EFT Holdings, Inc. - FORM 10-Q

Attached files

file	filename
EX-32.2 - EFT Holdings, Inc.	v166685_ex32-2.htm
EX-31.2 - EFT Holdings, Inc.	v166685_ex31-2.htm
EX-31.1 - EFT Holdings, Inc.	v166685_ex31-1.htm
EX-32.1 - EFT Holdings, Inc.	v166685_ex32-1.htm

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2009

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

For the transition period from

Commission File No. 001-34222

EFT BIOTECH HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Nevada (State or other Jurisdiction of Incorporation or Organization)	22-1211204 (I.R.S. Employer Identification No.)

929 Radecki Court City of Industry, CA	91748
(Address of Principal Executive Offices)	(Zip Code)

Issuer's Telephone Number: (626) 581 - 0388

With Copies to:

Virginia K Sourlis, Esq.

The Sourlis Law Firm

2 Bridge Avenue

The Galleria

Red Bank, New Jersey 07701

Telephone: (732) 530-9007

N/A

(Former name, former address and former

fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or 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.

x Yes o No

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).

o Yes o No

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,” "non-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

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

o Yes x No

State the number of shares outstanding of each of the issuer's classes of common equity, as of the last practicable date: As of November 16, 2009, there were 75,983,205 shares of common stock, par value $0.00001 per share, of the Registrant issued and outstanding.

TABLE OF CONTENTS

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3-19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20-26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4T.	Controls and Procedures	26

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Submission of Matters to a Vote of Security Holders	27
Item 5.	Other Information	27
Item 6.	Exhibits	27
Item 7.	Subsequent Events

SIGNATURES		28

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

EFT BIOTECH HOLDINGS, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page(s)
Consolidated Financial Statements

Consolidated Balance Sheets - unaudited		4

Consolidated Statements of Operations and Other Comprehensive Income - unaudited		5

Consolidated Statements of Cash Flows - unaudited		6

Notes to unaudited Consolidated Financial Statements		7

EFT BIOTECH HOLDINGS, INC.

Consolidated Balance Sheets

	September 30, 2009			March 31, 2009
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	36,597,902		$	38,181,837
Inventories		3,454,589			3,908,629
Available for sale securities		694,023			508,746
Prepaid expenses		977,981			2,551,298
Short-term note receivables – related party		4,914,717			4,064,717

Total current assets		46,639,212			49,215,227

Property and equipment, net		471,174			360,156
Other receivables		96,368			33,504
Investments		14,536,757			17,129,314
Investments in bonds		4,771,924			-
Loan to related party		1,897,000			1,897,000
Security deposit		310,705			31,121

Total assets	$	68,723,140		$	68,666,322

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses	$	1,232,721		$	3,610,195
Other liabilities		8,385,605			6,675,552
Unearned revenues		1,064,385			1,991,215
Income tax payable		-			-

Total current liabilities		10,682,711			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 and 75,983,205 shares issued and outstanding
at September 30, 2009 and March 31, 2009, respectively		760			760
Additional paid in capital		52,854,891			52,854,891
Retained earnings		5,489,784			4,023,992
Accumulated other comprehensive loss		(305,006	)		(490,283	)

Total stockholders' equity		58,040,429			56,389,360

Total liabilities and stockholders' equity	$	68,723,140		$	68,666,322

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

EFT BIOTECH HOLDINGS, INC.

Consolidated Statements of Operations and Other Comprehensive Income (Unaudited)

	Three Months Ended						Six Months Ended
	September 30, 2009			September 30, 2008			September 30, 2009			September 30, 2008

Sales revenues, net	$	5,125,444		$	4,668,808		$	9,114,760		$	9,420,326
Shipping charge		995,490			1,329,240			2,049,570			2,829,110
		6,120,934			5,998,048			11,164,330			12,249,436

Cost of goods sold		1,365,484			1,678,941			2,325,932			3,311,782
Shipping cost		286,468			728,537			588,368			1,465,441
		1,651,952			2,407,478			2,914,300			4,777,223

Gross profit		4,468,982			3,590,570			8,250,030			7,472,213

Selling, general and administrative expenses		2,253,548			1,083,343			4,559,866			2,329,916

Net operating income		2,215,434			2,507,227			3,690,164			5,142,297

Other income (expense)
Interest income		134,462			355,744			299,394			772,120
Investment income		-			7,088			-			7,088
Investment loss - 48.81% Excalibur		-						(1,080,969	)
Subsidiary loss on equity method investment		(514,854	)		-			(1,511,588	)		-
Foreign exchange gain (loss)		(5,038	)		854			(4,152	)		355
Other, net		43,711			(3,774	)		72,943			(140	)

Total other income		(341,719	)		359,912			(2,224,372	)		779,423

Net income before income taxes		1,873,715			2,867,139			1,465,792			5,921,720

Provision for Income taxes		-			94,800			-			184,800

Net income	$	1,873,715		$	2,772,339		$	1,465,792		$	5,736,920

Unrealized gain (loss) on investments		75,129			(11,605	)		185,277			(121,091	)

Comprehensive income	$	1,948,844		$	2,760,734		$	1,651,069		$	5,615,829

Net income per common share
Basic and diluted	$	0.02		$	0.05		$	0.02		$	0.09

Weighted average common shares outstanding basic and diluted		75,983,205			61,083,953			75,983,205			61,083,953

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

EFT BIOTECH HOLDINGS, INC.
Consolidated Statements of Cash Flows (unaudited)

	Six Months Ended
	September 30, 2009			September 30, 2008
Cash flows from operating activities:
Net income	$	1,465,792		$	5,736,920
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization		33,197			24,117
Investment loss		1,080,969			-
Subsidiary loss on equity method investment		1,511,588			-
Warranty liability		(11,655	)		(42,696	)
Stock based compensation		-			120
Changes in operating assets and liabilities:
Inventories		454,040			(2,620,264	)
Prepaid expenses and other current assets		1,293,733			531,521
Other receivables		(62,864	)		-
Accounts payable and accrued liabilities		(2,377,474	)		(213,954	)
Other liabilities		1,721,708			(9,151,696	)
Unearned revenues		(926,830	)		(3,747,070	)
Income tax payable		-			184,000

Net cash provided by (used in) operating activities		4,182,204			(9,299,002	)

Cash flows from investing activities:
Additions to fixed assets		(144,215	)		(57,787	)
Note receivables – related party		(850,000	)		(22,760,000	)
Purchase of bonds		(4,771,924	)		-

Net cash (used in) investing activities		(5,766,139	)		(22,817,787	)

Cash flows from financing activities:
Restricted cash		-			37,845,432
Proceeds from issuance of stock and warrants		-			14,434,296

Net cash provided by (used in) financing activities		-			52,279,728

Net increase (decrease) in cash		(1,583,935	)		20,162,939

Cash, beginning of period		38,181,837			15,165,620

Cash, end of period	$	36,597,902		$	35,328,559

Supplemental disclosures of cash flow information:
Interest paid in cash	$	-		$	-
Income taxes paid in cash	$	-		$	800

Non-cash investing and financing activities:
Unrealized loss on available for sale securities	$	185,277		$	121,091
Fixed assets sold with receivable	$	33,504		$	-

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

EFT BIOTECH HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - ORGANIZATION

EFT Biotech Holdings, Inc. (“EFT Holdings” or “the Company”), formerly HumWare Media Corporation, GRG, Inc., Ghiglieri Corporation, Karat Productions, Inc., was incorporated in the State of Nevada on March 19, 1992.

On November 18, 2007, the Company issued an aggregate of 53,300,000 shares of its common stock in connection with a share exchange with the stockholders of EFT BioTech, Inc. (“EFT BioTech”), a Nevada Corporation formed on September 18, 2007 (the “Transaction”), pursuant to which EFT BioTech became a wholly-owned subsidiary of the Company. The 53,300,000 common shares issued included 52,099,000 to pre-capitalization shareholders and 1,201,000 to four directors and officers of EFT BioTech, and represented approximately 87.34% of the Company’s common stock outstanding after the Transaction. Consequently, the stockholders of EFT BioTech, Inc. own a majority of the Company's common stock immediately following the Transaction, therefore, the Transaction is being accounted for as a "reverse acquisition", and EFT BioTech is deemed to be the accounting acquirer in the reverse acquisition. As EFT Holdings was a non-operating public shell corporation that acquired an operating company, this Transaction is treated as a capital transaction where the acquiring corporation issued stock for the net monetary assets of the shell corporation, accompanied by a recapitalization. The accounting is similar in form to a reverse acquisition, except that goodwill or other intangibles are not recorded. All references to EFT BioTech common stock have been restated to reflect the equivalent numbers of EFT Holdings common shares.

At its formation on September 18, 2007, EFT BioTech acquired EFT Limited, a British Virgin Islands company (“BVI”) formed on August 22, 2007, pursuant to which EFT Limited (BVI) became a wholly-owned subsidiary of EFT BioTech. Since both EFT BioTech and EFT Limited (BVI) were under common control, this acquisition represents a reorganization of entities under common control.

EFT Limited (BVI) has four wholly-owned subsidiaries: EFT, Inc., a California company formed on January 1, 2003, Top Capital International, Ltd. (BVI), a BVI company formed on May 22, 2002, EFT (HK), Ltd., a Hong Kong (“HK”) company formed on November 1, 2006 and EFT International Ltd. (BVI), a BVI company formed on April 20, 2005, which it acquired all on November 14, 2007. As EFT Limited (BVI) and the four companies being acquired were under common control, this acquisition also represents a reorganization of entities under common control.

These reorganizations of entities under common control resulted in changes in the legal organization of these predecessors to EFT BioTech but did not result in changes in the reporting entity.

On October 20, 2008, EFT Investment Co., Ltd., a Taiwan company, was formed as a wholly-owned subsidiary of EFT Biotech Holding, Inc.

The Company, through its subsidiaries, is engaged in the E-Business designed around the concept of Business-to-customer using the World Wide Web as its “storefront” and business platform to market, sell and distribute 49 American brand products consisting of 26 nutritional products, 20 personal care products, 1 automotive fuel additives, 1 home product and a portable drinking container.

Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q and Article 210.8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the six month period ended September 30, 2009, are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2010. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2009.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Foreign Currency

The Company’s reporting currency is the U.S. dollar. The Company’s operation in Hong Kong uses Hong Kong dollar (HKD) as its functional currency. The financial statements of the subsidiary are translated into U.S. Dollars (USD) in accordance with Statement of Financial Accounting Standards (SFAS) No. 52 (Accounting Standards Codification or “ASC” Topic 830), Foreign Currency Translation. According to the Statement, all assets and liabilities were translated at the year end current exchange rate, stockholders equity items are translated at the historical rates and income statement items are translated at the average exchange rate for the periodyear. The resulting translation adjustments are reported under other comprehensive income in accordance with SFAS No. 130 (ASC Topic 220), Reporting Comprehensive Income as a Component of Stockholders Equity. Foreign exchange transaction gains and losses are reflected in the income statement. During the years 2009 and 2008 there have been immaterial currency fluctuations between HKD and USD.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. The Company maintains its accounts in banks, several of which exceed the federally insured limit. In aggregate, approximately $31.8 million were above the federally insured limit. Management believes the Company is not exposed to any significant credit risk on those accounts.

Available for sale securities

The Company’s investments in publicly traded equity securities are classified as available-for-sale and are reported at fair value (based on quoted prices and market prices) using the specific identification method. Unrealized gains and losses, net of taxes, are reported as a component of stockholders’ equity. Realized gains and losses on investments are included in investment and other income, net when realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value is recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary.

Inventories

Inventories are valued at the lower of cost (determined on a first-in, first-out basis) or market. The Management compares the cost of inventories with the market value and allowance is made for writing down the inventories to market value, if lower. Inventory consists of high tech nutritional, cosmetic, automotive maintenance and environmentally safe products.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets with estimated lives of:

Machinery & equipment	3 years
Computers & office equipment	3 years
Automobile	5 years

For the Six Months ended September 30, 2009 and 2008, depreciation expenses were $33,197 and $24,117, respectively.

Long-Lived Assets

Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards No. 144 (ASC Topic 360), Accounting for the Impairment or Disposal of Long-Lived Assets (ASC Topic 360), which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of, and the accounting and reporting provisions of APB Opinion No. 30 (ASC Topic 225), Reporting the Results of Operations for a Disposal of a Segment of a Business. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with SFAS No. 144 (ASC Topic 360). SFAS No. 144 (ASC Topic 360) requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the asset’s carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal. Based on its review, the Company believes that, as of September 30, 2009 there were no significant impairments of its long-lived assets.

Fair Value of Financial Instruments

Statement of Financial Accounting Standards No. 107 (ASC Topic 825), “Disclosures about Fair Value of Financial Instruments”, requires that the Company discloses estimated fair values of financial instruments. The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying as financial instruments are a reasonable estimate of fair value due to the short-term maturity of these instruments.

Fair Value Measurements

Effective April 1, 2008, the Company adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157 (ASC Topic 820), “Fair Value Measurements”, which defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. SFAS No. 157 (ASC Topic 820) does not require any new fair value measurements, but rather eliminates inconsistencies in guidance found in various other accounting pronouncements. The adoption of SFAS No. 157 (ASC Topic 820) did not have a material effect on the Company’s financial condition or operating results.

Refer to Note 4, “Fair Value Measurements” for additional information on the adoption of SFAS No. 157 (ASC Topic 820).

Stock-Based Compensation

In December 2004, the FASB issued FASB Statement No. 123R (ASC Topic 718), "Share-Based Payment, an Amendment of FASB Statement No. 123 (ASC Topic 718). SFAS 123R (ASC Topic 718) requires companies to recognize in the statement of operations the grant date fair value of stock options and other equity-based compensation issued to employees. The Company adopted SFAS 123R (ASC Topic 718) on April 1, 2006.

Stocks issued to officers or employees

On November 18, 2007 in conjunction with the reverse acquisition, the Company granted its officers an aggregate 1,201,000 shares of fully vested stock with no future requisite service requirement. The share compensation cost is measured at grant date, based on estimated fair value of the award which is $0.0018 per share.

The amount of compensation was included as a period compensation expense. For the Six Months ended September 30, 2009 and 2008, the stock-based compensation for shares awarded were to employees was $0 and $120, respectively.

During the years 2009 and 2008, the Company has not issued any stock options or warrants to employees nor is there any outstanding warrants or options during the Six Months ended September 30, 2009, therefore pro forma disclosures are not required.

Stock issued for service

The company accounts for equity instruments issued in exchange for the receipts of goods or service from other than employees in accordance with SFAS No. 123R (ASC Topic 718) and the conclusions reached by the Emerging Issues Task Force (“EITF”) in Issue No. 96-18 (ASC Topic 505). Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of performance commitment or completion of performance by the provider of goods or service as defined by EITF 96-18 (ASC Topic 505).

During November 2008, we issued 4,084 shares of common stock in exchange of service we received. For the Six Months ended September 30, 2009 and 2008, the stock-based compensation for shares issued to non-employees was $0 and $120, respectively.

Revenue Recognition

The Company’s revenue recognition policy is in accordance with the requirements of Staff Accounting Bulletin (“SAB”) No. 104, Revenue Recognition, (“SAB 104”), EITF 01-09 (ASC Topic 605), Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor’s Products) (ASC Topic 605) and other applicable revenue recognition guidance and interpretations. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectibility is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue. Cash consideration given by the Company to its sales affiliates is considered to be a reduction of the selling prices of the Company's products, thus, is recorded as a reduction of revenue.

EFT has developed its own reverse auction program, a proprietary software program, for the purposes of increasing revenues by attracting new members to join EFT’s affiliate program. In a reverse auction the objective is to bid the price of a product down within a predetermined time frame unlike an ordinary auction (also known as a forward auction) where bidders bid the price up and the highest bidder wins the right to buy the product at the conclusion of bidding. The reverse auction program was beta-tested and introduced to all affiliates in June 2009. The sales revenue from the reverse auction program is recognized when bidders consumed 300 bids. (Every bid consumes $1.) The reverse auction program generated $945,400 sales revenue as of September 30, 2009.

Warranty

The Company generally does not provide customers with right of return except for defective products which is within six month warranty period from date of sales. Historically, the company warranty provisions have not been material. The specific warranty terms and conditions vary depending upon the product sold, but generally include replacement over a period of six months. Factors that affect the Company’s warranty liability include the number of products currently under warranty, historical and anticipated rates of warranty claims on those products, and cost per claim to satisfy the warranty obligation. The anticipated rate of warranty claims is the primary factor impacting the estimated warranty obligation. Warranty claims are relatively predictable based on our historical experience. Warranty reserves are included in other liabilities and the provision for warranty accruals is included in cost of goods sold in the consolidated statement of Operations and Other Comprehensive Income. Management reviews the adequacy of warranty reserves each reporting period based on historical experience and management's estimate of the costs to remediate the claims and adjusts the provisions accordingly.

Currently, the Company estimates its warranty expense as follows:

Products sold for
0-2 months	2% of cost
3-4 months	1.5% of cost
5-6 months	1% of cost

The Company records warranty liabilities at the time of sale for the estimated costs that may be incurred under its limited warranty. The specific warranty terms and conditions vary depending upon the product sold, but generally include replacement over a period of six months. Factors that affect the Company’s warranty liability include the number of products currently under warranty, historical and anticipated rates of warranty claims on those products, and cost per claim to satisfy the warranty obligation. The anticipated rate of warranty claims is the primary factor impacting the estimated warranty obligation. The other factors are less significant due to the fact that the warranty period is only six months and replacement is generally already in stock or available at a pre-determined price. Warranty claims are relatively predictable based on historical experience of failure rates. If actual results differ from the estimates, the Company revises its estimated warranty liability.

Shipping Costs

The Company’s shipping costs are included in cost of sales in the accompanying Consolidated Statements of Operations and Other Comprehensive Income for all periods presented.

Unearned Revenues

Unearned Revenues consist of cash amounts received in advance for goods and services to be delivered at a future date. The Registrant records the cash from customers as a liability until the products are delivered.

Advertising

Advertising expenses consist primarily of costs of promotion for corporate image and product marketing and costs of direct advertising. The Company expenses all advertising costs as incurred. For the Six Months ended September 30, 2009 and 2008, advertising expenses were $21,987 and $85,871, respectively.

Consultant Fee

On January 1, 2009, EFT International Ltd, a wholly-owned subsidiary of EFT BioTech Holdings, Inc., entered a contract with ZR Public Relation Consultant Ltd. (the Consultant), which provides public relation consulting services in Asia. In consideration of the services rendered by the Consultant, EFT International Ltd agrees to pay 5% of total commission payout for each fiscal year. For the six months ended September 30, 2009, consultant expense for EFT International Ltd was $570,562.

Income Taxes

The Company utilizes SFAS No. 109 (ASC Topic 740), Accounting for Income Taxes, 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.

The Company adopted the provisions of FASB Interpretation No. 48 (ASC Topic 740), Accounting for Uncertainty in Income Taxes (“ASC Topic 740”), on April 1, 2007 The Interpretation addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FIN 48 (ASC Topic 740), we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FIN 48 (ASC Topic 740) also provides guidance on derecognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

Earnings Per Share

Basic net income per share is computed on the basis of the weighted average number of common shares outstanding during the period.

Diluted net income per share is computed on the basis of the weighted average number of common shares and common share equivalents outstanding. Dilutive securities having an anti-dilutive effect on diluted net income per share are excluded from the calculation.

Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

The following table shows the weighted-average number of potentially dilutive shares excluded from the diluted net income per share calculation for the three and six months ended September 30, 2009 and 2008:

For the three

For the six

months ended

September 30,

2009

September 30,

2008

September 30,

2009

September 30,

2008

Weighted average

warrants outstanding

14,890,040

Total

14,890,040

	For the Three Months Ended				For the Six Months Ended
	September 30,				September 30,
	2009		2008		2009		2008
Historical Numerator:
Net Income	$	1,873,715	$	2,772,339	$	1,465,792	$	5,736,920

Denominator:
Weighted-average shares used for basic net income per share		75,983,205		61,083,953		75,983,205		61,083,953
Effect of common stock equivalents	-		-		-		-
Weighted-average shares used for diluted net (loss) per share		75,983,205		61,083,953		75,983,205		61,083,953

Basic and diluted net income per share	$	0.02	$	0.05	$	0.02	$	0.09

Diluted net income per share	$	0.02	$	0.05	$	0.02	$	0.09

Comprehensive income

Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. For the Company, comprehensive income for the periods presented is comprised of net income and unrealized loss on marketable securities classified as available-for-sale.

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 places its cash in what it believes to be credit-worthy financial institutions, but several of its bank accounts exceed the federally insured limit. The Company’s accounts receivable is constantly at a marginal to zero dollar ($0) level and its revenues are derived from orders place by consumers located anywhere in the world over the Company’s designated internet portal. The Company maintains a zero dollar ($0) allowance for doubtful accounts and authorizes credits based upon its historical “sound and quality” after sales customer services provided to affiliates and customers. Historically, such customer services have been maintained in accordance with the management expectations. The Company routinely assesses the credits authorized to its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.

Segment Reporting

Statement of Financial Accounting Standards No. 131(ASC Topic 280), “Disclosure about Segments of an Enterprise and Related Information” requires use of the management approach model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. Since management does not disaggregate Company data, the Company has determined that only one segment exists. Accordingly, no segment reporting is provided.

Recent accounting pronouncements

In June 2009 the FASB established the Accounting Standards Codification ("Codification" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission ("SEC") issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented.

Statement of Financial Accounting Standards ("SFAS") SFAS No. 165 (ASC Topic 855), "Subsequent Events", SFAS No. 166 (ASC Topic 810), "Accounting for Transfers of Financial Assets-an Amendment of FASB Statement No. 140", SFAS No. 167 (ASC Topic 810), "Amendments to FASB Interpretation No. 46(R)", and SFAS No. 168 (ASC Topic 105), "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FASB Statement No. 162" were recently issued. SFAS No. 165, 166, 167, and 168 have no current applicability to the Company or their effect on the financial statements would not have been significant.

Accounting Standards Update ("ASU") ASU No. 2009-05 (ASC Topic 820), which amends Fair Value Measurements and Disclosures - Overall, ASU No. 2009-13 (ASC Topic 605), Multiple-Deliverable Revenue Arrangements, ASU No. 2009-14 (ASC Topic 985), Certain Revenue Arrangements that include Software Elements, and various other ASU's No. 2009-2 through ASU No. 2009-15 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current

applicability to the Company or their effect on the financial statements would not have been significant.

Note 3 - FINANCIAL INSTRUMENTS

The following table summarizes unrealized gains and losses related to the Company’s investments in marketable securities designated as available-for-sale. The fair value of available for sale securities has been estimated based on quoted market prices, which the Company currently believes are indicative of fair value. The Company’s available for sale securities are mainly on equity securities mutual funds.

	September 30, 2009							September 30, 2008
	Fair Value		Cost		Unrealized (Loss)			Fair Value		Cost		Unrealized (Loss)

Available for sale securities	$	694,023	$	999,029	$	(305,006	)	$	714,874	$	999,029	$	(284,155	)
Total	$	694,023	$	999,029	$	(305,006	)	$	714,874	$	999,029	$	(284,155	)

Note 4 - FAIR VALUE MEASUREMENTS

On April 1, 2008, the Company adopted the effective portions of SFAS 157 (ASC Topic 820). In February 2008 the FASB issued FSP FAS 157-2(ASC Topic 820), “Effective Date of FASB Statement No. 157(ASC Topic 820)”, which provides a one year deferral of the effective date of SFAS No. 157 (ASC Topic 820) for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Therefore, the Company adopted the provisions of SFAS 157 (ASC Topic 820) with respect to only financial assets and liabilities.

SFAS 157(ASC Topic 820) defines fair value, establishes a framework for measuring fair value and enhances disclosure requirements for fair value measurements. This statement does not require any new fair value measurements. SFAS 157 (ASC Topic 820) defines fair value as 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. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, SFAS 157(ASC Topic 820) establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

Level 3—Unobservable inputs which are supported by little or no market activity.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

In accordance with SFAS 157(ASC Topic 820), the Company measures its available for sale securities at fair value. The available for sale securities are classified within Level 1. This is because the available for sale securities are valued using quoted market prices.

Assets and liabilities measured at fair value are summarized below.

	September 30, 2009
	Level 1 Quoted Prices in Active Markets for Identical Assets		Level 2 Significant Other Observable Inputs		Level 3 Significant Unobservable Inputs		Total

Available for sale securities	$	694,023	$	-	$	-	$	694,023
Total assets measured at fair value	$	694,023	$	-	$	-	$	694,023

Note 5 - NOTE RECEIVABLES, RELATED PARTY

Short-Term

On June 30, 2008, the Company signed a loan agreement denominated in U.S. dollars with Excalibur International Marine Corporation (“Excalibur”) to lend $19,193,000 at no interest with a term of five month. On November 14, 2008, the Company has received $17,628,283 from Excalibur. At the end of the five month term, the term of the loan was extended for another nine months. This loan still has an outstanding balance of $1,564,717 at quarter end of September 30, 2009.

On September 23, 2008, the Company signed a loan agreement denominated in U.S. dollars with Excalibur International Marine Corporation (“Excalibur”) to lend $2,000,000 at interest rate of 3.75% per month with a term of no more than 60 days. At the end of the 60-day term, the term of the loan was extended for six months. On May 25, 2009, the Company extended this loan to Excalibur for another six months and lowered the interest rate to 12.5% per annum.

On November 24, 2008, the Company signed another loan agreement denominated in U.S. dollars with Excalibur to lend $500,000 at interest rate of 3.75% per month with a term of no more than 30 days. At the end of the 30-day term, the term of the loan was extended for six months. On May 25, 2009, the Company extended this loan to Excalibur for another six months and lowered the interest rate to 12.5% per annum.

On May 13, 2009, the Company signed another loan agreement denominated in U.S. dollars with Excalibur to lend $600,000 at interest rate of 12.5% per annum with a term of six months.

On August 17, 2009, the Company signed another loan agreement denominated in U.S. dollars with Excalibur to lend $250,000 at interest rate of 12.5% per annum with a term of six months.

Long-Term

The Board of Directors approved two non-interest bearing unsecured demand loans in the amount of U.S. $330,000 and $1,567,000 respectively on July 11 and July 25 to Yeuh-Chi Liu, a vendor and a member of the board of directors of Excalibur. The loan amount of $1,567,000 is collateralized with 3.97% ownership of Excalibur International Marine Corp. As of the date hereof the full principal amount remains outstanding.

Note 6 – OTHER RECEIVABLE

EFT USA, Inc. (EFT), a wholly-owned subsidiary of EFT BioTech Holdings, Inc., sold certain business properties, including computers and an auto to Industrial Fulfillment Co. (IFC) in the amount of $33,504, its net book value as other receivable, pursuant to an asset purchase agreement. The sale of the assets under this agreement constitutes a complete transfer of all of its rights, title and interest with respect to the assets.

Note 7 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

	September 30, 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		296,878			262,679

		606,675			462,459
Less: Accumulated depreciation		(135,501	)		(102,303	)
	$	471,174		$	360,156

Note 8 – INVESTMENT

On October 25, 2008, the Company through its wholly-owned subsidiary, EFT Investment Co. Ltd, a Taiwan company formed on October 20 2008, completed the acquisition of 48.81% of equity interest of Excalibur for approximately $19,193,000. The equity method has been used for this investment. The Company’s investment in Excalibur was $14,536,757 due to Excalibur has $2,592,557 net loss for the six months and writes off for the premium the Company paid when it purchased the investment.

Investment consists of:

	September 30,		March 31,
	2009		2009
48.81% equity interest (a)	$	14,536,757	$	17,129,314
	$	14,536,757	$	17,129,314

(a) On October 20, 2008, EFT Investment Co., Ltd. was formed as a wholly-owned subsidiary of EFT BioTech Holdings, Inc. EFT Investment Co., Ltd was formed in Taiwan. On October 25, 2008, EFT Investment Co., Ltd. completed the acquisition of 585,677,500 shares of common stock of Excalibur; representing approximately 49% shares of issued and outstanding shares of Excalibur, for an aggregate purchase price of USD $19,193,000. Prior to the acquisition of Excalibur, Excalibur was not a related person under Item 404 of regulation S-K. The equity method has been used for this investment for the six months ended September 30, 2009.

The following table shows the summary of income statement for Excalibur International Corp. for the three and six months ended September 30, 2009 and 2008:

Excalibur International Marine Corp

	Three Months Ended September 30,							Six Months Ended September 30,
	2009				2008			2009				2008
Exchange rate			33				-			33				-
Revenue		$	62,598			$	-		$	66,002			$	-
Gross profit (loss)		$	(1,117,410	)		$	-		$	(3,248,239	)		$	-
Loss from continuing operations		$	(1,054,812	)		$	-		$	(3,182,237	)		$	-
Net loss		$	(1,054,812	)		$	-		$	(3,182,237	)		$	-
EFT 48.81% investment loss		$	(514,854	)		$	-		$	(1,553,250	)		$	-

The following table provides the summary of balance sheet information for Excalibur International Marine Corp. as of September 30, 2009 and March 31, 2009:

Excalibur International Marine Corp

	September 30, 2009				March 31, 2009
	NT$		USD		NT$		USD
Total assets		1,265,120,282		38,336,978		1,289,432,107		39,073,700
Total liabilities		285,120,048		8,640,001		204,417,971		6,194,484
Net assets		980,000,234		29,696,977		1,085,014,136		32,879,216
EFT 48.81% ownership		478,338,115		14,495,095		529,595,400		16,048,345
Ending balance of investment account				14,536,757				17,129,314
Difference/Premium				41,662				(1,080,969	)

The difference of $41,662 was due to the exchange rate fluctuations between the periods.

The Company elected to perform an assessment of the carrying value of the equity method investment of Excalibur International as of June 30, 2009. As of June 30, 2009, the Company determined the estimated fair value of its reporting unit using a discounted cash flow model and compared the value to the carrying value of its reporting unit. This assessment indicated that the Company's carrying value in its investment was impaired.

The discount rate, sales growth, profitability assumptions and perpetual growth rate are the material assumptions utilized in the discounted cash flow model used to estimate the fair value of its reporting unit. The amount of investment loss (impairment) for Excalibur was $1,080,969.

According to APB 18, para. 19(h) (ASC Topic 323), the current fair value of the equity method investment was less than its carrying amount with indicated a loss in value per the Company’s discounted cash flow model. The Company reports this loss as investment loss on the Statement of Operations and Other Comprehensive Income. The Company’s share of earnings or losses of the investment are shown as a subsidiary loss on equity method investment per APB 18 paragraphs 18 and 19(c)(ASC Topic 323).

The following is the shareholder’s list of Excalibur International Marine Corp as of September 30, 2009:

Excalibur International Marine Corp. Shareholders’ List

	Shareholders’ Name	# of shares		%
1	EFT Investment Co. Ltd		585,677,500	48.81	%
2	Lu, TsoChun		100,000,000	8.33	%
3	Chiao, Jen-Ho		82,000,000	6.83	%
5	Lin, Ming-i		51,700,000	4.31	%
4	Ms. Ku		50,000,000	4.17	%
6	Yeuh-Chi Liu		47,660,000	3.97	%
7	Steve Hsiao		46,392,500	3.87	%
8	Wen Investment		40,000,000	3.33	%
	Others		196,570,000	16.38%

	Total		1,200,000,000	100	%

56 individuals, none exceeds 2.5% interest in Excalibur International Marine Corp.

Note 9 – OTHER LIABILITIES

Other liabilities consist of the following:

	September 30, 2009		March 31, 2009
Commission payable	$	7,549,676	$	5,977,969
Payroll liabilities		795,900		645,900
Warranty liability		40,029		51,683
Other		-		-
	$	8,385,605	$	6,675,552

Note 10 – STOCKHOLDERS’ EQUITY

Common stock

As of September 30, 2009 the Company has 4,975,000,000 shares of common stock authorized and 75,983,205 shares issued and outstanding at par value $0.00001 per share.

The Company did not issue any shares of Common Stock for the six months ended September 30, 2009.

Warrants

Each warrant underlying the unit offered in the private placement is immediately exercisable in whole or in part and from time to time, to purchase one share of common stock at $3.80 per share until the second anniversary date of the date of issuance.

The Company shall have the right, not the obligation to redeem the outstanding warrants, on a pro rata basis, at a purchase price of $0.00001 per warrant within thirty (30) days from the tenth (10th) consecutive trading day that the closing sales price, or the average of the closing bid and asked price in the event that the Company’s common stock trades on the OTC or any public securities market within the U.S., is at least Eleven Dollars ($11.00) per share.

As the only settlement option for the warrants is physical settlement, in which the party designated in the contract as the buyer delivers the full stated amount of cash to the seller, and the seller delivers the full stated number of shares to the buyer, the Company accounted for the warrants as permanent equity and recorded it in additional paid in capital.

Dividend

For the six months ended September 30, 2009 and 2008, approximately $0 and $0 million dividends were paid to the stockholders of EFT BioTech.

Deposits from investors and restricted cash

As of June 30, 2008, the Company received $55,078,730 deposits related to a future private placement of its common stock to non-resident aliens at a purchase price of $3.80 per unit, for a unit consisting of one share of common stock and one common stock purchase warrant. The deposits are held in an escrow account and are refundable anytime before stock subscription agreement is executed. As of September 30, 2009 we had not executed any of the stock subscription agreement.

Note 11 - INCOME TAXES

The Company was incorporated in the United States of America (“US”) and has operations in three tax jurisdictions - the United States of America, the Hong Kong Special Administrative Region (“HK SAR”) and the BVI. The Company generated substantially all of its net income from its BVI operations for the six months ended September 30, 2009 and 2008 which are not subject to any tax provision according to BVI tax law. The Company’s HK SAR subsidiaries had no taxable income in the respective periods. The deferred tax assets for the Company’s US operations and HK SAR subsidiaries were immaterial at September 30, 2009 and 2008.

The income tax expenses consist of the following:

	Six Months Ended September 30,
	2009		2008
Current:
Domestic	$	-	$	184,800
Foreign		-		-
Deferred		-		-
Income tax expenses	$	-	$	184,800

A reconciliation of income taxes, with the amount computed by applying the statutory federal income tax rate (37% for the six months ended September 30, 2009 and 2008) to income before income taxes for the six months ended September 30, 2009 and 2008, is as follows:

	Six Months Ended September 30,
	2009			2008
Income tax at U.S. statutory rate	$	545,026		$	1,715,862
State tax		-			800
Indefinitely invested earnings of foreign subsidiaries		(550,320	)		(1,540,991	)
Nondeductible expenses		5,294			9,129
	$	0		$	184,800
Effective tax rate		0	%		3	%

The Company’s effective tax rate decreased for the six months ended September 30, 2009, compared to the same period of 2008, due to, after the re-capitalization, a higher proportion of its operating profits is not subject to income tax.

Uncertain Tax Positions

As a result of the implementation of Interpretation 48 (ASC Topic 740) on April 1, 2007, the Company recognized no material adjustments to liabilities or stockholders’ equity. Interest associated with unrecognized tax benefits are classified as income tax and penalties are classified in selling, general and administrative expenses in the statements of operations. The adoption of FIN 48 (ASC Topic 740) did not have a material impact on the Company’s financial statements.

For the six months ended September 30, 2009 and 2008, the Company had no unrecognized tax benefits and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions.

Note 12 - WARRANTY LIABILITY

The Company records warranty liabilities at the time of sale for the estimated costs that may be incurred under its limited warranty. Changes in warranty liability for standard warranties which are included in current liabilities on the Company’s Consolidated Balance Sheets are presented in the following tables:

	September 30, 2009			March 31, 2009
Warranty liability at March 31	$	51,684		$	85,608
Costs accrued		(11,655	)		(33,924	)
Service obligations honored		-			-
Warranty liability at September 30	$	40,029		$	51,684
Current portion	$	40,029		$	51,684
Non-current portion		-			-
Warranty liability at end of period	$	40,029		$	51,684

Note 13 - COMMITMENT

Operating Lease

The Company rents office space for its sales division in Hong Kong. The lease provides for free lease in the first two years and a monthly lease payments approximating $50,000 USD starting the beginning of the third year and expiring on June 30, 2012. Expensing the 5-year total rent evenly over the life of the lease, the future minimum lease payments under the operating lease are as follows:

Year Ending September 30,
2010	$	180,000
2011		360,000
2012		360,000

The Company rents storage space for its sales division in Hong Kong. The lease provides for monthly lease payments approximating $1,135 USD starting on May 8, 2008 and expiring on May 7, 2010. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	6,810
2011		1,135

The Company rents office space for its sales division in Korea. The lease provides for monthly lease payments approximating $9,330 USD starting on June 25, 2009 and expires on June 24, 2011. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	55,980
2011		111,960
2012		27,990

The Company rents storage space for its sales division in Korea. The lease provides for monthly lease payments approximating $1,134 USD starting on June 25, 2009 and expires on June 24, 2011. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	6,804
2011		13,608
2012		3,402

The Company rents office space for its sales division in Vietnam. The lease provides for monthly lease payments approximating $2,420 USD starting on May 9, 2009 and expires on May 9, 2011. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	14,520
2011		29,040
2012		2,420

The Company rents office space for its sales division in Vietnam SaiKong. The lease provides for monthly lease payments approximating $1,400 USD starting on August 8, 2009 and expires on August 8, 2011. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	8,400
2011		16,800
2012		5,600

The Company rents office space for its sales division in Thailand. The lease provides for monthly lease payments approximating $1,860 USD starting on April 20, 2009 and expires on February 28, 2010. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010		$	9,300

The Company rents office space for its division as Thailand Center. The lease provides for monthly lease payments approximating $564 USD starting on April 1, 2009 and expires on February 28, 2010. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010		$	2,820

The Company rents office space for its auction product purchase center in China. The lease provides for monthly lease payments approximating $732 USD starting on June 1, 2009 and expires on May 30, 2010. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	4,392
2011		1,464

The Company rents another office space for its auction product purchase center in China. The lease provides for monthly lease payments approximating $264 USD starting on July 15, 2009 and expires on July 14, 2010. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	1,584
2011		1,056

Rent expenses for the six months ended September 30, 2009 and September 30, 2008 were approximately $253,226 and $244,305, respectively.

14. Subsequent Events

The Company has evaluated subsequent events from the balance sheet date through November 16, 2009 with the date being the date that the financial statements are issued or are available to be issued.

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

Forward-Looking Statements

This Report contains statements that we believe are, or may be considered to be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Report regarding the prospects of our industry or our prospects, plans, financial position or business strategy, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “project,” “anticipate,” “believe,” “plans,” “forecasts,” “continue” or “could” or the negatives of these terms or variations of them or similar terms. Furthermore, such forward-looking statements may be included in various filings that we make with the SEC or press releases or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements contained herein, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Report.

Industry Trends

We believe that the Business to Customer business is robust and that consumers have become more confident in ordering products, like ours, over the internet. However, the nutritional supplement and cosmetic e-business markets have and continue to become increasingly competitive and are rapidly evolving. 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 our Company. Continued advancement in technology and increasing access to that technology is 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.

However, the global economy is currently undergoing a period of unprecedented volatility, and the future economic environment may continue to be less favorable than that of recent years. This has led, and could further lead, to reduced consumer spending in the foreseeable future, and this may include spending on nutritional and beauty products and other discretionary items, like our products. In addition, reduced consumer spending may drive us and our competitors to decrease prices. These conditions may adversely affect our revenues and profits.

Our long-term plan is to use funds from the private placement and revenues earned for investments and acquisitions to allow us to grow our existing business operations and to enter into additional territories. To date, we have not located any acquisition targets nor do we have any commitments for capital expenditures, other than Excalibur. We believe that due to the current global economic recession, there might be material opportunities for us to acquire smaller companies at discount prices. There can be no assurances however that we will be successful in doing so. Our expansion will rely to a great degree on global economic conditions and perceived future changes. Until such time, we intend to retain our cash reserves to fund our operations.

RESULTS OF OPERATIONS

The Three Months Ended September 30, 2009 Compared to the Three Months Ended September 30, 2008

Revenues. Our Revenues increased to $5,125,444 for the three months ended September 30, 2009 from $4,668,808 for the three months ended September 30, 2008 because of the Company raises its unit sales price in July 2008 from $250 to $300 and the worldwide recession. The price increase only took effect for the last two months in the quarter ended September 30, 2008 compared the full three months ended September 30, 2009. This increase in the initial cost might have contributed to a decrease in sales as customers believe that such an increase is prohibitively expensive. Our products are discretionary items and in light of the worldwide recession, consumers have generally been decreasing their purchases of discretionary items.

Costs of Goods Sold. Costs of Goods Sold decreased to $1,365,484 for the three months ended September 30, 2009 from $1,678,941 for the three months ended September 30, 2008. Costs of Goods Sold consist of merchandise purchases from vendors and decreased because of decreased sales in quantities.

Shipping Charges. Shipping Charges decreased to $995,490 for the three months ended September 30, 2009 from $1,329,240 for the three months ended September 30, 2008 due to decreased sales in quantities.

Shipping Costs. Shipping Costs decreased to $286,468 for the three months ended September 30, 2009 from $728,537 for the three months ended September 30, 2008. Shipping Costs consist of freight charges to our Hong Kong facility and decreased because of decreased sales in quantities.

Gross Profits. Gross Profits increased to $4,468,982 for the three months ended September 30, 2009 from $3,590,570 for the three months ended September 30, 2008. Our gross profit percentage for the three months ended September 30, 2009 was 73% compared to 60% for the three months ended September 30, 2008. Gross profits increased due to the Company raising its unit sales prices in July 2008. The price increase only took effect for the last two months in the quarter ended September 30, 2008 compared the full three months ended September 30, 2009.

Selling, General and Administrative Expenses. Selling, General and Administrative Expenses increased to $2,253,548 for the three months ended September 30, 2009 from $1,083,343 for the three months ended September 30, 2008. Selling, General and Administrative Expenses consist of advertising of $6,841 and corporate administrative expenses of $1,319,044, and increasing consultant fees to ZR Public Relation Company, Ltd. of $327,663 and royalty fees accrued for trademark of $600,000 at September 30, 2009.

Interest Income. Interest Income decreased to $134,462 for the three months ended September 30, 2009 from $355,744 for the three months ended September 30, 2008. Interest Income decreased due to cash balance decrease and interest rate decline at September 30, 2009.

Foreign Exchange Loss. Foreign Exchange loss increased to $5,038 for the three months ended September 30, 2009 compared to a gain of $854 for the three months ended September 30, 2008. Foreign Exchange loss increased because of fluctuation on foreign exchange rates.

Other Income (Net). Other Income (Net) increased to $43,711 for the three months ended September 30, 2009 from loss of $3,774 for the three months ended September 30, 2008. Other Income (Net) consists of fees received for educational training classes and increased due to additional classes held.

The Six Months Ended September 30, 2009 Compared to the Six Months Ended September 30, 2008

Revenues. Our Revenues decreased to $9,114,760 for the six months ended September 30, 2009 from $9,420,326 for the six months ended September 30, 2008 because of decreased sales because of the Company raises its unit sales price in July 2008 from $250 to $300 and the worldwide recession. The price increase only took effect for the last two months in the six months ended September 30, 2008 compared the full six months ended September 30, 2009. This increase in the initial cost might have contributed to a decrease in sales as customers believe that such an increase is prohibitively expensive. Our products are discretionary items and in light of the worldwide recession, consumers have generally been decreasing their purchases of discretionary items.

Costs of Goods Sold. Costs of Goods Sold decreased to $2,325,932 for the six months ended September 30, 2009 from $3,311,782 for the six months ended September 30, 2008. Costs of Goods Sold consist of merchandise purchases from vendors and decreased because of decreased sales.

Shipping Charges. Shipping Charges decreased to $2,049,570 for the six months ended September 30, 2009 from $2,829,110 for the six months ended September 30, 2008 due to decreased sales.

Shipping Costs. Shipping Costs decreased to $588,368 for the six months ended September 30, 2009 from $1,465,441 for the six months ended September 30, 2008. Shipping Costs consist of freight charges to our Hong Kong facility and decreased because of decreased sales.

Gross Profits. Gross Profits increased to $8,250,030 for the six months ended September 30, 2009 from $7,472,213 for the six months ended September 30, 2008. Our gross profit percentage for the six months ended September 30, 2009 was 74% compared to 65% for the six months ended September 30, 2008. Gross profits and gross profit percentage increased due to the Company raising its unit sales prices in July 2008. The price increase only took effect for the last two months for six months ended September 30, 2008 compared the full six months ended September 30, 2009.

Selling, General and Administrative Expenses. Selling, General and Administrative Expenses increased to $4,559,866 for the six months ended September 30, 2009 from $2,329,916 for the six months ended September 30, 2008. Selling, General and Administrative Expenses consist of advertising of $21,987 and corporate administrative expenses of $3,367,316, and increasing consultant fees to ZR Public Relation Company, Ltd. of $570,563 and royalty fees accrued for trademark of $600,000 at September 30, 2009.

Interest Income. Interest Income decreased to $299,394 for the six months ended September 30, 2009 from $772,120 for the six months ended September 30, 2008. Interest Income decreased due to cash balance decrease and interest rate decline at September 30, 2009.

Foreign Exchange Loss. Foreign Exchange loss increased to $4,152 for the six months ended September 30, 2009 from a gain of $355 for the six months ended September 30, 2008. Foreign Exchange loss increased because of fluctuation on foreign exchange rates.

Other Income (Net). Other Income (Net) increased to $72,943 for the six months ended September 30, 2009 from loss of $140 for the six months ended September 30, 2008. Other Income (Net) consists of fees received for educational training classes and increased due to additional classes held.

LIQUIDITY AND CAPITAL RESOURCES

As reflected in the accompanying consolidated financial statements, at September 30, 2009, the Company had $36,597,902 cash on hand and a stockholders’ equity of $58,040,429. To date, we have funded our operations primarily from sales to our Affiliates and through private equity financings. While we believe in the viability of our strategy to improve sales volume and in our ability to raise additional funds, there can be no assurances to that effect.

At September 30, 2009, we had $68,723,140 in total assets, compared to $68,666,322 at March 31, 2009. This was primarily due to the decrease of prepaid expenses. Our inventories also decreased to $3,454,589 at September 30, 2009 from $3,908,629 at March 31, 2009 due to sales decrease. Our decrease in investments was due to an equity investment in Excalibur to $14,536,757 at September 30, 2009 from $17,129,314 at March 31, 2009, and related party Notes Receivable of $6,811,717 at September 30, 2009 compared to $5,961,717 at March 31, 2009 was due to loans made to Excalibur and Yeuh-Chi Liu. At September 30, 2009, we had $694,023 in invested mutual funds, $4,771,924 in invested bonds and our prepaid expenses were $977,981.

At September 30, 2009, our Total Liabilities consisted of $10,682,711compared to $12,276,962 at March 31, 2009. Liabilities consist of Accounts Payable; Other Liabilities; Unearned Revenue; Deposits from Investors; and Income Tax Payable. Accounts payable decreased to $1,232,721 at September 30, 2009 from $3,610,195 at March 31, 2009 primarily due to due to payment of trademark royalty expenses for last fiscal year. Other liabilities consist of commissions (Affiliate rewards) payable, payroll liabilities and other liabilities, and increased to $8,385,605 at September 30, 2009 from $6,675,552 at March 31, 2009 because of increased commissions payable and payroll payable. Unearned revenue consists of customer deposits for unshipped products, and decreased to $1,064,385 at September 30, 2009 from $1,991,215 at March 31, 2009 due to increased deliveries in-transit.

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 current worldwide recession is expected to adversely affect our sales and liquidity for the foreseeable future. Although we have mitigated decreases in sales by lowering our levels of inventory to preserve cash on hand, we do not know when the recession will subside and when consumer spending will increase from its current depressed levels. Even if consumer spending increases, we are not sure when consumer spending will increase for our products which will affect our liquidity. We believe we have enough capital to fund our operations during the next 12 months.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

	Payments due by period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Long-Term Debt Obligations		-		-		-		-		-
Capital Lease Obligations		-		-		-		-		-
Operating Lease Obligations (1)	$	1,225,085	$	290,610	$	934,475		-		-
Purchase Obligations		-		-		-		-		-
Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet under GAAP		-		-		-		-		-
Total	$	1,225,08	$	290,610	$	934,475		-		-

(1) Operating Lease

The Company rents office space for its sales division in Hong Kong. The lease provides for free lease in the first two years and a monthly lease payments approximating $50,000 USD starting the beginning of the third year and expires on June 30, 2012. Expensing the 5-year total rent evenly over the life of the lease, the future minimum lease payments under the operating lease are as follows:

Year Ending September 30,
2010	$	180,000
2011		360,000
2012		360,000

The Company rents storage space for its sales division in Hong Kong. The lease provides for monthly lease payments approximating $1,135 USD starting on May 8, 2008 and expires on May 7, 2010. Future minimum lease payments under the operating leases as of September 30, 2009 approximate the following:

Year Ending September 30,
2010	$	6,810
2011		1,135

Year Ending September 30,
2010	$	55,980
2011		111,960
2012		27,990

Year Ending September 30,
2010	$	6,804
2011		13,608
2012		3,402

Year Ending September 30,
2010	$	14,520
2011		29,040
2012		2,420

Year Ending September 30,
2010	$	8,400
2011		16,800
2012		5,600

Year Ending September 30,
2010		$	9,300

Year Ending September 30,
2010		$	2,820

Year Ending September 30,
2010	$	4,392
2011		1,464

Year Ending September 30,
2010	$	1,584
2011		1,056

Rent expenses for the six months ended September 30, 2009 and September 30, 2008 were approximately $253,226 and $244,305, respectively.

Excalibur International Marine Corporation

Due to the recent changes in policy between Mainland China and Taiwan, an opportunity was recognized to take advantage of direct sailings for cargo and passengers through the Taiwan Strait. EFT identified Excalibur International Marina Corporation (“Excalibur”), a shipping company located in Taiwan, as a viable entity to participate with in this business opportunity. In order to expedite the purchase of a new vessel, EFT’s Board of Directors approved a non-interest bearing, unsecured loan to facilitate this purchase. On July 28, 2008, the Registrant loaned $19,193,000 to Excalibur. This loan was still outstanding with balance of $1,564,717 as of September 30, 2009. At the time of the transaction, Excalibur was not a related party nor did any of the Company or any of its officers or directors have any relationship with Excalibur or any of its officers and directors.

On September 23, 2008, the Registrant signed a loan agreement with Excalibur to lend $2,000,000 at an interest rate of 3.75% per month with a term of no more than 60 days. At the end of the 60 days term, the term of the loan was extended for six months. On November 23, 2008, the Company extended this loan to May 25, 2009. On May 25, 2009, the Company extended this loan to Excalibur for another six months and decreased the interest rate to 12.5% per annum.

On October 20, 2008, EFT Investment Co., Ltd. was formed as a wholly-owned subsidiary of EFT BioTech Holdings, Inc. EFT Investment Co., Ltd was formed in Taiwan. On October 25, 2008, EFT Investment Co., Ltd. completed the acquisition of 585,677,500 shares of common stock of Excalibur; representing approximately 49% shares of issued and outstanding shares of Excalibur, for an aggregate purchase price of USD $19,193,000. Prior to the acquisition of Excalibur, Excalibur was not a related person under Item 404 of Regulation S-K.

On November 25, 2008, the Registrant signed an additional loan agreement with Excalibur, a then related party, pursuant to which the Registrant loaned Excalibur $500,000 at the interest rate of 3.75% per month with a term of 30 days with an extension of six months. On December 25, 2008, the Company extended the loan to May 25, 2009. On May 25, 2009, the Company extended this loan for another six months and decreased the interest rate to 12.5% per annum.

On May 13, 2009, the Company signed another loan agreement denominated in U.S. dollars with Excalibur to lend $600,000 at interest rate of 12.5% per annum with a term of six months.

On August 17, 2009, the Company signed another loan agreement denominated in U.S. dollars with Excalibur to lend $250,000 at interest rate of 12.5% per annum with a term of six months.

Note Receivable – Related party

The Board of Directors approved two non-interest bearing unsecured demand loans in the amount of U.S. $330,000 and $1,567,000 respectively on July 11 and July 25 to Yeuh-Chi Liu, a vendor and a member of the board of directors of Excalibur. As of the date hereof the full principal amount remains outstanding.

Off-Balance Sheet Arrangements

The Registrant does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Registrant’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Quantitative and Qualitative Disclosures about Market Risk

For our fiscal year ended March 31, 2009, 100% of our total sales consisted of sales outside of the United States, with 0% of total sales denominated in currencies other than the United States dollar. In addition, from time to time we execute intercompany loans with our foreign subsidiaries that are denominated in foreign currencies.

We are exposed to foreign currency risks that arise from normal business operations. These risks include the translation of local currency balances of our Company and foreign subsidiaries, intercompany loans with foreign subsidiaries and transactions denominated in foreign currencies. It is our policy not to enter into derivative financial instruments for speculative purposes. We do not hedge our exposure to the translation of reported results of our foreign subsidiaries from local currency to United States dollars. A 10% adverse change in the underlying foreign currency exchange rates would not be significant to our financial condition or results of operations.

Critical Accounting Policies

The Registrant’s financial statements are based on the selection and application of significant accounting policies, which require management to make significant estimates and assumptions. The Registrant believes that the following are some of the more critical judgment areas in the application of the Registrant’s accounting policies that currently affect the Registrant’s financial condition and results of operations.

Cash & Cash Equivalents

Cash and cash equivalents include cash on hand and cash in time deposits, and certificates. The Company maintains its accounts in various banks and several which exceed the federally insured limit.

Inventories

Inventories are valued at the lower of cost or market. Product cost includes completed merchandise and is accounted for using the first-in, first-out basis. The Company has two warehouses, one in City of Industry, CA and the other one in Kowloon, HK. On a quarterly basis, the Company reviews inventory levels in each country for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on this review, the Company records inventory write-downs when costs exceed expected net realizable value. Historically, the Company estimates of the obsolete or unmarketable items have been insignificant.

SFAS No. 151 (ASC 605), “Inventory Costs,” (“SFAS 151”) clarifies that abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage) should be recognized as period charges, rather than as an inventory value. This standard also requires the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities. The Registrant’s existing accounting policy for inventory valuation is generally consistent with this guidance, and therefore, the adoption of SFAS 151 (ASC 605) did not have a significant impact on the Registrant’s 2008 and 2009 financial results.

Notes Receivables from Related Parties

Notes receivable consists of receivables from the Registrant’s loans to Excalibur, Taiwan, and Yeuh-Chi Liu, each a related party. As of September 30, 2009, outstanding loans to Excalibur totaled $ 4.91 million and to Yeuh-Chi Liu $1.89 million. The Registrant periodically reviews notes receivables for reliability and collectability, and recent account activities. If the Registrant’s estimates regarding collectability are inaccurate or an unforeseen matter is to occur, the Registrant may be exposed to a write-offs or bad debts. As of September 30, 2009, the Registrant does not have an allowance for bad debts.

Investment

The Registrant accounts for equity investments in entities in which it exercises significant influence but does not own a majority equity interest in or have control using the equity method. The Registrant evaluates its equity investments for impairment whenever events and changes in business circumstances indicate the carrying amount of the equity investment may not be fully recoverable. On October 25, 2008, the Registrant, through its wholly-owned subsidiary, EFT Investment Co. Ltd., invested $19,193,000 in Excalibur International Marine Corporation for 48.81% of its ownership. The Registrant recorded this investment using the equity method because of its significant influence over the entity.

Unearned Revenues

Revenue

The Registrant receives payment by cash only for orders from customers or Affiliates. Cash consideration given by the Registrant to its sales Affiliates is considered to be a reduction of the selling prices of the Company’s products, thus, is recorded as a reduction of revenue. Sales revenues are recorded when the merchandise delivery is completed.

Foreign Currency Translation

The Company’s functional currency is the U.S. dollar and its operation in Hong Kong uses Hong Kong dollar (HKD) as its functional currency. An entity’s functional currency is the currency of the primary economic environment in which the entity operates. Management must use judgment in determining an entity’s functional currency, assessing economic factors including cash flow, sales price, sales market, expense, financing and inter-company transactions and arrangements. Impact from exchange rate changes related to transactions denominated in currencies other than the functional currency is recorded as a gain and loss in the statements of operations, while impact from exchange rate changes related to translating a foreign entity’s financial statements from the functional currency to its reporting currency, the U.S. dollar, is disclosed and accumulated in a separate component under the equity section of the balance sheets. Different judgments or assumptions resulting in a change of functional currency may materially impact the Registrant’s financial position and results of operations.

Income Taxes

The Registrant uses the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carry-forwards. Management must make assumptions, judgments and estimates to determine the current provision for income taxes and the deferred tax assets and liabilities and any valuation allowance to be recorded against a deferred tax asset. Management’s judgments, assumptions and estimates relative to the current provision for income tax take into account current tax laws, management’s interpretation of current tax laws and possible outcomes of current and future audits conducted by foreign and domestic tax authorities. Changes in tax law or management’s interpretation of tax laws and the resolution of current and future tax audits could significantly impact the amounts provided for income taxes in the financial statements. Management’s assumptions, judgments and estimates relative to the value of a deferred tax asset take into account predictions of the amount and category of future taxable income, such as income from operations. Actual operating results and the underlying amount and category of income in future years could render management’s current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate. Any of the assumptions, judgments and estimates mentioned above could cause our actual income tax obligations to differ from the estimates, thus materially impacting the financial position and results of operations.

RECENT ACCOUNTING PRONOUNCEMENTS

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

For the quarter and three month period ended September 30, 2009, 100% of our total sales consisted of sales outside of the United States, with 0% of total sales denominated in currencies other than the United States dollar. In addition, from time to time we execute intercompany loans with our foreign subsidiaries that are denominated in foreign currencies.

Item 4T. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our Principal Executive Officer and Principal Financial Officer are responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Our Principal Executive Officer and Principal Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2009. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective such that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) accumulated and communicated to the Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding disclosure.

Changes in Internal Control over Financial Reporting

During the quarter ended September 30, 2009, there were no changes in our internal controls over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not a party to nor are we threatened with or have any knowledge of any claims or legal actions that would have a material adverse impact on our financial position, operations or potential performance.

Item 1A. Risk Factors.

There have not been any material changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2009 filed with the SEC on July 17, 2009.

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

None

Item 3. Defaults upon Senior Securities.

None

Item 4. Submission of Matters to a Vote of Security Holders.

None

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.:		Description:
31.1		Certification by Jack Jie Qin, Principal Executive Officer of EFT BioTech Holdings, Inc., pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2		Certification by Sharon Tang, Principal Financial and Accounting 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 of EFT BioTech Holdings, Inc., pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.
32.2		Certification by Sharon Tang, Principal Financial and Accounting Officer of EFT BioTech Holdings, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

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

	EFT BIOTECH HOLDINGS, INC.

Dated: November 16, 2009		/s/ JACK JIE QIN
		Jack Jie Qin
		Chief Executive Officer, President and Chairman
		(Principal Executive Officer)


Dated: November 16, 2009		/s/ SHARON TANG
		Sharon Tang
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Attached files

EFT Holdings, Inc. Reports

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