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EXCEL - IDEA: XBRL DOCUMENT - MEDICAL INTERNATIONAL TECHNOLOGY INCFinancial_Report.xls
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EX-32.1 - CERTIFICATION - MEDICAL INTERNATIONAL TECHNOLOGY INCf10k2012ex32i_medicalint.htm
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v2.4.0.6
Consolidated Balance Sheets(USD ($))
Sep. 30, 2012
Sep. 30, 2011
Current assets    
Cash and cash equivalents $ 303,497 $ 10,889
Accounts receivable 56,067 48,349
Inventories 316,440 322,906
Prepaid expenses 20,203 18,820
Total current assets 696,207 400,964
Property and Equipment    
Tooling and machinery 713,779 678,918
Furniture and office equipment 144,775 147,950
Leasehold improvements 29,785 30,438
Total property and equipment 888,339 857,306
Less accumulated depreciation (612,592) (502,782)
Total property and equipment, net 275,747 354,524
Other Assets    
Patents (net of accumulated amortization of $13,516 and $9,412) 44,857 23,781
Investment in MIT China Joint Venture 146,343 242,056
Total assets 1,163,154 1,021,325
Current liabilities    
Bank line 101,660 31,167
Deferred income 1,385,906 1,083,317
Accounts payable and accrued expenses 160,174 209,310
Amounts due to related parties    152,723
Current portion of long term debts 23,736   
Total current liabilities 1,671,476 1,476,517
Long-Term Debts 176,242 177,247
Total liabilities 1,847,718 1,653,764
Stockholder's Equity (Deficit)    
Preferred stock, $.0001 par value; 3,000,000 shares authorized; No issued and outstanding shares.      
Common stock, $.0001 par value; 100,000,000 shares authorized; 83,804,627 and 79,090,627 issued and outstanding, respectively 7,979 7,909
Additional paid-in capital 12,867,476 12,804,206
Accumulated deficit (13,172,164) (13,062,171)
Other comprehensive income (loss) (387,855) (382,381)
Total Stockholder's Equity (Deficit) (684,564) (632,439)
Total Liabilities and Stockholder's Equity (Deficit) $ 1,163,154 $ 1,021,325