0001477932-17-000563.txt : 20170207 0001477932-17-000563.hdr.sgml : 20170207 20170206214809 ACCESSION NUMBER: 0001477932-17-000563 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 76 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20170207 DATE AS OF CHANGE: 20170206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: E-WORLD USA HOLDING,INC CENTRAL INDEX KEY: 0001517498 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 208280840 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-173681 FILM NUMBER: 17577085 BUSINESS ADDRESS: STREET 1: 9550 FLAIR DRIVE STREET 2: #308 CITY: EL MONTE STATE: CA ZIP: 91731 BUSINESS PHONE: 626 448 3737 MAIL ADDRESS: STREET 1: 9550 FLAIR DRIVE STREET 2: #308 CITY: EL MONTE STATE: CA ZIP: 91731 10-K 1 eworld_10k.htm FORM 10-K eworld_10k.htm

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

(Mark One)

 

x

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

 

For the year ended December 31, 2015

 

OR

 

o

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

 

For the transition period from _____________ to _____________

 

Commission file number 333-151200

 

E-World USA Holding, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

 

5122

 

45-289-8504

(State or Other Jurisdiction of

 

(Primary Standard Industrial

 

(I.R.S. Employer

Incorporation or Organization)

 

Classification Code Number)

 

Identification No.)

 

9550 Flair Dr., Suite 302, El Monte, CA

 

91731

(Address of principal executive offices)

 

(Zip Code)

 

Issuer’s telephone number: (626) 448-3737

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Common stock, par value $0. 001 per share

(Title of class)

_____________________

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes x No o

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No x

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No x

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

 

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

 

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

x

(Do not check if a smaller reporting company)

 

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

 

The aggregate market value of the Registrant’s Common Stock held by non-affiliates of the Registrant based upon the closing price of the Registrant’s Common Stock as of June 30, 2015 was approximately $1,132,997 (based on 11,329,973 shares of common stock outstanding held by non-affiliates on such date, $0.10 per share). Shares of the Registrant’s Common Stock held by each executive officer and director and by each entity or person that, to the Registrant’s knowledge, owned 5% or more of the Registrant’s outstanding Common Stock as of June 30, 2015 have been excluded in that such persons may be deemed to be affiliates of the Registrant. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

 

The number of outstanding shares of Registrant’s Common Stock, $0.001 par value, was 142,828,993 shares as of February 6, 2017.


 
 
 

  

TABLE OF CONTENTS

 

PART I

 

Item 1.

Description of Business

 

5

 

Item 2.

Description of Property

 

12

 

Item 3.

Legal Proceedings

 

13

 

Item 4.

Mine Safety Disclosures

 

13

 

Item 5.

Market for Common Equity and Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities

 

14

 

Item 6.

Selected Consolidated Financial Data

 

14

 

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operation

 

15

 

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

 

17

 

Item 8.

Financial Statements

 

F-1

 

Item 9.

Changes In and Disagreements With Accountants on Accounting and Financial Disclosures

 

18

 

Item 9A.

Controls and Procedures

 

18

 

Item 9B.

Other Information

 

19

 

Item 10.

Directors, Executive Officers, Promoters, Control Persons and Corporate Governance; Compliance with Section 16(a) of the Exchange Act

 

19

 

Item 11.

Executive Compensation

 

21

 

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

21

 

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

 

22

 

Item 14.

Principal Accountant Fees and Services

 

23

 

Item 15.

Exhibits

 

24

 

 
2

  

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

 

This Annual Report on Form 10-K, the other reports, statements, and information that we have previously filed or that we may subsequently file with the Securities and Exchange Commission, or SEC, and public announcements that we have previously made or may subsequently make, may include or may incorporate by reference certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to enjoy the benefits of that act. Unless the context is otherwise, the forward-looking statements included or incorporated by reference in this Form 10-K and those reports, statements, information and announcements address activities, events or developments that E-World USA Holding, Inc. (hereinafter referred to as “we,” “us,” “our,” “our Company” or “E-World”) expects or anticipates, will or may occur in the future. Any statements in this document about expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “will continue,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” and similar expressions. Accordingly, these statements involve estimates, assumptions and uncertainties, which could cause actual results to differ materially from those expressed in them. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this document. All forward-looking statements concerning economic conditions, rates of growth, rates of income or values as may be included in this document are based on information available to us on the dates noted, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results may differ materially from those in such forward-looking statements due to fluctuations in interest rates, inflation, government regulations, economic conditions and competitive product and pricing pressures in the geographic and business areas in which we conduct operations, including our plans, objectives, expectations and intentions and other factors discussed elsewhere in this Report.

 

Certain risk factors could materially and adversely affect our business, financial conditions and results of operations and cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by us, and you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. The risks and uncertainties we currently face are not the only ones we face. New factors emerge from time to time, and it is not possible for us to predict which will arise. There may be additional risks not presently known to us or that we currently believe are immaterial to our business. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If any such risks occur, our business, operating results, liquidity and financial condition could be materially affected in an adverse manner. 

 

The industry and market data contained in this report are based either on our management’s own estimates or, where indicated, independent industry publications, reports by governmental agencies or market research firms or other published independent sources and, in each case, are believed by our management to be reasonable estimates. However, industry and market data is subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey of market shares. We have not independently verified market and industry data from third-party sources. In addition, consumption patterns and customer preferences can and do change. As a result, you should be aware that market share, ranking and other similar data set forth herein, and estimates and beliefs based on such data, may not be verifiable or reliable.

 

 
3
Table of Contents

 

PART I

 

NOTICE TO INVESTORS:

PLEASE READ BEFORE EXAMINING THE REMAINDER OF THIS FORM 10-K.

 

If E-World’s new method of marketing in China, called the Affiliate Marketing Program, is considered by Chinese government authorities to violate the laws of the People’s Republic of China, the Company could suffer damages similar to, or harsher than, those which resulted from actions taken by the Chinese government in connection with the Company’s previous, now-discontinued Direct Sales Associate, or “DSA”, sales method, which could lead to a significant decline in revenues as well as the loss of all or a significant amount of the value of your investment.

 

As noted in “Legal Proceedings” below, the Company suffered significant financial hardship as a result of the Chinese government’s action against E-World’s sales activities under its previous DSA marketing program, now discontinued, which the government alleged violated Chinese law. These hardships include the loss of $3,643,000 in cash that is the property of the Company that is now held in bank accounts in the People’s Republic of China and, to a material extent, a decrease in E-World’s annual revenue from $6,833,768 for the fiscal year ended December 31, 2014 to $367,393 for the fiscal year ended December 31, 2015.

 

The Chinese legal provisions governing the type of sales activities currently used by E-World, called the Affiliate Marketing Program, or AMP (“AMP”) are called Regulations on Prohibition of Chuanxiao (2005) [“Anti Chuanxiao Regulations”]. The law gives regulatory authorities wide discretion in applying the Anti-Chuanxio Regulations to sales activities, such as the AMP used by the Company in China.

 

There is significant risk that the Chinese regulatory authorities can find the AMP illegal under relevant Chinese law for the following reasons:

 

·

Under the Affiliate Marketing Program, the activities of the Company or the Affiliate Members may be regarded as Chuanxiao activities prohibited by the Anti-Chuanxiao Regulations.

 

·

The fact that the Company was regarded as a Chuanxiao organization by the local authorities of Zhushan county, Hubei, China, and that a number of the Company’s products were identified to have been used in the previous Chuanxiao activities also adds to the risk that the Company and the Affiliate Members may be regarded as engaging in Chuanxiao activities under the AMP.

 

·

The activities of the Company and/or the Affiliate Members may be regarded as a breach of the Food Safety Law (2015) (“Food Safety Law”) and other applicable laws, if the health care products and other products of the Company imported into China do not meet relevant legal requirements, or if the Affiliate Members fail to comply with relevant legal requirements in relation to the advertising of these products in China.

 

·

The Affiliate Members’ marketing activities may be regarded as a breach of the Regulations on Administration of Direct Sales (2005) (“Direct Sales Regulations”) because the Company is not licensed to engage in the direct sales business in China.

 

Notwithstanding the past history of being found in violation of Chinese law for its selling methods and the significant adverse consequences described above, the Company has chosen to continue to utilize the AMP.

 

INVESTORS ARE URGED TO USE EXTREME CAUTION IN CONNECTION WITH ANY EXISTING OR POTENTIAL INVESTMENT IN THE COMPANY BECAUSE OF THE RISKS CITED ABOVE.

 

 
4
Table of Contents

  

Item 1. Description of Business

 

Introduction

 

Our Company is a provider of Health and Nutritional supplements and Personal Care products currently sold on the Internet. In June 2014, we suspended our prior sales model which involved sales of our products through another website by means of a network of Direct Sales Associates, or “DSA’s.” In response to the legal action taken by the Chinese authorities that resulted in freezing approximately $3,643,000 of funds held in a Chinese account, since June 2014, we have mainly sold our products over the Internet directly to end-user customers, and sales have decreased in a material amount due to the elimination of the use of DSA’s.

 

We currently do not use the DSA model in any country, and we cannot predict when, if ever, we will recommence using this model. To date, sales through our website, www.dailynu.com, and our Affiliate Marketing Program (launched in March 2016) have not generated a significant volume of sales, and no assurance can be provided that sales will improve in the near term or long term.

 

Company History

 

E-World USA Holding, Inc., a California corporation and our predecessor, was established in January 2007. In April 2011, E-World USA Holding, Inc., a California corporation entered into a merger agreement with its wholly-owned subsidiary, E-World USA Holding, Inc., a Nevada corporation, which was the survivor of the merger. Under the Merger Agreement, we issued 90,000,000 shares of our common stock on a one share for one share basis for each share of E-World USA Holding, Inc., a California corporation, common stock issued and outstanding at the date of the merger. In addition, we issued Type A and Type B Warrants in exchange for comparable Warrants issued and outstanding in E-World USA Holding, Inc., a California corporation, at the date of the merger. All Type A and Type B Warrants have been fully exercised, and none are currently issued and outstanding.

 

On October 20, 2014, we established a wholly owned subsidiary, E-World Canada Holding, Inc., for the purpose of acquiring a Company in Canada. Also, on October 24, 2014, we entered into a Share Purchase Agreement for the purchase of the outstanding shares of Prime Nutrisource Inc., Nugale Pharmaceutical Inc., and Prime Nutrisource Inc. (New Jersey), in consideration of CAD$2,000,000, the equivalent of $1,766,071, the issuance of a promissory note in the principal amount of CAD$22,780,000, the equivalent of $20,184,902, and the issuance of 25,000,000 exchangeable shares of the Company. In addition, we have agreed to issue to the previous owner of Prime additional shares of exchangeable stock of the Purchaser following the completion of the Offering so that the 25,000,000 exchangeable shares plus such additional shares of exchangeable stock could be exchanged for an aggregate of 25% of the issued and outstanding shares of common stock of our Company immediately following the completion of the Offering.

 

On April 21, 2015, we terminated our purchase of the Prime Corporations, and entered into a Termination and Release Agreement with the Prime Corporations, the former owners of the Prime Corporations, Guo Yin Xie, Jian Long, Hong Shu Zhu, 2434689 Ontario Inc., 2434691 Ontario Inc., and 2434694 Ontario Inc., and our subsidiary E-World Canada Holding, Inc.. Upon termination of the agreement:

 

·

Prime subsequently returned CAD$1,500,000 of the CAD$2,000,000 cash portion of the purchase, equivalent to $1,247,920. The 25,000,000 exchangeable shares the Company subsequently were returned to the Company along with the additional contingent consideration of the exchangeable stock for an aggregate of 25% of the issued and outstanding shares of common stock of the Company immediately following the completion of the Offering.

 

·

The promissory note in the principal amount of CAD$22,780,000, the equivalent of $20,201,304, was cancelled.

 

Products

 

In June 2014, we suspended our direct marketing model in China in response to the legal action taken by the Chinese authorities. Since June 2014, we have sold our products primarily over the Internet directly to end-user customers. Certain miscellaneous sales are made directly to customers who walk into the Company and customers who call the Company directly for products. We are now focusing on selling Health and Nutritional supplements and Personal Care products directly on the Internet through our website, www.dailynu.com. As of the date of filing of this Report, the Company continues to market its seven individual nutritional supplement products and seven skin-care products on this website. We also sell similar products of third parties on the site. See "Notice to Investors," above.

 

 
5
Table of Contents

 

Company Products

 

Our nutritional supplement products are made according to a micro molecular nutrition formula. To achieve the maximum effect of products, micro molecular health foods were designed to be absorbed by cells directly with minimum chemical conversion which we believe promotes faster absorption. We believe our company is one of only a few companies in the market which are using a small molecular nutrition formula.

 

In November and December 2016, our Dibeier Granules & Oral products successfully passed the inspection by the Shenzhen Academy of Metrology & Qualify Inspection and the Guangdong Quality Supervision and Inspection Institution for Food (Shenzhen). A copy of these two inspection reports are filed as an exhibit to this Form 10-K. As a result, we believe that that our Dibeier Granules & Oral products will be able to be directly exported to the China market and to be sold at nutritional supplement stores in China as food, rather than only through our website. The Company is working to determine which U.S. and Chinese regulatory requirements must be satisfied before it undertakes any exports of the Dibeier products. No assurance can be given that such exports will eventually occur.

 

The nutritional supplements do not have intellectual property protection for the formulas. Nutritional products consisted of 98% and 81% of total sales for the years ended December 31, 2015 and 2014, respectively.

 

Our skin-care products were developed, and formulas are owned by, another company from which we purchased the rebranding right. These products focus on restoring epidermal calcium. The products are intended to provide a positive epidermal environment for the homeostasis and regeneration of a person’s own skin barrier. The products were first introduced in 2010 and consisted of 2% and 19% of the 2015 and 2014 annual sales, respectively.

 

Both types of products were previously sold to persons we called members under our currently discontinued model and are now sold directly to end-user customers from our new website and through our Affiliate Marketing Program. See further discussion in the section "Marketing - The Affiliate Marketing Program."

 

Other Products

 

We sell health and nutrition products manufactured by third parties that are already being sold by third party vendors. E-World has obtained permission from the third party vendors to resell the products on our www.dailynu.com website on a purchase order basis.

 

Sales breakdown

 

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

Nutritional products

 

 

98 %

 

 

81 %

 

 

 

 

 

 

 

 

 

Skin-care products

 

 

2 %

 

 

19 %

 

Currently, the Company does not have plans to expand its business beyond the nutritional supplement and skin-care sectors, although the Company is now selling products of third party vendors. Less than 1% of our sales in 2015 came from the sale of products of third parties.

 

Nutritional Supplements and Price per Bottle/Package

 

 

·

Dibeier Granules & Oral - $160.00

 

·

Longevity - $140.00

 

·

US-Liver Gold - $88.00

 

·

Cell Power - $88.00

 

·

OPC Spa - $73.00

 

·

Heart Power - $73.00

 

·

O2 Cell Power - $50.00

 

Skin-care and Price per Bottle/Package

 

 

·

Anti Aging Cream - $338.00

 

·

Facial Cream - $320.00

 

·

Facial Serum - $200.00

 

·

Body Lotion - $100.00

 

·

Sun Protection - $80.00

 

·

Facial Toner - $32.00

 

·

Facial Cleanser - $30.00

 

 
6
Table of Contents

 

Other Products

 

Products of third party vendors are sold at retail prices similar to those for which the products are being sold by other merchants.

 

Return and Refund Policy for Our Products

 

E-World USA guarantees the quality of its products, and will exchange any product found to be defective. Additionally, customers can apply for a 90% refund of the original amount of purchased products within 60 days of purchase. When products are returned, they must be unopened and resalable. All shipping fees for product exchanges or returns must be fully paid by customers. E-World will not be responsible for any shipping costs. All of the returned products must not be damaged and be within the validity period specified on the product label. Products not manufactured by E-World have a 60 day return period for exchange, but without the 90% refund policy for the products. In addition to the Company’s 60-day return policy, the Company, at its discretion, may accept a customer’s application for a buy-back of products previously sold within one year at 90% of the original product costs less commissions and shipping costs.

 

Marketing: The Affiliate Marketing Program

 

The Company has alerted investors and others reading this Report about risks related to its Affiliate Marketing Program.

 

See "Notice to Investors," above. 

 

A more complete description of how the AMP operates is as follows:

 

 

·

The Company’s website (Dailynu.com) is an online shopping store, and everyone in China can purchase the products from this website by credit card;

 

·

The Affiliate Marketing Program is a performance-based marketing program in which the Company rewards one or more affiliates (the “Affiliate Members”) for each successful customer purchase brought by the Affiliate Members’ own marketing efforts;

 

·

The Company provides the Affiliate Members with a URL (or coupon or advertising banner) which can be shared by the Affiliate Members to anywhere they like to post. If anyone purchases the products from this link, the Company will pay commissions to the relevant Affiliate Members based on the revenue generated from their links;

 

·

The Affiliate Members are not employees of the Company;

 

·

The Company does not track any customer from the Affiliate Members. Even the Affiliate Members themselves do not know who will purchase the products from the link;

 

·

Currently, the Company has two options for the payment of commission rewards. One alternative is that an Affiliate Member may earn 70% of the monthly sales amount generated from his or her affiliate link if that Affiliate Member achieves the total sales in an amount that exceeds $10,000 per month. The other alternative pays every Affiliate Member 20% of the monthly sales amount generated from his or her affiliate link; and

 

·

The commission rewards are in the form of rebate credits that can be used to order the Company’s products, or the Affiliate Members can request a rebate in cash.

 

Cost-Per-Sale (CPS) affiliate marketing

 

Based on the description of the Company, the Affiliate Marketing Program appears on its face to be the “Cost-Per-Sale” (CPS) marketing method, a popular internet-based marketing method used by e-commerce companies in China. Under the CPS affiliate marketing method, the cost of advertising is determined by the revenue generated as a result of the advertisement itself.

 

Relevant Chinese Law

 

The Company’s understanding of Chinese law relevant to current AMP activities is as follows:

 

“Multi-level marketing” (“MLM”) or “pyramid marketing” is not a legal term used under PRC law. However, it is commonly understood as a marketing strategy or salesforce structure in which the sales force is compensated not only for sales they generate, but also for the sales of the other salespeople that they recruit. In this sense, MLM is generally prohibited by the Regulations on Prohibition of Chuanxiao (2005) (“Anti-Chuanxiao Regulations”).

 

 
7
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Anti-Chuanxiao Regulations use the simplified Chinese term “Chuanxiao” (mandarin pinyin: “chuán xiāo”) to cover those prohibited fraudulent sales and marketing activities. According to the Anti-Chuanxiao Regulations:

 

·

Article 2 The term "Chuanxiao" in these Regulations means the activities conducted by an organizer or operator who recruits members to gain illegal benefits through such means as calculating and paying to the recruited members remuneration on the basis of the number of members they directly or indirectly recruit or the quantity of sales such members achieve, or requiring the recruited members to pay a certain amount of fees as the condition to obtain membership qualification, thereby disrupting the economic order and impairing social stability.

 

·

Article 7 The following activities are Chuanxiao activities:

 

 

1)

The organizer or operator recruits members, requires the recruited to recruit other persons into the organization, calculates and pays to the recruited members remuneration (including material awards and other financial benefits, the same below) on the basis of the number of the members they directly or indirectly recruit progressively, and thus gains illegal benefits;

 

2)

The organizer or operator recruits members, requires the recruited member to pay fees or to do so in disguised form by purchasing commodities in order to obtain the membership qualification or the qualification for recruiting other members, and thus gains illegal benefits; and

 

3)

The organizer or operator recruits members, requires the recruited member to recruit other persons for forming an upline-and-downline relationship, calculates and pays remuneration to the upline on the basis of the sales achieved by the downline, and thus gains illegal benefits.

 

According to the above provisions, Anti-Chuanxiao Regulations not only prohibit MLM but also one-level marketing, if the one-level marketing resembles the pattern described in paragraph 2) above.

 

Neither “affiliate marketing” nor CPS is a legal term under PRC law. PRC law, including the Anti-Chuanxiao Regulations, does not classify CPS or this type of marketing method as an illegal marketing activity. Thus it appears that CPS is a neutral internet based marketing tool, and that the legality of the Affiliate Marketing Program largely depends on if it is used for illegal purposes or associated with illegal activities.

 

Potential legal risks in relation to the Affiliate Marketing Program and the activities of the Company and Affiliate Members

 

·

If the Affiliate Marketing Program is misused, the activities of the Company or the Affiliate Members may be regarded as Chuanxiao activities prohibited by the Anti-Chuanxiao Regulations.

 

 

 

Based on the Company’s description of the Affiliate Marketing Program, it appears that the Affiliate Members do not need to pay the Company to join the Affiliate Marketing Program. However, the high percentage commission, especially the 70% commission, may lead to a scenario where the Affiliate Members choose to, or are guided to buy the Company’s products by themselves, with a hope they could earn both a) the high percentage commission under the Affiliate Marketing Program; and b) the profit by selling the products they bought from the Company to third parties. If the Company fails to pay the commission or deliver the products to the Affiliate Members, or if the products delivered are deemed to be illegal or worth significantly less, or if the products are deemed to be a disguise of fraudulent activities, the Affiliate Marketing Program may attract disputes from the Affiliate Members and the Company may be regarded as engaging in Chuanxiao activities according to paragraph 2) of Article 7 of the Anti-Chuanxiao Regulations, which provides “(it is a Chuanxiao activity if) the organizer or operator recruits members, requires the recruited to pay fees or to do so in disguised form by purchasing commodities in order to obtain the membership qualification or the qualification for recruiting other members, and thus gains illegal benefits”. Note under this provision a Chuanxiao activity does not necessarily need to be a multi-level structure and it can be a one-level structure between the Company and the Affiliate Members.

 

Given the high percentage commission of the Affiliate Marketing Program, the Affiliate Members may choose to develop a MLM structure in China by themselves and such activities will fall under the prohibited Chuanxiao activities under the Anti-Chuanxiao Regulations.

 

In addition, the fact that the Company was regarded as a Chuanxiao organization by the local authorities of Zhushan county, Hubei, China, and that a number of the Company’s products were identified to have been used in the previous Chuanxiao activities also adds to the risk that the Company and the Affiliate Members may be regarded as engaging in Chuanxiao activities under the Affiliate Marketing Program.

 

 

·

The activities of the Company and/or the Affiliate Members may be regarded as a breach of the Food Safety Law (2015) (“Food Safety Law”) and other applicable laws, if the health care products and other products of the Company imported into China do not meet relevant legal requirements, or if the Affiliate Members fail to comply with relevant legal requirements in relation to the advertising of these products in China.

  

 
8
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The Company sells, among other things, health care food to customers in China. Health care food is specially regulated under PRC law and imported health care [food] also needs to meet relevant legal requirements. For example, the Food Safety Law provides that imported health care food is subject to the government’s approval or registration before it can be imported into China; imported food, food additives or food-related products shall meet the national food safety standards of China; imported food and food additives shall pass the testing by the entry-exit inspection and quarantine authorities; the labeling of health care food shall not involve disease prevention and treatment function; and advertising of health care food shall not contain any false information or involve information on disease prevention and treatment functions.

 

The Company also sells cosmetics products to Chinese customers. Imported cosmetics products are also subject to approval/registration requirements and the advertising of cosmetics products also must comply with relevant legal requirements.

 

If any of the Company’s products are regarded as medicine by the PRC authorities, then such products will be subject to stricter legal requirements on its importation, distribution and advertising in China. If any of the PRC legal requirements applicable to the Company’s products are breached, the activities of the Company and/or the Affiliate Members may be regarded as illegal activities, and the products as well as the advertising of the same may be banned in China.

 

 

·

The Affiliate Members’ marketing activities may be regarded as a breach of the Regulations on Administration of Direct Sales (2005) (“Direct Sales Regulations”) because the Company is not licensed to engage in direct sales business in China.

 

 

 

Under the Direct Sales Regulations, only licensed direct sales enterprises can hire direct salespersons to engage in direct sales activities in China. Activities of direct salespersons which are not hired by a licensed direct sales enterprise will be regarded as illegal activities.

 

The term "direct sales" in the Direct Sales Regulations means the method of distribution whereby a direct salesperson recruited by a direct sales enterprise promotes its product, outside any fixed place of business, directly to an ultimate consumer.

 

While one may argue that the Company only engages in online e-commerce activities from outside China and not direct sales activities in China, the above definition of “direct sales” is broad enough to also capture the Affiliate Marketing Program, under which the Affiliate Members promote the Company’s products directly to the Chinese end customers and such marketing would most likely happen in China, away from the United States where the Company’s place of business is located. In theory the Affiliate Members’ marketing activities may be regarded as direct sales activities. As the Company does not hold a license to operate a direct sales business in China, such marketing activities of the Affiliate Members may be regarded as unlicensed illegal direct sales activities.

 

Affiliate Members do not know who will purchase the products from the link assigned to an Affiliate Member. Thus, one may argue that there is no direct sales relationship between the Affiliate Member and the customer and that the Affiliate Members’ marketing activities should not be regarded as direct sales activities. However, the definition of “direct sales” activities under the Direct Sales Regulations is broad enough to also cover online purchases by a customer, even if he does not know the relevant Affiliate Member. In addition, as the Affiliate Members also organize free seminars to attract potential customers, a direct sales relationship may be regarded to exist in this scenario. Further, because of the high percentage commissions, the Affiliate Members may have the motive to market the Company’s products to anyone he knows. The direct sales relationship may also be regarded to exist in this scenario.

 

Further, as the Company is not registered in China and not eligible to apply for or hold the licenses and approvals needed to engage in e-commerce activities in China, if the Affiliate Members are accused of engaging in direct sales activities, they have no defense that they are promoting an e-commerce company recognized by the PRC.

 

Sourcing and Production

 

Our Products

 

In order to maintain high product quality, we anticipated that we would manufacture our products upon successful completion of our acquisition of Prime. As we terminated such acquisition in April 20, 2015, we currently do not manufacture and do not intend in the future to manufacture any of the products we sell. Instead, we acquire our ingredients from the suppliers and contract for production of our proprietary products from the manufacturers that we believe are reliable, reputable and deliver high quality materials, products and service. In 2015, three suppliers, SUSS Technology Corp., Taiwan K.K. Corp and V-Plus Trading Inc., accounted for approximately 71.8% of our purchases. In 2014, two suppliers, SUSS Technology Corp and Maxsun Industries, Inc., accounted for approximately 74.2% of our purchases. The loss of one or more suppliers could result in a potential loss of our sales and revenues if we cannot find a substitute.

 

 
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The Company does not have a written or contractual agreement with our other suppliers, or manufacturers. Our product ingredient sourcing and other manufacturing requirements are conducted on a purchase-order basis. If one or more of our current suppliers stopped selling us ingredients and/or if one or more of our current manufacturers stopped manufacturing our products, we would be forced to find other suppliers and manufacturers. The time needed to find other suppliers or manufactures could outlast the inventory on hand and result in loss of sales.

 

We maintain a good relationship with our suppliers and do not anticipate that any of our suppliers will terminate the relationship in the near term. We also have ongoing relationships with secondary and tertiary suppliers. In the event we become unable to source any products or ingredients from our major suppliers, we believe that we would be able to produce or replace those products or substitute source these ingredients from our secondary and tertiary other suppliers without great difficulty or significant increases to our cost of goods sold.

 

Our Skin-care products are developed by a company which owns the intellectual property for those products. We purchased the rebranding right from them to sell these products under our names. Currently we only have one supplier for our skin-care products, and the specific product is solely owned by this supplier. If the supplier were to discontinue this product, we would need to find a substitute supplier for a similar product. We have not identified any substitute supplier or substitute product.

 

For nutritional products, we purchase our ingredients from third parties and contract with a third party manufacturer for further processing the material into final products to be sold. We do not own a manufacturing plant for processing of our products. We only provide self-developed formulas to be manufactured. Our company is able to obtain the ingredients necessary for production of our nutritional supplements. Our skin-care products are produced by our supplier, and we are unable to obtain the intellectual property rights to produce such products.

 

We also maintain a good relationship with our manufacturers and do not anticipate that any of our manufacturers will terminate our relationship in the near term. In the event we become unable have our products manufactured by our major manufacturers, we believe that we would be able to reallocate production to our other manufacturers or locate other manufacturers without great difficulty or significant increases to our cost of goods sold.

 

Other Products

 

We currently acquire other products we sell from third party vendors on a wholesale basis and then resell them on our website. We acquire most of these products on a purchase order basis. A small amount of products is purchased and stored in our warehouse. Less than 1% of our sales in 2015 and 2014 came from these products.

 

Order Backlog

 

We have no current order backlog.

 

Industry Analysis

 

The nutrition industry includes many small and medium sized companies that manufacture and distribute products generally intended to enhance the body’s performance and wellness. The four major product categories within the nutrition industry are:

 

·

Nutritional Supplements – products such as vitamins, minerals, nutritional supplements, herbs and botanicals and compounds derived from these substances.

 

·

Natural and Organic Foods – products such as cereals, milk, non-diary beverages and frozen entrees.

 

·

Functional Foods – products with added ingredients or fortification specifically for health or performance purposes.

 

·

Skin-care – products combining nutrition with skin care.

 

The nutritional supplement market is characterized by:

 

·

Large selections of essentially similar products that are difficult to differentiate.

 

·

Retail consumers’ emphasis on value pricing.

 

·

Constantly changing formulations based on evolving scientific research.

 

 
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·

Low entry barriers resulting from low brand loyalty, rapid change, widely available manufacturing, low regulatory requirements and ready access to large distribution channels, such as the Internet and retail stores selling nutritional supplements and other direct marketing companies.

 

·

A lack of uniform standards regarding product ingredient sources, potency, purity, absorption rate and form.

 

Marketing Plan

 

The Company promotes its products through its website and newspaper advertisements. During the early stages of implementation of the website, the Company offered coupon codes for certain products to generate sales and website traffic but has since discontinued this practice.

 

The majority of the Company’s sales are generated from China for the years ended December 31, 2015 and 2014.

 

Since June 2014, we have mainly sold our products over the Internet directly to end-user customers through our web site, www.dailynu.com. In March 2016, we launched an Affiliate Marketing Program. See Marketing: The Affiliate Marketing Program in the aforementioned section above.

 

In addition, we believe that consumers have become more confident in ordering products, like ours, over the Internet. However, the nutritional supplement and skin care product e-business markets have been, and continue to be, increasingly competitive and are rapidly evolving.

 

The Company hopes to export its Dibeier products into China to be sold over-the-counter in retail locations such as nutritional product stores, rather than only through our website. The Company is currently examining the regulations that may apply to the export of Dibeier products, but no assurance can be given that the export of such products will occur in the future.

 

Competition

 

The market for nutritional products is large and intensely competitive. The Company competes directly with companies that manufacture and market nutritional products. The Company competes with other companies in the nutritional products industry by emphasizing the uniqueness, value and premium quality of the Company's products and convenience of the Company's Internet sales system. Many of the Company's competitors have much greater name recognition and financial resources than the Company. In addition, nutritional products can be purchased in a wide variety of channels of distribution. While the Company believes that consumers appreciate the convenience of ordering products from home through the Internet, the buying habits of many consumers accustomed to purchasing products through traditional retail channels are difficult to change. The Company's product offerings are also relatively small compared to the wide variety of products offered by many other nutritional product companies.

 

Intellectual Property

 

We have no registered or patented intellectual property in the United States. We have common law ownership rights for the formulations for six of our seven non-cosmetic products.

 

The Company has obtained in China a Trademark Registration for the name of “Dibeier” (or mandarin pinyin: “Nuo Lin”) with trademark application number 20669799 as set forth in Exhibit 10.3. Under China law, this trademark is valid for an indefinite period, as there is no expiration date.

 

The Company has obtained in China a Trademark Registration for the name of “DailyNu” with trademark application number 20683305 as set forth in Exhibit 10.4. Under China law, this trademark is valid for an indefinite period, as there is no expiration date.

 

Other than the aforementioned trademarks, we do not own any other registered trademarks, trade names or other governmentally approved intellectual property rights for those products.

 

The three types of cosmetics products have formulation patents owned by our supplier of these products, Genepharm Inc. manufactures these products and packages them with Company designed packaging under an oral agreement with us. The formulation of the O2 Cell Power product is owned by Oxygen America, Inc., which manufactures this product and packages it with Company designed packaging under an oral agreement with us. We are authorized by these suppliers under oral agreements to sell these products worldwide under our brand name without infringing any rights of Genepharm or Oxygen America, Inc.

 

 
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Research and Development

 

We are not currently conducting any research and development activities.

 

Government Regulation

 

Given uncertainties as to full compliance with network marketing laws in foreign jurisdictions, in 2014, the Company discontinued sales through the network marketing model and began selling directly to end-user customers from its new website. See "Notice to Investors," above.

 

We believe we are no longer subject to network marketing regulations. Nonetheless, we are still subject to federal, state, local and foreign regulations. Various governmental agencies have an impact on our business. The regulations cover product ingredients, manufacturing, distribution, marketing, sales, compensation and taxation, to name a few. If the Company were to fail to meet standards set by these regulations, then the Company could be prohibited from selling its products. See “Notice to Investors” above, and “Potential legal risks in relation to the Affiliate Marketing Program and the activities of the Company and Affiliate Members,” above.

 

The Company hopes to export its Dibeier products into China to be sold over-the-counter in retail locations such as nutritional product stores, rather than only through our website. Under China Law, in order to import these products into China, the Company must provide the Inspection Report from Provincial Quality Supervision and Inspection Institution obtained in November and December 2016 (as set forth in Exhibits 10.1 and 10.2), the Product Chinese Name registration (as set forth in Exhibit 10.3) obtained in September 2016 and the Trademark registration (as set forth in Exhibit 10.4) obtained in September 2016 from the Trademark Office of State Administration for Industry & Commerce of China to the importer in China. The Company currently has no binding contracts or agreement with any person or entity in China to purchase and import the Dibeier products. The Company is currently reviewing U.S. and Chinese import/export regulations regarding the sale of Dibeier products and will not commence the export and sale of Dibeier products until it believes that it is in compliance with these regulations. Additional information concerning this matter will be made available in the Company’s future SEC reports.

 

Employees

 

We have the following employees:

 

 

·

Full time: 4

 

·

Operations – 1

 

·

Administrative – 1

 

·

Management – 1

 

·

Sales – 1

 

We have no collective bargaining agreement with our employees. We consider our relationship with our employees to be excellent.

 

Additional Information

 

We are a public company and are required to file annual, quarterly and special reports and other information with the SEC. We are currently delinquent in our reporting requirements. We are not required to, and do not intend to, deliver an annual report to security holders. You may read and copy any document we file at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents by writing to the SEC and paying a fee for the copying cost. Please call the SEC at 1-800-SEC-0330 for more information about the operation of the public reference room. Our filings are also available, at no charge, to the public at http://www.sec.gov.

 

Item 2. Description of Property

 

We rent the following properties:

 

U.S. Offices and warehouses

 

 

·

Address/Size:

9550 Flair Dr., #308, El Monte, CA 91731 (6000 sqft)

9550 Flair Dr. #407, El Monte, CA 91731 (2000 sqft)

3477 Fletcher Ave., Unit B, El Monte, CA 91731 (2500 sqft)

9550 Flair Dr. #302, El Monte, CA 91731 (1038 sqft)

9550 Flair Dr. #306, El Monte, CA 91731 (490 sqft)

 

 

·

Name of Landlord: 95-Royal Center LLC

 

 
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·

Term of Lease: 

#308 – throughout 2015 and ended in October 2016,

#407 – throughout 2015 and ended in October 2016,

3477 Fletcher Ave. Unit B, throughout 2014 and ended in March 2015,

#302 & 306 – started from March 2015 through October 2018 and month to month thereafter.

 

 

·

Monthly Rental:

#308 – $6,800,

#407 – $2,250,

3477 Fletcher Ave., Unit B – $2,500

#302 & 306 – $3,000 from March 2015 to March 2017 and $3,100 from April 2017 to October 2018

 

We believe our current facilities, including warehousing facilities, are fully suitable and adequate for our business.

 

We do not intend to renovate, improve, or develop properties. We are not subject to competitive conditions for property. We have no policy with respect to investments in real estate or interests in real estate and no policy with respect to investments in real estate mortgages. Further, we have no policy with respect to investments in securities of or interests in persons primarily engaged in real estate activities.

 

Item 3. Legal Proceedings

 

We are not a party to any material legal proceedings nor are we aware of any circumstance that may reasonably lead any third party to initiate material legal proceedings against us, except with respect to the matter described below and as set forth in the "Notice to Investors," above, and as set forth in “Potential legal risks in relation to the Affiliate Marketing Program and the activities of the Company and Affiliate Members,” above.

 

Notwithstanding the foregoing, on May 26, 2015, the Board of Directors concluded that a material charge for impairment to one of its assets is required under generally accepted accounting principles. The impaired assets are approximately $3,643,000 in cash that is the property of the Company held in bank accounts in the People’s Republic of China, which for administrative reasons in China, were held in the name of Ding Hua Wang, President and Chief Executive Officer of the Company, that have been frozen by authorities in the Chinese legal system (the “Frozen Accounts”) in a case involving alleged illegal activities in China by one or more persons claiming to be officers in the Company in China. The Chinese legal authorities asserted that these activities gave them the right to freeze property of the Company in China, (i.e., the Frozen Accounts), notwithstanding the fact that Company itself was not named in the case. Accordingly, the Board of Directors recognized an impairment of this amount in the financial statements filed in this Report.  Although the Company believed that the funds in the Frozen Accounts were improperly frozen, the Company now believes, based on an informal conversation with a person in another company, that the Frozen Accounts will never be returned to the Company.  As of the date of this Report, the Company and Mr. Wang are not aware of a separate case having been filed against the Company or Mr. Wang

 

Mr. Wang, President of the Company, individually filed a complaint to the Commission for Discipline Inspection of the Central Committee of the Communist Party of China and is in the process of attempting to recover the Frozen Accounts. Based upon the foregoing with respect to the status of the matter against the Company, As of the date of this Report, although this action is is still pending, neither Mr. Wang nor the Company expects to prevail. 

    

Item 4. Mine Safety Disclosures

 

None

 

 
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PART II

 

Item 5. Market for Common Equity and Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities

 

Trading History

 

Our common stock is qualified for quotation on the OTCQB under the symbol “EWLU.”

 

There have been no trades in our Common Stock as of the date of this Report, as we are not current in our SEC filings. While the Company is committed to bringing its SEC reporting obligations current, no assurance can be provided as to if or when trading in the Company’s securities will be permitted.

 

Dividends

 

We have never declared or paid any cash dividends on our common stock. For the foreseeable future, we intend to retain any earnings to finance the development and expansion of our business, and we do not anticipate paying any cash dividends on our common stock. Any future determination to pay dividends will be at the discretion of the Board of Directors and will be dependent upon then existing conditions, including our financial condition and results of operations, capital requirements, contractual restrictions, business prospects and other factors that the Board of Directors considers relevant.

 

There are no restrictions in our articles of incorporation or bylaws that prevent us from declaring dividends. The Nevada Revised Statutes, however, prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

 

 

we would not be able to pay our debts as they become due in the usual course of business; or

 

 

our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights of stockholders who have preferential rights superior to those receiving the distribution, unless otherwise permitted under our articles of incorporation.

 

Securities Authorized for Issuance Under Equity Compensation Plans

 

None

 

Item 6. Selected Consolidated Financial Data

 

Not required.

 

 
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation

 

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-K.

 

Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national, and local general economic and market conditions; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; change in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; the risk of foreign currency exchange rate; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission.

 

Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.

 

Overview

 

Our Company is a provider of Health and Nutritional supplements and Personal Care products directly to customers on the Internet through our website, www.dailynu.com. In June 2014, we ceased utilizing our prior sales model which involved sales of our product through another website by means of a network of Direct Sales Associates, or “DSA’s." We currently do not use the DSA model in any country.

 

Since June 2014, we have sold our products over the Internet directly to end-user customers through our web site, www.dailynu.com. In March 2016, we launched an Affiliate Marketing Program. See "Marketing: The Affiliate Marketing Program," above.

 

We believe consumers have become more confident in ordering products, like ours, over the Internet. However, the nutritional supplement and skin care product e-business markets have been and continue to be, increasingly competitive and are rapidly evolving.

 

The skin care products are acquired from another company which developed the products. They also are marketed and sold through our web site, www.dailynu.com.

 

Barriers to entry are minimal, and current and new competitors can launch new websites at a relatively low cost. Many competitors in this area have greater financial, technical and marketing resources than we do. Continued advancement in technology and increasing access to that technology are paving the way for growth in direct marketing. We also face competition for consumers from retailers, duty-free retailers, specialty stores, department stores and specialty and general merchandise catalogs, many of which have greater financial and marketing resources than we have. Notwithstanding the foregoing, we believe that we are well-positioned within the Asian consumer market with our current plan of supplying American merchandise brands to consumers and that our exposure to both the Asian and American cultures gives us a competitive advantage. There can be no assurance that we will maintain our competitive edge or that we will continue to provide only American made merchandise.

 

Our products are sensitive to business and personal discretionary spending levels and tend to decline or grow more slowly during economic downturns, including downturns in any of our major markets. The global economy is currently undergoing a period of volatility, and the future economic environment, while improving, continues to remain uncertain. This has led, and could further lead, to reduced consumer spending, and which may include spending on nutritional and beauty products and other discretionary items, such as our products. In addition, reduced consumer spending may force us and our competitors to lower prices. These conditions may adversely affect our revenues and profits.

 

 
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Discontinued operations

 

On October 20, 2014, we entered into a Share Purchase Agreement for the purchase of the outstanding shares of Prime Nutrisource Inc., Nugale Pharmaceutical Inc., and Prime Nutrisource Inc. (New Jersey), and together as “Prime”. Total purchase price included:

 

·

CAD$2,000,000 (approximately $1,773,600);

 

·

Short term debt totaling CAD$22,780,000 (approximately $20,201,304);

 

·

25,000,000 shares of E-World Common Stock representing 14% ownership in E-World with an opportunity to acquire additional E-World Common Stock attaining a 25% ownership interest.

 

On April 21, 2015, we terminated our purchase of the Prime Corporations, and entered into a Termination and Release Agreement with each of the Prime Corporations, the former owners of the Prime Corporations, Guo Yin Xie, Jian Long, Hong Shu Zhu, 2434689 Ontario Inc., 2434691 Ontario Inc., and 2434694 Ontario Inc., and the Company’s subsidiary E-World Canada Holding, Inc.. The parties agreed that the Termination Agreement would be deemed effective as of October 20, 2014. Upon termination of the agreement:

 

·

We received CAD$1,500,000 of the CAD$2,000,000 cash portion of the purchase (approximately $1,247,920);

 

·

The CAD$22,780,000 (approximately $20,201,304) promissory note was cancelled;

 

·

The 25,000,000 shares of E-World Common Stock have been returned to us, and the 25% contingent option was cancelled.

 

In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meet the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.

 

Results of Operations

 

Comparison of the fiscal years ended December 31, 2015 and 2014

 

Total sales decreased by approximately $6.5 million or 94% from approximately $6.8 million in 2014 to approximately $379,000 in 2015. The decrease of sales was mainly due to termination of our prior sales model which involved sales of our product by means of a network of Direct Sales Associates, or “DSA’s” in June 2014 with a higher selling price. Since June 2014, we have mainly sold our products over the Internet directly to end-user customers with a lower selling price. As a result, the change in sales approach has materially decreased sales of the Company.

 

The cost of sales decreased by approximately $272,000 or 44% from approximately $617,000 in 2014 to approximately $345,000 in 2015. The decrease was mainly due to the decreases in sales as we ceased utilizing our prior sales model in June 2014 which involved sales of our product through another website by means of DSA’s.

 

Gross profit percentage is generally higher with the sales of our own products with the DSA model than selling our products over the Internet directly to end-user customers. As a result, from ceasing to utilize our prior sales model which involved sales of our product through another website by means of the DSA model in June 2014, our gross margin decreased from approximately $6.2 million or 91% in 2014 to approximately $35,000 or 9% in 2015.

 

Selling expenses decreased from approximately $373,000 in 2014 to approximately $305,000 in 2015. The decrease of approximately $68,000 or 18% was mainly due to a decrease in shipping expenses which is in line with our decrease in sales offset by the increase in marketing development expenses incurred for promotion of our own website.

 

General and administrative expenses decreased by approximately $109,000 from approximately $3.0 million in 2014 to approximately $2.9 million in 2015. General and administrative expenses decreased significantly mainly attribute to reduction of payroll expenses as we required fewer employees to support our decreased sales after the change of our sales model.

 

Impairment expense totaled approximately $3,643,000 in 2014 that is related to cash frozen by authorities in the Chinese legal system (the “Frozen Accounts”) in a case involving alleged illegal activities in China by one or more persons claiming to be officers in the Company in China. The account was held in the name of Ding Hua Wang, President and Chief Executive Officer of the Company. Those funds remain frozen. There was no additional impairment in 2015. See Item 3 - Legal Proceedings.

 

 
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Other expenses totaled approximately $178,000 in 2015 mainly due to approximately $913,000 of gain from the disposal of Prime in April 2015 offset by approximately $1,083,000 from amortization of promissory note discount related to the short term debt issued to acquire Prime in 2015 as compared to approximately $708,000 of amortization of promissory note discount in 2014. The promissory note was non-interest bearing and therefore was discounted and amortized over the term of the note.

 

Net loss from continuing operations increased by approximately $1.8 million from approximately $1.5 million net loss in 2014 to $3.4 million net loss in 2015 mainly due to decrease in sales as mentioned above.

 

Net (loss) income from discontinued operations totaled approximately $(123,000) in 2015 and approximately $472,000 in 2014 resulted from the acquisition of Prime on October 20, 2014, which we terminated on April 21, 2015. Prime incurred loss from its operations in 2015 mainly due to the fact that it has incurred more professional fees such as accounting, legal and consulting expense in related to the merger between Prime and us.

 

Liquidity and Capital Resources

 

As of December 31, 2015, we had a cash balance of $8,550 and $317,346 at December 31, 2014. Our cash balance at December 31, 2015 and December 31, 2014 was significantly impacted by the inability to access approximately $3,643,000 in cash held in bank accounts in the People’s Republic of China and decreased sales of the Company after the change in sales approach from the DSA sales model to our direct sales to end users from our own website without utilizing any sales agents.

 

In 2015, cash used in operating activities amounted to approximately $2.0 million as compared to approximately $4.0 million used in operating activities in 2014. Cash used in operating activities was mainly due to approximately $3.4 million of net loss from the Company and the decrease of approximately $0.1 million of deferred revenue, offset by non-cash operating activities of approximately $0.3 million, operating activities from discontinued operations of approximately $1.0 million and increase of accounts payable and accrued expenses of approximately $0.2 million, as we are behind on payments for various of our operating expenses.

 

In 2015, cash used in investing activities amounted to approximately $0.8 million as compared to $1.7 million in 2014. Cash used in investing in 2015 was mainly due to disposal of approximately $2.0 million in Prime’s cash balance offset by $1.2 million in cash consideration returned from disposal of Prime.

 

In 2015, financing activities provided approximately $1.4 million as compared to approximately $1.9 million in 2014. Net cash received in 2015 for the amount of approximately $2.0 million was from our principal shareholder and Chief Executive Officer, our related parties and our employee as compared to approximately $2.6 million in 2014. We repaid principal payments of approximately $0.5 million to these parties as compared to approximately $0.6 million in 2014.

 

Other than operating expenses, the Company does not have significant cash commitments. Cash requirements include cash needed for payroll, payroll taxes, rent, and other operating expenses. However, in response to the reduced liquidity factors described above, the Company has continued to find ways to reduce our operating expenses. In addition, should our Company need additional capital, we expect that our principal shareholder and Chief Executive Officer and his affiliates may continue to lend money to the Company from time to time to the extent they are in a position to do so. As of December 31, 2015, we owe an aggregate of approximately $3.8 million to our CEO and his affiliates. No assurance can be provided that they will be in a position to continue to lend funds to the Company in the future.

 

Management has concluded under generally accepted accounting principles that there is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues, recurring losses and negative working capital. If we are unable to generate significant revenue or secure financing, we may be required to cease or limit our operations. Our financial statements do not include adjustments that might result from the outcome of this uncertainty.

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 

Not required.

 

 
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Item 8. Financial Statements

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors of

E-World USA Holding, Inc.

El Monte, California

 

We have audited the accompanying consolidated balance sheets of E-World USA Holding, Inc. (the “Company”) as of December 31, 2015 and 2014, and the related consolidated statements of operations and other comprehensive loss, shareholders’ deficit, and cash flows for each of the years in the two-year period ended December 31, 2015. The Company’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2015 and 2014, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has a working capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Management’s plans in regard to this matter are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

/s/ The Pun Group, LLP

 

Santa Ana, California

 

February 6, 2017

 

200 East Sandpointe Avenue, Suite 600, Santa Ana, California 92707

Tel: 949-777-8800 · Toll Free: 855-276-4272 · Fax: 949-777-8850

www.pungroup.com

 

 
F-1
 

  

E-WORLD USA HOLDING, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 December 31, 

 

 

 December 31, 

 

 

 

2015

 

 

2014

 

 

 

 

 

 

ASSETS

CURRENT ASSETS:

 

 

 

 

 

 

Cash

 

$ 8,550

 

 

$ 317,346

 

Accounts receivable, net

 

 

25,444

 

 

 

2,406

 

Inventory, net

 

 

181,049

 

 

 

228,957

 

Prepaid expenses

 

 

81,624

 

 

 

94,637

 

Other receivables

 

 

-

 

 

 

1,041

 

Current assets held for sale

 

 

-

 

 

 

5,350,907

 

TOTAL CURRENT ASSETS

 

 

296,667

 

 

 

5,995,294

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS:

 

 

 

 

 

 

 

 

Property and Equipment, net

 

 

106,202

 

 

 

140,273

 

Deposits and other assets

 

 

9,850

 

 

 

15,621

 

Other assets held for sale

 

 

-

 

 

 

22,128,657

 

TOTAL OTHER ASSETS

 

 

116,052

 

 

 

22,284,551

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$ 412,719

 

 

$ 28,279,845

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$ 1,025,236

 

 

$ 862,296

 

Deferred revenue

 

 

1,486,360

 

 

 

1,617,369

 

Due to shareholder

 

 

3,210,836

 

 

 

2,147,149

 

Advances from related party, interest bearing

 

 

40,000

 

 

 

-

 

Advances from related parties, non-interest bearing

 

 

583,839

 

 

 

298,562

 

Due to employee

 

 

95,000

 

 

 

-

 

Current portion of long term debt

 

 

11,241

 

 

 

28,961

 

Promissory note

 

 

-

 

 

 

19,118,028

 

Contingent liabilities

 

 

-

 

 

 

481,938

 

Rescission Liability - Type A Warrants

 

 

7,165,413

 

 

 

7,165,413

 

Rescission Liability - Type B Warrants

 

 

249,111

 

 

 

249,111

 

Current liabilities held for sale

 

 

-

 

 

 

3,243,441

 

TOTAL CURRENT LIABILITIES

 

 

13,867,036

 

 

 

35,212,268

 

 

 

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Long term debt

 

 

39,016

 

 

 

46,151

 

Non-current liabilities held for sale

 

 

-

 

 

 

611,506

 

TOTAL NON-CURRENT LIABILITIES

 

 

39,016

 

 

 

657,657

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

13,906,052

 

 

 

35,869,925

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS' DEFICIT:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 200,000,000 shares authorized, 142,828,993 and 167,828,993 shares issued and outstanding, as of December 31, 2015 and 2014, respectively

 

 

142,829

 

 

 

167,829

 

Additional paid-in capital

 

 

3,657,949

 

 

 

6,676,013

 

Accumulated deficit

 

 

(17,294,111 )

 

 

(13,799,371 )

Accumulated other comprehensive loss

 

 

-

 

 

 

(634,551 )

TOTAL SHAREHOLDERS' DEFICIT

 

 

(13,493,333 )

 

 

(7,590,080 )

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT

 

$ 412,719

 

 

$ 28,279,845

 

 

The accompanying notes are an integral part of these financial statements

 

 
F-2
Table of Contents

 

E-WORLD USA HOLDING, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

 

 

 

 

 

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

SALES

 

$ 379,493

 

 

$ 6,833,768

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

 

344,921

 

 

 

617,289

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

34,572

 

 

 

6,216,479

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

Selling expenses

 

 

304,786

 

 

 

372,913

 

Depreciation expense 

 

 

34,071

 

 

 

39,961

 

General and administrative expenses

 

 

2,888,079

 

 

 

2,997,237

 

Impairment expenses

 

 

-

 

 

 

3,642,699

 

Total operating expenses

 

 

3,226,936

 

 

 

7,052,810

 

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(3,192,364 )

 

 

(836,331 )

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE), net:

 

 

 

 

 

 

 

 

Gain from disposal of Prime

 

 

912,563

 

 

 

-

 

Finance expenses

 

 

(1,090,881 )

 

 

(708,124 )

Total other expense, net

 

 

(178,318 )

 

 

(708,124 )

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

 

(3,370,682 )

 

 

(1,544,455 )

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

800

 

 

 

375

 

 

 

 

 

 

 

 

 

 

NET LOSS FROM CONTINUING OPERATIONS

 

 

(3,371,482 )

 

 

(1,544,830 )

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME FROM DISCONTIUNED OPERATIONS, net of applicable income taxes

 

 

(123,258 )

 

 

472,051

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

 

(3,494,740 )

 

 

(1,072,779 )

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE LOSS:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(1,014,445 )

 

 

(634,551 )

 

 

 

 

 

 

 

 

 

COMPREHENSIVE LOSS

 

$ (4,509,185 )

 

$ (1,707,330 )

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES:

 

 

 

 

 

 

 

 

Basic

 

 

150,431,733

 

 

 

147,692,007

 

Diluted

 

 

150,431,733

 

 

 

147,692,007

 

 

 

 

 

 

 

 

 

 

LOSS PER SHARE - BASIC and DILUTED:

 

 

 

 

 

 

 

 

Continuing operations

 

$ (0.02 )

 

$ (0.01 )

Discontinued operations

 

$ (0.00 )

 

$ 0.00

 

Net loss

 

$ (0.02 )

 

$ (0.01 )

 

The accompanying notes are an integral part of these financial statements

 

 
F-3
Table of Contents

 

E-WORLD USA HOLDING, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other  

 

 

 

 

 

 Common Stock

 

 

Paid-in

 

 

Accumulated 

 

 

Comprehensive

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, December 31, 2013

 

 

142,828,993

 

 

$ 142,829

 

 

$ 3,583,702

 

 

$ (12,726,592 )

 

 

-

 

 

$ (9,000,061 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,072,779 )

 

 

-

 

 

 

(1,072,779 )

Issuance of common stock in connection with acquisition of Prime

 

 

25,000,000

 

 

 

25,000

 

 

 

3,092,311

 

 

 

-

 

 

 

-

 

 

 

3,117,311

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(634,551 )

 

 

(634,551 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, December 31, 2014

 

 

167,828,993

 

 

 

167,829

 

 

 

6,676,013

 

 

 

(13,799,371 )

 

 

(634,551 )

 

 

(7,590,080 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,494,740 )

 

 

-

 

 

 

(3,494,740 )

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,014,445 )

 

 

(1,014,445 )

Capital contributed for services

 

 

-

 

 

 

-

 

 

 

74,247

 

 

 

-

 

 

 

-

 

 

 

74,247

 

Deconsolidation of Prime

 

 

(25,000,000 )

 

 

(25,000 )

 

 

(3,092,311 )

 

 

-

 

 

 

1,648,996

 

 

 

(1,468,315 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, December 31, 2015

 

 

142,828,993

 

 

$ 142,829

 

 

$ 3,657,949

 

 

$ (17,294,111 )

 

 

-

 

 

$ (13,493,333 )

 

The accompanying notes are an integral part of these financial statements

 

 
F-4
Table of Contents

 

E-WORLD USA HOLDING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2015 and 2014

 

 

 

2015

 

 

2014

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net loss

 

$ (3,494,740 )

 

$ (1,072,779 )

Net (loss) income from discontinued operations

 

 

(123,258 )

 

 

472,051

 

Net loss from continuing operations

 

 

(3,371,482 )

 

 

(1,544,830 )

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

34,071

 

 

 

39,961

 

Bad debt expense

 

 

25,236

 

 

 

74,259

 

Inventory valuation (recovery) reserve

 

 

(1,546 )

 

 

55,907

 

Capital contributed for services

 

 

74,247

 

 

 

-

 

Amortization of promissory note discount

 

 

1,083,276

 

 

 

689,357

 

Gain on disposal of Prime

 

 

(912,563 )

 

 

-

 

(Increase) decrease in assets:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(48,274 )

 

 

(47,444 )

Inventory

 

 

49,455

 

 

 

(67,472 )

Prepaid expenses

 

 

13,013

 

 

 

115,520

 

Other receivables

 

 

1,041

 

 

 

-

 

Deposits and other assets

 

 

5,771

 

 

 

-

 

Increase (decrease) in liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

162,940

 

 

 

(1,246,290 )

Deferred revenue

 

 

(131,009 )

 

 

(3,193,242 )

Net cash provided by operating activities from discontinued operations

 

 

1,034,924

 

 

 

1,079,094

 

Net Cash Used in Operating Activities

 

 

(1,980,900 )

 

 

(4,045,180 )

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Cash proceeds from disposal of Prime

 

 

1,247,920

 

 

 

-

 

Cash payments for acquisition of Prime

 

 

-

 

 

 

(1,759,198 )

Cash held at Prime at disposition

 

 

(1,975,777 )

 

 

-

 

Purchase of property and equipment

 

 

-

 

 

 

(5,886 )

Net cash (used in) provided by investing activities from discontinued operations

 

 

(65,887 )

 

 

35,385

 

Net Cash Used in Investing Activities

 

 

(793,744 )

 

 

(1,729,699 )

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Advances from shareholder

 

 

1,372,177

 

 

 

2,618,111

 

Payment to shareholder

 

 

(308,490 )

 

 

(639,800 )

Advances from related party, interest bearing

 

 

40,000

 

 

 

 

 

Advances from related parties, non-interest bearing

 

 

305,277

 

 

 

-

 

Payment to related parties, non-interest bearing

 

 

(20,000 )

 

 

-

 

Advances from employee

 

 

240,000

 

 

 

-

 

Payment to employee

 

 

(145,000 )

 

 

-

 

Principal payments on debt

 

 

(24,855 )

 

 

(27,594 )

Refunds to Warrants A Holders

 

 

-

 

 

 

(2,250 )

Net cash used in financing activities from discontinued operations

 

 

(10,751 )

 

 

(11,693 )

Net Cash Provided by Financing Activities

 

 

1,448,358

 

 

 

1,936,774

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate change in cash

 

 

(42,011 )

 

 

(43,284 )

 

 

 

 

 

 

 

 

 

Net Decrease in Cash

 

 

(1,368,297 )

 

 

(3,881,389 )

 

 

 

 

 

 

 

 

 

Cash, beginning of year

 

 

317,346

 

 

 

5,258,236

 

 

 

 

 

 

 

 

 

 

Cash from discontinued operations, beginning of year

 

 

1,059,501

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash, end of year

 

 

8,550

 

 

 

1,376,847

 

 

 

 

 

 

 

 

 

 

Less: Cash from discontinued operations, end of year

 

 

-

 

 

 

1,059,501

 

 

 

 

 

 

 

 

 

Cash from continuing operations, end of period

 

$ 8,550

 

 

$ 317,346

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest

 

$ 2,847

 

 

$ 4,365

 

Income taxes

 

$ 800

 

 

$ 21,945

 

 

 

 

 

 

 

 

 

 

Non-Cash Investing and Financing Activities:

 

 

 

 

 

 

 

 

Promissory note issued to acquire Prime

 

$ -

 

 

$ 18,428,671

 

Contingent liabilities from acquiring Prime

 

$ -

 

 

$ 481,938

 

Shares issued to acquire Prime

 

$ -

 

 

$ 3,117,311

 

Promissory note cancelled upon disposal of Prime

 

$ 20,201,304

 

 

$ -

 

Contingent liabilities removed upon disposal of Prime

 

$ 481,938

 

 

$ -

 

Shares cancelled upon disposal of Prime

 

$ 3,117,311

 

 

$ -

 

Capital contributed for services

 

74,247

 

 

 -

 

 

The accompanying notes are an integral part of these financial statements

 

 
F-5
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  

Note 1 – Organization

 

E-World USA Holding, Inc. (the "Company"), a Nevada corporation, was formed February 4, 2011. Its predecessor, with the same name was a California company incorporated in 2007. In April 2011, E-World USA Holding, Inc., a California corporation entered into a merger agreement with its wholly-owned subsidiary, E-World USA Holding, Inc., a Nevada corporation which was the survivor of the merger. Under the Merger Agreement, the Company issued 90,000,000 shares of its common stock on a one share for one share basis for each share of E-World USA Holding, Inc., a California corporation, common stock issued and outstanding at the date of the merger. In addition, the Company issued the Type A Warrants and Type B Warrants in exchange for comparable Warrants issued and outstanding of E-World USA Holding, Inc., a California corporation, at the date of the merger.

 

The Company is a provider of health and nutritional supplements and personal care products currently sold on the Internet through our website www.dailynu.com. In June 2014, we suspended our prior sales model which involved sales of our products through another website by means of a network of Direct Sales Associates, or “DSA’s”.

 

On October 20, 2014, the Company established a wholly owned subsidiary, E-World Canada Holding, Inc. for the purpose of acquiring a company in Canada.

 

Note 2 – Discontinued Operations

 

On October 20, 2014, the Company entered into a Share Purchase Agreement for the purchase of the outstanding shares of Prime Nutrisource Inc., Nugale Pharmaceutical Inc., and Prime Nutrisource Inc. (New Jersey), and together “Prime”. Total purchase price included:

 

· CAD$2,000,000 (approximately $1,773,600);

 

 

· Promissory note totaling CAD$22,780,000 (approximately $20,201,304);

 

 

· 25,000,000 shares of E-World Common Stock representing 14% ownership in E-World with an opportunity to acquire additional E-World Common Stock attaining a 25% ownership (“contingent shares”).

 

On April 21, 2015, the Company terminated its purchase of Prime, and entered into a Termination and Release Agreement with each of Prime, the former owners of the Prime, Guo Yin Xie, Jian Long, Hong Shu Zhu, 2434689 Ontario Inc., 2434691 Ontario Inc., and 2434694 Ontario Inc., and the Company’s subsidiary E-World Canada Holding, Inc. Upon termination of the agreement:

 

· Prime returned CAD$1,500,000 of the CAD$2,000,000 cash portion of the purchase (approximately $1,247,920);

 

 

· The CAD$22,780,000 (approximately $20,201,304) promissory note was cancelled;

 

 

· The 25,000,000 shares of Common Stock were returned to the Company, and Prime’s 25% contingent shares were cancelled.

 
 
F-6
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Total gain from disposal of Prime on April 21, 2015 is calculated as follows:

 

Long-term investment in Prime

 

$ (22,486,914 )

Net consideration

 

 

1,247,920

 

Cancellation of promissory note

 

 

20,201,304

 

Cancellation of 25,000,000 shares of common stock

 

 

3,117,311

 

Cancellation of 25% contingent shares

 

 

481,938

 

Accumulated other comprehensive loss

 

 

(1,648,996 )

Gain from disposal of Prime

 

$ 912,563

 

 

In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meet the criteria in paragraph ASC 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, committing to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.

 

Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations classified as held for sale in the consolidated balance sheet at December 31, 2014 and as of the disposal date at April 21, 2015 is as follows:

 

 

 

April 21,

2015

 

 

December 31,

2014

 

 

 

 

 

 

 

 

Carrying amounts of major classes of assets included as part of discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash

 

$ 2,050,837

 

 

$ 1,059,501

 

Accounts receivable, net

 

 

2,041,762

 

 

 

2,171,790

 

Inventories

 

 

2,097,858

 

 

 

2,096,735

 

Prepaid expenses

 

 

21,776

 

 

 

22,881

 

Total current assets held for sale

 

 

6,212,233

 

 

 

5,350,907

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

3,637,641

 

 

 

3,833,530

 

Intangible assets, net

 

 

13,377,122

 

 

 

14,439,786

 

Goodwill

 

 

3,855,341

 

 

 

3,855,341

 

Total other assets held for sale

 

 

20,870,104

 

 

 

22,128,657

 

 

 

 

 

 

 

 

 

 

Total assets of the disposal group classified as held for sale

 

$ 27,082,337

 

 

$ 27,479,564

 

 

 
F-7
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Carrying amounts of major classes of liabilities included as part of discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$ 1,649,610

 

 

$ 1,108,720

 

Taxes payable

 

 

900,929

 

 

 

1,436,829

 

Deferred revenue

 

 

826,994

 

 

 

31,238

 

Advance from related parties

 

 

648,627

 

 

 

666,654

 

Total current liabilities held for sale

 

 

4,026,160

 

 

 

3,243,441

 

 

 

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Long-term debt

 

 

569,263

 

 

 

611,506

 

Total non-current liabilities held for sale

 

 

569,263

 

 

 

611,506

 

 

 

 

 

 

 

 

 

 

Total liabilities of the disposal group classified as held for sale

 

$ 4,595,423

 

 

$ 3,854,947

 

 

Reconciliation of the amounts of major classes of income and losses from discontinued operations in the consolidated statements of operations and comprehensive income (loss) is as follows:

 

Discontinued operations:

 

Year Ended

December 31,
2015

 

 

 

 

 

Sales

 

$ 4,602,342

 

Cost of sales

 

 

(3,061,927 )

Gross profit

 

 

1,540,415

 

Selling expense

 

 

(257,524 )

Depreciation and amortization expenses

 

 

(333,149 )

General and administrative expenses

 

 

(1,099,302 )

Other income

 

 

38,324

 

Income from operations before income taxes

 

 

(111,236 )

Provision for income tax

 

 

12,022

 

Net income

 

$ (123,258 )

 

The Company’s acquisition of Prime was accounted for as a business combination in accordance with ASC 805. The Company allocated the purchase price of Prime based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. Management determined the fair value of assets acquired, liabilities assumed and intangible assets identified, as of the acquisition date, and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisition were not material and were expensed as incurred in general and administrative expense. The valuation methodologies, all level 3 inputs, were as follows:

 

Accounts

Valuation Methodologies

Current assets and current liabilities

Cost approach

Land and building

Comparable market approach

Equipment

Combination of cost and market approach

Brand/trade name

Relief from royalty method

Non-competing agreement

Lost profits saved method

License, agency and distribution agreements

Cost approach

Customer relationship

Multi-period excess earnings method

Website and Domain Name

Industry cost approach with subjective input

 

 
F-8
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date, October 20, 2014, which represents the net purchase price allocation of Prime based on valuation performed by an independent appraisal firm engaged by the Company:

 

 

 

Fair Value

 

Other current assets

 

$ 5,144,971

 

Plant and equipment, net

 

 

3,953,950

 

Intangible assets:

 

 

 

 

Brand/trade name

 

 

4,379,698

 

Non-competition agreement

 

 

2,038,386

 

License, agency and distribution agreements

 

 

380,433

 

Customer relationships

 

 

8,274,574

 

Website and Domain Name

 

 

39,906

 

Goodwill

 

 

3,855,341

 

Total asset

 

 

28,067,259

 

Total liabilities

 

 

(4,315,526 )

Net assets acquired

 

$ 23,751,733

 

 

The following table represents total consideration paid for the acquisition of Prime:

 

Cash paid

 

$ 1,759,198

 

Short term debt, net of discount

 

 

18,428,671

 

Fair value of 25,000,000 exchangeable shares of the Company

 

 

3,117,311

 

Fair value of the contingent share consideration for an aggregate of 25% of the issued and outstanding shares of common stock of the Company immediately following the completion of the Offering

 

 

481,938

 

Total consideration

 

 

23,787,118

 

Less: cash and cash equivalents of Prime as of October 20, 2014

 

 

(35,385 )

Net assets acquired

 

$ 23,751,733

 

 

Valuation of the 25,000,000 exchangeable shares of the Company

 

The Company valued the 25,000,000 shares issued to acquire Prime using the following assumptions:

 

 

 

Range

 

 

Equity value of E-World USA (on a consolidated basis)

 

$

30,939,459 to 33,271,909

(1 )

Ownership interest

 

 

14.9%

(2 )

Pro-rata value of ownership interest

 

$

4,608,777 to 4,956,222

 

 

less: Discount for lack of control and marketability

 

$

(1,843,511) to (1,486,867)

(3 )

Fair value of ownership interest USD

 

$

3,117,311

 

 

 

 

(1) Discounted cash flow on a consolidated basis using the Capital Asset Pricing Model.

 

 

 

 

(2) Percentage of ownership interest of the 25,000,000 exchangeable shares of the Company out of a total of 142,828,993 prior to the issuance of the 25,000,000 exchangeable shares.

 

 

 

 

(3) Using a discount rate of 40% for low and 30% for high.

 

The Company has determined two valuations of the 25,000,000 exchangeable shares in one high and one low valuation and takes the midpoint of the valuation and recorded $3,117,311 in equity for the 25,000,000 exchangeable shares issued.

 

 
F-9
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Valuation of the contingent shares

 

The Company valued the option to obtain 25% ownership of E-World using the following assumptions in a Binomial Tree model:

 

 

 

Range

 

Number of Nodes

 

 

10.00

 

Maturity of an option

 

 

0.44

 

Risk-free rate

 

 

0.91 %

Volatility of the Stock

 

 

42.30 %

Current estimated price of the stock

 

$

33.90 to 36.30

 

Strike price of the option

 

$ 30.00

 

Calculated value of 25% pro-rata option (contingent shares to be issued)

 

$ 481,938

 

 

The Company has determined two valuations of the 25% pro-rated option in one high and one low valuation and takes the midpoint of the valuation at $481,938 and recorded the fair value of the contingent shares in the balance sheet.

 

Note 3 – Going Concern

 

There is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues, significant recurring losses and negative working capital. If we are unable to generate significant revenue or secure financing we may be required to cease or curtail our operations. Our financial statements do not include adjustments that might result from the outcome of this uncertainty.

 

Management is trying to alleviate the going concern by: securing various financing resources, including but not limited to, borrowing from the Company’s major shareholder, and the possibility of raising funds through a future public offering.

 

Note 4 – Summary of Significant Accounting Policies

 

Basis of Presentation

 

These financial statements have been presented by the Company in accordance with accounting principles generally accepted in the United States, are expressed in U.S. dollars and include the accounts of E-World USA Holding, Inc. and its subsidiaries, E-World Canada Holding, Inc., Prime Nutrisource Inc., Nugale Pharmaceutical Inc. and Prime Nutrisource Inc. (New Jersey). As of April 21, 2015, these subsidiaries mentioned above were deconsolidated from E-World USA Holding, Inc. For more details, see Note 2.

 

Principles of consolidation

 

The accompanying consolidated financial statements include the financial statements of E-World USA Holding, Inc. and its subsidiaries.

 

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

 

All significant inter-company transactions and balances have been eliminated upon consolidation.

 

 
F-10
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Foreign Currency

 

The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries in Canada use the local currency, Canadian Dollars (“CAD$”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the Bank of New York at the end of the period. The statement of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of change in deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

 

The assets and liabilities of the Company’s subsidiaries in Canada at April 21, 2015 (disposal date) and December 31, 2014 were translated at 0.82 CAD$ and 0.86 CAD$, respectively, to 1.00 USD$. The equity accounts were stated at their historical rate. The average translation rate applied to statement of operations accounts for the year ended December 31, 2015 was 0.81 CAD$. Cash flows are also translated at average translation rates for the periods; therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include fair value of assets and liabilities acquired in a business combination, fair value of contingent liabilities, the useful lives of property and equipment, collectability of receivables and fair value of rescission liability – Type A & B Warrants. Actual results could differ from those estimates.

 

Cash

 

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents are comprised primarily of money market accounts and foreign and domestic bank accounts. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents.

 

Accounts Receivable

 

Trade accounts receivable are periodically evaluated for collectability based on credit history with customers and their current financial condition. Bad debt expense or write-offs of receivables are determined on the basis of loss experience, known and inherent risks in the receivable portfolio and current economic conditions.

 

The accounts receivable balance and allowance for doubtful accounts are as follows:

 

 

 

December 31,

2015

 

 

December 31,

2014

 

Accounts receivable

 

$ 50,680

 

 

$ 2,406

 

Allowance for doubtful accounts

 

 

(25,236 )

 

 

-

 

Accounts receivable, net

 

$ 25,444

 

 

$ 2,406

 

 

 
F-11
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Movement of allowance for doubtful accounts is as follows:

 

 

 

December 31,

2015

 

 

December 31,

2014

 

 

 

 

 

 

 

 

Beginning balance

 

$ -

 

 

$ -

 

Provision for doubtful accounts

 

 

25,236

 

 

 

74,259

 

Less: write-off

 

 

-

 

 

 

(74,259 )

Ending balance

 

$ 25,236

 

 

$ -

 

 

Inventory

 

Inventories are valued at the lower of cost (determined on a first-in, first-out basis) or market. Inventory consists of nutritional and skin-care products. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs when costs exceed expected net realizable value. The inventories’ shelf lives are approximately 3 years.

 

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Upon disposition, the cost and related accumulated depreciation or amortization is removed from the books, and any resulting gain or loss is included in operations. The Company provides for depreciation and amortization using straight-line methods over the estimated useful lives of various classes as follow:

 

Computer and software

3 to 5 years

Furniture and fixtures

5 to 10 years

Vehicles

5 to 7 years

Leasehold improvement

over expected lease term

 

Repair and maintenance is charged to operations when incurred while betterments and renewals are capitalized.

 

Impairment of Long-Lived Assets

 

Long-lived assets, including, property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated discounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When the Company identifies an impairment, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2015 and 2014, no impairment of long-lived assets was recognized.

 

 
F-12
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Fair Value of Financial Instruments

 

ASC 825 requires that the Company discloses estimated fair values of financial instruments. The Company believes the carrying value of short-term debt is a reasonable estimate of fair value due to rates being currently offered.

 

As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

  

The three levels of the fair value hierarchy are as follows:

 

Level 1 –

 

Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

 

 

 

Level 2 –

 

Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

 

 

 

Level 3 –

 

Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2015 and 2014:

 

Recurring Fair Value Measures

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Rescission Liability – Type A Warrants

 

 

--

 

 

 

--

 

 

$ 7,165,413

 

 

$ 7,165,413

 

Rescission Liability – Type B Warrants

 

 

--

 

 

 

--

 

 

 

249,111

 

 

 

249,111

 

Total

 

 

--

 

 

 

--

 

 

$ 7,414,524

 

 

$ 7,414,524

 

 

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis in operations disposed for the years ended December 31, 2015 and 2014:

 

 

 

December 31,

2015

 

 

December 31,

2014

 

Beginning balance

 

$ 7,414,524

 

 

$ 7,416,774

 

Refund to warrant A holder

 

 

-

 

 

 

(2,250 )

Ending balance

 

$ 7,414,524

 

 

$ 7,414,524

 

 

 
F-13
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Revenue Recognition

 

The Company recognizes revenue when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. The Company generally receives the net sales price in cash or through credit card payments when products are ordered. When the Company has sales events whereby the sales are non-returnable or non-refundable, the revenue is recognized when products are shipped. Advance payments from customers are deferred and revenue is recognized when products are shipped. Deferred revenue for customer deposits as of December 31, 2015 and 2014 was $1,486,360 and $1,617,369 respectively.

 

The Company also recognized revenue on shipping and handling fees charged to the Company’s customers. Shipping and handling fee revenue is recognized when products have been delivered. Shipping and handling fee revenues are immaterial to the Company’s financial statements for the years ended December 31, 2015 and 2014.

 

Product returns are allowed for unopened products purchased under regular sales terms within 60 days. Allowances for product returns are provided at the time the sale is recorded using historic return rates for each country and the relevant return pattern. Historically the Company has a nearly zero return rate. Hence, the allowance as of December 31, 2015 and 2014 is estimated at $0.

 

In addition to the Company’s 60-day return policy, the Company, at its discretion, may accept a customer’s application for a buy-back of products previously sold within one year at 90% of the original product costs less commissions and shipping costs. The Company implemented its buy-back policy on January 1, 2012. To date, the Company has not received any buy-back applications. As a result, no allowance for buy-backs has been recorded as of December 31, 2015 and 2014.

 

The majority of the Company’s revenues are generated from China. Revenues generated from other countries or within the United States are immaterial to our consolidated financial statements. While all products are priced in US currency, the Company accepts payments in USD, Hong Kong dollars and Chinese RMB.

 

Shipping and Handling Expenses

 

Shipping and handling costs paid by the Company are included in selling expenses, and totaled $23,776 and $137,857 for the years ended December 31, 2015 and 2014, respectively.

 

Bonus Expense

 

Prior to June 1, 2014, the Company offered a network membership to individuals interested in selling E-World products. Members could earn bonuses, similar to commissions, based on retail sales volume of certain other downline members referred by the member. Bonus expenses were accrued in the period in which the member met the qualifications to receive the related benefits. Bonuses were redeemed by members in cash, either by withdrawal or by applying their cash balance against future product purchases. As bonus expenses result in cash payments to our customers, we net these expenses with revenue in accordance with ASC 605-50-45-2. Bonus expenses netted with revenue for the years ended December 31, 2015 and 2014 were $0 and $2,570,276, respectively. In June 2014, the Company ceased utilizing its membership network to sell its products.

 

Operating Leases

 

The Company leases all of its properties under operating leases. Lease agreements generally include rent holidays and tenant improvement allowances. The Company records tenant improvement allowances and rent holidays as deferred rent liabilities and amortizes the deferred rent over the term of the lease. There were no deferred rent liabilities.

 

Income Taxes

 

The Company utilizes ASC 740, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

 
F-14
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Basic and Diluted Earnings Per Share

 

Accounting principles generally accepted in the United States regarding earnings per share (“EPS”) require presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share.

 

Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

 

For the years ended December 31, 2015 and 2014, contingent shares and Type A and Type B Warrants did not have a dilutive effect on loss per share as the Company had incurred a loss for the periods.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company maintains balances at financial institutions which, from time to time, may exceed Federal Deposit Insurance Corporation (FDIC) insured limits for the banks located in the United States, may exceed Canada Deposit Insurance Corporation (CDIC) insured limits for the banks located in Canada or may exceed Hong Kong Deposit Protection Board (HKDPB) insured limits for the banks located in Hong Kong. Balances at financial institutions or state-owned banks within the PRC are not covered by insurance. At December 31, 2015, the bank balance of the Company consisted of $3,211 in the United States and $3,371 in Hong Kong and these balance are all insured by FDIC or HKDPB. At December 31, 2014, the bank balance of the Company consisted of $312,054 in the United States and $2,895 in Hong Kong and these balance are all insured by FDIC or HKDPB.

 

The Company normally requires pre-payments for its sales, which eliminates the exposure to credit risks arising from its customers.

 

During 2015, one customer accounted for approximately 13% of the Company’s sales. No customer accounted for more than 10% of the Company’s sales during 2014.

 

During 2015, three suppliers accounted for approximately 72% of product purchases, and during 2014, two suppliers accounted for approximately 74% of product purchases.

 

Contingencies

 

The Company may have inadvertently issued Type A Warrants and Type B Warrants to U.S. citizens or residents in violation of federal securities laws and may be subject to sanctions for such violations. Further, the exchange of the warrants for common shares may also have been in violation of Section 5 of the Securities Act of 1933. Thus, risk exists that former warrant holders may bring legal action against the company, its officers and directors for securities law violations. At this time, the Company determined it is reasonably possible that a loss may have been incurred as a result of these issuances. The Company has recorded a liability equal to the amount it expects to pay to redeem the warrants. See Note 5.

 

Related Parties

 

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

 

 
F-15
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

New Accounting Pronouncements

 

In January 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update is issued as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. The adoption of ASU 2015-01 did not have a material impact on the Company’s consolidated financial statements.

 

In April 2015, the FASB issued authoritative guidance on accounting for Interest-Imputation of Interest (Subtopic 835-30); Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). This update requires that debt issuance cost related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts, without changing existing recognition and measurement guidance for debt issuance costs. The new guidance is required to be applied on a retrospective basis and to be accounted for as a change in an accounting principle. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years and early adoption of the amendments in this update is permitted. The adoption of ASU 2015-03 did not have a material impact on the Company’s consolidated financial statements.

 

In July 2015, the FASB issued ASU No. 2015-11, an amendment to ASC 330 for simplifying the measurement of inventory. The update requires that inventory be measured at the lower of cost and net realizable value where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendment is intended to provide clarification on the measurement and disclosure of inventory in ASC 330 and not intended for those clarifications to result in any changes in practice. The ASU is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted for all entities and should be applied prospectively. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, to defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting 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. The Company does not expect the adoption of ASU 2014-09 to have a material impact on the Company’s consolidated financial statements.

 

 
F-16
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases. This update requires lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within a twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-07 Investments-Equity and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The objective is to simplify investor’s accounting for equity method investments as a result of an increase in ownership level or degree of influence over the investee from prior period and requires prospective application of equity method accounting from the date when an equity investment qualifies for equity method of accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08—Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The object is to reduce the potential for diversity in practice arising from inconsistent application of the principal versus agent guidance and to reduce the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (ASC 718): Improvements to Employee Share-Based Payment Accounting. The objective is to identity, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintain or improving the usefulness of the information provided to users of financial statements. The areas for simplification include the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas apply only to nonpublic entities. For public business entities, the ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not expect the adoption of ASU 2016-09 to have a material impact on the Company’s consolidated financial statements.

 

 
F-17
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing. The objective is to clarify the two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for these areas. The ASU affects the guidance in ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for this ASU are the same as the effective date and transition requirements in ASC 606 (and any other Topic amended by ASU 2014-09). ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of ASU 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients. The object is to address certain issues identified by the FASB-IASB Joint Transition Resource Group for Revenue Recognition. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for ASC 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4) Proceeds from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned; (6) Life Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization Transactions; and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is evaluating the effect on the Company’s consolidated financial statements.

 

In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments in this Update include items brought to the Board’s attention through a variety of sources, including: 1) The Codification’s online feedback mechanism; 2) Submissions to the Transition Resource Group for Revenue Recognition (TRG); and 3) Stakeholder’s technical inquiries. The amendments in this Update affect narrow aspects of the guidance issued in ASU No. 2014-09 for certain area for correction or improvement. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by ASU No. 2014-09). ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of ASU No. 2014-09 by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting 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. The Company does not expect the adoption of ASU 2014-09 to have a material impact on the Company’s consolidated financial statements.

 

 
F-18
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 5 – Rescission Liability – Type A & B Warrants

 

Type A Warrants

 

As an incentive to increase sales and bring in additional members, the Company issued Type A warrants to its members.

 

Upon issuance, Type A warrants had no expiration and could be exercised for:

 

(1)

common shares of the Company at a ratio of 1:1 upon a going public event in the U.S.,

(2)

products of the Company at their retail prices, or

(3)

cancelled membership and a refund in cash at 75% of face value.

 

From inception, January 5th, 2007 to December 31, 2010, new members purchased a package of products and received an option to include Type A Warrants in the purchase. Net cash proceeds from Type A Warrants sold to members through December 31, 2010 were $8,169,707. During 2011, a total of 18,000 Type A warrants were exercised for cash refunds totaling $22,950 and products of the Company for $7,200. During 2012, all of the remaining Type A warrants were exchanged for the following:

 

 

(1) 842,300 warrants for $495,170 in cash refunds

 

(2) 10,300 warrants for $16,650 in products

 

(3) 23,296,688 warrants for shares of common stock

 

Our Type A Warrants may have been issued and exercised in violation of United States federal securities laws. As a result, the common stock issued upon exercise of these warrants during fiscal 2012 may not be valid. We recorded the fair value of these warrants as a liability on the date of issuance (“Rescission Liabilities – Type A Warrants”). The value of the Rescission Liabilities – Type A Warrants was determined by calculating the maximum potential cash outlay if all warrant holders exercised using option 3 above. The total fair value was determined by calculating how much each warrant holder would receive in cash if they exercised the warrant by canceling their membership and receiving 75% of the face value of their warrant in cash and then adding these amounts together to reach the total potential cash outlay. The face value of the warrant is the stated value assigned to each Type A warrant. The face value determines how much the member could receive if exercised for cash and a canceled membership. If members exercise their warrants for cash, the Company reduces the liability by the amount of cash paid. If members exercise their warrants for products, the Company recognizes revenue equal to the retail value of the related products once they have been delivered. During 2014, the Company refunded $2,250, and members returned 9,300 Type A warrant shares. As of December 31, 2015 and 2014, 23,206,888 shares are included in Rescission Liabilities – Type A Warrants and totaled $7,165,413.

 

Type B Warrants

 

During 2009 and 2010, the Company issued a total of 2,491,108 Type B warrants as sales incentive compensation to members. Type B warrants entitle the holders to receive 2,491,108 common shares upon a going public event in the U.S. as specified in the Warrant. No additional consideration for the common shares is required upon exercise. During 2012, all of the Company’s Type B Warrants were exercised for shares of common stock. Type B Warrants may have been issued and exercised in violation of United States federal securities laws. As a result, the common stock issued upon exercise of these warrants may not be valid; therefore, we recorded “Rescission Liabilities – Type B Warrants” at the fair value of the shares issued upon exercise of these warrants. The fair value of the common shares was estimated using comparable sales of common stock to members. The Company determined the comparable sales of stock is more reliable as the fair value because goods or services received cannot be reliably measured. The fair value of the Type B warrants as of December 31, 2015 and 2014 was $249,111.

 

 
F-19
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

We cannot estimate when this rescission offer liability will end for either the Type A Warrants or the Type B Warrants as this liability will end only when the Company and its legal counsel conclude the rescission liability now shown in the financial statements becomes at least a remote possibility, which has not yet occurred and cannot be reasonably predicted at this time when it will occur.

 

Note 6 – Impairment Expenses

 

On May 26, 2015, the Company concluded that a material charge for impairment was required under generally accepted accounting principles. The impaired assets were approximately $3,643,000 in bank accounts in the People’s Republic of China. For administrative reasons, the accounts were held and relate to cash deposited in the name of Mr. Dinghua Wang, President and Chief Executive Officer of the Company. These accounts have been frozen by authorities in the Chinese legal system (the “Frozen Accounts”) in a case involving alleged illegal activities in China by one or more persons claiming to be officers in the Company. The Chinese legal authorities asserted that these activities gave them the right to freeze the accounts. The Company does not believe that the Frozen Accounts will be recovered. Accordingly, the Board of Directors agreed to recognize the impairment in 2014. The Company does not believe this impairment charge will result in future cash expenditures.

 

According to the Official Indictment number 2014-133 issued to Mr. Charlie Leung by the District Attorney’s office of ZhuShan County, HuBei Province on November 10, 2014, the district attorney stated that E-World USA Holding, Inc. had not obtained a direct sales license in the PRC. According to the Indictment, Mr. Wang sent Mr. Leung to China as Senior VP of China operations to develop business. Mr. Leung developed a program to award bonuses to members for 1. Achieving sales targets, and 2. Developing new members. This was considered by China Regulatory Authorities to be pyramid sale activities in China which did not comply with what was asserted to be applicable China Law. As a result of the indictment, in May 2014, E-World discontinued its DSA sales model in China and elsewhere and now sells only through its website. The indictment was issued and mentioned that Mr. Wang will be treated in a separate case. As of the date of this report, the Company and Mr. Wang are not aware of a separate case having been filed against Mr. Wang. The balance in the Frozen Accounts totaled of RMB 22,848,737, or $3,643,000, all of which was impaired.

 

Note 7 – Inventory

 

Inventories consist of finished goods available for resale and can be categorized as:

 

 

 

December 31,

2015

 

 

December 31,

2014

 

Nutrition supplements

 

$ 268,740

 

 

$ 322,701

 

Skin-care products

 

 

33,385

 

 

 

28,879

 

Less: inventory reserve

 

 

(121,076 )

 

 

(122,623 )

Inventories, net

 

$ 181,049

 

 

$ 228,957

 

 

During 2015, the Company recorded a recovery of prior inventory reserve totaling $1,546. During 2014, the Company recorded valuation allowance of $55,907 due to slow inventory movement and upcoming product expiration dates.

 

 
F-20
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 8 – Property and Equipment

 

Property and equipment consist of following:

 

 

 

December 31,

2015

 

 

December 31,

2014

 

Computer equipment and software

 

$ 114,953

 

 

$ 114,953

 

Furniture and fixture

 

 

26,686

 

 

 

26,686

 

Automobiles

 

 

179,677

 

 

 

179,677

 

Leasehold improvement

 

 

40,053

 

 

 

40,053

 

Total

 

 

361,369

 

 

 

361,369

 

Accumulated depreciation

 

 

(255,167 )

 

 

(221,096 )

Property and equipment, net

 

$ 106,202

 

 

$ 140,273

 

 

Depreciation expense totaled $34,071 and $39,961 in 2015 and 2014, respectively.

 

Note 9 – Debt

 

Due to employee

 

The Company borrowed money from an employee to fund operations. During the year ended December 31, 2015, advances from employee totaled $240,000 and payment to employee totaled $145,000. These advances do not bear interest, are unsecured and are due on demand. As of December 31, 2015, the Company owed $95,000 to an employee.

 

Long term loan

 

In June 2012, the Company purchased a new vehicle by trade-in of the old vehicle with a loan on the purchase. The vehicle was purchased for $179,678. The loan amount was $141,677, with interest of 4.84% to be repaid over 60 even payments of $2,663. During years ended December 31, 2015 and 2014, the Company paid $24,855 and $27,594 for the loan, respectively.

 

In December 2015, the Company paid off this debt with proceeds from a new loan balance of $51,263 with an annual interest rate of 2.99% to be repaid over 48 months.

 

Future maturities of long term debt are as follows:

 

Year ended December 31, 2016

 

$ 11,241

 

Year ended December 31, 2017

 

 

12,619

 

Year ended December 31, 2018

 

 

13,002

 

Year ended December 31, 2019

 

 

13,395

 

Total

 

 

50,257

 

Current portion of long term debt

 

 

(11,241 )

Long term debt

 

$ 39,016

 

 

 
F-21
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Promissory note

 

On October 24, 2014, the Company entered into a Share Purchase Agreement to purchase the outstanding shares in Prime Nutrisource Inc., Nugale Pharmaceutical Inc., and Prime Nutrisource Inc. (New Jersey) which included a CAD$22.78 million (approximately $20.2 million) promissory note.

 

This short term debt bears no interest and matures upon the earlier of (a) the effective date of a registration statement filed with the Securities and Exchange Commission in connection the completion by the Company of a $30,000,000 debt or equity offering or (b) March 31, 2015. The Company recorded $2,855,909 and $1,772,633 as discount on the note as of April 21, 2015 (disposal date) and December 31, 2014, respectively. The discount is amortized over the life of the promissory note.

 

The Company amortized $1,083,276 and $689,357 of the discount for the years ended December 31, 2015 and 2014, respectively.

 

In April 2015, the Company terminated its purchase of Prime, and the promissory note was cancelled. See Note 2.

 

Note 10 – Income Taxes

 

The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the years ended December 31, 2015 and 2014:

 

 

 

December 31,

2015

 

 

December 31,

2014

 

Federal statutory rate

 

 

34.0 %

 

 

34.0 %

State statutory rate

 

 

8.8 %

 

 

8.8 %

Valuation allowance

 

 

(33.4 )%

 

 

(40.0 )%

Permanent difference

 

 

(9.4 )%

 

 

(3.0 )%

Effective tax rate

 

 

0.0 %

 

 

(0.2 )%

 

The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The cumulative net operating loss carryforward that may be applied against future taxable income is approximately $8,854,000 for Federal and $7,889,000 for California as of December 31, 2015, and will expire in the years 2030 to 2035. The accumulated net operating loss carry forward is approximately $5,900,000 for Federal and $4,935,000 for California as of December 31, 2014. During the years ended December 31, 2015 and 2014, the Company incurred a net loss. As deferred tax assets may not be fully realizable due to potential recurring losses, Management has provided 100% valuation allowance for the deferred tax assets.

 

As of December 31, 2015 and 2014, the valuation allowance was approximately $3,470,000 and $2,294,000, respectively.

 

 
F-22
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The movement of deferred tax assets is as follows:

 

 

 

Year ended December 31,

2015

 

 

Year ended December 31,

2014

 

Deferred tax asset, beginning balance

 

$ -

 

 

 

-

 

Addition from net operating loss carry-forward - federal

 

 

1,023,905

 

 

 

310,129

 

Addition from net operating loss carry-forward - state

 

 

175,461

 

 

 

52,290

 

Addition (deduction) from temporary difference - federal

 

 

(19,452 )

 

 

87,084

 

Addition (deduction) from temporary difference - state

 

 

(3,227 )

 

 

15,040

 

Addition (deduction) in valuation allowance

 

 

(1,176,687 )

 

 

(464,543 )

Deferred tax asset, ending balance

 

$ -

 

 

 

-

 

 

As of December 31, 2015, federal tax returns filed for 2013, 2014 and 2015 remain subject to examination by the taxing authorities. As of December 31, 2015, California tax returns filed for 2012, 2013, 2014 and 2015 remain subject to examination by the taxing authorities.

 

Note 11 – Related Party Transactions

 

Due to shareholder

 

From time to time, Mr. Dinghua Wang, the CEO of the Company advances monies to, as well as borrows money from, the Company. Such business transactions are recorded as due to or from shareholder. During the years ended December 31, 2015 and 2014, advances totaled $1,372,177 and $2,618,111, respectively and payment to shareholder totaled $308,490 and $639,800, respectively. As of December 31, 2015 and 2014, the balance due to shareholder amounted to $3,210,836 and $2,147,149, respectively. This balance does not bear interest, is unsecured and is due on demand.

 

Advances from related parties, interest bearing

 

During year ended December 31, 2015, the Company borrowed money from a related party to fund operations. This related party is the son of the CEO. During the year ended December 31, 2015, advances totaled $40,000. This advance bears an one time $5,000 finance charge recorded as interest expense and included in accrued expenses as of December 31, 2015, is unsecured and due on demand. As of December 31, 2015, the Company owed $40,000 to this related party.

 

Interest expense for the year ended December 31, 2015 for the advances from related party amounted to $5,000.

 

 
F-23
Table of Contents

 

E-WORLD USA HOLDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

 

Advances from related parties, non-interest bearing

 

Prior to 2014, the Company borrowed money from certain related parties to fund operations. The related parties consist of the CEO's immediate family members and relatives and a board member of the Company. During the years ended December 31, 2015 and 2014, advances totaled $305,277 and $0, respectively and payment to related parties totaled $20,000 and $0, respectively. These advances do not bear interest, are unsecured and are due on demand. As of December 31, 2015 and 2014, the Company owed $583,839 and $298,562 to these related parties, respectively.

 

Note 12 – Commitments

 

Operating lease

 

The Company rents office and warehouse spaces for its main corporate office from March 2015 to October 2018 and thereafter on a month to month basis without future commitment. The Company’s commitment for minimum lease payment under these operating leases as of December 31, 2015 for the next few years is as follow:

 

Year ended December 31, 2016

 

$ 36,000

 

Year ended December 31, 2017

 

 

36,900

 

Year ended December 31, 2018

 

 

31,000

 

Total

 

$ 103,900

 

 

The Company incurred rent expense of $152,559 and $161,218 for years ended December 31, 2015 and 2014, respectively.

  
 
F-24
Table of Contents

 

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosures

 

None

 

Item 9A. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s Chief Executive Office/Chief Financial Officer has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2015. Based upon such evaluation, the Chief Executive Officer/Chief Financial Officer concluded that, as of December 31, 2015, the Company’s disclosure controls and procedures were not effective. This conclusion by the Company’s Chief Executive Officer/Chief Financial Officer does not relate to reporting periods after December 31, 2015.

 

Management’s Report on Internal Control over Financial Reporting

 

Under the supervision of our Chief Executive Officer/ Chief Financial Officer, and with the participation of our management, we conducted an evaluation of the effectiveness of our internal controls over financial reporting as of December 31, 2015, based on the framework stated by the Committee of Sponsoring Organizations of the Treadway Commission.

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system was designed 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. Because of inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Based on its evaluation as of December 31, 2015, our management concluded that our internal controls over financial reporting were not effective as of December 31, 2015. A material weakness is a deficiency, or a combination of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. 

 

The material weakness relates to the following:

 

1. Lack of Accounting and Finance Expertise – Our current number of accounting staff is relatively small, and we do not have the required infrastructure of meeting the higher demands of being a U.S. public company. This material weakness also relates to a lack of personnel with expertise in preparing financial statements in accordance with U.S. GAAP.

 

2. Lack of Internal Audit Function – We lack sufficient resources to perform the internal audit function.

 

Remediation

 

Our management has dedicated significant resources to correcting the control deficiencies and to ensuring that we take proper steps to improve our internal control over financial reporting in the area of financial statement preparation and disclosure.

 

Subsequent to December 31, 2015, we have taken a number of remediation actions that we believe will improve the effectiveness of our internal control over financial reporting, including the following:

 

 

·

Hired a consulting firm with expertise in U.S. GAAP financial reporting and accounting.

 

·

Implemented an internal review process over financial reporting to continue to improve our ongoing review and supervision of our internal control over financial reporting;

 

This annual report does not and is not required to include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.

 

Changes in Internal Control over Financial Reporting

 

No change in the Company’s internal controls over financial reporting occurred during the quarter ended December 31, 2015, that materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

 

 
18
Table of Contents

 

Item 9B. Other Information

 

None.

 

PART III

 

Item 10. Directors, Executive Officers, Promoters, Control Persons and Corporate Governance; Compliance with Section 16(a) of the Exchange Act

 

Directors and Officers

 

The board of directors elects our executive officers annually. A majority vote of the directors who are in office is required to fill vacancies. Each director shall be elected for the term of one year, and until his successor is elected and qualified, or until his earlier resignation or removal. Our directors and executive officers are as follows:

 

Name

 

Age

 

Position

 

Ding Hua Wang

 

53

 

CEO and President, Director

Xun Zhang

 

55

 

Director

Pooi Lam Shun*

 

66

 

Director

 

*Resigned on January 4, 2017

 

Mr. Wang joined our predecessor company in January 2007 as Product Consultant. In November 2007, he became CEO and President of our predecessor company and has been CEO, President and Director of our company since March 2011. From August 2005 to December 2006, he was CEO of Ansheng Company International Products, a nutrition products manufacturing and wholesale company. From January 1999 to August 2005, he was CEO of Ansheng Company, a Chinese herbal medicine imports and store sales company. He studied at Zhejiang University of Traditional Chinese Medicine from January 1986 to February 1991. He attended American Global University in alternative medicine from August 2001 to September 2003 but did not receive a degree. As a member of the board, Mr. Wang contributes significant industry-specific experience and expertise on our products and services. Mr. Wang also contributes his knowledge of the Company and a deep understanding of all aspects of our business, products and markets, as well substantial experience developing corporate strategy, assessing emerging industry trends, and business operations.

 

Xun Zhang joined us as Director upon formation in March 2011. From 2003 to date, he has been Assistant Professor, Harvard Medical School, Boston, Massachusetts. From 1988 to date, he has been Assistant in Biochemistry; Director, Neuroendocrine Research Laboratory Massachusetts General Hospital Boston, Massachusetts. He received a PhD, 1994, State University of New York at Albany. With responsibility for product development guidance, he brings his educational and research knowledge and experience to the Board.

 

Pooi Lam Shun joined us as Director upon formation in March 2011. From March 2007 to January 4, 2017, he served as a Director for us and our predecessor. From May 1990 to February 2007, he was an Independent Distributor for Sunrider International, a health food manufacturer. He received a Diploma, 1981, from Singapore Polytechnic. Pooi Lam Shun was responsible for developing marketing strategies in Singapore, Malaysia, China and other Asian markets and brought his knowledge and experience in these markets to our Board, all in the capacity as a Director of the Company. Although rendering this advice to management, he was not in charge of a principal business unit, division or function (such as sales, administration or finance) of the Company and, other than his role as a director, did not perform a policy-making function for the Company with respect to marketing or any other aspect of the Company’s business.

 

Family Relationships

 

There are no family relationships between our officers and directors.

 

Legal Proceedings

 

No officer, director, or persons nominated for such positions, promoter or significant employee has been involved in the last ten years in any of the following, except as noted below:

 

 

o

Any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time,

 

 
19
Table of Contents

  

 

o

Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses),

 

 

¨

Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities.

 

 

o

Being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

 

 

¨

Having any government agency, administrative agency, or administrative court impose an administrative finding, order, decree, or sanction against them as a result of their involvement in any type of business, securities, or banking activity.

 

 

o

Being the subject of a pending administrative proceeding related to their involvement in any type of business, securities, or banking activity.

 

 

o

Having any administrative proceeding been threatened against you related to their involvement in any type of business, securities, or banking activity.

 

Because the Chinese legal system is different than that in the U.S., please refer to the Complaint filed as noted in “Legal Proceedings” and filed as an exhibit 10.1 to the 2014 report on Form 10-K as it affects Dinghua Wang. Although not being named a defendant personally, the Complaint discussed Mr. Wang’s activities and indicated that the following order had been issued against Mr. Wang: “After the case was discovered, Dinghua Wang's special accounts for sales under the Company’s DSA model in China were blocked and the funds in the amount of RMB 22,848,737.5 and $1,320.87 in the accounts were frozen.” At the date of filing of this report, the status of this Order was still open. Accordingly, Mr. Wang may be considered to have been involved in one or more of the above named activities in the last 10 years.

 

Code of Ethics

 

We do not currently have a Code of Ethics applicable to our principal executive, financial or accounting officer as one person fills all these roles. At such time as there is more than one executive officer, we will consider adopting such a Code.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

The Company’s officers and directors are not subject to Section 16(b), as the Company is a voluntary reporting issuer.

 

Item 11. Executive Compensation

 

Summary Compensation Table

 

The table below summarizes all compensation awarded to, earned by, or paid to our Principal Executive Officer, our two most highly compensated executive officers other than our PEO, who occupied such position at the end of our latest fiscal year and up to two additional executive officers who would have been included in the table below except for the fact that they were not executive officers at the end of our latest fiscal year, by us, or by any third party where the purpose of a transaction was to furnish compensation, for all services rendered in all capacities to us or our subsidiary for the latest two fiscal years ended December 31, 2015, and December 31, 2014.

 

Executive Compensation

 

Name

 

Title

 

Year

 

Salary

 

 

Bonus

 

 

Stock

awards

 

 

Option

awards

 

 

Non equity

incentive plan

compensation

 

 

Non

qualified

deferred

compensation

and all

other

compensation

 

 

Total

compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ding Hua Wang

 

President/CEO

 

2015

 

 

380,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

380,000

 

 

 

 

 

2014

 

 

380,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

380,000

 

 

 
20
Table of Contents

  

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END December 31, 2015

 

Name 

 

Number of

Securities

Underlying

Unexercised

Options

(#)

Exercisable

 

 

Number of

Securities

Underlying

Unexercised

Options

(#)

Unexercisable

 

 

Equity

Incentive

Plan

Awards:

Number of

Securities

Underlying

Unexercised

Unearned

Options

(#)

 

 

Option

Exercise

Price

($)

 

 

Option

Expiration

Date

 

 

Number of

Shares or

Units of

Stock That

Have Not

Vested

(#)

 

 

Market

Value of

Shares or

Units of

Stock That

Have Not

Vested

($)

 

 

Equity

Incentive

Plan

Awards:

Number

Of

Unearned

Shares,

Units or

Other

Rights That

Have Not

Vested 

(#)

 

 

Equity

Incentive

Plan

Awards:

Market or

Payout

Value of

Unearned

Shares,

Units or

Other

Rights

That Have

Not

Vested

($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ding Hua Wang

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Xun Zhang

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Pooi Lam Shun

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

No option awards, unexercised options, unvested stock awards or equity incentive plan awards were granted to our named executive officers during fiscal year ended at December 31, 2015.

 

Director Compensation

 

The following table summarizes the compensation paid to our directors for the fiscal year ended December 31, 2015:

 

Name

 

Fees

Earned

or

Paid in

Cash

 

 

Stock

Awards

($)

 

 

Option

Awards

($)

 

 

Non-Equity

Incentive Plan

Compensation

($)

 

 

All Other

Compensation

($)

 

 

Total

($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ding Hua Wang

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Xun Zhang

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Pooi Lam Shun

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

No director was paid in any form of compensation for acting as a Director as of December 31, 2015. See Executive Compensation table above for salaries paid to these Directors for their role as officers.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The following tables set forth the ownership, as of the date of this Form 10-K, of our common stock by each person known by us to be the beneficial owner of more than 5% of our outstanding common stock, our directors, and our executive officers and directors as a group. To the best of our knowledge, the persons named have sole voting and investment power with respect to such shares, except as otherwise noted. There are not any pending or anticipated arrangements that may cause a change in control.

 

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the Securities and Exchange Commission and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within 60 days through the conversion or exercise of any convertible security, warrant, option or other right. More than one person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within 60 days, by the sum of the number of shares outstanding as of such date plus the number of shares as to which such person has the right to acquire voting or investment power within 60 days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our common stock listed below have sole voting and investment power with respect to the shares shown. The business address for these shareholders is Flair Dr., Suite 302, El Monte CA 91731.


 
21
Table of Contents

  

Name

 

Number of 

Shares of 

Common stock

 

Percentage

 

Ding Hua Wang

 

129,999,020

 

91.02

%

Xun Zhang

 

500,000

 

0.35

%

Pooi Lam Shun

 

1,000,000

 

0.70

%

All officers and directors as a group [3 persons]

 

131,499,020

 

92.07

%

 

This table is based upon information derived from our stock records. Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, each of the shareholders named in this table has sole or shared voting and investment power with respect to the shares indicated as beneficially owned. Except as set forth above, applicable percentages are based upon 142,828,993 shares of common stock outstanding as of December 31, 2015.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence.

 

Due to shareholder

 

From time to time, Mr. Dinghua Wang, the CEO of the Company advances monies to, as well as borrows money from, the Company. Such business transactions are recorded as due to or from shareholder. During the years ended December 31, 2015 and 2014, advances totaled $1,372,177 and $2,618,111, respectively and payment to shareholder totaled $308,490 and $639,800, respectively. As of December 31, 2015 and 2014, the balance due to shareholder amounted to $3,210,836 and $2,147,149, respectively. This balance does not bear interest, is unsecured and is due on demand.

 

Advances from related parties, interest bearing

 

During year ended December 31, 2015, the Company borrowed money from a related party to fund operations. This related party is the son of the CEO. During the year ended December 31, 2015, advances totaled $40,000. This advance bears an one time $5,000 finance charge recorded as interest expense and included in accrued expenses as of December 31, 2015. As of December 31, 2015, the Company owed $40,000 to this related party.

 

Interest expense for the year ended December 31, 2015 for the advances from related parties amounted to $5,000.

 

Advances from related parties, non-interest bearing

 

Prior to 2014, the Company borrowed money from certain related parties to fund operations. The related parties consist of the CEO's immediate family members and relatives and a board member of the Company. During the years ended December 31, 2015 and 2014, advances totaled $305,277 and $0, respectively and payment to related parties totaled $20,000 and $0, respectively. These advances do not bear interest, are unsecured and are due on demand. As of December 31, 2015 and 2014, the Company owed $583,839 and $298,562 to these related parties, respectively.

 

Director Independence

 

Our board of directors has determined that we do not have a board member that qualifies as “independent” as the term is used in Item 7(d)(3)(iv)(B) of Schedule 14A under the Securities Exchange Act of 1934, as amended, and as defined by Rule 4200(a)(15) of the NASDAQ Marketplace Rules.

 

 
22
Table of Contents

 

Item 14. Principal Accountant Fees and Services

 

Malone Bailey LLP was our independent auditor for the fiscal year ended December 31, 2014 and billed a total of $189,710 in fees. The Pun Group LLP was our independent auditor for the years ended December 31, 2015 and 2014 and billed a total of $95,000 and $90,000 for fiscal years 2015 and 2014, respectively.

 

The following table shows the fees paid or accrued by us for the audit and other services provided by our auditor for fiscal 2015 and 2014.

 

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

Audit Fees

 

$ 95,000

 

 

$ 90,000

 

Audit-Related Fees

 

 

-

 

 

 

-

 

Tax Fees

 

 

-

 

 

 

-

 

All Other Fees

 

 

-

 

 

 

189,710

 

Total

 

$ 95,000

 

 

$ 279,710

 

 

As defined by the SEC, (i) “audit fees” are fees for professional services rendered by our principal accountant for the audit of our annual financial statements and review of financial statements included in our Form 10-K, Form 10-Q, or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years; (ii) “audit-related fees” are fees for assurance and related services by our principal accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “audit fees;” (iii) “tax fees” are fees for professional services rendered by our principal accountant for tax compliance, tax advice, and tax planning; and (iv) “all other fees” are fees for products and services provided by our principal accountant, other than the services reported under “audit fees,” “audit-related fees,” and “tax fees.”

 

Under applicable SEC rules, the Audit Committee is required to pre-approve the audit and non-audit services performed by the independent auditors in order to ensure that they do not impair the auditors’ independence. The SEC’s rules specify the types of non-audit services that an independent auditor may not provide to its audit client and establish the Audit Committee’s responsibility for administration of the engagement of the independent auditors. Until such time as we have an Audit Committee in place, the Board of Directors will pre-approve the audit and non-audit services performed by the independent auditors.

 

Consistent with the SEC’s rules, the Audit Committee Charter requires that the Audit Committee review and pre-approve all audit services and permitted non-audit services provided by the independent auditors to us or any of our subsidiaries. The Audit Committee may delegate pre-approval authority to a member of the Audit Committee and if it does, the decisions of that member must be presented to the full Audit Committee at its next scheduled meeting.


 
23
Table of Contents

 

Item 15. Exhibits

 

Exhibit No.

 

Document Description

 

10.1

 

Dibeier Granules Inspection Report

 

10.2

 

Dibeier Oral Inspection Report

 

10.3

 

Dibeier Trademark Registration Application Acceptance Notice

 

10.4

 

Dailynu Trademark Registration Application Acceptance Notice

 

31.1

 

CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

 

32.1 *

 

CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEYACT OF 2002

 

Exhibit 101

 

Interactive data files formatted in XBRL (extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.**

 

101.INS

 

XBRL Instance Document**

 

101.SCH

 

XBRL Taxonomy Extension Schema Document**

 

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document**

 

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document**

 

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document**

 

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document**

 

_______

* This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 of the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

 

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 
24

 

SIGNATURES

 

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

 

E-World USA Holding, Inc.,

a Nevada corporation

 

Title

 

Name

 

Date

 

Signature

 

Principal Executive Officer

 

Ding Hua Wang

 

February 6, 2017

 

/s/ Ding Hua Wang

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

  

SIGNATURE

 

NAME

 

TITLE

 

DATE

 

/s/ Ding Hua Wang

 

Ding Hua Wang

 

Principal Executive Officer,

 

February 6, 2017

 

Principal Financial Officer,

 

Principal Accounting Officer and Director

 

/s/ Xun Zhang

 

Xun Zhang

 

Director

 

February 6, 2017


 
25

 

EXHIBIT INDEX

 

Exhibit No.

 

Document Description

 

10.1

 

Dibeier Granules Inspection Report

 

10.2

 

Dibeier Oral Inspection Report

 

10.3

 

Dibeier Trademark Registration Application Acceptance Notice

 

10.4

 

Dailynu Trademark Registration Application Acceptance Notice

 

31.1

 

CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

 

32.1 *

 

CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEYACT OF 2002

 

Exhibit 101

 

Interactive data files formatted in XBRL (extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.**

 

101.INS

 

XBRL Instance Document**

 

101.SCH

 

XBRL Taxonomy Extension Schema Document**

 

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document**

 

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document**

 

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document**

 

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document**

_________

* This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 of the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

 

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 

26

 

EX-10.1 2 eworld_ex101.htm DIBEIER GRANULES INSPECTION eworld_ex101.htm

EXHIBIT 10.1

 

Shenzhen Academy of metrology & Quality Inspection

Guangdong Quality Supervision and Inspection Institution for Food (Shenzhen)

 

 

Test Report

 

Report Number: WT161103248

Page 1, Total 3 pages

 

Authorized Company: E-World USA Holding, Inc.

 

Authorized Company Address: 9550 Flair Dr. #308, El Monte, Ca 91731

 

Sample Name: Nuolin Granules

 

Model/Specification/Grade: ________________

 

Test Category: Sample test

 

Test Place: Longhua Test Base

 

Shenzhen Academy of metrology & Quality Inspection Approved by: Junmei Xu (Technique Director)
     

(Special Test and Inspection Seal)

 

 

 

 

 

 

 

Issue Date: November 25, 2016

Signature: /s/ Junmei Xu

 

 

 

 

 

 

 

 

 

 

 

 

Shenzhen Academy of metrology & Quality Inspection http://www.smg.com.cn email: kfzx@smq.com.cn

 

Xitu Test Base: No. 4 Tongfa Rd Nanshan District Shenzhen Tel: 0755-86009898 postal code: 518055

 

Longzhu Test Base: Metrology and Quality Inspection Building, Longzhu Dadao Zhongduan, Nanshan District, Shenzhen

 

Tel: 0755-26911618 26941917 Fax: 0755-26941615 269141547 Postal code: 518055

 

Longhua Test Base: North Minkang Rd, Mnzhi Dadao, Minzhi St. Baoan DistrIct, Shenzhen

 

Tel: 0755-27528955 27528969 Fax: 0755-27528707 Postal code: 518131

 

Longgang Fire Center: 109-3, Xinwang Rd. Pinghu Shangbengu Cun, Longgang District, Shenzhen

 

Tel: 0755-89325252 Fax: 0755-89325282 Postal code: 518111

 

 
 
 

 

Important Statement

 

1. We are legal product quality supervision and inspection Institution set up by Shenzhen Municipal People's Government. It is a nonprofit technical organization for public welfare, which provides the technical support for the supervision and Management of all levels law enforcement departments and accepts the entrust inspection from all social communities.

 

2. We are merged by Shenzhen Product Quality Supervision and Inspection Institution and Shenzhen Institute of Measurement in 1998.

 

3. We guarantee that we will provide a scientific, fair and accurate inspection, and we are responsible for all the data of inspection. We also keep the samples and technical information provided by the entrusting company confidential.

 

4. Sampling shall be proceeded by CX22-01(sampling Procedures) and corresponding products inspection regulation.

 

5. The report without the main inspection, verification, approval signature, or altered, or no "Special Test and inspection seal" is invalid. Without our permission, it is not allowed to copy any part of the report or modify the content of the report.

 

6. Authorized sampling inspection result is only valid for the sample. Without the consent of the inspection agency, the sample client shall not improperly published the inspection result.

 

7. All the information about the samplings and entrust party are filled by the entrust party, we are not responsible for its authenticity and integrity.

 

8. Any objections to the inspection report shall be made within 15 days from the date of issuance of the report.

 

National, province, city Specialized Station

 

National Hi-tech Metrology Station

 

National Digital Electronic Product Testing Center

 

National Sporting Goods Quality Supervision and Inspection Center (Guangdong)

 

National Urban Energy Metering Center (Shenzhen)

 

China Light Industry Association Furniture Quality Supervision and Inspection Station

 

Guangdong Quality Supervision Furniture Inspection Station (Shenzhen)

  

Guangdong Quality Supervision Food Inspection Station (Shenzhen)

 

Guangdong Quality Supervision general cabling system Inspection Station

 

Guangdong Quality Supervision Bicycles Inspection Station

 

Guangdong Quality Supervision Electromagnetic Compatibility Inspection Station

 

Guangdong Quality Supervision Leather Goods Inspection Station

 

Guangdong Quality Supervision Eco-Textiles Products Inspection Station (Shenzhen)

 

Guangdong Quality Supervision Clock Inspection Station

 

Shenzhen Fiber Textile Inspection Station

 

Shenzhen Construction Products Quality Supervision & Inspection Station

 

Shenzhen Combustion Performance of Fire Products Inspection Center

 

Business Contact:

 

Textile and light industry Inspection Station

Business Tel: 0755-27528868

Fax: 0755-27528516

National Digital Electronic Product Testing Center

Business Tel: 0755-86928963

Fax: 0755-86009898-31339

Food Inspection

Business Tel: 0755-27528977

Fax: 0755-27528916

Chemical products Inspection Station

Business Tel: 0755-27528987

Fax: 0755-27528479

Fire Center

Business Tel: 0755-89325252

Fax: 0755-89325282

Construction and Furniture Inspection Station

Business Tel: 0755-26002957

Fax: 0755-26001771

 

Business Tel: 0755-27528884

Fax: 0755-27528711

 

Complain Tel : 0755-26941613 (Longzhu)

0755-27528392 (Longhua)

 

 
 
 

 

Shenzhen Academy of metrology & Quality Inspection

Guangdong Quality Supervision and Inspection Institution for Food (Shenzhen)

 

  

Test Report

 

File No. WT161103248

Page 2, Total 3 Pages

 

Sample Information:

 

Sample Name: Nuolin Granules

 

Trademark:__________________________________

Model/Specification/Grade: _____________________

Sample batch number: _________________________

Produced Date: ______________________________

Manufacturing Company:  ______________________

Manufacturing Address: _______________________

Sampling basic Number:________________________

Sample Quantities: 150g

Sampling Place: ______________________________

Sampling Staff:  ______________________________

Sampling description before test: Normal

 

Client Information:

 

Authorized Company: E-World USA Holding, Inc.

Authorized Company Address: 9550 Flair Dr. #308, El Monte, Ca 91731

Authorized Company Phone No: 17727486206

Postal Code: ________________________________

Inspected Units: _____________________________

 

Inspection Information:

 

Authorized Date: Nov 21, 2016

Authorized No: 7341057

Inspection Category: Sampling Test

Sample Acquired: sampling

Test Date: Nov 21, 2016 to Nov 24, 2016

Inspection Environment condition: (20-25) °C (40-60) % RH

Inspection Reference: GB 5009. 3-2010; GB 5009.4-2010; GB5009. 5-2010 (First Law); GB/T 5009. 6-2003; GB/Z 21922-2008; SSF 0119-2013

 

Inspection Conclusion:

 

Test result attached

 

Main Check by:

Yunru Ye  /s/ Yunru Ye  Verified by:

Han Zhang  

/s/ Han Zhang

 

 
  
 

 

Shenzhen Academy of metrology & Quality Inspection

Guangdong Quality Supervision and Inspection Institution for Food (Shenzhen)

 

 

Test Report

 

File No. WT161103248

Page 3, Total 3 Pages

  

Inspection Item

Unit

Standard Requirement

Inspection Result

Inspection Conclusion

Sodium

mg/100g

------------

36.6

------------

Fat

g/100g

------------

0.4

------------

Protein (Conversion coefficient is 6.25)

g/100g

------------

0.34

------------

Carbohydrates

g/100g

------------

69.7

------------

Energy

kJ/100g

------------

1.21 X 103

------------

 

Note:

 

1. Sample is provided by authorized party, we are not responsible for the integrity and authenticity of the sample and identifying information.

 

2. The legibility of the products is according to the related administration department.

 

3. Carbohydrates (g/100g) =100-100g (protein + fat+ water+ ash)of food

 

4. Water and ash test result are respectively: 5.83g/100g, 23.7g/100g

 

 

Blank part below

 

 

  

EX-10.2 3 eworld_ex102.htm DIBEIER ORAL INSPECTION eworld_ex102.htm

EXHIBIT 10.2

 

Shenzhen Academy of metrology & Quality Inspection

Guangdong Quality Supervision and Inspection Institution for Food (Shenzhen)

 

 

Test Report

 

Report Number: WT161107502

Page 1, Total 3 pages

  

Authorized Company: E-World USA Holding, Inc.

 

Authorized Company Address: 9550 Flair Dr. #308, El Monte, Ca 91731

 

Sample Name: Nuolin Oral

 

Model/Specification/Grade: ___________________

 

Test Category: Sample test

 

Test Place: Longhua Test Base

 

Shenzhen Academy of metrology & Quality Inspection Approved by: Junmei Xu (Technique Director)
       

(Special Test and Inspection Seal)

 

 

 
Issue Date: December 14, 2016   Signature: /s/ Junmei Xu
       

 

 

 

 

 

 

 

 

Shenzhen Academy of metrology & Quality Inspection http://www.smg.com.cn email: kfzx@smq.com.cn

 

Xitu Test Base: No. 4 Tongfa Rd Nanshan District Shenzhen Tel: 0755-86009898 postal code: 518055

 

Longzhu Test Base: Metrology and Quality Inspection Building, Longzhu Dadao Zhongduan, Nanshan District, Shenzhen

 

Tel: 0755-26911618 26941917 Fax: 0755-26941615 269141547 Postal code: 518055

 

Longhua Test Base: North Minkang Rd, Mnzhi Dadao, Minzhi St. Baoan DistrIct, Shenzhen

 

Tel: 0755-27528955 27528969 Fax: 0755-27528707 Postal code: 518131

 

Longgang Fire Center: 109-3, Xinwang Rd. Pinghu Shangbengu Cun, Longgang District, Shenzhen

 

Tel: 0755-89325252 Fax: 0755-89325282 Postal code: 518111

 

 
 
 

 

Important Statement

 

1. We are legal product quality supervision and inspection Institution set up by Shenzhen Municipal People's Government. It is a nonprofit technical organization for public welfare, which provides the technical support for the supervision and Management of all levels law enforcement departments and accepts the entrust inspection from all social communities.

 

2. We are merged by Shenzhen Product Quality Supervision and Inspection Institution and Shenzhen Institute of Measurement in 1998.

 

3. We guarantee that we will provide a scientific, fair and accurate inspection, and we are responsible for all the data of inspection. We also keep the samples and technical information provided by the entrusting company confidential.

 

4. Sampling shall be proceeded by CX22-01(sampling Procedures) and corresponding products inspection regulation.

 

5. The report without the main inspection, verification, approval signature, or altered, or no "Special Test and inspection seal" is invalid. Without our permission, it is not allowed to copy any part of the report or modify the content of the report.

 

6. Authorized sampling inspection result is only valid for the sample. Without the consent of the inspection agency, the sample client shall not improperly published the inspection result.

 

7. All the information about the samplings and entrust party are filled by the entrust party, we are not responsible for its authenticity and integrity.

 

8. Any objections to the inspection report shall be made within 15 days from the date of issuance of the report.

 

National, province, city Specialized Station

 

National Hi-tech Metrology Station

 

National Digital Electronic Product Testing Center

 

National Sporting Goods Quality Supervision and Inspection Center (Guangdong)

 

National Urban Energy Metering Center (Shenzhen)

 

China Light Industry Association Furniture Quality Supervision and Inspection Station

 

Guangdong Quality Supervision Furniture Inspection Station (Shenzhen)

 

Guangdong Quality Supervision Food Inspection Station (Shenzhen)

  

Guangdong Quality Supervision general cabling system Inspection Station

 

Guangdong Quality Supervision Bicycles Inspection Station

 

Guangdong Quality Supervision Electromagnetic Compatibility Inspection Station

 

Guangdong Quality Supervision Leather Goods Inspection Station

 

Guangdong Quality Supervision Eco-Textiles Products Inspection Station (Shenzhen)

 

Guangdong Quality Supervision Clock Inspection Station

 

Shenzhen Fiber Textile Inspection Station

 

Shenzhen Construction products Quality Supervision & Inspection Station

 

Shenzhen Combustion Performance of Fire Products Inspection Center

 

Business Contact:

 

Textile and light industry Inspection Station

Business Tel: 0755-27528868

Fax: 0755-27528516

National Digital Electronic Product Testing Center

Business Tel: 0755-86928963

Fax: 0755-86009898-31339

Food Inspection

Business Tel: 0755-27528977

Fax: 0755-27528916

Chemical products Inspection Station

Business Tel: 0755-27528987

Fax: 0755-27528479

Fire Center

Business Tel: 0755-89325252

Fax: 0755-89325282

Construction and Furniture Inspection Station

Business Tel: 0755-26002957

Fax: 0755-26001771

 

Business Tel: 0755-27528884

Fax: 0755-27528711

 

Complain Tel : 0755-26941613 (Longzhu)

0755-27528392 (Longhua)

 

 
 
 

 

Shenzhen Academy of metrology & Quality Inspection

Guangdong Quality Supervision and Inspection Institution for Food (Shenzhen)

 

 

Test Report

 

Report Number: WT161107502

Page 2, Total 3 pages

 

Sample Information:

 

Sample Name: Nuolin Oral

Trademark: _________________________________

Model/Specification/Grade:_____________________

Sample batch number:_________________________

Produced Date:______________________________

Manufacturing Company: ______________________

Manufacturing Address:  ______________________

Sampling basic Number: _______________________

Sample Quantities: 150g (5 bottles)

Sampling Place:  _____________________________

Sampling Staff: ______________________________

Sampling description before test: Normal

 

Client Information:

 

Authorized Company: E-World USA Holding, Inc.

Authorized Company Address: 9550 Flair Dr. #308, El Monte, Ca 91731

Authorized Company Phone No: 17727486206

Postal Code: ________________________________

Inspected Units: _____________________________

 

Inspection Information:

 

Authorized Date: Dec 8, 2016

Authorized No: 6670958

Inspection Category: Sampling Test

Sample Acquired: sampling

Test Date: Dec 8, 2016 to Dec 13, 2016

Inspection Environment condition: (20-25) °C (40-60) % RH

Inspection Reference: GB 5009. 3-2010; GB 5009.4-2010; GB5009. 5-2010 (First Law); GB/T 5009. 6-2003; GB/Z 21922-2008; SSF 0119-2013

 

Inspection Conclusion:

 

Test result attached

 

Main Check by:

Yang Le

/s/ Yang Le

Verified by

Han Zhang

/s/ Han ZHang

 

 
 
 

 

Shenzhen Academy of metrology & Quality Inspection

Guangdong Quality Supervision and Inspection Institution for Food (Shenzhen)

 

 

Test Report

 

Report Number: WT161107502

Page 3, Total 3 pages

 

 

 

Inspection Item

Unit

Standard Requirement

Inspection Result

Inspection Conclusion

Sodium

mg/100g

------------

40.3

------------

Fat

g/100g

------------

<0.1

------------

Protein (Conversion coefficient is 6.25)

g/100g

------------

0.32

------------

Carbohydrates

g/100g

------------

14.6

------------

Energy

kJ/100g

------------

2.54X102

------------

 

Note:

 

1. Sample is provided by authorized party, we are not responsible for the integrity and authenticity of the sample and identifying information.

 

2. The legibility of the products is according to the related administration department.

 

3. Carbohydrates (g/100g) =100-100g (protein + fat+ water+ ash)of food

 

4. Water and ash test result are respectively: 84.3g/100g, 0.75g/100g

 

Blank part below

 

 

  

 

EX-10.3 4 eworld_ex103.htm DIBEIER TRADEMARK REGISTRATION eworld_ex103.htm

EXHIBIT 10.3

 

 

Trademark Office of The State Administration For Industry & Commerce of the People's Republic of China

 

Address: No. 1, South Chama St, Xicheng Qu, Beijing Zip Code: 100055

 

9550 Flair Dr. #308

 

El Monte, Ca 91731

 

E-World USA Holding, Inc.

 

File Number:

 

TMCZ20669799ZCSL01

 

 

Application Date: July 15, 2016

Application No: 20669799

 

Trademark Registration Application Acceptance Notice

E-World USA Holding, Inc:

 

According to <Trademark Law> and <Regulation for the Implementation of the Trademark>, we received and accept your application as below.

 

Category: Fifth

 

Hereby Notice.

 

September 25, 2016

 

Shenzhen Qianna Patent Agency LTD.

 

Notice: This notice only indicates the trademark office has already received the application of the said trademark, but not for approval of the trademark registration.

 

Current page/Total Pages: 1/1

  

[The notice of Acceptance of Trademark, trademark can be used, After registration, it can add R] 

EX-10.4 5 eworld_ex104.htm DAILYNU TRADEMARK REGISTRATION eworld_ex104.htm

EXHIBIT 10.4

 

Trademark Office of The State Administration For Industry & Commerce of the People's Republic of China

 

Address: No. 1, South Chama St, Xicheng Qu, Beijing Zip Code: 100055

 

 

 

9550 Flair Dr. #308

 

El Monte, Ca 91731

 

E-World USA Holding, Inc.

File Number:

 

TMCZ20683305ZCSL01

 

Application Date: July 18, 2016

Application No: 20683305

 

Trademark Registration Application Acceptance Notice

 

E-World USA Holding, Inc:

 

According to <Trademark Law> and <Regulation for the Implementation of the Trademark>, we received and accept your application as below.

 

Category: Fifth

 

Hereby Noticed.

 

 

September 25, 2016

 

Shenzhen Qianna Patent Agency LTD.

 

Notice: This notice only indicates the trademark office has already received the application of the said trademark, but not for approval of the trademark registration.

 

Current page/Total Pages: 1/1

 

[The notice of Acceptance of Trademark, trademark can be used, After registration, it can add R]

 

EX-31.1 6 eworld_ex311.htm CERTIFICATION eworld_ex311.htm

EXHIBIT 31.1

 

CERTIFICATION

 

I, Ding Hua Wang, certify that:

 

1.

I have reviewed this report on Form 10-K of E-World USA Holding, Inc.;

 

2.

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

 

3.

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

 

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a)

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

 

b)

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

 

c)

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

 

d)

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

 

5.

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 function):

 

 

a)

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

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

E-World USA Holding, Inc.

 

Dated: February 6, 2017

By:

/s/ Ding Hua Wang

 

Ding Hua Wang

 

Chief Executive Officer/Chief Financial Officer

 


 

EX-32.1 7 eworld_ex321.htm CERTIFICATION doc1.htm

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

 

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned hereby certifies that the Annual Report on Form 10-K for the period ended December 31, 2015 of E-World USA Holding, Inc. (the “Company”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

E-World USA Holding, Inc.

 

Dated: February 6, 2017

By:

/s/ Ding Hua Wang

 

Ding Hua Wang

 

Chief Executive Officer/Chief Financial Officer

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to E-World USA Holding, Inc. and will be retained by E-World USA Holding, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2015
Feb. 06, 2017
Jun. 30, 2015
Document And Entity Information      
Entity Registrant Name E-WORLD USA HOLDING,INC    
Entity Central Index Key 0001517498    
Document Type 10-K    
Document Period End Date Dec. 31, 2015    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? No    
Entity Filer Category Smaller Reporting Accelerated Filer    
Entity Public Float     $ 1,132,997
Entity Common Stock, Shares Outstanding   142,828,993  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2015    
XML 18 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash $ 8,550 $ 317,346
Accounts receivable, net 25,444 2,406
Inventory, net 181,049 228,957
Prepaid expenses 81,624 94,637
Other receivables 1,041
Current assets held for sale 5,350,907
TOTAL CURRENT ASSETS 296,667 5,995,294
OTHER ASSETS:    
Property and Equipment, net 106,202 140,273
Deposits and other assets 9,850 15,621
Other assets held for sale 22,128,657
TOTAL OTHER ASSETS 116,052 22,284,551
TOTAL ASSETS 412,719 28,279,845
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 1,025,236 862,296
Deferred revenue 1,486,360 1,617,369
Due to shareholder 3,210,836 2,147,149
Advances from related party, interest bearing 40,000
Advances from related parties, non-interest bearing 583,839 298,562
Due to employee 95,000
Current portion of long term debt 11,241 28,961
Promissory note 19,118,028
Contingent liabilities 481,938
Rescission Liability - Type A Warrants 7,165,413 7,165,413
Rescission Liability - Type B Warrants 249,111 249,111
Current liabilities held for sale 3,243,441
TOTAL CURRENT LIABILITIES 13,867,036 35,212,268
NON-CURRENT LIABILITIES:    
Long term debt 39,016 46,151
Non-current liabilities held for sale 611,506
TOTAL NON-CURRENT LIABILITIES 39,016 657,657
Total liabilities 13,906,052 35,869,925
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' DEFICIT    
Common stock, $0.001 par value, 200,000,000 shares authorized, 142,828,993 and 167,828,993 shares issued and outstanding, as of December 31, 2015 and 2014, respectively 142,829 167,829
Additional paid-in capital 3,657,949 6,676,013
Accumulated deficit (17,294,111) (13,799,371)
Accumulated other comprehensive loss (634,551)
TOTAL SHAREHOLDERS' DEFICIT (13,493,333) (7,590,080)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 412,719 $ 28,279,845
XML 19 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2015
Dec. 31, 2014
SHAREHOLDERS' DEFICIT    
Common stock, par value $ 0.001 $ 0.001
Common stock, Authorized 200,000,000 200,000,000
Common stock, Issued 142,828,993 167,828,993
Common stock, outstanding 142,828,993 167,828,993
XML 20 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Statements Of Operations    
SALES $ 379,493 $ 6,833,768
COST OF SALES 344,921 617,289
GROSS PROFIT 34,572 6,216,479
OPERATING EXPENSES    
Selling expenses 304,786 372,913
Depreciation expense 34,071 39,961
General and administrative expenses 2,888,079 2,997,237
Impairment expenses 3,642,699
Total operating expenses 3,226,936 7,052,810
LOSS FROM OPERATIONS (3,192,364) (836,331)
OTHER INCOME (EXPENSE), net:    
Gain from disposal of Prime 912,563
Finance expenses (1,090,881) (708,124)
Total other expense, net (178,318) (708,124)
LOSS BEFORE INCOME TAXES (3,370,682) (1,544,455)
PROVISION FOR INCOME TAXES 800 375
NET LOSS FROM CONTINUING OPERATIONS (3,371,482) (1,544,830)
NET (LOSS) INCOME FROM DISCONTIUNED OPERATIONS, net of applicable income taxes (123,258) 472,051
NET LOSS (3,494,740) (1,072,779)
OTHER COMPREHENSIVE LOSS:    
Foreign currency translation adjustments (1,014,445) (634,551)
COMPREHENSIVE LOSS $ (4,509,185) $ (1,707,330)
Weighted average number of common shares outstanding - basic 150,431,733 147,692,007
Weighted average number of common shares outstanding - diluted 150,431,733 147,692,007
LOSS PER SHARE - BASIC and DILUTED:    
Continuing operations $ (0.02) $ (0.01)
Discontinued operations 0.00 0.00
Net (loss)/Income $ (0.02) $ (0.01)
XML 21 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Other Comprehensive Income
Total
Beginning balance, shares at Dec. 31, 2013 142,828,993        
Beginning balance, Amount at Dec. 31, 2013 $ 142,829 $ 3,583,702 $ (12,726,592) $ (9,000,061)
Net loss (1,072,779) (1,072,779)
Issuance of common stock in connection with acquisition of Prime, shares 25,000,000        
Issuance of common stock in connection with acquisition of Prime, amount $ 25,000 3,092,311 3,117,311
Foreign currency translation adjustments (634,551) (634,551)
Ending balance, shares at Dec. 31, 2014 167,828,993        
Ending balance, amount at Dec. 31, 2014 $ 167,829 6,676,013 (13,799,371) (634,551) (7,590,080)
Net loss (3,494,740) (3,494,740)
Capital contributed for services, shares        
Capital contributed for services, Amount 74,247 74,247
Deconsolidation of Prime, shares (25,000,000)        
Deconsolidation of Prime, Amount $ (25,000) (3,092,311) 1,648,996 (1,468,315)
Foreign currency translation adjustments (1,014,445) (1,014,445)
Ending balance, shares at Dec. 31, 2015 142,828,993        
Ending balance, amount at Dec. 31, 2015 $ 142,829 $ 3,657,949 $ (17,294,111) $ (13,493,333)
XML 22 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:    
Net loss $ (3,494,740) $ (1,072,779)
Net (loss) income from discontinued operations (123,258) 472,051
Net loss from continuing operations (3,371,482) (1,544,830)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 34,071 39,961
Bad debt expense 25,236 74,259
Inventory valuation (recovery) reserve (1,546) 55,907
Capital contributed for services 74,247
Amortization of promissory note discount 1,083,276 689,357
Gain on disposal of Prime (912,563)
(Increase) decrease in assets:    
Accounts receivable (48,274) (47,444)
Inventory 49,455 (67,472)
Prepaid expenses 13,013 115,520
Other receivables 1,041
Deposits and other assets 5,771
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 162,940 (1,246,290)
Deferred revenue (131,009) (3,193,242)
Net cash provided by operating activities from discontinued operations 1,034,924 1,079,094
Net Cash Used in Operating Activities (1,980,900) (4,045,180)
Cash Flows from Investing Activities:    
Cash proceeds from disposal of Prime 1,247,920
Cash payments for acquisition of Prime (1,759,198)
Cash held at Prime at disposition (1,975,777)
Purchase of property and equipment (5,886)
Net cash (used in) provided by investing activities from discontinued operations (65,887) 35,385
Net Cash Used in Investing Activities (793,744) (1,729,699)
Cash Flows from Financing Activities:    
Advances from shareholder 1,372,177 2,618,111
Payment to shareholder (308,490) (639,800)
Advances from related party, interest bearing 40,000  
Advances from related parties, non-interest bearing 305,277
Payment to related parties, non-interest bearing (20,000)
Advances from employee 240,000
Payment to employee (145,000)
Principal payments on debt (24,855) (27,594)
Refunds to Warrants A Holders (2,250)
Net cash used in financing activities from discontinued operations (10,751) (11,693)
Net Cash Provided by Financing Activities 1,448,358 1,936,774
Effects of exchange rate change in cash (42,011) (43,284)
Net Decrease in Cash (1,368,297) (3,881,389)
Cash, beginning of year 317,346 5,258,236
Cash from discontinued operations, beginning of year 1,059,501
Cash, end of year 8,550 317,346
Less: Cash from discontinued operations, end of year 1,059,501
Cash from continuing operations, end of year 8,550 317,346
Supplemental Disclosure of cash flow information:    
Cash paid for interest 2,847 4,365
Cash paid for income taxes 800 21,945
Non-Cash Investing and Financing Activites    
Promissory note issued to acquire Prime 18,428,671
Contingent liabilities from acquiring Prime 481,938
Shares issued to acquire Prime 3,117,311
Promissory note cancelled upon disposal of Prime 20,201,304
Contingent liabilities removed upon disposal of Prime 481,938
Shares cancelled upon disposal of Prime 3,117,311
Capital contributed for services $ 74,247
XML 23 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Organization
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
1. Organization

E-World USA Holding, Inc. (the "Company"), a Nevada corporation, was formed February 4, 2011. Its predecessor, with the same name was a California company incorporated in 2007. In April 2011, E-World USA Holding, Inc., a California corporation entered into a merger agreement with its wholly-owned subsidiary, E-World USA Holding, Inc., a Nevada corporation which was the survivor of the merger. Under the Merger Agreement, the Company issued 90,000,000 shares of its common stock on a one share for one share basis for each share of E-World USA Holding, Inc., a California corporation, common stock issued and outstanding at the date of the merger. In addition, the Company issued the Type A Warrants and Type B Warrants in exchange for comparable Warrants issued and outstanding of E-World USA Holding, Inc., a California corporation, at the date of the merger.

 

The Company is a provider of health and nutritional supplements and personal care products currently sold on the Internet through our website www.dailynu.com. In June 2014, we suspended our prior sales model which involved sales of our products through another website by means of a network of Direct Sales Associates, or “DSA’s”.

 

On October 20, 2014, the Company established a wholly owned subsidiary, E-World Canada Holding, Inc. for the purpose of acquiring a company in Canada.

XML 24 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
2. Discontinued Operations

On October 20, 2014, the Company entered into a Share Purchase Agreement for the purchase of the outstanding shares of Prime Nutrisource Inc., Nugale Pharmaceutical Inc., and Prime Nutrisource Inc. (New Jersey), and together “Prime”. Total purchase price included:

 

  · CAD$2,000,000 (approximately $1,773,600);
     
  · Promissory note totaling CAD$22,780,000 (approximately $20,201,304);
     
  · 25,000,000 shares of E-World Common Stock representing 14% ownership in E-World with an opportunity to acquire additional E-World Common Stock attaining a 25% ownership (“contingent shares”).

 

On April 21, 2015, the Company terminated its purchase of Prime, and entered into a Termination and Release Agreement with each of Prime, the former owners of the Prime, Guo Yin Xie, Jian Long, Hong Shu Zhu, 2434689 Ontario Inc., 2434691 Ontario Inc., and 2434694 Ontario Inc., and the Company’s subsidiary E-World Canada Holding, Inc. Upon termination of the agreement:

 

  · Prime returned CAD$1,500,000 of the CAD$2,000,000 cash portion of the purchase (approximately $1,247,920);
     
  · The CAD$22,780,000 (approximately $20,201,304) promissory note was cancelled;
     
  · The 25,000,000 shares of Common Stock were returned to the Company, and Prime’s 25% contingent shares were cancelled.

 

 

Total gain from disposal of Prime on April 21, 2015 is calculated as follows:

 

Long-term investment in Prime   $ (22,486,914 )
Net consideration     1,247,920  
Cancellation of promissory note     20,201,304  
Cancellation of 25,000,000 shares of common stock     3,117,311  
Cancellation of 25% contingent shares     481,938  
Accumulated other comprehensive loss     (1,648,996 )
Gain from disposal of Prime   $ 912,563  

 

In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meet the criteria in paragraph ASC 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, committing to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.

 

Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations classified as held for sale in the consolidated balance sheet at December 31, 2014 and as of the disposal date at April 21, 2015 is as follows:

 

   

April 21,

2015

   

December 31,

2014

 
             
Carrying amounts of major classes of assets included as part of discontinued operations:            
             
CURRENT ASSETS:            
Cash   $ 2,050,837     $ 1,059,501  
Accounts receivable, net     2,041,762       2,171,790  
Inventories     2,097,858       2,096,735  
Prepaid expenses     21,776       22,881  
Total current assets held for sale     6,212,233       5,350,907  
                 
OTHER ASSETS:                
Property and equipment, net     3,637,641       3,833,530  
Intangible assets, net     13,377,122       14,439,786  
Goodwill     3,855,341       3,855,341  
Total other assets held for sale     20,870,104       22,128,657  
                 
Total assets of the disposal group classified as held for sale   $ 27,082,337     $ 27,479,564  

 

 

Carrying amounts of major classes of liabilities included as part of discontinued operations:            
             
CURRENT LIABILITIES:            
Accounts payable and accrued expenses   $ 1,649,610     $ 1,108,720  
Taxes payable     900,929       1,436,829  
Deferred revenue     826,994       31,238  
Advance from related parties     648,627       666,654  
Total current liabilities held for sale     4,026,160       3,243,441  
                 
NON-CURRENT LIABILITIES:                
Long-term debt     569,263       611,506  
Total non-current liabilities held for sale     569,263       611,506  
                 
Total liabilities of the disposal group classified as held for sale   $ 4,595,423     $ 3,854,947  

 

Reconciliation of the amounts of major classes of income and losses from discontinued operations in the consolidated statements of operations and comprehensive income (loss) is as follows:

 

Discontinued operations:  

Year Ended

December 31,
2015

 
       
Sales   $ 4,602,342  
Cost of sales     (3,061,927 )
Gross profit     1,540,415  
Selling expense     (257,524 )
Depreciation and amortization expenses     (333,149 )
General and administrative expenses     (1,099,302 )
Other income     38,324  
Income from operations before income taxes     (111,236 )
Provision for income tax     12,022  
Net income   $ (123,258 )

 

The Company’s acquisition of Prime was accounted for as a business combination in accordance with ASC 805. The Company allocated the purchase price of Prime based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. Management determined the fair value of assets acquired, liabilities assumed and intangible assets identified, as of the acquisition date, and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisition were not material and were expensed as incurred in general and administrative expense. The valuation methodologies, all level 3 inputs, were as follows:

 

Accounts   Valuation Methodologies
Current assets and current liabilities   Cost approach
Land and building   Comparable market approach
Equipment   Combination of cost and market approach
Brand/trade name   Relief from royalty method
Non-competing agreement   Lost profits saved method
License, agency and distribution agreements   Cost approach
Customer relationship   Multi-period excess earnings method
Website and Domain Name   Industry cost approach with subjective input

 

 

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date, October 20, 2014, which represents the net purchase price allocation of Prime based on valuation performed by an independent appraisal firm engaged by the Company:

 

    Fair Value  
Other current assets   $ 5,144,971  
Plant and equipment, net     3,953,950  
Intangible assets:        
Brand/trade name     4,379,698  
Non-competition agreement     2,038,386  
License, agency and distribution agreements     380,433  
Customer relationships     8,274,574  
Website and Domain Name     39,906  
Goodwill     3,855,341  
Total asset     28,067,259  
Total liabilities     (4,315,526 )
Net assets acquired   $ 23,751,733  

 

The following table represents total consideration paid for the acquisition of Prime:

 

Cash paid   $ 1,759,198  
Short term debt, net of discount     18,428,671  
Fair value of 25,000,000 exchangeable shares of the Company     3,117,311  
Fair value of the contingent share consideration for an aggregate of 25% of the issued and outstanding shares of common stock of the Company immediately following the completion of the Offering     481,938  
Total consideration     23,787,118  
Less: cash and cash equivalents of Prime as of October 20, 2014     (35,385 )
Net assets acquired   $ 23,751,733  

 

Valuation of the 25,000,000 exchangeable shares of the Company

 

The Company valued the 25,000,000 shares issued to acquire Prime using the following assumptions:

 

    Range    
Equity value of E-World USA (on a consolidated basis)   $ 30,939,459 to 33,271,909 (1 )
Ownership interest     14.9% (2 )
Pro-rata value of ownership interest   $ 4,608,777 to 4,956,222    
less: Discount for lack of control and marketability   $ (1,843,511) to (1,486,867) (3 )
Fair value of ownership interest USD   $ 3,117,311    

 

  (1) Discounted cash flow on a consolidated basis using the Capital Asset Pricing Model.
     
  (2) Percentage of ownership interest of the 25,000,000 exchangeable shares of the Company out of a total of 142,828,993 prior to the issuance of the 25,000,000 exchangeable shares.
     
  (3) Using a discount rate of 40% for low and 30% for high.

 

The Company has determined two valuations of the 25,000,000 exchangeable shares in one high and one low valuation and takes the midpoint of the valuation and recorded $3,117,311 in equity for the 25,000,000 exchangeable shares issued.

 

 

Valuation of the contingent shares

 

The Company valued the option to obtain 25% ownership of E-World using the following assumptions in a Binomial Tree model:

 

    Range  
Number of Nodes     10.00  
Maturity of an option     0.44  
Risk-free rate     0.91 %
Volatility of the Stock     42.30 %
Current estimated price of the stock   $ 33.90 to 36.30  
Strike price of the option   $ 30.00  
Calculated value of 25% pro-rata option (contingent shares to be issued)   $ 481,938  

 

The Company has determined two valuations of the 25% pro-rated option in one high and one low valuation and takes the midpoint of the valuation at $481,938 and recorded the fair value of the contingent shares in the balance sheet.

 

XML 25 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Going Concern
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
3. Going Concern

There is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues, significant recurring losses and negative working capital. If we are unable to generate significant revenue or secure financing we may be required to cease or curtail our operations. Our financial statements do not include adjustments that might result from the outcome of this uncertainty.

 

Management is trying to alleviate the going concern by: securing various financing resources, including but not limited to, borrowing from the Company’s major shareholder, and the possibility of raising funds through a future public offering.

XML 26 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
4. Summary of Significant Accounting Policies

Basis of Presentation

 

These financial statements have been presented by the Company in accordance with accounting principles generally accepted in the United States, are expressed in U.S. dollars and include the accounts of E-World USA Holding, Inc. and its subsidiaries, E-World Canada Holding, Inc., Prime Nutrisource Inc., Nugale Pharmaceutical Inc. and Prime Nutrisource Inc. (New Jersey). As of April 21, 2015, these subsidiaries mentioned above were deconsolidated from E-World USA Holding, Inc. For more details, see Note 2.

 

Principles of consolidation

 

The accompanying consolidated financial statements include the financial statements of E-World USA Holding, Inc. and its subsidiaries.

 

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

 

All significant inter-company transactions and balances have been eliminated upon consolidation.

 

Foreign Currency

 

The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries in Canada use the local currency, Canadian Dollars (“CAD$”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the Bank of New York at the end of the period. The statement of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of change in deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

 

The assets and liabilities of the Company’s subsidiaries in Canada at April 21, 2015 (disposal date) and December 31, 2014 were translated at 0.82 CAD$ and 0.86 CAD$, respectively, to 1.00 USD$. The equity accounts were stated at their historical rate. The average translation rate applied to statement of operations accounts for the year ended December 31, 2015 was 0.81 CAD$. Cash flows are also translated at average translation rates for the periods; therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include fair value of assets and liabilities acquired in a business combination, fair value of contingent liabilities, the useful lives of property and equipment, collectability of receivables and fair value of rescission liability – Type A & B Warrants. Actual results could differ from those estimates.

 

Cash

 

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents are comprised primarily of money market accounts and foreign and domestic bank accounts. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents.

 

Accounts Receivable

 

Trade accounts receivable are periodically evaluated for collectability based on credit history with customers and their current financial condition. Bad debt expense or write-offs of receivables are determined on the basis of loss experience, known and inherent risks in the receivable portfolio and current economic conditions.

 

The accounts receivable balance and allowance for doubtful accounts is as follows:

 

   

December 31,

2015

   

December 31,

2014

 
Accounts receivable   $ 50,680     $ 2,406  
Allowance for doubtful accounts     (25,236 )     -  
Accounts receivable, net   $ 25,444     $ 2,406  

 

Movement of allowance for doubtful accounts is as follows:

 

   

December 31,

2015

   

December 31,

2014

 
             
Beginning balance   $ -     $ -  
Provision for doubtful accounts     25,236       74,259  
Less: write-off     -       (74,259 )
Ending balance   $ 25,236     $ -  

 

Inventory

 

Inventories are valued at the lower of cost (determined on a first-in, first-out basis) or market. Inventory consists of nutritional and skin-care products. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs when costs exceed expected net realizable value. The inventories’ shelf lives are approximately 3 years.

 

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Upon disposition, the cost and related accumulated depreciation or amortization is removed from the books, and any resulting gain or loss is included in operations. The Company provides for depreciation and amortization using straight-line methods over the estimated useful lives of various classes as follow:

 

Computer and software 3 to 5 years
Furniture and fixtures 5 to 10 years
Vehicles 5 to 7 years
Leasehold improvement over expected lease term

 

Repair and maintenance is charged to operations when incurred while betterments and renewals are capitalized.

 

Impairment of Long-Lived Assets

 

Long-lived assets, including, property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated discounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When the Company identifies an impairment, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2015 and 2014, no impairment of long-lived assets was recognized.

 

Fair Value of Financial Instruments

 

ASC 825 requires that the Company discloses estimated fair values of financial instruments. The Company believes the carrying value of short-term debt is a reasonable estimate of fair value due to rates being currently offered.

 

As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

 

The three levels of the fair value hierarchy are as follows:

 

Level 1   Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
     
Level 2   Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.
     
Level 3   Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2015 and 2014:

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Rescission Liability – Type A Warrants     --       --     $ 7,165,413     $ 7,165,413  
Rescission Liability – Type B Warrants     --       --       249,111       249,111  
Total     --       --     $ 7,414,524     $ 7,414,524  

 

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis in operations disposed for the years ended December 31, 2015 and 2014:

 

   

December 31,

2015

   

December 31,

2014

 
Beginning balance   $ 7,414,524     $ 7,416,774  
Refund to warrant A holder     -       (2,250 )
Ending balance   $ 7,414,524     $ 7,414,524  

 

Revenue Recognition

 

The Company recognizes revenue when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. The Company generally receives the net sales price in cash or through credit card payments when products are ordered. When the Company has sales events whereby the sales are non-returnable or non-refundable, the revenue is recognized when products are shipped. Advance payments from customers are deferred and revenue is recognized when products are shipped. Deferred revenue for customer deposits as of December 31, 2015 and 2014 was $1,486,360 and $1,617,369 respectively.

 

The Company also recognized revenue on shipping and handling fees charged to the Company’s customers. Shipping and handling fee revenue is recognized when products have been delivered. Shipping and handling fee revenues are immaterial to the Company’s financial statements for the years ended December 31, 2015 and 2014.

 

Product returns are allowed for unopened products purchased under regular sales terms within 60 days. Allowances for product returns are provided at the time the sale is recorded using historic return rates for each country and the relevant return pattern. Historically the Company has a nearly zero return rate. Hence, the allowance as of December 31, 2015 and 2014 is estimated at $0.

 

In addition to the Company’s 60-day return policy, the Company, at its discretion, may accept a customer’s application for a buy-back of products previously sold within one year at 90% of the original product costs less commissions and shipping costs. The Company implemented its buy-back policy on January 1, 2012. To date, the Company has not received any buy-back applications. As a result, no allowance for buy-backs has been recorded as of December 31, 2015 and 2014.

 

The majority of the Company’s revenues are generated from China. Revenues generated from other countries or within the United States are immaterial to our consolidated financial statements. While all products are priced in US currency, the Company accepts payments in USD, Hong Kong dollars and Chinese RMB.

 

Shipping and Handling Expenses

 

Shipping and handling costs paid by the Company are included in selling expenses, and totaled $23,776 and $137,857 for the years ended December 31, 2015 and 2014, respectively.

 

Bonus Expense

 

Prior to June 1, 2014, the Company offered a network membership to individuals interested in selling E-World products. Members could earn bonuses, similar to commissions, based on retail sales volume of certain other downline members referred by the member. Bonus expenses were accrued in the period in which the member met the qualifications to receive the related benefits. Bonuses were redeemed by members in cash, either by withdrawal or by applying their cash balance against future product purchases. As bonus expenses result in cash payments to our customers, we net these expenses with revenue in accordance with ASC 605-50-45-2. Bonus expenses netted with revenue for the years ended December 31, 2015 and 2014 were $0 and $2,570,276, respectively. In June 2014, the Company ceased utilizing its membership network to sell its products.

 

Operating Leases

 

The Company leases all of its properties under operating leases. Lease agreements generally include rent holidays and tenant improvement allowances. The Company records tenant improvement allowances and rent holidays as deferred rent liabilities and amortizes the deferred rent over the term of the lease. There were no deferred rent liabilities.

 

Income Taxes

 

The Company utilizes ASC 740, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

Basic and Diluted Earnings Per Share

 

Accounting principles generally accepted in the United States regarding earnings per share (“EPS”) require presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share.

 

Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

 

For the years ended December 31, 2015 and 2014, contingent shares and Type A and Type B Warrants did not have a dilutive effect on loss per share as the Company had incurred a loss for the periods.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company maintains balances at financial institutions which, from time to time, may exceed Federal Deposit Insurance Corporation (FDIC) insured limits for the banks located in the United States, may exceed Canada Deposit Insurance Corporation (CDIC) insured limits for the banks located in Canada or may exceed Hong Kong Deposit Protection Board (HKDPB) insured limits for the banks located in Hong Kong. Balances at financial institutions or state-owned banks within the PRC are not covered by insurance. At December 31, 2015, the bank balance of the Company consisted of $3,211 in the United States and $3,371 in Hong Kong and these balance are all insured by FDIC or HKDPB. At December 31, 2014, the bank balance of the Company consisted of $312,054 in the United States and $2,895 in Hong Kong and these balance are all insured by FDIC or HKDPB.

 

The Company normally requires pre-payments for its sales, which eliminates the exposure to credit risks arising from its customers.

 

During 2015, one customer accounted for approximately 13% of the Company’s sales. No customer accounted for more than 10% of the Company’s sales during 2014.

 

During 2015, three suppliers accounted for approximately 72% of product purchases, and during 2014, two suppliers accounted for approximately 74% of product purchases.

 

Contingencies

 

The Company may have inadvertently issued Type A Warrants and Type B Warrants to U.S. citizens or residents in violation of federal securities laws and may be subject to sanctions for such violations. Further, the exchange of the warrants for common shares may also have been in violation of Section 5 of the Securities Act of 1933. Thus, risk exists that former warrant holders may bring legal action against the company, its officers and directors for securities law violations. At this time, the Company determined it is reasonably possible that a loss may have been incurred as a result of these issuances. The Company has recorded a liability equal to the amount it expects to pay to redeem the warrants. See Note 5.

 

Related Parties

 

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

 

New Accounting Pronouncements

 

In January 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update is issued as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. The adoption of ASU 2015-01 did not have a material impact on the Company’s consolidated financial statements.

 

In April 2015, the FASB issued authoritative guidance on accounting for Interest-Imputation of Interest (Subtopic 835-30); Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). This update requires that debt issuance cost related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts, without changing existing recognition and measurement guidance for debt issuance costs. The new guidance is required to be applied on a retrospective basis and to be accounted for as a change in an accounting principle. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years and early adoption of the amendments in this update is permitted. The adoption of ASU 2015-03 did not have a material impact on the Company’s consolidated financial statements.

 

In July 2015, the FASB issued ASU No. 2015-11, an amendment to ASC 330 for simplifying the measurement of inventory. The update requires that inventory be measured at the lower of cost and net realizable value where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendment is intended to provide clarification on the measurement and disclosure of inventory in ASC 330 and not intended for those clarifications to result in any changes in practice. The ASU is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted for all entities and should be applied prospectively. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, to defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting 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. The Company does not expect the adoption of ASU 2014-09 to have a material impact on the Company’s consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases. This update requires lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within a twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-07 Investments-Equity and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The objective is to simplify investor’s accounting for equity method investments as a result of an increase in ownership level or degree of influence over the investee from prior period and requires prospective application of equity method accounting from the date when an equity investment qualifies for equity method of accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08—Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The object is to reduce the potential for diversity in practice arising from inconsistent application of the principal versus agent guidance and to reduce the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (ASC 718): Improvements to Employee Share-Based Payment Accounting. The objective is to identity, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintain or improving the usefulness of the information provided to users of financial statements. The areas for simplification include the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas apply only to nonpublic entities. For public business entities, the ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not expect the adoption of ASU 2016-09 to have a material impact on the Company’s consolidated financial statements.

 

In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing. The objective is to clarify the two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for these areas. The ASU affects the guidance in ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for this ASU are the same as the effective date and transition requirements in ASC 606 (and any other Topic amended by ASU 2014-09). ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of ASU 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients. The object is to address certain issues identified by the FASB-IASB Joint Transition Resource Group for Revenue Recognition. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for ASC 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4) Proceeds from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned; (6) Life Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization Transactions; and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is evaluating the effect on the Company’s consolidated financial statements.

 

In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments in this Update include items brought to the Board’s attention through a variety of sources, including: 1) The Codification’s online feedback mechanism; 2) Submissions to the Transition Resource Group for Revenue Recognition (TRG); and 3) Stakeholder’s technical inquiries. The amendments in this Update affect narrow aspects of the guidance issued in ASU No. 2014-09 for certain area for correction or improvement. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by ASU No. 2014-09). ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of ASU No. 2014-09 by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting 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. The Company does not expect the adoption of ASU 2014-09 to have a material impact on the Company’s consolidated financial statements.

XML 27 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Rescission Liability - Type A & B Warrants
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
5. Rescission Liability - Type A & B Warrants

Type A Warrants

 

As an incentive to increase sales and bring in additional members, the Company issued Type A warrants to its members.

 

Upon issuance, Type A warrants had no expiration and could be exercised for:

 

  (1) common shares of the Company at a ratio of 1:1 upon a going public event in the U.S.,
  (2) products of the Company at their retail prices, or
  (3) cancelled membership and a refund in cash at 75% of face value.

 

From inception, January 5th, 2007 to December 31, 2010, new members purchased a package of products and received an option to include Type A Warrants in the purchase. Net cash proceeds from Type A Warrants sold to members through December 31, 2010 were $8,169,707. During 2011, a total of 18,000 Type A warrants were exercised for cash refunds totaling $22,950 and products of the Company for $7,200. During 2012, all of the remaining Type A warrants were exchanged for the following:

 

  (1) 842,300 warrants for $495,170 in cash refunds
  (2) 10,300 warrants for $16,650 in products
  (3) 23,296,688 warrants for shares of common stock

 

Our Type A Warrants may have been issued and exercised in violation of United States federal securities laws. As a result, the common stock issued upon exercise of these warrants during fiscal 2012 may not be valid. We recorded the fair value of these warrants as a liability on the date of issuance (“Rescission Liabilities – Type A Warrants”). The value of the Rescission Liabilities – Type A Warrants was determined by calculating the maximum potential cash outlay if all warrant holders exercised using option 3 above. The total fair value was determined by calculating how much each warrant holder would receive in cash if they exercised the warrant by canceling their membership and receiving 75% of the face value of their warrant in cash and then adding these amounts together to reach the total potential cash outlay. The face value of the warrant is the stated value assigned to each Type A warrant. The face value determines how much the member could receive if exercised for cash and a canceled membership. If members exercise their warrants for cash, the Company reduces the liability by the amount of cash paid. If members exercise their warrants for products, the Company recognizes revenue equal to the retail value of the related products once they have been delivered. During 2014, the Company refunded $2,250, and members returned 9,300 Type A warrant shares. As of December 31, 2015 and 2014, 23,206,888 shares are included in Rescission Liabilities – Type A Warrants and totaled $7,165,413.

 

Type B Warrants

 

During 2009 and 2010, the Company issued a total of 2,491,108 Type B warrants as sales incentive compensation to members. Type B warrants entitle the holders to receive 2,491,108 common shares upon a going public event in the U.S. as specified in the Warrant. No additional consideration for the common shares is required upon exercise. During 2012, all of the Company’s Type B Warrants were exercised for shares of common stock. Type B Warrants may have been issued and exercised in violation of United States federal securities laws. As a result, the common stock issued upon exercise of these warrants may not be valid; therefore, we recorded “Rescission Liabilities – Type B Warrants” at the fair value of the shares issued upon exercise of these warrants. The fair value of the common shares was estimated using comparable sales of common stock to members. The Company determined the comparable sales of stock is more reliable as the fair value because goods or services received cannot be reliably measured. The fair value of the Type B warrants as of December 31, 2015 and 2014 was $249,111.

 

We cannot estimate when this rescission offer liability will end for either the Type A Warrants or the Type B Warrants as this liability will end only when the Company and its legal counsel conclude the rescission liability now shown in the financial statements becomes at least a remote possibility, which has not yet occurred and cannot be reasonably predicted at this time when it will occur.

XML 28 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Impairment Expenses
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
6. Impairment Expenses

On May 26, 2015, the Company concluded that a material charge for impairment was required under generally accepted accounting principles. The impaired assets were approximately $3,643,000 in bank accounts in the People’s Republic of China. For administrative reasons, the accounts were held and relate to cash deposited in the name of Mr. Dinghua Wang, President and Chief Executive Officer of the Company. These accounts have been frozen by authorities in the Chinese legal system (the “Frozen Accounts”) in a case involving alleged illegal activities in China by one or more persons claiming to be officers in the Company. The Chinese legal authorities asserted that these activities gave them the right to freeze the accounts. The Company does not believe that the Frozen Accounts will be recovered. Accordingly, the Board of Directors agreed to recognize the impairment in 2014. The Company does not believe this impairment charge will result in future cash expenditures.

 

According to the Official Indictment number 2014-133 issued to Mr. Charlie Leung by the District Attorney’s office of ZhuShan County, HuBei Province on November 10, 2014, the district attorney stated that E-World USA Holding, Inc. had not obtained a direct sales license in the PRC. According to the Indictment, Mr. Wang sent Mr. Leung to China as Senior VP of China operations to develop business. Mr. Leung developed a program to award bonuses to members for 1. Achieving sales targets, and 2. Developing new members. This was considered by China Regulatory Authorities to be pyramid sale activities in China which did not comply with what was asserted to be applicable China Law. As a result of the indictment, in May 2014, E-World discontinued its DSA sales model in China and elsewhere and now sells only through its website. The indictment was issued and mentioned that Mr. Wang will be treated in a separate case. As of the date of this report, the Company and Mr. Wang are not aware of a separate case having been filed against Mr. Wang. The balance in the Frozen Accounts totaled of RMB 22,848,737, or $3,643,000, all of which was impaired.

XML 29 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Inventory
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
7. Inventory

Inventories consist of finished goods available for resale and can be categorized as:

 

   

December 31,

2015

   

December 31,

2014

 
Nutrition supplements   $ 268,740     $ 322,701  
Skin-care products     33,385       28,879  
Less: inventory reserve     (121,076 )     (122,623 )
Inventories, net   $ 181,049     $ 228,957  

 

During 2015, the Company recorded a recovery of prior inventory reserve totaling $1,546. During 2014, the Company recorded valuation allowance of $55,907 due to slow inventory movement and upcoming product expiration dates.

XML 30 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Property and Equipment
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
8. Property and Equipment

Property and equipment consist of following:

 

   

December 31,

2015

   

December 31,

2014

 
Computer equipment and software   $ 114,953     $ 114,953  
Furniture and fixture     26,686       26,686  
Automobiles     179,677       179,677  
Leasehold improvement     40,053       40,053  
Total     361,369       361,369  
Accumulated depreciation     (255,167 )     (221,096 )
Property and equipment, net   $ 106,202     $ 140,273  

 

Depreciation expense totaled $34,071 and $39,961 in 2015 and 2014, respectively.

XML 31 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
9. Debt

Due to employee

 

The Company borrowed money from an employee to fund operations. During the year ended December 31, 2015, advances from employee totaled $240,000 and payment to employee totaled $145,000. These advances do not bear interest, are unsecured and are due on demand. As of December 31, 2015, the Company owed $95,000 to an employee.

 

Long term loan

 

In June 2012, the Company purchased a new vehicle by trade-in of the old vehicle with a loan on the purchase. The vehicle was purchased for $179,678. The loan amount was $141,677, with interest of 4.84% to be repaid over 60 even payments of $2,663. During years ended December 31, 2015 and 2014, the Company paid $24,855 and $27,594 for the loan, respectively.

 

In December 2015, the Company paid off this debt with proceeds from a new loan balance of $51,263 with an annual interest rate of 2.99% to be repaid over 48 months.

 

Future maturities of long term debt are as follows:

 

Year ended December 31, 2016   $ 11,241  
Year ended December 31, 2017     12,619  
Year ended December 31, 2018     13,002  
Year ended December 31, 2019     13,395  
Total     50,257  
Current portion of long term debt     (11,241 )
Long term debt   $ 39,016  

 

Promissory note

 

On October 24, 2014, the Company entered into a Share Purchase Agreement to purchase the outstanding shares in Prime Nutrisource Inc., Nugale Pharmaceutical Inc., and Prime Nutrisource Inc. (New Jersey) which included a CAD$22.78 million (approximately $20.2 million) promissory note.

 

This short term debt bears no interest and matures upon the earlier of (a) the effective date of a registration statement filed with the Securities and Exchange Commission in connection the completion by the Company of a $30,000,000 debt or equity offering or (b) March 31, 2015. The Company recorded $2,855,909 and $1,772,633 as discount on the note as of April 21, 2015 (disposal date) and December 31, 2014, respectively. The discount is amortized over the life of the promissory note.

 

The Company amortized $1,083,276 and $689,357 of the discount for the years ended December 31, 2015 and 2014, respectively.

 

In April 2015, the Company terminated its purchase of Prime, and the promissory note was cancelled. See Note 2.

XML 32 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
10. Income Taxes

The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the years ended December 31, 2015 and 2014:

 

   

December 31,

2015

   

December 31,

2014

 
Federal statutory rate     34.0 %     34.0 %
State statutory rate     8.8 %     8.8 %
Valuation allowance     (33.4 )%     (40.0 )%
Permanent difference     (9.4 )%     (3.0 )%
Effective tax rate     0.0 %     (0.2 )%

 

The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The cumulative net operating loss carryforward that may be applied against future taxable income is approximately $8,854,000 for Federal and $7,889,000 for California as of December 31, 2015, and will expire in the years 2030 to 2035. The accumulated net operating loss carry forward is approximately $5,900,000 for Federal and $4,935,000 for California as of December 31, 2014. During the years ended December 31, 2015 and 2014, the Company incurred a net loss. As deferred tax assets may not be fully realizable due to potential recurring losses, Management has provided 100% valuation allowance for the deferred tax assets.

 

As of December 31, 2015 and 2014, the valuation allowance was approximately $3,470,000 and $2,294,000, respectively.

 

The movement of deferred tax assets is as follows:

 

   

Year ended December 31,

2015

   

Year ended December 31,

2014

 
Deferred tax asset, beginning balance   $ -       -  
Addition from net operating loss carry-forward - federal     1,023,905       310,129  
Addition from net operating loss carry-forward - state     175,461       52,290  
Addition (deduction) from temporary difference - federal     (19,452 )     87,084  
Addition (deduction) from temporary difference - state     (3,227 )     15,040  
Addition (deduction) in valuation allowance     (1,176,687 )     (464,543 )
Deferred tax asset, ending balance   $ -       -  

 

As of December 31, 2015, federal tax returns filed for 2013, 2014 and 2015 remain subject to examination by the taxing authorities. As of December 31, 2015, California tax returns filed for 2012, 2013, 2014 and 2015 remain subject to examination by the taxing authorities.

XML 33 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Related Party Transactions
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
11. Related Party Transactions

Due to shareholder

 

From time to time, Mr. Dinghua Wang, the CEO of the Company advances monies to, as well as borrows money from, the Company. Such business transactions are recorded as due to or from shareholder. During the years ended December 31, 2015 and 2014, advances totaled $1,372,177 and $2,618,111, respectively and payment to shareholder totaled $308,490 and $639,800, respectively. As of December 31, 2015 and 2014, the balance due to shareholder amounted to $3,210,836 and $2,147,149, respectively. This balance does not bear interest, is unsecured and is due on demand.

 

Advances from related parties, interest bearing

 

During year ended December 31, 2015, the Company borrowed money from a related party to fund operations. This related party is the son of the CEO. During the year ended December 31, 2015, advances totaled $40,000. This advance bears an one time $5,000 finance charge recorded as interest expense and included in accrued expenses as of December 31, 2015, is unsecured and due on demand. As of December 31, 2015, the Company owed $40,000 to this related party.

 

Interest expense for the year ended December 31, 2015 for the advances from related party amounted to $5,000.

 

Advances from related parties, non-interest bearing

 

Prior to 2014, the Company borrowed money from certain related parties to fund operations. The related parties consist of the CEO's immediate family members and relatives and a board member of the Company. During the years ended December 31, 2015 and 2014, advances totaled $305,277 and $0, respectively and payment to related parties totaled $20,000 and $0, respectively. These advances do not bear interest, are unsecured and are due on demand. As of December 31, 2015 and 2014, the Company owed $583,839 and $298,562 to these related parties, respectively.

 

XML 34 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
12. Commitments

Operating lease

 

The Company rents office and warehouse spaces for its main corporate office from March 2015 to October 2018 and thereafter on a month to month basis without future commitment. The Company’s commitment for minimum lease payment under these operating leases as of December 31, 2015 for the next few years is as follow:

 

Year ended December 31, 2016   $ 36,000  
Year ended December 31, 2017     36,900  
Year ended December 31, 2018     31,000  
Total   $ 103,900  

 

The Company incurred rent expense of $152,559 and $161,218 for years ended December 31, 2015 and 2014, respectively.

XML 35 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2015
Summary Of Significant Accounting Policies Policies  
Basis of Presentation

These financial statements have been presented by the Company in accordance with accounting principles generally accepted in the United States, are expressed in U.S. dollars and include the accounts of E-World USA Holding, Inc. and its subsidiaries, E-World Canada Holding, Inc., Prime Nutrisource Inc., Nugale Pharmaceutical Inc. and Prime Nutrisource Inc. (New Jersey). As of April 21, 2015, these subsidiaries mentioned above were deconsolidated from E-World USA Holding, Inc. For more details, see Note 2.

Principles of consolidation

The accompanying consolidated financial statements include the financial statements of E-World USA Holding, Inc. and its subsidiaries.

 

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

 

All significant inter-company transactions and balances have been eliminated upon consolidation.

Foreign Currency

The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries in Canada use the local currency, Canadian Dollars (“CAD$”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the Bank of New York at the end of the period. The statement of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of change in deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

 

The assets and liabilities of the Company’s subsidiaries in Canada at April 21, 2015 (disposal date) and December 31, 2014 were translated at 0.82 CAD$ and 0.86 CAD$, respectively, to 1.00 USD$. The equity accounts were stated at their historical rate. The average translation rate applied to statement of operations accounts for the year ended December 31, 2015 was 0.81 CAD$. Cash flows are also translated at average translation rates for the periods; therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include fair value of assets and liabilities acquired in a business combination, fair value of contingent liabilities, the useful lives of property and equipment, collectability of receivables and fair value of rescission liability – Type A & B Warrants. Actual results could differ from those estimates.

Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents are comprised primarily of money market accounts and foreign and domestic bank accounts. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents.

Accounts Receivable

Trade accounts receivable are periodically evaluated for collectability based on credit history with customers and their current financial condition. Bad debt expense or write-offs of receivables are determined on the basis of loss experience, known and inherent risks in the receivable portfolio and current economic conditions.

 

The accounts receivable balance and allowance for doubtful accounts are as follows:

 

   

December 31,

2015

   

December 31,

2014

 
Accounts receivable   $ 50,680     $ 2,406  
Allowance for doubtful accounts     (25,236 )     -  
Accounts receivable, net   $ 25,444     $ 2,406  

 

Movement of allowance for doubtful accounts is as follows:

 

   

December 31,

2015

   

December 31,

2014

 
             
Beginning balance   $ -     $ -  
Provision for doubtful accounts     25,236       74,259  
Less: write-off     -       (74,259 )
Ending balance   $ 25,236     $ -  

 

Inventory

Inventories are valued at the lower of cost (determined on a first-in, first-out basis) or market. Inventory consists of nutritional and skin-care products. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs when costs exceed expected net realizable value. The inventories’ shelf lives are approximately 3 years.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Upon disposition, the cost and related accumulated depreciation or amortization is removed from the books, and any resulting gain or loss is included in operations. The Company provides for depreciation and amortization using straight-line methods over the estimated useful lives of various classes as follow:

 

Computer and software 3 to 5 years
Furniture and fixtures 5 to 10 years
Vehicles 5 to 7 years
Leasehold improvement over expected lease term

 

Repair and maintenance is charged to operations when incurred while betterments and renewals are capitalized.

Impairment of Long-Lived Assets

Long-lived assets, including, property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated discounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When the Company identifies an impairment, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2015 and 2014, no impairment of long-lived assets was recognized.

Fair Value of Financial Instruments

ASC 825 requires that the Company discloses estimated fair values of financial instruments. The Company believes the carrying value of short-term debt is a reasonable estimate of fair value due to rates being currently offered.

 

As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

 

The three levels of the fair value hierarchy are as follows:

 

Level 1 –   Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
     
Level 2 –   Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.
     
Level 3 –   Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2015 and 2014:

 

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Rescission Liability – Type A Warrants     --       --     $ 7,165,413     $ 7,165,413  
Rescission Liability – Type B Warrants     --       --       249,111       249,111  
Total     --       --     $ 7,414,524     $ 7,414,524  

 

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis in operations disposed for the years ended December 31, 2015 and 2014:

 

   

December 31,

2015

   

December 31,

2014

 
Beginning balance   $ 7,414,524     $ 7,416,774  
Refund to warrant A holder     -       (2,250 )
Ending balance   $ 7,414,524     $ 7,414,524  

 

Revenue Recognition

The Company recognizes revenue when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. The Company generally receives the net sales price in cash or through credit card payments when products are ordered. When the Company has sales events whereby the sales are non-returnable or non-refundable, the revenue is recognized when products are shipped. Advance payments from customers are deferred and revenue is recognized when products are shipped. Deferred revenue for customer deposits as of December 31, 2015 and 2014 was $1,486,360 and $1,617,369 respectively.

 

The Company also recognized revenue on shipping and handling fees charged to the Company’s customers. Shipping and handling fee revenue is recognized when products have been delivered. Shipping and handling fee revenues are immaterial to the Company’s financial statements for the years ended December 31, 2015 and 2014.

 

Product returns are allowed for unopened products purchased under regular sales terms within 60 days. Allowances for product returns are provided at the time the sale is recorded using historic return rates for each country and the relevant return pattern. Historically the Company has a nearly zero return rate. Hence, the allowance as of December 31, 2015 and 2014 is estimated at $0.

 

In addition to the Company’s 60-day return policy, the Company, at its discretion, may accept a customer’s application for a buy-back of products previously sold within one year at 90% of the original product costs less commissions and shipping costs. The Company implemented its buy-back policy on January 1, 2012. To date, the Company has not received any buy-back applications. As a result, no allowance for buy-backs has been recorded as of December 31, 2015 and 2014.

 

The majority of the Company’s revenues are generated from China. Revenues generated from other countries or within the United States are immaterial to our consolidated financial statements. While all products are priced in US currency, the Company accepts payments in USD, Hong Kong dollars and Chinese RMB.

Shipping and Handling Expenses

Shipping and handling costs paid by the Company are included in selling expenses, and totaled $23,776 and $137,857 for the years ended December 31, 2015 and 2014, respectively.

Bonus Expense

Prior to June 1, 2014, the Company offered a network membership to individuals interested in selling E-World products. Members could earn bonuses, similar to commissions, based on retail sales volume of certain other downline members referred by the member. Bonus expenses were accrued in the period in which the member met the qualifications to receive the related benefits. Bonuses were redeemed by members in cash, either by withdrawal or by applying their cash balance against future product purchases. As bonus expenses result in cash payments to our customers, we net these expenses with revenue in accordance with ASC 605-50-45-2. Bonus expenses netted with revenue for the years ended December 31, 2015 and 2014 were $0 and $2,570,276, respectively. In June 2014, the Company ceased utilizing its membership network to sell its products.

Operating Leases

The Company leases all of its properties under operating leases. Lease agreements generally include rent holidays and tenant improvement allowances. The Company records tenant improvement allowances and rent holidays as deferred rent liabilities and amortizes the deferred rent over the term of the lease. There were no deferred rent liabilities.

Income Taxes

The Company utilizes ASC 740, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

Basic and Diluted Earnings Per Share

Accounting principles generally accepted in the United States regarding earnings per share (“EPS”) require presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share.

 

Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

 

For the years ended December 31, 2015 and 2014, contingent shares and Type A and Type B Warrants did not have a dilutive effect on loss per share as the Company had incurred a loss for the periods.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company maintains balances at financial institutions which, from time to time, may exceed Federal Deposit Insurance Corporation (FDIC) insured limits for the banks located in the United States, may exceed Canada Deposit Insurance Corporation (CDIC) insured limits for the banks located in Canada or may exceed Hong Kong Deposit Protection Board (HKDPB) insured limits for the banks located in Hong Kong. Balances at financial institutions or state-owned banks within the PRC are not covered by insurance. At December 31, 2015, the bank balance of the Company consisted of $3,211 in the United States and $3,371 in Hong Kong and these balance are all insured by FDIC or HKDPB. At December 31, 2014, the bank balance of the Company consisted of $312,054 in the United States and $2,895 in Hong Kong and these balance are all insured by FDIC or HKDPB.

 

The Company normally requires pre-payments for its sales, which eliminates the exposure to credit risks arising from its customers.

 

During 2015, one customer accounted for approximately 13% of the Company’s sales. No customer accounted for more than 10% of the Company’s sales during 2014.

 

During 2015, three suppliers accounted for approximately 72% of product purchases, and during 2014, two suppliers accounted for approximately 74% of product purchases.

Contingencies

The Company may have inadvertently issued Type A Warrants and Type B Warrants to U.S. citizens or residents in violation of federal securities laws and may be subject to sanctions for such violations. Further, the exchange of the warrants for common shares may also have been in violation of Section 5 of the Securities Act of 1933. Thus, risk exists that former warrant holders may bring legal action against the company, its officers and directors for securities law violations. At this time, the Company determined it is reasonably possible that a loss may have been incurred as a result of these issuances. The Company has recorded a liability equal to the amount it expects to pay to redeem the warrants. See Note 5.

Related Parties

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

New Accounting Pronouncements

In January 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update is issued as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. The adoption of ASU 2015-01 did not have a material impact on the Company’s consolidated financial statements.

 

In April 2015, the FASB issued authoritative guidance on accounting for Interest-Imputation of Interest (Subtopic 835-30); Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). This update requires that debt issuance cost related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts, without changing existing recognition and measurement guidance for debt issuance costs. The new guidance is required to be applied on a retrospective basis and to be accounted for as a change in an accounting principle. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years and early adoption of the amendments in this update is permitted. The adoption of ASU 2015-03 did not have a material impact on the Company’s consolidated financial statements.

 

In July 2015, the FASB issued ASU No. 2015-11, an amendment to ASC 330 for simplifying the measurement of inventory. The update requires that inventory be measured at the lower of cost and net realizable value where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendment is intended to provide clarification on the measurement and disclosure of inventory in ASC 330 and not intended for those clarifications to result in any changes in practice. The ASU is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted for all entities and should be applied prospectively. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, to defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting 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. The Company does not expect the adoption of ASU 2014-09 to have a material impact on the Company’s consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases. This update requires lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within a twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-07 Investments-Equity and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The objective is to simplify investor’s accounting for equity method investments as a result of an increase in ownership level or degree of influence over the investee from prior period and requires prospective application of equity method accounting from the date when an equity investment qualifies for equity method of accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08—Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The object is to reduce the potential for diversity in practice arising from inconsistent application of the principal versus agent guidance and to reduce the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (ASC 718): Improvements to Employee Share-Based Payment Accounting. The objective is to identity, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintain or improving the usefulness of the information provided to users of financial statements. The areas for simplification include the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas apply only to nonpublic entities. For public business entities, the ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not expect the adoption of ASU 2016-09 to have a material impact on the Company’s consolidated financial statements.

 

In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing. The objective is to clarify the two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for these areas. The ASU affects the guidance in ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for this ASU are the same as the effective date and transition requirements in ASC 606 (and any other Topic amended by ASU 2014-09). ASU 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of ASU 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients. The object is to address certain issues identified by the FASB-IASB Joint Transition Resource Group for Revenue Recognition. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for ASC 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (ASC 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company does not expect the adoption of ASU 2015-11 to have a material impact on the Company’s consolidated financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4) Proceeds from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned; (6) Life Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization Transactions; and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is evaluating the effect on the Company’s consolidated financial statements.

 

In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments in this Update include items brought to the Board’s attention through a variety of sources, including: 1) The Codification’s online feedback mechanism; 2) Submissions to the Transition Resource Group for Revenue Recognition (TRG); and 3) Stakeholder’s technical inquiries. The amendments in this Update affect narrow aspects of the guidance issued in ASU No. 2014-09 for certain area for correction or improvement. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by ASU No. 2014-09). ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of ASU No. 2014-09 by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting 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. The Company does not expect the adoption of ASU 2014-09 to have a material impact on the Company’s consolidated financial statements.

XML 36 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2015
Discontinued Operations Tables  
Discontinued Operations

Total gain from disposal of Prime on April 21, 2015 is calculated as follows:

 

Long-term investment in Prime   $ (22,486,914 )
Net consideration     1,247,920  
Cancellation of promissory note     20,201,304  
Cancellation of 25,000,000 shares of common stock     3,117,311  
Cancellation of 25% contingent shares     481,938  
Accumulated other comprehensive loss     (1,648,996 )
Gain from disposal of Prime   $ 912,563  

 

Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations classified as held for sale in the consolidated balance sheet at December 31, 2014 and as of the disposal date at April 21, 2015 is as follows:

 

   

April 21,

2015

   

December 31,

2014

 
             
Carrying amounts of major classes of assets included as part of discontinued operations:            
             
CURRENT ASSETS:            
Cash   $ 2,050,837     $ 1,059,501  
Accounts receivable, net     2,041,762       2,171,790  
Inventories     2,097,858       2,096,735  
Prepaid expenses     21,776       22,881  
Total current assets held for sale     6,212,233       5,350,907  
                 
OTHER ASSETS:                
Property and equipment, net     3,637,641       3,833,530  
Intangible assets, net     13,377,122       14,439,786  
Goodwill     3,855,341       3,855,341  
Total other assets held for sale     20,870,104       22,128,657  
                 
Total assets of the disposal group classified as held for sale   $ 27,082,337     $ 27,479,564  

 

Carrying amounts of major classes of liabilities included as part of discontinued operations:            
             
CURRENT LIABILITIES:            
Accounts payable and accrued expenses   $ 1,649,610     $ 1,108,720  
Taxes payable     900,929       1,436,829  
Deferred revenue     826,994       31,238  
Advance from related parties     648,627       666,654  
Total current liabilities held for sale     4,026,160       3,243,441  
                 
NON-CURRENT LIABILITIES:                
Long-term debt     569,263       611,506  
Total non-current liabilities held for sale     569,263       611,506  
                 
Total liabilities of the disposal group classified as held for sale   $ 4,595,423     $ 3,854,947  

 

Reconciliation of the amounts of major classes of income and losses from discontinued operations in the consolidated statements of operations and comprehensive income (loss) is as follows:

 

Discontinued operations:  

Year Ended

December 31,
2015

 
       
Sales   $ 4,602,342  
Cost of sales     (3,061,927 )
Gross profit     1,540,415  
Selling expense     (257,524 )
Depreciation and amortization expenses     (333,149 )
General and administrative expenses     (1,099,302 )
Other income     38,324  
Income from operations before income taxes     (111,236 )
Provision for income tax     12,022  
Net income   $ (123,258 )

 

Accounts   Valuation Methodologies
Current assets and current liabilities   Cost approach
Land and building   Comparable market approach
Equipment   Combination of cost and market approach
Brand/trade name   Relief from royalty method
Non-competing agreement   Lost profits saved method
License, agency and distribution agreements   Cost approach
Customer relationship   Multi-period excess earnings method
Website and Domain Name   Industry cost approach with subjective input

 

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date, October 20, 2014, which represents the net purchase price allocation of Prime based on valuation performed by an independent appraisal firm engaged by the Company:

 

    Fair Value  
Other current assets   $ 5,144,971  
Plant and equipment, net     3,953,950  
Intangible assets:        
Brand/trade name     4,379,698  
Non-competition agreement     2,038,386  
License, agency and distribution agreements     380,433  
Customer relationships     8,274,574  
Website and Domain Name     39,906  
Goodwill     3,855,341  
Total asset     28,067,259  
Total liabilities     (4,315,526 )
Net assets acquired   $ 23,751,733  

 

The following table represents total consideration paid for the acquisition of Prime:

 

Cash paid   $ 1,759,198  
Short term debt, net of discount     18,428,671  
Fair value of 25,000,000 exchangeable shares of the Company     3,117,311  
Fair value of the contingent share consideration for an aggregate of 25% of the issued and outstanding shares of common stock of the Company immediately following the completion of the Offering     481,938  
Total consideration     23,787,118  
Less: cash and cash equivalents of Prime as of October 20, 2014     (35,385 )
Net assets acquired   $ 23,751,733  

 

Valuation of the 25,000,000 exchangeable shares of the Company

 

The Company valued the 25,000,000 shares issued to acquire Prime using the following assumptions:

 

    Range    
Equity value of E-World USA (on a consolidated basis)   $ 30,939,459 to 33,271,909 (1 )
Ownership interest     14.9% (2 )
Pro-rata value of ownership interest   $ 4,608,777 to 4,956,222    
less: Discount for lack of control and marketability   $ (1,843,511) to (1,486,867) (3 )
Fair value of ownership interest USD   $ 3,117,311    

 

The Company has determined two valuations of the 25,000,000 exchangeable shares in one high and one low valuation and takes the midpoint of the valuation and recorded $3,117,311 in equity for the 25,000,000 exchangeable shares issued.

  

Valuation of the contingent shares

 

The Company valued the option to obtain 25% ownership of E-World using the following assumptions in a Binomial Tree model:

 

    Range  
Number of Nodes     10.00  
Maturity of an option     0.44  
Risk-free rate     0.91 %
Volatility of the Stock     42.30 %
Current estimated price of the stock   $ 33.90 to 36.30  
Strike price of the option   $ 30.00  
Calculated value of 25% pro-rata option (contingent shares to be issued)   $ 481,938  
XML 37 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2015
Summary Of Significant Accounting Policies Tables  
Accounts receivable balance and allowance for doubtful accounts

The accounts receivable balance and allowance for doubtful accounts are as follows:

 

   

December 31,

2015

   

December 31,

2014

 
Accounts receivable   $ 50,680     $ 2,406  
Allowance for doubtful accounts     (25,236 )     -  
Accounts receivable, net   $ 25,444     $ 2,406  
Movement of allowance for doubtful accounts

Movement of allowance for doubtful accounts is as follows:

 

   

December 31,

2015

   

December 31,

2014

 
             
Beginning balance   $ -     $ -  
Provision for doubtful accounts     25,236       74,259  
Less: write-off     -       (74,259 )
Ending balance   $ 25,236     $ -  
Property and Equipment useful lives
Computer and software 3 to 5 years
Furniture and fixtures 5 to 10 years
Vehicles 5 to 7 years
Leasehold improvement over expected lease term
Financial assets and liabilities that were accounted for at fair value

Recurring Fair Value Measures   Level 1     Level 2     Level 3     Total  
Rescission Liability – Type A Warrants     --       --     $ 7,165,413     $ 7,165,413  
Rescission Liability – Type B Warrants     --       --       249,111       249,111  
Total     --       --     $ 7,414,524     $ 7,414,524  

Fair value on a recurring basis

   

December 31,

2015

   

December 31,

2014

 
Beginning balance   $ 7,414,524     $ 7,416,774  
Refund to warrant A holder     -       (2,250 )
Ending balance   $ 7,414,524     $ 7,414,524  

XML 38 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Inventory (Tables)
12 Months Ended
Dec. 31, 2015
Inventory Tables  
Inventory
   

December 31,

2015

   

December 31,

2014

 
Nutrition supplements   $ 268,740     $ 322,701  
Skin-care products     33,385       28,879  
Less: inventory reserve     (121,076 )     (122,623 )
Inventories, net   $ 181,049     $ 228,957  
XML 39 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Property and Equipment (Tables)
12 Months Ended
Dec. 31, 2015
Property And Equipment Tables  
Property and Equipment
   

December 31,

2015

   

December 31,

2014

 
Computer equipment and software   $ 114,953     $ 114,953  
Furniture and fixture     26,686       26,686  
Automobiles     179,677       179,677  
Leasehold improvement     40,053       40,053  
Total     361,369       361,369  
Accumulated depreciation     (255,167 )     (221,096 )
Property and equipment, net   $ 106,202     $ 140,273  
XML 40 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt (Tables)
12 Months Ended
Dec. 31, 2015
Debt Tables  
Future maturities of long term debt
Year ended December 31, 2016   $ 11,241  
Year ended December 31, 2017     12,619  
Year ended December 31, 2018     13,002  
Year ended December 31, 2019     13,395  
Total     50,257  
Current portion of long term debt     (11,241 )
Long term debt   $ 39,016  
XML 41 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Taxes Tables  
Effective tax rate
   

December 31,

2015

   

December 31,

2014

 
Federal statutory rate     34.0 %     34.0 %
State statutory rate     8.8 %     8.8 %
Valuation allowance     (33.4 )%     (40.0 )%
Permanent difference     (9.4 )%     (3.0 )%
Effective tax rate     0.0 %     (0.2 )%
Deferred tax assets consisted
   

Year ended December 31,

2015

   

Year ended December 31,

2014

 
Deferred tax asset, beginning balance   $ -       -  
Addition from net operating loss carry-forward - federal     1,023,905       310,129  
Addition from net operating loss carry-forward - state     175,461       52,290  
Addition (deduction) from temporary difference - federal     (19,452 )     87,084  
Addition (deduction) from temporary difference - state     (3,227 )     15,040  
Addition (deduction) in valuation allowance     (1,176,687 )     (464,543 )
Deferred tax asset, ending balance   $ -       -  
XML 42 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments (Tables)
12 Months Ended
Dec. 31, 2015
Commitments Tables  
Operating lease
Year ended December 31, 2016   $ 36,000  
Year ended December 31, 2017     36,900  
Year ended December 31, 2018     31,000  
Total   $ 103,900  
XML 43 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Organization (Details Narrative)
12 Months Ended
Dec. 31, 2015
shares
Organization Details Narrative  
Date of incorporation Feb. 04, 2011
Merger agreement period April 2011
Common stock issued at merger agreement 90,000,000
Share issued on basis one share basis for each share
XML 44 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details)
Apr. 21, 2015
USD ($)
Discontinued Operations Details  
Long-term investment in Prime $ (22,486,914)
Net consideration 1,247,920
Cancellation of promissory note 20,201,304
Cancellation of 25,000,000 shares of common stock 3,117,311
Cancellation of 25% contingent shares 481,938
Accumulated other comprehensive loss (1,648,996)
Gain from disposal of Prime $ 912,563
XML 45 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details 1) - USD ($)
Dec. 31, 2015
Apr. 21, 2015
Dec. 31, 2014
CURRENT ASSETS:      
Cash   $ 2,050,837 $ 1,059,501
Accounts receivable, net   2,041,762 2,171,790
Inventories   2,097,858 2,096,735
Prepaid expenses   21,776 22,881
Total current assets held for sale 6,212,233 5,350,907
OTHER ASSETS:      
Property and equipment, net   3,637,641 3,833,530
Intangible assets, net   13,377,122 14,439,786
Goodwill   3,855,341 3,855,341
Total other assets held for sale 20,870,104 22,128,657
Total assets of the disposal group classified as held for sale   27,082,337 27,479,564
CURRENT LIABILITIES:      
Accounts payable and accrued expenses   1,649,610 1,108,720
Taxes payable   900,929 1,436,829
Deferred revenue   826,994 31,238
Advance from related parties   648,627 666,654
Total current liabilities held for sale 4,026,160 3,243,441
NON-CURRENT LIABILITIES HELD FOR SALE:      
Long-term debt   569,263 611,506
Total non-current liabilities held for sale   569,263 611,506
Total liabilities of the disposal group classified as held for sale   $ 4,595,423 $ 3,854,947
XML 46 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details 2) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Discontinued operations:    
Sales $ 4,602,342  
Cost of sales (3,061,927)  
Gross profit 1,540,415  
Selling expense (257,524)  
Depreciation and amortization expenses (333,149)  
General and administrative expenses (1,099,302)  
Other expense 38,324  
Income from operations before income taxes (111,236)  
Provision for income tax 12,022  
Net income $ (123,258) $ 472,051
XML 47 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details 3)
Oct. 20, 2014
USD ($)
Discontinued Operations Details 3  
Other current assets $ 5,144,971
Plant and equipment, net 3,953,950
Intangible assets:  
Brand/trade name 4,379,698
Non-competition agreement 2,038,386
License, agency and distribution agreements 380,433
Customer relationship 8,274,574
Website and Domain Name 39,906
Goodwill 3,855,341
Total asset 28,067,259
Total liabilities (4,315,526)
Net assets acquired $ 23,751,733
XML 48 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details 4) - USD ($)
Oct. 24, 2014
Oct. 20, 2014
Discontinued Operations Details 4    
Cash paid $ 1,759,198  
Short term debt, net of discount 18,428,671  
Fair value of 25,000,000 exchangeable shares of the Company 3,117,311  
Fair value of the contingent share consideration for an aggregate of 25% of the issued and outstanding shares of common stock of the Company immediately following the completion of the Offering 481,938  
Total consideration 23,787,118  
Less: cash and cash equivalents of Prime as of October 20, 2014 $ (35,385)  
Net assets acquired   $ 23,751,733
XML 49 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details 5)
Oct. 24, 2014
USD ($)
Ownership interest 14.90% [1]
Fair value of ownership interest USD $ 3,117,311
Minimum [Member]  
Equity value of E-World USA (on a consolidated basis) 30,939,459 [2]
Pro-data value of ownership interest 4,608,777
less: Discount for lack of control and marketability (1,843,511) [3]
Maximum [Member]  
Equity value of E-World USA (on a consolidated basis) 33,271,909 [2]
Pro-data value of ownership interest 4,956,222
less: Discount for lack of control and marketability $ (1,486,867) [3]
[1] Percentage of ownership interest of the 25,000,000 exchangeable shares of the Company out of a total of 142,828,993 prior to the issuance of the 25,000,000 exchangeable shares
[2] Discounted cash flow on a consolidated basis using the Capital Asset Pricing Model
[3] Using a discount rate of 40% for low and 30% for high
XML 50 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details 6)
10 Months Ended
Oct. 24, 2014
USD ($)
Number
$ / shares
Number of Nodes | Number 10
Maturity of an option 5 months 9 days
Risk-free rate 0.91%
Volatility of the Stock 42.30%
Striking price of the option $ 30.00
Calculated value of 25% pro-rata option (contingent shares to be issued) | $ $ 481,938
Minimum [Member]  
Current estimated price of the stock $ 33.90
Maximum [Member]  
Current estimated price of the stock $ 36.30
XML 51 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Discontinued Operations (Details Narrative) - USD ($)
1 Months Ended
Oct. 20, 2014
Apr. 21, 2015
Share Purchase Agreement $ 1,773,600  
Promissory note $ 20,201,304  
Stock Ownership Percentage 14.00%  
Description of acqured entity

25,000,000 shares of E-World Common Stock representing 14% ownership in E-World with an opportunity to acquire additional E-World Common Stock attaining a 25% ownership (contingent shares).

 
Termination and release agreement for cash portion of purchase   $ 1,247,920
Promissory note cancelled $ 20,201,304 $ 20,201,304
Contingent shares cancelled   25,000,000
Percentage of contingent shares cancelled   25.00%
Description of ownership interest

Percentage of ownership interest of the 25,000,000 exchangeable shares of the Company out of a total of 142,828,993 prior to the issuance of the 25,000,000 exchangeable shares.

 
Description of business operations

The Company has determined two valuations of the 25,000,000 exchangeable shares in one high and one low valuation and takes the midpoint of the valuation and recorded $3,117,311 in equity for the 25,000,000 exchangeable shares issued.

 
Valuation of exchangeable shares $ 481,938  
Contingent shares calculated pro rated option in percentage 25.00%  
Maximum [Member]    
Discount rate for lack of control and marketability 40.00%  
Minimum [Member]    
Discount rate for lack of control and marketability 30.00%  
XML 52 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Details) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Summary Of Significant Accounting Policies Details    
Accounts receivable $ 50,680 $ 2,406
Allowance for doubtful accounts (25,236)
Accounts receivable, net $ 25,444 $ 2,406
XML 53 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Details 1) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Summary Of Significant Accounting Policies Details 1    
Beginning balance
Provision for doubtful accounts 25,236 74,259
Less: write-off (74,259)
Ending balance $ 25,236
XML 54 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Details 2)
12 Months Ended
Dec. 31, 2015
Computer and software [Member] | Minimum [Member]  
Estimated useful lives 3 years
Computer and software [Member] | Maximum [Member]  
Estimated useful lives 5 years
Furniture and Fixtures [Member] | Minimum [Member]  
Estimated useful lives 5 years
Furniture and Fixtures [Member] | Maximum [Member]  
Estimated useful lives 10 years
Vehicles [Member] | Minimum [Member]  
Estimated useful lives 5 years
Vehicles [Member] | Maximum [Member]  
Estimated useful lives 7 years
Leasehold Improvements [Member]  
Estimated useful lives for leasehold improvement Over expected lease term
XML 55 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Details 3) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Rescission Liability - Type A Warrants $ 7,167,663 $ 7,167,663
Rescission Liability - Type B Warrants 249,111 249,111
Total 7,416,774 7,416,774
Level 1 [Member]    
Rescission Liability - Type A Warrants
Rescission Liability - Type B Warrants
Total
Level 2 [Member]    
Rescission Liability - Type A Warrants
Rescission Liability - Type B Warrants
Total
Level 3 [Member]    
Rescission Liability - Type A Warrants 7,167,663 7,167,663
Rescission Liability - Type B Warrants 249,111 249,111
Total $ 7,416,774 $ 7,416,774
XML 56 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Details 4) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Summary Of Significant Accounting Policies Details 4    
Beginning balance $ 7,414,524 $ 7,416,774
Refund to warrant A holder (2,250)
Ending balance $ 7,416,774 $ 7,414,524
XML 57 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Bad debt expense $ 25,236 $ 74,259
Deferred revenue for customer deposits 1,486,360 1,617,369
Product return allowance 0 0
Shipping and handling cost 23,776 137,857
Bonus expenses $ 0 $ 2,570,276
Cash balance of company

The Company consisted of $3,211 in the United States and $3,371 in Hong Kong and these balance are all insured by FDIC or HKDPB.

The Company consisted of $312,054 in the United States and $2,895 in Hong Kong and these balance are all insured by FDIC or HKDPB.

Sales description  

No customer accounted for more than 10% of the Company’s sales during 2014.

Three Suppliers [Member]    
Product purchases 72.00% 74.00%
One Customer [Member]    
Product sales 13.00%  
XML 58 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Rescission Liability - Type A & B Warrants (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Rescission Liability - Type B Warrants Details Narrative          
Common shares of company ratio 1:1        
Percentage of refund cash face value 75.00%        
Cash proceeds from Type A Warrants sold         $ 8,169,707
Type A warrants exercised for cash refund, Shares   9,300 842,300 18,000  
Type A warrants exercised for cash refund   $ 2,250 $ 495,170 $ 22,950  
Type A warrants exercised for product, Shares     10,300    
Type A warrants exercised for product     $ 16,650 $ 7,200  
Type A warrants issued for shares of common stock     23,296,688    
Rescission Liability - Type A Warrants, Shares 23,206,888 23,206,888      
Rescission Liability - Type A Warrants $ 7,167,663 $ 7,167,663      
Rescission Liability - Type B Warrants, Shares         2,491,108
Rescission Liability - Type B Warrants $ 249,111 $ 249,111      
XML 59 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
Impairment Expenses (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2015
May 26, 2015
Impairment expenses $ 3,643,000  
People's Republic Of China [Member]    
Impaired assets   $ 3,643,000
XML 60 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Inventory (Details) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Less: inventory reserve $ (121,076) $ (122,623)
Inventories, net 181,049 228,957
Nutrition supplements [Member]    
Finished goods 268,740 322,701
Skin-care products [Member]    
Finished goods $ 33,385 $ 28,879
XML 61 R45.htm IDEA: XBRL DOCUMENT v3.6.0.2
Inventory (Details Narrative) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Inventory Details Narrative    
Reserves recorded $ 121,076 $ 122,623
Valuation allowance $ 55,907
XML 62 R46.htm IDEA: XBRL DOCUMENT v3.6.0.2
Property and Equipment (Details) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Property and equipment, gross $ 361,369 $ 361,369
Accumulated depreciation (255,167) (221,096)
Property and equipment, net 106,202 140,273
Computer and software [Member]    
Property and equipment, gross 114,953 114,953
Furniture and Fixtures [Member]    
Property and equipment, gross 26,686 26,686
Automobiles [Member]    
Property and equipment, gross 179,677 179,677
Leasehold Improvements [Member]    
Property and equipment, gross $ 40,053 $ 40,053
XML 63 R47.htm IDEA: XBRL DOCUMENT v3.6.0.2
Property and Equipment (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Property And Equipment Details Narrative    
Depreciation expense $ 34,071 $ 39,961
XML 64 R48.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt (Details) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Future maturities of long term debt    
2016 $ 11,241  
2017 12,619  
2018 13,002  
2019 13,395  
Total 50,257  
Current portion of long term debt (11,241) $ (28,961)
Long term debt $ 39,016 $ 46,151
XML 65 R49.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2015
Dec. 31, 2014
Apr. 21, 2015
Oct. 24, 2014
Principal payments on debt   $ 24,855 $ 27,594    
Amortization of promissory note discount   1,083,276 689,357    
Promissory note   19,118,028   $ 20,200,000
Debt Discounts   1,083,276      
Advances from employee   240,000      
Payment to employee   $ 145,000    
Vehicle purchased $ 179,678        
Loan amount $ 141,677        
Interest 4.84% 2.99%      
Repaid amount $ 2,663        
Proceeds from new loan   $ 51,263      
Repayment for new loan term   48 months      
Debt or equity offering   $ 30,000,000      
Discount on note     1,772,633 $ 2,855,909  
Due to employee   95,000    
Payments to shareholder   308,490 $ 639,800    
Advances from Related Parties Non-Interest Bearing [Member]          
Payments to shareholder   $ 20,000      
XML 66 R50.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Income Taxes Details    
Federal statutory rate 34.00% 34.00%
State statutory rate 8.80% 8.80%
Valuation allowance (33.40%) (40.00%)
Permanent difference (9.40%) (3.00%)
Effective tax rate 0.00% (0.20%)
XML 67 R51.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Details 1) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Deferred tax asset, beginning balance
Addition (deduction) in valuation allowance (1,176,687) (464,543)
Deferred tax asset, ending balance
Federal [Member]    
Addition (deduction) from net operating loss carry-forward 1,023,905 310,129
Addition (deduction) from temporary difference (19,452) 87,084
State [Member]    
Addition (deduction) from net operating loss carry-forward 175,461 52,290
Addition (deduction) from temporary difference $ (3,227) $ 15,040
XML 68 R52.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cumulative net operating loss carry-forward expiring years 2030 - 2035 years 2030 - 2035
Valuation allowance $ 3,470,000 $ 2,294,000
California [Member]    
Cumulative net operating loss carry-forward 7,889,000 4,935,000
Federal [Member]    
Cumulative net operating loss carry-forward $ 8,854,000 $ 5,900,000
XML 69 R53.htm IDEA: XBRL DOCUMENT v3.6.0.2
Related Party Transactions (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Advances from shareholder $ 1,372,177 $ 2,618,111
Payments to shareholder 308,490 639,800
Due to shareholder 3,210,836 2,147,149
Repaid amount $ 0 297,570
Interest rate 12.50%  
Interest expense $ 5,000  
Advances from related party, interest bearing 40,000
Advances from related parties, non-interest bearing 583,839 $ 298,562
Advances from Related Parties Interest Bearing [Member]    
Payments to shareholder 0  
Interest expense included in acrrued expense 5,000  
Owed amount to related parties 40,000  
Advances from Related Parties Non-Interest Bearing [Member]    
Advances from shareholder 305,277  
Payments to shareholder $ 20,000  
XML 70 R54.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments (Details)
Dec. 31, 2015
USD ($)
Commitments Details  
Year ended December 31, 2016 $ 36,000
Year ended December 31, 2017 36,900
Year ended December 31, 2018 31,000
Total $ 103,900
XML 71 R55.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Commitments Details Narrative    
Incurred rent expense $ 152,559 $ 161,218
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