Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jul. 27, 2018 | Sep. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | GIFA, INC. | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
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 Public Float | $ 0 | ||
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 | FY | ||
Entity Incorporation, State Country Name | Nevada | ||
Entity Incorporation, Date of Incorporation | Apr. 29, 2008 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 1,812 | $ 6,737 |
Accounts receivable | 47,017 | 18,404 |
TOTAL CURRENT ASSETS | 48,829 | 25,141 |
TOTAL ASSETS | 48,829 | 25,141 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 13,877 | 18,761 |
Accrued salary - related party | 248,985 | 248,985 |
Advances - related party | 23,387 | 18,429 |
TOTAL CURRENT LIABILITIES | 286,249 | 286,175 |
STOCKHOLDERS' DEFICIT | ||
Common stock: $0.001 par value; 1,000,000,000 shares authorized; 127,482,504 shares issued and outstanding at March 31, 2016 and 2015 | 127,483 | 127,483 |
Additional paid-in capital | 427,889 | 427,889 |
Accumulated other comprehensive loss | (2,847) | (4,479) |
Accumulated deficit | (789,945) | (811,927) |
TOTAL STOCKHOLDERS' DEFICIT | (237,420) | (261,034) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 48,829 | $ 25,141 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - $ / shares | Mar. 31, 2016 | 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 ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Operations and Comprehensive Loss | ||
REVENUES | $ 98,439 | $ 144,305 |
COST OF REVENUES | 36,685 | 56,473 |
GROSS MARGIN | 61,754 | 87,832 |
OPERATING EXPENSES: | ||
General and administrative | 76,147 | 90,424 |
General and administrative - related party | 60,000 | |
TOTAL OPERATING EXPENSES | 76,147 | 150,424 |
LOSS FROM OPERATIONS | (14,393) | (62,592) |
OTHER INCOME: | ||
Other income | (36,375) | |
TOTAL OTHER INCOME | (36,375) | |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 21,982 | (62,592) |
PROVISION FOR INCOME TAXES | ||
NET INCOME (LOSS) | 21,982 | (62,592) |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation adjustment income | 1,632 | 478 |
COMPREHENSIVE INCOME (LOSS) | $ 23,614 | $ (62,114) |
BASIC AND DILUTED INCOME (LOSS) PER SHARE | $ 0 | $ 0 |
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 127,482,504 | 127,482,504 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Balance at Mar. 31, 2014 | $ 127,483 | $ 418,429 | $ (4,957) | $ (749,335) | $ (208,380) |
Balance - Shares at Mar. 31, 2014 | 127,482,504 | ||||
Contributed capital from shareholder | 9,460 | 9,460 | |||
FOREIGN CURRENCY EFFECT ON CASH | 478 | 478 | |||
Net income (loss) | (62,592) | (62,592) | |||
Balance at Mar. 31, 2015 | $ 127,483 | 427,889 | (4,479) | (811,927) | (261,034) |
Balance - Shares at Mar. 31, 2015 | 127,482,504 | ||||
FOREIGN CURRENCY EFFECT ON CASH | 1,632 | 1,632 | |||
Net income (loss) | 21,982 | 21,982 | |||
Balance at Mar. 31, 2016 | $ 127,483 | $ 427,889 | $ (2,847) | $ (789,945) | $ (237,420) |
Balance - Shares at Mar. 31, 2016 | 127,482,504 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 21,982 | $ (62,592) |
Changes in operating assets and liabilities: | ||
Change in Accounts receivable | (28,613) | (8,910) |
Change in Prepaids and other current assets | 2,444 | |
Change in Accounts payable and accrued expenses | (4,884) | (464) |
Change in Accounts payable and accrued expenses - related party | 60,000 | |
NET CASH USED IN OPERATING ACTIVITIES | (11,515) | (9,522) |
FINANCING ACTIVITIES | ||
Net advances from related party | 4,958 | 5,893 |
Contributed capital from shareholder | 9,460 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,958 | 15,353 |
FOREIGN CURRENCY EFFECT ON CASH | 1,632 | 478 |
NET INCREASE (DECREASE) IN CASH | (4,925) | 6,309 |
CASH - Beginning of year | 6,737 | 428 |
CASH - End of year | 1,812 | 6,737 |
CASH PAID FOR: | ||
Interest | ||
Income taxes |
1. Nature of Business
1. Nature of Business | 12 Months Ended |
Mar. 31, 2016 | |
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). On October 17, 2017 the Companys Articles of Incorporation were amended to change the Companys name to GIFA, Inc. The Companys primary operations are 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 March 31, 2016, all deferred revenues and costs related to our annual English Olympiad which took place in January and February 2016, have been 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 | 12 Months Ended |
Mar. 31, 2016 | |
Notes | |
2. Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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 March 31, 2016 has incurred cumulative net losses of $789,745 since inception and has a working capital deficit of $237,420. 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 March 31, 2016 and 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 March 31, 2016 and 2015. 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 March 31, 2016 and 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 March 31, 2016 and 2015, we have no deferred revenues or costs related to our annual English Olympiad as our competition took place in January and February and all previously deferred revenues and costs were recognized. Comprehensive Income (Loss) The Company recorded other comprehensive income (loss) for the years ended March 31, 2016 and 2015 of $1,632 and $478, respectively, as the result of currency translation adjustments. Derivative Financial Instruments The provisions of ASC 815 - Derivatives and Hedging applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, as defined ASC 815 and to any freestanding financial instruments that are potentially settled in an entity's own common stock. The guidance impacts the Company's consolidated financial statements and position due to embedded conversion feature on a note payable in which the conversion price resets at current market prices. Convertible Debt If a conversion feature of conventional convertible debt is not accounted for as a derivative instrument and provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount. In those circumstances, the convertible debt will be recorded net of the discount related to the BCF. The Company amortizes the discount to interest expense over the life of the debt using the effective interest method. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. Income Taxes The Company follows ASC Accounting Standards Codification (ASC) 740, Income Taxes for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision becoming known. Current and deferred tax benefit (provision) was the following for the year ended March 31, 2016 and 2015: March 31, 2016 2015 Income tax benefit (expense) at statutory rate $ 8,573 $ (24,411) Valuation allowance (8,573) 24,411 Income tax expense per books $ - $ - Net deferred tax assets consist of the following components as of: March 31, 2016 2015 Net operating loss $ 104,657 $ 113,230 Accrued liabilities 97,104 97,104 Valuation allowance (201,761) (210,334) Net deferred tax asset $ - $ - During the years ended March 31, 2016 and 2015, the valuation allowance increased (decreased) by ($8,573) and $24,411, respectively. At March 31, 2016, the Company had approximately $334,000 of federal and state gross net operating losses available. The net operating loss carry forward, if not utilized, will begin to expire in 2032 for federal purposes and 2022 for state purposes. The difference between the U.S. federal statutory rate and the actual rate is due to a full valuation allowance. Based on the available objective evidence, including the Companys limited operating history and current liabilities in excess of assets, management believes it is more likely than not that the net deferred tax assets at March 31, 2016 and 2015, will not be fully realizable. Due to the uncertainty surrounding realization of the deferred tax asset, the Company has provided a full valuation allowance against its net deferred tax assets at March 31, 2016 and 2015. The Company files income tax returns in the Indian jurisdiction only. Income tax returns filed for fiscal years 2013 and earlier are not subject to examination by U.S. federal state tax authorities. Income tax returns for fiscal years 2013 through 2016 remain open to examination by tax authorities in India. The Company believes that it has made adequate provisions for all income tax uncertainties pertaining to these open tax years. 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. Stock-based Compensation As of March 31, 2016, the Company has not issued any share-based payments to its employees or third-party consultants. The Company will account for stock options issued to employees and consultants under ASC 718 Compensation-Stock Compensation. Under ASC 718, share-based compensation cost to employees is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee's requisite vesting period. The Company will measure compensation expense for its non-employee stock-based compensation under ASC 505 Equity. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company's common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. The fair value of the equity instrument is charged directly to stock-based compensation expense and credited to additional paid-in capital. Concentration of Risks During the year ended March 31, 2016, two customers accounted for 77% and 23% of accounts receivable. During the year ended March 31, 2015, one customer accounted for 34.4% of revenues and one customer accounted for 100% of accounts receivable. Management believes the loss of these customers would have a material impact on the Companys financial position, results of operations, and cash flows. 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 May 2014, FASB issued authoritative guidance that provides principles for recognizing revenue for the transfer of promised goods or services to customers with the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, FASB agreed to delay the effective date by one year and, accordingly, the new standard is effective for the Company beginning in the first quarter of fiscal 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company does not expect the standard to have a material impact on its consolidated financial statements. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, "Presentation of Financial StatementsGoing Concern", which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. Management is still in the process of assessing the impact of ASU 2014-15 on the Companys consolidated financial statements. |
3. Stockholders' Deficit
3. Stockholders' Deficit | 12 Months Ended |
Mar. 31, 2016 | |
Notes | |
3. Stockholders' Deficit | 3. Stockholders' Deficit On April 5, 2012, the Company amended the articles of incorporation to increase the number of authorized shares from 100,000,000 to 1,000,000,000 shares. In addition, effective April 18, 2012, the Company enacted a forward stock split of 10 to 1 shares. All share and per share amounts included herein have been changed to reflect this forward stock split. In June 2013, the Company sold 5,000,000 shares of common stock at $0.01 to a third party for proceeds of $50,000. During the year ended March 31, 2015, a shareholder contributed $9,460 in capital to be used for operations. |
4. Related Party Transactions
4. Related Party Transactions | 12 Months Ended |
Mar. 31, 2016 | |
Notes | |
4. Related Party Transactions | 4. Related Party Transactions The Company has 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 March 31, 2016 and 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 March 31, 2016 and 2015, the Chief Executive Officer was owed $23,387 and $18,429, respectively. |
5. Commitments
5. Commitments | 12 Months Ended |
Mar. 31, 2016 | |
Notes | |
5. Commitments | 5. Commitments 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. Total amounts recorded as of March 31, 2016 under this contract were $36,374 for which 100% is within accounts receivable on the accompanying financial statements. 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. |
6. Subsequent Events
6. Subsequent Events | 12 Months Ended |
Mar. 31, 2016 | |
Notes | |
6. Subsequent Events | 6. Subsequent Events In September 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, Harshawardhan Shetty. All of the shares were subsequently cancelled and deemed treasury stock. Mr. Amato also resigned as an officer and director and elected Mr. Ilksen Yesilada as the Companys sole officer and director. Subsequently the Company issued 100,000,000 shares of its common stock to persons 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 reduce the authorized Common Stock to 500,000,000 shares (par value $0.001) and authorize 10,000,000 shares of the Companys Preferred Stock (par value $0.001). On October 17, 2017, the Company changed to a December 31st year end. With the exception for the September and October 2017 Actions (as set forth in Item 1 above), 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 Acc13
2. Summary of Significant Accounting Policies: Going Concern (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 has incurred cumulative net losses of $789,745 since inception and has a working capital deficit of $237,420. 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 Acc14
2. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 Acc15
2. Summary of Significant Accounting Policies: Fair Value Measurements (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Fair Value Measurements | 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 March 31, 2016 and 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 Acc16
2. Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 Acc17
2. Summary of Significant Accounting Policies: Basic Loss Per Common Share (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015. |
2. Summary of Significant Acc18
2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 Acc19
2. Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015, there have been no such charges. |
2. Summary of Significant Acc20
2. Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015, we have no deferred revenues or costs related to our annual English Olympiad as our competition took place in January and February and all previously deferred revenues and costs were recognized. |
2. Summary of Significant Acc21
2. Summary of Significant Accounting Policies: Comprehensive Income (loss) (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Comprehensive Income (loss) | Comprehensive Income (Loss) The Company recorded other comprehensive income (loss) for the years ended March 31, 2016 and 2015 of $1,632 and $478, respectively, as the result of currency translation adjustments. |
2. Summary of Significant Acc22
2. Summary of Significant Accounting Policies: Derivative Financial Instruments (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Derivative Financial Instruments | Derivative Financial Instruments The provisions of ASC 815 - Derivatives and Hedging applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative, as defined ASC 815 and to any freestanding financial instruments that are potentially settled in an entity's own common stock. The guidance impacts the Company's consolidated financial statements and position due to embedded conversion feature on a note payable in which the conversion price resets at current market prices. |
2. Summary of Significant Acc23
2. Summary of Significant Accounting Policies: Convertible Debt (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Convertible Debt | Convertible Debt If a conversion feature of conventional convertible debt is not accounted for as a derivative instrument and provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount. In those circumstances, the convertible debt will be recorded net of the discount related to the BCF. The Company amortizes the discount to interest expense over the life of the debt using the effective interest method. |
2. Summary of Significant Acc24
2. Summary of Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Advertising Costs | Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. |
2. Summary of Significant Acc25
2. Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Income Taxes | Income Taxes The Company follows ASC Accounting Standards Codification (ASC) 740, Income Taxes for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision becoming known. Current and deferred tax benefit (provision) was the following for the year ended March 31, 2016 and 2015: March 31, 2016 2015 Income tax benefit (expense) at statutory rate $ 8,573 $ (24,411) Valuation allowance (8,573) 24,411 Income tax expense per books $ - $ - Net deferred tax assets consist of the following components as of: March 31, 2016 2015 Net operating loss $ 104,657 $ 113,230 Accrued liabilities 97,104 97,104 Valuation allowance (201,761) (210,334) Net deferred tax asset $ - $ - During the years ended March 31, 2016 and 2015, the valuation allowance increased (decreased) by ($8,573) and $24,411, respectively. At March 31, 2016, the Company had approximately $334,000 of federal and state gross net operating losses available. The net operating loss carry forward, if not utilized, will begin to expire in 2032 for federal purposes and 2022 for state purposes. The difference between the U.S. federal statutory rate and the actual rate is due to a full valuation allowance. Based on the available objective evidence, including the Companys limited operating history and current liabilities in excess of assets, management believes it is more likely than not that the net deferred tax assets at March 31, 2016 and 2015, will not be fully realizable. Due to the uncertainty surrounding realization of the deferred tax asset, the Company has provided a full valuation allowance against its net deferred tax assets at March 31, 2016 and 2015. The Company files income tax returns in the Indian jurisdiction only. Income tax returns filed for fiscal years 2013 and earlier are not subject to examination by U.S. federal state tax authorities. Income tax returns for fiscal years 2013 through 2016 remain open to examination by tax authorities in India. The Company believes that it has made adequate provisions for all income tax uncertainties pertaining to these open tax years. |
2. Summary of Significant Acc26
2. Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 Acc27
2. Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Stock-based Compensation | Stock-based Compensation As of March 31, 2016, the Company has not issued any share-based payments to its employees or third-party consultants. The Company will account for stock options issued to employees and consultants under ASC 718 Compensation-Stock Compensation. Under ASC 718, share-based compensation cost to employees is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee's requisite vesting period. The Company will measure compensation expense for its non-employee stock-based compensation under ASC 505 Equity. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company's common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. The fair value of the equity instrument is charged directly to stock-based compensation expense and credited to additional paid-in capital. |
2. Summary of Significant Acc28
2. Summary of Significant Accounting Policies: Concentration of Risks (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Concentration of Risks | Concentration of Risks During the year ended March 31, 2016, two customers accounted for 77% and 23% of accounts receivable. During the year ended March 31, 2015, one customer accounted for 34.4% of revenues and one customer accounted for 100% of accounts receivable. Management believes the loss of these customers would have a material impact on the Companys financial position, results of operations, and cash flows. |
2. Summary of Significant Acc29
2. Summary of Significant Accounting Policies: Foreign Exchange (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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 Acc30
2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, FASB issued authoritative guidance that provides principles for recognizing revenue for the transfer of promised goods or services to customers with the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, FASB agreed to delay the effective date by one year and, accordingly, the new standard is effective for the Company beginning in the first quarter of fiscal 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company does not expect the standard to have a material impact on its consolidated financial statements. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, "Presentation of Financial StatementsGoing Concern", which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. Management is still in the process of assessing the impact of ASU 2014-15 on the Companys consolidated financial statements. |
2. Summary of Significant Acc31
2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | March 31, 2016 2015 Income tax benefit (expense) at statutory rate $ 8,573 $ (24,411) Valuation allowance (8,573) 24,411 Income tax expense per books $ - $ - |
2. Summary of Significant Acc32
2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | March 31, 2016 2015 Net operating loss $ 104,657 $ 113,230 Accrued liabilities 97,104 97,104 Valuation allowance (201,761) (210,334) Net deferred tax asset $ - $ - |
1. Nature of Business (Details)
1. Nature of Business (Details) | 12 Months Ended |
Mar. 31, 2016 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Apr. 29, 2008 |
2. Summary of Significant Acc34
2. Summary of Significant Accounting Policies: Going Concern (Details) - USD ($) | 12 Months Ended | 95 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | |
Details | |||
NET INCOME (LOSS) | $ 21,982 | $ (62,592) | $ 789,745 |
Working Capital Deficit | $ 237,420 | $ 237,420 |
2. Summary of Significant Acc35
2. Summary of Significant Accounting Policies: Comprehensive Income (loss) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Details | ||
Foreign currency translation adjustment income | $ 1,632 | $ 478 |
2. Summary of Significant Acc36
2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Details | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 8,573 | $ (24,411) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (8,573) | 24,411 |
PROVISION FOR INCOME TAXES |
2. Summary of Significant Acc37
2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Details | ||
Deferred Tax Assets, Capital Loss Carryforwards | $ 104,657 | $ 113,230 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 97,104 | 97,104 |
Deferred Tax Assets, Valuation Allowance, Current | $ (201,761) | $ (210,334) |
2. Summary of Significant Acc38
2. Summary of Significant Accounting Policies: Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Details | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (8,573) | $ 24,411 |
Operating Loss Carryforwards | $ 334,000 |
2. Summary of Significant Acc39
2. Summary of Significant Accounting Policies: Concentration of Risks (Details) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Details | ||
Concentration Risk, Customer | two customers accounted for 77% and 23% of accounts receivable | one customer accounted for 34.4% of revenues and one customer accounted for 100% of accounts receivable |
3. Stockholders' Deficit (Detai
3. Stockholders' Deficit (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | |
Number Of Shares Authorized | 100,000,000 to 1,000,000,000 | ||
Forward Stock Split | 10 to 1 shares | ||
Common Shares Sold Price Per Share | $ 0.01 | ||
CommonStockIssuedForCash | $ 50,000 | ||
Contributed capital from shareholder | $ 9,460 | ||
Common Stock | |||
CommonStockIssuedForCashShares | 5,000,000 |
4. Related Party Transactions (
4. Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | |
Details | ||
Salaries, wages and officers' compensation per month | $ 5,000 | |
Accounts Payable, Related Parties, Current | 248,985 | $ 248,985 |
Advances - related party | $ 18,429 | $ 23,387 |
5. Commitments (Details)
5. Commitments (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Accounts receivable | $ 47,017 | $ 18,404 |
Commitment 1 | ||
Accounts receivable | $ 36,374 |
6. Subsequent Events (Details)
6. Subsequent Events (Details) | 12 Months Ended |
Mar. 31, 2016 | |
Event 1 | |
Subsequent Event, Description | In September 2017 the Company’s then President and sole Director, Ralph M. Amato delivered to the Company an aggregate of 66,550,660 shares of the Company’s Common Stock and the same were returned to the Company as treasury stock. These shares had been originally issued to the Company’s founder, Harshawardhan Shetty. All of the shares were subsequently cancelled and deemed treasury stock. Mr. Amato also resigned as an officer and director and elected Mr. Ilksen Yesilada as the Company’s sole officer and director. |
Event 2 | |
Subsequent Event, Description | Subsequently the Company issued 100,000,000 shares of its common stock to persons associated with Mr. Ilksen Yesilada. |
Event 3 | |
Subsequent Event, Description | 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. |
Event 4 | |
Subsequent Event, Description | On October 17, 2017, the Company amended its Articles of Incorporation to change the Company’s name to GIFA, Inc. and to reduce the authorized Common Stock to 500,000,000 shares (par value $0.001) and authorize 10,000,000 shares of the Company’s Preferred Stock (par value $0.001). |
Event 5 | |
Subsequent Event, Description | On October 17, 2017, the Company changed to a December 31st year end. |