ELITE ENERGIES, INC.
|
(Exact name of registrant as specified in its charter)
|
Delaware
|
333-168184
|
26-3936718
|
||
(State or other jurisdiction of incorporation or organization)
|
(Commission File No.)
|
(I.R.S. Employer Identification No.)
|
848 Stewart Drive, Suite 101
Sunnyvale, California 94085
|
(Address of principal executive offices)
|
(888) 209-9909
|
(Registrant’s telephone number, including area code)
|
Not applicable
|
(Former name, former address and former fiscal year, if changed since last report)
|
Large Accelerated Filer o | Accelerated Filer o | ||
Non-Accelerated Filer o | Smaller Reporting Company x | ||
(Do not check if a smaller reporting company) |
Item 1.
|
Financial Statements
|
F-1
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
1
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
5
|
Item 4
|
Controls and Procedures
|
5
|
Item 1
|
Legal Proceedings
|
5
|
Item 1A
|
Risk Factors
|
5
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
5
|
Item 3.
|
Defaults Upon Senior Securities
|
5
|
Item 4.
|
(Removed and Reserved)
|
5
|
Item 5.
|
Other Information
|
6
|
Item 6.
|
Exhibits
|
6
|
PAGE
|
F-1
|
CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2011 (UNAUDITED) AND AS OF MARCH 31, 2010 (AUDITED).
|
PAGE
|
F-2
|
CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2011 AND 2010 (UNAUDITED).
|
PAGE
|
F-3
|
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE PERIOD FROM MARCH 31, 2011 TO DECEMBER 31, 2011 (UNAUDITED).
|
PAGE
|
F-4
|
CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED DECEMBER 31, 2011 AND 2010 (UNAUDITED).
|
PAGES
|
F-5 - F-10
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED).
|
ELITE ENERGIES, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(UNAUDITED)
|
|
December 31, 2011
|
March 31, 2011
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$
|
76,241
|
$
|
42,651
|
||||
Receivables -
|
||||||||
Trade, net
|
40,049
|
52,431
|
||||||
Related parties
|
15,365
|
15,682
|
||||||
Inventory
|
571,462
|
543,513
|
||||||
Prepaid expenses
|
1,173
|
7,493
|
||||||
Total Currents Assets
|
704,290
|
661,770
|
||||||
Deposit
|
51,809
|
26,809
|
||||||
Property and Equipment, net
|
41,349
|
37,534
|
||||||
Total Assets
|
$
|
797,448
|
$
|
726,113
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Payables -
|
||||||||
Trade
|
$
|
180,732
|
$
|
126,892
|
||||
Related parties
|
24,691
|
26,123
|
||||||
Accrued expenses -
|
||||||||
Related parties
|
3,840
|
10,380
|
||||||
Interest
|
908
|
5,842
|
||||||
Other
|
6,393
|
10,358
|
||||||
Obligations under capital leases - current
|
5,011
|
6,200
|
||||||
Directors' loans
|
35,000
|
35,000
|
||||||
Loan from unrelated parties
|
10,000
|
10,000
|
||||||
Stockholder loans in subsidiaries
|
70,000
|
70,000
|
||||||
Total Current Liabilities
|
336.575
|
300,795
|
||||||
Obligations under capital leases - noncurrent
|
-
|
3,391
|
||||||
Total Liabilities
|
336,575
|
304,186
|
||||||
Commitments
|
||||||||
Stockholders' Equity
|
||||||||
Common stock, authorized 50,000,000 shares, par value $0.000001, 30,340,955 shares and 26,340,955 shares issued and outstanding on December 31, 2011 and March 31, 2011, respectively
|
30
|
26
|
||||||
Additional paid-in-capital
|
730,427
|
490,431
|
||||||
Accumulated deficit
|
(462,920
|
)
|
(300,321
|
)
|
||||
Total Elite's Stockholders' Equity
|
267,537
|
190,136
|
||||||
Noncontrolling Interest
|
193,336
|
231,791
|
||||||
Total Stockholders' Equity
|
460,873
|
421,927
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
797,448
|
$
|
726,113
|
ELITE ENERGIES, INC. AND SUBSIDIARIES
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||
(UNAUDITED)
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues-
|
||||||||||||||||
Trade, net of returns
|
$
|
237,709
|
$
|
199,210
|
$
|
723,983
|
$
|
754,248
|
||||||||
Related parties
|
15,494
|
18,050
|
59,821
|
80,415
|
||||||||||||
253,203
|
217,260
|
783,804
|
834,663
|
|||||||||||||
Cost of Revenue
|
203,185
|
174,179
|
629,150
|
644,890
|
||||||||||||
Gross profit
|
50,018
|
43,081
|
154,654
|
189,773
|
||||||||||||
Operating expenses
|
||||||||||||||||
Payroll expenses
|
46,133
|
42,220
|
137,253
|
115,829
|
||||||||||||
General and administrative
|
15,168
|
25,568
|
50,112
|
93,662
|
||||||||||||
Rent and utilities
|
23,870
|
23,392
|
71,670
|
71,069
|
||||||||||||
Legal and professional fees
|
19,757
|
14,385
|
89,444
|
79,721
|
||||||||||||
Total operating expenses
|
(104,928
|
)
|
(105,565
|
)
|
(348,479
|
)
|
(360,281
|
)
|
||||||||
Other income/(expenses)
|
||||||||||||||||
Interest income
|
2
|
7
|
8
|
129
|
||||||||||||
Interest under capital leases
|
(183
|
)
|
(361)
|
(687
|
)
|
(1,205
|
)
|
|||||||||
Note interest
|
(2,175
|
)
|
(1,575)
|
(6,550
|
)
|
(6,042
|
)
|
|||||||||
Total other income/(expenses)
|
(2,356
|
)
|
(1,929)
|
(7,229
|
)
|
(7,118
|
)
|
|||||||||
Loss before income taxes
|
(57,266
|
)
|
(64,413)
|
(201,054
|
)
|
(177,626
|
)
|
|||||||||
Provision for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Net loss
|
(57,266
|
)
|
(64,413)
|
(201,054
|
)
|
(177,626
|
)
|
|||||||||
Less: Net loss attributable to noncontrolling interest
|
(12,356
|
)
|
(20,977)
|
(38,455
|
)
|
(40,462
|
)
|
|||||||||
Net loss attributable to Elite Energies, Inc.
|
$
|
(44,910
|
)
|
$
|
(43,436)
|
$
|
(162,599
|
)
|
$
|
(137,164
|
)
|
|||||
Loss per Share - Basic and Diluted
|
$
|
(0.00
|
)
|
$
|
(0.00)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
|||||
Weighted average number of common shares outstanding
|
||||||||||||||||
during the period - Basic and Diluted
|
30,340,955
|
26,340,955
|
29,919,137
|
26,340,955
|
ELITE ENERGIES, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
|
|
(UNAUDITED)
|
Total Elite's
|
Total
|
|||||||||||||||||||||||||||
Common Stock
|
Paid in
|
Accumulated
|
Stockholders'
|
Noncontrolling
|
Stockholders'
|
|||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
Interest
|
Equity
|
||||||||||||||||||||||
Balance, March 31, 2011
|
26,340,955
|
$
|
26
|
$
|
490,431
|
$
|
(300,321
|
)
|
$
|
190,136
|
$
|
231,791
|
$
|
421,927
|
||||||||||||||
Issuance of Common Stock
|
4,000,000
|
4
|
239,996
|
-
|
240,000
|
-
|
240,000
|
|||||||||||||||||||||
Net Loss
|
-
|
-
|
-
|
(162,599
|
)
|
(162,599
|
)
|
(38,455
|
)
|
(201,054
|
)
|
|||||||||||||||||
Balance, December 31, 2011
|
30,340,955
|
$
|
30
|
$
|
730,427
|
$
|
(462,920
|
)
|
$
|
267,537
|
$
|
193,336
|
$
|
460,873
|
ELITE ENERGIES, INC. AND SUBSIDIARIES
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(UNAUDITED)
|
||||||||
Nine Months Ended December 31,
|
||||||||
2011
|
2010
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$
|
(201,054
|
)
|
$
|
(177,626
|
)
|
||
Adjustment to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
8,129
|
10,038
|
||||||
Provision for doubtful accounts
|
-
|
20,390
|
||||||
Change in operating assets and liabilities:
|
||||||||
(Increase)/Decrease in accounts receivable
|
12,382
|
(8,264
|
)
|
|||||
Decrease in accounts receivable from related parties
|
317
|
3,513
|
||||||
Decrease in accounts receivable, other
|
-
|
500
|
||||||
(Increase) in inventories
|
(27,950
|
)
|
(279,899
|
)
|
||||
Decrease in prepaid expenses and inventory in transit
|
6,320
|
84,408
|
||||||
(Increase) in deposit
|
(25,000
|
)
|
(15,000
|
)
|
||||
(Increase) in trademark
|
-
|
(325
|
)
|
|||||
Increase in trade accounts payable
|
53,840
|
56,866
|
||||||
(Decrease) in accounts payable to related parties
|
(1,432
|
)
|
(5,337
|
)
|
||||
Increase/(Decrease) in accrued expenses to related parties
|
(6,540
|
)
|
9,260
|
|||||
(Decrease) in accrued interest expenses
|
(4,934
|
)
|
(1,958
|
)
|
||||
Increase/(Decrease) in other accrued expenses
|
(3,965
|
)
|
48,196
|
|||||
Net Cash Used in Operating Activities
|
(189,887
|
)
|
(255,238
|
)
|
||||
Net Cash Used in Investing Activities for purchase of property and equipment
|
(11,944
|
)
|
(15,909
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from issuance of common stock
|
240,000
|
-
|
||||||
Proceeds from issuance of common stock in subsidiaries
|
-
|
90,000
|
||||||
Repayment of stockholder loan in subsidiaries
|
-
|
(50,000
|
)
|
|||||
Proceeds from loans from directors
|
-
|
35,000
|
||||||
Proceeds from loans from unrelated parties
|
-
|
10,000
|
||||||
Proceeds from collection of subscription receivable
|
-
|
120,001
|
||||||
Principal payments of capital leases
|
(4,579
|
)
|
(4,062
|
)
|
||||
Net Cash Provided by Financing Activities
|
235,421
|
200,939
|
||||||
Net Increase/(Decrease) in Cash
|
33,590
|
(70,208)
|
||||||
Cash, Beginning of Period
|
42,651
|
143,116
|
||||||
Cash, End of Period
|
$
|
76,241
|
$
|
72,908
|
||||
Supplemental cash flow information
|
||||||||
Interest paid
|
$
|
12,171
|
$
|
9,205
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
Office Equipment
|
Five Years, 150% Double Declining
|
Furniture and Fixtures
|
Ten Years, 150% Double Declining
|
Forklift Equipment
|
Five Years, 200% Double Declining
|
Delivery Vehicle
|
Five Years, 200% Double Declining
|
Leasehold Improvements
|
Three to Five Years, Straight-line
|
December 31, 2011
|
March 31, 2011
|
|||||||
Office Equipment
|
$
|
7,502
|
$
|
7,502
|
||||
Furniture and Fixtures
|
14,590
|
13,070
|
||||||
Forklift Equipment
|
17,800
|
17,800
|
||||||
Delivery Vehicle
|
9,000
|
9,000
|
||||||
Leasehold Improvements
|
20,598
|
10,174
|
||||||
69,490
|
57,546
|
|||||||
Less: accumulated depreciation
|
(28,141
|
)
|
(20,012)
|
|||||
Property and equipment, net
|
$
|
41,349
|
$
|
37,534
|
December 31, 2011
|
March 31, 2011
|
|||||||
Accrued interests
|
||||||||
Stockholder loans in subsidiaries
|
$
|
733
|
$
|
4,867
|
||||
Directors’ loans
|
175
|
792
|
||||||
Loan from unrelated parties
|
-
|
183
|
||||||
$
|
908
|
$
|
5,842
|
December 31, 2011
|
March 31, 2011
|
|||||||
Forklift
|
$
|
17,800
|
$
|
17,800
|
||||
Less accumulated depreciation
|
(12,068
|
)
|
(9,612)
|
|||||
$
|
5,732
|
$
|
8,188
|
Year ending March 31
|
Amount
|
|||
2012
|
$
|
1,756
|
||
2013
|
3,511
|
|||
Thereafter
|
-
|
|||
Total minimum lease payments
|
5,267
|
|||
Less: Amount representing interest
|
(256)
|
|||
Present value of net minimum lease payments (a)
|
$
|
5,011
|
(a)
|
Reflected in the balance sheet as current and noncurrent obligations under capital leases of $5,011 and $-0-, respectively.
|
Three Months Ended
December 31,
|
||||||||
2011
|
2010
|
|||||||
Numerator:
|
||||||||
Net loss
|
$
|
(57,266
|
)
|
$
|
(64,413)
|
|||
Less: Net loss allocated to noncontrolling interest
|
(12,356
|
)
|
(20,977)
|
|||||
Net loss attributable to the Company common stockholders—basic
|
$
|
(44,910
|
)
|
$
|
(43,436)
|
|||
Denominator:
|
||||||||
Weighted average common shares
|
30,340,955
|
26,340,955
|
||||||
Net loss attributable to the Company common stockholders per share—basic
|
$
|
(0.00
|
)
|
$
|
(0.00)
|
Nine Months Ended
December 31,
|
||||||||
2011
|
2010
|
|||||||
Numerator:
|
||||||||
Net loss
|
$
|
(201,054
|
)
|
$
|
(177,626)
|
|||
Less: Net loss allocated to noncontrolling interest
|
(38,455
|
)
|
(40,462)
|
|||||
Net loss attributable to the Company common stockholders—basic
|
$
|
(162,599
|
)
|
$
|
(137,164)
|
|||
Denominator:
|
||||||||
Weighted average common shares
|
29,919,137
|
26,340,955
|
||||||
Net loss attributable to the Company common stockholders per share—basic
|
$
|
(0.01
|
)
|
$
|
(0.01)
|
1.
|
The first 60 days
Elite has engaged Globlex Transfer LLC in becoming Depository Trust & Clearing (DTC) eligible. Upon approval, shareholders will be able to trade Elite’s stock freely and easily on the OTCBB market.
|
2.
|
The first 90 days
Our approach is to increase the sign up of existing local hardware stores with our EDO program as our licensees. EDO will continue looking for high quality manufacturers both from domestic and international suppliers to support our licensees with high quality, reliability and price sensible products. In addition, the Company plans on hiring additional marketing and sales representatives in order to boost up sales revenue and expand the sales channel.
|
3.
|
Next 180 days
We are planning to expand our businesses into Hong Kong and China using EEIL to oversee and manage Far East operations.
Since our Chairwoman Mrs. Liu is in the industrial gas business, we will explore the opportunities in reselling industrial gas directly to end users. Our potential customers are likely to be in other cities outside of Hunan Province, China. Further, ERET plans to increase its ownership of QGBS up to 70% if ELITE has more funding.
Elite plans to change its name to “Elite Universal Holdings, Inc.”, upon approval from all directors, majority shareholders, and the government regulatory agencies.
|
Three Months Ended
December 31,
|
||||||||
2011
|
2010
|
|||||||
(UNAUDITED)
|
||||||||
Revenues-
|
||||||||
Trade, net of returns
|
$
|
237,709
|
$
|
199,210
|
||||
Related parties
|
15,494
|
18,050
|
||||||
Total Revenue
|
253,203
|
217,260
|
||||||
Cost of Revenue
|
203,185
|
174,179
|
||||||
Gross profit
|
50,018
|
43,081
|
||||||
Operating expenses
|
||||||||
Payroll expenses
|
46,133
|
42,220
|
||||||
General and administrative
|
15,168
|
25,568
|
||||||
Rent and utilities
|
23,870
|
23,392
|
||||||
Legal and professional fees
|
19,757
|
14,385
|
||||||
Total operating expenses
|
(104,928
|
)
|
(105,565
|
)
|
||||
Other income/(expenses)
|
||||||||
Interest income
|
2
|
7
|
||||||
Interest under capital leases
|
(183
|
)
|
(361
|
)
|
||||
Note interest
|
(2,175
|
)
|
(1,575
|
)
|
||||
Total other income/(expenses)
|
(2,356
|
)
|
(1,929
|
)
|
||||
Loss before income taxes
|
(57,266
|
)
|
(64,413
|
)
|
||||
Provision for income taxes
|
-
|
-
|
||||||
Net loss
|
(57,266
|
)
|
(64,413
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
(12,356
|
)
|
(20,977
|
)
|
||||
Net loss attributable to Elite Energies, Inc.
|
$
|
(44,910
|
)
|
$
|
(43,436
|
)
|
Nine Months Ended
December 31,
|
||||||||
2011
|
2010
|
|||||||
(UNAUDITED)
|
||||||||
Revenues-
|
||||||||
Trade, net of returns
|
$
|
723,983
|
$
|
754,248
|
||||
Related parties
|
59,821
|
80,415
|
||||||
Total Revenue
|
783,804
|
834,663
|
||||||
Cost of Revenue
|
629,150
|
644,890
|
||||||
Gross profit
|
154,654
|
189,773
|
||||||
Operating expenses
|
||||||||
Payroll expenses
|
137,253
|
115,829
|
||||||
General and administrative
|
50,112
|
93,662
|
||||||
Rent and utilities
|
71,670
|
71,069
|
||||||
Legal and professional fees
|
89,444
|
79,721
|
||||||
Total operating expenses
|
(348,479
|
)
|
(360,281
|
)
|
||||
Other income/(expenses)
|
||||||||
Interest income
|
8
|
129
|
||||||
Interest under capital leases
|
(687
|
)
|
(1,205
|
)
|
||||
Note interest
|
(6,550
|
)
|
(6,042
|
)
|
||||
Total other income/(expenses)
|
(7,229
|
)
|
(7,118
|
)
|
||||
Loss before income taxes
|
(201,054
|
)
|
(177,626
|
)
|
||||
Provision for income taxes
|
-
|
-
|
||||||
Net loss
|
(201,054
|
)
|
(177,626
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
(38,455
|
)
|
(40,462
|
)
|
||||
Net loss attributable to Elite Energies, Inc.
|
$
|
(162,599
|
)
|
$
|
(137,164
|
)
|
Exhibit No.
|
Description
|
|
31.1
|
Certification of the Principal Executive Officer of the Registrant pursuant to 18 U.S.C. as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of Principal Financial Officer of the Registrant pursuant to 18 U.S.C. as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Principal Executive Officer of the Registrant pursuant to 18 U.S,C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification of Principal Financial Officer of the Registrant pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
Interactive Data File (Form 10-Q for the quarterly period ended December 31, 2011 furnished in XBRL).
|
ELITE ENERGIES, INC.
|
|
Date: February 14, 2012
|
By: /s/Spencer Luo
|
Spencer Luo
|
|
Chief Executive Officer
|
|
(Duly Authorized Officer and Principal Executive Officer)
|
Date: February 14, 2012
|
By: /s/Stephen Wan
|
Stephen Wan
Chief Financial Officer
(Principal Financial Officer)
|
1.
|
I have reviewed this Form 10-Q of Elite Energies Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;
|
4.
|
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 Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding there liability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financing reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(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):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 14, 2012
|
/s/ Spencer Luo
|
Spencer Luo
Chief Executive Officer
(Principal Executive Officer)
|
1.
|
I have reviewed this Form 10-Q of Elite Energies Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;
|
4.
|
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 Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding there liability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financing reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(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):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 14, 2012
|
/s/ Stephen Wan
|
Stephen Wan
Chief Financial Officer
(Principal Financial Officer)
|
1.
|
Such Quarterly Report on Form 10-Q for the period ended December 31 2011, 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 such Quarterly Report on Form 10-Q for the period ended December 31 2011, fairly presents, in all material respects, the financial condition and results of operations of Elite Energies, Inc.
|
ELITE ENERGIES, INC.
|
|||
Date: February 14, 2012
|
By:
|
/s/ Spencer Luo
|
|
Spencer Luo
|
|||
Chief Executive Officer
|
|||
(Principal Executive Officer) |
1.
|
Such Quarterly Report on Form 10-Q for the period ended December 31, 2011, 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 such Quarterly Report on Form 10-Q for the period ended December 31, 2011, fairly presents, in all material respects, the financial condition and results of operations of Elite Energies, Inc.
|
ELITE ENERGIES, INC.
|
|||
Date: February 14, 2012
|
By:
|
/s/ Stephen Wan
|
|
Stephen Wan
|
|||
Chief Financial Officer
|
|||
(Principal Financial Officer) |
Property and Equipment
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3. PROPERTY AND EQUIPMENT
At December 31, 2011 and March 31, 2011 property and equipment is as follows:
Depreciation expense for the three months ended December 31, 2011 and 2010 was $2,807 and $3,761, respectively. Depreciation expense for the nine months ended December 31, 2011 and 2010 was $8,129 and $10,038, respectively.
|