| Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
| Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
| Basis of Presentation | Basis of Presentation On October 21, 2020, the Company’s board of
directors approved a change to its fiscal year end from December 31 to March 31, which is the fiscal year end of YeeTah, to align its
reporting periods to be more consistent with YeeTah. The Company’s unaudited condensed consolidated
financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.
GAAP”). The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of only normal
recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods
shown and are not necessarily indicative of the results to be expected for the full year ending March 31, 2021. These unaudited condensed
consolidated financial statements should be read in conjunction with the financial statements and related notes included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2019. | | |
| Use of Estimates | Use of Estimates The preparation of the Company’s consolidated
financial statements in conformity with accounting principles generally accepted in the United States of America requires us 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. | | Use of Estimates The preparation of the Company’s financial statements
in conformity with accounting principles generally accepted in the United States of America requires us 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 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$”). The Company’s operations are principally conducted in Hong Kong where Hong Kong dollar is the
functional currency. Transactions denominated in other than the functional
currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary
assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency
at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the statements of operations
and comprehensive loss. The exchanges rates used for translation from Hong
Kong dollar to US$ 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 2020 and 2019. | | |
| 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 December 31, 2020, 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 income and comprehensive
income. 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 and nine months ended December 31, 2020 and 2019 and there
was no provision for doubtful accounts as of December 31, 2020 and March 31, 2020. | | Accounts Receivable Accounts receivable are stated at estimated net realizable
value. Accounts receivable are comprised of balances due from customer, net of estimated allowances for uncollectible accounts. In determining
collectability, historical trends are evaluated and specific issues are reviewed to arrive at appropriate allowances. There was no allowance
at December 31, 2019 and 2018. |
| 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 is compensated for its services by commissions paid by insurance companies, typically based on a
percentage of the premium paid by the insured. The Company adopted ASC 606 for its fiscal year beginning on April 1, 2019 using the modified
retrospective approach. There were no material unfinished contracts with customers on the adoption date of ASC 606. Prior to the adoption of ASC 606, under ASC 605, the
basic criteria necessary for revenue recognition were:
(i) Persuasive evidence of an arrangement exists,
(ii) Delivery has occurred or services have been rendered
(iii) The selling price is fixed or determinable, and
(iv) Collectability is reasonably assured. Revenue is recognized when the brokerage services
are rendered under ASC 605. 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 contracts with our customers
(insurance companies) primarily through written contracts. Performance obligation for these insurance brokerage contracts is to help our
insurance company customers to promote, coordinate and complete subscriptions of insurance policies offered by our customers for sales
of our products to our 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. Revenue recognition under ASC 606 has not had material
differences than revenue recognition under the legacy ASC 605 for the Company. | | Revenue Recognition The Company recognizes revenue from the sale of products and services in
accordance with ASC 606, “ Revenue Recognition Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance
obligation The Company recognizes revenue when it satisfies its obligation by transferring
control of the good or service to the customer. A performance obligation is satisfied over time if one of the following criteria are met: a. the customer simultaneously receives and consumes the benefits as the
entity performs; b. the entity’s performance creates or enhances an asset that the
customer controls as the asset is created or enhanced; or c. the entity’s performance does not create an asset with an alternative
use to the entity, and the entity has an enforceable right to payment for performance completed to date. Cost of services include all expenses directly incurred to generate revenue,
which include costs such as products purchases, processing fees, chargebacks and disputes, and shipping costs. For purposes of the statements of cash flows, we consider all highly liquid
instruments purchased with a maturity of three months or less to be cash equivalents. |
| 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, other receivables, due from related parties, accounts payable and accrued 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. 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 December 31, 2020. | | |
| 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 rate Estimated residual value
Office equipment 20% Nil
Leasehold improvements Shorter of lease term or 20% 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. | | Property and Equipment Property and equipment are recorded at cost and are
depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 3 to 10 years. Major
additions are capitalized, while minor additions and maintenance and repairs, which do not extend the useful life of an asset, are expensed
as incurred. |
| 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 impairment losses for the periods ended
December 31, 2020 and 2019. | | Long Lived Assets We review our long-lived assets for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized
when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount.
No such impairment losses have been identified by the Company for the years ended December 31, 2019 and 2018. |
| Leases | Leases A lease for which substantially all the benefits and
risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. When a lease contains rent holidays,
the Company records the total expenses on a straight-line basis over the lease term. Leases that substantially transfer to the Company
all the risks and rewards of ownership of assets are accounted for as capital leases. At the commencement of the lease term, a capital
lease is capitalized at the lower of the fair value of the leased asset and the present value of the minimum lease payments, each determined
at the inception of the lease. The corresponding liability to the lessor is included
in the balance sheets as capital lease obligation. Lease payments are apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate
of interest on the remaining balance of the liability. Assets under capital leases are depreciated the same
as owned assets over the shorter of the lease term and their estimated useful lives. | | |
| 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. | | Income Taxes We compute income taxes in accordance with FASB ASC
Topic 740, Income Taxes. Under ASC-740, deferred tax assets and liabilities are computed based upon the difference between the financial
statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability
is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each
period. Also, the effect on deferred taxes of a change in tax rates is recognized in income in the period that included the enactment
date. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized,
a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future
changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. We follow guidance in FASB ASC Topic 740-10, Accounting
for Uncertainty in Income Taxes, which prescribes a recognition threshold and a measurement attribute for the financial statement recognition
and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount
of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We do not believe we have taken any uncertain tax
positions on any of our open income tax returns filed through the year ended December 31, 2019. Our methods of tax accounting are based
on established income tax principles in the Internal Revenue Code and are properly calculated and reflected within our income tax returns.
Due to the carryforwards of net operating losses, all of our federal and state income tax returns remain subject to audit. |
| Stock-Based Compensation | Stock-Based Compensation We recognize stock-based compensation in accordance
with FASB ASC 718, Stock Compensation. ASC 718 requires that the cost resulting from all share-based transactions be recorded in the financial
statements. It establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all
entities to apply a fair-value-based measurement in accounting for share-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 share-based
payment transactions. | | Stock-Based Compensation We recognize stock-based compensation in accordance
with FASB ASC 718, Stock Compensation. ASC 718 requires that the cost resulting from all share-based transactions be recorded in the financial
statements. It establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all
entities to apply a fair-value-based measurement in accounting for share-based payment transactions with employees. The Statement also
establishes fair value as the measurement objective for transactions in which an entity acquires goods or services from non-employees
in share-based payment transactions. |
| Earnings per share | Earnings per share Basic earnings per share is computed by dividing net
income attributable to common shareholders 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 common shareholders
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. | | Net Loss Per Share We calculate net loss per share in accordance with
ASC Topic 260, Earnings per Share. Basic loss per share is calculated by dividing net loss by the weighted average number of shares of
common stock outstanding for the period. Diluted loss per share is calculated by dividing net loss by the weighted average number of shares
of common stock and dilutive common stock equivalents outstanding. During periods in which we incur losses, common stock
equivalents, if any, are not considered, as their effect would be anti-dilutive. At December 31, 2019 and 2018, we had 85,143,452 and
68,158,002 shares of common stock outstanding on a fully diluted basis, respectively. At December 31, 2019 and 2018, we had 1,000,000
and 1,000,000 dilutive preferred shares outstanding, respectively. These preferred shares were convertible into 10,000,000 shares of common
stock. |
| Segment Information | | | Segment Information The Company follows Financial Accounting Standards
Board (FASB) ASC 280-10, Segment Reporting. Under ASC 280-10, certain information is disclosed based on the way management organizes financial
information for making operating decisions and assessing performance. We currently operate in a single segment and will evaluate additional
segment disclosure requirements if we expand our operations. |
| Recent Accounting Pronouncements | Recently Issued Accounting Standards The Company has reviewed all the 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. | | Recent Accounting Pronouncements We do not believe any recently issued accounting standards
will have a material impact on our financial statements. |
| QDM Holdings Limited [Member] | | | |
| Basis of Presentation | | Basis of presentation The consolidated financial statements of the Group
are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |
| Principal of consolidation | | Principal of consolidation The consolidated financial statements include the financial
statements of QDM BVI any and its subsidiaries. All transactions and balances among QDM BVI and its subsidiaries have been eliminated
upon consolidation.
Principal activities Percentage Date of Place of
QDM Holdings Limited Holding company — August 23, 2019 British Virgin Islands (“BVI”)
QDM Group Limited Holding company 100 % June 22, 2019 Hong Kong
YeeTah Insurance Consultant Limited Insurance brokerage services. Licensed under Professional Insurance Broker Association of Hong Kong (“PIBA”). 100 % April 24, 2015 Hong Kong | |
| Reorganization | | Reorganization On May 20, 2020, the Group executed
a corporate reorganization to roll two controlled entities, namely QDM HK and YeeTah into QDM BVI through a share purchase arrangement.
QDM BVI purchased all the outstanding shares of QDM HK from QDM HK’s sole shareholder, Huihe Zheng. During the years presented in
these consolidated financial statements, the control of the two entities, QDM HK and YeeTah (100% owned by QDM HK) has never changed since
they have been always under the control of the sole shareholder of QDM HK. Accordingly, this transaction has been treated as a corporate
restructuring (reorganization) of entities under common control and thus the current capital structure of QDM BVI has been retrospectively
presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5. Therefore, the results of
the subsidiaries from prior periods before the reorganization are included in the consolidated financial statements. | |
| Use of Estimates | | Use of estimates The preparation of consolidated
financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported
and disclosed in the consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates and differences
could be material. Changes in estimates are recorded in the period they are identified. There were no significant estimates
for the years ended March 31, 2020 and 2019. | |
| Foreign currency and foreign currency translation | | Foreign currency and foreign currency translation The Group’s reporting currency
is the United States dollar (“US$”). The Group’s operations are principally conducted through Hong Kong where Hong Kong
dollar is the functional currency. Transactions denominated in other
than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction
dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the
functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the statements
of operations and comprehensive loss. The exchanges rates used for translation
from Hong Kong dollar to US$ was 7.8000, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was
used to translate Group’s balance sheets, income statement items and cash flow items for both 2020 and 2019. | |
| Certain risks and concentration | | Certain risks and concentration The Group’s consolidated
financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash
equivalents and receivables, prepayments and other assets. As of March 31, 2020, and 2019, substantially all of the Group’s cash
and cash equivalents were held in major financial institutions located in Hong Kong, which management considers to being of high credit
quality. During the years ended March 31, 2020 and 2019, the top two insurance companies accounted for 77% and 92.1% of the Group’s
total revenue, respectively. | |
| 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 Group 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 income and comprehensive
income. 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 Group historically did not
have material bad debts in accounts receivable. There were no bad debt expenses for the years ended March 31, 2020 and 2019 and there
was no provision for doubtful accounts as of March 31, 2020 and 2019. | |
| Revenue Recognition | | Revenue recognition The Group generates revenue primarily
by providing insurance brokerage services. The Group sells insurance products underwritten by insurance companies operating in Hong Kong
to its individual customers and is compensated for its services by commissions paid by insurance companies, typically based on a percentage
of the premium paid by the insured. The Group adopted ASC 606 for its fiscal year beginning on April 1, 2019 using the modified retrospective
approach. There were no material unfinished contracts with customers on the adoption date of ASC 606. Prior to the adoption of ASC 606,
under ASC 605, the basic criteria necessary for revenue recognition were:
(i) Persuasive evidence of an arrangement exists,
(ii) Delivery has occurred or services have been rendered
(iii) The selling price is fixed or determinable, and
(iv) Collectability is reasonably assured. Revenue is recognized when the
brokerage services are rendered under ASC 605. ASC 606 develops a five-step model
for recognizing revenue from contacts with customers and these five steps include:
(i) Identify the contract
(ii) Identify performance obligations
(iii) Determine transaction price
(iv) Allocate transaction price
(v) Recognize revenue The Group enters into written
agreements with insurance companies for brokerage services. Performance obligation for these insurance brokerage contracts is to help
insurance companies, promote, coordinate and complete subscriptions of insurance policies offered by these insurance companies who partnered
with the Group. 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 Group’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 Group has satisfied its insurance brokerage performance obligation
and recognizes revenue. Revenue recognition under ASC
606 has not had material differences than revenue recognition under the legacy ASC 605 for the Group. | |
| Cost of sales | | Cost of sales Cost of sales represent commissions
paid to third-party agents or sub-brokers who help introduce or refer insurance customers to the Group. | |
| 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
Group 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 Group’s consolidated
financial instruments include cash and cash equivalents, accounts receivable, other receivables, due from related parties, accounts payable
and accrued 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. The Group noted no transfers between
levels during any of the periods presented. The Group did not have any instruments that were measured at fair value on a recurring nor
non-recurring basis as of March 31, 2020 and 2019. | |
| 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 rate Estimated residual value
Office equipment 20% Nil
Leasehold improvements Shorter of lease term or 20% 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 Group 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 impairment losses for the years ended
March 31, 2020 and 2019. | |
| Leases | | Leases A lease for which substantially
all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. When a lease
contains rent holidays, the Group records the total expenses on a straight-line basis over the lease term. Leases that substantially transfer
to the Group all the risks and rewards of ownership of assets are accounted for as capital leases. At the commencement of the lease term,
a capital lease is capitalized at the lower of the fair value of the leased asset and the present value of the minimum lease payments,
each determined at the inception of the lease. The corresponding liability to
the lessor is included in the balance sheets as capital lease obligation. Lease payments are apportioned between the finance charge and
the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant
periodic rate of interest on the remaining balance of the liability. Assets under capital leases are
depreciated the same as owned assets over the shorter of the lease term and their estimated useful lives. | |
| 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 comprehensive income in the period of the enactment of
the change. The Group 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 Group 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 Group 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 Group initially and subsequently
measures the tax benefit as the largest amount that the Group judges to have a greater than 50% likelihood of being realized upon ultimate
settlement with a taxing authority. The Group’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 Group’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 Group classifies
interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. | |
| Earnings per share | | Earnings per share Basic earnings per share is computed
by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the
period using the two-class method. Under the two-class method, net income is allocated between ordinary shares 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 ordinary
shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary
equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be
anti-dilutive. | |
| Defined contribution plans | | Defined contribution plans The Group contributes to defined
contribution retirement schemes which are available to all employees. Contributions to the schemes by the Group and employees are calculated
as a percentage of employees’ basic salaries. The retirement benefit scheme cost charged to profit or loss represents contributions
payable by the Group to the funds. | |
| Segment Information | | Segment information The Group operates under one segment,
being the insurance brokerage segment. Insurance brokerage revenue is generated from operations in Hong Kong, China. | |
| Recent Accounting Pronouncements | | Recently issued accounting standards In January 2016, the FASB
issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The
new guidance will impact the accounting for equity investments, financial liabilities under the fair value option, and the presentation
and disclosure requirements for financial instruments. In addition, the FASB clarified the need for a valuation allowance on deferred
tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such
as loans, investments in debt securities, and financial liabilities not under the fair value option is largely unchanged. The standard
is effective for public business entities for annual periods (and interim periods within those annual periods) beginning after December 15,
2017. For all other entities, it is effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years
beginning after 15 December 2019. The Group adopted the guidance from its fiscal year beginning on April 1, 2019 and the adoption of the
standard did not have significant impact on the Group’s consolidated financial statements. In February 2016, FASB issued
ASU No. 2016–02, “Leases (Topic 842)”, ASC 842, and subsequently amended the guidance relating largely to transition
considerations under the standard in July 2018. The new guidance, which creates new accounting and reporting guidelines for leasing arrangements,
requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations
created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the
recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification
as a finance or operating lease. The guidance also requires new disclosures to help financial statement users better understand the amount,
timing, and uncertainty of cash flows arising from leases. The new standard is effective for public business entities for annual reporting
periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. In
March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements, which further clarifies the determination
of fair value of the underlying asset by lessors that are not manufacturers or dealers and modifies transition disclosure requirements
for changes in accounting principles and other technical updates. The amendments in ASU 2019-01 amend Topic 842 and the effective
date of those amendments is for fiscal years beginning December 15, 2019, and interim periods within those fiscal years for public business
entities. For all other entities, ASC 842 is effective for annual periods beginning after December 15, 2020. The Group is currently
evaluating the impact of the new pronouncement on its consolidated financial statements but does not expect it to have a significant impact. In June 2016, the FASB amended
guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments—Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments. The guidance replaces the incurred loss impairment methodology with an expected
credit loss model for which a Group recognizes an allowance based on the estimate of expected credit loss. For public business entities
that meet the definition of an U.S. Securities and Exchange (SEC) filer, excluding entities eligible to be smaller reporting companies
as defined by the SEC, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim
periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. Early application of the amendments is permitted. The Group is
currently evaluating the impact of this new guidance on its financial position, results of operations, EPS and cash flows. In August 2016, the FASB issued
ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 provides guidance
for targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective
of reducing diversity in practice. The ASU provides guidance on eight specific cash flow issues:
i. Debt Prepayment or Debt Extinguishment Costs;
ii. Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing;
iii. Contingent Consideration Payments Made after a Business Combination;
iv. Proceeds from the Settlement of Insurance Claims;
v. Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies;
vi. Distributions Received from Equity Method Investees;
vii. Beneficial Interests in Securitization Transactions; and
viii. Separately Identifiable Cash Flows and Application of the Predominance Principle ASU 2016-15 is effective for public
entities for interim and annual periods beginning after December 15, 2017, with early adoption permitted. For all other entities,
the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after
December 15, 2019. The Group adopted ASU 2016-15 in the fiscal year ended March 31, 2020 and concluded that the guidance does not have
impact on the Group’s consolidated financial statements since the Group does not have any of the eight cash flow issues outlined
in ASU 2016-15. In November 2016, the FASB issued
ASU 2016-18, Statement of Cash Flows (Topic 230) (“ASU 2016-18”). This ASU affects all entities that have restricted cash
or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 requires that a statement
of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted
cash or restricted cash equivalents. This update will become effective for fiscal years beginning after December 15, 2018, and interim
periods within fiscal years beginning after December 15, 2019, and early adoption is permitted in any interim or annual period. The
Group adopted the standard from its fiscal year beginning on April 1, 2019 and the adoption does not have impact to the Group’s
consolidated statement of cash flows for the years ended March 31, 2020 and 2019 since the Group does not have restricted cash or restricted
cash equivalents. In August 2018, the Financial
Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2018-13 - Fair Value Measurement
(Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update
apply to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements.
The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based
on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective
for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Group will evaluate
the impact of the new standards in the fiscal year when it becomes effective. | |
