Nevada
|
20-1211204
|
(State
or other Jurisdiction of
|
(I.R.S.
Employer
|
Incorporation
or Organization)
|
Identification
No.)
|
929
Radecki Court
|
|
City of Industry, CA
|
91748
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Large
accelerated filer
|
o
|
Accelerated
filer
|
o
|
Non-accelerated
filer
|
o
|
Smaller
reporting company
|
x
|
Page
|
||
PART
I - FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
3-25
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition
and Results of Operations
|
26-32
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
32
|
Item
4T.
|
Controls
and Procedures
|
33
|
PART
II - OTHER INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
33
|
Item
1A.
|
Risk
Factors
|
33
|
Item
2.
|
Unregistered
Sale of Equity Securities and Use of Proceeds
|
33
|
Item
3.
|
Defaults
Upon Senior Securities
|
33
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
33
|
Item
5.
|
Other
Information
|
34
|
Item
6.
|
Exhibits
|
34
|
Item
7.
|
Subsequent
Events
|
34
|
SIGNATURES
|
38
|
Page(s)
|
|
Consolidated
Financial Statements
|
|
Consolidated
Balance Sheets
|
5
|
Consolidated
Statements of Operations and Other Comprehensive Income
(unaudited)
|
6
|
Consolidated
Statements of Cash Flows (unaudited)
|
7
|
Notes
to unaudited Consolidated Financial Statements
|
8
|
December 31, 2009
|
March 31, 2009
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 37,396,099 | $ | 38,181,837 | ||||
Inventories
|
3,432,473 | 3,908,629 | ||||||
Available
for sale securities
|
771,300 | 508,746 | ||||||
Prepaid
expenses
|
761,794 | 2,551,298 | ||||||
Short-term
note receivables – related party
|
5,424,717 | 4,064,717 | ||||||
Total
current assets
|
47,786,383 | 49,215,227 | ||||||
Property
and equipment, net
|
459,002 | 360,156 | ||||||
Construction
in progress
|
672,625 | |||||||
Other
receivables
|
320,059 | 33,504 | ||||||
Investments
|
14,072,191 | 17,129,314 | ||||||
Investments
in bonds
|
4,767,023 | - | ||||||
Loan
to related party
|
1,897,000 | 1,897,000 | ||||||
Security
deposit
|
324,331 | 31,121 | ||||||
Total
assets
|
$ | 70,298,614 | $ | 68,666,322 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities
|
||||||||
Accounts
payable and accrued expenses
|
$ | 1,290,698 | $ | 3,610,195 | ||||
Other
liabilities
|
7,577,251 | 6,675,552 | ||||||
Unearned
revenues
|
2,791,480 | 1,991,215 | ||||||
Total
current liabilities
|
11,659,429 | 12,276,962 | ||||||
Stockholders'
equity
|
||||||||
Preferred
stock, $.001 par value, 25,000,000 shares authorized, none issued and
outstanding
|
- | - | ||||||
Common
stock, $0.00001 par value, 4,975,000,000 authorized, 75,983,205 shares
issued and outstanding at December 31, 2009 and March 31,
2009
|
760 | 760 | ||||||
Additional
paid in capital
|
52,854,891 | 52,854,891 | ||||||
Retained
earnings
|
6,011,263 | 4,023,992 | ||||||
Accumulated
other comprehensive loss
|
(227,729 | ) | (490,283 | ) | ||||
Total
stockholders' equity
|
58,639,185 | 56,389,360 | ||||||
Total
liabilities and stockholders' equity
|
$ | 70,298,614 | $ | 68,666,322 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31, 2009
|
December 31, 2008
|
December 31, 2009
|
December 31, 2008
|
|||||||||||||
Restated
|
Restated
|
|||||||||||||||
Sales
revenues, net
|
$ | 3,362,196 | $ | 1,866,413 | $ | 12,476,956 | $ | 11,286,739 | ||||||||
Shipping
charge
|
965,520 | 705,210 | 3,015,090 | 3,534,320 | ||||||||||||
4,327,716 | 2,571,623 | 15,492,046 | 14,821,059 | |||||||||||||
Cost
of goods sold
|
1,048,913 | 771,142 | 3,374,844 | 4,082,924 | ||||||||||||
Shipping
cost
|
334,879 | 87,960 | 923,247 | 1,553,401 | ||||||||||||
1,383,792 | 859,102 | 4,298,091 | 5,636,325 | |||||||||||||
Gross
profit
|
2,943,924 | 1,712,521 | 11,193,955 | 9,184,734 | ||||||||||||
Selling,
general and administrative expenses
|
2,398,664 | 1,129,554 | 6,958,530 | 3,459,470 | ||||||||||||
Net
operating income
|
545,260 | 582,967 | 4,235,425 | 5,725,264 | ||||||||||||
Other
income (expense)
|
||||||||||||||||
Interest
income
|
426,577 | 483,723 | 725,971 | 1,255,843 | ||||||||||||
Investment
income
|
- | 4,337 | - | 11,425 | ||||||||||||
Investment
loss - 48.81% Excalibur
|
- | - | (1,080,969 | ) | - | |||||||||||
Subsidiary
loss on equity method investment
|
(464,566 | ) | - | (1,976,154 | ) | - | ||||||||||
Foreign
exchange gain (loss)
|
751 | (841,920 | ) | (3,402 | ) | (841,565 | ) | |||||||||
Other
income, net
|
13,457 | 304,952 | 86,400 | 304,812 | ||||||||||||
Total
other income (expense)
|
(23,781 | ) | (48,908 | ) | (2,248,154 | ) | 730,515 | |||||||||
Net
income before income taxes
|
521,479 | 534,059 | 1,987,271 | 6,455,779 | ||||||||||||
Provision
for Income taxes
|
- | 3,247 | - | 188,047 | ||||||||||||
Net
income
|
$ | 521,479 | $ | 530,812 | $ | 1,987,271 | $ | 6,267,732 | ||||||||
Unrealized
gain (loss) on investments
|
77,277 | (246,810 | ) | 262,554 | (367,901 | ) | ||||||||||
Comprehensive
income
|
$ | 598,756 | $ | 284,002 | $ | 2,249,825 | $ | 5,899,831 | ||||||||
Net
income per common share
|
||||||||||||||||
Basic
|
$ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.10 | ||||||||
Weighted
average common shares outstanding basic
|
75,983,205 | 68,536,356 | 75,983,205 | 63,578,836 |
Nine Months Ended
|
||||||||
December 31, 2009
|
December 31, 2008
|
|||||||
Cash
flows from operating activities:
|
(Restated)
|
|||||||
Net
income
|
$ | 1,987,271 | $ | 6,267,732 | ||||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation
and amortization
|
54,802 | 36,440 | ||||||
Investment
loss
|
1,080,969 | - | ||||||
Subsidiary
loss on equity method investment
|
1,976,154 | - | ||||||
Warranty
liability
|
(9,079 | ) | (41,293 | ) | ||||
Stock
based compensation
|
- | 16,850 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Inventories
|
476,156 | (1,873,435 | ) | |||||
Prepaid
expenses and other current assets
|
1,496,294 | 419,222 | ||||||
Other
receivables
|
(286,556 | ) | (2,322 | ) | ||||
Accounts
payable and accrued liabilities
|
(2,319,497 | ) | (174,041 | ) | ||||
Other
liabilities
|
910,778 | (8,743,705 | ) | |||||
Unearned
revenues
|
800,265 | (1,400,020 | ) | |||||
Income
tax payable
|
- | 184,000 | ||||||
Net
cash provided by (used in) operating activities
|
6,167,557 | (5,310,572 | ) | |||||
Cash
flows from investing activities:
|
||||||||
Additions
to fixed assets
|
(153,647 | ) | (62,587 | ) | ||||
Construction
in progress
|
(672,625 | ) | - | |||||
Note
receivables – related party
|
(1,360,000 | ) | (4,067,000 | ) | ||||
Purchase
of bond
|
(4,767,023 | ) | - | |||||
Increase
in Investment
|
- | (19,193,000 | ) | |||||
Net
cash (used in) investing activities
|
(6,953,295 | ) | (23,322,587 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Restricted
cash
|
- | 37,845,432 | ||||||
Proceeds
from investor deposits
|
- | (37,845,432 | ) | |||||
Proceeds
from issuance of stock and warrants
|
- | 52,831,639 | ||||||
Net
cash provided by financing activities
|
- | 52,831,639 | ||||||
Net
increase (decrease) in cash
|
(785,738 | ) | 24,198,480 | |||||
Cash,
beginning of period
|
38,181,837 | 15,165,620 | ||||||
Cash,
end of period
|
$ | 37,396,099 | $ | 39,364,100 | ||||
Supplemental
disclosures of cash flow information:
|
||||||||
Income
taxes paid in cash
|
$ | - | $ | 4,047 |
Machinery
& equipment
|
3
years
|
Computers
& office equipment
|
3
years
|
Automobile
|
5
years
|
Products sold for
|
|
0-2
months
|
2%
of cost
|
3-4
months
|
1.5%
of cost
|
5-6
months
|
1%
of cost
|
For the three
|
For the three
|
For the nine
|
For the nine
|
|||||||||||||
months ended
|
months ended
|
months ended
|
months ended
|
|||||||||||||
December 31, 2009
|
December 31, 2008
|
December 31, 2009
|
December 31, 2008
|
|||||||||||||
Weighted
average
|
||||||||||||||||
warrants
outstanding
|
14,890,040 | 14,890,040 | 14,890,040 | 14,890,040 | ||||||||||||
Total
|
14,890,040 | 14,890,040 | 14,890,040 | 14,890,040 |
For
the Three Months Ended
|
For
the Nine Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2009
|
2008
(Restated)
|
2009
|
2008
(Restated)
|
|||||||||||||
Historical
Numerator:
|
||||||||||||||||
Net
Income
|
$ | 521,479 | $ | 530,812 | $ | 1,987,271 | $ | 6,267,732 | ||||||||
Denominator:
|
||||||||||||||||
Weighted-average
shares used for basic net income per share
|
75,983,205 | 68,536,356 | 75,983,205 | 63,578,836 | ||||||||||||
Effect
of common stock equivalents
|
|
|
|
|
||||||||||||
Basic
net income per share
|
$ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.10 |
December 31, 2009
|
December 31, 2008
|
|||||||||||||||||||||||
Fair Value
|
Cost
|
Unrealized
(Loss)
|
Fair
Value
|
Cost
|
Unrealized
(Loss)
|
|||||||||||||||||||
Available
for sale securities
|
$ | 771,300 | $ | 999,029 | $ | (227,729 | ) | $ | 508,746 | $ | 999,029 | $ | (490,283 | ) | ||||||||||
Total
|
$ | 771,300 | $ | 999,029 | $ | (227,729 | ) | $ | 508,746 | $ | 999,029 | $ | (490,283 | ) |
December 31, 2009
|
||||||||||||||||
Level 1
|
||||||||||||||||
Quoted Prices
|
Level 2
|
|||||||||||||||
in Active
|
Significant
|
Level 3
|
||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
Total
|
|||||||||||||
Available
for sale securities
|
$ | 771,300 | $ | - | $ | - | $ | 771,300 | ||||||||
Total
assets measured at fair value
|
$ | 771,300 | $ | - | $ | - | $ | 771,300 |
December 31, 2009
|
March 31, 2009
|
|||||||
Automobile
|
$ | 154,724 | $ | 154,724 | ||||
Furniture
and fixture
|
60,868 | 12,278 | ||||||
Computer
equipment
|
52,594 | 26,373 | ||||||
Machinery
and equipment
|
41,611 | 6,405 | ||||||
Leasehold
improvement
|
306,310 | 262,679 | ||||||
616,107 | 462,459 | |||||||
Less:
Accumulated depreciation
|
(157,105 | ) | (102,303 | ) | ||||
$ | 459,002 | $ | 360,156 |
December 31,
|
March 31,
|
|||||||
2009
|
2009
|
|||||||
48.81%
equity interest (a)
|
$ | 14,072,191 | $ | 17,129,314 | ||||
$ | 14,072,191 | $ | 17,129,314 |
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Exchange
rate
|
33 | 33 | 33 | 33 | ||||||||||||
Revenue
|
$ | 179,394 | $ | 10,774 | $ | 245,396 | $ | 10,774 | ||||||||
Gross
profit (loss)
|
$ | (744,371 | ) | $ | (239,403 | ) | $ | (4,379,419 | ) | $ | (239,403 | ) | ||||
Loss
from continuing operations
|
$ | (951,785 | ) | $ | (3,774,827 | ) | $ | (4,134,023 | ) | $ | (3,774,827 | ) | ||||
Net
loss
|
$ | (951,785 | ) | $ | (3,774,827 | ) | $ | (4,134,023 | ) | $ | (3,774,827 | ) | ||||
EFT
48.81% investment loss
|
$ | (464,566 | ) | $ | (1,842,493 | ) | $ | (2,017,817 | ) | $ | (1,842,493 | ) |
December 31, 2009
|
March 31, 2009
|
|||||||||||||||
NT$
|
USD
|
NT$
|
USD
|
|||||||||||||
Total
assets
|
1,248,321,460
|
37,827,923
|
1,289,432,107
|
39,073,700
|
||||||||||||
Total
liabilities
|
299,730,138
|
9,082,731
|
204,417,971
|
6,194,484
|
||||||||||||
Net
assets
|
948,591,322
|
28,745,192
|
1,085,014,136
|
32,879,216
|
||||||||||||
EFT
48.81% ownership
|
463,007,424
|
14,030,528
|
529,595,400
|
16,048,345
|
||||||||||||
Ending
balance of investment account
|
14,072,191
|
17,129,314
|
||||||||||||||
Difference/Premium
|
41,663
|
(1,080,969
|
) |
Shareholders’ Name
|
# of shares
|
%
|
||||||
1
|
EFT
Investment Co. Ltd
|
58,567,750
|
48.81
|
%
|
||||
2
|
Lu,
TsoChun
|
10,000,000
|
8.33
|
%
|
||||
3
|
Chiao,
Jen-Ho
|
8,200,000
|
6.83
|
%
|
||||
5
|
Lin,
Ming-i
|
5,170,000
|
4.31
|
%
|
||||
4
|
Ms.
Ku
|
5,000,000
|
4.17
|
%
|
||||
6
|
Yeuh-Chi
Liu
|
4,766,000
|
3.97
|
%
|
||||
7
|
Steve
Hsiao
|
4,639,250
|
3.87
|
%
|
||||
8
|
Wen
Investment
|
4,000,000
|
3.33
|
%
|
||||
Others
|
19,657,000
|
16.38%
|
||||||
Total
|
120,000,000
|
100
|
%
|
December 31, 2009
|
March 31, 2009
|
|||||||
Commission
payable
|
$ | 6,663,746 | $ | 5,977,969 | ||||
Payroll
liabilities
|
870,900 | 645,900 | ||||||
Warranty
liability
|
42,605 | 51,683 | ||||||
Other
|
- | - | ||||||
$ | 7,577,251 | $ | 6,675,552 |
Nine Months Ended December
31,
|
||||||||
2009
|
2008
|
|||||||
Current:
|
||||||||
Domestic
|
$ | - | $ | 188,047 | ||||
Foreign
|
- | - | ||||||
Deferred
|
- | - | ||||||
Income
tax expenses
|
$ | - | $ | 188,047 |
Nine Months Ended December
31,
|
||||||||
2009
|
2008
|
|||||||
Income
tax at U.S. statutory rate
|
$ | 742,283 | $ | 3,011,062 | ||||
State
tax
|
- | 2,550 | ||||||
Indefinitely
invested earnings of foreign subsidiaries
|
(749,25 | ) | (2,839,533 | ) | ||||
Nondeductible
expenses
|
6,992 | 13,968 | ||||||
$ | 0 | $ | 188,047 | |||||
Effective
tax rate
|
0 | % | 2 | % |
December 31, 2009
|
March 31, 2009
|
|||||||
Warranty
liability at March 31
|
$ | 51,684 | $ | 85,608 | ||||
Costs
accrued
|
(9,079 | ) | (33,924 | ) | ||||
Service
obligations honored
|
- | - | ||||||
Warranty
liability at December 31
|
$ | 42,605 | $ | 51,684 | ||||
Current
portion
|
$ | 42,605 | $ | 51,684 | ||||
Non-current
portion
|
- | - | ||||||
Warranty
liability at end of period
|
$ | 42,605 | $ | 51,684 |
Year Ending March 31,
|
||||
2010
|
$ | 90,000 | ||
2011
|
360,000 | |||
2012
|
360,000 |
Year Ending March 31,
|
||||
2010
|
$ | 3,405 | ||
2011
|
1,135 |
Year Ending March 31,
|
||||
2010
|
$ | 27,990 | ||
2011
|
111,960 | |||
2012
|
27,990 |
Year Ending March 31,
|
||||
2010
|
$ | 3,402 | ||
2011
|
13,608 | |||
2012
|
3,402 |
Year Ending March 31,
|
||||
2010
|
$ | 7,260 | ||
2011
|
29,040 | |||
2012
|
2,420 |
Year Ending March 31,
|
||||
2010
|
$ | 4,200 | ||
2011
|
16,800 | |||
2012
|
5,600 |
Year Ending March 31,
|
||||
2010
|
$ | 3,720 |
Year Ending March 31,
|
||||
2010
|
$ | 1,128 |
Year Ending March 31,
|
||||
2010
|
$ | 2,196 | ||
2011
|
1,464 |
Year Ending March 31,
|
||||
2010
|
$ | 792 | ||
2011
|
1,056 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2008
|
2008
|
2008
|
2008
|
|||||||||||||
(restated)
|
(original)
|
(restated)
|
(original)
|
|||||||||||||
Sales
revenues, net
|
$ | 1,866,413 | $ | 3,573,484 | $ | 11,286,739 | $ | 12,993,810 | ||||||||
Shipping
charge
|
705,210 | 705,210 | 3,534,320 | 3,534,320 | ||||||||||||
2,571,623 | 4,278,694 | 14,821,059 | 16,528,130 | |||||||||||||
Cost
of goods sold
|
771,142 | 771,142 | 4,082,924 | 4,082,924 | ||||||||||||
Shipping
cost
|
87,960 | 87,960 | 1,553,401 | 1,553,401 | ||||||||||||
859,102 | 859,102 | 5,636,325 | 5,636,325 | |||||||||||||
Gross
profit
|
1,712,521 | 3,419,592 | 9,184,734 | 10,891,805 | ||||||||||||
Selling,
general and administrative expenses
|
1,129,554 | 1,154,398 | 3,459,470 | 3,484,314 | ||||||||||||
Net
operating income
|
582,967 | 2,265,194 | 5,725,264 | 7,407,491 | ||||||||||||
Other
income (expense)
|
||||||||||||||||
Interest
income
|
483,723 | 483,723 | 1,255,843 | 1,255,843 | ||||||||||||
Investment
income
|
4,337 | 4,337 | 11,425 | 11,425 | ||||||||||||
Foreign
exchange gain (loss)
|
(841,920 | ) | (841,920 | ) | (841,565 | ) | (841,565 | ) | ||||||||
Other
income, net
|
304,952 | 304,952 | 304,812 | 304,812 | ||||||||||||
Total
other income (expense)
|
(48,908 | ) | (48,908 | ) | 730,515 | 730,515 | ||||||||||
Net
income before income taxes
|
534,059 | 2,216,286 | 6,455,779 | 8,138,006 | ||||||||||||
Income
taxes
|
3,247 | 3,247 | 188,047 | 188,047 | ||||||||||||
Net
income
|
$ | 530,812 | $ | 2,213,039 | $ | 6,267,732 | $ | 7,949,959 | ||||||||
Unrealized
gain (loss) on available for sale securities
|
(246,810 | ) | (246,810 | ) | (367,901 | ) | (367,901 | ) | ||||||||
Comprehensive
income
|
$ | 284,002 | $ | 1,966,229 | $ | 5,899,831 | $ | 7,582,058 | ||||||||
Net
income per common share
|
||||||||||||||||
Basic
|
$ | 0.01 | $ | 0.03 | $ | 0.10 | $ | 0.13 | ||||||||
Weighted
average common shares outstanding
|
||||||||||||||||
Basic
|
68,536,356 | 68,536,356 | 63,578,836 | 63,578,836 |
December 31,
|
December 31,
|
|||||||
2008
|
2008
|
|||||||
(restated)
|
(original)
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 6,267,732 | $ | 7,949,959 | ||||
Adjustments
to reconcile net income to net cash provided by (used in)
operating activities:
|
||||||||
Depreciation
and amortization
|
36,440 | 36,440 | ||||||
Warranty
liability
|
(41,293 | ) | (41,293 | ) | ||||
Stock
based compensation
|
16,850 | 16,850 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Inventories
|
(1,873,435 | ) | (1,873,435 | ) | ||||
Prepaid
expenses and other receivable
|
419,222 | 419,222 | ||||||
Security
deposit
|
(2,322 | ) | (2,322 | ) | ||||
Accounts
payable
|
(174,041 | ) | (174,041 | ) | ||||
Other
liabilities
|
(8,743,705 | ) | (8,743,705 | ) | ||||
Unearned
revenues
|
(1,400,020 | ) | (1,400,020 | ) | ||||
Income
tax payable
|
184,000 | 184,000 | ||||||
Net
cash provided by (used in) operating activities
|
(5,310,572 | ) | (3,628,345 | ) | ||||
Cash
flows from investing activities:
|
||||||||
Increase
in note receivable
|
(4,067,000 | ) | (4,067,000 | ) | ||||
Additions
to fixed assets
|
(62,587 | ) | (62,587 | ) | ||||
Increase
in investment
|
(19,193,000 | ) | (19,193,000 | ) | ||||
Net
cash (used in) investing activities
|
(23,322,587 | ) | (23,322,587 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Restricted
cash
|
37,845,432 | 37,845,432 | ||||||
Proceeds
from investor deposits
|
(37,845,432 | ) | (37,845,432 | ) | ||||
Proceeds
from issuance of stock
|
52,831,639 | 51,149,412 | ||||||
Net
cash provided by financing activities
|
52,831,639 | 51,149,412 | ||||||
Net
increase in cash
|
24,198,480 | 24,198,480 | ||||||
Cash,
beginning of period
|
15,165,620 | 15,165,620 | ||||||
Cash,
end of period
|
$ | 39,364,100 | $ | 39,364,100 | ||||
Supplemental
disclosures of cash flow information:
|
||||||||
Interest
paid in cash
|
$ | - | $ | - | ||||
Income
taxes paid in cash
|
$ | 4,047 | $ | 4,047 |
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations.
|
Exhibit
|
Description:
|
|
31.1
|
Certification
by Jack Jie Qin, Principal Executive Officer and Principal Financial
Officer of EFT BioTech Holdings, Inc., pursuant to Rule
13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as
amended.
|
|
32.1
|
|
Certification
by Jack Jie Qin, Principal Executive Officer and Principal Financial
Officer of EFT BioTech Holdings, Inc., pursuant to Rule
13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as
amended.
|
EFT
BIOTECH HOLDINGS, INC.
|
|
Dated:
February 16, 2010
|
/s/ Jack Jie Qin
|
Jack
Jie Qin
|
|
Chief
Executive Officer, President and Chairman
|
|
(Principal
Executive Officer)
|
|
(Principal
Financial Officer)
|