Trademarks” the subject matter of the Buyback Option would be the DS Labs Shares, free from any lien and encumbrance, and all the DS Trademarks listed in Schedule A, free from any lien and encumbrance. Any trademarks that no longer exist, via mutual written agreement of both parties, are exempt from this requirement.

vi.

“Closing Date” the date of effective completion of the acquisition of DS Trademarks by DS would be no later than 90 (ninety) calendar days following the date on which the Buyback Notice was delivered to ECPT.

vii.

“Product Title” After the execution of the Buyback Option, all products developed solely by ECPT will remain wholly owned by ECPT and DS acknowledges it has no claims on these products. Any furtherance of distribution rights will require a separate agreement between the parties. Additionally, ECPT will have the right to terminate any manufacturing agreements for its own products with DS upon the completion of the Buyback. In the event where ECPT continues manufacturing through DS it will continue to purchase DS products at the 10% markup on manufacturing costs

viii.

“Distribution Rights” Upon execution of the Buyback option, ECPT will retain a 10-year exclusive distribution arrangement on the territories it has claim on via this agreement. DS agrees to continue to sell its products to ECPT at the 10% markup on manufacturing costs for the duration of this 10-year period.

Notwithstanding the above, the Parties agree that, occurrence of any of the events listed below, shall give the right to DS to execute its Buyback Option and acquire the DS Trademarks outside the Effective Period: In such a case, DS shall notify ECPT in writing of such occurrence and its intention to exercise

the Buyback Option. Once this written notice is delivered to ECPT, the Buyback option must be executed and completed within 60 days from the date of such notification.

ECPT´s change of control via a sale to a third party that does not include an acceptance of all terms of this Buyback Option.

ii.

If ECPT files for bankruptcy under applicable legislation or is declared bankrupt.

iii.

If ECPT breaches any of its payment obligations with regards to Purchase Price installments and Joint Venture Capital Contributions, as defined in Section 3.2 (a) of this agreement, under this Agreement, and fails to cure such breach within 30 (thirty) days from the date in which the breach was notified in writing by DS.

iv.

If ECPT transfers the DS Trademarks to a third party on or before the Effective Period.

If ECPT terminates or materially breaches the License Agreement.

vi.

If ECPT, directly or indirectly via any third party, manufactures any of the DS Products it intends to sell outside the Exclusive Territory.

vii.

If ECPT fails to place and pay for the minimum purchase orders as set forth in Section 2.5.

In the case of bankruptcy of DS, all licensing, manufacturing and other agreements with ECPT will be terminated by ECPT. In the case of a change of control of DS, ECPT will have the right to terminate the Buyback Option, but not the obligation to do so. In the event of a change in control of DS, ECPT also will have the right to terminate any licensing and manufacturing agreements. Should either scenario arise, ECPT is obligated to fulfill its obligations with regards to the Purchase Price installment payments. In either such scenario, any rights or licensing arrangements in the exclusive territory will need to be subject to a new agreement with the successors of DS.

In case any of such Buyback scenario occurs, DS shall execute its Buyback Option and acquire the DS Trademarks for a price equal to any amounts duly paid by ECPT pursuant to Section 2.2 plus a 7.5% interest compounded annually.

Section 2.5. License. Simultaneously with the execution of this Agreement, the Parties shall enter into a License Agreement, whereby ECPT shall grant DS an exclusive license to use the DS Trademarks and manufacture, distribute and sell the DS Products in the Exclusive Territory (the “License Agreement”). The License Agreement shall be valid and in force as of the date of this Agreement and whichever happens first of the date the Effective Period elapses or the date when DS executes its Buyback Option; in the understanding that the License Agreement shall be automatically extended for a period of 5 (five) years and include an option to renew for additional 5 (five) years, if DS decides not to execute its Buyback Option.

Under the License Agreement and in exchange for the use of the DS Trademarks, DS shall pay royalties to ECPT based on the net revenue of sales, defined as total sales less credits and allowances in the Exclusive Territory, as follows:


Period	Revenue	Percentage
April 1, 2017 – December 31, 2017	Up to USD$9,999,999.00	5%
	USD$10 million – up to USD$19,999,999.00	4%
	Above USD$20 million	3%


January 1, 2018 – December 31, 2018	Up to USD$9,999,999.00	8%
	USD$10 million – up to USD$19,999,999.00	7%
	USD$20 million – up to USD$29,999,999.00	6%
	Above USDS30 million	4%
January 1, 2019 – February 28, 2022	Up to USD$9,999,999.00	10%
	USD$10 million – up to USD$19,999,999.00	9%
	USD$20 million – up to USD$29,999,999.00	8%
	USD$30 million – up to USD$39,999,999.00	7%
	USD$40 million – up to USD$49,999,999.00	5%
	Above USD$50 million	4%

Royalty payments pursuant to the table above shall be made by DS to ECPT on the following dates and pursuant to the total revenues of the immediate preceding quarter:


Quarter	Date of Payment
January – March	June 1^st
April – June	September 1^st
July – September	December 1^st
October – December	March 1^st

ECPT shall refrain from selling any of the DS Products in the Exclusive Territory, while DS shall refrain from selling DS Products outside the Exclusive Territory. Breach by any of the Parties to this obligation shall cause the breaching party to pay a penalty of 2 times total sales to the affected Party. Failure by ECPT to cure this breach within 30 (thirty) days, shall give DS the right to execute the Buyback Option outside the Exercise Period in terms or Section 2.4 above. Additionally, failure by DS to cure this breach within 30 (thirty) days, shall give ECPT the right to terminate the buyback option.

DS shall be the exclusive manufacturer of all DS Products to be marketed and sold by ECPT outside the Exclusive Territory. Taking this into consideration, ECPT, agrees to place all orders for DS Products to DS and it agrees to pay the manufacturing price of all ordered products plus a 10% (ten per cent) markup. If ECPT, directly or indirectly via third parties, manufactures any of the DS Products, it shall pay DS a penalty equivalent to 2 times the amount it would have earned for the 10% markup.

ECPT shall pay 20% (twenty per cent) of each purchase order, including the 10% (ten percent) markup, upon placement of the order. Thereafter, 30% (thirty per cent) of the purchase order will be paid by ECPT upon arrival of the DS Products to the corresponding port. The remaining 50% (fifty per cent) of the purchase order shall be paid by ECPT within 90 (ninety) days of arrival of DS Products at the corresponding port. Failure by ECPT to make any of these payments shall cause ECPT to pay a late payment interest of 1% per calendar month or part thereof.

DS shall issue the corresponding invoices upon receipt of payment.

Furthermore, ECPT agrees to place minimum purchase orders of DS Products during the term of this Agreement and as follows:

At least USD$1,000,000.00 (one million Dollars) during 2017, prorated from date of execution of this agreement.

At least USD$2,000,000.00 (two million Dollars) during 2018.

At least USD$3,000,000.00 (three million Dollars) for each of 2019, 2020 and 2021.

Failure to place and pay for the minimum purchase orders as set forth above, shall constitute a breach of this Agreement. If ECPT fails to cure such breach within 180 (one hundred and eighty) days as of the notice of breach delivered by DS, DS may exercise its Buyback Option pursuant to Section 2.4 of this Agreement. In the event of a serious economic crisis, ECPT can inform DS of the situation and both parties agree to an automatic extension to 360 (three hundred and sixty) days.

ARTICLE III
JOINT VENTURE

Section 3.1. Joint Venture The Parties agree to form a joint venture for the development of New Trademarks and manufacture, distribution and sale of New Products worldwide (“Joint Venture”).

Section 3.2 (a) Capital Contributions ECPT will contribute, on an annual basis and for a period of 5 (five) years, $200,000.00 (two hundred thousand Dollars) to this Joint Venture. ECPT shall, at the beginning of the last month of each quarter and within the first day of the applicable month, transfer $50,000.00 (fifty thousand Dollars) to DS Bank Account. This capital contribution shall be transferred to DS on the following dates on each of the 5 (five) years:

March 1^st

June 1^st

September 1^st

December 1^st

ECPT´s capital contributions shall be used to pay for any and all expenses related to: (i) employee´s salaries, including Key Employees, (ii) lease of equipment, machines and tools needed for developing and manufacturing New Products and New Trademarks, (iii) office utilities (water, gas, electricity, phone lines, faxes) and (iv) office logistics (stationery, printers, cartridges).

DS shall prepare and deliver to ECPT a report detailing any and all payments made with ECPT´s contributions. The report shall be delivered to ECPT within 15 (fifteen) days of the end of the quarter which is being reported.

Section 3.2 (b) Capital Contributions The Parties agree that any extraordinary payment needed for the correct operation of DS laboratory and/or facilities, whether for manufacturing DS Products or for researching, developing and manufacturing New Products, which exceeds the annual budget agreed by the Parties, shall be approved in advance by ECPT. As soon as DS Labs determines the need to acquire or lease additional machinery, equipment, tools or facilities, it shall deliver a report on such additional expenses to ECPT. The report shall include Dr. Brijesh Patel´s insight on the need for new equipment, tools, materials or facilities. ECPT shall, within 15 (fifteen) days of receipt of the report, determine if it agrees incurring on the additional expense. In case ECPT authorizes incurring in the additional expense, ECPT shall fund 50% (fifty per cent) of the amounts required for such payment. In case ECPT agrees to the planned expense and declines the funding of the necessary amount of additional expenses, DS may decide to pay for the additional machinery, equipment, tools or facilities; in which case, any amounts duly paid by DS shall be deducted from any applicable royalty payments pursuant to Section 2.5 above.

Section 3.3 Employees. DS shall appoint, pursuant to the annual budget approved by the Parties, sufficient employees to work for the Joint Venture. DS Labs acknowledges that Dr. Brijesh Patel, Charles Hughes and Linett Rondon (“Key Employees”) shall be maintained as DS´ employees, however they will be assigned to work full time in the Joint Venture. Key Employees´ full salary, including benefits, will be paid from ECPT´s capital contributions pursuant to Section 3.2 above. Key Employees shall devote 100% of their time to the Joint Venture, and any service requested by DS for its own benefit shall be duly approved in writing by ECPT.

If DS fails to execute its Buyback Option, DS will terminate, at ECPT´s cost, the employment of Key Employees and ECPT will execute employment agreements with all Key Employees. For such new employment agreements, ECPT must offer at least the same employment conditions, salary and benefits as those offered by DS at the time of the termination of the employment agreements. DS shall not be responsible if any Key Employee decides not to enter into an employment agreement with ECPT.

All employees working for the Joint Venture shall: (i) comply with the ethic´s guidelines delivered by ECPT; a copy of such guidelines is included as Schedule C of this Agreement; (ii) be bound by the confidentiality obligations set forth in Article 7 of this Agreement and (iii) execute a non-compete agreement delivered by ECPT in substantial similar terms to that attached hereto as Schedule D. DS shall not be liable for the failure by any of the employees, including the Key Employees, to comply with the obligations set forth herein.

Section 3.4 New Products and New Trademarks The Parties agree that any New Trademarks developed pursuant to the Joint Venture, as well as any New Products created and manufactured pursuant to the Joint Venture, shall be property of both Parties at a 50% (fifty per cent) basis. Therefore, the Parties acknowledge that: (i) any New Trademark shall be registered before any applicable government authority by both Parties, (ii) any profit deriving from the New Trademarks and/or New Products shall be the property of each party in its own territory, (iii) both Parties will be liable for any litigation or claim related or derived from the New Trademarks and/or the New Products in each party’s territory and (iv) both Parties will agree on the terms of any license, transfer or sale of the New Trademarks to any third party.

Section 3.5. DS Board Seats. DS agrees that, during the term of this Agreement, and given all capital contributions to be made by ECPT, it shall grant 2 (two) board seats at its Board of Administration. On the date of execution of this Agreement, DS shall carry out any activities and draft any documents required for such board appointment to take place. DS agrees that, during the term of this

agreement, its board shall only have a maximum of 7 (seven) board members, 2 (two) of which shall be appointed by ECPT.

Section 3.6. Right of First Refusal. If, at any time during the term of this Agreement, DS intends to sell, assign or in any way transfer a majority of its assets or a controlling stake of DS subsidiaries, it shall first offer the assets and/or controlling stake, to ECPT in terms of the following procedure:

DS, prior to offering a majority of its assets or a controlling stake of DS´ subsidiaries, shall first deliver to ECPT a written notice (a “First Offer Notice”), which shall state (1) DS´ intention to sell a majority of its assets or a controlling stake in DS´ subsidiaries, and (2) the proposed purchase price, which shall be all in cash, and the other material terms and conditions of such sale. Upon delivery of such First Offer Notice, such offer shall be irrevocable unless and until the rights of first offer provided for herein shall have been waived or shall have expired.

ECPT shall have the right and option, for a period of 60 (sixty) calendar days after delivery of the First Offer Notice (the “First Offer Delivery Period”), to deliver to DS a written notice (the “First Offer Reply”), which shall state ECPT´s irrevocable intention to purchase or ECPT´s declination to purchase. If DS receives First Offer Reply whereby ECPT declines its right to acquire the assets and/or shares, as the case may be, DS may perform such sale with any third party, subject to the terms and conditions included in the First Offer Notice. Any sale to a third party pursuant to this Section, shall be completed within 180 (one hundred and eighty) calendar days (subject to reasonable extension to the extent required under Applicable Law) of the date of the First Offer Reply or the date when the First Offer Delivery Period elapses, whichever happens first. In the event the sale or transfer is not consummated within such period, and DS still wishes to transfer the assets and/or shares included in the First Offer Notice, it must again comply with the Right of First Offer procedure described in this Section 3.6.

If DS receives a First Offer Reply whereby ECPT irrevocably agrees to purchase the assets and/or shares, as the case may be, in the terms of the First Offer Notice, the Parties shall consummate such transfer of assets and/or shares within 60 (sixty) calendar days following the delivery of the First Offer Reply (or as soon as practicable thereafter to the extent required under applicable law), and payment by ECPT to DS in respect of such transfer shall be made by wire transfer of immediately available funds to DS Bank Account.

Failure by ECPT to deliver a First Offer Reply within the First Offer Delivery Period shall be understood and construed as a waiver to acquire the offered shares and/or assets pursuant to the First Offer Notice.

Section 3.7 Facilities DS laboratories currently operate at 1601 Green Road, Pompano Beach, Florida 33064. DS agrees to build, at its own cost, sufficient office and laboratory space within the same address but in a separate part of the building in order to ensure that any operations under the Joint Venture are separated from current DS operations.

ARTICLE IV

DS TRADEMARK SETTLEMENT

Section 4.1 DS Labs Trademark Settlement. ECPT acknowledges existence of certain claims filed by a Chinese manufacturer that gives them the trademark in China for DS Laboratories and certain

products. ECPT agrees that DS will continue to handle all procedures related to such claim in an attempt to obtain a final settlement on or before March 31^st, 2017. If DS fails to reach a final settlement on that date, ECPT will handle all procedures related to this specific claim, in the understanding that: (i) all legal fees and strategies to be implemented by ECPT must be previously approved in writing by DS and (ii) all costs, fees and expenses shall be paid by DS; in the understanding that ECPT may contribute sufficient funds to resolve this matter and deduct said payment from the Purchase Price. Such deduction will only be allowed if ECPT delivers to DS the corresponding receipts and invoices and they are directly related to the legal fees and strategies approved by DS.

ARTICLE V

NON-COMPETITION AND NON-SOLICITATION

Section 5.1

During the term of this Agreement, the Parties shall not and hereby agree that each will not:

(i) directly or indirectly solicit, induce or influence any customer, supplier, lender, lessor or any other person which has a business relationship with the other Party, to withdraw, curtail or cancel its business with that other Party;

(ii) except for the Key Employees, directly or indirectly solicit, induce or influence, any Person who is employed or engaged by the other Party (as an employee, independent contractor, sales representative, consultant or otherwise) to terminate his or her employment or engagement with that other Party; and

(iii) except for the Key Employees, solicit or attempt to solicit any employee of the other Party or any of its subsidiaries to leave that other Party, or to become employed by any Person other than that other Party.

Section 5.2 Severability It is the desire and intent of the Parties that the provisions of this Article 5 shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If any particular provisions or portion of this Article 5 shall be adjudicated to be invalid or unenforceable, this Article 5 shall be deemed amended to delete there from such provision or portion adjudicated to be invalid or unenforceable, such amendment to apply only with respect to the operation of this Article 5 in the particular jurisdiction in which such adjudication is made.

ARTICLE VI
DURATION

Section 6.1 Term.

This Agreement shall take effect the date hereof and shall continue in force until DS exercises its Buyback Option or the Effective Period elapses, whichever happens first.

ARTICLE VII

CONFIDENTIAL INFORMATION

Section 7.1 Confidential Information. During the term of this Agreement and at all times thereafter, without each of the Parties prior written permission, the Parties hereto shall not, either directly or indirectly, disclose to any “unauthorized Person” or use for the benefit of such Party, other than the Joint Venture, any knowledge or information which any Party may acquire during the term of this

Agreement relating to the Joint Venture or any of the Parties: (i) internal management tools and systems and methods of doing business, (ii) documents and financial information including internal reports, database records and reports, financial statements, proposals, due diligence materials, clearing agreements, employment schedules, (iii) customers, customer lists, sales, customer requirements and uses, any customer or transaction information, order flow, contact lists, and other details of such contacts, (iv) agreements with customers, vendors, independent contractors, employees and others, (v) Products, New Products, DS Trademarks or New Trademarks or services and product development plans, designs, analyses and reports, (vi) computer software and data bases, (vii) trade secrets, technology, patents, trademarks, research, know-how, records of research, models, designs, drawings, manufacturing methods, technical data and reports, and (viii) correspondence or other private or confidential matters, information or data whether written, oral or electronic, which is proprietary and not generally known to the public (individually and collectively “Confidential Information”).

Section For purposes of this Section 7.1 the term “unauthorized Person” shall mean any person who is not (i) an officer, director, or employee of DS or EPCT for whom the disclosure of the knowledge or information referred to herein is necessary for the performance of such person’s duties, or (ii) a person expressly authorized by the Parties to receive disclosure of such knowledge or information. The Parties expressly acknowledge and agree that the term “Confidential Information” excludes information which is (x) in the public domain or otherwise generally known to the trade, or (y) disclosed to third parties other than by reason of any Party’s breach of the confidentiality obligation hereunder or (z) learned of by a Party subsequent to the termination of this Agreement from any other party not then under an obligation of confidentiality to the Company or any other Party as the case may be.

If any Party hereto breaches, or threatens to breach, any of the provisions of this Article 7, the injured Party shall have the right, in addition to any other rights that may be available at law or in equity, to have the provisions of this Article 7 specifically enforced by any court having equity jurisdiction; therefore, it being expressly acknowledged and agreed by the Parties that any such breach or threatened breach will cause irreparable injury to the Party whose confidential information has been used or disclosed and that money damages will not provide an adequate remedy to such Party. Such injunction shall be available without the posting of any bond or other security, and the Parties hereby consent to the issuance of such injunction. The breaching Party agrees to pay the injured Party’s costs and expenses (including reasonable attorneys’ fees) incurred in enforcing this Article 7 as well as a penalty of actual damages incurred

ARTICLE VIII

DISPUTE RESOLUTION

Section 8.1 Efforts to Resolve Disputes. Each of DS and ECPT, agree to attempt in good faith to resolve any dispute, controversy or claim that may arise in any manner whatsoever with respect to this Agreement, the Joint Venture, the License Agreement, or any or all other agreements, contracts, arrangements or other understandings relating in any manner to this Agreement, any of the Schedules hereto, or any other document contemplated herein or therein, within 30 (thirty) days of the date when the dispute, controversy or claim was notified by one Party to the other.

Section 8.2 Arbitration and Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Florida, without regard of any conflict of law rules and principles.

Each and every dispute, controversy or claim arising in any manner out of or in any way relating to any provision of this Agreement (including any Schedule, or arising in any manner out of or in any way relating to the validity, interpretation, performance, breach, enforceability or termination hereof or

thereof), that is not settled amicably within the thirty (30) day period referred to in Section 8.1, shall be solely and finally settled through arbitration pursuant to the rules of arbitration set forth by the ICC.

The language of the procedure, documentation and award shall be English. The dispute shall be decided by 3 (three) arbitrators, which shall be appointed in accordance with the rules of arbitration of the ICC, and will be conducted in Miami, Florida. The arbitration proceeding set forth in this clause shall be the only manner to resolve any controversy among ECPT and DS in connection with this Agreement.

The arbitration award shall be final, irrevocable and binding pursuant to the Rules of Arbitration and may be presented by any of ECPT and DS to be enforced in a court of any competent jurisdiction.

ARTICLE IX
MISCELLANEOUS

Section 9.1 Entire Agreement This Agreement constitutes the entire agreement among the Parties and supersedes any prior understandings, agreements, or representation by or among the Parties, written or oral, to the extent they related in any manner to the subject matter hereof.

Section 9.2 Assignments Neither this Agreement nor any rights or obligations hereunder may be assigned or delegated by any of the Parties hereto, in whole or in part, whether voluntarily, by operation of law or otherwise to any person or entity, unless the Party hereto making such proposed assignment or delegation has previously obtained the consent of each other Party hereto, which consent may be withheld at the sole discretion of such other Party. Any attempted assignment or delegation in violation of this prohibition shall be null and void.

Section 9.3 Notifications All notices and other communications required or permitted hereunder shall be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (a) in person, (b) by registered or certified mail (air mail if addressed to an address outside of the country in which mailed), postage prepaid, return receipt requested, (c) by a generally recognized overnight courier service which provides written acknowledgement by the addressee of receipt, or (d) other generally accepted means of electronic transmission (provided that a copy of any notice delivered pursuant to this item (d) shall also be sent pursuant to item (b)), addressed as follows:

(i)

if to DS:

DS Healthcare Group, Inc

1601 Green Road

Pompano Beach, FL 33064

Attn: Chief Administrative Officer

(ii)

if to ECPT:

EverCare Prohealth Technologies, Ltd

Unit 1801-2, 18/F

Jubilee Centre

46 Glouchester Road

Wan Chai, HK

Attn: Director of Compliance

or to such other addresses as may be specified by like notice to the other Parties.

Section 9.4 Invalidity If any provision of this Agreement is too broad to permit enforcement to its full extent, such provision shall nevertheless be enforced to the maximum extent permitted by law, and each Party agrees that such provisions may be judicially modified accordingly in any proceeding brought to enforce this Agreement. If any portion of this Agreement shall be held to be indefinite, invalid or otherwise entirely unenforceable, the entire Agreement shall not fail on account thereof.

Section 9.5 Amendments and Waivers No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by each of the Parties. No wavier by any Party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent occurrence.

Section 9.6 Counterparts This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party hereto and delivered to each Party hereto.

Section 9.7 Further Actions Subject to the terms and conditions of this Agreement, each of the Parties hereto agrees to use all commercially reasonable efforts to take, or cause to be taken, all action necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

Section 9.8 Section and Other Headings Section titles are for descriptive purposes only and shall not control or alter the meaning of this Agreement as set forth in the text.

Section 9.9 Waiver of Jury Trial Without limiting the obligation to mediate the disputes arising under this Agreement, THE PARTIES EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENT RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT. The scope of this waiver is intended to be all encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. The Parties each acknowledges that this waiver is a material inducement to enter into a business relationship and that they will continue to rely on the waiver in their related future dealings. Each Party further represents and warrants that it has reviewed this waiver with its legal counsel, and that each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO.

Section 9.10 Incorporation of Schedules The Schedules, exhibits, agreements and any and all other documents or materials attached to this Agreement are incorporated herein by reference and made a part hereof.

Section 9.11 Attorneys’ Fees; Costs and Expenses (a) Without limiting the obligation to mediate the disputes arising under this Agreement, in any action or proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the successful Party shall

be entitled to recover reasonable attorneys’ fees in addition to its costs and expenses and any other available remedy.

(b)

Each Party hereto shall bear its own fees and expenses in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and any agreements, instruments or documents executed or delivered in connection herewith, except as otherwise provided herein.

Section 9.12 English Controlling For purposes of convenience, this Agreement may be translated but it is understood that the English version of this Agreement will control for all purposes. In case of a conflict in meaning between the two versions, the Parties are responsible for performing in accordance with the English version hereof.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the date first above written.


	DS HEALTHCARE GROUP, INC.

	By:	/s/ Daniel Khesin
		Daniel Khesin
		Chief Executive Officer



	EVERCARE PROHEALTH TECHONOLOGIES LTD

	For and on behalf of EverCare Prohealth Technologies Limited

	By:	/s/ Cheung Tsing
		Name: Cheung Tsing
		Title: Director of Compliance
		Authorized Signature (s)

EX-31.1 3 dskx_ex31z1.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Daniel Khesin, certify that:

I have reviewed this Quarterly Report on Form 10-Q of DS Healthcare Group, Inc.;

Based on my knowledge, this Quarterly 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 Quarterly Report;

Based on my knowledge, the financial statements, and other financial information included in this Quarterly 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 Quarterly Report;

The Registrant’s other certifying officer(s) 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 Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:

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 Quarterly Report is being prepared;

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;

evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report based on such evaluation; and

disclosed in this Quarterly 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

The Registrant’s other certifying officer(s) 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);

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

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: May 15, 2017


	By:	/s/ Daniel Khesin
		Daniel Khesin
		Chief Executive Officer

EX-31.2 4 dskx_ex31z2.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John Power, certify that:

I have reviewed this Quarterly Report on Form 10-Q of DS Healthcare Group, Inc.;

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: May 15, 2017

By:

/s/ John Power

John Power

Chief Financial Officer/

Principal Accounting Officer

EX-32.1 5 dskx_ex32z1.htm CERTIFICATION Certification

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 DS Healhcare Group, Inc. (the “Registrant”) on Form 10-Q for the period ending March 31, 2017, as filed with the SEC on the date hereof (the “Quarterly Report”), I, Daniel Khesin, Chief Executive Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Quarterly 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 Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 15, 2017


	By:	/s/ Daniel Khesin
		Daniel Khesin
		Chief Executive Officer

EX-32.2 6 dskx_ex32z2.htm CERTIFICATION Certification

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 DS Healthcare Group, Inc. (the “Registrant”) on Form 10-Q for the period ending March 31, 2017, as filed with the SEC on the date hereof (the “Quarterly Report”), I, John Power, Chief Financial Officer and Principle Accounting Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Quarterly 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 Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 15, 2017

By:

/s/ John Power

John Power

Chief Financial Officer/

Principal Accounting Officer

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Significant components of intangible assets at March 31, 2017 and December 31, 2016 consist of: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="height: 0px; font: 10pt Times New Roman, Times, Serif"><td style="font: 10pt Times New Roman, Times, Serif" /><td style="width: 7.53px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 7.46px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 78.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 7.46px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 3.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 3.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 7.46px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 78.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 5px; font: 10pt Times New Roman, Times, Serif" /></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 86.2px">2017 </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: top; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 86.2px">2016 </td><td style="margin-top: 0px; vertical-align: bottom; width: 5px; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">DS Mexico customer list </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px; font: 10pt Times New Roman, Times, Serif">652,598 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px; font: 10pt Times New Roman, Times, Serif">590,821 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5px; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Less: Accumulated amortization </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">(316,128 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px">) </td><td style="margin-top: 0px; vertical-align: top; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">(273,528 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 5px">) </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Net customer list </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">336,470 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">317,293 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 5px"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">                                                                                                                  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px; font: 10pt Times New Roman, Times, Serif">                      </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px; font: 10pt Times New Roman, Times, Serif">                      </td><td style="margin-top: 0px; vertical-align: bottom; width: 5px; font: 10pt Times New Roman, Times, Serif">  </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Goodwill </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">25,407 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">23,002 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 5px"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font: 10pt Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">361,877 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: top; width: 3.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.73px; font: 10pt Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 7.46px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 78.73px">340,295</td> </tr> </table>

The following table represents the amortized cost of the various assets over the remaining years; the weighted average remaining period is 5.83 years. <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="height: 0px; font: 10pt Times New Roman, Times, Serif"><td style="font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.66px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 10.8px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 59.33px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 10.86px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 59.4px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 10.86px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 59.4px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 10.86px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 59.4px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 10.86px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 59.4px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 6.73px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 9.33px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 60.93px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 3.33px; font: 10pt Times New Roman, Times, Serif" /></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70.13px">2017 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70.26px">2018 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70.26px">2019 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70.26px">2020 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70.26px">Beyond </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70.26px">Total </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.33px; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Asset: </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px; font: 10pt Times New Roman, Times, Serif">   </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 70.13px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 70.26px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 70.26px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 70.26px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 70.26px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 70.26px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.33px; font: 10pt Times New Roman, Times, Serif">  </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Mexican Customer list </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.8px">$ </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.33px">72,537 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">72,537 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">72,537 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">72,537 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">27,145 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9.33px">$ </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 60.93px">317,293 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 3.33px">  </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px; font: 10pt Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.8px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.33px">72,537 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px; font: 10pt Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">72,537 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">72,537 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">72,537 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10.86px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 59.4px">27,145 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9.33px">$ </td> <td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 60.93px">317,293</td> </tr></table>

P5Y9M29D

72537

27145 27145 317293 317293

25808

6250

15000

27418

50000

2228617

10-Q false 2017-03-31 DS HEALTHCARE GROUP, INC. 0001463959 --12-31 Q1 2017 Smaller Reporting Company

6662

2228617

479325

415614

NOTE 1. ORGANIZATION AND NATURE OF BUSINESS   Terms and Definitions   <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="height: 0px; font: 10pt Times New Roman, Times, Serif"><td style="width: 24px; font: 10pt Times New Roman, Times, Serif" /><td style="width: 120px; font: 10pt Times New Roman, Times, Serif" /><td style="font: 10pt Times New Roman, Times, Serif" /></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">ASC </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Accounting Standards Codification </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">ASU </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Accounting Standards Update </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">FASB </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Financial Accounting Standards Board </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">FIFO </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">First-in, First-out </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">US GAAP </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Accounting principles generally accepted in the United States of America </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">SEC </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Securities and Exchange Commission </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">2016-QTR </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Three months ended March 31, 2016 </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">2017-QTR </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Three months ended March 31, 2017 </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">VIE </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Variable Interest Entity </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> Organization and Nature of Business DS Healthcare Group, Inc. (d/b/a DS Laboratories) (the Company, DS Laboratories, DSKX, we, us or our) was organized under the laws of the State of Florida in January 2007. Through its predecessors, the Company has been developing and marketing hair care, skin care and personal care products for over fifteen years. The Company has grown steadily over the last few years with a network of top specialty retailers and distributors throughout North America, Europe, Asia and South America. The Company researches and develops its own products, which management believes keeps the Company at the forefront of innovation. The Company utilizes two innovative technologies in its products, (1) Liposome Technology, which acts as a carrier agent, and has been designed to enhance the action of the active ingredients in our products, and (2) Nanosome Technology, which acts as a delivery vehicle, and has been designed to infuse active compounds into targeted cells for increased efficiency of our products. We currently offer products within the following broad product categories:  Hair Care, Skin Care and Personal Care.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Presentation The condensed consolidated financial statements are prepared using the accrual basis of accounting where revenues and expenses are recognized in the period in which they were incurred. The basis of accounting conforms to US GAAP. The condensed consolidated financial statements include the accounts of the Company and its operating subsidiaries DS Laboratories, Inc., Sigma Development and Holding Co., Inc., Polaris Labs, Inc., Polymer Inc., and Divine Skin Laboratories, S.A. de CV (DS Mexico). Also included in the consolidated financial statements are the operating activities of Velocity Storage and Packaging, LLC (Velocity), which were accounted for as Variable Interest Entity (VIE) through October 31, 2016. As of November 1, 2016, Velocity employees have been hired directly by DS Healthcare and the VIE is no longer used.  All significant intercompany balances and transactions have been eliminated in consolidation.   Interim Condensed Consolidated Financial Statements The interim condensed consolidated financial statements presented herein have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such rules and regulations. The interim condensed consolidated financial statements should be read in conjunction with the Companys annual consolidated financial statements and related disclosures included in the Companys Annual Report on Form 10-K, filed with the SEC on March 31, 2017. In the opinion of management, all adjustments (consisting only of those of a normal recurring nature) which are necessary to provide a fair presentation of financial position as of March 31, 2017 and the related operating results and cash flows for the interim periods presented have been made.  The results of operations for the periods presented are not necessarily indicative of the results to be expected for future periods or for the year ending December 31, 2017. The condensed consolidated financial statements include the accounts of the Company and its operating subsidiaries DS Laboratories, Inc., Sigma Development and Holding Co., Inc., Polaris Labs, Inc., Polymer Inc., and Divine Skin Laboratories, S.A. de CV (DS Mexico). Also included in the consolidated financial statements are the operating activities of Velocity Storage and Packaging, LLC (Velocity), which were accounted for as Variable Interest Entity (VIE) through October 31, 2016. As of November 1, 2016, Velocity employees have been hired directly by DS Healthcare and the VIE is no longer used.  All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on managements knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties that may cause actual results to differ materially from such estimates. Significant estimates and assumptions underlying these consolidated financial statements include: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td style="width: 48.06px" /><td /></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Estimates of allowances for uncollectable accounts receivable, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Estimates of inventory obsolescence and overhead and labor cost allocations, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Estimates assuming future earning capacity of our intangible assets, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Estimates of value of equity transactions for services rendered, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Estimates of returned or damaged product, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Estimates made in connection with our acquisition loss reserve, and </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Estimates made in our deferred income tax calculations, for which there is a full valuation allowance. </td></tr> </table> Accounts Receivable Accounts receivable are reported at their net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. The Company also provides for allowances against accounts receivables for product returns and cooperative advertising allowances. At March 31, 2017 and December 31, 2016, the allowance for uncollectable accounts was $591,836 and $725,929, respectively, including reserves for product returns and advertising costs. Inventories Inventory is reported at the lower of cost or market on the FIFO method. Our inventory is subject to expiration and obsolescence. Accordingly, quantities purchased and sell through rates are periodically monitored for potential overstocking or pending expiration as a basis for establishing the appropriate reserve for any estimated expiration or obsolescence. At March 31, 2017 and December 31, 2016, the allowance for obsolescence was $651,641 at both dates. Revenue Recognition The Companys revenue recognition policies are in compliance with ASU No. 2014-09, Revenue from Contracts with Customers, which establishes core principle of the revenue recognition that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. The Company recognizes revenue when all of the following criteria are met: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td style="width: 48.06px" /><td /></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Identify the contract(s) with a customer, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Identify the separate performance obligations in the contract, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Determine the transaction price, </td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td style="width: 48.06px" /><td /></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Allocate the transaction price to the separate performance obligations, and </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Recognize revenues when (or as) the Company satisfies a performance obligation. </td></tr> </table> Shipping and handling charges related to sales transactions are recorded as sales revenues when billed to customers or included in the sales price. Shipping and handling costs are included in cost of goods sold. Research and Development The Company currently maintains a functional laboratory employing a new product development director, Dr. Patel,  a chemist and a lab technician that identify new technology, test product alternatives and improve existing formulations and technologies. In addition, our Chief Executive Officer devotes a portion of his time in identifying new technologies and formulations to develop new products and improve existing products with the newest technology available. Such activities are expensed in the year incurred. Such costs include laboratory supplies, salaries, materials and consultant fees. These costs are classified as product development, salaries, selling, general and administrative expenses in the condensed consolidated statements of operations, and amounted to $41,642 and $34,736 for 2017-QTR and 2016-QTR, respectively.   On February 8, 2017, the Company entered into a Joint Venture arrangement with EverCare for the development of certain new products, whereby the operational costs would be shared between the two companies. Pursuant to that agreement during 2017-QTR the two companies shared operational costs totaling $19,149. Earnings Per Share Potentially dilutive securities are excluded from the computation of diluted net loss per share for all of the periods presented in the accompanying condensed consolidated statements of operations because the reported net loss in each of these periods results in their inclusion being antidilutive. Antidilutive securities, which consist of stock options and warrants that are not included in the diluted net loss per share calculation, consisted of an aggregate of 0 and 444,213 shares as of March 31, 2017 and March 31, 2016, respectively.

NOTE 3. LIQUIDITY and GOING CONCERN We have sustained operational losses since our inception. At March 31, 2017, we had an accumulated deficit of approximately $29,067,812. The Company cannot predict how long it will continue to incur further losses or whether it will ever become profitable as this is dependent upon the reduction of certain operating expenses, success of new and existing products and increase in overall revenue among other things. These conditions raise substantial doubt about the entitys ability to continue as a going concern. As of March 31, 2017, we had $651,636 in cash. While we have historically financed our operations and growth primarily through the issuance and sale of shares of our common stock, a line of credit and the issuance of promissory notes. We are implementing, and will continue to implement, various measures to address our financial condition, including but not limited to continuing to seek debt and new equity financing. However, there can be no assurances that the Company will be able to raise additional capital on favorable terms, or at all. Accordingly, the accompanying condensed consolidated financial statements have been prepared in conformity with US GAAP, which contemplates continuation of the Company as a going concern.  The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and carrying amount or classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. We are implementing, and will continue to implement, various measures to address our financial condition.

NOTE 4. RECENT ACCOUNTING PRONOUNCEMENTS Management continually evaluates the potential impact, if any, of all recent accounting pronouncements on our condensed consolidated financial statements or related disclosures and, if significant, makes the appropriate disclosures required by such new accounting pronouncements. Recent Accounting Pronouncements In March 2017, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) 2017-07, Compensation Retirement Benefits, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715).   primarily to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost, ASU 2017-07 was issued to improve the reporting of net benefit cost in the financial statements by adding a standard-setting project to provide additional guidance on the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets.  Public business entities should apply ASU 2017-07 for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company has not yet determined the effect of the adoption of this standard on the Companys consolidated financial position and results of operations. In February 2017, the FASB issued 2017-05Other IncomeGains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). The FASB is issuing this update to clarify the scope of Subtopic 610-20, Other IncomeGains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the update to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. The standard is required to be applied prospectively. The Company is evaluating the standard, including the impact on its consolidated financial statements and results of operations.  The Company has not yet determined the effect of the adoption of this standard on the Companys consolidated financial position and results of operations. In February 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842).  ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year entity). Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company has determined that the effect of adopting this standard will not have a material effect on the Companys consolidated financial position and results of operations. In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial InstrumentsOverall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial statements. This guidance will be effective in the first quarter of fiscal year 2019 and early adoption is not permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements.

NOTE 5. INVENTORIES Significant components of inventory at March 31, 2017 and December 31, 2016 consist primarily of: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="height: 0px; font: 0 Times New Roman, Times, Serif"><td style="font-family: Times New Roman, Times, Serif" /><td style="width: 7.53px; font-family: Times New Roman, Times, Serif" /><td style="width: 7.46px; font-family: Times New Roman, Times, Serif" /><td style="width: 78.73px; font-family: Times New Roman, Times, Serif" /><td style="width: 7.46px; font-family: Times New Roman, Times, Serif" /><td style="width: 7.46px; font-family: Times New Roman, Times, Serif" /><td style="width: 7.46px; font-family: Times New Roman, Times, Serif" /><td style="width: 78.73px; font-family: Times New Roman, Times, Serif" /><td style="width: 4.86px; font-family: Times New Roman, Times, Serif" /></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: bottom; width: 86.2px; font-family: Times New Roman, Times, Serif">2017 </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: bottom; width: 86.2px; font-family: Times New Roman, Times, Serif">2016 </td><td style="margin-top: 0px; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 86.2px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 86.2px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font-family: Times New Roman, Times, Serif">Bulk product and raw materials </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">1,993,509 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">1,739,309 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif">  </td></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font-family: Times New Roman, Times, Serif">Work in process </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">287,329 </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">196,451 </td><td style="margin-top: 0px; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif">  </td></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font-family: Times New Roman, Times, Serif">Merchandise inventory </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">572,820 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">815,103 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif">  </td></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font-family: Times New Roman, Times, Serif">Inventory in transit </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">72,370 </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">151,783 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif"> </td></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; font-family: Times New Roman, Times, Serif">Less: Allowance </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">(651,641 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">) </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">(651,641 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif">) </td></tr> <tr style="font-family: Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: bottom; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">2,274,387 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 7.46px; font-family: Times New Roman, Times, Serif">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 78.73px; font-family: Times New Roman, Times, Serif">2,251,005 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 4.86px; font-family: Times New Roman, Times, Serif">  </td></tr> </table> In March 2016, the Company, under former management, entered in a barter credit agreement with a third party to sell slow moving, finished goods inventory in exchange for trade credits the company may use to purchase goods and/or services in the future.  For the three months ended March 31, 2016 the trade credits acquired under the agreement totaled $2,228,617, have no expiration and can be used at any time.  The cost of slow moving inventory under the arrangement totaled $249,319.  See Footnote 9. Barter Credits for additional information regarding the revenue recognition of the barter credits.

NOTE 6. INTANGIBLE ASSETS Significant components of intangible assets at March 31, 2017 and December 31, 2016 consist of: <table cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0px; font-size: 10pt"><tr style="height: 0px; font-size: 0"><td /><td style="width: 7.53px" /><td style="width: 7.46px" /><td style="width: 78.73px" /><td style="width: 7.46px" /><td style="width: 3.73px" /><td style="width: 3.73px" /><td style="width: 7.46px" /><td style="width: 78.73px" /><td style="width: 5px" /></tr> <tr><td style="vertical-align: bottom; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 7.53px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 86.2px; margin-top: 0px; border-bottom: #000000 1px solid">2017 </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px"> </td><td style="vertical-align: top; width: 3.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 86.2px; margin-top: 0px; border-bottom: #000000 1px solid">2016 </td><td style="vertical-align: bottom; width: 5px; margin-top: 0px"> </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px; background-color: #CCFFCC">DS Mexico customer list </td><td style="vertical-align: bottom; width: 7.53px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; background-color: #CCFFCC">652,598 </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: top; width: 3.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; background-color: #CCFFCC">590,821 </td><td style="vertical-align: bottom; width: 5px; margin-top: 0px; background-color: #CCFFCC"> </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px">Less: Accumulated amortization </td><td style="vertical-align: bottom; width: 7.53px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; border-bottom: #000000 1px solid"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; border-bottom: #000000 1px solid">(316,128 </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; border-bottom: #FFFFFF 1px solid">) </td><td style="vertical-align: top; width: 3.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; border-bottom: #000000 1px solid"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; border-bottom: #000000 1px solid">(273,528 </td><td style="vertical-align: bottom; width: 5px; margin-top: 0px; border-bottom: #FFFFFF 1px solid">) </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px; background-color: #CCFFCC">Net customer list </td><td style="vertical-align: bottom; width: 7.53px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid">336,470 </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid"> </td><td style="vertical-align: top; width: 3.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid">317,293 </td><td style="vertical-align: bottom; width: 5px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid"> </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px">                                                                                                                  </td><td style="vertical-align: bottom; width: 7.53px; margin-top: 0px">   </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px">                      </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px">   </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px">  </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px">  </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px">                      </td><td style="vertical-align: bottom; width: 5px; margin-top: 0px">  </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px; background-color: #CCFFCC">Goodwill </td><td style="vertical-align: bottom; width: 7.53px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid">25,407 </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid"> </td><td style="vertical-align: top; width: 3.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid"> </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid">23,002 </td><td style="vertical-align: bottom; width: 5px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid"> </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px">  </td><td style="vertical-align: bottom; width: 7.53px; margin-top: 0px">  </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; border-bottom: #000000 3px double">361,877 </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; border-bottom: #FFFFFF 3px double"> </td><td style="vertical-align: top; width: 3.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 3.73px; margin-top: 0px">  </td><td style="vertical-align: bottom; width: 7.46px; margin-top: 0px; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 78.73px; margin-top: 0px; border-bottom: #000000 3px double">340,295 </td><td style="vertical-align: bottom; width: 5px; margin-top: 0px; border-bottom: #FFFFFF 3px double">  </td></tr> </table> The following table represents the amortized cost of the various assets over the remaining years; the weighted average remaining period is 5.83 years. <table cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0px; font-size: 10pt"><tr style="height: 0px; font-size: 0"><td /><td style="width: 6.66px" /><td style="width: 10.8px" /><td style="width: 59.33px" /><td style="width: 6.73px" /><td style="width: 6.73px" /><td style="width: 10.86px" /><td style="width: 59.4px" /><td style="width: 6.73px" /><td style="width: 6.73px" /><td style="width: 10.86px" /><td style="width: 59.4px" /><td style="width: 6.73px" /><td style="width: 6.73px" /><td style="width: 10.86px" /><td style="width: 59.4px" /><td style="width: 6.73px" /><td style="width: 6.73px" /><td style="width: 10.86px" /><td style="width: 59.4px" /><td style="width: 6.73px" /><td style="width: 6.73px" /><td style="width: 9.33px" /><td style="width: 60.93px" /><td style="width: 3.33px" /></tr> <tr><td style="vertical-align: bottom; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 6.66px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 70.13px; margin-top: 0px; border-bottom: #000000 1px solid">2017 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; border-bottom: #000000 1px solid">2018 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; border-bottom: #000000 1px solid">2019 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; border-bottom: #000000 1px solid">2020 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; border-bottom: #000000 1px solid">Beyond </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; border-bottom: #000000 1px solid">Total </td><td style="vertical-align: bottom; width: 3.33px; margin-top: 0px"> </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px; background-color: #CCFFCC">Asset: </td><td style="vertical-align: bottom; width: 6.66px; margin-top: 0px; background-color: #CCFFCC">   </td><td colspan="2" style="vertical-align: bottom; width: 70.13px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC"> </td><td colspan="2" style="vertical-align: bottom; width: 70.26px; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 3.33px; margin-top: 0px; background-color: #CCFFCC">  </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px">Mexican Customer list </td><td style="vertical-align: bottom; width: 6.66px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 10.8px; margin-top: 0px; border-bottom: #000000 1px solid">$ </td><td style="vertical-align: bottom; width: 59.33px; margin-top: 0px; border-bottom: #000000 1px solid">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; border-bottom: #FFFFFF 1px solid"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; border-bottom: #000000 1px solid">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; border-bottom: #000000 1px solid">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; border-bottom: #FFFFFF 1px solid"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; border-bottom: #000000 1px solid">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; border-bottom: #000000 1px solid">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; border-bottom: #FFFFFF 1px solid"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; border-bottom: #000000 1px solid">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; border-bottom: #000000 1px solid">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; border-bottom: #FFFFFF 1px solid"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; border-bottom: #000000 1px solid">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; border-bottom: #000000 1px solid">27,145 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; border-bottom: #FFFFFF 1px solid"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px"> </td><td style="vertical-align: bottom; width: 9.33px; margin-top: 0px; border-bottom: #000000 1px solid">$ </td><td style="vertical-align: bottom; width: 60.93px; margin-top: 0px; border-bottom: #000000 1px solid">317,293 </td><td style="vertical-align: bottom; width: 3.33px; margin-top: 0px; border-bottom: #FFFFFF 1px solid">  </td></tr> <tr><td style="vertical-align: bottom; margin-top: 0px; background-color: #CCFFCC"> </td><td style="vertical-align: bottom; width: 6.66px; margin-top: 0px; background-color: #CCFFCC">  </td><td style="vertical-align: bottom; width: 10.8px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 59.33px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC">  </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid">  </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid">  </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">72,537 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid">  </td><td style="vertical-align: bottom; width: 10.86px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 59.4px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">27,145 </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double"> </td><td style="vertical-align: bottom; width: 6.73px; margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid">  </td><td style="vertical-align: bottom; width: 9.33px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">$ </td><td style="vertical-align: bottom; width: 60.93px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double">317,293 </td><td style="vertical-align: bottom; width: 3.33px; margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double">  </td></tr> </table>

NOTE 7. COMMITMENTS AND CONTINGENCIES   Pending and threatened litigation <a name="item_3"></a> The Company is a party to or otherwise involved in legal proceedings arising in the normal and ordinary course of business. As of the date of this report, except as otherwise disclosed below, we are not aware of any other proceeding, threatened or pending, against us which, if determined adversely, would have a material effect on our business, results of operations, cash flows or financial position. On March 29, 2016, DS Healthcare, Mr. Khesin, and certain former members of the Board of Directors were sued in a class action styled, Prasant Shah v. DS Healthcare Group, Inc., et. al., Case No. 16-60661, which is pending in the United States District Court for the Southern District of Florida.  A later-filed class action has been consolidated.  The class action arises from the Companys March 23, 2016 and March 28, 2016 8-K filings, which stated, in pertinent part, that the audit committee had concluded that the unaudited condensed consolidated financial statements of the Company for the two fiscal quarters ended June 30, 2015 and September 30, 2015 (the June and September 2015 Quarters), should no longer be relied upon because of certain errors in such financial statements, and that Daniel Khesin had been terminated for cause and removed as Chairman and a member of the Board of Directors.  Plaintiffs have until November 2, 2016 to file an Amended Complaint, which DS Healthcare must respond to no later than December 19, 2016. The Company also received the first of three related shareholder derivative demands was on March 29, 2016.  A mediation concerning the class action and the derivative demands was scheduled for October 17, 2016, in Miami, Florida. As a result of this mediation hearing and subsequent negotiations, there is an agreement with Plaintiffs in both the securities case and the derivative demands as to amount of the settlement and most of the key terms. The parties are negotiating the precise terms of the Court stipulations that will need to be filed. Agreements on the terms of inter-defendant releases are pending approval by both sides. The final settlements will also need to be approved by the Court. On May 27, 2016, PhotoMedex, Inc., Radiancy, Inc., and PhotoMedex Technology, Inc. (collectively, PhotoMedex) filed a civil action for damages and declaratory relief against DS Healthcare in the United States District Court for the Southern District of New York.  The lawsuit is styled PhotoMedex, Inc. v. DS Healthcare Group, Inc., Case No. 1:16-cv-03981.  The lawsuit arises from two merger agreements: (i) an Agreement and Plan of Merger and Reorganization among DS Healthcare Group, Inc., PHMD P Acquisition Corp., PhotoMedex, Inc. and Radiancy, Inc. dated February 19, 2016; and (ii) an Agreement and Plan of Merger and Reorganization by and among DS Healthcare Group, Inc., PHMD Professional Acquisition Corp., PhotoMedex Technology, Inc. and PhotoMedex, Inc. dated February 19, 2016.  PhotoMedex alleges that DS Healthcare breached both agreements by failing to meet its pre-closing obligations and not completing the transactions contemplated by the agreements.  PhotoMedex seeks a declaratory judgment that their terminations of the two agreements were proper, and requests an award of damages specified by the agreements, including a break-up fee of $3 million. DS Healthcare disputes the claims asserted by PhotoMedex, including that PhotoMedex is entitled to the break-up fee under the agreements.  DS Healthcare has also asserted a counterclaims for damages against PhotoMedex for their breaches of the two agreements.  An initial case management conference was scheduled for October 13, 2016 however no resolution was reached.  A settlement conference occurred on January 31, 2017 and once again no settlement was achieved.  Although both parties continue to work to reach an agreement, the court case is scheduled on or after September 15, 2017.   On December 28, 2015, the Company, our Chief Executive Officer, Daniel Khesin individually, and Abner Silva, a former consultant and employee was named in a lawsuit brought in the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida by a former investor relations contractor claiming monetary damages and allegations of using material or false misrepresentations.  The Plaintiffs complaint alleges owed compensation in stock and cash. Management vigorously defended the action and an Order of Dismissal With Prejudice was achieved on January 5, 2017.   The Company has received several pre-litigation demand letters from various former employees, including but not limited to a demand for alleged past wages, shares and commissions on various sales which do not qualify as revenue under GAAP guidance from former Chief Executive Officer, Renee Barch-Niles. While we cannot determine the outcome of these disputes, the Company intends to vehemently defend its position to the fullest extent possible. Accordingly, the Company has not reserved for these disputes. At this time, the amount of any loss, or range of loss, cannot be reasonably estimated as the case has only been initiated and no discovery has been conducted to determine the validity of any claim or claims made by plaintiffs. Therefore, the Company has not recorded reserves and contingent liabilities related to these particular legal matters. However, in the future, as the cases progress, the Company may be required to increase its contingent liability or reserve for these matters. It is impossible for us to predict with any certainty the outcome of pending disputes, and unless otherwise stated below, we cannot predict whether any liability arising from pending claims and litigation will be material in relation to our consolidated financial position or results of operations. For additional information regarding these matters, see the Pending Transactions disclosures in the Companys Form 10-K for the year ending December 31, 2016 filed on March 31, 2017.

NOTE 9. BARTER CREDITS In December 2015, the Company, under former management entered an agreement with a barter trading company to sell slow moving, finished goods in exchange for prepaid credits. During the three months ended March 31, 2016, the Company sold merchandise worth $2,228,617 to this barter trading company. However, these credits proved to have no economic value and accordingly revenue did not meet the criteria as defined in Accounting Standards Codification 605 (ASC). The Company has reversed the sales to this barter trading company since it failed to meet the revenue standards and has expensed the barter credits, the results of which are reflected in net revenue of the companys consolidated condensed statement of operations and comprehensive loss for the three months ending March 31, 2016.

NOTE 11 EQUITY   Common Stock   In January 2016, the company entered into a Stock Purchase Agreement with a private party in the amount of $1,996,500 for 605,000 shares of the companys stock. As of December 31, 2016 the purchase agreement was partially settled. The Company has offset subscription receivable against the additional paid in capital of $1,196,500. The Board of Directors decided to negotiate a revision to the original Stock Purchase Agreement and an agreement was reached on February 8, 2017.

NOTE 12. ACQUISITION Executed and effective on December 29, 2016, the Company entered into an agreement to acquire the distribution rights of it Brazilian distributor, of which our current chief operating officer Fernando Tamez, and former Officer Abner Silva, are shareholders and listed as sellers on the agreement, to acquire 100% of the distributers shares in exchange for $47,000 in cash to satisfy certain liabilities, guaranteed employment contract for an employee valued at approximately $28,000, and the option to receive 500 units per month at no cost for 24 months. The agreement includes The Company assuming all current operating cost of the distributor during the period between the execution of the agreement and the alteration of the shareholders agreement. The Company determined the agreements value to be approximately $250,000. On January 30, 2017, the Company paid $33,000 towards the purchase price. However as of the date of the Company filing its annual 10-K report for the year ended December 31, 2016, the Brazilian distributor was not cooperative with The Companys attempts to perform the required due diligence and refused to grant access to the records or provide the required information preventing the Company to properly consolidating the entity. Therefore, on March 29, 2017, the Company informed the Brazilian distributor, by way of legal letter, that they are in breach of the agreement and subsequently rescinded the agreement dated December 29, 2016 and has demanded a return of the monies paid to date. Due to the uncertainty of the outcome of this legal action and the uncertainty of the Companys ability to obtain the net assets of the distributor in 2016, the Company deemed it necessary to expense the full value of the agreement in 2016.

Principles of Consolidation and Presentation The condensed consolidated financial statements are prepared using the accrual basis of accounting where revenues and expenses are recognized in the period in which they were incurred. The basis of accounting conforms to US GAAP. The condensed consolidated financial statements include the accounts of the Company and its operating subsidiaries DS Laboratories, Inc., Sigma Development and Holding Co., Inc., Polaris Labs, Inc., Polymer Inc., and Divine Skin Laboratories, S.A. de CV (DS Mexico). Also included in the consolidated financial statements are the operating activities of Velocity Storage and Packaging, LLC (Velocity), which were accounted for as Variable Interest Entity (VIE) through October 31, 2016. As of November 1, 2016, Velocity employees have been hired directly by DS Healthcare and the VIE is no longer used.  All significant intercompany balances and transactions have been eliminated in consolidation.

Interim Condensed Consolidated Financial Statements The interim condensed consolidated financial statements presented herein have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such rules and regulations. The interim condensed consolidated financial statements should be read in conjunction with the Companys annual consolidated financial statements and related disclosures included in the Companys Annual Report on Form 10-K, filed with the SEC on March 31, 2017. In the opinion of management, all adjustments (consisting only of those of a normal recurring nature) which are necessary to provide a fair presentation of financial position as of March 31, 2017 and the related operating results and cash flows for the interim periods presented have been made.  The results of operations for the periods presented are not necessarily indicative of the results to be expected for future periods or for the year ending December 31, 2017. The condensed consolidated financial statements include the accounts of the Company and its operating subsidiaries DS Laboratories, Inc., Sigma Development and Holding Co., Inc., Polaris Labs, Inc., Polymer Inc., and Divine Skin Laboratories, S.A. de CV (DS Mexico). Also included in the consolidated financial statements are the operating activities of Velocity Storage and Packaging, LLC (Velocity), which were accounted for as Variable Interest Entity (VIE) through October 31, 2016. As of November 1, 2016, Velocity employees have been hired directly by DS Healthcare and the VIE is no longer used.  All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on managements knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties that may cause actual results to differ materially from such estimates. Significant estimates and assumptions underlying these consolidated financial statements include: <table cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0px; font-size: 10pt"><tr style="height: 0px; font-size: 0"><td style="width: 48.06px" /><td style="font: 10pt Times New Roman, Times, Serif" /></tr> <tr style="font: 10pt Times New Roman, Times, Serif"><td style="margin-top: 0px; vertical-align: top; width: 48.06px; font: 10pt Times New Roman, Times, Serif">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Estimates of allowances for uncollectable accounts receivable, </td></tr> <tr><td style="vertical-align: top; width: 48.06px; margin-top: 0px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Estimates of inventory obsolescence and overhead and labor cost allocations, </td></tr> <tr><td style="vertical-align: top; width: 48.06px; margin-top: 0px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Estimates assuming future earning capacity of our intangible assets, </td></tr> <tr><td style="vertical-align: top; width: 48.06px; margin-top: 0px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Estimates of value of equity transactions for services rendered, </td></tr> <tr><td style="vertical-align: top; width: 48.06px; margin-top: 0px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Estimates of returned or damaged product, </td></tr> <tr><td style="vertical-align: top; width: 48.06px; margin-top: 0px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Estimates made in connection with our acquisition loss reserve, and </td></tr> <tr><td style="vertical-align: top; width: 48.06px; margin-top: 0px">· </td> <td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Estimates made in our deferred income tax calculations, for which there is a full valuation allowance.</td> </tr> </table>

Accounts Receivable Accounts receivable are reported at their net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. The Company also provides for allowances against accounts receivables for product returns and cooperative advertising allowances. At March 31, 2017 and December 31, 2016, the allowance for uncollectable accounts was $591,836 and $725,929, respectively, including reserves for product returns and advertising costs.

Inventories Inventory is reported at the lower of cost or market on the FIFO method. Our inventory is subject to expiration and obsolescence. Accordingly, quantities purchased and sell through rates are periodically monitored for potential overstocking or pending expiration as a basis for establishing the appropriate reserve for any estimated expiration or obsolescence. At March 31, 2017 and December 31, 2016, the allowance for obsolescence was $651,641 at both dates.

Revenue Recognition The Companys revenue recognition policies are in compliance with ASU No. 2014-09, Revenue from Contracts with Customers, which establishes core principle of the revenue recognition that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. The Company recognizes revenue when all of the following criteria are met: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td style="width: 48.06px" /><td style="font: 10pt Times New Roman, Times, Serif" /></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Identify the contract(s) with a customer, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Identify the separate performance obligations in the contract, </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top; font: 10pt Times New Roman, Times, Serif">Determine the transaction price, </td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td style="width: 48.06px" /><td /></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Allocate the transaction price to the separate performance obligations, and </td></tr> <tr><td style="margin-top: 0px; vertical-align: top; width: 48.06px">· </td><td style="margin-top: 0px; vertical-align: top">Recognize revenues when (or as) the Company satisfies a performance obligation. </td></tr></table> Shipping and handling charges related to sales transactions are recorded as sales revenues when billed to customers or included in the sales price. Shipping and handling costs are included in cost of goods sold.

Research and Development The Company currently maintains a functional laboratory employing a new product development director, Dr. Patel,  a chemist and a lab technician that identify new technology, test product alternatives and improve existing formulations and technologies. In addition, our Chief Executive Officer devotes a portion of his time in identifying new technologies and formulations to develop new products and improve existing products with the newest technology available. Such activities are expensed in the year incurred. Such costs include laboratory supplies, salaries, materials and consultant fees. These costs are classified as product development, salaries, selling, general and administrative expenses in the condensed consolidated statements of operations, and amounted to $41,642 and $34,736 for 2017-QTR and 2016-QTR, respectively.   On February 8, 2017, the Company entered into a Joint Venture arrangement with EverCare for the development of certain new products, whereby the operational costs would be shared between the two companies. Pursuant to that agreement during 2017-QTR the two companies shared operational costs totaling $19,149.

Earnings Per Share Potentially dilutive securities are excluded from the computation of diluted net loss per share for all of the periods presented in the accompanying condensed consolidated statements of operations because the reported net loss in each of these periods results in their inclusion being antidilutive. Antidilutive securities, which consist of stock options and warrants that are not included in the diluted net loss per share calculation, consisted of an aggregate of 0 and 444,213 shares as of March 31, 2017 and March 31, 2016, respectively.

651641

48583

81233

559283

498479

129200

2118000

47000

33000

500 P24M P5Y

0.1464

0.1671

0.075

0.05

72324

1353028

25765

482000

72324

1353028

25765

482000

2017-04-30

2017-05-31

1.00

605000

1996500

1196500

300000000

0.001

40468

Significant components of inventory at March 31, 2017 and December 31, 2016 consist primarily of: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td /><td style="width: 7.53px" /><td style="width: 7.46px" /><td style="width: 78.73px" /><td style="width: 7.46px" /><td style="width: 7.46px" /><td style="width: 7.46px" /><td style="width: 78.73px" /><td style="width: 4.86px" /></tr> <tr><td style="margin-top: 0px; vertical-align: bottom"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: bottom; width: 86.2px">2017 </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: bottom; width: 86.2px">2016 </td><td style="margin-top: 0px; vertical-align: bottom; width: 4.86px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: bottom">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 86.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 86.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 4.86px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Bulk product and raw materials </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px">1,993,509 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px">1,739,309 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 4.86px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: bottom">Work in process </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px">287,329 </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px">196,451 </td><td style="margin-top: 0px; vertical-align: bottom; width: 4.86px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Merchandise inventory </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px">572,820 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 78.73px">815,103 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 4.86px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: bottom">Inventory in transit </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px">72,370 </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 78.73px">151,783 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 4.86px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Less: Allowance </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78.73px">(651,641 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 7.46px">) </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78.73px">(651,641 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 4.86px">) </td></tr> <tr><td style="margin-top: 0px; vertical-align: bottom">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.53px">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 7.46px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 78.73px">2,274,387 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 7.46px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 7.46px">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 7.46px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 78.73px">2,251,005 </td></tr></table>

23537330 2200000

1100000

250000

28000

-468

40237

NOTE 8. RELATED PARTY TRANSACTIONS For the three months ended March 31, 2017 and 2016, the Company was a party to the following related party transactions not disclosed elsewhere in these financial statements: · The Company paid $27,418 and $25,808 during 2017-QTR and 2016-QTR, respectively, as compensation to the father of our Chief Executive Officer, · The Company paid $0 and $6,250 during 2017-QTR and 2016-QTR, respectively, as compensation to the sister of our Chief Executive Officer, · The Company paid $15,000 and $15,000 in 2017-QTR and 2016-QTR, respectively, as compensation to Dr. Fernando Tamez. Dr. Tamez is President of DS Mexico since 2009 which we acquired in November 2012.  Dr. Tamez oversees the day-to-day operations of DS Mexico. · The Company paid $50,000 and $0 in 2017-QTR and 2016-QTR, respectively, as compensation to Dr. Fernando Tamez as Chief Operating Officer of the Company. · Mr. Tamez owns an interest with an entity in Brazil with which the Company sold product.  During 2017-QTR and 2016-QTR, there were no sales to the entity in Brazil, respectively, and there were no outstanding accounts receivable balances as of March 31, 2017 and December 31, 2016, respectively. This entity has since ceased operations. · Mr. Tamez owns an interest with an entity in Spain with which the Company sold product.  During 2017-QTR and 2016-QTR, the Company sold $48,583 and $81,233, respectively, and the outstanding accounts receivable balance as of March 31, 2017 and December 31, 2016 was $ 559,283 and $498,479, respectively.  The Company has an informal agreement to purchase the Company from Mr. Tamez upon it reaching certain millstones however a formal agreement has not been completed to date. · The Company recorded a liability due to Mr. Tamez of approximately MXN $2,118,000 Mexican pesos, or $129,200, relating to his profit sharing agreement and is included in other current liabilities in the accompanying balance sheet as of December 31, 2016 and March 31, 2017.   · Executed and effective on December 29, 2016, the Company entered into an agreement to acquire the distribution rights of its Brazilian distributor, of which our current chief operating officer Fernando Tamez, and former Officer Abner Silva, are shareholders and listed as sellers on the agreement, to acquire 100% of the distributers shares in exchange for $47,000 in cash to satisfy certain liabilities, guaranteed employment contract for an employee valued at approximately $28,000, and the option to receive 500 units per month at no cost for 24 months. The agreement includes the Company assuming all current operating cost of the distributor during the period between the execution of the agreement and the alteration of the shareholders agreement. The Company determined the agreements value to be approximately $250,000. On January 30, 2017, the Company paid $33,000 towards the purchase price. However as of the date of the Company filing its annual 10-K report for the year ended December 31, 2016, the Brazilian distributor was not cooperative with the Companys attempts to perform the required due diligence and refused to grant access to the records or provide the required information preventing the Company to properly consolidate the entity. Therefore, on March 29, 2017, the Company informed the Brazilian distributor, by way of legal letter, that they are in breach of the agreement and subsequently rescinded the agreement dated December 29, 2016 and has demanded a return of the monies paid to date. Due to the uncertainty of the outcome of this legal action and the uncertainty of the Companys ability to obtain the net assets of the distributor in 2016, the Company deemed it necessary to expense the full value of the agreement in 2016.        · On February 8, 2017, the Company entered into a Stock Purchase & Joint Venture and Financing arrangement with EverCare Prohealth Technologies LTD (“Evercare”), a private Hong Kong company. With respect to the Stock Purchase, Evercare acquired the totality of the share representing DS Laboratories capital stock in exchange for financing and consideration discussed below.  With respect to financing, EverCare would provide $2 million in financing to the Company.  Included in the agreement is the granting of exclusive distribution rights to EverCare for Asia, Australia and Africa and the appointment by EverCare of two additional members to the Companys board of directors. Additionally, the Company has pledged via transfer of certain intellectual property, held under its DS Laboratories subsidiary, to EverCare as security for the financing. Such pledge includes buyback provisions exercisable within 5 years of the closing date of the transaction. Under the terms of the Agreement, the Company may buyback the intellectual property held under its DS Laboratories subsidiary from EverCare between March 1, 2022 and May 31, 2022, and would have to pay the equivalent to the purchase price plus 7.5% annualized compounded interest which is to be calculated over each installment as of the date of payment to the Company.  A condition of the buyback option is that effective with the financing arrangement, DS Laboratories trademarks are subject to issuance by the Company of shares equaling 5% of its capital stock at no cost at the date of closing the buyback, issuance of the Company of 1.1 million shares representing it capital stock and granting Evercare an option to acquire the total of these share for $2.2 million. Additionally, the Company received as consideration 3 million shares of Evercare, warrants to purchase up to 900,000 shares of EverCare at $0.25 per share as part of the arrangement which can be sold back to EverCare, under certain conditions, to obtain additional financing.  As of March 31, 2017, EverCare has provided $0.5 million in financing. Interest under the financing will accrue at 7.5% per annum.   The Joint Venture arrangement with EverCare is for the development of certain new products, whereby the operational costs would be shared between the two companies.  For the 2017-QTR the two companies shared operational costs totaling $19,149.

NOTE 10 DEBT   Bank Loans   On March 31, 2017, the Companys Mexican subsidiary obtained a bank loan for MXN $482,000.00 or $25,764.52, payable in May 2017. As of March 31, 2017, the outstanding amount on this bank loan was MXN $482,000 or $25,764.52 and bears annual interest of 16.71%.   On March 31, 2017, the Companys Mexican subsidiary obtained a bank loan for MXN $1´353,028.04 or $72,323.89, payable in May 2017. As of March 31, 2017, the outstanding amount on this bank loan was MXN $1,353,028.04 or $72,323.89 and bears annual interest of 14.64%.   Evercare Sale & Joint Venture Agreement   On February 8, 2017, the Company entered into a Stock Purchase & Joint Venture and Financing arrangement with EverCare Prohealth Technologies LTD (Evercare), a private Hong Kong company. With respect to the Stock Purchase, Evercare acquired the totality of the share representing DS Laboratories capital stock in exchange for financing and consideration discussed below. With respect to financing, EverCare would provide $2 million in financing to the Company.  Included in the agreement is the granting of exclusive distribution rights to EverCare for Asia, Australia and Africa and the appointment by EverCare of two additional members to the Companys board of directors. Additionally, the Company has pledged via transfer of certain intellectual property, held under its DS Laboratories subsidiary, to EverCare as security for the financing. Such pledge includes buyback provisions exercisable within 5 years of the closing date of the transaction. Under the terms of the Agreement, the Company may buyback the intellectual property held under its DS Laboratories subsidiary from EverCare between March 1, 2022 and May 31, 2022, and would have to pay the equivalent to the purchase price plus 7.5% annualized compounded interest which is to be calculated over each installment as of the date of payment to the Company.  A condition of the buyback option is that effective with the financing arrangement, DS Laboratories trademarks are subject to issuance by the Company of shares equaling 5% of its capital stock at no cost at the date of closing the buyback, issuance of the Company of 1.1 million shares representing it capital stock and granting Evercare an option to acquire the total of these share for $2.2 million.   Additionally, the Company received as consideration 3 million shares of Evercare, warrants to purchase up to 900,000 shares of EverCare at $0.25 per share as part of the arrangement which can be sold back to EverCare, under certain conditions, to obtain additional financing.  As of March 31, 2017, EverCare has provided $0.5 million in financing. Interest under the financing will accrue at 7.5% per annum.     The Joint Venture arrangement with EverCare is for the development of certain new products, whereby the operational costs would be shared between the two companies.  For the 2017-QTR the two companies shared operational costs totaling $19,149.

900000

0.25

3000000

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link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 dskx-20170331_cal.xml XBRL CALCULATION FILE EX-101.DEF 10 dskx-20170331_def.xml XBRL DEFINITION FILE EX-101.LAB 11 dskx-20170331_lab.xml XBRL LABEL FILE Related Party Transactions, by Related Party [Axis] Father of Chief Executive Officer [Member] Sister of Chief Executive Officer [Member] Litigation Case [Axis] PhotoMedex Civil Action [Member] Finite-Lived Intangible Assets by Major Class [Axis] DS Mexico customer list [Member] Dr. Fernando Tamez [Member] Father of our Chief Executive Officer [Member] Sister of our Chief Executive Officer [Member ] Chief Operating Officer [Member] Currency [Axis] Mexican Pesos [Member] Business Acquisition [Axis] Brazilian distributor [Member] EverCare Prohealth Technologies LTD [Member ] Debt Instrument [Axis] Mexican Subsidiary Bank Loan [Member] Mexican Subsidiary Bank Loan Two [Member] Document and Entity Information [Abstract] Document Type Amendment Flag Document Period End Date Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Document Fiscal Period Focus Document Fiscal Year Focus Entity Filer Category Entity Units Outstanding Statement of Financial Position [Abstract] ASSETS Current Assets Cash Accounts receivable, net Inventories, net Prepaid expenses and other current assets Total Current Assets Furniture and Equipment, net Intangible Assets, net Other Assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable Accrued expenses Notes payable, current portion Other current liabilities Short-term portion of long-term debt Total Current Liabilities Long Term Debt, net of current portion TOTAL LIABILITIES COMMITMENTS AND CONTINGENCIES Shareholders' Equity Preferred stock, $0.001 par value, 30,000,000 shares authorized: 0 shares issued and outstanding at both March 31, 2017 and December 31, 2016, respectively Common stock, $0.001 par value, 300 million shares authorized: 23,537,330 shares issued and outstanding at both March 31, 2017 and December 31, 2016, respectively Additional paid-in-capital Stock subscription Accumulated deficit Accumulated comprehensive income Total Shareholders' Equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Preferred stock, par value per share Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value per share Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Net Revenue Cost of Goods Sold Gross Profit Operating Costs and Expenses: Selling and marketing Commissions and consulting Marketing and promotion Other selling and marketing expenses Total selling and marketing General and administrative Salary and personnel costs Professional fees and consulting costs Other general and administrative expenses Total general and administrative Total operating costs and expenses Operating Loss Other Income (Expense) Interest expense Interest income Other Total other income (expense) Net Loss Attributable to Common Shareholders Basic and Diluted Earnings per Share: Weighted average shares outstanding Net Loss per share Other Comprehensive Loss: Foreign currency translation adjustment Comprehensive loss Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Net Loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Recovery of bad debts Stock issued for services Changes in operating assets and liabilities: Accounts receivable, net Inventories, net Prepaid expenses and other current assets Accounts payable Accrued expenses Other current liabilities Net cash used in operating activities Cash Flows from Investing Activities: Purchase of furniture and equipment Other assets Net cash (used in) provided by investing activities Cash Flows from Financing Activities: Proceeds of loans and notes Repayment of loans and notes Proceeds from sale of common stock Proceeds from exercise of warrants Net cash provided (used in) financing activities Effect of exchange rate changes on cash Increase (Decrease) in cash Cash, Beginning of Period Cash, End of Period Supplemental Information: Cash paid for interest Supplemental Non-cash Investing and Financing Activities Stock issued to settle debt Conversion of note and accrued interest to common stock Warrants issued in connection with notes Sale of common stock pending proceeds, recorded as stock subscription Common stock issued for prepaid services Warrants issued for stock-based compensation Common stock issued to settle accrued expenses Organization, Consolidation and Presentation of Financial Statements [Abstract] ORGANIZATION AND NATURE OF BUSINESS Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES LIQUIDITY and GOING CONCERN [Abstract] LIQUIDITY and GOING CONCERN New Accounting Pronouncements and Changes in Accounting Principles [Abstract] RECENT ACCOUNTING PRONOUNCEMENTS Restatement RESTATEMENT OF FINANCIAL STATEMENTS Inventory Disclosure [Abstract] INVENTORIES Goodwill and Intangible Assets Disclosure [Abstract] INTANGIBLE ASSETS Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Barter Credits BARTER CREDITS Debt Disclosure [Abstract] DEBT Equity [Abstract] EQUITY Business Combinations [Abstract] ACQUISITION Principles of Consolidation and Presentation Interim Condensed Consolidated Financial Statements Prior Period Reclassifications Use of Estimates Risks and Uncertainties Business Acquisitions Cash Accounts Receivable Inventories Furniture and Equipment Long-Lived Assets Intangible Assets Goodwill Non-Controlling Interest Revenue Recognition Research and Development Share-Based Payment Income Taxes Earnings Per Share Segment Information Debt Discounts Fair Value of Financial Instruments Subsequent Events Functional Currency Restatement Tables Schedule of Effects of Restatement on Previously Issued Financial Statements Schedule of the Significant Components of Inventory Schedule of Intangible Assets Schedule of Future Amortization Expense for Intangible Assets EX-101.PRE 12 dskx-20170331_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 15, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Entity Registrant Name	DS HEALTHCARE GROUP, INC.
Entity Central Index Key	0001463959
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017
Entity Filer Category	Smaller Reporting Company
Entity Units Outstanding		23,537,330

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash	$ 651,636	$ 322,319
Accounts receivable, net	811,473	2,028,360
Inventories, net	2,274,387	2,251,005
Prepaid expenses and other current assets	115,326	114,612
Total Current Assets	3,852,822	4,716,296
Furniture and Equipment, net	97,564	106,531
Intangible Assets, net	361,877	340,295
Other Assets	595,399	555,162
TOTAL ASSETS	4,907,662	5,718,284
Current Liabilities
Accounts payable	2,270,921	2,413,000
Accrued expenses	1,075,694	1,235,914
Notes payable, current portion	161,049	75,932
Other current liabilities	704,920	712,232
Total Current Liabilities	4,212,584	4,437,078
Long Term Debt, net of current portion	539,644	47,587
TOTAL LIABILITIES	4,752,228	4,484,665
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Preferred stock, $0.001 par value, 30,000,000 shares authorized: 0 shares issued and outstanding at both March 31, 2017 and December 31, 2016, respectively
Common stock, $0.001 par value, 300 million shares authorized: 23,537,330 shares issued and outstanding at both March 31, 2017 and December 31, 2016, respectively	23,538	23,538
Additional paid-in-capital	29,060,555	29,060,555
Accumulated deficit	(29,067,812)	(27,918,109)
Accumulated comprehensive income	139,153	67,635
Total Shareholders' Equity	155,434	1,233,619
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,907,662	$ 5,718,284

XML 15 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	300,000,000	300,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	23,537,330	23,537,330
Common stock, shares outstanding	23,537,330	23,537,330

XML 16 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net Revenue	$ 2,094,393	$ 2,325,035
Cost of Goods Sold	1,063,237	1,434,066
Gross Profit	1,031,156	890,969
Selling and marketing
Commissions and consulting	214,907	188,643
Marketing and promotion	415,614	479,325
Other selling and marketing expenses	386,943	490,091
Total selling and marketing	1,017,464	1,158,059
General and administrative
Salary and personnel costs	613,321	641,814
Professional fees and consulting costs	353,117	1,208,676
Other general and administrative expenses	249,014	254,252
Total general and administrative	1,215,452	2,104,742
Total operating costs and expenses	2,232,916	3,262,801
Operating Loss	(1,201,760)	(2,371,832)
Other Income (Expense)
Interest expense	(50,058)	(10,231)
Interest income	40,468
Other	61,647	(131,494)
Total other income (expense)	52,057	(141,725)
Net Loss Attributable to Common Shareholders	$ (1,149,703)	$ (2,513,557)
Basic and Diluted Earnings per Share:
Weighted average shares outstanding	22,537,330	22,556,765
Net Loss per share	$ (0.05)	$ (0.11)
Other Comprehensive Loss:
Foreign currency translation adjustment	$ 28,128	$ (223,171)
Comprehensive loss	$ (1,177,831)	$ (2,290,386)

XML 17 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net Loss	$ (1,149,703)	$ (2,513,557)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	30,775	141,361
Recovery of bad debts		(65,241)
Stock issued for services		24,000
Changes in operating assets and liabilities:
Accounts receivable, net	1,216,887	464,580
Inventories, net	(23,382)	270,748
Prepaid expenses and other current assets	(714)	53,272
Accounts payable	(142,079)	184,863
Accrued expenses	(160,220)	(427,418)
Other current liabilities	(7,312)	(209,196)
Net cash used in operating activities	(235,748)	(2,076,588)
Cash Flows from Investing Activities:
Other assets	(40,237)	468
Net cash (used in) provided by investing activities	(40,237)	468
Cash Flows from Financing Activities:
Proceeds of loans and notes	590,145	97,966
Repayment of loans and notes	(12,971)	(100,719)
Net cash provided (used in) financing activities	577,174	(2,753)
Effect of exchange rate changes on cash	28,128	194,030
Increase (Decrease) in cash	329,317	(1,884,843)
Cash, Beginning of Period	322,319	4,517,604
Cash, End of Period	651,636	2,632,761
Supplemental Information:
Cash paid for interest	$ 6,662

XML 18 R6.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND NATURE OF BUSINESS

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND NATURE OF BUSINESS

NOTE 1. – ORGANIZATION AND NATURE OF BUSINESS

Terms and Definitions


	ASC	Accounting Standards Codification
	ASU	Accounting Standards Update
	FASB	Financial Accounting Standards Board
	FIFO	First-in, First-out
	US GAAP	Accounting principles generally accepted in the United States of America
	SEC	Securities and Exchange Commission
	2016-QTR	Three months ended March 31, 2016
	2017-QTR	Three months ended March 31, 2017
	VIE	Variable Interest Entity

Organization and Nature of Business

XML 19 R7.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Presentation

Interim Condensed Consolidated Financial Statements

Use of Estimates


·	Estimates of allowances for uncollectable accounts receivable,
·	Estimates of inventory obsolescence and overhead and labor cost allocations,
·	Estimates assuming future earning capacity of our intangible assets,
·	Estimates of value of equity transactions for services rendered,
·	Estimates of returned or damaged product,
·	Estimates made in connection with our acquisition loss reserve, and
·	Estimates made in our deferred income tax calculations, for which there is a full valuation allowance.

Accounts Receivable

Inventories

Revenue Recognition


·	Identify the contract(s) with a customer,
·	Identify the separate performance obligations in the contract,
·	Determine the transaction price,

Allocate the transaction price to the separate performance obligations, and

Recognize revenues when (or as) the Company satisfies a performance obligation.

Research and Development

Earnings Per Share

XML 20 R8.htm IDEA: XBRL DOCUMENT

LIQUIDITY and GOING CONCERN

3 Months Ended

Mar. 31, 2017

LIQUIDITY and GOING CONCERN [Abstract]

LIQUIDITY and GOING CONCERN

NOTE 3. – LIQUIDITY and GOING CONCERN

XML 21 R9.htm IDEA: XBRL DOCUMENT

RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2017

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 4. – RECENT ACCOUNTING PRONOUNCEMENTS

Recent Accounting Pronouncements

XML 22 R10.htm IDEA: XBRL DOCUMENT

INVENTORIES

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5. – INVENTORIES

Significant components of inventory at March 31, 2017 and December 31, 2016 consist primarily of:


	2017			2016

Bulk product and raw materials	$	1,993,509		$	1,739,309
Work in process		287,329			196,451
Merchandise inventory		572,820			815,103
Inventory in transit		72,370			151,783
Less: Allowance		(651,641	)		(651,641	)
	$	2,274,387		$	2,251,005

XML 23 R11.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 6. – INTANGIBLE ASSETS

Significant components of intangible assets at March 31, 2017 and December 31, 2016 consist of:


	2017			2016
DS Mexico customer list		652,598			590,821
Less: Accumulated amortization		(316,128	)		(273,528	)
Net customer list		336,470			317,293

Goodwill		25,407			23,002
	$	361,877		$	340,295

The following table represents the amortized cost of the various assets over the remaining years; the weighted average remaining period is 5.83 years.


	2017		2018		2019		2020		Beyond		Total
Asset:
Mexican Customer list	$	72,537	$	72,537	$	72,537	$	72,537	$	27,145	$	317,293
	$	72,537	$	72,537	$	72,537	$	72,537	$	27,145	$	317,293

XML 24 R12.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 7. – COMMITMENTS AND CONTINGENCIES

Pending and threatened litigation

XML 25 R13.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2017

RELATED PARTY TRANSACTIONS

NOTE 8. – RELATED PARTY TRANSACTIONS

For the three months ended March 31, 2017 and 2016, the Company was a party to the following related party transactions not disclosed elsewhere in these financial statements:

The Company paid $27,418 and $25,808 during 2017-QTR and 2016-QTR, respectively, as compensation to the father of our Chief Executive Officer,

The Company paid $0 and $6,250 during 2017-QTR and 2016-QTR, respectively, as compensation to the sister of our Chief Executive Officer,

The Company paid $50,000 and $0 in 2017-QTR and 2016-QTR, respectively, as compensation to Dr. Fernando Tamez as Chief Operating Officer of the Company.

XML 26 R14.htm IDEA: XBRL DOCUMENT

BARTER CREDITS

3 Months Ended

Mar. 31, 2017

Barter Credits

BARTER CREDITS

NOTE 9. – BARTER CREDITS

XML 27 R15.htm IDEA: XBRL DOCUMENT

DEBT

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

DEBT

NOTE 10 – DEBT

Bank Loans

Evercare Sale & Joint Venture Agreement

XML 28 R16.htm IDEA: XBRL DOCUMENT

EQUITY

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

EQUITY

NOTE 11 – EQUITY

Common Stock

XML 29 R17.htm IDEA: XBRL DOCUMENT

ACQUISITION

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

ACQUISITION

NOTE 12. – ACQUISITION

On January 30, 2017, the Company paid $33,000 towards the purchase price. However as of the date of the Company filing its annual 10-K report for the year ended December 31, 2016, the Brazilian distributor was not cooperative with The Company’s attempts to perform the required due diligence and refused to grant access to the records or provide the required information preventing the Company to properly consolidating the entity. Therefore, on March 29, 2017, the Company informed the Brazilian distributor, by way of legal letter, that they are in breach of the agreement and subsequently rescinded the agreement dated December 29, 2016 and has demanded a return of the monies paid to date. Due to the uncertainty of the outcome of this legal action and the uncertainty of the Company’s ability to obtain the net assets of the distributor in 2016, the Company deemed it necessary to expense the full value of the agreement in 2016.

XML 30 R18.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Principles of Consolidation and Presentation

Principles of Consolidation and Presentation

Interim Condensed Consolidated Financial Statements

Interim Condensed Consolidated Financial Statements

Use of Estimates

Use of Estimates


·	Estimates of allowances for uncollectable accounts receivable,
·	Estimates of inventory obsolescence and overhead and labor cost allocations,
·	Estimates assuming future earning capacity of our intangible assets,
·	Estimates of value of equity transactions for services rendered,
·	Estimates of returned or damaged product,
·	Estimates made in connection with our acquisition loss reserve, and
·	Estimates made in our deferred income tax calculations, for which there is a full valuation allowance.

Accounts Receivable

Accounts Receivable

Inventories

Inventories

Revenue Recognition

Revenue Recognition


·	Identify the contract(s) with a customer,
·	Identify the separate performance obligations in the contract,
·	Determine the transaction price,


·	Allocate the transaction price to the separate performance obligations, and
·	Recognize revenues when (or as) the Company satisfies a performance obligation.

Research and Development

Research and Development

Earnings Per Share

Earnings Per Share

- Definition

Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.

+ References + Details

XML 31 R19.htm IDEA: XBRL DOCUMENT

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Schedule of the Significant Components of Inventory

Significant components of inventory at March 31, 2017 and December 31, 2016 consist primarily of:


	2017			2016

Bulk product and raw materials	$	1,993,509		$	1,739,309
Work in process		287,329			196,451
Merchandise inventory		572,820			815,103
Inventory in transit		72,370			151,783
Less: Allowance		(651,641	)		(651,641	)
	$	2,274,387		$	2,251,005

XML 32 R20.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Significant components of intangible assets at March 31, 2017 and December 31, 2016 consist of:


	2017			2016
DS Mexico customer list		652,598			590,821
Less: Accumulated amortization		(316,128	)		(273,528	)
Net customer list		336,470			317,293

Goodwill		25,407			23,002
	$	361,877		$	340,295

Schedule of Future Amortization Expense for Intangible Assets

The following table represents the amortized cost of the various assets over the remaining years; the weighted average remaining period is 5.83 years.


	2017		2018		2019		2020		Beyond		Total
Asset:
Mexican Customer list	$	72,537	$	72,537	$	72,537	$	72,537	$	27,145	$	317,293
	$	72,537	$	72,537	$	72,537	$	72,537	$	27,145	$	317,293

XML 33 R21.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)		3 Months Ended
	Feb. 08, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Provision for doubtful accounts receivable		$ 591,836		$ 725,929
Allowance for uncollectable accounts		651,641		$ 651,641
Research and development expense		$ 41,642	$ 34,736
Anti-dilutive shares excluded from the earnings per share calculation		0	444,213
EverCare Prohealth Technologies LTD [Member ]
Summary Of Significant Accounting Policies [Line Items]
Research and development expense	$ 19,149

XML 34 R22.htm IDEA: XBRL DOCUMENT

LIQUIDITY and GOING CONCERN (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Accumulated deficit	$ 29,067,812	$ 27,918,109
Cash	$ 651,636	$ 322,319	$ 2,632,761	$ 4,517,604

XML 35 R23.htm IDEA: XBRL DOCUMENT

INVENTORIES (Details) - USD ($)	3 Months Ended
INVENTORIES (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Bulk product and raw materials	$ 1,993,509	$ 1,739,309
Work in process	287,329	196,451
Merchandise inventory	572,820	815,103
Inventory in transit	72,370	151,783
Less: Allowance	(651,641)	(651,641)
Inventory, net, total	2,274,387	$ 2,251,005
Reserve for slow moving inventory	249,319
Merchandise sold to barter company	$ 2,228,617

XML 36 R24.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 25,407	$ 23,002
Total intangible assets	$ 361,877	340,295
Weighted average remaining amortization period	5 years 9 months 29 days
DS Mexico customer list [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, gross	$ 652,598	590,821
Finite-lived intangible asset, accumulated amortization	(316,128)	(273,528)
Finite-lived intangible assets, net, total	$ 336,470	$ 317,293

XML 37 R25.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS (Schedule of Future Amortization Expense for Intangible Assets) (Details)	Mar. 31, 2017 USD ($)
Finite-Lived Intangible Assets [Line Items]
2017	$ 72,537
2018	72,537
2019	72,537
2020	72,537
Beyond	27,145
Amortized cost of assets	317,293
DS Mexico customer list [Member]
Finite-Lived Intangible Assets [Line Items]
2017	72,537
2018	72,537
2019	72,537
2020	72,537
Beyond	27,145
Amortized cost of assets	$ 317,293

XML 38 R26.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details)	May 27, 2016 USD ($)
PhotoMedex Civil Action [Member]
Loss Contingencies [Line Items]
Damages sought in litigation matter	$ 3,000,000

XML 39 R27.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details)		1 Months Ended		3 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Feb. 08, 2017 USD ($) shares	Jan. 30, 2017 USD ($)	Dec. 29, 2016 USD ($) shares	Mar. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2016 USD ($)	Mar. 31, 2017 MXN shares	Dec. 31, 2016 USD ($)	Dec. 31, 2016 MXN
Related Party Transaction [Line Items]
Proceeds from issuance of financing				$ 590,145	$ 97,966
Research and development expense				41,642	34,736
Brazilian distributor [Member]
Related Party Transaction [Line Items]
Acquired percentage of shares			100.00%
Cash payment for acquisition		$ 33,000	$ 47,000
Guaranteed employment contract assumed under agreement			$ 28,000
Option to receive per month \| shares			500
Option to receive per month period			24 months
Agreement value			$ 250,000
Father of our Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Expense incurred with related party				27,418	25,808
Sister of our Chief Executive Officer [Member ]
Related Party Transaction [Line Items]
Expense incurred with related party				0	6,250
Dr. Fernando Tamez [Member]
Related Party Transaction [Line Items]
Expense incurred with related party				15,000	15,000
Revenue from related party				48,583	81,233
Accounts receivables				559,283			$ 498,479
Other current liabilities due to related party				129,200			$ 129,200
Dr. Fernando Tamez [Member] \| Mexican Pesos [Member]
Related Party Transaction [Line Items]
Other current liabilities due to related party \| MXN						MXN 2,118,000		MXN 2,118,000
Chief Operating Officer [Member]
Related Party Transaction [Line Items]
Expense incurred with related party				50,000	$ 0
EverCare Prohealth Technologies LTD [Member ]
Related Party Transaction [Line Items]
Proceeds from issuance of financing	$ 2,000,000			$ 500,000
Buyback provisions exercisable period	5 years
Shares received \| shares				3,000,000
Warrants to purchase shares \| shares				900,000		900,000
Exercise price \| $ / shares				$ 0.25
Interest rate				7.50%		7.50%
Percentage of capital stock at no cost at date of closing buyback	5.00%
Shares issued for buyback \| shares	1,100,000
Buyback option exericse price	$ 2,200,000
Research and development expense	$ 19,149

XML 40 R28.htm IDEA: XBRL DOCUMENT

BARTER CREDITS (Details)	3 Months Ended
BARTER CREDITS (Details)	Mar. 31, 2016 USD ($)
Barter Credits
Merchandise sold to barter company	$ 2,228,617

XML 41 R29.htm IDEA: XBRL DOCUMENT

DEBT (Bank Loans) (Details)		3 Months Ended
DEBT (Bank Loans) (Details)	Feb. 08, 2017 USD ($) shares	Mar. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2016 USD ($)	Mar. 31, 2017 MXN shares
Proceeds from issuance of financing		$ 590,145	$ 97,966
Research and development expense		$ 41,642	$ 34,736
EverCare Prohealth Technologies LTD [Member ]
Interest rate		7.50%		7.50%
Proceeds from issuance of financing	$ 2,000,000	$ 500,000
Buyback provisions exercisable period	5 years
Shares received \| shares		3,000,000
Warrants to purchase shares \| shares		900,000		900,000
Exercise price \| $ / shares		$ 0.25
Percentage of capital stock at no cost at date of closing buyback	5.00%
Shares issued for buyback \| shares	1,100,000
Buyback option exercise price	$ 2,200,000
Research and development expense	$ 19,149
Mexican Subsidiary Bank Loan [Member]
Debt instrument, face amount		$ 25,765
Interest rate		16.71%		16.71%
Maturity date		Apr. 30, 2017
Outstanding bank loan balance		$ 25,765
Mexican Subsidiary Bank Loan [Member] \| Mexican Pesos [Member]
Debt instrument, face amount \| MXN				MXN 482,000
Outstanding bank loan balance \| MXN				MXN 482,000
Mexican Subsidiary Bank Loan Two [Member]
Debt instrument, face amount		$ 72,324
Interest rate		14.64%		14.64%
Maturity date		May 31, 2017
Outstanding bank loan balance		$ 72,324
Mexican Subsidiary Bank Loan Two [Member] \| Mexican Pesos [Member]
Debt instrument, face amount \| MXN				MXN 1,353,028
Outstanding bank loan balance \| MXN				MXN 1,353,028

XML 42 R30.htm IDEA: XBRL DOCUMENT

EQUITY (Details)	Jan. 31, 2016 USD ($) shares
Equity [Abstract]
Stock Purchase Agreement, shares \| shares	605,000
Stock Purchase Agreement, amount	$ 1,996,500
Subscription receivable	$ 1,196,500

XML 43 R31.htm IDEA: XBRL DOCUMENT

ACQUISITION (Details) - Brazilian distributor [Member] - USD ($)	1 Months Ended
	Jan. 30, 2017	Dec. 29, 2016
Acquired percentage of shares		100.00%
Cash payment for acquisition	$ 33,000	$ 47,000
Guaranteed employment contract assumed under agreement		$ 28,000
Option to receive per month		500
Option to receive per month period		24 months
Agreement value		$ 250,000

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