UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(~~Mark~~MARK ~~One~~ONE)

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

For the quarterly period ended ~~December~~June 3130, ~~2016~~2017

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

For the transition period from ~~_______________~~________ to ~~_______________~~________

Commission ~~file~~File ~~number:~~No. 000-55231

~~eBullion~~EBULLION, ~~Inc~~INC. (Exact name of registrant as specified in its charter)

Delaware		46-2323674
(State or other jurisdiction ofIncorporation or Organization)		(I.R.S. EmployerIdentification No.)
(State or other jurisdiction of		(I.R.S. Employer
Room 1805-06, Tower 6 33 Canton Road, Tsim Sha Tsui Hong Kong		Not Applicable
incorporation or organization)		Identification No.)
(Address of principal executive offices)		(Zip Code)

~~+852~~Room ~~3187~~1805-~~4300~~06, Tower 6

~~(Registrant's~~33 ~~telephone~~Canton ~~number~~Road, ~~including~~Tsim ~~area~~Sha ~~code)~~Tsui

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

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~~Address of ~~this~~principal ~~chapter)~~executive ~~during~~offices, ~~the~~zip ~~preceding 12 months (or for such shorter period that the registrant was required to submit and post such files~~code)~~. Yes x No ¨~~

~~Indicate~~+853 ~~by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non~~3187-~~accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.~~4300

~~Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x~~ (DoRegistrant’s ~~not~~telephone ~~check~~number, ifincluding ~~smaller~~area ~~reporting company~~code)

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

As (Former ~~of January 13~~name, ~~2017,~~former ~~there~~address ~~were~~and ~~512,600,000~~former ~~shares~~fiscal ~~of Common Stock~~year, ~~$0.0001~~if ~~par~~changed ~~value~~since ~~per~~last ~~share, outstanding.~~report)

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

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

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

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	x
(Do not check if a smaller reporting company)		Emerging growth company	o

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

APPLICABLE ONLY TO CORPORATE ISSUERS

As of August 16, 2017, there were 512,600,00 shares of common stock, $0.0001 par value per share, outstanding.

EBULLION, INC.

~~TABLE~~QUARTERLY OFREPORT ~~CONTENTS~~ON FORM 10-Q

		Page No.
PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets as of December 31, 2016 (Unaudited) and March 31, 2016 (Audited)	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine and three months ended December 31, 2016 and 2015	5
	Condensed Consolidated Statements of Shareholders’ Equity for the year ended March 31, 2016 (audited) and nine months ended December 31, 2016 (unaudited)	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2016 and 2015	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	27

FOR THE PERIOD ENDED JUNE 30, 2017

INDEX

Index		Page

Part I. Financial Information

Item 1.	Financial Statements		4

	Condensed Consolidated Balance sheets at June 30, 2017 (Unaudited) and March 31, 2017. (Audited)		4

	Condensed Consolidated Statements of comprehensive income for the three months ended June 30, 2017 and 2016 (unaudited).		5

	Condensed Consoldiated Statements of cash flows for the three months ended June 30, 2017 and 2016 (unaudited).		7

	Notes to Condensed Consolidated Financial Statements (unaudited).		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		23

Item 4.	Controls and Procedures.		23

Part II. Other Information

Item 1.	Legal Proceedings.		24

Item 1A.	Risk Factors		24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		24

Item 3.	Defaults Upon Senior Securities.		24

Item 4.	Mine Safety Disclosures.		24

Item 5.	Other Information.		24

Item 6.	Exhibits.		25

Signatures			26

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of eBullion, Inc., a Delaware corporation (the “Company”), contains “forward-looking statements,” ~~that~~as ~~involve~~defined ~~substantial~~in ~~risks~~the ~~and~~United ~~uncertainties.~~States ~~All~~Private ~~statements,~~Securities ~~other~~Litigation ~~than~~Reform ~~statements~~Act of ~~historical~~1995. ~~facts,~~In ~~contained~~some incases, ~~this~~you ~~Quarterly~~can ~~Report~~identify onforward-looking ~~Form~~statements ~~10-Q,~~by ~~including~~terminology ~~statements~~such ~~regarding~~as ~~our~~“may”, ~~strategy~~“will”, ~~future~~“should”, ~~operations~~“could”, ~~future~~“expects”, ~~financial~~“plans”, ~~position~~“intends”, ~~future~~“anticipates”, ~~revenues~~“believes”, ~~projected costs~~“estimates”, ~~prospects~~“predicts”, ~~plans~~“potential” ~~and~~or ~~objectives~~“continue” or the negative of ~~management,~~such ~~are~~terms ~~forward~~and ~~looking~~other ~~statements~~comparable terminology. ~~The~~These ~~words~~forward-looking ~~"anticipate,"~~statements ~~"believe~~include," ~~"estimate~~without limitation," ~~"expect~~statements about our market opportunity," ~~"intend~~our strategies," ~~"may~~competition," "expected activities and expenditures as we pursue our business plan," ~~"predict,"~~and ~~"project,"~~the ~~"target,"~~adequacy ~~"potential,"~~of ~~"will,"~~our ~~"would~~available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable," ~~"could~~we cannot guarantee future results," ~~"should~~levels of activity," ~~"continue"~~performance ~~and~~or ~~similar~~achievements. ~~expressions~~Actual ~~are~~results ~~intended~~may todiffer ~~identify~~materially from the predictions discussed in these forward-looking statements,. ~~although~~The ~~not~~economic ~~all~~environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements ~~contain~~and/or ~~these~~predictions ~~identifying~~include, ~~words~~among other things: the volatility of oil and gas prices, the possibility that equipment development efforts will not produces equipment that prospective customers want to purchase, the Company’s need for and ability to obtain additional financing, other factors over which we have little or no control; and other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

~~Forward-looking~~Our ~~statements~~management ~~are~~has ~~not~~included ~~guarantees~~projections ~~of future performance~~ and ~~our~~estimates ~~actual results could differ materially from the results discussed~~ in ~~the~~this ~~forward~~Form 10-~~looking~~Q, ~~statements.~~which ~~Factors~~are ~~that~~based ~~could~~primarily ~~cause~~on ~~actual~~management’s ~~results~~experience ~~to differ materially from those~~ in the ~~forward-looking statements include~~industry, ~~but~~assessments ~~are~~of ~~not~~our ~~limited~~results ~~to, volatility~~ of ~~gold and silver prices~~operations, ~~our~~discussions ~~ability to attract new agents~~ and ~~customers~~negotiations ~~and~~with ~~retain~~third ~~the~~parties ~~agents~~ and ~~customers~~a ~~that~~review weof ~~currently~~information ~~have,~~filed by our ~~ability~~competitors towith ~~protect~~the ~~and~~SEC ~~maintain~~or ~~our~~otherwise ~~intellectual~~publicly ~~property,~~available. ~~the~~We ~~ability~~caution ofreaders ~~our~~not ~~licensors~~ to ~~obtain~~place ~~and~~undue ~~maintain~~reliance ~~patent~~on ~~protection~~any ~~for~~such ~~the~~forward-looking ~~technology~~statements, orwhich ~~products~~speak ~~that~~only weas ~~license,~~of ~~our~~the ~~reliance~~date onmade. ~~third-parties,~~We ~~competitive~~disclaim ~~developments,~~any ~~the~~obligation ~~effect~~subsequently ofto ~~current~~revise ~~and~~any ~~future~~forward-looking ~~legislation~~statements ~~and~~to ~~regulation~~reflect ~~and~~events ~~regulatory~~or ~~actions,~~circumstances asafter ~~well~~the asdate ~~other~~of ~~risks~~such ~~described~~statements ~~more~~or ~~fully~~to inreflect ~~this~~the ~~Quarterly~~occurrence ~~Report~~of onanticipated ~~Form~~or ~~10-Q~~unanticipated events.

As a result of these and other factors, we may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Table of Contents

PART I—. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

eBullion, Inc. Condensed Consolidated Balance Sheets As of June 30 and March 31, 2017 (Expressed in US dollars)

Condensed Consolidated Balance Sheets

	Unaudited June 30, 2017			Audited March 31, 2017
ASSETS
Current Assets
Cash	$	429,267		$	1,061,609
Commissions receivable		613,321			546,310
Deposits and prepaid expenses		40,816			42,141
Total current assets		1,083,404			1,650,161

Noncurrent Assets
Deposits and prepaid expenses		214,826			188,010
Equipment, net		205,516			224,350
Loan receivable from Global Long		768,761			772,157
Deferred income taxes		72,757			71,221
Total noncurrent assets		1,261,860			1,255,738

Total assets	$	2,345,264		$	2,905,799

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	27,869		$	56,161
Amount due to shareholder		282,497			313,050
Customer deposits		11,520			212,886
Total current liabilities		321,886			582,097

Noncurrent Liabilities:
Deferred income taxes		-			466
Total noncurrent assets		-			466

Total liabilities		321,886			582,563

Commitments
Shareholders’ Equity
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 512,600,000 shares issued and outstanding		51,260			51,260
Additional paid in capital		1,477,404			1,477,404
Retained earnings		523,269			818,849
Accumulated other comprehensive loss		(28,555	)		(24,277	)
Total shareholders’ equity		2,023,378			2,323,236
Total liabilities and shareholders’ equity	$	2,345,264		$	2,905,799

AsThe ofaccompanying ~~December~~notes ~~31,~~are ~~2016~~an ~~and~~integral ~~March~~part ~~31,~~of ~~2016~~these condensed consolidated financial statements.

~~(Expressed~~4 inTable USof ~~dollars)~~Contents

	Unaudited December 31,2016			Audited March 31,2016
ASSETS
Current Assets
Cash	$	793,804		$	1,109,465
Commissions receivable		517,751			100,493
Deposits and prepaid expenses		42,099			29,819
Prepaid income taxes		-			147,556
Total current assets		1,353,654			1,387,333
Noncurrent Assets
Deposits and prepaid expenses		188,395			141,084
Property and equipment, net		243,243			253,807
Loan receivable from Global Long		773,734			773,793
Deferred income taxes		101,953			101,960
Total noncurrent assets		1,307,325			1,270,644
Total assets	$	2,660,979		$	2,657,977
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Bank Overdraft	$	-		$	30,645
Accounts payable and accrued liabilities		12,463			33,684
Income taxes payable		12,067			-
Customer deposits		208,731			187,037
Total current liabilities		233,261			251,366
Noncurrent Liabilities
Deferred income taxes		584			5,517
Total noncurrent liabilities		584			5,517
Total liabilities		233,845			256,883
Commitments and contingencies
Shareholders’ Equity
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 512,600,000 shares issued and outstanding		51,260			51,260
Additional paid in capital		1,477,404			1,477,404
Retained earnings		900,506			873,954
Accumulated other comprehensive loss		(2,036	)		(1,524	)
Total shareholders’ equity		2,427,134			2,401,094
Total liabilities and shareholders’ equity	$	2,660,979		$	2,657,977

eBulllion, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Three Months Ended June 30, 2017 and 2016

(Expressed in US dollars)

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

	2017			2016
REVENUES

Commission revenue	$	90,764		$	473,261

EXPENSES
General and administrative		204,216			345,510
Employee compensation and benefits		177,469			174,420
Depreciation and amortization		18,834			18,895
Total expenses		400,519			538,825

INCOME (LOSS) FROM OPERATIONS		(309,755	)		(65,564	)

OTHER INCOME
Interest income, net		11,693			13,363
Total other income		11,693			13,363

INCOME (LOSS) BEFORE INCOME TAXES		(298,062	)		(52,201	)

INCOME TAX (PROVISION) BENEFIT
Current		-			-
Deferred		2,482			1,262
Total income tax (provision) benefit		2,482			1,262

NET INCOME (LOSS)		(295,580	)		(50,939	)

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation		(4,278	)		(1,399	)
COMPREHENSIVE INCOME (LOSS)	$	(299,858	)	$	(52,338	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic and diluted		512,600,000			512,600,000

BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
Basic and diluted earnings (loss) per common share	$	0.00		$	0.00

4The ~~Table~~accompanying notes are an integral part of ~~Contents~~these condensed consolidated financial statements.

~~eBullion,~~5 ~~Inc.~~Table of Contents

~~Unaudited~~eBullion, Inc. Condensed Consolidated Statements of ~~Comprehensive~~Shareholders’ ~~Income~~Equity For the Years Ended March 31, 2017 and Three Months Ended June 30, 2017 (~~Loss~~Expressed in US dollars)

Three and Nine Months Ended December 31, 2016 and 2015

										Accumulated
	Common Stock				Additional					Other			Total
	Number of				Paid in		Retained			Comprehensive			Shareholders’
	Shares		Par Value		Capital		Earnings			Income (Loss)			Equity

BALANCE, March 31, 2016 – Audited		512,600,000	$	51,260	$	1,477,404	$	873,954		$	(1,524	)	$	2,401,094

Net loss		-		-		-		(55,105	)		-			(55,105	)

Foreign currency translation adjustment		-		-		-		-			(22,753	)		(22,753	)

BALANCE, March 31, 2017 – Audited		512,600,000	$	51,260	$	1,477,404	$	818,849		$	(24,277	)	$	2,323,236

Net loss		-		-		-		(295,580	)		-			(295,580	)

Foreign currency translation adjustment		-		-		-		-			(4,278	)		(4,278	)

BALANCE, June 30, 2017 – Unaudited		512,600,000	$	51,260	$	1,477,404	$	523,269		$	(28,555	)	$	2,023,378

~~(Expressed~~The inaccompanying USnotes ~~dollars)~~are an integral part of these condensed consolidated financial statements.

	Nine Months EndedDecember 31,						Three Months EndedDecember 31,
	2016			2015			2016			2015
REVENUES
Commission revenue	$	1,502,897		$	1,371,311		$	468,476		$	528,755
EXPENSES
General and administrative		921,777			1,221,611			246,136			456,239
Employee compensation and benefits		527,340			495,772			166,738			167,158
Depreciation		56,703			64,426			18,903			24,083
Loss on disposal of property and equipment		-			124,846			-			124,860
Total expenses		1,505,820			1,906,655			431,777			772,340
INCOME (LOSS) FROM OPERATIONS		(2,923	)		(535,344	)		36,699			(243,585	)
OTHER INCOME
Rental income		-			9,031			-			-
Interest income, net		36,606			32,999			15,499			11,643
Total other income		36,606			42,030			15,499			11,643
INCOME (LOSS) BEFORE INCOME TAXES		33,683			(493,314	)		52,198			(231,942	)
INCOME TAX PROVISION (BENEFIT)
Current		12,061			4,181			12,063			-
Deferred		(4,930	)		17,684			(1,263	)		22,987
Total income tax provision (benefit)		7,131			21,865			10,800			22,987
NET INCOME (LOSS)		26,552			(515,179	)		41,398			(254,929	)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation		(512	)		2,058			(163	)		(245	)
COMPREHENSIVE INCOME (LOSS)	$	26,040		$	(513,121	)	$	41,235		$	(255,174	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic and diluted (1)		512,600,000			512,600,000			512,600,000			512,600,000
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
Basic and diluted earnings (loss) per common share	$	0.00		$	(0.00	)	$	0.00		$	(0.00	)

Table of Contents

~~(1)~~eBullion, ~~The~~Inc. ~~Company’s~~Condensed ~~weighted~~Consolidated ~~average~~Statements ~~common~~of ~~shares~~Cash ~~outstanding~~Flows ~~for~~For ~~both basic and diluted earnings per share have been restated for~~ the ~~effects~~Three ofMonths ~~the~~Ended 10June ~~for~~30, 12017 ~~stock~~and ~~split~~2016 ~~which~~(Expressed ~~was effective~~ in ~~March~~US ~~2015. See Note 13 for further discussion.~~dollars)

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

	2017			2016
OPERATING ACTIVITIES:
Net loss	$	(298,062	)	$	(50,939	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		18,834			18,895
Changes in operating assets and liabilities:
Commissions receivable		(69,587	)		68,502
Deposits and prepaid expenses		(26,568	)		(55,457	)
Accounts payable and accrued liabilities		(28,199	)		(389	)
Amount due to shareholder		(29,248	)		-
Customer deposits		(200,925	)		2,577
Deferred income taxes		-			(1,262	)

Net cash used in operating activities		(633,755	)		(18,073	)

INVESTING ACTIVITIES:
Purchase of equipment		-			(46,132	)
Net cash used in investing activities		-			(46,132	)

FINANCING ACTIVITIES:
Bank overdraft		-			(29,533	)
Net cash used by financing activities		-			(29,533	)

NET INCREASE (DECREASE) IN CASH		(633,754	)		(93,738	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		1,412			(584	)
Cash, beginning of period		1,061,609			1,109,465
Cash, end of period	$	429,267		$	1,015,143
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	$	-		$	-
Cash paid income taxes	$	-		$	-

5The ~~Table~~accompanying notes are an integral part of ~~Contents~~these condensed consolidated financial statements.

~~eBullion,~~7 ~~Inc.~~Table ~~Condensed Consolidated Statements~~ of ~~Shareholders’ Equity For the Year Ended March 31, 2016 and Nine Months Ended December 31, 2016 (Expressed in US dollars)~~Contents

										Accumulated
	Common Stock				Additional					Other			Total
	Number of				Paid in		Retained			Comprehensive			Shareholders’
	Shares		Par Value		Capital		Earnings			Income (Loss)			Equity
BALANCE, March 31, 2015– Audited		512,600,000	$	51,260	$	1,477,404	$	1,383,704		$	(1,220	)	$	2,911,148
Net loss for the year		-		-		-		(509,750	)		-			(509,750	)
Foreign currency translation adjustment		-		-		-		-			(304	)		(304	)
BALANCE, March 31, 2016 - Audited		512,600,000	$	51,260	$	1,477,404	$	873,954		$	(1,524	)	$	2,401,094
Net loss for the period		-		-		-		26,552			-			26,552
Foreign currency translation adjustment		-		-		-		-			(512	)		(512	)
BALANCE, December 31, 2016 - Unaudited		512,600,000	$	51,260	$	1,477,404	$	900,506		$	(2,036	)	$	2,427,134

eBullion, Inc.

Notes to Condensed Consolidated Financial Statements

For the Three Months Ended June 30, 2017 and 2016

(Expressed in US Dollars)

1. Nature of Operations and Basis of Presentation eBullion, Inc. (“eBullion” or “the Company”) was incorporated in Delaware on January 28, 2013. The ~~accompanying~~Company ~~notes~~provides ~~are~~trading services for gold and silver trading positions, 24-hour electronic trading platform, and its telephone transaction system located in Hong Kong. The Company is licensed through the Chinese Gold and Silver Exchange Society (“CGSE”) a self-regulatory organization located in Hong Kong which acts as an ~~integral~~exchange ~~part~~for the trading of ~~these~~Kilo ~~condensed~~gold ~~consolidated~~and ~~financial~~Loco ~~statements~~London gold and silver price indices quoted on the London Metals Exchange. Description of subsidiaries

6 Table of Contents

Name	Place of incorporation and kind of legal entity	Principal activities and place of operation	Particulars paid-up capital	Effective interest held

Man Loong Bullion Company Limited (“Man Loong”)	Hong Kong, a limited liability company	Provision of sub-agency service in London gold dealing	HK$10,152,000	100%

Shenzhen Qianhai Man Loong Bullion Company Limited (“SQML”)	The PRC, a limited liability company	Provision of gold trading service in the PRC	RMB2,000,000	100%

eBullion and its subsidiaries are hereinafter referred to as (the “Company”). Basis of Presentation The Company’s condensed consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company’s and Man Loong’s fiscal year end is March 31. The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), ~~Inc~~and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the consolidated balance sheet as of March 31, 2017 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended June 30, 2017 are not necessarily indicative of the results to be expected for the entire fiscal year ending March 31, 2018 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended March 31, 2017. Principles of Consolidation The condensed consolidated financial statements as of June 30, 2016, include the accounts of eBullion and its subsidiaries. All significant intercompany transactions have been eliminated.

~~Unaudited~~8 ~~Condensed~~Table ~~Consolidated Statements~~ of ~~Cash Flows~~Contents

eBullion, Inc. Notes to Condensed Consolidated Financial Statements For the ~~Nine~~Three Months Ended ~~December~~June 3130, ~~2016~~2017 and ~~2015~~2016 (Expressed in US Dollars)

~~(Expressed~~2. Summary of Significant Accounting Policies Use of Estimates The preparation of these condensed consolidated financial statements in USconformity ~~dollars)~~with U.S. GAAP 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the year. Changes in these estimates are recorded when known. Significant estimates made by management include:

	2016			2015
OPERATING ACTIVITIES:
Net income (loss)	$	26,552		$	(515,179	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization		56,703			64,426
Loss on disposal of proprety and equipment		-			124,846
Changes in operating assets and liabilities:
Commissions receivable		(417,090	)		75,775
Deposits and prepaid expenses		(59,578	)		(94,500	)
Accounts payable and accrued liabilities		(51,850	)		9,070
Customer deposits		21,699			78,975
Prepaid income taxes		147,483			-
Income taxes payable		12,061			4,181
Deferred income taxes		(4,930	)		17,684
Net cash used in operating activities		(268,950	)		(234,722	)
INVESTING ACTIVITIES:
Purchase of property and equipment		(46,147	)		(234,443	)
Increase in restricted cash		-			(313,864	)
Loan receivable from Global Long		-			(774,083	)
Net cash used in investing activities		(46,147	)		(1,322,390	)
NET INCREASE (DECREASE) IN CASH		(315,097	)		(1,557,112	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(564	)		1,010
Cash, beginning of period		1,109,465			2,513,423
Cash, end of period	$	793,804		$	957,321
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	-		$	-
Cash paid during the period for income taxes	$	-		$	-

	·	Valuation of assets and liabilities
	·	Useful lives of equipment
	·	Accounting for transactions with variable interest entities
	·	Other matters that affect the reported amounts and disclosures of contingencies in the consolidated financial statements.

~~The~~Actual ~~accompanying~~results ~~notes~~could ~~are~~differ anfrom ~~integral~~those ~~part~~estimates. ofReclassifications ~~these~~Certain ~~unaudited~~reclassifications ~~condensed~~have ~~consolidated~~been ~~financial~~made ~~statements~~to amounts reported in the previous years to conform to the current presentation. Such reclassifications had no effect on net income (loss).

79 Table of Contents

eBullion, Inc. Notes to ~~Unaudited~~ Condensed Consolidated Financial Statements For the ~~Nine~~Three Months Ended ~~December~~June 3130, ~~2016~~2017 and ~~2015~~2016 (Expressed in US Dollars)

2. Summary of Significant Accounting Policies - continued Revenue Recognition The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition, which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. ~~Nature~~The Company is not a counter party for trades executed through its trading platform and telephone transaction system and, instead, recognizes revenue to the extent of ~~Operations~~the flat-fee commission it receives on each trade processed for its agents and ~~Basis~~their customers. Cash and cash equivalents Cash and cash equivalents consist primarily of ~~Presentation~~cash on deposit, certificates of deposits, money market accounts, and investment grade commercial paper that are readily convertible to cash and purchased with original maturities of six months or less. As of June 30, 2017 and March 31, 2017, the Company had no cash equivalents. The Company reclassifies cash overdrafts to accounts payable. Fair Value of Financial Instruments ASC 820, “Fair Value Measurements”, defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for cash, commissions receivable, loan receivable from Global Long, accounts payable and accrued liabilities and customer deposits qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The standard establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the standard are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and U.S. government treasury securities. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter forwards, options and repurchase agreements. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. Level 3 instruments include those that may be more structured or otherwise tailored to customers’ needs.

~~eBullion,~~10 ~~Inc.~~Table ~~(“eBullion” or “the Company”) was incorporated in Delaware on January 28, 2013. On April 3, 2013, the Company’s shareholders exchanged 100%~~ of their shares for 100% of the shares of Man Loong Bullion Company Limited (“Man Loong”) a company which was incorporated in Hong Kong in 1974, and in 2007, was re-registered under Hong Kong law as a limited liability company. Upon completion of this transaction, Man Loong became a 100% owned subsidiary of eBullion. This transaction was accounted for as a reverse take-over.Contents

~~The Company provides trading services for gold and silver trading positions on Man Loong’s proprietary~~eBullion, ~~24-hour electronic trading platform, and its telephone transaction system located in Hong Kong~~Inc. The Company is licensed through the Chinese Gold and Silver Exchange Society (“CGSE”) a self-regulatory organization located in Hong Kong which acts as an exchange for the trading of Kilo gold and Loco London gold and silver price indices quoted on the London Metals Exchange.

~~The~~Notes ~~Company~~to isCondensed ~~not~~Consolidated aFinancial counter party for trades entered through its trading platform and telephone transaction system, and instead, contracts with agents who pay Man Loong a fixed commission on each trade that the Company executes for its agents and their customers.Statements

InFor ~~April 2016, Man Loong received a license from~~ the ~~CGSE~~Three toMonths ~~trade~~Ended ~~gold~~June ~~contracts in the new Qian Hai trade zone in Shenzhen~~30, ~~China.~~2017 Concurrent with receiving the license, Man Loong registered a new subsidiary, Shenzhen Qian Hai Man Loong Bullion Company Ltd. (“Shenzhen Qian Hai”) organized as a Wholly Foreign Owned Enterprise under PRC law. The new license will allow Man Loong to provide its trading platform and trading services to its existing and new customers who are citizens of the PRC to trade gold contracts through Shenzhen Qian Hai. Man Loong intends to charge a fee to facilitate such trades placed in Qian Hai and is in the process of defining its business and marketing strategies and processes for trades placed through Shenzhen Qian Hai.2016

~~Basis~~(Expressed ofin ~~Presentation~~ US Dollars)

~~These~~ 2. ~~unaudited~~Summary ~~condensed~~of ~~consolidated~~Significant ~~financial~~Accounting ~~statements~~Policies ~~are~~- ~~expressed~~continued Commissions inReceivable Commissions ~~U.S.~~receivable ~~Dollars~~represent ~~and~~commissions ~~have~~to ~~been~~be ~~prepared~~collected infrom ~~accordance~~agents ~~with~~for ~~accounting~~their ~~principles~~customers’ ~~generally~~trades ~~accepted~~executed inacross ~~the~~Man ~~United~~Loong’s ~~States~~electronic oftrade ~~America~~platform ~~(“GAAP”)~~and ~~for~~telephone ~~interim~~transaction ~~financial~~system ~~information~~through ~~and~~ the ~~instructions~~balance sheet date. Commissions receivable are typically remitted to ~~Form~~the ~~10-Q~~Company ~~and~~within ~~Article~~180 8days of ~~Regulation~~trade ~~S-X~~execution. ~~Accordingly,~~The ~~they~~Company dohas not ~~include~~historically ~~all~~incurred credit losses on these commissions receivable. As of ~~the~~June ~~information~~30, 2017 and ~~footnotes~~March ~~required~~31, by2017, ~~GAAP~~the Company had no reserve for ~~complete~~credit ~~financial~~losses ~~statements.~~nor Inhad it incurred any bad debts for the ~~opinion~~three ofmonths ~~management~~ended June 30, ~~all~~2017 ~~adjustments~~and of2016. Deposits aand ~~normal~~Prepaid ~~recurring~~Expenses The ~~nature~~Company records goods and ~~considered~~services ~~necessary~~paid for abut ~~fair~~not ~~presentation~~received ofuntil ~~its~~a ~~financial~~future ~~condition~~date as deposits and ~~results~~prepaid ofexpenses. ~~operations~~These ~~for~~primarily ~~the~~include ~~interim~~deposits ~~periods~~and ~~presented~~prepayments infor ~~this~~occupancy ~~Quarterly~~related ~~Report~~expenses. onDeposit ~~Form~~or ~~10-Q~~prepaid ~~have~~expenses ~~been~~which ~~included.~~will ~~Operating~~be ~~results~~realized ~~for~~more than 12 months past the ~~interim~~balance ~~periods~~sheet date are ~~not~~classified ~~necessarily~~as ~~indicative~~non-current ofassets ~~financial~~in ~~results~~the ~~for~~accompanying ~~the~~consolidated ~~full~~balance ~~year~~sheets. Equipment Equipment ~~These~~is ~~unaudited~~stated ~~condensed~~at ~~consolidated~~cost. ~~financial~~The ~~statements~~cost ~~should~~of bean ~~read~~asset inconsists ~~conjunction~~of ~~with~~its purchase price and any directly attributable costs of bringing the ~~audited~~asset ~~consolidated~~to ~~financial~~its ~~statements~~present ~~and~~working ~~notes~~condition ~~thereto~~and ~~included~~location infor ~~the~~its ~~Company’s~~intended ~~Annual~~use. Equipment ~~Report~~is ondepreciated ~~Form~~using 10the straight-Kline ~~for~~method over the ~~year~~estimated ~~ended~~useful ~~March~~lives ~~31,~~of ~~2016.~~the assets as follows:

The Company’s and Man Loong’s fiscal year end is March 31.

Office equipment		5 years
Furniture and fixtures		5 years
Computer equipment		5 years

~~Principles~~Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized. Gain or loss on disposal of ~~Consolidation~~equipment is the difference between net sales proceeds and the carrying amount of the relevant assets, if any, and is recognized as income or loss in the accompanying consolidated statements of comprehensive income (loss).

~~The~~11 ~~unaudited~~Table ~~condensed consolidated financial statements as~~ of December 31, 2016 and March 31, 2016, and for the three and nine months ended December 31, 2016 and 2015, include the accounts of eBullion and its wholly owned subsidiary, Man Loong. All significant intercompany transactions have been eliminated. Contents

8eBullion, ~~Table~~Inc. ofNotes ~~Contents~~to Condensed Consolidated Financial Statements For the Three Months Ended June 30, 2017 and 2016 (Expressed in US Dollars)

~~eBullion, Inc~~2. ~~Notes~~Summary toof ~~Unaudited~~Significant ~~Condensed~~Accounting ~~Consolidated~~Policies ~~Financial~~– ~~Statements~~continued ~~For~~Reporting ~~the~~Currency ~~Nine~~and ~~Months~~Foreign ~~Ended~~Currency ~~December~~Translation As of June 30 and March 31, 2017 and for the three months ended June 30, 2017 and 2016, the accounts of the Company were maintained in their functional currencies, which is the U.S. dollar for eBullion and ~~2015~~the Hong Kong dollar (~~Expressed~~"HK indollar") USfor ~~Dollars~~Man Loong. The financial statements of Man Loong have been translated into U.S. dollars which is its reporting currency. All assets and liabilities of Man Loong are translated at the exchange rate on the balance sheet date, shareholders’ equity is translated at historical rates and the statements of comprehensive income, and statements of cash flows are translated at the weighted average exchange rate for the periods. The resulting translation adjustments for the period are reported under other comprehensive income (loss) and accumulated translation adjustments are reported as a separate component of shareholders’ equity. Foreign exchange rates used:

2. Summary of Significant Accounting Policies

	2017		2016

Period-end June 30, 2017 USD/HKD exchange rate		7.8048		7.7586
Average USD/HKD exchange rate:		7.7855		7.7604
Period end June 30, 2017 USD/RMB exchange rate		6.7842		-
Average USD/RMB exchange rate:		6.8630		-

~~Use~~ Long-Lived Assets The Company periodically evaluates the carrying value of ~~Estimates~~long-lived assets when events and circumstances warrant such review. The carrying value of long-lived assets is considered impaired when the anticipated undiscounted cash flow from such an asset is less than its carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds the fair market value of the long-lived asset. The Company has identified no such impairment losses. Customer Deposits Customer deposits at June 30, 2017 and March 31, 2017 were accepted pursuant to the Company’s agreements with certain of its independent agents. Under terms of those agreements, the Company accepts margin deposits for certain of the agents’ customers who prefer that the Company hold those deposits. If an agent’s customer suffers a trading loss equaling 80% or more of the customers’ deposit balance, the customer is required to increase the balance of his deposit or the customer’s trading position is closed and the remaining deposit balance is remitted to the agent in order to fund the customer’s trading losses. Accordingly, the Company had no risk of loss related to customer deposits at June 30, 2017 and March 31, 2017. Accumulated Other Comprehensive (Loss) The Company’s accumulated other comprehensive (loss) as June 30, and March 31, 2017 consists of adjustments resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar.

~~The~~12 ~~preparation~~Table of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP 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 unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Changes in these estimates are recorded when known. Significant estimates made by management include:Contents

·eBullion, ~~Valuation~~Inc. ofNotes ~~assets~~to ~~and~~Condensed ~~liabilities~~Consolidated ·Financial ~~Useful~~Statements ~~lives~~For ofthe ~~equipment~~Three ·Months ~~Accounting~~Ended ~~for~~June ~~transactions~~30, ~~with~~2017 ~~variable interest entities · Other matters that affect the reported amounts~~ and ~~disclosures~~2016 of(Expressed ~~contingencies~~ in ~~the~~US ~~consolidated financial statements.~~Dollars)

~~Actual~~2. Summary of Significant Accounting Policies - continued Income Taxes The Company utilizes ASC 740, 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 has adopted the provisions of the interpretation, of ASC 740, Accounting for Uncertainty in Income Taxes. The Company did not have any material unrecognized tax benefits and there was no effect on its financial condition or results ~~could~~of ~~differ~~operations as a result of implementing the interpretation. The Company files income tax returns in the United States and the Company is subject to federal income tax examinations for the fiscal years ended March 31, 2014 through 2016. Man Loong files income tax returns in Hong Kong and is no longer subject to tax examinations by tax authorities for years before 2008. At June 30, 2017, Man Loong had no uncertain tax positions. Historically, we have not provided for U.S. income and foreign withholding taxes on Man Loong’s undistributed earnings, because such earnings have been retained and reinvested by Man Loong. The Company does not intend to require Man Loong to pay dividends for the foreseeable future and so additional income taxes and applicable withholding taxes that would result from the repatriation of such earnings are not practicably determinable. Earnings (Loss) per Share The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings Per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding during the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stocks using the treasury stock method and the potential shares of converted common stock associated with the convertible debt using the if-converted method. Potential common shares that have an anti-dilutive effect (i.e., those ~~estimates~~that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS. The Company does not have any securities that may potentially dilute its basic earnings (loss) per share.

~~Revenue~~13 ~~Recognition~~Table of Contents

~~The~~eBullion, ~~Company~~Inc. ~~recognizes~~Notes ~~revenue~~to inCondensed ~~accordance~~Consolidated ~~with~~ Financial ~~Accounting~~Statements ~~Standards~~For ~~Board~~the ~~(“FASB”)~~Three ~~Accounting~~Months ~~Standards~~Ended ~~Codification~~June ~~(“ASC”) Topic 605~~30, ~~Revenue~~2017 Recognition, which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed and ~~determinable;~~2016 ~~and~~ (4)Expressed ~~collectability~~in isUS reasonably assured. The Company is not a counter party for trades executed through its trading platform and telephone transaction system and, instead, recognizes revenue to the extent of the flat-fee commission it receives on each trade processed for its agents and their customers.Dollars)

2. Summary of Significant Accounting Policies - continued Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. Recent Accounting Pronouncements In January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” These amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Effective for public business entities that are a SEC filers for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 should be adopted on a prospective basis. In December 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” The amendments affect narrow aspects of the guidance issued in ASU 2014-09 including Loan Guarantee Fees, Contract Costs, Provisions for Losses on Construction-Type and Production-Type Contracts, Disclosure of Remaining Performance Obligations, Disclosure of Prior Period Performance Obligations, Contract Modifications, Contract Asset vs. Receivable, Refund Liability, Advertising Costs, Fixed Odds Wagering Contracts in the Casino Industry, and Costs Capitalized for Advisors to Private Funds and Public Funds. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for FASB Accounting Standards Codification Topic 606. Public entities should apply Topic 606 (and related amendments) for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

~~Advertising~~14 ~~costs~~Table ~~are incurred for the production and communication~~ of advertising, as well as other marketing activities. The Company expenses the cost of advertising as incurred. The Company did not capitalize any production costs associated with advertising for the three and nine months ended December 31, 2016 and 2015. The total amount charged to advertising expense was $353 and $4,696 for the nine months ended December 31, 2016 and 2015, respectively and $0 and $0 for the three months ended December 31, 2016 and 2015, respectively.Contents

~~Cash~~eBullion, Inc. Notes to Condensed Consolidated Financial Statements For the Three Months Ended June 30, 2017 and ~~cash~~2016 ~~equivalents~~(Expressed in US Dollars)

~~Cash~~3. ~~and~~Deposits ~~cash equivalents consist primarily of cash on deposit, certificates of deposits, money market accounts,~~ and ~~investment~~Prepaid ~~grade~~Expenses ~~commercial~~Deposits ~~paper that are readily convertible to cash~~ and ~~purchased~~prepaid ~~with~~expenses ~~original~~consisted ~~maturities~~ of ~~three~~the ~~months~~following oras ~~less. As~~ of ~~December~~June 3130, ~~2016~~2017 and March 31, ~~2016, the Company had no cash equivalents~~2017.

Fair Value of Financial Instruments

	Unaudited		Audited
Current	June 30, 2017		March 31, 2017
Prepaid rent and occupancy expenses	$	40,816	$	42,141

Noncurrent
Rent and occupancy deposits		214,826		188,010
Total deposits and prepaid expenses	$	255,642	$	230,151

~~ASC~~4. ~~820~~Loan receivable from Global Long On April 3, 2015, Man Loong loaned Global Long Inc. Limited (“~~Fair~~Global ~~Value~~Long”) ~~Measurements~~$768,761 (HKD$6,000,000). Global Long is registered in Hong Kong and through its subsidiary in the Peoples Republic of China, eBullion Trade Company Limited (“eBullion Trade”), ~~defines~~is ~~fair~~engaged ~~value~~in trading silver contracts as an electronic trading member of the Guangdong Precious Metal Exchange (“GPME”). The loan bears interest at a 6% annual rate, matures on its 5th anniversary and ~~establishes~~is secured by a ~~three-level~~first ~~valuation~~right ~~hierarchy~~of ~~for~~claim ~~disclosures~~on a bank deposit held by eBullion Trade. Under terms of ~~fair~~the ~~value~~loan, ~~measurement~~interest is payable to Man Loong quarterly and ~~enhances~~Global ~~disclosure~~Long ~~requirements~~has ~~for~~the ~~fair~~right ~~value~~to ~~measures~~repay the loan at any time before the maturity date. ~~The~~Until ~~carrying~~all ~~amounts~~principal ~~reported~~and inaccrued interest are repaid on the ~~condensed~~loan, ~~consolidated~~Global ~~balance~~Long ~~sheets~~may ~~for~~not ~~cash~~enter into additional borrowings without Man Loong’s written permission, ~~commissions~~and ~~receivable~~upon certain events of default, the Loan becomes due on demand. The purpose of the loan ~~receivable~~was ~~from~~to establish a relationship with Global Long, ~~accounts~~with ~~payable~~the ~~and~~intent ~~accrued~~of ~~liabilities~~becoming ~~and~~their ~~customer~~first ~~deposits~~choice ~~qualify~~for asGlobal ~~financial~~Long’s ~~instruments~~customers ~~and~~who ~~are~~wish to trade in gold trading positions through the CGSE. The Company determined that the loan to Global Long does not give the Company a ~~reasonable~~variable ~~estimate~~interest ofin ~~fair~~Global ~~value~~Long and that Global Long is not a variable interest entity (“VIE”) because ofMan Loong does not have the ~~short~~power ~~period~~to ofdirect ~~time~~any ~~between~~of the ~~origination~~activities of ~~such~~Global ~~instruments~~Long ~~and~~or ~~their~~eBullion ~~expected~~Trade ~~realization~~that ~~and~~significantly impact their ~~current~~economic ~~market~~performance. ~~rate~~Accordingly, ofthe ~~interest~~Company has not consolidated Global Long into its consolidated financial statements.

915 Table of Contents

eBullion, Inc. Notes to ~~Unaudited~~ Condensed Consolidated Financial Statements For the ~~Nine~~Three Months Ended ~~December~~June 3130, ~~2016~~2017 and ~~2015~~2016 (Expressed in US Dollars)

25. ~~Summary~~Equipment Equipment, including leasehold improvements, consisted of ~~Significant~~the ~~Accounting~~following ~~Policies~~as of June 30, 2017and March 31, 2017

The standard establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the standard are as follows:

	Unaudited June 30, 2017			March 31, 2017
Office equipment	$	206,345		$	206,345
Computer equipment		59,919			59,919
Furniture and fixtures		111,916			111,916
		378,180			378,180
Less: Accumulated depreciation		(172,664	)		(153,830	)
Equipment, net	$	205,516		$	224,350

~~Level~~Depreciation 1expense -was ~~Quoted~~$18,834 ~~prices~~and ~~are~~$18,895 ~~available in active markets~~ for ~~identical assets or liabilities as of~~ the ~~reporting~~three ~~date.~~months ~~Active~~ended ~~markets~~June ~~are~~30, ~~those~~2017 inand ~~which~~2016, ~~transactions~~respectively, ~~for~~and ~~the~~was ~~asset~~recorded oras ~~liability~~depreciation ~~occur~~expense in ~~sufficient~~the ~~frequency~~accompanying ~~and~~consolidated ~~volume~~statements ~~to provide pricing information on an ongoing basis. Level 1 primarily consists~~ of ~~financial~~comprehensive ~~instruments~~income ~~such as exchange-traded derivatives, listed equities and U~~(loss).~~S. government treasury securities.~~

~~Level~~6. 2Customer -Deposits ~~Pricing~~Customer ~~inputs~~deposits ~~are~~were ~~other~~$11,520 ~~than~~and ~~quoted prices in active markets included in Level 1~~$212,886 ~~which~~at ~~are~~June either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions30, ~~including~~2017 ~~quoted~~and ~~forward~~March ~~prices for commodities~~31, ~~time value~~2017, ~~volatility factors~~respectively, and ~~current~~were ~~market~~recorded ~~and contractual prices for the underlying instruments,~~ as ~~well~~a ascurrent ~~other~~liability ~~relevant economic measures. Substantially all of these assumptions are observable~~ in the ~~marketplace~~accompanying ~~throughout~~consolidated ~~the~~statements ~~full term~~ of ~~the~~financial ~~instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace~~condition. ~~Instruments in this category include non-exchange-traded derivatives such as over the counter forwards, options and repurchase agreements.~~

~~Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources~~7. ~~These~~General ~~inputs~~and ~~may~~Administrative beExpenses ~~used~~General ~~with~~and ~~internally~~administrative ~~developed~~expenses ~~methodologies~~consist ~~that result in management’s best estimate~~ of ~~fair~~the ~~value~~following ~~from~~for the ~~perspective~~three ofmonths aended ~~market~~June ~~participant.~~30, ~~Level~~2017 3and ~~instruments include those that may be more structured or otherwise tailored to customers’ needs~~2016.

The Company had no financial instruments that were required to be measured at fair value for the three and nine months ended December 31, 2016 and 2015.

	2017		2016
Marketing expenses	$	8,593	$	114,847
Trading platform rent		26,122		36,783
Transportation		755		1,139
Internet		4,705		4,861
Travel and entertainment		612		356
Computers and software		7,214		14,203
Legal and professional		21,719		64,758
Licenses		1,400		3,424
Occupancy		121,001		89,537
Advertising		1,284		229
Other		10,811		15,373
Total general and administrative expense	$	204,216	$	345,510

~~Commissions~~16 ~~Receivable~~Table of Contents

~~Commissions~~eBullion, ~~receivable~~Inc. ~~represent~~Notes ~~commissions~~ to beCondensed ~~collected~~Consolidated ~~from~~Financial ~~agents~~Statements ~~for~~For ~~their customers’ trades executed across Man Loong’s electronic trade platform and telephone transaction system through~~ the ~~balance~~Three ~~sheet~~Months ~~date.~~Ended ~~Commissions~~June ~~receivable are typically remitted to the Company within~~ 30 ~~days of trade execution. The Company has not historically incurred credit losses on these commissions receivable. As of December 31~~, ~~2016~~2017 and ~~March 31,~~ 2016, ~~the~~(Expressed ~~Company~~in ~~has~~US ~~no reserve for credit losses nor has it incurred any bad debts for the three and nine months ended December 31, 2016 and 2015.~~Dollars)

~~Deposits~~8. ~~and~~Income ~~Prepaid Expenses~~Taxes

~~The~~Income ~~Company~~(loss) ~~records~~before ~~goods~~income ~~and~~taxes ~~services~~as ~~paid~~shown ~~for~~in ~~but~~the ~~not~~accompanying ~~received~~consolidated ~~until~~statements aof ~~future~~comprehensive ~~date~~income as(loss) ~~deposits~~is ~~and~~summarized ~~prepaid~~below ~~expenses. These primarily include deposits and prepayments~~ for ~~occupancy~~the ~~related~~three ~~expenses. Deposits or prepaid expenses which will be realized more than 12~~ months ~~past~~ended ~~the~~June ~~balance~~30, ~~sheet~~2017 ~~date~~and ~~are classified as non-current assets in the accompanying condensed consolidated balance sheets~~2016.

Property and Equipment

	2017			2016
United States	$	7,259			(8,901	)
Hong Kong		(305,321	)		(43,300	)
Income (loss) before income taxes	$	(298,062	)		(52,201	)

~~Property and equipment is stated at cost.~~ The ~~cost~~provision of(benefit) anfor ~~asset~~income taxes consists of ~~its~~the ~~purchase~~following ~~price~~for ~~and any directly attributable costs of bringing~~ the ~~asset~~three tomonths ~~its~~ended ~~present~~June ~~working~~30, ~~condition~~2017 and ~~location for its intended use.~~2016:

Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets as follows:

	2017			2016
Current:
United States	$	-		$	-
Hong Kong		-			-
Total current provision		-			-

Deferred:
United States		-			-
Hong Kong		(2,482	)		(1,262	)
Total deferred benefit		(2,482	)		(1,262	)

Total income tax provision (benefit)	$	(2,482	)	$	(1,262	)

Office equipment	5 years
Furniture and fixtures	5 years
Computer equipment	5 years

The reconciliation of the income tax provision to the amount computed by applying the U.S. statutory federal income tax rate to income (loss) before income taxes is as follows:

Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.

	2017			2016
Income tax provision (benefit) at the U.S. statutory tax rate	$	(44,709	)	$	(7,830	)
Valuation allowance on U.S. net operating loss carryforwards		1,089			1,335
Impact of foreign operations		50,378			7,577
Defferred provision					-
Other		(9,240	)		(2,344	)
Income tax provision (benefit)	$	(2,482	)	$	(1,262	)

~~Gain~~At orJune ~~loss~~30, on2017, ~~disposal~~the ofCompany ~~equipment~~had isU.S. ~~the~~net ~~difference~~operating ~~between~~loss ~~net~~carryforwards ~~sales~~of ~~proceeds~~approximately ~~and~~$462,500 ~~the~~which ~~carrying~~expire ~~amount~~in of2037. ~~the~~Based ~~relevant~~on ~~assets,~~the ifavailable ~~any~~evidence, ~~and~~it is ~~recognized~~uncertain aswhether ~~income~~future orU.S. ~~loss~~taxable inincome ~~the~~will ~~accompanying~~be ~~unaudited~~sufficient ~~condensed~~to ~~consolidated~~offset ~~statements~~the ofestimated ~~comprehensive~~net ~~income (~~loss). ~~There~~carryforwards, ~~were~~accordingly, nothe ~~disposals~~Company ofhas ~~equipment~~recorded ~~for~~a ~~the~~valuation ~~three~~allowance ~~and~~of ~~nine~~approximately ~~months~~$127,000 ~~ended~~as ~~December~~of ~~31,~~June ~~2016~~30 ~~and 2015~~2017.

1017 Table of Contents

eBullion, Inc. Notes to ~~Unaudited~~ Condensed Consolidated Financial Statements For the ~~Nine~~Three Months Ended ~~December~~June 3130, ~~2016~~2017 and ~~2015~~2016 (Expressed in US Dollars)

28. ~~Summary~~Income Taxes, Continued At June 30, 2017 and March 31, 2017, the Company’s and Man Loong’s differences between the book and tax basis of ~~Significant~~equipment gave rise to deferred income tax asset of $72,757 and $71,221, respectively which are recorded as noncurrent in the accompanying consolidated statements of financial condition. The Company had no other differences between the book and tax basis of assets and liabilities as June 30 and March 31, 2017. As a result of the implementation of ASC 740, Accounting ~~Policies~~for -Income ~~continued~~Taxes, the Company recognized no material adjustment to unrecognized tax benefits. The Company will continue to classify income tax penalties and interest, if any, as part of interest and other expenses in the accompanying consolidated statements of comprehensive income (loss). The Company has incurred no interest or penalties during the three months ended June 30, 2017 and 2016.

~~Variable~~9. ~~Interest~~Earnings ~~Entity~~(Loss) Per Share

AEarnings ~~variable~~(loss) ~~interest~~per ~~entity~~share (“~~VIE~~EPS”) isinformation afor ~~legal~~the ~~entity,~~three ~~other~~months ~~than~~ended anJune ~~individual~~30, ~~used~~2017 ~~for~~and ~~business~~2016 ~~purposes~~was ~~that~~determined ~~either~~by dividing net income (aloss) ~~has~~for ~~equity~~the ~~investors~~period ~~that~~by dothe ~~not~~weighted ~~provide~~average ~~sufficient~~number ~~financial~~of ~~resources~~both basic and diluted shares of common stock and common stock equivalents outstanding. As of and for the ~~entity~~three tomonths ~~support~~ending ~~its~~June ~~activities~~30, or2017 ~~(b)~~and 2016, the ~~equity~~Company ~~investors~~did ~~lack~~not have any ~~one~~securities ofthat may potentially dilute the ~~following~~basic ~~three~~earnings ~~criteria:~~(loss) per share. Therefore basic and diluted earnings (loss) per share for the respective years are the same.

· The power to direct activities that most significantly impact the entity’s economic performance · The obligation to absorb the expected losses of the entity · The right to receive the expected residual returns.

	2017			2016
Numerator
Net income (loss) attributable to common shareholders	$	(295,580	)	$	(50,939	)

Denominator
Weighted average shares of common stock (basic and diluted)		512,600,000			512,600,000

Basic and diluted earnings (loss) per share	$	0.00		$	0.00

A10. ~~VIE~~Related isParty ~~required~~Transactions toand beBalances ~~consolidated~~The byCompany aengaged ~~reporting~~in ~~entity~~related ifparty ittransactions ~~has~~with certain shareholders, and a ~~controlling~~company ~~financial~~under ~~interest~~common incontrol ~~the~~as ~~VIE~~described below. AOn ~~reporting~~May ~~entity~~27, is2011, ~~deemed~~the toCompany ~~have~~entered into an agreement with a ~~controlling~~company ~~financial~~under ~~interest~~common incontrol, aTrue ~~VIE~~Technology ifCompany itLimited ~~both~~(“True ~~has~~Technology”), ~~the~~under ~~power~~which toTrue ~~direct~~Technology hosts the ~~activities~~Company’s ~~that~~servers ~~most~~and ~~significantly~~provides ~~impact~~a connection between the ~~VIE~~customer’s ~~economic~~servers ~~performance~~ and the ~~obligation~~internet tousing ~~absorb~~True ~~the~~Technology’s ~~losses~~public ornetwork connections. The fee for these services was $12,894 per month through April 2013 when the ~~right~~fee was reduced to ~~receive~~$3,868 ~~economic~~per ~~benefits~~month ~~from~~and ~~the~~is ~~VIE~~recorded ~~that~~as ~~could~~trading ~~potentially~~platform berent ~~significant~~expense toas ~~the~~a ~~VIE~~component of general and administrative expenses. ~~The~~Included ~~Company~~in ~~did~~general ~~not~~and ~~have~~administrative aexpenses ~~VIE~~in asthe accompanying unaudited condensed consolidated statements of ~~December~~comprehensive 31income (loss) for the three months ended June 30, 2017 and ~~March~~2016, 31are rental fees which were paid to True Technology of $11,560 ~~2016~~and $11,610 respectively. Included in employee compensation and benefits in the accompanying consolidated statements of comprehensive income (loss) for the three months ending June 30, 2017 and ~~nine~~2016, ~~months~~are ~~ended~~salaries ~~December~~and 31director compensation of $ $11,560 ~~2016~~and $7,732 respectively, which were paid to two of the Company’s directors and ~~2015~~shareholders.

~~Reporting~~11. ~~Currency~~Commitments The Company leases office space under non-cancellable operating lease agreements that expire on various dates through 2019. In May 27, 2011, the Company entered into an agreement with True Technology, a company under common control under which True Technology hosts the Company’s servers and ~~Foreign~~provides ~~Currency~~a ~~Translation~~connection between the customer’s servers and the internet using True Technology’s public network connections. The fees paid to True Technology are approximately $12,894 per month for 12 months after which the fees were reduced to $3,866 per month for 24 months. In April 2017, the trading platform lease with True Technology was renewed for 2 years with monthly payment of approximately $3,866 until March 31, 2019. Future annual minimum lease payments, including maintenance and management fees, for non-cancellable operating leases and trading platform fees, are as follows:

As of December 31 and March 31, 2016 and for the three and nine months ended December 31, 2016 and 2015, the accounts of the Company were maintained in their functional currencies, which is the U.S. dollar for eBullion and the Hong Kong dollar ("HK dollar") for Man Loong. The financial statements of Man Loong have been translated into U.S. dollars which is its reporting currency. All assets and liabilities of Man Loong are translated at the exchange rate on the balance sheet date, shareholders’ equity is translated at historical rates and the statements of comprehensive income (loss), and statements of cash flows are translated at the weighted average exchange rate for the periods. The resulting translation adjustments for the period are reported under other comprehensive income (loss) and accumulated translation adjustments are reported as a separate component of shareholders’ equity.

Years ending June 30,

2018	$	505,073
2019		173,984
	$	679,057

~~Foreign~~18 ~~exchange~~Table ~~rates~~of ~~at December 31 and March 31, 2016 and for the three and nine months ended December 31, 2016 and 2015 are as follows:~~Contents

	2016		2015
Year end March 31, 2016 USD/HKD exchange rate		7.7540		-
Period end USD/HKD exchange rate		7.7546		7.7503
Average USD/HKD exchange rate:
Nine months ended December 31		7.7579		7.7511
Three months ended December 31		7.7571		7.7503

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

~~Long~~The following information should be read in conjunction with (i) the financial statements of eBullion, Inc., a Delaware corporation (the “Company”), and development stage company, and the notes thereto appearing elsewhere in this Form 10-~~Lived~~Q ~~Assets~~together with (ii) the more detailed business information and the March 31, 2017 audited financial statements and related notes included in the Company’s Form 10-K, as amended (File No. 000-55231; the “Form 10-K”), as filed with the Securities and Exchange Commission on July 6, 2017. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements

The Company periodically evaluates the carrying value of long-lived assets when events and circumstances warrant such review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such an asset is less than its carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds the fair market value of the long-lived asset. The Company has identified no such impairment losses.OVERVIEW

~~Accounts~~On ~~payable~~April 3, 2013, we entered into a Contribution Agreement with the shareholders of Man Loong, whereby we acquired 100% of the issued and ~~accrued~~outstanding ~~liabilities~~capital stock of Man Loong from its stockholders, in exchange for 507,600,000 newly issued shares of our common stock, with a par value of $0.0001. After the transaction, Man Loong became our wholly owned subsidiary.

~~Accounts~~This ~~payable~~share ~~and~~exchange ~~accrued~~transaction ~~liabilities~~(the at“Merger”) ~~December~~was ~~31,~~accounted ~~2016~~for as a recapitalization whereby Man Loong was the acquirer for financial reporting purposes and ~~March~~eBullion 31was the acquired company. Consequently, ~~2016~~the ~~primarily~~assets ~~consist~~and ofliabilities ~~accrued~~and ~~statutory~~the ~~bonus~~operations ~~payable~~that toare ~~employees~~reflected in ~~Hong~~the ~~Kong,~~historical ~~audit~~financial ~~fees~~statements ~~payable~~prior to the ~~Company’s~~Merger ~~auditors~~were those of Man Loong and ~~accountants~~were recorded at the historical cost basis. The consolidated financial statements after completion of the Merger include the assets and ~~legal~~liabilities ~~fees~~of ~~payable~~eBullion toand Man Loong, historical operations of Man Loong and operations of eBullion from the closing date of the Merger. Common stock and the corresponding capital amounts of the Company’s ~~legal~~pre-merger ~~counsel~~have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger. In conjunction with the Merger, Man Loong received no cash and assumed no liabilities of eBullion.

11In ~~Table~~March 2015, we increased the number of ~~Contents~~our authorized shares from 500,000,000 to 1,000,000,000. The par value of our shares remained unchanged at $.0001. We also effected a 10-for-1 stock split, whereby we exchanged 10 of our shares for every 1 share issued at outstanding before the split. Following the share split, we have 512,600,000 shares issued and outstanding. All share and per share amounts for the prior year have been retroactively restated to give effect of the 10-for-1 share split.

~~eBullion~~Since April 3, ~~Inc~~2013, through our subsidiary, Man Loong, we have been engaged in the precious metals trading business, facilitating the execution of gold and silver price contracts for customers of its agents via an electronic trading platform which we license from an affiliated company, True Technology. ~~Notes~~In facilitating trades of these price contracts, Man Loong acts in its capacity as an officially designated electronics trading member of the Chinese Gold and Silver Exchange Society, or the “CGSE”, in Hong Kong. Man Loong holds a Type AA License which it uses to ~~Unaudited~~engage ~~Condensed~~in ~~Consolidated~~the ~~Financial~~electronic ~~Statements~~trading ~~For~~of Kilo Gold and Loco London Gold and Silver. The electronic trading platform that Man Loong licenses from True Technology provides its agents’ customers with CGSE price quotations on gold and silver price contracts, on a Loco London basis, as well as information updates on the ~~Nine~~gold ~~Months~~and ~~Ended~~silver ~~December~~market, 31based on an evaluation of third-party market pricing sources such as Reuters or Bloomberg. Man Loong’s customer base is located primarily in China where it works through independent agents, ~~2016~~and in Hong Kong where it has one office and ~~2015~~maintains ~~(Expressed~~its trading platforms. Man Loong has 3 agents in USHong ~~Dollars)~~Kong which cover three main geographic areas, including Hong Kong Island, Kowloon and the New Territories. In mainland China, Man Loong has 10 agents located in Shanghai and Guangdong and Fujian provinces. Each of our agents in Hong Kong have between 100 and 150 customers and our agents in China each have between 100 and 600 customers.

2.19 ~~Summary~~Table of ~~Significant Accounting Policies - continued~~Contents

~~Customer~~In ~~Deposits~~April 2016, Man Loong received a license from the CGSE to trade gold contracts in the new Qian Hai trade zone in Shenzhen, China. Concurrent with receiving the license, Man Loong registered a new subsidiary, Shenzhen Qian Hai Man Loong Bullion Company Ltd. (“Shenzhen Qian Hai”) organized as a Wholly Foreign Owned Enterprise under PRC law. The new license will allow Man Loong to provide its trading platform and trading services to its existing and new customers who are citizens of the PRC to trade gold contracts through Shenzhen Qian Hai. Man Loong intends to charge a fee to facilitate such trades, and is in the process of defining its business and marketing strategies and processes for trades placed through Shenzhen Qian Hai.

~~Customer~~Man ~~deposits~~Loong’s atmembership ~~December~~in ~~31,~~the ~~2016~~CGSE allows it to facilitate trades on behalf of nonmembers who execute trades to buy and/or ~~March~~sell ~~31,~~gold ~~2016~~and/or ~~were~~silver ~~accepted~~price ~~pursuant~~contracts without it being required to become a counterparty to the ~~Company’s~~trade ~~agreements~~or ~~with~~to ~~certain~~purchase ofor sell any gold or silver being traded as a principal. Man Loong facilitates the trades that are placed using its ~~independent~~electronic ~~agents~~trading platform. ~~Under~~Man ~~terms~~Loong ofprovides ~~those~~agents ~~agreements,~~and their customers with access to its electronic trading platform which has a direct connection to the ~~Company~~CGSE. ~~accepts~~Man ~~margin~~Loong ~~deposits~~enters into an agency agreement with each agent for ~~certain~~which ofit facilitates trades pursuant to which the ~~agents’~~agent ~~customers~~agrees ~~who~~to ~~prefer~~pay a commission to Man Loong for each trade that Man Loong facilitates and the ~~Company~~agent ~~hold~~agrees ~~those~~to ~~deposits~~take all responsibility for trade losses. IfThe anagents ~~agent~~often use Man Loong’s ~~customer~~offices ~~suffers~~and aconference ~~trading~~rooms ~~loss~~as ~~equaling~~a ~~80%~~physical orplace ~~more~~to ofmeet ~~the~~with customers’ ~~deposit~~and ~~balance,~~Man ~~the~~Loong ~~customer~~provides isa ~~required~~dedicated toinvestment ~~increase~~center ~~the~~where ~~balance~~agents ofand ~~his~~their ~~deposit~~customers orcan access the ~~customer’s~~electronic trading ~~position~~platform isto ~~closed~~place and ~~the~~process ~~remaining~~contract ~~deposit~~orders ~~balance~~for isgold, ~~remitted~~and silver and obtain up-to-date ~~the~~market ~~agent~~data, intrade ~~order~~reports and gain/ loss reports to ~~fund~~assist ~~the~~them ~~customer’s~~in ~~trading~~evaluating ~~losses~~their portfolio and effecting contract trades.

~~Accordingly~~Man Loong provides its agents and their customers, with access to its electronic trading platform to place and process price contract orders for gold and silver, which price contracts do not involve the ~~Company~~physical ~~had~~transfer noor ~~risk~~delivery of any actual gold, silver or other precious metals. The electronic trading platform also provides an agent’s customers with up-to-date market data, trade reports and gain/ loss ~~related~~reports to ~~customer~~assist ~~deposits~~them atin ~~December~~evaluating ~~31,~~their ~~2016~~portfolio and ~~March~~effecting 31price contract trades. Man Loong’s agents assume all of the portfolio trading risk of their price contract orders. Man Loong merely supplies the trading platform that processes the trade as a member of the CGSE and receives a commission. The electronic trading platform communicates and confirms all of the trades that are placed by Man Loong to the CGSE and the CGSE, ~~2016~~through the electronic trading platform, provides both the customers of the agents and the agents with confirmation codes which confirm execution of the trades placed through the electronic platform.

~~Accumulated~~Man ~~Other~~Loong ~~Comprehensive~~receives ~~Loss~~a brokerage commission per trade ranging from $20 to $40 regardless of the purchase price paid or received for the gold or silver traded and the agent assumes the sole responsibility for settlement of the purchase price of the gold or silver traded and for any resulting gain or loss recognized on those trades.

~~The~~All ~~Company~~of our revenue has been derived by Man Loong from the commission it receives on each trade executed through its electronic trade platform or telephone transaction system. Man Loong calculates and charges the agents’s ~~accumulated~~account ~~other~~a ~~comprehensive~~flat ~~loss~~fee asof ~~December~~between ~~31,~~$20 - $40 when each trade is closed and ~~March~~invoices ~~31,~~those ~~2016~~agents ~~consist~~for their commission at the end of ~~adjustments~~each ~~resulting~~month. ~~from~~Payment ~~translating~~terms for commissions are net 30 days. The typical fee is $40 per trade; however, for agents whose customers execute a large number of trades, Man Loong’s ~~functional~~will ~~currency,~~discount the HKfee ~~dollar~~to as low as $20 per trade. Man Loong evaluates its commission fee on an annual basis and adjusts it accordingly based upon its operational costs, which include the fees to run its ~~reporting~~electronic ~~currency~~trading platform, the ~~U.S.~~fees ~~dollar~~associated with the maintenance of its office, the fees that are charged by the CGSE and its employee costs.

~~Rental~~20 ~~Income~~Table of Contents

~~Rental~~Man ~~income~~Loong ~~consisted~~is ofnot ~~rent~~a ~~charged~~counterparty ~~for~~in the trades executed by our agents’ customers on our trading platforms, instead it charges a ~~portion~~commission ofwhich ranges from $20 to $40 for each completed trade. Man Loong’s ~~office~~revenue ~~facility~~is ~~which~~dependent ~~was~~upon ~~leased~~the onamount aof ~~short~~commission ~~term~~it ~~lease~~generates ~~arrangement.~~which ~~Agreed~~in ~~rental~~turn ~~payments~~is ~~were~~dependent ~~$4,514~~upon ~~per~~the ~~month~~number ~~from~~of ~~January~~agents 1it has, ~~2015~~the ~~until~~number ~~March~~of 31customers its agents have, ~~2015~~and ~~when~~trade volume as opposed to the ~~lease~~price ~~arrangement~~of ~~expired~~the commodities. ~~Though~~Man ~~not~~Loong’s ~~subject~~revenues toincrease aas ~~formal~~it ~~lease~~adds ~~agreement~~new contracted agents and as those agents increase the number of their customers. If Man Loong has fewer agents, its revenue may suffer. In addition, past trends indicate that at times of price volatility in ~~April~~the ~~2015~~prices of gold and silver, Man Loong’s ~~extended~~agents’ customers tend to increase the ~~lease~~number ~~arrangement~~of ~~for~~trades athat ~~further~~they execute across Man Loong’s trading platforms and in times of low gold and silver price volatility Man Loong’s agents’ customers decrease the number of trades. The number of agents’ customers decreased by 2 ~~months~~during the year ended March 31, 2016 and those 2 customers historically accounted for more than 10% of commission revenue. ~~For~~Additionally, the number of agent customers decreased by 19 during the nine months ended December 31, 2016. Volatility in the price of gold increased during the three and ~~2015~~nine months ended December 31, ~~Man~~2016 ~~Loong~~compared ~~recognized~~to the prior year, trading in a range of approximately $01,100 ~~and~~to $91,~~031~~400 per ounce compared to a relatively steady trading range of $1,050 ~~respectively~~to $1,300 per ounce for the three and $0nine months ended December 31, 2015. Volatility in the price of silver also increased during the three and nine months ended December 31, 2016 compared to the prior year, trading in a range of approximately $015 to $20 per ounce compared to a relatively steady trading range of $15 to $17 per ounce for the three and nine months ended December 31, 2015. For the three and nine months ended December 31, 2016, revenues decreased by $60,279, or 11.4% and ~~2015~~increased by $131,586 or 9.6%, respectively, as compared to the three and nine months ended December 31, 2015. We believe that revenues decreased or increased primarily because of the decrease or increase in volatility in gold and silver prices. A decrease in the ~~accompanying~~volatility ~~unaudited~~in ~~condensed~~gold ~~consolidated~~prices ~~statements~~in the future or further decreases in the number of ~~comprehensive~~agents ~~income~~and their customers could result in declines in trade revenue compared to past results.

~~Income~~Our ~~Taxes~~principal office is located at 18/F, Tower 6, China Hong Kong City, 33 Canton Road, Tsim Sha Tsui, Hong Kong. The telephone number at Man Loong’s principal executive office is +85221553999. All of Man Loong’s transactions and the technologies, including the servers that carry out these transactions, are all processed and located in Hong Kong.

~~The~~Our ~~Company~~Corporate ~~utilizes~~History ~~ASC 740, 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.Background

~~The~~We ~~Company~~were ~~has~~incorporated ~~adopted~~under the ~~provisions~~laws of the ~~interpretation,~~State of ~~ASC~~Delaware ~~740,~~on ~~Accounting~~January ~~for~~28, ~~Uncertainty in Income Taxes~~2013. ~~The~~We ~~Company~~were ~~did~~initially ~~not~~formed ~~have~~to ~~any~~develop ~~material~~software ~~unrecognized~~for ~~tax~~use ~~benefits~~in ~~and there was no effect~~ on-line ~~its~~trading ~~financial condition or results~~ of ~~operations~~gold asand asilver ~~result~~contracts. ofSince ~~implementing~~ the ~~interpretation.~~acquisition ~~The~~of ~~Company~~Man ~~files~~Loong, ~~income~~our ~~tax~~business ~~returns~~development infocus ~~the~~has ~~United~~been, ~~States~~ and ~~the~~we ~~Company~~expect iswill ~~subject~~continue to ~~federal~~be, ~~income~~solely ~~tax~~on ~~examinations~~increasing ~~for~~Man ~~the~~Loong’s ~~fiscal~~market ~~years~~share ~~ended~~for ~~March~~the ~~31,~~on-line ~~2014~~trading ~~through~~of ~~2016.~~gold ~~Man~~and ~~Loong~~silver ~~files~~contracts ~~income~~within ~~tax~~the ~~returns in~~ Hong Kong ~~and~~market iswhile nodeveloping ~~longer~~a ~~subject~~business tomodel ~~tax~~for ~~examinations~~the byon-line ~~tax~~trading ~~authorities~~of ~~for~~gold ~~years~~and ~~before~~silver ~~2009.~~contracts Atby ~~December 31, 2016,~~ Man Loong ~~had~~in nothe ~~uncertain~~People’s ~~tax~~Republic ~~positions~~of China.

~~Historically,~~CRITICAL ~~the~~ACCOUNTING Company has not provided for U.S. income and foreign withholding taxes on Man Loong’s undistributed earnings, because such earnings have been retained and reinvested by Man Loong. The Company does not intend to require Man Loong to pay dividends for the foreseeable future and so additional income taxes and applicable withholding taxes that would result from the repatriation of such earnings are not practicably determinable.POLICIES

~~Earnings~~The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (~~Loss~~"US GAAP"). ~~per~~The ~~Share~~preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We have identified the policies below as critical to our business operations and to the understanding of our financial results:

~~The~~Basis ~~Company~~of computes earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings Per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding during the period.Accounting

Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The ~~computation~~Company's offinancial ~~diluted~~statements ~~EPS~~are ~~includes~~prepared ~~the estimated impact of the exercise of contracts to purchase common stocks~~ using the ~~treasury~~accrual ~~stock~~ method ~~and the potential shares~~ of ~~converted~~accounting ~~common~~and ~~stock~~are ~~associated~~presented ~~with~~in ~~the~~United ~~convertible~~States ~~debt using the if-converted method~~Dollars.

12Cash ~~Table~~and ofCash ~~Contents~~Equivalents

~~eBullion,~~The ~~Inc.~~Company ~~Notes~~considers toall ~~Unaudited~~highly ~~Condensed~~liquid ~~Consolidated~~instruments ~~Financial~~purchased ~~Statements~~with ~~For~~maturities ~~the~~of ~~Nine~~three ~~Months~~months ~~Ended~~or ~~December~~less ~~31,~~to ~~2016~~be ~~and~~cash ~~2015 (Expressed in US Dollars)~~equivalents.

2.Property ~~Summary~~and ~~of Significant Accounting Policies - continued~~Equipment

~~Potential~~Property ~~common~~and ~~shares~~equipment ~~that~~are ~~have~~stated anat ~~anti-dilutive~~cost. ~~effect~~Major (irepairs and betterments are capitalized and normal maintenance and repairs are charged to expense as incurred.~~e.,~~ ~~those~~Depreciation ~~that~~is ~~increase~~computed ~~earnings~~by ~~per~~the ~~share~~straight-line method over the estimated useful lives of the related assets. Upon retirement or ~~decrease~~sale ~~loss~~of ~~per~~an ~~share)~~asset, the cost and accumulated depreciation are ~~excluded~~removed from the ~~calculation~~accounts ofand ~~diluted~~any ~~EPS~~gain or loss is reflected in operations.

~~The~~21 ~~Company~~Table ~~does~~of ~~not have any securities that may potentially dilute its basic earnings (loss) per share.~~Contents

~~Comprehensive~~Fair ~~Income~~Value ~~(Loss)~~of Financial Instruments

~~Comprehensive~~The ~~income~~fair ~~(Loss)~~value ~~is comprised~~ of ~~net~~cash ~~income (loss)~~ and ~~other~~cash ~~comprehensive~~equivalents ~~income~~and ~~(loss).~~accounts ~~Other~~receivable ~~comprehensive~~and ~~income~~accounts ~~(loss)~~payable ~~includes~~approximates ~~unrealized~~their ~~gains~~carrying ~~or losses resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U~~amount.~~S. dollar.~~

Recent Accounting Pronouncements

InThe ~~June~~Company ~~2016,~~does ~~the~~not ~~FASB~~expect ~~issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) Measurement of Credit on Financial Instruments. ASU 2016-13 will replace~~ the ~~“incurred~~adoption ~~loss” methodology for recognizing impairment losses on financial instruments, which delays the recognition~~ of ~~such~~recently ~~losses~~issued ~~until~~accounting itpronouncements isto ~~probable~~have ~~that~~ a ~~loss~~significant ~~has~~impact ~~been incurred the Current Expected Credit Losses (“CECL”) methodology. Using the CECL methodology, an entity will recognize credit losses based~~ on its ~~estimate~~results of ~~future losses~~operations, ~~even~~financial ~~though~~position ~~those~~or ~~estimated~~cash ~~losses have not yet met the probable threshold~~flow. ASU 2016-13 is effective for years beginning after December 18, 2018 and early adoption is permitted in fiscal years beginning after December 31, 2018. The adoption of ASU 2016-13 is not expected to have a material effect on the Company’s unaudited condensed consolidated financial statements.

InResults ~~May~~of ~~2016,~~Operations ~~the~~for FASB issued ASU 2016-12 Revenue From Contracts (Topic 606) Narrow Scope Improvements and Practical Expedients. ASU 2016-12 is an amendment to ASU 2014-09 and, among other matters, provides new guidance on when an entity would recognize revenue if the ~~entity~~Three ~~concludes~~Months ~~that~~Ended ~~collectability~~June ~~is not probable. ASU 2016-12 is effective for years beginning after December 18~~30, ~~2018~~2017 and ~~early adoption is permitted. The adoption of ASU~~ 2016~~-12 is not expected to have a material effect on the Company’s unaudited condensed consolidated financial statements.~~

InMan ~~February~~Loong’s ~~2016~~revenue was $90,764 ~~the~~and ~~FASB~~$473,261 ~~issued~~for ~~ASU~~the ~~2016-02~~quarters ~~Leases~~ended ~~(Topic~~June ~~842).~~30, ~~ASU~~2017 and 2016~~-02~~, ~~establishes~~respectively, ~~new~~a ~~guidance~~decrease ~~for~~of ~~the~~$382,497, ~~recording~~or ~~and~~521.4%. ~~disclosure~~All of ~~assets~~Man ~~and~~Loong's ~~liabilities~~revenue ~~that~~was ~~arise~~derived from ~~leasing~~commissions ~~activity~~on trades placed through its trading platform and telephone transaction system. ~~ASU~~During the year ended March 31, 2016~~-02~~, ~~will~~the ~~require~~number ~~most~~of ~~lessees~~agents toremained ~~record~~constant, ~~lease~~however ~~assets~~the number of agent customers decreased by 2, and ~~lease~~those ~~liabilities~~2 ~~that~~customers ~~arise~~historically ~~from~~accounted ~~leases~~for onmore ~~the~~than ~~statement~~10% of ~~financial~~commission ~~condition~~revenue. ~~and~~The ~~disclose~~number ~~qualitative~~of ~~and~~agent ~~quantitative~~customers ~~information~~remained ~~related~~unchanged toduring ~~lease~~the ~~transactions~~quarter ~~such~~ended asDecember ~~variable~~31, ~~lease~~2016. ~~payments~~We ~~and~~believe ~~options~~that revenues decreased as compared to ~~renew~~the prior quarter primarily because of the decrease in volatility in gold and ~~terminate~~silver ~~leases~~prices. ~~ASU~~A ~~2016-02~~lack isof ~~effective~~volatility ~~for~~in ~~years~~gold ~~beginning~~and ~~after~~silver ~~December~~prices ~~18,~~in ~~2018~~the ~~and~~future ~~early~~or ~~adoption~~further isdecreases ~~permitted.~~in ~~The~~the ~~Company~~number isof ~~evaluating~~agents ~~ASU~~and ~~2016-02~~their tocustomers ~~determine~~could ~~its~~result ~~impact,~~in ifdeclines ~~any,~~in oncommission ~~the~~revenues ~~unaudited~~as ~~condensed~~it ~~consolidated~~has ~~financial~~in ~~statements~~the past.

InTotal ~~January~~expenses ~~2016~~were $400,519 for the ~~FASB~~quarter ~~issued~~ended ~~ASU~~June ~~2016-01~~30, ~~Financial~~2017 ~~Instruments~~as ~~Overall~~compared ~~(Subtopic~~to $538,825~~-10)~~ ~~Recognition~~for ~~and~~the ~~Measurement~~quarter ended June 30, 2016, a decrease of ~~Financial~~$138,306 ~~Assets~~or ~~and~~34.5%. ~~Liabilities~~Approximately 50.9% ~~ASU~~of ~~2016-01~~our ~~amends~~total ~~the~~expenses ~~guidance~~for inthe USquarter ~~GAAP~~ended onJune ~~classification~~30, ~~measurement~~2017 were attributed to general and ~~disclosure~~administrative ofexpenses ~~financial~~compared ~~instruments~~to 64.1% Itfor ~~revises~~the anquarter ~~entity’s~~ended ~~accounting~~June ~~related~~30, ~~to:~~2016. 1)Employee ~~classification~~compensation and ~~measurement~~benefits ofexpense ~~investments~~was in$177,469 ~~equity~~or ~~securities;~~44.3% ~~2) presentation~~ of ~~certain~~Man ~~fair~~Loong’s ~~value~~total ~~changes~~expenses for ~~financial~~the ~~liabilities~~quarter ~~measured~~ended atJune ~~fair~~30, ~~value;~~2017 and $174,420 or 32.3)% ~~amends~~of ~~disclosure~~Man ~~requirements~~Loong’s ~~associated~~total ~~with~~expenses for the ~~fair~~quarter ~~value~~ended ofJune ~~financial~~30, ~~instruments~~2016. ~~ASU~~For ~~2016-01~~the isquarter ~~effective~~ended ~~for~~June ~~years beginning after December 15~~30, 2017 and ~~early~~2016, ~~adoption~~depreciation isand ~~permitted.~~amortization ~~The~~was ~~adoption~~$18,834 ofand ~~ASU~~$18,895 ~~2016-01~~or is4.7% ~~not~~and ~~expected~~3.5% toof ~~have~~Man aLoong’s ~~material~~total ~~effect~~expenses onfor the ~~Company’s~~quarters ~~unaudited~~ended ~~condensed~~June ~~consolidated~~30, ~~financial~~2017 ~~statements~~and 2016, respectively.

InNet ~~August~~income ~~2015, the FASB issued ASU 2015-14 Revenue From Contracts With Customers~~ (~~Topic 606~~loss) ~~Deferral~~was ofnet ~~the~~loss ~~Effective~~of ~~Date.~~$295,580 ~~ASU~~for ~~2015-14 defers~~ the ~~effective~~quarter ~~date~~ended ofJune ~~ASU~~30, ~~2014-09~~2017, ~~Revenue~~compared ~~From~~to ~~Contracts~~net ~~With~~loss ~~Customers~~of ~~(Topic~~$50,939 ~~606)~~for ~~which clarifies~~ the ~~principles~~quarter ~~for~~ended ~~revenue~~June ~~recognition~~30, ~~and~~2016, ~~develops~~an ~~common~~increase ~~revenue~~of ~~recognition~~$244,641 ~~standards~~or ~~for~~480.3%. USThe ~~GAAP~~decrease ~~and~~in ~~International~~net ~~Financial~~income ~~Reporting~~was ~~Standards~~primarily ~~(IFRS). ASU 2015-14 defers~~ the ~~effective~~result ~~date~~ of ~~ASU~~Man ~~2014-09~~Loong’s todecrease ~~years~~in ~~beginning~~revenue ~~after~~while ~~December~~its ~~31,~~expenses ~~2018~~decreased ~~and~~by ~~early~~a ~~adoption~~smaller isratio, ~~permitted.~~as ~~The~~a ~~adoption~~percentage of ~~ASU~~revenue ~~2015-14~~for ~~and~~the ~~ASU~~quarter ~~2014-09~~ended isJune ~~not~~30, ~~expected~~2017 toas ~~have~~compared ato ~~material effect on~~ the ~~Company’s~~quarter ~~unaudited~~ended ~~condensed~~June ~~consolidated~~30, ~~financial statements~~2016.

InLiquidity ~~November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. ASU 2015-17 simplifies the presentation of deferred tax assets~~ and ~~liabilities~~Capital by allowing both balances to be presented as non-current on the balance sheet. ASU 2015-17 is effective for years beginning after December 15, 2017 and early adoption is permitted. The adoption of ASU 2015-17 is not expected to have a material effect on the Company’s unaudited condensed consolidated financial statements.Resources

13To ~~Table~~date, eBullion has funded its operations from cash flows generated by operations. As of ~~Contents~~June 30, 2017, eBullion had cash totaling $429,267, total assets of $1,083,404, total liabilities of $321,886 and working capital of $761,518. Net cash used in operations was $633,755 and $18,073for the three months ended June 30, 2017 and 2016, respectively. The increase in net cash used in operations for the three months ended June 30, 2017, included a decrease in commissions receivable of $69,587, an increase in deposits and prepaid expenses of $26,568, an increase in accounts payable and accrued expenses of $28,199, an increase in deferred income taxes of $2,482, and a decrease in customer deposits of $200,925.Net cash used in investing activities was $0 and $46,132 for the three months ended June 30, 2017 and 2016, respectively. The decrease in net cash used in investing activities for the three months ended June 30, 2017 was primarily due to purchases of equipment of $46,132, compared to no lending activity during the three months ended June 30, 2017. Global Long is registered in Hong Kong and through its subsidiary in the Peoples Republic of China, eBullion Trade Company Limited (“EBullion Trade”), is engaged in trading silver contracts as an electronic trading member of the Guangdong Precious Metal Exchange. The loan bears interest at a 6% annual rate, matures on its 5th anniversary and is secured by a first right of claim on a bank deposit held by a subsidiary of Global Long. Under terms of the loan, interest is payable to Man Loong quarterly and Global Long has the right to repay the loan at any time before the maturity date. Until all principal and accrued interest are repaid on the loan, Global Long may not enter into additional borrowings without Man Loong’s written permission, and upon certain events of default, the Loan becomes due on demand. The purpose of the loan was to establish a relationship with Global Long with the intent of becoming the first choice for eBullion Trade’s customers who wish to trade in gold trading positions through the CGSE. Net cash used by financing activities was $0 and $29,533 for the three months ended June 30, 2017 and 2016, respectively.

~~eBullion,~~22 ~~Inc.~~Table ~~Notes~~of ~~to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended December 31, 2016 and 2015 (Expressed in US Dollars)~~Contents

2As of June 30, 2017 and for the three months then ended, Man Loong’s customer deposits decreased from $212,886 at March 31, 2017 to $11,520 at June 30, 2017, a decrease of $201,366 or 94.6%. ~~Summary~~Customer deposits arise when customers of ~~Significant~~Man ~~Accounting~~Loong’s ~~Policies~~agents -request ~~continued~~that Man Loong hold the minimum deposit required to secure the customer’s account from trading losses instead of the agent. Man Loong will continue to offer this service to customers who request it, and expects the number of customers who hold minimum deposit funds in its accounts to increase in the future.

~~Other~~As ~~recent~~of ~~accounting~~June ~~pronouncements~~30, ~~issued~~2017 byand for the ~~FASB~~three ~~(including~~months ~~its~~then ~~Emerging~~ended, ~~Issues~~Man ~~Task~~Loong’s ~~Force)~~commission receivables increased from $546,310 ~~the~~at ~~American~~March ~~Institute~~31, of2017 ~~Certified~~to ~~Public~~$613,321 ~~Accountants~~at June 30, 2017, an increase of $67,011or 12.7%. Commissions receivable represent commissions to be collected from agents for their customers’ trades executed across Man Loong’s electronic trade platform and ~~the~~telephone ~~SEC~~transaction ~~did~~system. ~~not~~Commissions orreceivable are ~~not~~typically ~~believed~~remitted byto ~~management~~Man toLoong within 30 days of trade execution. We have anot ~~material~~historically ~~impact~~incurred credit losses on these commissions receivable, and we continue working with our agents to improve the ~~Company’s~~payment ~~present~~times orof ~~future~~commissions ~~unaudited~~accrued ~~condensed~~but ~~consolidated~~unpaid ~~financial~~at ~~statements~~the end of each month. As of June 30, and March 31, 2017, we had no reserve for credit losses nor had we incurred any bad debts for the three and months ended June 30, 2017 and 2016.

As of June 30, 2017 and for the three months then ended, Man Loong’s deposits and prepaid expenses increased from $188,010 at March 31, 2017 to $214,826 at June 30, 2017, an increase of $26,816 or 14.3%. Deposits and ~~Prepaid~~prepaid ~~Expenses~~expenses consist primarily of prepaid rent and occupancy expenses on Man Loong’s principal offices in Hong Kong.

~~Deposits~~No ~~and~~dividends ~~prepaid~~were ~~expenses~~declared ~~consisted~~or ofpaid in the ~~following~~quarters asended ofJune ~~December 31~~30, 2017 and 2016 and ~~March~~none ~~31,~~are ~~2016:~~expected to be paid for the foreseeable future.

	Unaudited December 31,2016		Audited March 31,2016
Current
Prepaid rent and occupancy expenses	$	42,099	$	29,819
Noncurrent
Rent and occupancy deposits		188,395		141,084
Total deposits and prepaid expenses	$	230,494	$	170,903

Subsequent Events

4.None ~~Loan~~through ~~receivable~~date ~~from~~of ~~Global~~this ~~Long~~filing.

OnITEM ~~April~~ 3~~, 2015, Man Loong loaned Global Long Inc~~. ~~Limited~~QUANTITATIVE ~~(“Global~~AND ~~Long”)~~QUALITATIVE ~~$773,332~~DISCLOSURES ~~(HKD$6,000,000).~~ABOUT ~~Global~~MARKET Long is registered in Hong Kong and through its subsidiary in the Peoples Republic of China, eBullion Trade Company Limited (“eBullion Trade”), is engaged in trading silver contracts as an electronic trading member of the Guangdong Precious Metal Exchange (“GPME”)RISK. The loan bears interest at a 6% annual rate, matures on its 5th anniversary and is secured by a first right of claim on a bank deposit held by eBullion Trade. Under the terms of the loan, interest is payable to Man Loong quarterly and Global Long has the right to repay the loan at any time before the maturity date. Until all principal and accrued interest are repaid on the loan, Global Long may not enter into additional borrowings without Man Loong’s written permission, and upon certain events of default, the Loan becomes due on demand. The purpose of the loan was to establish a relationship with Global Long with the intent of becoming their first choice for Global Long’s customers who wish to trade in gold trading positions through the CGSE.

~~The~~As ~~Company~~a ~~determined~~smaller ~~that~~reporting ~~the~~company ~~loan~~(as todefined ~~Global~~in ~~Long~~Rule ~~does~~12b-2 ~~not~~of ~~give~~ the ~~Company~~Exchange ~~a variable interest in Global Long and that Global Long is not a variable interest entity (“VIE”~~Act), ~~because~~we ~~Man~~are ~~Loong does~~ not ~~have~~required ~~the power~~ to ~~direct~~provide ~~any of~~ the ~~activities~~information ofcalled ~~Global~~for ~~Long~~by orthis ~~eBullion~~Item ~~Trade that significantly impact their economic performance~~3. ~~Accordingly, the Company has not consolidated Global Long into its consolidated financial statements.~~

14ITEM ~~Table~~4. ofCONTROLS ~~Contents~~AND PROCEDURES.

~~eBullion,~~DISCLOSURE ~~Inc.~~CONTROLS ~~Notes~~AND ~~to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended December 31, 2016 and 2015 (Expressed in US Dollars)~~PROCEDURES

5Under the supervision and with the participation of our management, our principal executive officer and our principal financial officer are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. ~~Property~~Disclosure controls and ~~Equipment~~procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of June 30, 2017.

~~Property~~There ~~and~~were ~~equipment,~~no ~~including~~changes ~~leasehold~~in ~~improvements,~~the ~~consisted~~Company’s ofinternal controls over financial reporting during the ~~following~~most asrecently ofcompleted ~~December~~fiscal ~~31,~~quarter ~~2016~~that ~~and~~have ~~March~~materially ~~31,~~affected ~~2016:~~or are reasonably likely to materially affect the Company’s internal control over financial reporting.

	Unaudited December 31, 2016			March 31,2016
Office equipment	$	206,329		$	206,345
Computer equipment		59,914			59,919
Furniture and fixtures		111,936			65,774
		378,179			332,038
Less: Accumulated depreciation		(134,936	)		(78,231	)
Equipment, net	$	243,243		$	253,807

Table of Contents

~~Depreciation~~PART ~~expense~~II. ~~was~~OTHER $56,703 and $64,426 for the nine months ended December 31, 2016 and 2015, respectively, and $18,903 and $24,083 for the three months ended December 31, 2016 and 2015, respectively and was recorded as depreciation expense in the accompanying unaudited condensed consolidated statements of comprehensive income (loss).INFORMATION

6ITEM 1. ~~Customer~~LEGAL ~~Deposits~~PROCEEDINGS.

~~Customer~~The ~~deposits~~Company ~~were~~is ~~$208,731~~not ~~and~~currently ~~$187,037~~subject atto ~~December~~any 31legal proceedings. From time to time, ~~2016~~the ~~and~~Company ~~March~~may 31become subject to litigation or proceedings in connection with its business, ~~2016~~as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, ~~respectively~~in the opinion of management, ~~and~~is ~~were~~likely ~~recorded~~to ashave a ~~current~~material ~~liability~~adverse ineffect on the ~~accompanying~~Company’s ~~unaudited~~business, ~~condensed~~financial ~~consolidated~~condition ~~balance~~or ~~sheets~~results of operations.

7ITEM 1A. ~~General~~RISK ~~and Administrative Expenses~~FACTORS

~~General~~As ~~and~~a ~~administrative~~smaller ~~expenses~~reporting ~~consist~~company (as defined in Rule 12b-2 of the ~~following~~Exchange ~~for~~Act), ~~the~~we ~~three~~are ~~and~~not ~~nine~~required ~~months~~to ~~ended~~provide ~~December~~the ~~31,~~information ~~2016~~called ~~and~~for ~~2015~~by this Item 1A.

	Unaudited Ninemonths		Unaudited Ninemonths		Unaudited Threemonths		Unaudited Threemonths
	2016		2015		2016		2015
Marketing expenses	$	255,597	$	254,406	$	42,903	$	82,298
Trading platform rent		78,415		126,019		16,697		42,554
Transportation		8,118		36,171		4,967		6,366
Internet		15,864		13,620		5,395		4,713
Travel and entertainment		4,382		6,892		1,354		3,040
Computers and software		30,490		30,098		8,429		13,862
Legal and professional		133,438		115,598		26,970		35,244
Licenses		14,524		37,802		657		10,832
Occupancy		325,301		501,829		118,507		193,498
Advertising		353		4,696		-		-
Other		55,295		94,480		20,257		63,832
Total general and administrative expense	$	921,777	$	1,221,611	$	246,136	$	456,239

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

~~15 Table of Contents~~None.

~~eBullion,~~ITEM ~~Inc~~3. ~~Notes~~DEFAULTS toUPON ~~Unaudited~~SENIOR ~~Condensed Consolidated Financial Statements For the Nine Months Ended December 31, 2016 and 2015 (Expressed in US Dollars)~~SECURITIES.

8None. ~~Income Taxes~~

~~Income~~ITEM ~~(loss)~~4. ~~before~~MINE ~~income~~SAFETY ~~taxes as shown in the accompanying unaudited condensed consolidated statements of comprehensive income (loss) is summarized below for the three and nine months ended December 31, 2016 and 2015~~DISCLOSURES.

	Unaudited Ninemonths			Unaudited Ninemonths			Unaudited Threemonths			Unaudited Threemonths
	2016			2015			2016			2015
United States	$	(38,081	)	$	(46,441	)	$	(13,230	)	$	(20,292	)
Hong Kong		71,764			(446,873	)		65,428			(211,650	)
Income before income taxes	$	33,683		$	(493,314	)	$	52,198		$	(231,942	)

None.

~~Under~~ITEM ~~Hong Kong Profits Tax Law the Company is subject to profits tax at a statutory rate of 16.~~5%. onOTHER ~~income reported in its statutory financial statements after appropriate tax adjustments~~INFORMATION.

~~The income tax provision (benefit) consists of the following for the three and nine months ended December 31, 2016 and 2015:~~None.

	Unaudited Ninemonths			Unaudited Ninemonths		Unaudited Threemonths			Unaudited Threemonths
	2016			2015		2016			2015
Current:
United States	$	-		$	-	$	-		$	-
Hong Kong		12,061			4,181		12,063			-
Total current provision		12,061			4,181		12,063			-
Deferred:
United States		-			-		-			-
Hong Kong		(4,930	)		17,684		(1,263	)		22,987
Total deferred benefit		(4,930	)		17,684		(1,263	)		22,987
Total income tax provision	$	7,131		$	21,865	$	10,800		$	22,987

Table of Contents

~~The~~ITEM ~~reconciliation of the income tax provision (benefit) to the amount computed by applying the U~~6.S. ~~statutory federal income tax rate to income before income taxes is as follows:~~EXHIBITS.

	Unaudited Ninemonths			Unaudited Ninemonths			Unaudited Threemonths			Unaudited Threemonths
	2016			2015			2016			2015
Income tax provision (benefit) at the U.S. statutory tax rate $		11,452		$	(167,727	)	$	17,747		$	(78,860	)
Valuation allowance on U.S. net operating loss carryforwards		12,948			15,790			4,498			6,899
Impact of foreign operations		(17,269	)		173,802			(11,445	)		94,948
Other		-			-			-			-
Income tax provision (benefit)	$	7,131		$	21,865		$	10,800		$	22,987

(a) Exhibits required by Item 601 of Regulation SK.:

At December 31, 2016, we had U.S. net operating loss carryforwards of approximately $408,000 which expire at various times through 2035. Based on the available evidence, it is uncertain whether future U.S. taxable income will be sufficient to offset the estimated net loss carryforward, accordingly, we have recorded a valuation allowance of approximately $138,720 as of December 31, 2016.

Number		Description

3.1.1		Certificate of Incorporation (1)
3.2		Bylaws (1)
31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS *		XBRL Instance Document
101.SCH *		XBRL Taxonomy Extension Schema Document
101.CAL *		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF *		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB *		XBRL Taxonomy Extension Label Linkbase Document
101.PRE *		XBRL Taxonomy Extension Presentation Linkbase Document

_____________

16(1) ~~Table~~Incorporated ofby ~~Contents~~reference to the Company’s Registration Statement on Form S-1 (File No. 333-188003) filed with the Securities and Exchange Commission on March 23, 2013.

~~eBullion~~* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, ~~Inc.~~as ~~Notes~~amended, tois ~~Unaudited~~deemed ~~Condensed~~not ~~Consolidated~~filed ~~Financial~~for ~~Statements~~purposes ~~For~~of Section 18 of the ~~Nine~~Securities ~~Months~~Exchange ~~Ended~~Act ~~December~~of 311934, ~~2016~~as amended, and ~~2015~~otherwise ~~(Expressed~~is innot USsubject ~~Dollars)~~to liability under these sections.

8.25 ~~Income~~Table ~~Taxes,~~of ~~Continued~~Contents

At December 31, 2016, we had Hong Kong net operating loss carryforwards of approximately $285,000 which expire at various times through 2032. Based on the available evidence, it is uncertain whether future Hong Kong taxable income will be sufficient to offset the estimated net loss carryforward, accordingly, we have recorded a valuation allowance of approximately $47,000 as of December 31, 2016.SIGNATURES

AsPursuant ~~December~~to ~~31 and March 31, 2016,~~ the ~~Company’s~~requirements ~~and~~of ~~Man Loong’s differences between~~ the ~~book~~Securities ~~and~~Exchange ~~tax~~Act ~~basis~~ of ~~equipment gave rise to deferred income tax assets of $101~~1934,~~953~~ ~~and $101,960, respectively which are recorded as noncurrent in~~ the ~~accompanying~~Registrant ~~condensed~~has ~~consolidated~~duly ~~balance~~caused ~~sheets.~~this ~~The~~report ~~Company~~to ~~had~~be nosigned ~~other~~on ~~differences~~its ~~between~~behalf by the ~~book~~undersigned, ~~and~~thereunto ~~tax~~duly ~~basis of assets and liabilities as December 31 and March 31, 2016~~authorized.

As a result of the implementation of ASC 740, Accounting for Income Taxes, the Company recognized no material adjustment to unrecognized tax benefits. The Company would classify income tax penalties and interest, if any, as part of interest and other expenses in the accompanying unaudited condensed consolidated statements of comprehensive income. The Company has incurred no interest or penalties during the three and nine months ended December 31, 2016 and 2015.

	EBULLION, INC.
	(Name of Registrant)

Date: August 21, 2017	By:	/s/ Kee Yuen Choi
	Name:	Kee Yuen Choi
	Title:	President and Chief Executive Officer, and
		Chief Financial Officer (principal executive officer, principal accounting officer and principal financial officer)

~~9. Earnings (Loss) Per Share~~26

Earnings (loss) per share (“EPS”) information for the three and nine months ended December 31, 2016 and 2015 was determined by dividing net income (loss) for the period by the weighted average number of both basic and diluted shares of common stock and common stock equivalents outstanding.

As of and for the three and nine months ended December 31, 2016 and 2015, the Company did not have any securities that may potentially dilute the basic earnings per share. Therefore basic and diluted earnings per share for the respective years are the same.

	Unaudited Ninemonths		Unaudited Ninemonths			Unaudited Threemonths		Unaudited Threemonths
	2016		2015			2016		2015
Numerator
Net income (loss) attributable to common shareholders	$	26,552	$	(515,179	)	$	41,398	$	(254,929	)
Denominator
Weighted average shares of common stock (basic and diluted)		51,260,000		51,260,000			51,260,000		51,260,000
Basic and diluted earnings (loss) per share	$	0.00	$	(0.00	)	$	0.00	$	(0.00	)

10. Related Party Transactions and Balances

The Company engaged in related party transactions with certain shareholders, and a company under common control as described below.

On May 27, 2011, the Company entered into an agreement with a company under common control, True Technology Company Limited (“True Technology”), under which True Technology hosts the Company’s servers and provides a connection between the customer’s servers and the internet using True Technology’s public network connections. The fee for these services was $3,868 per month for the three and nine months ended December 31, 2016 and 2015 and is recorded as trading platform rent as a component of general and administrative expenses. Included in trading platform rental fees in the accompanying unaudited condensed consolidated statements of comprehensive income (loss) for the nine months ended December 31, 2016 and 2015, are rental fees which were paid to True Technology of $34,803 and $34,834 respectively. Rental fees paid to True Technology for the three months ended December 31, 2016 and 2015 were $11,602 and $11,612 respectively.

Included in employee compensation and benefits in the accompanying unaudited condensed consolidated statements of comprehensive income for the nine months ending December 31, 2016 and 2015, are salaries and director compensation of $29,647 and $23,222 respectively, which were paid to two of the Company’s directors and shareholders. Compensation and benefits paid to these shareholders for the three months ended December 31, 2016 and 2015 were $11,602 and $7,742 respectively.

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eBullion, Inc. Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended December 31, 2016 and 2015 (Expressed in US Dollars)

11. Commitments and contingencies

The Company leases office space under non-cancellable operating lease agreements that expire on various dates through 2018.

In December 2012, the Company entered into a lease agreement on approximately 10,000 square feet of office space which replaced its previous office facilities. The Company occupied the space in January 2013. Under terms of the lease, the Company paid approximately $192,000 in lease deposits and was committed to lease and management fee payments of approximately $46,647 per month for 29 months.

In September 2015, the Company entered into a new lease agreement on approximately 5,500 square feet of office space which replaced its previous office facilities. The Company occupied the space in December 2015. Under terms of the lease, the Company paid approximately $147,397 in lease deposits and was committed to lease and management fee payments of approximately $27,209 per month for 35 months.

In May 2016, the Company entered into a new lease agreement for additional office space. The Company occupied the space in July 2016. Under terms of the lease, the Company paid approximately $44,155 in lease deposits and is committed to lease and management fee payments of approximately $10,645 per month for 29 months.

In May 27, 2011, the Company entered into an agreement with True Technology, a company under common control under which True Technology hosts the Company’s servers and provides a connection between the customer’s servers and the internet using True Technology’s public network connections. In April 2015, the trading platform lease with True Technology was renewed for 2 years with monthly payment of approximately $3,868 until March 31, 2017.

Future annual minimum lease payments, including maintenance and management fees, for non-cancellable operating leases and trading platform fees, are as follows:

Years ending December 31,
2017		465,604
2018		364,743
	$	830,347

As of December 31, 2016, the Company has no capital commitments or contingencies in the next twelve months.

12. Subsequent events

The Company evaluated subsequent events through the date the financial statements were issued and filed with this Form 10-Q. There were no subsequent events that required recognition or disclosure.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this quarterly report. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed below and elsewhere in this quarterly report. This discussion should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and the audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2016, found in our Annual Report on Form 10-K. This discussion may contain forward-looking statements that involve risks and uncertainties. See “Forward-Looking Statements.”

OVERVIEW

On April 3, 2013, we entered into a Contribution Agreement with the shareholders of Man Loong, whereby we acquired 100% of the issued and outstanding capital stock of Man Loong from its stockholders, in exchange for 507,600,000 newly issued shares of our common stock, with a par value of $0.0001. After the transaction, Man Loong became our wholly owned subsidiary.

This share exchange transaction (the “Merger”) was accounted for as a recapitalization whereby Man Loong was the acquirer for financial reporting purposes and eBullion was the acquired company. Consequently, the assets and liabilities and the operations that are reflected in the historical financial statements prior to the Merger were those of Man Loong and were recorded at the historical cost basis. The consolidated financial statements after completion of the Merger include the assets and liabilities of eBullion and Man Loong, historical operations of Man Loong and operations of eBullion from the closing date of the Merger. Common stock and the corresponding capital amounts of the Company pre-merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger. In conjunction with the Merger, Man Loong received no cash and assumed no liabilities of eBullion.

In March 2015, we increased the number of our authorized shares from 500,000,000 to 1,000,000,000. The par value of our shares remained unchanged at $.0001. We also effected a 10 for 1 stock split, whereby we exchanged 10 of our shares for every 1 share issued at outstanding before the split. Following the share split, we have 512,600,000 shares issued and outstanding. All share and per share amounts for the prior year have been retroactively restated to give effect of the 10 for 1 share split.

Since April 3, 2013, through our subsidiary, Man Loong, we have been engaged in the precious metals trading business, facilitating the execution of gold and silver price contracts for customers of its agents via an electronic trading platform which we license from an affiliated company, True Technology. In facilitating trades of these price contracts, Man Loong acts in its capacity as an officially designated electronics trading member of the Chinese Gold and Silver Exchange Society, or the “CGSE”, in Hong Kong. Man Loong holds a Type AA License which it uses to engage in the electronic trading of Kilo Gold and Loco London Gold and Silver. The electronic trading platform that Man Loong licenses from True Technology provides its agents’ customers with CGSE price quotations on gold and silver price contracts, on a Loco London basis, as well as information updates on the gold and silver market, based on an evaluation of third-party market pricing sources such as Reuters or Bloomberg. Man Loong’s customer base is located primarily in China where it works through independent agents, and in Hong Kong where it has one office and maintains its trading platforms. Man Loong has 3 agents in Hong Kong which cover three main geographic areas, including Hong Kong Island, Kowloon and the New Territories. In mainland China, Man Loong has 10 agents located in Shanghai and Guangdong and Fujian provinces. Each of our agents in Hong Kong have between 100 and 150 customers and our agents in China each have between 100 and 600 customers.

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In April 2016, Man Loong received a license from the CGSE to trade gold contracts in the new Qian Hai trade zone in Shenzhen, China. Concurrent with receiving the license, Man Loong registered a new subsidiary, Shenzhen Qian Hai Man Loong Bullion Company Ltd. (“Shenzhen Qian Hai”) organized as a Wholly Foreign Owned Enterprise under PRC law. The new license will allow Man Loong to provide its trading platform and trading services to its existing and new customers who are citizens of the PRC to trade gold contracts through Shenzhen Qian Hai. Man Loong intends to charge a fee to facilitate such trades, and is in the process of defining its business and marketing strategies and processes for trades placed through Shenzhen Qian Hai.

Man Loong’s membership in the CGSE allows it to facilitate trades on behalf of nonmembers who execute trades to buy and/or sell gold and/or silver price contracts without it being required to become a counterparty to the trade or to purchase or sell any gold or silver being traded as a principal. Man Loong facilitates the trades that are placed using its electronic trading platform. Man Loong provides agents and their customers with access to its electronic trading platform which has a direct connection to the CGSE. Man Loong enters into an agency agreement with each agent for which it facilitates trades pursuant to which the agent agrees to pay a commission to Man Loong for each trade that Man Loong facilitates and the agent agrees to take all responsibility for trade losses. The agents often use Man Loong’s offices and conference rooms as a physical place to meet with customers and Man Loong provides a dedicated investment center where agents and their customers can access the electronic trading platform to place and process contract orders for gold, and silver and obtain up-to-date market data, trade reports and gain/ loss reports to assist them in evaluating their portfolio and effecting contract trades.

Man Loong provides its agents and their customers, with access to its electronic trading platform to place and process price contract orders for gold and silver, which price contracts do not involve the physical transfer or delivery of any actual gold, silver or other precious metals. The electronic trading platform also provides an agent’s customers with up-to-date market data, trade reports and gain/ loss reports to assist them in evaluating their portfolio and effecting price contract trades. Man Loong’s agents assume all of the portfolio trading risk of their price contract orders. Man Loong merely supplies the trading platform that processes the trade as a member of the CGSE and receives a commission. The electronic trading platform communicates and confirms all of the trades that are placed by Man Loong to the CGSE and the CGSE, through the electronic trading platform, provides both the customers of the agents and the agents with confirmation codes which confirm execution of the trades placed through the electronic platform.

Man Loong receives a brokerage commission per trade ranging from $20 to $40 regardless of the purchase price paid or received for the gold or silver traded and the agent assumes the sole responsibility for settlement of the purchase price of the gold or silver traded and for any resulting gain or loss recognized on those trades.

All of our revenue has been derived by Man Loong from the commission it receives on each trade executed through its electronic trade platform or telephone transaction system. Man Loong calculates and charges the agents’ account a flat fee of between $20 - $40 when each trade is closed and invoices those agents for their commission at the end of each month. Payment terms for commissions are net 30 days. The typical fee is $40 per trade; however, for agents whose customers execute a large number of trades, Man Loong will discount the fee to as low as $20 per trade. Man Loong evaluates its commission fee on an annual basis and adjusts it accordingly based upon its operational costs, which include the fees to run its electronic trading platform, the fees associated with the maintenance of its office, the fees that are charged by the CGSE and its employee costs.

Man Loong is not a counterparty in the trades executed by our agents’ customers on our trading platforms, instead it charges a commission which ranges from $20 to $40 for each completed trade. Man Loong’s revenue is dependent upon the amount of commission it generates which in turn is dependent upon the number of agents it has, the number of customers its agents have, and trade volume as opposed to the price of the commodities. Man Loong’s revenues increase as it adds new contracted agents and as those agents increase the number of their customers. If Man Loong has fewer agents, its revenue may suffer. In addition, past trends indicate that at times of price volatility in the prices of gold and silver, Man Loong’s agents’ customers tend to increase the number of trades that they execute across Man Loong’s trading platforms and in times of low gold and silver price volatility Man Loong’s agents’ customers decrease the number of trades. The number of agents’ customers decreased by 2 during the year ended March 31, 2016 and those 2 customers historically accounted for more than 10% of commission revenue. Additionally, the number of agent customers decreased by 19 during the nine months ended December 31, 2016. Volatility in the price of gold increased during the three and nine months ended December 31, 2016 compared to the prior year, trading in a range of approximately $1,100 to $1,400 per ounce compared to a relatively steady trading range of $1,050 to $1,300 per ounce for the three and nine months ended December 31, 2015. Volatility in the price of silver also increased during the three and nine months ended December 31, 2016 compared to the prior year, trading in a range of approximately $15 to $20 per ounce compared to a relatively steady trading range of $15 to $17 per ounce for the three and nine months ended December 31, 2015. For the three and nine months ended December 31, 2016, revenues decreased by $60,279, or 11.4% and increased by $131,586 or 9.6%, respectively, as compared to the three and nine months ended December 31, 2015. We believe that revenues decreased or increased primarily because of the decrease or increase in volatility in gold and silver prices. A decrease in the volatility in gold prices in the future or further decreases in the number of agents and their customers could result in declines in trade revenue compared to past results.

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Our principal office is located at 18/F, Tower 6, China Hong Kong City, 33 Canton Road, Tsim Sha Tsui, Hong Kong. The telephone number at Man Loong’s principal executive office is +85221553999. All of Man Loong’s transactions and the technologies, including the servers that carry out these transactions, are all processed and located in Hong Kong.

Our Corporate History and Background

We were incorporated under the laws of the State of Delaware on January 28, 2013. We were initially formed to develop software for use in on-line trading of gold and silver contracts. Since the acquisition of Man Loong, our business development focus has been, and we expect will continue to be, solely on increasing Man Loong’s market share for the on-line trading of gold and silver contracts within the Hong Kong market while developing a business model for the on-line trading of gold and silver contracts by Man Loong in the People’s Republic of China.

Results of Operations for the Three Months Ended December 31, 2016 and 2015

Man Loong’s revenue was $468,476 and $528,755 for the quarters ended December 31, 2016 and 2015, respectively, a decrease of $60,279 or 11.4%. All of Man Loong's revenue was derived from commissions on trades placed through its trading platform and telephone transaction system. During the year ended March 31, 2016, the number of agents remained constant, however the number of agent customers decreased by 2, and those 2 customers historically accounted for more than 10% of commission revenue. The number of agent customers remained unchanged during the quarter ended December 31, 2016. We believe that revenues decreased as compared to the prior quarter primarily because of the decrease in volatility in gold and silver prices. A lack of volatility in gold and silver prices in the future or further decreases in the number of agents and their customers could result in declines in commission revenues as it has in the past.

Total expenses were $431,777 for the quarter ended December 31, 2016 as compared to $772,340 for the quarter ended December 31, 2015, a decrease of $340,563 or 44.09%. Approximately 57% of our total expenses for the quarter ended December 31, 2016 were attributed to general and administrative expenses compared to 59% for the quarter ended December 31, 2015. Historically, marketing, which includes payment made to agents for their provision of sales, marketing and customer support services has been one of our largest general and administrative expenses. Marketing expense was $42,903 or 10% of Man Loong’s total expenses for the quarter ended December 31, 2016 and $82,298 or 11% of Man Loong’s total expenses for the quarter ended December 31, 2015. The decrease in marketing expenses in the quarter ended December 31, 2016 as compared to the prior year was the result of Man Loong decreasing headcount. Man Loong’s other large expenses were (i) its trading platform hosting and rent which was $16,697 or 4% of its total expenses for the quarter ended December 31, 2016 and $42,554 or 6% of its total expenses for the quarter ended December 31, 2015, (ii) its legal and professional expense which was $26,970 or 6% of its total expenses for the quarter ended December 31, 2016 and $35,244 or 5% of its total expenses for the quarter ended December 31, 2015 and (iii) its occupancy costs for the rent and management fee paid for its offices which was $ 118,507 or 27% of Man Loong’s total expenses for the quarter ended December 31, 2016 and $193,498 or 25% of its total expenses for the quarter ended December 31, 2015. For the quarter ended December 31, 2016 and 2015, employee compensation and benefits was $166,738 and $167,158 or 39% and 22% of Man Loong’s total expenses for the quarters ended December 31, 2016 and 2015, respectively.

Net income (loss) was net income of $41,398 for the quarter ended December 31, 2016, compared to net loss of $254,929 for the quarter ended December 31, 2015, an increase of $296,327 or 116%. The increase in net income was primarily the result of Man Loong’s increase in revenue while its platform rent, legal and professional and occupancy expenses all decreased, offset in part by an increase in marketing and employee compensation and benefits expenses, as a percentage of revenue for the quarter ended December 31, 2016 as compared to the quarter ended December 31, 2015.

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Results of Operations for the Nine Months Ended December 31, 2016 and 2015

Man Loong’s revenue was $1,502,897 and $1,371,311 for the nine months ended December 31, 2016 and 2015, respectively, an increase of $131,586 or 9.6%. All of Man Loong's revenue was derived from commissions on trades placed through its trading platform and telephone transaction system. During the year ended March 31, 2016, the number of agents remained constant, however the number of agent customers decreased by 2, and those 2 customers historically accounted for more than 10% of commission revenue. Additionally, the number of agent customers decreased by 19 during the nine months ended December 31, 2016. We believe that revenues increased as compared to the nine months ended December 31, 2015 primarily because of the increase in volatility in gold and silver prices. A lack of volatility in gold and silver prices in the future or further decreases in the number of agents and their customers could result in declines in commission revenues as it has in the past.

Total expenses were $1,505,820 for the nine months ended December 31, 2016 as compared to $1,906,655 for the nine months ended December 31, 2015, a decrease of $400,835 or 21.02%. Approximately 61% of our total expenses for the nine months ended December 31, 2016 were attributed to general and administrative expenses compared to 64% for the nine months ended December 31, 2015. Historically, marketing, which includes payment made to agents for their provision of sales, marketing and customer support services has been our largest general and administrative expense. Marketing expense was $255,597 or 17% of Man Loong’s total expenses for the nine months ended December 31, 2016 and $254,406 or 13% of Man Loong’s total expenses for the nine months ended December 31, 2015. The increase in marketing expenses in the nine months ended December 31, 2016 as compared to the prior year was the result of Man Loong decreasing headcount and expanding its marketing effort to attract new agents and customers. Man Loong’s other large expenses were (i) its trading platform hosting and rent which was $78,415 or 5% of its total expenses for the nine months ended December 31, 2016 and $126,019 or 7% of its total expenses for the nine months ended December 31, 2015, (ii) its legal and professional expense which was $133,438 or 9% of its total expenses for the nine months ended December 31, 2016 and $115,598 or 6% of its total expenses for the nine months ended December 31, 2015 and (iii) its occupancy costs for the rent and management fee paid for its offices which was $325,301 or 22% of Man Loong’s total expenses for the nine months ended December 31, 2016 and $501,829 or 27% of its total expenses for the nine months ended December 31, 2015. For the nine months ended December 31, 2016 and 2015, employee compensation and benefits was $527,340 and $495,772 or 35% and 26% of Man Loong’s total expenses for the nine months ended December 31, 2016 and 2015, respectively.

Net income was $26,552 for the nine months ended December 31, 2016, compared to a loss of $515,179 for the nine months ended December 31, 2015, an increase of $541,731 or 105%. The increase in net income was primarily the result of Man Loong’s increase in revenue while its platform rent and occupancy expenses decreased, offset in part by a slight increase in marketing, legal and professional and employee compensation and benefits expenses, as a percentage of revenue for the nine months ended December 31, 2016 as compared to the nine months ended December 31, 2015.

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LIQUIDITY

To date, eBullion has funded its operations from cash flows generated by operations. As of December 31, 2016, eBullion had cash totaling $793,804, total assets of $2,660,979, total liabilities of $233,845 and working capital of $1,120,393. Net cash used in operations was $268,950 and $548,586 for the nine months ended December 31, 2016 and 2015, respectively. The decrease in net cash used in operations for the nine months ended December 31, 2016 included a decrease in commissions receivable of $417,090, a decrease in deposits and prepaid expenses of $59,578, a decrease in accounts payable and accrued expenses of $51,850, and a decrease in deferred income taxes of $4,930, offset by an increase in net income of $26,552, an increase in customer deposits of $21,699, an increase in prepaid income taxes of $147,483, and an increase in Income tax payable of $12,061. Net cash used in investing activities was $46,147 and $1,008,526 for the nine months ended December 31, 2016 and 2015, respectively. The decrease in net cash used in investing activities for the nine months ended December 31, 2016 was primarily due to Man Loong’s loan of $774,083 to Global Long Limited Inc. (“Global Long”) during the nine months ended December 31, 2015 compared to no lending activity during the nine months ended December 31, 2016. Global Long is registered in Hong Kong and through its subsidiary in the Peoples Republic of China, eBullion Trade Company Limited (“EBullion Trade”), is engaged in trading silver contracts as an electronic trading member of the Guangdong Precious Metal Exchange. The loan bears interest at a 6% annual rate, matures on its 5th anniversary and is secured by a first right of claim on a bank deposit held by a subsidiary of Global Long. Under terms of the loan, interest is payable to Man Loong quarterly and Global Long has the right to repay the loan at any time before the maturity date. Until all principal and accrued interest are repaid on the loan, Global Long may not enter into additional borrowings without Man Loong’s written permission, and upon certain events of default, the Loan becomes due on demand. The purpose of the loan was to establish a relationship with Global Long with the intent of becoming the first choice for eBullion Trade’s customers who wish to trade in gold trading positions through the CGSE. Net cash used by financing activities was $0 and $0 for the nine months ended December 31, 2016 and 2015, respectively.

As of December 31, 2016 and for the nine months then ended, Man Loong’s customer deposits increased from $187,037 at March 31, 2016 to $208,731 at December 31, 2016, an increase of $21,694 or 11.6%. Customer deposits arise when customers of Man Loong’s agents request that Man Loong hold the minimum deposit required to secure the customer’s account from trading losses instead of the agent. Man Loong will continue to offer this service to customers who request it, and expects the number of customers who hold minimum deposit funds in its accounts to increase in the future.

As of December 31, 2016 and for the nine months then ended, Man Loong’s commission receivables increased from $100,493 at March 31, 2016 to $517,751 at December 31, 2016, an increase of $417,258 or 415.2%. Commissions receivable represent commissions to be collected from agents for their customers’ trades executed across Man Loong’s electronic trade platform and telephone transaction system. Commissions receivable are typically remitted to Man Loong within 30 days of trade execution. We have not historically incurred credit losses on these commissions receivable, and we continue working with our agents to improve the payment times of commissions accrued but unpaid at the end of each month. As of December 31, and March 31, 2016, we had no reserve for credit losses nor had we incurred any bad debts for the three and months ended December 31, 2016 and 2015.

As of December 31, 2016 and for the nine months then ended, Man Loong’s deposits and prepaid expenses increased from $170,903 at March 31, 2016 to $230,494 at December 31, 2016, an increase of $59,591 or 34.86%. Deposits and prepaid expenses consist primarily of prepaid rent and occupancy expenses on Man Loong’s principal offices in Hong Kong. In May 2016, Man Loong entered into a lease agreement on new office space which required Man Loong to pay an additional deposit of approximately $44,155.

No dividends were declared or paid in the quarters ended December 31, 2016 and 2015 and none are expected to be paid for the foreseeable future.

Commitments

eBullion is committed to paying a monthly fee of approximately $3,868 until March 31, 2017 to True Technology Limited for hosting services and use of the trading platform that is the cornerstone of its business. True Technology is a company owned by Messrs. Choi and Wong, Man Loong’s CEO and a director, respectively. In September 2015, Man Loong entered into a lease for its principal office space which requires monthly payments of approximately $27,209 through October 2018. In May 2016, the Company entered into a new lease agreement for additional office space. The Company paid approximately $44,155 in lease deposits and is committed to lease and management fee payments of approximately $10,645 per month through October 2018.

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OFF-BALANCE SHEET ARRANGEMENTS

We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under Securities and Exchange Commission rules.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable to smaller reporting companies.

ITEM 4. CONTROLS AND PROCEDURES.

a) Evaluation of disclosure controls and procedures

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures are ineffective as of December 31, 2016 to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. Subject to receipt of additional financing or revenue generated from operations, the Company intends to retain additional individuals to remedy the ineffective controls.

(b) Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during our fiscal quarter ended December 31, 2016, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS.

The following information updates, and should be read in conjunction with, information disclosed in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended March 31, 2016 which was filed with the Securities and Exchange Commission on June 29, 2016. There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended March 31, 2016 other than as set forth below:

ADDITIONAL RISKS RELATED TO OUR BUSINESS

Our revenue is dependent upon Man Loong’s ability to attract and retain the agents with whom its customers have accounts.

Our revenue is dependent upon Man Loong’s ability to retain and attract agents. Man Loong’s customer base is primarily comprised of agents who have been retained by individual customers who trade in gold and silver price contracts. Although Man Loong offers products and tailored services designed to educate, support and retain its agents, its efforts to attract new agents, and those agents’ ability to attract new customers or reduce the attrition rate of its existing agents and their customers may not be successful. If Man Loong is unable to maintain or increase its agent retention rates or generate a substantial number of new agents in a cost-effective manner, its business, financial condition and results of operations and cash flows would likely be adversely affected. During the year ended March 31, 2016, the number of agents remained constant, however the number of agent customers decreased by 2, and those 2 customers historically accounted for more than 10% of commission revenue. Additionally, the number of agent customers decreased by 19 during the nine months ended December 31, 2016. We believe that revenues increased during the three and nine months ended December 31, 2016, as compared to the prior year, primarily because of increased volatility in gold and silver prices. For the three and nine months ended December 31, 2016, revenues decreased by $60,279 or 11.4% and increased by $131,586 or 9.60%, respectively as compared to the three and nine months ended December 31, 2015. Although Man Loong has spent significant financial resources on support services for agents and their customers, and marketing and related expenses and plans to continue to do so, these efforts may not be cost-effective at attracting new agents and customers. In particular, during the three and nine months ended December 31, 2016, marketing expenses increased as we expanded our marketing efforts to attract additional customers, and we believe that costs for customer support services and rates for desirable advertising and marketing placements, including online, search engine, print and television advertising, are likely to increase in the foreseeable future, and Man Loong may be disadvantaged relative to its larger competitors in its ability to expand or maintain its customer support capabilities, and advertising and marketing commitments.

Man Loong currently has 3 agents in Hong Kong which cover three main geographic areas, including Hong Kong Island, Kowloon and the New Territories. In mainland China, Man Loong has 10 agents located in Shanghai and Guangdong and Fujian provinces. Each of Man Loong’s agents in Hong Kong have between 100 – 150 customers and its agents in China each have between 100 and 600 customers. There can be no assurance that Man Loong will be able to retain its agents and their customers.

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If Man Loong were to fail to comply with the requirements of the CGSE, Man Loong could lose its ability to process client trades, which would have an adverse material effect on our revenues, financial condition and cash flows.

Man Loong must comply with the minimum working capital and other requirements of the CGSE to continue our present business operations as an officially designated electronics trading member of the CGSE, a self-regulatory organization registered in Hong Kong. If we were to fall out of compliance with the CGSE’s requirements for its members, Man Loong could lose its ability to facilitate any trades of gold or silver for customers of its agents, and potentially lose its membership in the CGSE, all of which would have an adverse material effect on our revenues, financial condition and cash flows. The constitution of the CGSE requires its members to have a minimum working capital, defined as cash plus precious metals, of approximately $193,000 and minimum assets of $643,000. The CGSE also requires its members to submit a quarterly liquidity capital report, in order to ensure that the bank balances exceed or equal the balance of customer deposits, as well as comply with a code of conduct which is established by CGSE. As of December 31, 2016 and March 31, 2016, Man Loong had $0.8 million and $1.1 million in cash, respectively, and $2.66 million and $2.66 million, in total assets, respectively. We were in compliance with the CGSE’s requirements as of December 31, 2016 and March 31, 2016.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION.

None.

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ITEM 6. EXHIBITS.

Exhibits required by Item 601 of Regulation SK:

Exhibit No.		Description
31.1		Certification of Chief Executive Officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Chief Financial Officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		XBRL Instance Document†
101.SCH*		XBRL Taxonomy Extension Schema Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

______________

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

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	EBULLION, INC.
Date: February 8, 2017	By:	/s/ Kee Yuen Choi
		Kee Yuen Choi
		President and Chief Executive Officer
		(Principal executive officer)
Date: February 8, 2017	By:	/s/ Chui Chui Li
		Chui Chui Li
		Chief Financial Officer
		(Principal financial and accounting officer)

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