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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 Statements of Cash Flows (USD $)
12 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net loss $ (109,993) $ (643,439)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Equity loss from MIT China Joint Venture 95,714 130,762
Depreciation and amortization expense 134,119 56,424
Common stock issued for services    100,921
Warrant expense   218,991
Changes in:    
Accounts receivable (7,718) (35,540)
Inventories 6,467 (98,683)
Prepaid expenses (1,382) 1,380
Accounts payable and accrued liabilities (49,136) (102,994)
Related party payables      
Non-refundable Distribution Rights Deposit 302,589 5,308
Net cash used by operating activities 370,660 (366,870)
Cash flows from investing activities:    
Acquisition of patents (35,103) (10,353)
Investment in MIT China joint venture    (24,384)
Tooling and machinery (49,434) (363,379)
Net cash used by investing activities (84,537) (398,116)
Cash flows from financing activities:    
Bank line 70,493 31,167
Bank loans 22,731 177,248
Proceeds from issuance of stock, net 63,340 553,581
Repayment on notes payable      
Decrease in amounts due to related parties (152,723) (26,044)
Net cash provided from financing activities 3,841 735,952
Effect of exchange rates 2,644 13,207
Increase (decrease) in cash 292,608 (15,827)
Cash, beginning of period 10,889 26,716
Cash, end of period 303,497 10,889
Supplemental disclosure of cash flow information:    
Cash paid for interest 41,619 47,041
Cash paid for federal income taxes      
Supplemental disclosure of non-cash transactions    
Common stock issued for debt reductions    36,500
Capitalization of related party debt