Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jul. 14, 2014 | Sep. 30, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'TELUPAY INTERNATIONAL INC | ' | ' |
Entity Central Index Key | '0001355559 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $50,410,000 |
Entity Common Stock, Shares Outstanding | ' | 161,476,726 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash | $93,157 | $16,770 |
Accounts receivable | 5,463 | 8,679 |
Other current assets | 7,526 | 4,128 |
Total Current Assets | 106,146 | 29,577 |
Property and equipment, net of accumulated depreciation of $95,548 and $81,226, respectively | 28,028 | 33,950 |
Capitalized software development costs, net of accumulated amortization of $124,512 and $75,997, respectively | 108,529 | 155,137 |
Other noncurrent assets | 120,750 | 55,136 |
Total Other Assets | 229,279 | 210,273 |
TOTAL ASSETS | 363,453 | 273,800 |
Current Liabilities | ' | ' |
Accounts payable and accruals | 1,131,212 | 389,061 |
Accounts payable and accruals - related party | 217,903 | 375,504 |
Deferred revenue | 24,973 | 24,000 |
Notes payable | 784,676 | 76,412 |
Notes payable - related parties | 311,730 | 316,540 |
Convertible notes payable | 146,198 | 150,000 |
Convertible notes payable - related party | 57,526 | 175,000 |
Total Current Liabilities | 2,674,218 | 1,506,517 |
Total Liabilities | 2,674,218 | 1,506,517 |
Stockholders' Deficit | ' | ' |
Common Stock, 1,500,000,000 shares authorized, $0.001 par value 161,476,831 and 83,818,894 issued and outstanding, respectively | 161,477 | 720,949 |
Additional Paid-in Capital | 7,849,438 | 5,859,212 |
Common stock - authorized and unissued | 573 | ' |
Unamortized share-based compensation | -16,123 | ' |
Cumulative translation adjustments | -18,791 | -13,306 |
Accumulated deficit | -10,287,339 | -7,799,572 |
Total Stockholders' Deficit | -2,310,765 | -1,232,717 |
Total Liabilities and Stockholders' Deficit | $363,453 | $273,800 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, authorized | 1,500,000,000 | 1,500,000,000 |
Common Stock, issued | 161,476,831 | 83,818,894 |
Common Stock, outstanding | 161,476,831 | 83,818,894 |
Property And Equipment, Accumulated Depreciation | $95,548 | $81,226 |
Capitalized Software Development Costs, Accumulated Amortization | $124,512 | $75,997 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' |
Revenues | $95,431 | $64,711 |
Operating Expenses | ' | ' |
Direct operating expense | 82,151 | 6,834 |
Salaries and benefits | 505,240 | 423,915 |
Share-based compensation - related parties | 426,222 | 417,000 |
Travel | 96,781 | 24,916 |
Professional fees | 727,168 | 377,432 |
General and administrative expenses | 139,779 | 161,890 |
Depreciation and amortization | 68,071 | 77,011 |
Total Operating Expenses | 2,045,412 | 1,488,998 |
Net Loss from Operations | -1,949,981 | -1,424,287 |
Other Income (Expense) | ' | ' |
Interest expense, net | -228,022 | -6,884 |
Interest expense-related party | -5,250 | -16,145 |
Finance costs | -195,767 | -7,500 |
Finance cost - related party | -107,861 | -3,750 |
Other (expense) | -21,896 | ' |
Foreign exchange gain | 21,010 | 3,373 |
Total Other Income (Expense) | -537,786 | -30,789 |
Net Loss before Provision for Income Taxes | -2,487,767 | -1,455,076 |
Net Loss for the Year | ($2,487,767) | ($1,455,076) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Loss for the Year | ($2,487,767) | ($1,455,076) |
Cumulative Translation Adjustment Foreign currency translation | 19,562 | 27,649 |
Total Comprehensive Income (Loss) | ($2,468,205) | ($1,427,427) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Operating Activities | ' | ' |
Net loss | ($2,487,767) | ($1,455,076) |
Adjustments to reconcile net loss to cash: | ' | ' |
Depreciation and amortization | 68,071 | 77,011 |
Other expense paid in shares | 30,000 | ' |
Amortization of share-based compensation costs | 167,252 | ' |
Foreign currency loss | -3,685 | -27,649 |
Share issued for financing cost | 188,267 | ' |
Share issued for financing cost - related party | 97,861 | ' |
Amortization of discounts on convertible notes payable | 203,725 | ' |
Shares issued for services | 46,500 | 266,223 |
Changes in operating assets and liabilities: | ' | ' |
Increase in accounts receivable | 3,216 | 6,152 |
(Decrease) in other current assets | -3,398 | -14,546 |
Increase in accounts payable and accruals | 436,038 | 171,773 |
(Decrease) increase in accounts payable and accruals - related party | -263,801 | 88,755 |
Increase (decrease) in deferred revenue | 973 | -6,000 |
Net Cash Used in Operating Activities | -1,516,748 | -893,357 |
Investing Activities | ' | ' |
(Increase) in other assets | -65,614 | ' |
Acquisition of furniture and equipment | -15,541 | ' |
Net Cash Used in Investing Activities | -81,155 | ' |
Financing Activities | ' | ' |
Proceeds from notes payable | 106,308 | 76,412 |
Repayment of notes payable | -92,000 | ' |
Proceeds from convertible notes payable | 188,267 | ' |
Proceeds from convertible notes payable - related party | 97,861 | 3,676 |
Proceeds from sale of common stock, net of offering costs | 1,373,854 | 820,250 |
Net Cash Provided by Financing Activities | 1,674,290 | 900,338 |
Increase in Cash | 76,387 | 6,981 |
Cash - Beginning of Year | 16,770 | 9,789 |
Cash - End of Year | 93,157 | 16,770 |
Supplemental Disclosures: | ' | ' |
Interest paid | ' | ' |
Income taxes paid | ' | ' |
Non-cash Financing and Investing Activities: | ' | ' |
Common stock issued for conversion of notes and interest | 378,512 | ' |
Common stock issued for other expenses | 30,000 | ' |
Common stock issued for financing - related party | ' | 11,874 |
Common stock issued for services | ' | $252,450 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Deficit (USD $) | Common Stock | Additional Paid-In Capital | Authorized and Unissued | Unamortized Stock Based Compensation | Accumulated Comprehensive Income | Accumulated Deficit | Total |
Beginning Balance at Mar. 31, 2012 | $78,272 | $5,415,416 | ' | ' | $14,343 | ($6,344,496) | ($836,465) |
Balance (in Shares) at Mar. 31, 2012 | 78,271,357 | ' | ' | ' | ' | ' | ' |
Issuance of shares for services | 954 | 78,546 | ' | -48,375 | ' | ' | 31,125 |
Issuance of shares for services (Shares) | 954,000 | ' | ' | ' | ' | ' | ' |
Issuance of shares for services - related party | 2,102 | 429,899 | ' | -135,000 | ' | ' | 297,001 |
Issuance of shares for services - related party (Shares) | 2,102,400 | ' | ' | ' | ' | ' | ' |
Issuance of shares for cash, net | 9,123 | 737,977 | ' | ' | ' | ' | 747,100 |
Issuance of shares for cash, net (Shares) | 9,123,102 | ' | ' | ' | ' | ' | ' |
Issuance of shares for financing - related party | 1,468 | 9,779 | ' | ' | ' | ' | 11,247 |
Issuance of shares for financing - related party (Shares) | 1,468,035 | ' | ' | ' | ' | ' | ' |
Forfeiture of shares | -8,100 | 8,100 | ' | ' | ' | ' | ' |
Forfeiture of shares (Shares) | -8,100,000 | ' | ' | ' | ' | ' | ' |
Translation adjustment | ' | ' | ' | ' | -27,649 | ' | -27,649 |
Net loss for the year | ' | ' | ' | ' | ' | -1,455,076 | 1,455,076 |
Ending Balance at Mar. 31, 2013 | 83,819 | 6,679,717 | ' | -183,375 | -13,306 | -7,799,572 | -1,232,717 |
Balance (in Shares) at Mar. 31, 2013 | 83,818,894 | ' | ' | ' | ' | ' | 83,818,894 |
Issuance of shares for services | 558 | 45,942 | ' | ' | ' | ' | 46,500 |
Issuance of shares for services (Shares) | 558,000 | ' | ' | ' | ' | ' | ' |
Issuance of shares for cash, net | 20,448 | 1,220,183 | ' | ' | ' | ' | 1,240,631 |
Issuance of shares for cash, net (Shares) | 20,448,000 | ' | ' | ' | ' | ' | ' |
Forfeiture of shares | -112 | 112 | ' | ' | ' | ' | ' |
Forfeiture of shares (Shares) | -112,500 | ' | ' | ' | ' | ' | ' |
Translation adjustment | ' | ' | ' | ' | ' | 535 | 535 |
Offering costs - related party | ' | -4,275 | ' | ' | ' | ' | -4,275 |
Issuance of shares previously authorized | 6,459 | 131,041 | ' | ' | ' | ' | 137,500 |
Issuance of shares previously authorized (Shares) | 6,459,060 | ' | ' | ' | ' | ' | ' |
Issuance of Shares for Financing | ' | 571,686 | 573 | ' | ' | ' | 572,259 |
Issuance of shares previously authorized | 6,459 | 131,041 | ' | ' | ' | ' | 137,500 |
Issuance of shares previously authorized (Shares) | 6,459,060 | ' | ' | ' | ' | ' | ' |
Issuance of shares for loans converted | 4,542 | 373,974 | ' | ' | ' | ' | 378,516 |
Issuance of shares for loans converted (Shares) | 4,542,145 | ' | ' | ' | ' | ' | ' |
Previously forfeited shares re-issued | 2,025 | -2,025 | ' | ' | ' | ' | ' |
Previously forfeited shares re-issued (Shares) | 2,025,000 | ' | ' | ' | ' | ' | ' |
Issuance of shares to settle disagreement | 360 | 29,640 | ' | ' | ' | ' | 30,000 |
Issuance of shares to settle disagreement (Shares) | 360,000 | ' | ' | ' | ' | ' | ' |
Shares acquired by Telupay International Inc. | -118,099 | -8,474,307 | ' | ' | ' | ' | -8,592,406 |
Shares acquired by Telupay International Inc. (Shares) | -118,098,594 | ' | ' | ' | ' | ' | ' |
Shares of Telupay International Inc. | 113,878 | 8,484,544 | ' | ' | ' | ' | 8,598,422 |
Shares of Telupay International Inc. (Shares) | 113,878,237 | ' | ' | ' | ' | ' | ' |
Cancellation of founders shares | -70,500 | 70,500 | ' | ' | ' | ' | ' |
Cancellation of founders shares (Shares) | -70,500,000 | ' | ' | ' | ' | ' | ' |
Shares issued to shareholders of Telupay PLC to effect the recapitalization | 118,099 | -118,099 | ' | ' | ' | ' | ' |
Shares issued to shareholders of Telupay PLC to effect the recapitalization (Shares) | 118,098,586 | ' | ' | ' | ' | ' | ' |
Liabilities assumed of Telupay International Inc. | ' | -1,159,193 | ' | ' | -6,020 | ' | -1,165,213 |
Amortization of stock based compensation | ' | ' | ' | ' | 167,252 | ' | 167,252 |
Net loss for the year | ' | ' | ' | ' | ' | -2,487,767 | 2,487,767 |
Ending Balance at Mar. 31, 2014 | $161,477 | $7,849,438 | $573 | ($16,123) | ($18,791) | ($10,287,339) | ($2,310,765) |
Balance (in Shares) at Mar. 31, 2014 | 161,476,831 | ' | ' | ' | ' | ' | 161,476,831 |
Nature_of_Operations_and_Prese
Nature of Operations and Presentation | 12 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations and Presentation | ' |
1. Nature of Operations and Presentation | |
Telupay International Inc. (the “Company”) (formerly i-Level Media Group Incorporated) was incorporated in the State of Nevada on August 23, 2005 as Jackson Ventures Ltd. and its initial operations included the acquisition and exploration of mineral resources. In March, 2007 the Company changed its name to i-Level Media Group Incorporated (“i-Level”) and changed its business to that of developing and operating a digital media network service. This business ceased operations on December 1, 2008 and its business was wound-up. | |
Effective September 24, 2013, the Company completed the acquisition, by way of a Merger Agreement, of 100% of the issued and outstanding shares of Telupay PLC ("Telupay"), a company incorporated in Jersey, Channel Islands on March 2, 2010. Telupay owns the following wholly-owned subsidiaries: (i) Telupay IP Limited (Jersey, Channel Islands), to hold its intellectual property; (ii) Telupay Solutions Limited (Jersey, Channel Islands) as the operations arm of the Telupay group of companies; (iii) Telupay (M.E) FZE (Dubai, AEC), which subsequently incorporated its own subsidiary in the Philippines, Telupay (Philippines) Inc. Telupay and its subsidiaries are engaged in the mobile banking and payment processing business primarily in the Philippines, Peru, Indonesia, Myanmar and the United Kingdom. | |
As a result of the Merger Agreement, Telupay is now a wholly-owned subsidiary of the Company. Effective October 22, 2013 the Company changed its name to Telupay International Inc. and afteffectuated a forward stock split of its authorized and issued outstanding shares of common stock on a 1.5 new shares for 1 old basis. As a result the Company's authorized share capital increased from 1,000,000,000 shares of common stock to 1,500,000,000 shares of common stock and correspondingly, the Company's issued and outstanding share capital increased from 107,651,214 shares of common stock to 161,476,831 shares of common stock. This forward stock split has been accounted for retroactively. The Company, as a result of the Merger Agreement, is no longer a development stage company and will not present accumulated from inception amounts.The closing of the acquisition of Telupay represented a change in control of the Company. For accounting purposes, this change of control constituted a re-capitalization of the Company, and the acquisition has been accounted for as a reverse merger whereby the Company, as the legal acquirer, is treated as the acquired entity, and Telupay, as the legal subsidiary, is treated as the acquiring company with the continuing operations and historical financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Presentation | |
These audited consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. As a result of the acquisition of Telupay on September 24, 2013, the Company has changed its fiscal year end from December 31 to March 31. These financial statements include the accounts of the Company and its consolidated subsidiaries: Telupay PLC, Telupay IP Limited, Telupay Solutions Limited, Telupay (M.E) FZE (Dubai, AEC), andTelupay (Philippines) Inc. The statement of operations includes the accounts of i-Level from September 24, 2013 to March31, 2014 and the accounts of Telupay and its subsidiaries for all historical presentations. | |
Use of Estimates | |
The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Property and Equipment | |
Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. The Company uses other depreciation methods (generally accelerated) for tax purposes where appropriate. The estimated useful lives for significant property and equipment categories are as follows: | |
Equipment 3-5 years | |
Furniture 7 years | |
The Company reviews the carrying value of property, plant, and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment there were no impairments needed as of March31, 2014. | |
Capitalized Software Development Costs | |
The Company capitalizes internal software development costs subsequent to establishing technological feasibility of a software application. Capitalized software development costs represent the costs associated with the internal development of The Company’s software applications. Amortization of such costs is recorded on a software application-by-application basis, based on the greater of the proportion of current year sales to total of current and estimated future sales for the applications or the straight-line method over the remaining estimated useful life of the software application. The Company continually evaluates the recoverability of capitalized software costs and will charge to operations amounts that are deemed unrecoverable for projects it abandons. | |
Revenue Recognition | |
Revenue is derived through enterprise application integration, programming, wholesale sales and distribution of customized software applications, after-sales support and technical assistance, as well as the provision of third-party services and other related ancillary and/or support functions, services and systems related to mobile banking, money and payment solutions. | |
The Company’s copyrighted technologies provide a modular, adaptable systems solution and application software designed to operate in multi-channel gateways and connected devices, providing services such as software development, mobile banking, mobile money and payment services, maintenance and after-sales support (i.e. system upgrades and updates), and customization services. The Company also provides other services, such as consulting and programming, provides licenses on Software as a Service (“SaaS”) basis, and receives royalties on sales on a performance basis, such as when a client acquires a new customer using our copyrighted products. | |
Contract revenue is at a specifically fixed price separate from the price of software and PCS (Post-Contract Customer Support). Upon complete delivery based on a specific SLA (Service Level Agreement) and certificate of acceptance by the client, software revenue is recognized and billed to the client. | |
Any cash payments before delivery in the form of deposits are treated as deferred revenue until acceptance of the client is evident to signify delivery of the product. This is the time the revenue is recognized, such that upon delivery, such deferred revenue will be recognized as revenue. | |
In the case of PCS referring to bug fixes, patches and updates, these are treated as free support for the life of the contract. Maintenance cost is usually as a standard free for the first year. During the second year and succeeding years until end of the contract, maintenance cost revenues will be recognized on a ratable basis, applying a straight-line method. PCS product upgrades are priced separately and recognized as revenue over the life of the contract on a ratable basis. | |
Based on a contractual period, the Company’s income is generated with a client under a revenue-sharing arrangement per transaction basis with fixed transaction fee(s) paid by the client or by the client’s customers, which is generally collected and reconciled by the client and then shared on a standard range of 50/50 revenue sharing percentage between the Company and the client net of system transaction costs. A reconciliation of successful transactions by the Company is done at the end of each month and confirmed by the client. Revenue is recognized and invoiced at this stage. The contract also allows the option for annual customer subscription fees collected from the client’s customers or paid directly by the client to the Company. A reconciliation of annual subscription fees is done every month by the Company and confirmed by the client. Annual subscription fees are invoiced at the end of each month, and revenue is recognized rateably over the one-year subscription period. | |
Another revenue stream is commission from third-party providers that is shared on 70/30 split basis with 30% for the client. Commissions are collected by clients and shared with the Company, at which time revenue is recognized. | |
The Company also generates revenue from development fees and after-sales support to cover maintenance, upgrades and other additional services costs. For such and all other sales of product or services, the Company recognizes revenues based on the terms of the customer agreement. In case of multiple elements, the contract has the specifics defining every payment or billing milestone as agreed upon between the Company and the client. Revenue is recognized based on a fixed price distributed every specific milestone. | |
Revenue generated from licensure and royalty fees is recognized rateably over the agreement period. | |
Loss per Share | |
The Company reports earnings (loss) per share in accordance with ASC Topic 260-10, "Earnings per Share." Basic earnings (loss) per share are computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted earnings (loss) per share have not been presented since the effect of the assumed exercise or conversion of stock options, warrants, and debt to purchase common shares, would have an anti-dilutive effect. | |
Long-lived assets | |
The Company accounts for its long-lived assets in accordance with ASC Topic 360-10-05, “Accounting for the Impairment or Disposal of Long-Lived Assets.” ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost or carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and its fair value or disposable value. As of March 31, 2014 and 2013, the Company determined that none of its long-term assets were impaired. | |
Fair Value of Financial Instruments | |
The Company has financial instruments whereby the fair value of the financial instruments could be different from that recorded on a historical basis in the accompanying balance sheets. The Company's financial instruments consist of cash, receivables, accounts payable, accrued liabilities, and notes payable. The carrying amounts of the Company’s financial instruments approximate their fair values as of March 31, 2014 and 2013due to their short-term nature. | |
Share-Based Compensation | |
The Company accounts for stock-based payments to employees in accordance with ASC 718, “Stock Compensation” (“ASC 718”). Stock-based payments to employees are currently comprised of restricted stock grants that are recognized in the consolidated statement of operations based on their fair values at the date of grant. | |
The Company accounts for stock-based payments to non-employees in accordance with ASC 718 and Topic 505-50, “Equity-Based Payments to Non-Employees.” Stock-based payments to non-employees may include grants of stock, stock options and issuances of warrants that are recognized in the consolidated statement of operations based on the value of the vested portion of the award over the requisite service period as measured at its then-current fair value as of each financial reporting date. The fair value of option grants and warrant issuances will be calculated utilizing the Black-Scholes pricing model. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time stock options are granted and warrants are issued to employees and non-employees, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered stock option or warrant. The Company estimates forfeiture rates for all unvested awards when calculating the expense for the period. In estimating the forfeiture rate, The Company monitors both stock option and warrant exercises as well as employee termination patterns. | |
Foreign Currency | |
The Company accounts for foreign currency in accordance with ASC Topic 830 “Foreign Currency” whereby the local currency is the functional currency. Assets and liabilities of the Company’s foreign locations are translated to reporting currency at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at a weighted average monthly exchange rate for each reporting period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheet as “Other comprehensive income”, a separate component of stockholders’ equity. Transaction gains and losses are included in the consolidated statement of operations. As of March 31, 2014 and 2013, the Company reported$19,562 and $27,649, respectively, in cumulative translation adjustment gains related to foreign currency re-measurement. | |
Recent accounting pronouncements | |
No recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements. | |
International Financial Reporting Standards | |
In November 2008, the Securities and Exchange Commission (“SEC”) issued for comment a proposed roadmap regarding potential use of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. Under the proposed roadmap, The Company would be required to prepare financial statements in accordance with IFRS in fiscal year 2015, including comparative information also prepared under IFRS for fiscal 2014 and 2013. The Company is currently assessing the potential impact of IFRS on its financial statements and will continue to follow the proposed roadmap for future developments. |
Going_Concern
Going Concern | 12 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Going Concern | ' |
3. Going Concern | |
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company has not yet achieved profitable operations since its inception. Through March 31, 2014, the Company had accumulated losses of $10,287,339 and a working capital deficit of $2,567,529. Management expects to incur further losses in the development of its business, all of which raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. |
Acquisition_of_Telupay_PLC
Acquisition of Telupay PLC | 12 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition of Telupay PLC | ' |
4. Acquisition of Telupay PLC | |
Effective September 24, 2013, the Company completed the acquisition of 100% of the issued and outstanding shares of Telupay PLC (“Telupay”) pursuant to a Merger Agreement. Telupay is an early stage company focused on the development and commercialization of mobile banking and payment applications and systems. Telupay is a limited liability company incorporated under the laws of the Jersey Channel Islands. Under the terms of the Merger Agreement Telupay’s stockholders received 1.2 shares of i-Level common stock for every one share of Telupay common stock. With 65,610,325 (on a pre-split basis) shares of Telupay common stock outstanding, 78,732,390 (on a pre-split basis) shares of i-Level shares were issued to the former Telupay stockholders as at September 24, 2013. In addition, the Merger Agreement required that i-Level’s Chief Executive Officer and director tender back to the treasury of i-Level for cancellation an aggregate of 47,000,000 (pre-split) shares of i-Level leaving 28,918,825 pre-split shares of i-Level issued prior to the Merger Agreement. Taking into account the cancellation of such shares, the shares of i-Level issued to Telupay stockholders represented 73% of the issued and outstanding common stock of i-Level post-closing; as a result the Merger Agreement represented a change in control of the Company. For accounting purposes, this change of control constitutes a re-capitalization of the Company, and the acquisition has been accounted for as a reverse merger whereby we, i-Level, as the legal acquirer, is treated as the acquired entity, and Telupay, as the legal subsidiary, is treated as the acquiring company with the continuing obligations and operations. | |
The Merger Agreement also provided that all outstanding Telupay warrants would be exchanged for warrants of i-Level based on the same exchange ratio of 1.2 to 1. As a result of the Merger Agreement and the forward split such Telupay PLC warrants have been cancelled and exchanged for 10,734,000 post-split warrants to acquire 10,734,000 post-split shares of the Company exercisable at $0.2777 per share expiring June 28, 2014. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Mar. 31, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
5. Related Party Transactions | |||
a) | Notes payable–a total of $311,730, loaned by directors during 2012, are due to certain directors as of March 31, 2014. The notes bear flat interest at 10% and are unsecured and are now due on demand. These notes are currently in default and repayment has not been demanded. During fiscal 2014 a director loaned $97,861 on a non-interest bearing, unsecured, demand basis. $87,861 of this loan was subsequently settled by the issuance of 878,610 Units at $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant entitling the holder to purchase an additional common share at $0.20 per share for a period of two years. | ||
b) | During 2014, convertible notes payable – 6% interest bearing, totaling $325,000 (of which $175,000 was due to a former director), plus accrued interest of $53,516, was converted into 4,542,145 common shares of the Company. | ||
c) | Director compensation - Telupay PLC issued executive service agreements to three directors, which have been amended periodically. Pursuant to these agreements, two executives, who are also officers, are entitled to monthly compensation of $7,500 and one non-executive director is entitled to monthly compensation of $5,000. During March 2012, the monthly compensation to be received by each executive director was amended to 50% paid in cash and 50% paid in common shares. On October 4, 2013 the Board of Directors approved the retroactive full cash compensation for the Company’s three directors beginning July 2013.Telupay Plc cancelled the prior agreement with the one non-executive director. Effective November 1, 2013 three non-executive Directors are provided with a quarterly compensation of $5,000 each. | ||
d) | Due to former officer/director of i-Level - the Company’s former officer/director was paid $4,000 per month for services rendered up to September 24, 2013. As at March 31, 2014 a total of $106,200 was owed. This amount is unsecured, non-interest bearing and due on demand. |
Notes_Payable
Notes Payable | 12 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Notes Payable | ' |
6. Notes Payable | |
Prior to the merger outstanding 6% interest bearing convertible notes payable of $150,000 plus accrued interest of $26,799 were converted into 2,018,731 common shares of the Company. | |
Subsequent to the merger outstanding 6% interest bearing convertible notes payable totaling $175,000 were converted into 2,523,414 shares of the Company. | |
During fiscal 2014 the Company issued a convertible promissory note in the amount of $97,861 to a related party. Subsequent to the Company’s fiscal year ended March 31, 2014, the Company settled $87,861 of this note through the issuance of 878,610 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. | |
During fiscal 2014 the Company issued a convertible promissory note in the amount of $100,000 to an investor. Subsequent to the Company’s fiscal year ended March 31, 2014, the Company settled this note in full through the issuance of 1,000,000 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. | |
During fiscal 2014, the Company issued a convertible promissory note in the amount of $88,267 to an investor. Subsequent to the Company’s fiscal year ended March 31, 2014, the Company settled this note in full through the issuance of 882,665 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. | |
The Company owes $332,332 pursuant to 12% interest bearing, unsecured notes. As at March 31, 2014 there was interest of $238,314 accrued. This note holder is also owed $168,631 on a non-interest bearing, unsecured, demand basis. The total amount owing to this creditor is $769,676. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
Fair Value of Financial Instruments | ' | ||||
7. Fair Value of Financial Instruments | |||||
The Company adopted ASC Topic 820-10 to measure the fair value of certain of its financial assets required to be measured on a recurring basis. The adoption of ASC Topic 820-10 did not impact the Company’s financial condition or results of operations. ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. The three levels of the fair value hierarchy under ASC Topic 820-10 are described below: | |||||
Level I – Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. | |||||
Level II – Valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. | |||||
Level III – Valuations based on inputs that are supportable by little or no market activity and that are significant to the fair value of the asset or liability. | |||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments: | |||||
31-Mar-14 | Level I | Level II | Level III | Fair Value | |
Capitalized software development | $ – | $ – | $ 108,529 | $ 108,529 | |
Notes payable– related party | – | -311,730 | – | -311,730 | |
Notes payable | – | -784,676 | – | -784,676 | |
Convertible notes payable | – | -203,724 | – | -203,724 | |
Total | $ – | ($1,300,130) | $ 108,529 | ($1,191,601) | |
31-Mar-13 | Level I | Level II | Level III | Fair Value | |
Capitalized software development | $ – | $ – | $155,137 | $155,137 | |
Notes payable– related party | – | -316,540 | – | -316,540 | |
Notes payable | – | -76,412 | – | -76,412 | |
Convertible notes payable | – | -325,000 | – | -325,000 | |
Total | $ – | ($717,952) | $155,137 | ($562,815) |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Income Tax Disclosure [Abstract] | ' | ||||||
Income Taxes | ' | ||||||
8. Income Taxes | |||||||
At March 31, 2014, the Company had approximately $5,762,210 of federal and state net operating losses. For the years ended March 31, 2014 and 2013, the Company reported net losses of $2,487,767 and $1,455,076 respectively. No provision for income tax expense has been recorded. In addition no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. The net operating loss carry forwards, if not utilized will begin to expire in 2031-2034. | |||||||
The components of the Company’s deferred tax asset are as follows: | |||||||
As of March 31, | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | |||||||
Net (loss) | $ | (2,487,767) | $ | (1,454,533) | |||
Stock, options, and warrants issued | 426,222 | 417,000 | |||||
Taxable (loss) | (2,061,545) | (1,037,533) | |||||
Net operating loss carry forwards | 3,700,665 | 2,633,132 | |||||
Total deferred tax asset | 5,762,210 | 3,700,665 | |||||
Income tax rate | 35% | 34% | |||||
2,016,774 | 1,258,226 | ||||||
Less: valuation allowance | (2,016,774) | (1,258,226) | |||||
Net deferred tax asset | $ | -0- | $ | -0- | |||
For financial reporting purposes, the Company has incurred historical losses. Based on the available objective evidence, including the Company’s history of its loss, management believes it is more likely than not that, the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at March 31, 2014. | |||||||
A reconciliation between the amounts of income tax benefit determined by applying the applicable U.S. and State statutory income tax rate to pre-tax loss is as follows: | |||||||
Years Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Federal and state statutory rate | 35% | 34% | |||||
Change in valuation allowance on deferred tax assets | -35% | -34% | |||||
-0- | -0- | ||||||
Commitment
Commitment | 12 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitment | ' |
9. Commitment | |
On March 26, 2012, Telupay PLC entered into a five-year License Agreement for the use and distribution of its mobile banking and payment software. Telupay PLC received a non-refundable amount of $30,000 for the exclusive right to distribute, use, and to provide the software to the licensees’ clients. The amount was recorded as deferred revenue and is taken into income over five years. The agreement is renewable upon mutual agreement of both parties. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
10. Subsequent Events | |
The Company has evaluated all subsequent events through the date these financial statements were issued and determined the following: | |
On January 3, 2014, the Company issued a convertible promissory note in the amount of $97,861 to a related party. Subsequent to the Company’s fiscal year ended March 31, 2014, the Company settled $87,861 of this note through the issuance of 878,610 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. | |
On January 6, 2014, the Company issued a convertible promissory note in the amount of $100,000 to an investor. Subsequent to the Company’s fiscal year ended March 31, 2014, the Company settled this note in full through the issuance of 1,000,000 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. | |
On March 30, 2014, the Company issued a convertible promissory note in the amount of $88,267 to an investor. Subsequent to the Company’s fiscal year ended March 31, 2014, the Company settled this note in full through the issuance of 882,665 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. | |
Subsequent to the Company’s fiscal year ended March 31, 2014, the Company settled approximately $81,200 in debt pursuant through the issuance of 541,333 Units at a deemed issuance price of $0.15 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.30 per share for a period of two years from issuance. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
These audited consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. As a result of the acquisition of Telupay on September 24, 2013, the Company has changed its fiscal year end from December 31 to March 31. These financial statements include the accounts of the Company and its consolidated subsidiaries: Telupay PLC, Telupay IP Limited, Telupay Solutions Limited, Telupay (M.E) FZE (Dubai, AEC), andTelupay (Philippines) Inc. The statement of operations includes the accounts of i-Level from September 24, 2013 to March31, 2014 and the accounts of Telupay and its subsidiaries for all historical presentations. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. The Company uses other depreciation methods (generally accelerated) for tax purposes where appropriate. The estimated useful lives for significant property and equipment categories are as follows: | |
Equipment 3-5 years | |
Furniture 7 years | |
The Company reviews the carrying value of property, plant, and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment there were no impairments needed as of March31, 2014. | |
Capitalized Software Development Costs | ' |
Capitalized Software Development Costs | |
The Company capitalizes internal software development costs subsequent to establishing technological feasibility of a software application. Capitalized software development costs represent the costs associated with the internal development of The Company’s software applications. Amortization of such costs is recorded on a software application-by-application basis, based on the greater of the proportion of current year sales to total of current and estimated future sales for the applications or the straight-line method over the remaining estimated useful life of the software application. The Company continually evaluates the recoverability of capitalized software costs and will charge to operations amounts that are deemed unrecoverable for projects it abandons. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is derived through enterprise application integration, programming, wholesale sales and distribution of customized software applications, after-sales support and technical assistance, as well as the provision of third-party services and other related ancillary and/or support functions, services and systems related to mobile banking, money and payment solutions. | |
The Company’s copyrighted technologies provide a modular, adaptable systems solution and application software designed to operate in multi-channel gateways and connected devices, providing services such as software development, mobile banking, mobile money and payment services, maintenance and after-sales support (i.e. system upgrades and updates), and customization services. The Company also provides other services, such as consulting and programming, provides licenses on Software as a Service (“SaaS”) basis, and receives royalties on sales on a performance basis, such as when a client acquires a new customer using our copyrighted products. | |
Contract revenue is at a specifically fixed price separate from the price of software and PCS (Post-Contract Customer Support). Upon complete delivery based on a specific SLA (Service Level Agreement) and certificate of acceptance by the client, software revenue is recognized and billed to the client. | |
Any cash payments before delivery in the form of deposits are treated as deferred revenue until acceptance of the client is evident to signify delivery of the product. This is the time the revenue is recognized, such that upon delivery, such deferred revenue will be recognized as revenue. | |
In the case of PCS referring to bug fixes, patches and updates, these are treated as free support for the life of the contract. Maintenance cost is usually as a standard free for the first year. During the second year and succeeding years until end of the contract, maintenance cost revenues will be recognized on a ratable basis, applying a straight-line method. PCS product upgrades are priced separately and recognized as revenue over the life of the contract on a ratable basis. | |
Based on a contractual period, the Company’s income is generated with a client under a revenue-sharing arrangement per transaction basis with fixed transaction fee(s) paid by the client or by the client’s customers, which is generally collected and reconciled by the client and then shared on a standard range of 50/50 revenue sharing percentage between the Company and the client net of system transaction costs. A reconciliation of successful transactions by the Company is done at the end of each month and confirmed by the client. Revenue is recognized and invoiced at this stage. The contract also allows the option for annual customer subscription fees collected from the client’s customers or paid directly by the client to the Company. A reconciliation of annual subscription fees is done every month by the Company and confirmed by the client. Annual subscription fees are invoiced at the end of each month, and revenue is recognized rateably over the one-year subscription period. | |
Another revenue stream is commission from third-party providers that is shared on 70/30 split basis with 30% for the client. Commissions are collected by clients and shared with the Company, at which time revenue is recognized. | |
The Company also generates revenue from development fees and after-sales support to cover maintenance, upgrades and other additional services costs. For such and all other sales of product or services, the Company recognizes revenues based on the terms of the customer agreement. In case of multiple elements, the contract has the specifics defining every payment or billing milestone as agreed upon between the Company and the client. Revenue is recognized based on a fixed price distributed every specific milestone. | |
Revenue generated from licensure and royalty fees is recognized rateably over the agreement period. | |
Loss per Share | ' |
Loss per Share | |
The Company reports earnings (loss) per share in accordance with ASC Topic 260-10, "Earnings per Share." Basic earnings (loss) per share are computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted earnings (loss) per share have not been presented since the effect of the assumed exercise or conversion of stock options, warrants, and debt to purchase common shares, would have an anti-dilutive effect. | |
Long-lived assets | ' |
Long-lived assets | |
The Company accounts for its long-lived assets in accordance with ASC Topic 360-10-05, “Accounting for the Impairment or Disposal of Long-Lived Assets.” ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost or carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and its fair value or disposable value. As of March 31, 2014 and 2013, the Company determined that none of its long-term assets were impaired. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Company has financial instruments whereby the fair value of the financial instruments could be different from that recorded on a historical basis in the accompanying balance sheets. The Company's financial instruments consist of cash, receivables, accounts payable, accrued liabilities, and notes payable. The carrying amounts of the Company’s financial instruments approximate their fair values as of March 31, 2014 and 2013due to their short-term nature. | |
Share-Based Compensation | ' |
Share-Based Compensation | |
The Company accounts for stock-based payments to employees in accordance with ASC 718, “Stock Compensation” (“ASC 718”). Stock-based payments to employees are currently comprised of restricted stock grants that are recognized in the consolidated statement of operations based on their fair values at the date of grant. | |
The Company accounts for stock-based payments to non-employees in accordance with ASC 718 and Topic 505-50, “Equity-Based Payments to Non-Employees.” Stock-based payments to non-employees may include grants of stock, stock options and issuances of warrants that are recognized in the consolidated statement of operations based on the value of the vested portion of the award over the requisite service period as measured at its then-current fair value as of each financial reporting date. The fair value of option grants and warrant issuances will be calculated utilizing the Black-Scholes pricing model. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time stock options are granted and warrants are issued to employees and non-employees, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered stock option or warrant. The Company estimates forfeiture rates for all unvested awards when calculating the expense for the period. In estimating the forfeiture rate, The Company monitors both stock option and warrant exercises as well as employee termination patterns. | |
Foreign Currency | ' |
Foreign Currency | |
The Company accounts for foreign currency in accordance with ASC Topic 830 “Foreign Currency” whereby the local currency is the functional currency. Assets and liabilities of the Company’s foreign locations are translated to reporting currency at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at a weighted average monthly exchange rate for each reporting period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheet as “Other comprehensive income”, a separate component of stockholders’ equity. Transaction gains and losses are included in the consolidated statement of operations. As of March 31, 2014 and 2013, the Company reported$19,562 and $27,649, respectively, in cumulative translation adjustment gains related to foreign currency re-measurement. | |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
No recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements. | |
International Financial Reporting Standards | ' |
International Financial Reporting Standards | |
In November 2008, the Securities and Exchange Commission (“SEC”) issued for comment a proposed roadmap regarding potential use of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. Under the proposed roadmap, The Company would be required to prepare financial statements in accordance with IFRS in fiscal year 2015, including comparative information also prepared under IFRS for fiscal 2014 and 2013. The Company is currently assessing the potential impact of IFRS on its financial statements and will continue to follow the proposed roadmap for future developments. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||
31-Mar-14 | Level I | Level II | Level III | Fair Value | |
Capitalized software development | $ – | $ – | $ 108,529 | $ 108,529 | |
Notes payable– related party | – | -311,730 | – | -311,730 | |
Notes payable | – | -784,676 | – | -784,676 | |
Convertible notes payable | – | -203,724 | – | -203,724 | |
Total | $ – | ($1,300,130) | $ 108,529 | ($1,191,601) | |
31-Mar-13 | Level I | Level II | Level III | Fair Value | |
Capitalized software development | $ – | $ – | $155,137 | $155,137 | |
Notes payable– related party | – | -316,540 | – | -316,540 | |
Notes payable | – | -76,412 | – | -76,412 | |
Convertible notes payable | – | -325,000 | – | -325,000 | |
Total | $ – | ($717,952) | $155,137 | ($562,815) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Income Tax Disclosure [Abstract] | ' | ||||||
Deferred Tax Asset | ' | ||||||
As of March 31, | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | |||||||
Net (loss) | $ | (2,487,767) | $ | (1,454,533) | |||
Stock, options, and warrants issued | 426,222 | 417,000 | |||||
Taxable (loss) | (2,061,545) | (1,037,533) | |||||
Net operating loss carry forwards | 3,700,665 | 2,633,132 | |||||
Total deferred tax asset | 5,762,210 | 3,700,665 | |||||
Income tax rate | 35% | 34% | |||||
2,016,774 | 1,258,226 | ||||||
Less: valuation allowance | (2,016,774) | (1,258,226) | |||||
Net deferred tax asset | $ | -0- | $ | -0- | |||
Reconciliation Tax | ' | ||||||
Years Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Federal and state statutory rate | 35% | 34% | |||||
Change in valuation allowance on deferred tax assets | -35% | -34% | |||||
-0- | -0- |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) - Fair Value, Assets Measured on Recurring Basis (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Capitalized software development | $108,529 | $155,137 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Capitalized software development | ' | ' |
Notes payable - related party | ' | ' |
Notes payable | ' | ' |
Convertible notes payable | ' | ' |
Total | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Capitalized software development | ' | ' |
Notes payable - related party | -311,730 | -316,540 |
Notes payable | -784,676 | -76,412 |
Convertible notes payable | -203,724 | -325,000 |
Total | -1,300,130 | -717,952 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Capitalized software development | 108,529 | 155,137 |
Notes payable - related party | ' | ' |
Notes payable | ' | ' |
Convertible notes payable | ' | ' |
Total | 108,529 | 155,137 |
Fair Value Total [Member] | ' | ' |
Capitalized software development | 108,529 | 155,137 |
Notes payable - related party | -311,730 | -316,540 |
Notes payable | -784,676 | -76,412 |
Convertible notes payable | -203,724 | -325,000 |
Total | ($1,191,601) | ($562,815) |
Income_Taxes_Details_Deferred_
Income Taxes (Details) - Deferred Tax Asset (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Net (loss) | ' | ($1,949,981) | ($1,424,287) |
Stock, options, and warrants issued | ' | 426,222 | 417,000 |
Taxable (loss) | ' | -2,061,545 | -1,037,533 |
Net operating loss carry forwards | ' | 3,700,665 | 2,633,132 |
Total deferred tax asset | ' | 5,762,210 | 3,700,665 |
Income tax rate | 34.00% | 35.00% | 34.00% |
Less: valuation allowance | ' | -2,016,774 | -1,258,226 |
Net deferred tax asset | ' | $0 | $0 |
Income_Taxes_Details_Reconcili
Income Taxes (Details) - Reconciliation Tax | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal and state statutory rate | 34.00% | 35.00% | 34.00% |
Change in valuation allowance | -34.00% | -35.00% | ' |
[us-gaap:EffectiveIncomeTaxRateContinuingOperations] | ' | ' | ' |
Nature_of_Operations_and_Prese1
Nature of Operations and Presentation (Details Narrative) | 12 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Date of Incorporation | 23-Aug-05 |
Incorporation State | 'State of Nevada |
Former Company Name | 'i-Level Media Group Incorporated |
Date Company Changed Name | 22-Oct-13 |
Stock Split Description | 'Authorized and issued outstanding shares of common stock on a 1.5 new shares for 1 old basis. As a result the Company's authorized share capital increased from 1,000,000,000 shares of common stock to 1,500,000,000 shares of common stock and correspondingly, the Company's issued and outstanding share capital increased from 107,651,214 shares of common stock to 161,476,831 shares of common stock. |
Stock Split Conversion Ratio (1.5 to 1) | 1.5 |
Shares Increase via Stock Split | 500,000,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Mar. 31, 2014 | |
Furniture [Member] | ' |
Property and Equipment Useful Life (years) | '7 years |
Equipment [Member] | Minimum [Member] | ' |
Property and Equipment Useful Life (years) | '3 years |
Equipment [Member] | Maximum [Member] | ' |
Property and Equipment Useful Life (years) | '5 years |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Accumulated Losses | $10,287,339 | $7,799,572 | ' |
Working Capital Deficit | $2,310,765 | $1,232,717 | $836,465 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | |
Directors [Member] | Directors [Member] | Directors [Member] | |||
Convertible Notes Payable [Member] | |||||
Notes Payable | ' | ' | $97,861 | $311,730 | $325,000 |
Notes Interest | ' | ' | ' | 10.00% | 6.00% |
Accured Interest | ' | ' | ' | ' | 53,516 |
Notes Payable Description | ' | ' | ' | 'These notes are currently in default and repayment has not been demanded. | ' |
Debt Conversion Shares Issued | ' | ' | 878,610 | ' | 4,542,145 |
Promissory Note | ' | ' | 87,861 | ' | ' |
Share Issuance | ' | ' | 878,610 | ' | 4,542,145 |
Per Share | ' | ' | $0.10 | ' | ' |
Warrants Offering | ' | ' | 'Each Unit contained one common share and one/half of one common share purchase warrant entitling the holder to purchase an additional common share at $0.20 per share for a period of two years. | ' | ' |
Directors Compensation (Quarterly) | 505,240 | 423,915 | ' | 5,000 | ' |
Director Services Rendered Amount Owing (former officer/director of i-Level) | ' | ' | ' | $106,200 | ' |
Notes_Payable_Details_Narrativ
Notes Payable (Details Narrative) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Creditor [Member] | ' |
Notes Payable | $769,676 |
Prior To The Merger [Member] | ' |
Notes Payable | 150,000 |
Notes Payable Interest | 6.00% |
Accured Interest | 26,799 |
Debt Conversion Shares Issued | 2,018,731 |
Subsequent To The Merger [Member] | ' |
Notes Payable | 175,000 |
Notes Payable Interest | 6.00% |
Debt Conversion Shares Issued | 2,523,414 |
Convertible Promissory Note Settled (1) [Member] | ' |
Notes Payable | 97,861 |
Debt Conversion Shares Issued | 878,610 |
Per Share | $0.10 |
Warrants Offering | 'Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. |
Convertible Promissory Note Settled (2) [Member] | ' |
Notes Payable | 100,000 |
Debt Conversion Shares Issued | 1,000,000 |
Per Share | $0.10 |
Warrants Offering | 'Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. |
Convertible Promissory Note Settled (3) [Member] | ' |
Notes Payable | 88,267 |
Debt Conversion Shares Issued | 882,665 |
Per Share | $0.10 |
Warrants Offering | 'Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. |
Interest Bearing, Unsecured Notes [Member] | ' |
Notes Payable | 332,332 |
Notes Payable Interest | 12.00% |
Interest Bearing, Unsecured Notes [Member] | Creditor [Member] | ' |
Accured Interest | 238,314 |
Non Interest Bearing, Unsecured Notes [Member] | ' |
Notes Payable | $168,631 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Net Operating Losses | $5,762,210 | ' |
Net Losses | $2,487,767 | $1,455,076 |
Commitment_Details_Narrative
Commitment (Details Narrative) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 26, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Deferred Revenue | $24,973 | $24,000 | $30,000 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) | 3 Months Ended |
Jul. 16, 2014 | |
Convertible Promissory Note Settled (1) [Member] | ' |
Event Description | 'On January 3, 2014, the Company issued a convertible promissory note in the amount of $97,861 to a related party. Subsequent to the Company's fiscal year ended March 31, 2014, the Company settled $87,861 of this note through the issuance of 878,610 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. |
Convertible Promissory Note Settled (2) [Member] | ' |
Event Description | 'On January 6, 2014, the Company issued a convertible promissory note in the amount of $100,000 to an investor. Subsequent to the Company's fiscal year ended March 31, 2014, the Company settled this note in full through the issuance of 1,000,000 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. |
Convertible Promissory Note Settled (3) [Member] | ' |
Event Description | 'On March 30, 2014, the Company issued a convertible promissory note in the amount of $88,267 to an investor. Subsequent to the Company's fiscal year ended March 31, 2014, the Company settled this note in full through the issuance of 882,665 Units at a deemed issuance price of $0.10 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.20 per share for a period of two years from issuance. |
Debt Settled [Member] | ' |
Event Description | 'Subsequent to the Company's fiscal year ended March 31, 2014, the Company settled approximately $81,200 in debt pursuant through the issuance of 541,333 Units at a deemed issuance price of $0.15 per Unit. Each Unit contained one common share and one/half of one common share purchase warrant to purchase an additional common share at $0.30 per share for a period of two years from issuance. |