Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | QDM International Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 29,156,393 | |
Amendment Flag | false | |
Entity Central Index Key | 0001094032 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-27251 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-3564984 | |
Entity Address, Address Line One | Room 1030B | |
Entity Address, Address Line Two | 10/F, Ocean Centre, Harbour City | |
Entity Address, Address Line Three | 5 Canton Road, Tsim Sha Tsui | |
Entity Address, City or Town | Kowloon | |
Entity Address, Country | HK | |
Entity Address, Postal Zip Code | - | |
City Area Code | +852 | |
Local Phone Number | 8491 2508 | |
Title of 12(b) Security | None | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 4,617,551 | $ 2,717,745 |
Accounts receivable | 435,958 | 291,900 |
Prepaid expenses | 15,105 | 18,856 |
Total current assets | 5,068,614 | 3,028,501 |
Right of use assets – operating lease | 275,571 | 75,557 |
Long-term prepaids | 86,316 | 27,720 |
Property and equipment, at cost, net | 107,422 | 18,256 |
Total assets | 5,537,923 | 3,150,034 |
Current liabilities: | ||
Accounts payable & accrued liabilities | 1,209,025 | 222,753 |
Operating lease liabilities - current | 109,520 | 29,393 |
Income tax payable | 160,220 | |
Due to related party | 1,139,235 | 1,047,108 |
Total current liabilities | 2,618,000 | 1,299,254 |
Operating lease liabilities – non current | 171,044 | 44,406 |
Total liabilities | 2,789,044 | 1,343,660 |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 545,386 and 545,386 issued and outstanding as of June 30, 2023 and March 31, 2023, respectively | 54 | 54 |
Common stock, $0.0001 par value, 200,000,000 shares authorized, 29,156,393 and 209,993 shares issued and 29,156,393 and 209,993 shares outstanding as of June 30, 2023 and March 31, 2023, respectively | 3,519 | 3,519 |
Subscription receivable | (48,718) | (48,718) |
Treasury stock, 473 and 473 shares at cost | (60,395) | (60,395) |
Additional paid-in capital | 11,901,231 | 11,901,231 |
Accumulated deficit | (9,048,345) | (9,990,987) |
Accumulated other comprehensive income | 1,533 | 1,670 |
Total stockholders’ equity | 2,748,879 | 1,806,374 |
Total liabilities and stockholders’ equity | $ 5,537,923 | $ 3,150,034 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 545,386 | 545,386 |
Preferred stock, shares outstanding | 545,386 | 545,386 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 29,156,393 | 209,993 |
Common stock, shares outstanding | 29,156,393 | 209,993 |
Treasury stock, shares | 473 | 473 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | $ 3,273,287 | $ 9,782 |
Cost of sales | 2,046,081 | 9,782 |
Gross profit | 1,227,206 | |
Operating expenses | ||
General & administrative expenses | 154,644 | 96,625 |
Total operating expenses | 154,644 | 96,625 |
Income (loss) from operations | 1,072,562 | (96,625) |
Other expense (income) | ||
Interest expenses | 468 | 557 |
Other income | (30,768) | (1,026) |
Total other income | (30,300) | (469) |
Income (loss) before income taxes | 1,102,862 | (96,156) |
Current income tax expense | 160,220 | |
Net income (loss) | 942,642 | (96,156) |
Other comprehensive income (loss) | ||
Currency translation adjustment | (137) | 1,527 |
Total comprehensive income (loss) | $ 942,505 | $ (94,629) |
Earnings (loss) per share of common stock: | ||
Basic earnings (loss) per share (in Dollars per share) | $ 0.03 | $ (0.46) |
Diluted earnings (loss) per share (in Dollars per share) | $ 0.03 | $ (0.46) |
Preferred Stock | ||
Other expense (income) | ||
Net income (loss) | ||
Weighted average basic & diluted shares outstanding: | ||
Common (in Shares) | 545,386 | 545,386 |
Common Stock | ||
Other expense (income) | ||
Net income (loss) | ||
Weighted average basic & diluted shares outstanding: | ||
Common (in Shares) | 29,155,920 | 209,520 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Preferred Stock | ||
Weighted average diluted shares outstanding | 545,386 | 545,386 |
Common Stock | ||
Weighted average diluted shares outstanding | 29,155,920 | 209,520 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Deficit - USD ($) | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Subscription Receivable | Accumulated Deficit | Accumulated Other Comprehensive Income (loss) | Total |
Balance at Mar. 31, 2022 | $ 54 | $ 624 | $ (60,395) | $ 9,468,667 | $ (48,718) | $ (10,035,537) | $ 1,333 | $ (673,972) |
Balance (in Shares) at Mar. 31, 2022 | 545,386 | 209,993 | (473) | |||||
Net income (loss) | (96,156) | (96,156) | ||||||
Other comprehensive income (loss) | 1,527 | 1,527 | ||||||
Balance at Jun. 30, 2022 | $ 54 | $ 624 | $ (60,395) | 9,468,667 | (48,718) | (10,131,693) | 2,860 | (768,601) |
Balance (in Shares) at Jun. 30, 2022 | 545,386 | 209,993 | (473) | |||||
Balance at Mar. 31, 2023 | $ 54 | $ 3,519 | $ (60,395) | 11,901,231 | (48,718) | (9,990,987) | 1,670 | 1,806,374 |
Balance (in Shares) at Mar. 31, 2023 | 545,386 | 29,156,393 | (473) | |||||
Net income (loss) | 942,642 | 942,642 | ||||||
Other comprehensive income (loss) | (137) | (137) | ||||||
Balance at Jun. 30, 2023 | $ 54 | $ 3,519 | $ (60,395) | $ 11,901,231 | $ (48,718) | $ (9,048,345) | $ 1,533 | $ 2,748,879 |
Balance (in Shares) at Jun. 30, 2023 | 545,386 | 29,156,393 | (473) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 942,642 | $ (96,156) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 3,527 | 1,361 |
Non-cash lease expenses | 6,749 | |
Changes in working capital: | ||
Accounts receivable & other receivable | (144,057) | 1,493 |
Prepaid expenses | 3,750 | 2,410 |
Long-term prepaid expenses | (58,595) | |
Accounts payable & accrued liabilities | 986,274 | 4,259 |
Income tax payable | 160,220 | |
Due to a related party | (8,807) | (1,407) |
Net cash provided by (used in) operating activities | 1,891,703 | (88,040) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (92,693) | (14,628) |
Net cash used in investing activities | (92,693) | (14,628) |
Cash flows from financing activities: | ||
Proceeds borrowed from related parties | 100,761 | 59,804 |
Net cash provided by financing activities | 100,761 | 59,804 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 35 | (20) |
NET INCREASE (DECREASE) IN CASH | 1,899,806 | (42,884) |
CASH, BEGINNING OF PERIOD | 2,717,745 | 69,658 |
Non-cash transaction | ||
Debt forgiveness by stockholder | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
CASH, END OF PERIOD | $ 4,617,551 | $ 26,774 |
Organization and Principal Acti
Organization and Principal Activities | 3 Months Ended |
Jun. 30, 2023 | |
Organization and Principal Activities [Abstract] | |
Organization and principal activities | 1. Organization and principal activities QDM International Inc. (“QDM,” and collectively with its subsidiaries, the “Company”) was incorporated in Florida in March 2020 and is the successor to 24/7 Kid Doc, Inc. (“24/7 Kid”), which was incorporated in Florida in November 1998. The Company conducts its business through an indirectly wholly owned subsidiary, H ong Kong Yeetah Insurance Broker Limited, formerly known as YeeTah Insurance Consultant Limited On October 21, 2020, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with QDM Holdings Limited, a BVI company (“QDM BVI”), and Huihe Zheng, the sole shareholder of QDM BVI (the “QDM BVI Shareholder”), who is also the Company’s principal stockholder, Chairman and Chief Executive Officer, to acquire all the issued and outstanding capital stock of QDM BVI in exchange for the issuance to the QDM BVI Shareholder 30,000 shares (900,000 shares before the Reverse Split (as defined below)) of a newly designated Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), with each Series C Preferred Stock initially being convertible into 11 shares of the Company’s common stock, par value $0.0001 per share, subject to certain adjustments and limitations (the “Share Exchange”). The Share Exchange closed on October 21, 2020. As a result of the consummation of the Share Exchange, the Company acquired all the issued and outstanding capital stock of QDM BVI and its subsidiaries, QDM Group Limited, a Hong Kong corporation and wholly owned subsidiary of QDM BVI (“QDM HK”) and Yeetah. The Company was a shell company prior to the reverse acquisition which occurred as a result of the consummation of the transaction contemplated by the Share Exchange Agreement, and QDM BVI was a private operating company. The reverse acquisition by a non-operating public shell company of a private operating company typically results in the owners and management of the private company having actual or effective voting and operating control of the combined company. Therefore, the reverse acquisition is considered a capital transaction in substance. In other words, the transaction is a reverse recapitalization, equivalent to the issuance of stock by the private company for the net monetary assets of the shell company accompanied by a recapitalization. Therefore, the acquisition was accounted for as a recapitalization and QDM BVI is considered the acquirer for accounting and financial reporting purposes. The assets and liabilities of QDM BVI have been brought forward at their book value and no goodwill has been recognized. Accordingly, the reverse acquisition has been treated as a corporate restructuring (reorganization) of entities under common control and thus the current capital structures of QDM BVI and its wholly-owned subsidiary QDM HK and its wholly-owned subsidiary, Yeetah, have been retrospectively presented in prior periods as if such structures existed at that time and in accordance with ASC 805-50-45-5. As a result of the Share Exchange, the Company ceased to be a shell company. On November 3, 2021, the Company acquired 100% of the issued and outstanding shares of QDMI Software Group Limited (“QDMS”), a company incorporated on February 6, 2020 in Cyprus. The Company acquired QDMS through an intermediary holding company, Lutter Global Limited (“LGL”), which was incorporated on July 29, 2021 in the BVI. Before the acquisition, Huihe Zheng was the sole shareholder of QDMS. As part of the acquisition, Mr. Zheng sold all the shares of QDMS to LGL for a consideration of EUR5,000 in November 2021 and at the same time the sole shareholder of LGL, Mengting Xu, transferred all her shares in LGL to the Company for a consideration of US$1.00. As a result, the Company acquired a 100% ownership of LGL, which, in turn, owns 100% of QDMS. Accordingly, the acquisition has been treated as a corporate restructuring (reorganization) of entities under common control and thus the current capital structures of QDMS and LGL have been retrospectively presented in prior periods as if such structures existed at that time and in accordance with ASC 805-50-45-5. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for annual consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of June 30, 2023, and for the three months ended June 30, 2023 and 2022. The results of operations for the three months ended June 30, 2023 are not necessarily indicative of the operating results for the full year ending March 31, 2023 or any other period. These unaudited condensed consolidated financial statements have been derived from the accounting records of the Company and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended March 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on June 29, 2023. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with the U.S. GAAP requires the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses may be affected by the estimates that management is required to make. Actual results could differ from those estimates. Foreign Currency and Foreign Currency Translation The Company’s reporting currency is the United States Dollar (“US$” or “$”). The Company’s operations are principally conducted in Hong Kong where Hong Kong dollar is the functional currency. The functional currency of the Company’s two subsidiaries, Lutter Global Limited and QDMI Software Group Limited, is the Euro. Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance sheet date. The resulting exchange differences are reported in the statements of operations and comprehensive loss. The exchanges rates used for translation from Hong Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company’s balance sheets, income statement items and cash flow items for both the three months ended June 30, 2023 and 2022, and the year ended March 31, 2023. The exchanges rates used for translation from Euro to US$ are as follows: June 30, June 30, March 31, Year-end spot rate EUR 1 = US$1.0920 EUR 1 = US$1.0469 EUR 1 = US$1.0872 Average rate for the period EUR 1 = US$1.0888 EUR 1 = US$1.0646 EUR 1 = US$1.0414 Certain Risks and Concentration The Company’s financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and receivables, and other assets. As of June 30, 2023, substantially all of the Company’s cash and cash equivalents were held in major financial institutions located in Hong Kong, which management considers to being of high credit quality. Cash and Cash Equivalents Cash and cash equivalents consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. Accounts Receivable Accounts receivable represents trade receivable and are recognized initially at fair value and subsequently adjusted for any allowance for doubtful accounts and impairment. The Company makes impairment loss for bad and doubtful debts based on assessments of the recoverability of the trade and other receivables based on individual account analysis, including the current creditworthiness and the past collection history of each debtor. Impairments arise when there is an objective evidence indicate that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on management of customers’ credit and ongoing relationship, management makes conclusions whether any balances outstanding at the end of the period will be deemed uncollectible on an individual basis and on aging analysis basis. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the statements of operations and comprehensive loss. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. The Company historically did not have material bad debts in accounts receivable. There were no bad debt expenses for the three months ended June 30, 2023 and 2022 and there was no provision for doubtful accounts as of June 30 and March 31, 2023. Revenue Recognition The Company generates revenue primarily by providing insurance brokerage services in Hong Kong. The Company sells insurance products underwritten by insurance companies operating in Hong Kong to its individual customers and primarily generates its income through commissions paid by insurance companies, typically based on a percentage of the premium paid by the insured. Commissions generally vary based on the type and term of insurance products, as well as the particular underwriting insurance carrier, and can be shared with other insurance agent or broker partners. ASC 606 provides for a five-step model for recognizing revenue from contracts with customers. These five steps include: (i) Identify the contract (ii) Identify performance obligations (iii) Determine transaction price (iv) Allocate transaction price (v) Recognize revenue The Company enters into insurance brokerage contracts with customers (insurance companies). Performance obligation for these insurance brokerage contracts is to help insurance company customers to promote, coordinate and complete subscriptions of insurance policies offered by customers. Under ASC 606, revenue is recognized when the customer obtains control of a good or service. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The transfer of control of the Company’s brokerage services generally occurs at a point in time on the effective date of the associated insurance contract when the policy transfers to the customer. The insurance policy entered between the insurance company and the insured customer generally contains a cool-off period of one to two months. When the cool-off period elapses and the insured customer does not withdraw from the insurance policy, the policy becomes effective. Once the transfer of control of a service occurs, the Company has satisfied its insurance brokerage performance obligation and recognizes revenue. Fair Value Measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, lease liabilities and due to related party. The carrying amounts of these financial instruments approximate their fair values due to the short-term nature of these instruments. For lease liabilities, fair value approximates their carrying value at the period end as the interest rates used to discount the host contracts approximate market rates The Company noted no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring nor non-recurring basis as of June 30, 2023. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and impairment. Depreciation of property and equipment is calculated on a straight-line basis, after consideration of expected useful lives and estimated residual values. The estimated annual deprecation rate of these assets are generally as follows: Category Depreciation Estimated Office equipment 3 years Nil Leasehold improvements Shorter of lease term or 3 years Nil Expenditures for maintenance and repairs are expensed as incurred. Gains and losses on disposals are the differences between net sales proceeds and carrying amount of the relevant assets and are recognized in the statements of operations and comprehensive loss. Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the expected future undiscounted cash flows attributable to these assets. If it is determined that an asset is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the assets exceeds the expected discounted cash flows arising from those assets. There were no Leases Arrangements meeting the definition of a lease are classified as operating or finance leases, and are recorded on the consolidated balance sheet as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. In calculating the right of use asset and lease liability, the Company elects to combine lease and non-lease components as permitted under ASC 842. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. Taxation Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carryforwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of operations and comprehensive income in the period of the enactment of the change. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. Stock-Based Compensation The Company recognizes stock-based compensation in accordance with FASB ASC 718, Stock Compensation. ASC 718 requires that the cost resulting from all stock-based transactions be recorded in the financial statements. It establishes fair value as the measurement objective in accounting for stock-based payment arrangements and requires all entities to apply a fair-value-based measurement in accounting for stock-based payment transactions with employees. ASC 718 also establishes fair value as the measurement objective for transactions in which an entity acquires goods or services from non-employees in stock-based payment transactions. Earnings per share Basic earnings per share is computed by dividing net income attributable to holders of common stock by the weighted average number of shares of common stock outstanding during the period using the two-class method. Under the two-class method, net income is allocated between shares of common stock and other participating securities based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses. Diluted earnings per share is calculated by dividing net income attributable to holders of common stock by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (CECL) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 became effective for the Company beginning April 1, 2023. The adoption of the new standard does not have a material impact on the Company. The Company has reviewed all the other recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the Company. |
Equity
Equity | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | 3. Equity Yeetah is a registered insurance broker in Hong Kong and subject to certain Hong Kong insurance broker requirements regarding its share capital and net assets. Pursuant to the requirements, a licensed insurance broker must at all times maintain a paid-up share capital of not less than US$64,103 (HK$500,000) and net assets of not less than US$64,103 (HK$500,000), subject to certain transitional arrangements, pursuant which, the Company is required to maintain the amount of paid-up share capital and net assets of (i) not less than US$12,821 (HK$100,000) for the period from September 23, 2019 to December 31, 2021 and (ii) not less than US$38,462 (HK$300,000) for the period from January 1, 2022 to December 31, 2023. Yeetah was in compliance with the requirements as of June 30, 2023. There were no stock transactions, including preferred stock, common stock and treasury stock, during the three months ended June 30, 2023 and 2022. |
Related Party Transaction
Related Party Transaction | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transaction [Abstract] | |
Related Party Transaction | 4. Related Party Transaction Related Parties Name of related parties Relationship with the Company Siu Ping Lo Responsible officer of Yeetah Huihe Zheng Principal stockholder, Chief Executive Officer and Chairman of the Company YeeTah Financial Group Co., Ltd. (“YeeTah Financial”) A company formerly controlled by Siu Ping Lo Ouya Properties Group Ltd. (“OPG”) A company controlled by Huihe Zheng Related Party Transactions (i) During the three months ended June 30, 2022, YeeTah Financial charged Yeetah US$9,690 commission expenses in relation to insurance referral services rendered by YeeTah Financial. During the three months ended June 30, 2023, YeeTah Financial no (ii) During the three months ended June 30, 2023, Huihe Zheng advanced $100,761 (2022: US$59,804) to the Company to support its operations. Due to Related Party Balance The Company’s due to related party balance is as follows: June 30, March 31, US$ US$ Huihe Zheng 1,136,019 1,035,730 OPG 3,216 3,202 YeeTah Financial — 8,176 Total 1,139,235 1,047,108 The due to related party balance is unsecured, interest-free and due on demand. Subscription Receivable Due from a Stockholder The Company’s subscription receivable due from a stockholder balance is as follows: March 31, March 31, US$ US$ Huihe Zheng 48,718 48,718 Total 48,718 48,718 The due from stockholder balances represent the purchase price for shares of QDM BVI to be paid by Mr. Huihe Zheng. These due from stockholder balances at of the balance sheet dates were unsecured, interest-free and due on demand. |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiaries are subject to a 16.5% income tax on their taxable income generated from operations in Hong Kong. On December 29, 2017, Hong Kong government announced a two-tiered profit tax rate regime. Under the two-tiered tax rate regime, the first HK$2.0 million assessable profits will be subject to a lower tax rate of 8.25% and the excessive taxable income will continue to be taxed at the existing 16.5% tax rate. The two-tiered tax regime becomes effective from the assessment year of 2018/2019, which was on or after April 1, 2018. The application of the two-tiered rates is restricted to only one nominated enterprise among connected entities. BVI Under the current laws of the BVI, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no BVI withholding tax will be imposed. Cyprus Under the current laws of the Cyprus, the Company’s Cyprus subsidiary is subject to a standard income tax rate of 12.5% on income accrued or derived from all sources in Cyprus and abroad. US Under the current Florida state and US federal income tax, the Company does not need to pay income taxes as Florida state does not levy income tax. The federal income tax is based on a flat rate of 21% for the calendar year of 2023 (2022: 21%). Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2023, the Company did not |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Other than two office leases both with a lease term of 3 years that the Company entered into in February 2022 (the “2022 Office Lease”) and in April 2023 (the “2023 Office Lease”) as below, the Company did not have significant commitments, long-term obligations, or guarantees as of June 30, 2023 and 2022. Operating lease The 2022 Office Lease has a remaining lease term of the operating lease of 1.7 years and discount rate used for the operating lease is 4.9%. The 2023 Office Lease has a remaining lease term of the operating lease of 2.9 years and discount rate used for the operating lease is 10.34%. During the three months ended June 30, 2023 and 2022, the operating lease expense recognized was $25,642 and $10,543 respectively. 2022 2023 Total 2024 $ 31,629 $ 66,558 $ 98,187 2025 35,143 88,745 123,888 2026 and after — 95,186 95,186 Total future minimum lease payments $ 66,772 $ 250,489 $ 317,261 Less: imputed interest (2,650 ) $ (34,047 ) (36,697 ) Total operating lease liability $ 64,122 216,442 $ 280,564 Less: operating lease liability - current 39,918 69,602 109,520 Total operating lease liability – non current $ 24,204 $ 146,840 $ 171,044 Contingencies The Company is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our business, financial position, cash flows or results of operations taken as a whole. As of June 30, 2023, the Company is not a party to any material legal or administrative proceedings. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2023 through the date of issuance of the financial statements and has determined that it does not have any other material subsequent events to disclose in these financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for annual consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of June 30, 2023, and for the three months ended June 30, 2023 and 2022. The results of operations for the three months ended June 30, 2023 are not necessarily indicative of the operating results for the full year ending March 31, 2023 or any other period. These unaudited condensed consolidated financial statements have been derived from the accounting records of the Company and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended March 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on June 29, 2023. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with the U.S. GAAP requires the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses may be affected by the estimates that management is required to make. Actual results could differ from those estimates. |
Foreign Currency and Foreign Currency Translation | Foreign Currency and Foreign Currency Translation The Company’s reporting currency is the United States Dollar (“US$” or “$”). The Company’s operations are principally conducted in Hong Kong where Hong Kong dollar is the functional currency. The functional currency of the Company’s two subsidiaries, Lutter Global Limited and QDMI Software Group Limited, is the Euro. Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance sheet date. The resulting exchange differences are reported in the statements of operations and comprehensive loss. The exchanges rates used for translation from Hong Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate Company’s balance sheets, income statement items and cash flow items for both the three months ended June 30, 2023 and 2022, and the year ended March 31, 2023. The exchanges rates used for translation from Euro to US$ are as follows: June 30, June 30, March 31, Year-end spot rate EUR 1 = US$1.0920 EUR 1 = US$1.0469 EUR 1 = US$1.0872 Average rate for the period EUR 1 = US$1.0888 EUR 1 = US$1.0646 EUR 1 = US$1.0414 |
Certain Risks and Concentration | Certain Risks and Concentration The Company’s financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and receivables, and other assets. As of June 30, 2023, substantially all of the Company’s cash and cash equivalents were held in major financial institutions located in Hong Kong, which management considers to being of high credit quality. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. |
Accounts Receivable | Accounts Receivable Accounts receivable represents trade receivable and are recognized initially at fair value and subsequently adjusted for any allowance for doubtful accounts and impairment. The Company makes impairment loss for bad and doubtful debts based on assessments of the recoverability of the trade and other receivables based on individual account analysis, including the current creditworthiness and the past collection history of each debtor. Impairments arise when there is an objective evidence indicate that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on management of customers’ credit and ongoing relationship, management makes conclusions whether any balances outstanding at the end of the period will be deemed uncollectible on an individual basis and on aging analysis basis. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the statements of operations and comprehensive loss. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. The Company historically did not have material bad debts in accounts receivable. There were no bad debt expenses for the three months ended June 30, 2023 and 2022 and there was no provision for doubtful accounts as of June 30 and March 31, 2023. |
Revenue Recognition | Revenue Recognition The Company generates revenue primarily by providing insurance brokerage services in Hong Kong. The Company sells insurance products underwritten by insurance companies operating in Hong Kong to its individual customers and primarily generates its income through commissions paid by insurance companies, typically based on a percentage of the premium paid by the insured. Commissions generally vary based on the type and term of insurance products, as well as the particular underwriting insurance carrier, and can be shared with other insurance agent or broker partners. ASC 606 provides for a five-step model for recognizing revenue from contracts with customers. These five steps include: (i) Identify the contract (ii) Identify performance obligations (iii) Determine transaction price (iv) Allocate transaction price (v) Recognize revenue The Company enters into insurance brokerage contracts with customers (insurance companies). Performance obligation for these insurance brokerage contracts is to help insurance company customers to promote, coordinate and complete subscriptions of insurance policies offered by customers. Under ASC 606, revenue is recognized when the customer obtains control of a good or service. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The transfer of control of the Company’s brokerage services generally occurs at a point in time on the effective date of the associated insurance contract when the policy transfers to the customer. The insurance policy entered between the insurance company and the insured customer generally contains a cool-off period of one to two months. When the cool-off period elapses and the insured customer does not withdraw from the insurance policy, the policy becomes effective. Once the transfer of control of a service occurs, the Company has satisfied its insurance brokerage performance obligation and recognizes revenue. |
Fair Value Measurement | Fair Value Measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, lease liabilities and due to related party. The carrying amounts of these financial instruments approximate their fair values due to the short-term nature of these instruments. For lease liabilities, fair value approximates their carrying value at the period end as the interest rates used to discount the host contracts approximate market rates The Company noted no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring nor non-recurring basis as of June 30, 2023. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and impairment. Depreciation of property and equipment is calculated on a straight-line basis, after consideration of expected useful lives and estimated residual values. The estimated annual deprecation rate of these assets are generally as follows: Category Depreciation Estimated Office equipment 3 years Nil Leasehold improvements Shorter of lease term or 3 years Nil Expenditures for maintenance and repairs are expensed as incurred. Gains and losses on disposals are the differences between net sales proceeds and carrying amount of the relevant assets and are recognized in the statements of operations and comprehensive loss. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the expected future undiscounted cash flows attributable to these assets. If it is determined that an asset is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the assets exceeds the expected discounted cash flows arising from those assets. There were no |
Leases | Leases Arrangements meeting the definition of a lease are classified as operating or finance leases, and are recorded on the consolidated balance sheet as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. In calculating the right of use asset and lease liability, the Company elects to combine lease and non-lease components as permitted under ASC 842. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. |
Taxation | Taxation Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carryforwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of operations and comprehensive income in the period of the enactment of the change. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation in accordance with FASB ASC 718, Stock Compensation. ASC 718 requires that the cost resulting from all stock-based transactions be recorded in the financial statements. It establishes fair value as the measurement objective in accounting for stock-based payment arrangements and requires all entities to apply a fair-value-based measurement in accounting for stock-based payment transactions with employees. ASC 718 also establishes fair value as the measurement objective for transactions in which an entity acquires goods or services from non-employees in stock-based payment transactions. |
Earnings per share | Earnings per share Basic earnings per share is computed by dividing net income attributable to holders of common stock by the weighted average number of shares of common stock outstanding during the period using the two-class method. Under the two-class method, net income is allocated between shares of common stock and other participating securities based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses. Diluted earnings per share is calculated by dividing net income attributable to holders of common stock by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (CECL) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 became effective for the Company beginning April 1, 2023. The adoption of the new standard does not have a material impact on the Company. The Company has reviewed all the other recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Exchanges Rates | The exchanges rates used for translation from Euro to US$ are as follows: June 30, June 30, March 31, Year-end spot rate EUR 1 = US$1.0920 EUR 1 = US$1.0469 EUR 1 = US$1.0872 Average rate for the period EUR 1 = US$1.0888 EUR 1 = US$1.0646 EUR 1 = US$1.0414 |
Schedule of Estimated Annual Deprecation Rate | The estimated annual deprecation rate of these assets are generally as follows: Category Depreciation Estimated Office equipment 3 years Nil Leasehold improvements Shorter of lease term or 3 years Nil |
Related Party Transaction (Tabl
Related Party Transaction (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transaction [Abstract] | |
Schedule of Related Parties | Name of related parties Relationship with the Company Siu Ping Lo Responsible officer of Yeetah Huihe Zheng Principal stockholder, Chief Executive Officer and Chairman of the Company YeeTah Financial Group Co., Ltd. (“YeeTah Financial”) A company formerly controlled by Siu Ping Lo Ouya Properties Group Ltd. (“OPG”) A company controlled by Huihe Zheng |
Schedule of Due to Related Party Balance | The Company’s due to related party balance is as follows: June 30, March 31, US$ US$ Huihe Zheng 1,136,019 1,035,730 OPG 3,216 3,202 YeeTah Financial — 8,176 Total 1,139,235 1,047,108 |
Schedule of Subscription Receivable Due from a Stockholder | The Company’s subscription receivable due from a stockholder balance is as follows: March 31, March 31, US$ US$ Huihe Zheng 48,718 48,718 Total 48,718 48,718 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Weighted Average Remaining Lease Term of the Operating Lease | During the three months ended June 30, 2023 and 2022, the operating lease expense recognized was $25,642 and $10,543 respectively. 2022 2023 Total 2024 $ 31,629 $ 66,558 $ 98,187 2025 35,143 88,745 123,888 2026 and after — 95,186 95,186 Total future minimum lease payments $ 66,772 $ 250,489 $ 317,261 Less: imputed interest (2,650 ) $ (34,047 ) (36,697 ) Total operating lease liability $ 64,122 216,442 $ 280,564 Less: operating lease liability - current 39,918 69,602 109,520 Total operating lease liability – non current $ 24,204 $ 146,840 $ 171,044 |
Organization and Principal Ac_2
Organization and Principal Activities (Details) | 1 Months Ended | ||||
Oct. 21, 2020 $ / shares shares | Nov. 30, 2021 USD ($) | Nov. 30, 2021 EUR (€) | Jun. 30, 2023 | Nov. 03, 2021 | |
Organization and Principal Activities (Details) [Line Items] | |||||
Consideration amount | € | € 5,000 | ||||
Consideration transferred | $ | $ 1 | ||||
Common Stock [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Conversion price per share | $ / shares | $ 0.0001 | ||||
Series C Preferred Stock [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Price per share | $ / shares | $ 0.0001 | ||||
Series C Preferred Stock [Member] | Common Stock [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Shares converted | 11 | ||||
QDMI Software Group Limited [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Ownership percentage | 100% | ||||
LGL [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Ownership percentage | 100% | ||||
QDMS [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Ownership percentage | 100% | ||||
QDM BVI [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Shares issued | 30,000 | ||||
QDM Holdings Limited [Member] | Series C Convertible Preferred Stock [Member] | |||||
Organization and Principal Activities (Details) [Line Items] | |||||
Shares issued | 900,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 3 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Accounting Policies [Abstract] | ||
Exchange rate | 7.8 | |
Impairment losses | ||
Settlement taxing authority | 50% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Exchanges Rates | 3 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | |
Year-end spot rate [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of Exchanges Rates [Line Items] | |||
Exchange rate | EUR 1 = US$1.0920 | EUR 1 = US$1.0872 | EUR 1 = US$1.0469 |
Average rate for the year [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of Exchanges Rates [Line Items] | |||
Exchange rate | EUR 1 = US$1.0888 | EUR 1 = US$1.0414 | EUR 1 = US$1.0646 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Annual Deprecation Rate | 3 Months Ended |
Jun. 30, 2023 | |
Office Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Annual Deprecation Rate [Line Items] | |
Depreciation rate | 3 years |
Estimated residual value | Nil |
Leasehold Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Annual Deprecation Rate [Line Items] | |
Depreciation rate | Shorter of lease term or 3 years |
Estimated residual value | Nil |
Equity (Details)
Equity (Details) | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Description of reverse stock split | Yeetah is a registered insurance broker in Hong Kong and subject to certain Hong Kong insurance broker requirements regarding its share capital and net assets. Pursuant to the requirements, a licensed insurance broker must at all times maintain a paid-up share capital of not less than US$64,103 (HK$500,000) and net assets of not less than US$64,103 (HK$500,000), subject to certain transitional arrangements, pursuant which, the Company is required to maintain the amount of paid-up share capital and net assets of (i) not less than US$12,821 (HK$100,000) for the period from September 23, 2019 to December 31, 2021 and (ii) not less than US$38,462 (HK$300,000) for the period from January 1, 2022 to December 31, 2023. Yeetah was in compliance with the requirements as of June 30, 2023. |
Related Party Transaction (Deta
Related Party Transaction (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Yee Tah Financial [Member] | ||
Related Party Transaction (Details) [Line Items] | ||
Commission expense | $ 9,690 | |
Related party debt | ||
Huihe Zheng [Member] | ||
Related Party Transaction (Details) [Line Items] | ||
Related party debt | $ 100,761 | $ 59,804 |
Related Party Transaction (De_2
Related Party Transaction (Details) - Schedule of Related Parties | 3 Months Ended |
Jun. 30, 2023 | |
Siu Ping Lo [Member] | |
Related Party Transaction [Line Items] | |
Related party, Relationship with the Company | Responsible officer of Yeetah |
Huihe Zheng [Member] | |
Related Party Transaction [Line Items] | |
Related party, Relationship with the Company | Principal stockholder, Chief Executive Officer and Chairman of the Company |
YeeTah Financial Group Co., Ltd. (“YeeTah Financial”) [Member] | |
Related Party Transaction [Line Items] | |
Related party, Relationship with the Company | A company formerly controlled by Siu Ping Lo |
Ouya Properties Group Ltd. (“OPG”) [Member] | |
Related Party Transaction [Line Items] | |
Related party, Relationship with the Company | A company controlled by Huihe Zheng |
Related Party Transaction (De_3
Related Party Transaction (Details) - Schedule of Due to Related Party Balance - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Related Party Transaction (Details) - Schedule of Due to Related Party Balance [Line Items] | ||
Due to related party | $ 1,139,235 | $ 1,047,108 |
Huihe Zheng [Member] | ||
Related Party Transaction (Details) - Schedule of Due to Related Party Balance [Line Items] | ||
Due to related party | 1,136,019 | 1,035,730 |
OPG [Member] | ||
Related Party Transaction (Details) - Schedule of Due to Related Party Balance [Line Items] | ||
Due to related party | 3,216 | 3,202 |
YeeTah Financial [Member] | ||
Related Party Transaction (Details) - Schedule of Due to Related Party Balance [Line Items] | ||
Due to related party | $ 8,176 |
Related Party Transaction (De_4
Related Party Transaction (Details) - Schedule of Subscription Receivable Due from a Stockholder - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Related Party Transaction (Details) - Schedule of Subscription Receivable Due from a Stockholder [Line Items] | |||
Subscription receivable total | $ 48,718 | $ 48,718 | $ 48,718 |
Huihe Zheng [Member] | |||
Related Party Transaction (Details) - Schedule of Subscription Receivable Due from a Stockholder [Line Items] | |||
Subscription receivable total | $ 48,718 | $ 48,718 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 29, 2017 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes (Details) [Line Items] | |||
Income tax rate | 12.50% | ||
Assessable profits (in Dollars) | $ 2 | ||
Uncertain tax positions (in Dollars) | |||
Hong Kong [Member] | |||
Income Taxes (Details) [Line Items] | |||
Income tax rate | 16.50% | ||
United States [Member] | |||
Income Taxes (Details) [Line Items] | |||
Income tax rate | 21% | 21% | |
Minimum [Member] | |||
Income Taxes (Details) [Line Items] | |||
Income tax rate | 8.25% | ||
Maximum [Member] | |||
Income Taxes (Details) [Line Items] | |||
Income tax rate | 16.50% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 28, 2022 | |
Commitments and Contingencies [Abstract] | |||||
Lease term | 3 years | ||||
Weighted average remaining lease term | 2 years 10 months 24 days | 1 year 8 months 12 days | |||
Operating lease discount rate, percentage | 10.34% | 4.90% | |||
Operating lease expense (in Dollars) | $ 25,642 | $ 10,543 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Weighted Average Remaining Lease Term of the Operating Lease - Operating Lease [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies (Details) - Schedule of Weighted Average Remaining Lease Term of the Operating Lease [Line Items] | |||
2024 | $ 98,187 | $ 66,558 | $ 31,629 |
2025 | 123,888 | 88,745 | 35,143 |
2026 and after | 95,186 | 95,186 | |
Total future minimum lease payments | 317,261 | 250,489 | 66,772 |
Less: imputed interest | (36,697) | (34,047) | (2,650) |
Total operating lease liability | 280,564 | 216,442 | 64,122 |
Less: operating lease liability - current | 109,520 | 69,602 | 39,918 |
Total operating lease liability – non current | $ 171,044 | $ 146,840 | $ 24,204 |