Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2015 | May 30, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | GIFA, INC. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Trading Symbol | frfs | |
Amendment Flag | false | |
Entity Central Index Key | 1,445,883 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 160,931,844 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Incorporation, Date of Incorporation | Apr. 29, 2008 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 5,805 | $ 6,737 |
Accounts receivable | 18,404 | |
Deferred cost of sales | 1,250 | 0 |
TOTAL CURRENT ASSETS | 7,055 | 25,141 |
TOTAL ASSETS | 7,055 | 25,141 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 3,139 | 18,761 |
Accrued expenses - related party | 248,985 | 248,985 |
Advances - related party | 43,530 | 18,429 |
Deferred revenue | 3,821 | 0 |
TOTAL CURRENT LIABILITIES | 299,475 | 286,175 |
STOCKHOLDERS' DEFICIT | ||
Common stock: $0.001 par value; 1,000,000,000 shares authorized; 127,482,504 shares issued and outstanding at June 30, 2015 and March 31, 2015 | 127,483 | 127,483 |
Additional paid-in capital | 427,889 | 427,889 |
Accumulated other comprehensive loss | (2,738) | (4,479) |
Accumulated deficit | (845,054) | (811,927) |
TOTAL STOCKHOLDERS' DEFICIT | (292,420) | (261,034) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 7,055 | $ 25,141 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - $ / shares | Jun. 30, 2015 | Mar. 31, 2015 |
Consolidated Balance Sheets Parenthetical | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock shares issued | 127,482,504 | 127,482,504 |
Common stock shares outstanding | 127,482,504 | 127,482,504 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements of Operations and Comprehensive Loss | ||
REVENUES | $ 3,766 | |
COST OF REVENUES | ||
GROSS MARGIN | 3,766 | |
OPERATING EXPENSES: | ||
General and administrative | 33,127 | 31,422 |
General and administrative - related party | 15,000 | |
TOTAL OPERATING EXPENSES | 33,127 | 46,422 |
LOSS FROM OPERATIONS | (33,127) | (42,656) |
LOSS BEFORE PROVISION FOR INCOME TAXES | (33,127) | (42,656) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | (33,127) | (42,656) |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation adjustment income | 1,741 | 207 |
COMPREHENSIVE LOSS | $ (31,386) | $ (42,449) |
BASIC AND DILUTED INCOME (LOSS) PER SHARE | $ 0 | $ 0 |
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 127,482,504 | 127,482,504 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net loss | $ (33,127) | $ (42,656) |
Changes in operating assets and liabilities: | ||
Change in Accounts receivable | 18,404 | (3,767) |
Change in Deferred cost of sales | (1,250) | (5,761) |
Change in Accounts payable and accrued expenses | (15,622) | (14,609) |
Change in Accounts payable and accrued expenses - related party | 15,000 | |
Change in Deferred revenue | 3,821 | 42,871 |
NET CASH USED IN OPERATING ACTIVITIES | (27,774) | (8,922) |
FINANCING ACTIVITIES | ||
Net advances from related party | 25,101 | 16,485 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 25,101 | 16,485 |
FOREIGN CURRENCY EFFECT ON CASH | 1,741 | 207 |
NET INCREASE (DECREASE) IN CASH | (932) | 7,770 |
CASH - Beginning of period | 6,737 | 428 |
CASH - End of period | 5,805 | 8,198 |
CASH PAID FOR: | ||
Interest | ||
Income taxes |
1. Nature of Business
1. Nature of Business | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
1. Nature of Business | 1. Nature of Business and Operations GIFA, Inc. and Subsidiary (formerly known as Firefish, Inc.) (the Company) was incorporated in the State of Nevada on April 29, 2008 (Inception). The Companys primary operations are in India and are conducted by our wholly-owned subsidiary domiciled in India. The Company conducts competitions for school children. The competition was initially targeted at children in grades 1 through 5, called the Primary Olympiad, was launched in June 2010. The Primary Olympiad is an annual English, Math and Science competency program and competition for young learners with the examination being conducted in January and February each year. Cambridge University Press is our study material partner. Recently, the Company has introduced a new competition for children in grades 6 through 8 called the Middle School Olympiad. During the years ended March 31, 2017 and 2016, the Company's annual Olympiad had approximately 7,000 registrants participating from 300 - 600 schools. As of June 30, 2015, we have deferred all revenues and costs related to our annual English Olympiad as our competition will not take place until January and February 2016, at which time the revenues and expenses will be recognized. At March 31, 2015, all previously deferred revenues and costs were recognized. The Company also partners with state governments to conduct teacher training and certification programs and also to deliver books and provide content customization services and training. The Company has developed a spoken English program to address the large demand among Indians to learn English. In addition, the Company offers mobile and internet marketing services to retailers. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
2. Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Unaudited Financial Information The accompanying consolidated balance sheets, statements of operations and comprehensive loss, stockholders deficit, cash flows and notes to consolidated financial statements are unaudited. The financial information has been prepared under the supervision of management and in their opinion reflects all normal and recurring adjustments necessary for fair representation. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. These interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements of the Company as of and for the year ended March 31, 2015. The results of operations for the three months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the full year. The accounting policies of the Company are in accordance with the accounting principles generally accepted in the United States of America and are presented in United States dollars (USD) using the accrual basis of accounting. Outlined below are those policies considered particularly significant. Going Concern The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of the Company as a going concern. The Company, however, as of June 30, 2015 has incurred cumulative net losses of $845,054 since inception and has a working capital deficit of $292,420. The Company currently has limited liquidity, and does not yet have enough revenues sufficient to cover operating costs over an extended period of time. These factors cause substantial doubt about the Company's ability to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Management anticipates that the Company will be dependent, for the foreseeable future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements The carrying amounts reported in the accompanying consolidated financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Companys assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. As of June 30, 2015 and March 31, 2015, the Company' s cash was considered a level 1 instrument. The Company does not have any level 2 and 3 instruments. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Firefish Networks Private Limited, an entity formed under the laws of the nation of India. All significant intercompany transactions have been eliminated in the consolidation. Basic (Loss) per Common Share Basic (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no common stock equivalents as of June 30, 2015 and 2014. Cash and Cash Equivalents For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. Accounts Receivable Accounts receivable are reported net of allowance for expected losses. It represents the amount management expects to collect from outstanding balances. Differences between the amount due and the amount management expects to collect are charged to operations in the year in which those differences are determined, with an offsetting entry to a valuation allowance. As of June 30, 2015 and March 31, 2015, there have been no such charges. Revenue Recognition The Company recognizes revenues from (1) consulting, educational and text message marketing services and (2) sponsored competition entry fees when (a) persuasive evidence that an agreement exists; (b) the products or services has been delivered or completed; (c) the prices are fixed and determinable and not subject to refund or adjustment; and (d) collection of the amounts due is reasonably assured. Revenues from consulting, educational and marketing services are generally recognized when the services have been performed as long as the other criteria have been met. Revenues from educational sponsored events, such as our English Olympiad, are recognized when the event has taken place. Revenues from the resale of educational materials are recognized when shipped to the customer and all other tests of revenue recognition disclosed above are met. As of June 30, 2015 and March 31, 2015, we have deferred revenues of $3,821 and $0, respectively, and costs of $1,250 and $0, respectively, related to our annual English Olympiad as our competition will take place in January and February which is when all previously deferred revenues and costs will be recognized. Comprehensive Income (Loss) The Company recorded other comprehensive income for the three months ended June 30, 2015 and 2014 of $1,741 and $207, respectively, as the result of currency translation adjustments. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. Foreign Exchange The consolidated financial statements are presented in United States Dollars, (USD), the reporting currency. The functional currency for the financial statements is Indian Rupees and in accordance with ASC Topic 830, "Foreign Currency Matters", foreign denominated monetary assets and liabilities are translated to their USD equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at exchange rates prevailing at the transaction date. Revenue and expenses were translated at the prevailing rate of exchange at the date of the transaction. Related translation adjustments are reported as a separate component of stockholders deficit, whereas gains or losses resulting from foreign currency transactions are included in results of operations. Recent Accounting Pronouncements In 2014, the FASB issued Accounting Standards Update (ASU) 201409, Revenue from Contracts with Customers. Under ASU 201409, revenue is recognized when (or as) each performance obligation is satisfied by the entity, which is defined as when control of the underlying goods or services is transferred to the customer. The Company is still evaluating the impact of this pronouncement on its financial statements. The pronouncement is effective for the Company for annual periods beginning after December 15, 2018, and as such, it will not be applicable until December 31, 2019. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. For public business entities, the standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, the standard is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities. The Company is currently evaluating the effect of this accounting pronouncement. |
3. Related Party Transactions
3. Related Party Transactions | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
3. Related Party Transactions | 3. Related Party Transactions The Company had an at-will employment agreement with its Chief Executive Officer. Under the terms of the agreement the Chief Executive Officer is paid a salary of $5,000 per month plus taxes through March 31, 2015. As of June 30, 2015 and March 31, 2015, included within accounts payable and accrued expenses - related parties is accrued salary and payroll taxes due under the agreement of $248,985 and $248,985, respectively. In addition, from time to time the Company's Chief Executive Officer makes payments in connection with the Company's operations. These advances do not incur interest and are due on demand. As of June 30, 2015 and March 31, 2015, the Chief Executive Officer was owed $43,530 and $18,429, respectively. |
4. Subsequent Events
4. Subsequent Events | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
4. Subsequent Events | 4. Subsequent Events During the year ended March 31, 2016, the Company entered into an agreement with an unrelated party to receive up to $100,000 in exchange for information related to a project the Company is to conduct. As of December 31, 2016, all amount related to this agreement have been paid. The Company recorded the transaction as other income as the services weren't within their core business. On September 26, 2017 the Companys then President and sole Director, Ralph M. Amato delivered to the Company an aggregate of 66,550,660 shares of the Companys Common Stock and the same were returned to the Company as treasury stock. These shares had been originally issued to the Companys founder, Harshawardham Shetty who also previously resigned. All of the shares were subsequently cancelled. Mr. Amato also then resigned as an officer and director and elected Mr. Ilksen Yesilada as the Companys sole officer and director. The Company later issued 100,000,000 shares of common stock to certain individuals associated with Mr. Ilksen Yesilada. As of date of this filing, the Company has 160,931,844 shares of common stock issued and outstanding. The Company is still determining the accounting impact of this transaction. On October 17, 2017, the Company amended its articles of incorporation to change the Companys name to GIFA, Inc. and to decrease the Companys authorized shares of common stock to 500,000,000 and authorized 10,000,000 shares of preferred stock. On October 17, 2017, the Company changed its fiscal year to a December 31st year end. The Company has evaluated events subsequent to the filing date and has determined that no events, other than those disclosed above, have occurred that would materially affect the consolidated financial statements above. |
2. Summary of Significant Acc10
2. Summary of Significant Accounting Policies: Going Concern (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Going Concern | Going Concern The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of the Company as a going concern. The Company, however, as of June 30, 2015 has incurred cumulative net losses of $845,054 since inception and has a working capital deficit of $292,420. The Company currently has limited liquidity, and does not yet have enough revenues sufficient to cover operating costs over an extended period of time. These factors cause substantial doubt about the Company's ability to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Management anticipates that the Company will be dependent, for the foreseeable future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
2. Summary of Significant Acc11
2. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
2. Summary of Significant Acc12
2. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Fair Value of Financial Instruments | Fair Value Measurements The carrying amounts reported in the accompanying consolidated financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Companys assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. As of June 30, 2015 and March 31, 2015, the Company' s cash was considered a level 1 instrument. The Company does not have any level 2 and 3 instruments. |
2. Summary of Significant Acc13
2. Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Firefish Networks Private Limited, an entity formed under the laws of the nation of India. All significant intercompany transactions have been eliminated in the consolidation. |
2. Summary of Significant Acc14
2. Summary of Significant Accounting Policies: Basic Loss Per Common Share (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Basic Loss Per Common Share | Basic (Loss) per Common Share Basic (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no common stock equivalents as of June 30, 2015 and 2014. |
2. Summary of Significant Acc15
2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. |
2. Summary of Significant Acc16
2. Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Accounts Receivable | Accounts Receivable Accounts receivable are reported net of allowance for expected losses. It represents the amount management expects to collect from outstanding balances. Differences between the amount due and the amount management expects to collect are charged to operations in the year in which those differences are determined, with an offsetting entry to a valuation allowance. As of June 30, 2015 and March 31, 2015, there have been no such charges. |
2. Summary of Significant Acc17
2. Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenues from (1) consulting, educational and text message marketing services and (2) sponsored competition entry fees when (a) persuasive evidence that an agreement exists; (b) the products or services has been delivered or completed; (c) the prices are fixed and determinable and not subject to refund or adjustment; and (d) collection of the amounts due is reasonably assured. Revenues from consulting, educational and marketing services are generally recognized when the services have been performed as long as the other criteria have been met. Revenues from educational sponsored events, such as our English Olympiad, are recognized when the event has taken place. Revenues from the resale of educational materials are recognized when shipped to the customer and all other tests of revenue recognition disclosed above are met. As of June 30, 2015 and March 31, 2015, we have deferred revenues of $3,821 and $0, respectively, and costs of $1,250 and $0, respectively, related to our annual English Olympiad as our competition will take place in January and February which is when all previously deferred revenues and costs will be recognized. |
2. Summary of Significant Acc18
2. Summary of Significant Accounting Policies: Comprehensive Income (loss) (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Comprehensive Income (loss) | Comprehensive Income (Loss) The Company recorded other comprehensive income for the three months ended June 30, 2015 and 2014 of $1,741 and $207, respectively, as the result of currency translation adjustments. |
2. Summary of Significant Acc19
2. Summary of Significant Accounting Policies: Advertising Costs (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Advertising Costs | Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. |
2. Summary of Significant Acc20
2. Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Impairment of Long-lived Assets | Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. |
2. Summary of Significant Acc21
2. Summary of Significant Accounting Policies: Foreign Exchange (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Foreign Exchange | Foreign Exchange The consolidated financial statements are presented in United States Dollars, (USD), the reporting currency. The functional currency for the financial statements is Indian Rupees and in accordance with ASC Topic 830, "Foreign Currency Matters", foreign denominated monetary assets and liabilities are translated to their USD equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at exchange rates prevailing at the transaction date. Revenue and expenses were translated at the prevailing rate of exchange at the date of the transaction. Related translation adjustments are reported as a separate component of stockholders deficit, whereas gains or losses resulting from foreign currency transactions are included in results of operations. |
2. Summary of Significant Acc22
2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In 2014, the FASB issued Accounting Standards Update (ASU) 201409, Revenue from Contracts with Customers. Under ASU 201409, revenue is recognized when (or as) each performance obligation is satisfied by the entity, which is defined as when control of the underlying goods or services is transferred to the customer. The Company is still evaluating the impact of this pronouncement on its financial statements. The pronouncement is effective for the Company for annual periods beginning after December 15, 2018, and as such, it will not be applicable until December 31, 2019. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. For public business entities, the standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, the standard is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities. The Company is currently evaluating the effect of this accounting pronouncement. |
1. Nature of Business (Details)
1. Nature of Business (Details) | 3 Months Ended |
Jun. 30, 2015 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Apr. 29, 2008 |
2. Summary of Significant Acc24
2. Summary of Significant Accounting Policies: Going Concern (Details) - USD ($) | 3 Months Ended | 86 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | |
Details | |||
NET LOSS | $ (33,127) | $ (42,656) | $ 845,054 |
Working Capital Deficit | $ 292,420 | $ 292,420 |
2. Summary of Significant Acc25
2. Summary of Significant Accounting Policies: Revenue Recognition (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Details | ||
Deferred revenue | $ 3,821 | $ 0 |
Deferred cost of sales | $ 1,250 | $ 0 |
2. Summary of Significant Acc26
2. Summary of Significant Accounting Policies: Comprehensive Income (loss) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Details | ||
Foreign currency translation adjustment income | $ 1,741 | $ 207 |
3. Related Party Transactions (
3. Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2015 | |
Details | ||
Salaries, wages and officers' compensation per month | $ 5,000 | |
Accrued expenses - related party | 248,985 | $ 248,985 |
Advances - related party | $ 18,429 | $ 43,530 |