Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Nov. 17, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'TELUPAY INTERNATIONAL INC | ' |
Entity Central Index Key | '0001355559 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-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 Common Stock, Shares Outstanding | ' | 165,864,527 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Current Assets | ' | ' |
Cash | $5,959 | $93,157 |
Accounts receivable | 8,234 | 5,463 |
Other current assets | 1,426 | 7,526 |
Total Current Assets | 15,619 | 106,146 |
Property and equipment, net of accumulated depreciation of $107,336 and $95,548 respectively | 20,368 | 28,028 |
Capitalized software development costs, net of accumulated amortization of $136,164 and $124,512 respectively | 85,225 | 108,529 |
Other noncurrent assets | 147,837 | 120,750 |
Total Other Assets | 233,062 | 229,279 |
TOTAL ASSETS | 269,049 | 363,453 |
Current Liabilities | ' | ' |
Accounts payable and accruals | 1,260,240 | 1,131,212 |
Accounts payable and accruals - related party | 297,357 | 217,903 |
Deferred revenue | 23,870 | 24,973 |
Notes payable | 919,671 | 784,676 |
Notes payable - related parties | 311,730 | 311,730 |
Convertible notes payable | ' | 146,198 |
Convertible notes payable - related party | ' | 57,526 |
Total Current Liabilities | 2,812,868 | 2,674,218 |
Total Liabilities | 2,812,868 | 2,674,218 |
Stockholders' Deficit | ' | ' |
Common Stock, 1,500,000,000 shares authorized, $0.001 par value 161,476,831 and 161,476,831 issued and outstanding, respectively | 161,477 | 161,477 |
Additional Paid-in Capital | 8,549,570 | 7,849,438 |
Common stock - authorized and unissued | 6,336 | 573 |
Unamortized share-based compensation | ' | -16,123 |
Cumulative translation adjustments | 764 | -18,791 |
Accumulated deficit | -11,261,966 | -10,287,339 |
Total Stockholders' Deficit | -2,543,819 | -2,310,765 |
Total Liabilities and Stockholders' Deficit | $269,049 | $363,453 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
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 | 161,476,831 |
Common Stock, outstanding | 161,476,831 | 161,476,831 |
Property And Equipment, Accumulated Depreciation | $107,336 | $95,548 |
Capitalized Software Development Costs, Accumulated Amortization | $136,164 | $124,512 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $74,275 | $18,805 | $117,688 | $32,364 |
Operating Expenses | ' | ' | ' | ' |
Direct operating expense | 46,812 | 17,990 | 90,301 | 28,547 |
Salaries and benefits | 123,918 | 167,717 | 251,562 | 275,375 |
Directors' compensation - related parties | 82,378 | 57,250 | 165,043 | 130,750 |
Travel | 3,165 | 16,526 | 7,018 | 18,434 |
Professional fees | 53,334 | 64,603 | 122,586 | 149,816 |
General and administrative expenses | 28,342 | 21,578 | 113,363 | 60,616 |
Depreciation and amortization | 16,463 | 15,673 | 33,129 | 32,774 |
Total Operating Expenses | 354,412 | 361,337 | 783,002 | 696,312 |
Net Loss from Operations | -280,137 | -342,532 | -665,314 | -663,948 |
Other Income (Expense) | ' | ' | ' | ' |
Interest expense, net | -17,717 | -4,850 | -69,718 | -9,724 |
Interest expense-related party | ' | ' | -40,335 | -22,846 |
Finance costs | -112,500 | ' | -160,051 | -7,500 |
Finance cost - related party | -10,000 | ' | -20,609 | ' |
Other expense | ' | -22,846 | ' | -22,846 |
Foreign exchange gain (loss) | -14,268 | -2,788 | -23,467 | 3,155 |
Total Other Income (Expense) | -154,485 | -30,484 | -314,180 | -43,225 |
Net Loss before Provision for Income Taxes | -434,622 | -373,016 | -979,494 | -707,173 |
PROVISION FOR INCOME TAXES | 4,867 | ' | 4,867 | ' |
NET LOSS | ($429,755) | ($373,016) | ($974,627) | ($707,173) |
Net loss per share - basic | $0 | $0 | ($0.01) | ($0.01) |
Net loss per share - diluted | $0 | $0 | ($0.01) | $0 |
Weighted average number of common shares outstanding - basic | 167,087,521 | 116,982,000 | 164,813,518 | 114,924,000 |
Weighted average number of common shares outstanding - diluted | 169,815,570 | 116,982,000 | 166,442,919 | 114,924,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive (Loss) (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Loss | ($974,627) | ($707,173) |
Cumulative Translation Adjustment Foreign currency translation | 19,555 | -1,559 |
Total Comprehensive Income (Loss) | ($955,072) | ($708,732) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating Activities | ' | ' |
Net loss | ($974,627) | ($707,173) |
Adjustments to reconcile net loss to cash: | ' | ' |
Depreciation and amortization | 33,129 | 32,774 |
Financing cost | 158,659 | 30,000 |
Shares issued for debt settlement | ' | 46,500 |
Discount on convertible notes | 82,404 | ' |
Amortization of share-based compensation costs | 16,123 | 43,126 |
Foreign currency loss | 19,555 | -1,559 |
Changes in operating assets and liabilities: | ' | ' |
Change in accounts receivable | -2,771 | -1,857 |
Change in other current assets | -20,987 | -1,207 |
Change in accounts payable and accruals | 129,028 | -17,949 |
Change in accounts payable and accruals - related party | 99,449 | -320,990 |
Change in deferred revenue | -1,103 | -1,256 |
Net Cash Used in Operating Activities | -461,141 | -899,501 |
Investing Activities | ' | ' |
Change in other assets | ' | -9,508 |
Acquisition of furniture and equipment | -2,165 | -12,240 |
Net Cash Used in Investing Activities | -2,165 | -21,748 |
Financing Activities | ' | ' |
Proceeds from notes payable | 115,000 | -62,000 |
Proceeds from sale of common stock | 261,108 | 1,373,854 |
Net Cash Provided by Financing Activities | 376,108 | 1,311,854 |
Increase in Cash | -87,198 | 390,605 |
Cash - Beginning of Year | 93,157 | 16,770 |
Cash - End of Year | 5,959 | 407,375 |
Supplemental Disclosures: | ' | ' |
Interest paid | ' | ' |
Income taxes paid | ' | ' |
Supplemental Disclosures of non-cash investing activities and financial activities: | ' | ' |
Shares issued for debt settlement | 286,128 | ' |
Shares issued for financing | $158,659 | $30,000 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Sep. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of presentation | |
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. | ||
These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the year ended March 31, 2014 and notes thereto included in the Company’s Annual Report on Form 10-K. The Company follows the same accounting policies in the preparation of interim reports. | ||
Results of operations for the interim periods are not indicative of annual results. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
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 September 30, 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 ratably 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 September 30, 2014 and March 31, 2014, 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 September 30, 2014 and March 31, 2014 due 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 September 30, 2014 and 2013, the Company reported $19,555 and ($1,559), 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. |
Going_Concern
Going Concern | 6 Months Ended | |
Sep. 30, 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 September 30, 2014, the Company had accumulated losses of $11,261,966 and a working capital deficit of $2,797,249. 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. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||
Sep. 30, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
4 | Related Party Transactions | ||
a) | Notes payable–a total of $311,730, loaned by directors during 2012, are due to certain directors as of September 30, 2014. The notes bear 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 $87,861 on a non-interest bearing, unsecured, demand basis. This note was assigned to a non-related third party. This promissory note was subsequently settled in June 2014 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) | 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 other executive director is entitled to monthly compensation of $3,200. Effective November 1, 2013 three non-executive Directors are provided with a quarterly compensation of $5,000 each. During the second quarter, one of the non-executive Directors resigned as Chairman of the Board and also resigned as Director. Thus, two non-executive directors remained with quarterly compensation of $5,000. | ||
c) | 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 September 30, 2014 a total of $106,200 was owed. This amount is unsecured, non-interest bearing and due on demand. |
Notes_Payable
Notes Payable | 6 Months Ended | |
Sep. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Notes Payable | ' | |
5 | Notes Payable | |
The Company owes $332,332 pursuant to 12% interest bearing, unsecured notes. As at September 30, 2014 there was interest of $258,308 accrued. This note holder is also owed $199,031 on a non-interest bearing, unsecured, demand basis. The total amount owing to this creditor is $789,671. | ||
During fiscal 2014 the Company received $188,267 from two investors. These amounts were settled in June 2014 by the issuance of 1,882,665 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. | ||
As mentioned in note 5 - related party transactions, during fiscal 2014 a director loaned $87,861 on a non-interest bearing, unsecured, demand basis. This note was assigned to a non-related third party. This promissory note was subsequently settled in June 2014 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. | ||
On August 04, 2014, the Company issued two promissory notes amount totaling $115,000. First promissory note is for $15,000 at 10% flat interest rate payable within three months with an additional 50,000 shares. The Second promissory note is for $100,000 at 10% flat interest rate payable within three months with an additional 200,000 shares. |
Equity
Equity | 6 Months Ended | |
Sep. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Equity | ' | |
6 | Equity | |
During the six month ended September 30, 2014, the Company had the following equity transactions: | ||
On June 26, 2014, the Company settled an aggregate of approximately $276,128 in debt through the issuance of an aggregate of 2,761,275 Units to three creditors 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 June 26, 2014, the Company issued 541,333 Units to three investors at an issuance price of $0.15 per Unit for proceeds of approximately $81,200 in cash. 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. | ||
On July 31, 2014, the Company settled an aggregate of approximately $36,439 in debt through the issuance of an aggregate of 364,394 Units to two creditors 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 July 31, 2014, the Company settled a further $8,120 in debt through the issuance of 54,133 Units to one creditor 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. | ||
On September 9, 2014, the Company issued 666,666 Units at an issuance price of $0.15 per Unit for proceeds of $100,000. 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. | ||
During June 2014, the Company received approximately $36,000 in cash from two investors subscribing for an aggregate of 360,000 Units at an 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. As of September 30, 2014, these shares and warrants have been authorized but are unissued. | ||
On July 19, 2014, the Company received $43,908 in cash from one investor subscribing for 292,723 Units at an 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. As of September 30, 2014, these shares and warrants have been authorized but are unissued. |
Warrant_and_Options
Warrant and Options | 6 Months Ended | |
Sep. 30, 2014 | ||
Other Liabilities Disclosure [Abstract] | ' | |
Warrant and Options | ' | |
7 | Warrant and Options | |
On September 24, 2013, in connection with the i-Level Media Group, Inc. merger, the Company agreed to exchange all outstanding Telupay, PLC warrants for warrants of the Company based on an exchange ratio of 1.2:1. As a result, the Company has issued 10,734,000 warrants to acquire 10,734,000 common shares of the Company exercisable at $0.2777 per share and expired June 28, 2014. | ||
During the six months ended September 30, 2014, the Company issued a total of 2,193,900 warrants (and authorized but as of September 30, 2014 had not yet issued a total of 326,361 warrants) to purchase its common stock in connection with the unit offerings as detailed in Note 6. The warrants are exercisable at a price range of $0.20 - $0.30 and expire two years from the date of issuance. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||
8 | 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: | ||||||||||||||
30-Sep-14 | Level I | Level II | Level III | Fair Value | ||||||||||
Capitalized software development | $ | – | $ | – | $ | 85,225 | $ | 85,225 | ||||||
Notes payable– related party | – | (311,730 | ) | – | (311,730 | ) | ||||||||
Notes payable | – | (919,671 | ) | – | (919,671 | ) | ||||||||
Convertible notes payable | – | -- | – | -- | ||||||||||
Total | $ | – | $ | (1,231,401 | ) | $ | 85,225 | $ | (1,146,176 | ) | ||||
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 | ) |
Commitment
Commitment | 6 Months Ended | |
Sep. 30, 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 | 6 Months Ended | ||
Sep. 30, 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: | |||
a) | On November 11, 2014, the Company received the first tranche of the loan agreement in the amount of $100,000 Australian Dollars or approximately $87,800. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
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 September 30, 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 ratably 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 September 30, 2014 and March 31, 2014, 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 September 30, 2014 and March 31, 2014 due 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 September 30, 2014 and 2013, the Company reported $19,555 and ($1,559), 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. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||
30-Sep-14 | Level I | Level II | Level III | Fair Value | ||||||||||
Capitalized software development | $ | – | $ | – | $ | 85,225 | $ | 85,225 | ||||||
Notes payable– related party | – | (311,730 | ) | – | (311,730 | ) | ||||||||
Notes payable | – | (919,671 | ) | – | (919,671 | ) | ||||||||
Convertible notes payable | – | -- | – | -- | ||||||||||
Total | $ | – | $ | (1,231,401 | ) | $ | 85,225 | $ | (1,146,176 | ) | ||||
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 | ) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) - Fair Value, Assets Measured on Recurring Basis (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Capitalized software development | $85,225 | $108,529 |
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 | -311,730 |
Notes payable | -919,671 | -784,676 |
Convertible notes payable | ' | -203,724 |
Total | -1,231,401 | -1,300,130 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Capitalized software development | 85,225 | 108,529 |
Notes payable - related party | ' | ' |
Notes payable | ' | ' |
Convertible notes payable | ' | ' |
Total | 85,225 | 108,529 |
Fair Value Total [Member] | ' | ' |
Capitalized software development | 85,225 | 108,529 |
Notes payable - related party | -311,730 | -311,730 |
Notes payable | -919,671 | -784,676 |
Convertible notes payable | ' | -203,724 |
Total | ($1,146,176) | ($1,191,601) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Foreign currency loss | $19,555 | ($1,559) |
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 $) | Sep. 30, 2014 | Mar. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Accumulated Losses | $11,261,966 | $10,287,339 |
Working Capital Deficit | $2,797,249 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Directors [Member] | ' |
Notes Payable | $311,730 |
Notes Interest | 10.00% |
Notes Payable Description | 'These notes are currently in default and repayment has not been demanded. |
Director [Member] | ' |
Notes Payable | 87,861 |
Debt Conversion Shares Issued | 878,610 |
Per Share | $0.10 |
Debt Conversion, Description | '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. |
Two Executives [Member] | ' |
Directors Compensation, monthly | 7,500 |
Other Executive Director [Member] | ' |
Directors Compensation, monthly | 3,200 |
Two Non-Executive Directors [Member] | ' |
Directors Compensation, monthly | 5,000 |
Former Officer/Director [Member] | ' |
Directors Compensation, monthly | 4,000 |
Director Services Rendered Amount Owing (former officer/director of i-Level) | $106,200 |
Notes_Payable_Details_Narrativ
Notes Payable (Details Narrative) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Two Promissory Note [Member] | ' |
Notes Payable | $115,000 |
First Promissory Note [Member] | ' |
Notes Payable | 15,000 |
Notes Payable Interest | 10.00% |
Debt Settlement | 'payable within three months with an additional 50,000 shares |
Second Promissory Note [Member] | ' |
Notes Payable | 100,000 |
Notes Payable Interest | 10.00% |
Debt Settlement | 'payable within three months with an additional 200,000 shares. |
Note Holder [Member ] | ' |
Notes Payable | 789,671 |
Note Holder [Member ] | Interest Bearing, Unsecured Notes [Member] | ' |
Notes Payable | 332,332 |
Notes Payable Interest | 12.00% |
Accured Interest | 258,308 |
Note Holder [Member ] | Non-Interest Bearing, Unsecured Notes [Member] | ' |
Notes Payable | 199,031 |
Two Investors [Member] | ' |
Notes Payable | 188,267 |
Debt Conversion Shares Issued | 1,882,665 |
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 [Member] | ' |
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 entitling the holder to purchase an additional common share at $0.20 per share for a period of two years. |
Directors [Member] | Non-Interest Bearing, Unsecured, Demand Basis [Member] | ' |
Notes Payable | $87,861 |
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 entitling the holder to purchase an additional common share at $0.20 per share for a period of two years. |
Equity_Details_Narrative
Equity (Details Narrative) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 09, 2014 | Jun. 30, 2014 | Jul. 19, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 26, 2014 | Jun. 26, 2014 |
Fifteen Cent Issuance [Member] | Two Investors [Member] | One Investor [Member] | Two Creditors [Member] | One Creditor [Member] | Three Creditors [Member] | Three Investors [Member] | |||
Debt Settled | ' | ' | ' | ' | ' | $36,439 | $8,120 | $276,128 | ' |
Contributed Capital | ' | ' | $100,000 | $36,000 | $43,908 | ' | ' | ' | $81,200 |
Shares Issued, shares | 161,476,831 | 161,476,831 | 666,666 | 360,000 | 292,723 | 364,394 | 54,133 | 2,761,275 | 541,333 |
Shares Issued, per share | $0.00 | $0.00 | $0.15 | $0.10 | $0.15 | $0.10 | $0.15 | $0.10 | $0.15 |
Warrants Options | ' | ' | '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. | '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. | '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. | '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. | '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. | '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. | '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. |
Warrant_and_Options_Details_Na
Warrant and Options (Details Narrative) (USD $) | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Minimum [Member] | Maximum [Member] | ||
Warrant Exchange, ratio | '1.2:1 | ' | ' |
Warrant Exchange, i-Level Media shares | 10,734,000 | ' | ' |
Warrant Exchange, company shares | 10,734,000 | ' | ' |
Warrant Exchange, exercisable price | $0.28 | ' | ' |
Warrant Exchange, expiration date | 28-Jun-14 | ' | ' |
Warrants Offered | 2,193,900 | ' | ' |
Warrants, unissued | 326,361 | ' | ' |
Warrant Price | ' | $0.20 | $0.30 |
Warrant Expiration | '2 years | ' | ' |
Commitment_Details_Narrative
Commitment (Details Narrative) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 26, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Deferred Revenue | $23,870 | $24,973 | $30,000 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) | 6 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Event Date | 11-Nov-14 |
Event Description | 'On November 11, 2014, the Company received the first tranche of the loan agreement in the amount of $100,000 Australian Dollars or approximately $87,800. |