Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2016 | Sep. 16, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | TripBorn, Inc. | |
Entity Central Index Key | 1,498,232 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 76,804,914 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||
Net revenue | $ 94,242 | $ 57,404 |
Cost of revenue | 68,946 | 15,955 |
Gross profit | 25,296 | 41,449 |
Operating expenses | ||
Selling, general, and administrative expenses | 48,167 | 43,282 |
Legal and consulting expenses | 76,968 | 0 |
Income (loss) from operations | (99,839) | (1,833) |
Other income (expense) | ||
Depreciation and amortization | (49,504) | (728) |
Interest expense | (34,390) | 0 |
Total other income (expense) | (83,894) | (728) |
Income (loss) before income tax expense | (183,733) | (2,561) |
Income tax benefit (expense) | 53,688 | 0 |
Net income (loss) | $ (130,045) | $ (2,561) |
Basic income (loss) per share (in dollars per share) | $ 0 | $ 0 |
Diluted income (loss) per share (in dollars per share) | $ 0 | $ 0 |
Basic weighted average number of shares (in shares) | 76,804,914 | 1,298,701 |
Diluted weighted average number of shares (in shares) | 76,804,914 | 1,298,701 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income Loss | ||
Net income (loss) | $ (130,045) | $ (2,561) |
Other comprehensive income (loss), net of tax | ||
Unrealized foreign currency translation income/(loss) | 290 | (858) |
Other comprehensive income (loss), net of tax | 290 | (858) |
Comprehensive loss | $ (129,755) | $ (3,419) |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 164,478 | $ 251,971 |
Accounts receivable | 187,912 | 117,379 |
Other current assets | 64,572 | 72,981 |
Total current assets | 416,962 | 442,331 |
Property and equipment, net | 13,710 | 10,207 |
Intangible assets, net | 1,021,879 | 1,077,226 |
Deferred income taxes | 88,567 | 33,680 |
TOTAL ASSETS | 1,541,118 | 1,563,444 |
Current liabilities: | ||
Accounts payable | 95,459 | 55,744 |
Other current liabilities | 103,467 | 35,753 |
Total current liabilities | 198,926 | 91,497 |
Long term liabilities | ||
Loans payable - related party | 23,958 | 23,958 |
Convertible notes | 1,500,482 | 1,500,482 |
Total current and long term liabilities | 1,723,366 | 1,615,937 |
Stockholders' equity (deficit): | ||
Preferred stock $.0001 par value Authorized shares: 10,000,000 | 0 | 0 |
Common stock $.0001 par value Authorized shares: 200,000,000 Shares issued and outstanding: 76,804,914 and 76,804,914 | 7,681 | 7,681 |
Additional paid-in capital | 75,708 | 75,708 |
Accumulated other comprehensive income (loss) | 10,000 | 9,710 |
Retained earnings (deficit) | (275,637) | (145,592) |
Total stockholders' equity | (182,248) | (52,493) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,541,118 | $ 1,563,444 |
CONSOLIDATED BALANCE SHEETS (U5
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2016 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 76,804,914 | 76,804,914 |
Common stock, outstanding | 76,804,914 | 76,804,914 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - 3 months ended Jun. 30, 2016 - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings (Deficit) [Member] | Total |
Balance beginning at Mar. 31, 2016 | $ 7,681 | $ 75,708 | $ 9,710 | $ (145,592) | $ (52,493) |
Balance beginning (in shares) at Mar. 31, 2016 | 76,804,914 | 76,804,914 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Other comprehensive income (loss) | 290 | $ 290 | |||
Net income (loss) | (130,045) | (130,045) | |||
Balance ending at Jun. 30, 2016 | $ 7,681 | $ 75,708 | $ 10,000 | $ (275,637) | $ (182,248) |
Balance ending (in shares) at Jun. 30, 2016 | 76,804,914 | 76,804,914 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (130,045) | $ (2,561) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 49,504 | 728 |
Other comprehensive income (loss) | 290 | (858) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (70,533) | 4,638 |
Other current assets | 8,407 | (9,336) |
Deferred tax asset | (54,887) | 17 |
Accounts payable and accrued expenses | 39,715 | (923) |
Other current liabilities | 67,714 | 4,586 |
Net cash provided (used) by operating activities | (89,835) | (3,709) |
Cash flows from investing activities: | ||
Change in property and equipment | (5,148) | 8,473 |
Change in intangible assets | 7,488 | (12,536) |
Net cash used in investing activities | 2,340 | (4,063) |
Cash flows from financing activities: | ||
Increase in common stock | 0 | 1,442 |
Change in additional paid in capital | 0 | (1,712) |
Change in loan from shareholder | 0 | (2,801) |
Change in convertible notes | 0 | 0 |
Net cash provided (used) in financing activities | 0 | (3,071) |
Net increase (decrease) in cash and cash equivalents | (87,495) | (10,843) |
Cash and cash equivalents at beginning of period | 251,971 | 24,406 |
Cash and cash equivalents at end of period | 164,478 | 13,563 |
Supplemental cash flow information | ||
Cash paid for interest | 0 | 0 |
Income tax payments | $ 0 | $ 0 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 Organization and Description of Business TripBorn, Inc. (TripBorn or the Company) is a business to business online travel agency (OTA) that offers travel reservations and related travel services and products to travel agents in India through its proprietary internet-based platform at www.tripborn.com. TripBorn is a holding company that was incorporated in Delaware in January 2010 and operated as a shell company with nominal or no assets or operations until December 2015 when it acquired substantially all of the outstanding common stock of its operating subsidiary, Sunalpha Green Technologies Private Limited (Sunalpha). The Company has selected March 31 as its fiscal year end. TripBorn was known as PinstripesNYC, Inc. until January 2016. TripBorn filed reports as PinstripesNYC, Inc. with the Securities and Exchange Commission under the Exchange Act from August 2010 until it terminated its registration under the Exchange Act in May 2013. On December 14, 2015, the Company acquired all of the outstanding shares of Sunalpha, which is incorporated under the laws of the Republic of India on November 4, 2010. The transaction was accounted for as a reverse recapitalization. Sunalpha was the acquirer for financial reporting purposes, and TripBorn is the acquired company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 Summary of Significant Accounting Policies Accounting Policies These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (US GAAP) as detailed in the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC). Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the US ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, each as promulgated by the Securities and Exchange Commission (the SEC). The Company's condensed consolidated financial statements do not include all information and notes required by GAAP for complete financial statements. The unaudited consolidated balance sheet as of March 31, 2016 presented herein was derived from the Companys audited consolidated balance sheet as of March 31, 2016. For additional information, please refer to the consolidated financial statements and notes for the fiscal year ended March 31, 2016 ("fiscal 2016") included in the Company's Registration Statement on Form S-1/A as filed with the SEC on August 5, 2016. The acquisition of all of the outstanding shares of common stock of Sunalpha by TripBorn on December 14, 2015 was accounted for as a reverse recapitalization. Sunalpha is the acquirer for financial reporting purposes, and TripBorn is the acquired company. Consequently, the assets, liabilities and results of operations that are reflected in the Companys consolidated financial statements prior to the December 14, 2015 transaction are those of Sunalpha and are recorded using the historical cost basis. The consolidated financial statements after completion of the December 14, 2015 transaction include the assets, liabilities and results of operations of the Company and Sunalpha. All significant related party accounts and transactions between the Company and Sunalpha have been eliminated upon consolidation. Revenue Recognition The Company provides travel products and services to leisure and corporate travelers in India and abroad. The revenue from rendering these services is recognized at the time when significant risk and rewards are transferred to the customer. This is generally the case: 1) on the date of departure for vacation packages, 2) on the date of check in for hotel booking business and 3) on the date of issuance for the sale of airline tickets. Revenue from the sale of airline tickets is recognized as an agent on a net commission earned basis, when the Company does not assume any performance obligation following the confirmation of the issuance of an airline ticket to the customer. In instances where the Company has procured coupons of airline tickets in advance for an anticipated future demand from customers, and assumes the risk of loss for tickets not used, the revenue from the sale of such airline tickets is accounted for on the gross basis. Incentives from airlines are recognized when the performance obligations under the incentive programs are achieved. Revenue from hotel reservations, including commissions earned is recognized on a net basis as an agent, on the date of check-in, when the Company does not assume any performance obligation following the issuance of a hotel confirmation voucher to the customer. Where the Company has pre-booked the hotel room for an anticipated future demand from the customers and assumes the risk for not using the available hotel room nights at its disposal, revenue from the sale of such hotel room nights is accounted for on the gross basis. Performance linked incentives from hotels are recognized as income on achievement of performance obligations. Revenue from vacation packages, including income on airline tickets sold to customers as a part of vacation packages, is accounted for on the gross basis as the Company is determined to be the primary obligor in the arrangement i.e., the risks and responsibilities are taken by the Company, including the responsibility for delivery of services. Revenue from other sources, primarily comprising revenue from rail and bus ticket reservations is recognized as the services are being performed. Revenue from the rail and bus ticket reservations is recognized as an agent on a net commission earned basis, as the Company does not assume any performance obligation following the confirmation of the issuance of the ticket to the customer. Revenue is recognized net of cancellations, refunds, discounts and taxes. In the event of cancellation of tickets, revenue recognized with respect to commissions earned by the Company on such tickets is reversed and is netted against the revenue earned during the fiscal period, at the time the cancellation is made by the customer. In addition, a liability is recognized in respect to the refund due to the customers for the gross amount charged to such customers net of cancellation fees. The revenue from the sale of vacation packages and hotel reservations is recognized on the customers departure and check-in dates, respectively. Cancellations, if any, do not impact revenue recognition since revenue is recognized upon the availment of services by the customer. Cost of Revenue Cost of revenue primarily consists of costs paid to hotel and vacation package suppliers for the acquisition of relevant services and products for sale to customers, and includes the procurement cost of hotel rooms and other services. Cost of revenue is the amount paid or accrued against procurement of these services and products from the respective suppliers and do not include any other operating cost to provide these services or products. Cost of revenue is recognized when incurred, which coincides with the recognition of the corresponding revenue. Operating Expenses Operating expenses include costs such as advertising and business promotion costs, utilities, rent, payroll and consultants fees and charges, which are recognized on an accrual basis. Depreciation and amortization costs are amortized over the estimated useful lives of the assets. Use of Estimates The preparation of financial statements in US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could differ significantly from those estimates. The estimates underlying the Companys Financial Statements relate to, accruals for travel transactions, valuation of accounts receivable, useful life of long-lived assets and income taxes. Cash and Cash Equivalents The Company considers all highly-liquid investments (including money market funds) with an original maturity at acquisition of three months or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not believe that this results in any significant credit risk. Sunalpha has six accounts denominated in Indian Rupees. As of June 30, 2016, the cash balance in financial institutions in India was USD $155,886. The transactions are undertaken in Indian Rupees and results in foreign currency translation adjustment. The Companys cash deposits in India are not insured against loss. The Company does not believe that this results in any significant credit risk. Receivables and Credit Policies Accounts receivable are uncollateralized customer obligations due under normal trade terms which generally range from 24 hours to seven to ten days from the time and date of transaction. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices exceeding credit terms are considered delinquent. Payments of accounts receivable are allocated to specific invoices identified on the customers remittance advice or, if unspecified, are applied to the earliest unpaid invoices. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. The Company charges repairs and maintenance costs that do not extend the lives of the assets to expenses as incurred. Intangible Assets Intangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets that have limited useful lives are amortized on a straight line basis over the shorter of their useful or legal lives. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash in bank deposit accounts, which are not insured. The Company has not experienced any losses in such accounts. The Company believes that it is not exposed to any significant credit risk on cash. Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with FASB ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records the estimated future tax effects of temporary differences between tax bases of assets and liabilities and amounts reported on the balance sheets as well as operating loss and tax credit carryforwards. Deferred taxes are classified as current or noncurrent based on the balance sheet classification of the related assets and liabilities. Deferred income tax results primarily from temporary differences related to net property and equipment for financial and income tax reporting. US GAAP requires Company management to evaluate tax positions taken by the Company and recognize a tax liability or asset if the Company has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Company has concluded that as of June 30, 2016 and 2015 there are no material uncertain tax positions taken or expected to be taken that would require recognition of a liability or asset or disclosure in the financial statements. The Company is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress. Company management believes that the Companys income tax returns for the last three years remain subject to examination based on normal statutory periods subject to audits, notwithstanding any events or circumstances that may exist which could expand the open period. Foreign Currency Translation The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of ASC subtopic 830-10, Foreign Currency Matters (ASC 830-10). Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders equity (deficit). |
Change in Control Transaction
Change in Control Transaction | 3 Months Ended |
Jun. 30, 2016 | |
Change In Control Transaction | |
Change in Control Transaction | Note 3 Change in Control Transaction On December 8, 2015, the Company issued 71,428,570 shares of common stock to Arna Global LLC (Arna) for cash consideration of $95,500. Arna is wholly-owned by the Companys President and director, Deepak Sharma. The Company accounted for the change in control transaction with Arna using the acquisition method of accounting. Arna obtained control of 93% of the outstanding shares of common stock of PinstripesNYC, Inc. in connection with the Stock Purchase Agreement among PinstripesNYC, Inc., Arna, and Maxim Kelyfos, LLC dated December 8, 2015, and is the acquirer. This transaction resulted in (1) no identifiable assets being acquired, (2) no liabilities being assumed, (3) no goodwill being recognized and (4) no gains being recognized from a bargain purchase. |
Acquisition of Sunalpha Green T
Acquisition of Sunalpha Green Technologies Private Limited | 3 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Sunalpha Green Technologies Private Limited | Note 4 - Acquisition of Sunalpha Green Technologies Private Limited On December 14, 2015, the Company acquired substantially all of the outstanding shares of Sunalpha which was incorporated under the laws of the Republic of India in November 2010. The transaction was accounted for as a reverse recapitalization. Sunalpha was the acquirer for financial reporting purposes, and TripBorn was the acquired company. Consequently, the assets, liabilities and results of operations that are reflected in the Companys consolidated financial statements prior to the December 14, 2015 transaction are those of Sunalpha and are recorded using the historical cost basis. The consolidated financial statements after completion of the December 14, 2015 transaction include the assets, liabilities and results of operations of the Company and Sunalpha. |
Increase in Authorized Shares
Increase in Authorized Shares | 3 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Increase in Authorized Shares | Note 5 - Increase in Authorized Shares The Company amended its certificate of incorporation on January 13, 2016 to (a) increase the authorized number of shares of common stock from 100,000,000 to 200,000,000 and (b) change its name from PinstripesNYC. Inc. to Tripborn, Inc. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6 - Property and Equipment Property and Equipment consists of the following as of June 30 and March 31, 2016. The property and equipment listed below are recorded in the books of Sunalpha. June 30, March 31, 2016 2016 Computer $ 14,300 $ 11,634 Furniture & Fixture 4,125 4,125 Office Equipment 5,120 2,638 Software License 407 407 Total 23,952 18,804 Accumulated Depreciation (10,242 ) (8,597 ) Property and Equipment, net 13,710 10,207 Depreciation expense for the quarters ended June 30, 2016 and 2015 is $1,645 and $670 respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 7 - Intangible Assets Intangible assets consist of the following as of June 30, 2016 and March 31, 2016: June 30, March 31, 2016 2016 API Access $ 114,005 $ 121,455 Software 956,000 956,000 Total 1,070,005 1,077,455 Accumulated amortization (48,126 ) (229 ) Intangible assets, net 1,021,879 1,077,226 Amortization expense for the quarters ended June 30, 2016 and 2015 was $47,859 and $58, respectively. Intangible assets consist of Application Programming Interface (API) access with major travel companies and a customized online transaction platform called Travelcord for use on the Company’s website, www.tripborn.com. Application Programming Interface components are used to send/receive/retrieve various data to and from supplier systems for tickets availability, pricing, aggregation and booking information. The API specifies how software components or applications should interact with each other using graphical user interfaces (GUI). These components are automated software components or set of routines, protocols and tools for building and communicating various software applications. Following the Company’s acquisition of Sunalpha, the Company acquired ownership and development rights to the Travelcord software from Arna for a fee of $956,000 pursuant to a Software Agreement dated December 16, 2015. The Company paid the $956,000 fee to Arna in the form of a convertible promissory note. The Travelcord software was recognized as an intangible asset at historical cost pursuant to ASC 350-40 Intangibles – Goodwill and Other, Internal Use Software, and no goodwill was recognized. Arna acquired the Travelcord software from Takniki Communications, which is wholly-owned by our Vice President and director, Sachin Mandloi pursuant to a Software Development Agreement, dated January 26, 2015. |
Tax Recovery Charges
Tax Recovery Charges | 3 Months Ended |
Jun. 30, 2016 | |
Tax Recovery Charges | |
Tax Recovery Charges | Note 8 - Tax Recovery Charges The Company through its internet-based platform, facilitates the purchase of travel products and services from third party travel service providers. The Company incurs service taxes at specified rates on the services it acquires from the travel service providers. The Company charges service taxes at specified rates on sales of travel and travel related products to clients. The net difference of the amount paid while acquiring services and collected while selling the services are remitted to taxing authorities ("tax recovery charge"). As of the June 30, 2016, the Company has a balance of $2,540 with the tax authority to offset future service tax dues. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 - Related Party Transactions i. Convertible Notes Mr. Sharma loaned the Company $156,407, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an Uplist Transaction prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 3,432,234 shares of common stock (the Note Shares). If the Uplist Transaction does not occur prior to the maturity date, Mr. Sharma will have the option to receive full payment of the outstanding principal balance or the Note Shares, each together with accrued unpaid interest paid in cash. Mr. Sharma also will have the option to receive full payment of the outstanding principal or the note shares, each together with accrued unpaid interest paid in cash, in connection with a sale of the company as such term is defined in the convertible promissory note. Mr. Mandloi loaned the Company $38,076, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an Uplist Transaction prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 835,552 shares of common stock (the Note Shares). If the Uplist Transaction does not occur prior to the maturity date, Mr. Mandloi will have the option to receive full payment of the outstanding principal balance or the Note Shares, each together with accrued unpaid interest paid in cash. Mr. Mandloi also will have the option to receive full payment of the outstanding principal or the note shares, each together with accrued unpaid interest paid in cash, in connection with a sale of the company as such term is defined in the convertible promissory note. In connection with the Software Agreement described in Note 7 above, Arna, wholly owned by the Companys president, loaned the Company $956,000, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an Uplist Transaction prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 21,194,381 shares of common stock (the Note Shares). If the Uplist Transaction does not occur prior to the maturity date, Arna will have the option to receive full payment of the outstanding principal balance or the Note Shares, each together with accrued unpaid interest paid in cash. Arna also will have the option to receive full payment of the outstanding principal or the note shares, each together with accrued unpaid interest paid in cash, in connection with a sale of the company as such term is defined in the convertible promissory note. ii. Loans Payable - Related Party Loans payable related party include advances of $21,457 and $2,501 provided by Arna and Mr. Sharma, repsectively. These advances were provided to the Company to meet certain operating expenses. iii. Guarantee Deposits of the Companys President and Managing Director with IndusInd Bank Ltd. serve as collateral for a guarantee in the amount of $50,000 in favor of the International Air Transport Association (IATA) on behalf of Sunalpha. IndusInd Bank Ltd. will pay the guaranteed amount for claims through September 30, 2016. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 10 - Convertible Notes On February 8, 2016, the Company issued convertible promissory notes to three accredited investors in the aggregate principal amount of $350,000 pursuant to a note purchase agreement of the same date. Interest will accrue at the rate of 6% per annum. In the event that the Company completes an underwritten public offering of its common stock in connection with a listing on a national securities exchange (an Uplist Transaction), prior to the February 8, 2019 maturity date, the outstanding principal balance of the note will automatically convert into a total of 9,156,206 shares of common stock (the Note Shares). If the Uplist Transaction does not occur prior to the maturity date, the noteholders will have the option to receive full payment of the outstanding principal balance of the Note shares each together with accrued unpaid interest paid in cash. The noteholders also will have the option to receive full payment of the outstanding principal or the note shares, each together with accrued unpaid interest paid in cash, in connection with a sale of the company as such term is defined in the convertible promissory note. |
Income Tax
Income Tax | 3 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 11 - Income Tax Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax assets at June 30, 2016 and March 31, 2016 are $88,567 and $33,680, respectively. The Company files its income tax returns on a fiscal year basis. The future effective income tax rate depends on various factors, such as the Company’s income (loss) before taxes, tax legislation and the geographic composition of pre-tax income. The Company files income tax returns in the US. Sunalpha files tax returns in India. The Company is generally subject to US Federal examinations by tax authorities for the past three years. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Note 12 - New Accounting Pronouncements i. In August 2014, FASB issued amended guidance related to disclosure of uncertainties about an entity’s ability to continue as a going concern. The new guidance requires management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, as necessary, to provide related footnote disclosures. The guidance has an effective date of December 31, 2016. The Company believes that the adoption of this new standard will not have a material impact on its financial statements. ii. In May 2014, FASB issued Accounting Standard Update, or ASU, 2014-09-Revenue from Contracts with Customers, which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principal of this ASU is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued an ASU deferring the effective date of the revenue standard so it would be effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption prohibited before December 15, 2016. We are in the process of evaluating the impact of the adoption of this new guidance on our consolidated financial statements. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 13 - Net Income (Loss) Per Share A reconciliation of net income and weighted average shares used in computing basic and diluted net income per share is as follows: First Quarter Ended June 30, 2016 2015 Basic net income (loss) per share: Net income (loss) applicable to common shares $ (130,045 ) $ (2,561 ) Weighted average common shares outstanding 76,804,914 1,298,701 Basic net income (loss) per share of common stock $ (0.00 ) $ (0.00 ) Diluted net income (loss) per share: Net income (loss) applicable to common shares $ (130,045 ) $ (2,561 ) Weighted average common shares outstanding 76,804,914 1,298,701 Dilutive effects of convertible debt Weighted average common shares, assuming dilutive effect of convertible debt 76,804,914 1,298,701 Diluted net income (loss) per share of common stock $ (0.00 ) $ (0.00 ) Due to net loss, the shares of common stock underlying the convertible notes described in Notes 9 and 10 were not included in the calculation of diluted net loss per share, as they would have had an antidilutive effect. |
Commitments
Commitments | 3 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 14 - Commitments The Company is the B2B Principal Agent of the Indian Railway Catering and Tourism Corporation, or IRCTC, which is a government entity that allows the Company to offer reservations through Indian Railways passenger reservation system on the Companys webpage. Indian Railways is Indias state-owned railway which owns and operates most of Indias rail transportation. The Company has integrated its online portal with IRCTCs to provide a seamless booking process. Pursuant to an Application Programming Interface (API) agreement, dated October 5, 2015, the Company is required to pay a minimum annual maintenance fee of $7,500 to IRCTC. In the event the agreement is renewed, the amount based on the number of active railway agents that use the Company rail booking services on the Companys platform will be payable annually. Until December 8, 2015, the Company shared office space with Maxim Group LLC. The majority member of Maxim Group LLC is the sole stockholder of Maxim Kelyfos, LLC. which owned 93% of the Companys common stock outstanding prior to the acquisition of Sunalpha by the Company. Through Sunalpha, the Company currently occupies approximately 2,455 square feet of office space owned by a director of the Company on a rent free basis. As of June 30, 2016 and 2015, the Company has not paid any rent. The Company is expected to pay market rate rent once the Company is profitable. The Company has leased office space in Ahmedabad, India effective from March 1, 2016 for a term of five years. The operations of the Company are being undertaken from the new premises. The Company will pay approximately $1,260 per month pursuant to the lease agreement. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 - Subsequent Events Pursuant to the note purchase agreement, dated February 8, 2016 as described in Note 10, on July 1, 2016, we issued an additional convertible promissory note in the aggregate principal amount of $150,000 to one of the accredited investors. The convertible note carries substantially the same terms as described above. In the event that we complete an “uplist transaction” prior to the July 1, 2019 maturity date, the outstanding principal balance of the note will automatically convert into a total of 3,924,088 note shares. Beginning on July 2, 2017, to the to the extent note shares have been issued, and to the extent such note shares are not then tradeable pursuant to Rule 144 of the Securities Act or otherwise, the noteholder may make one “demand request” for registration under the Securities Act of all or any portion of the note shares. The Company repaid advances of $2,501 and $21,457 received from Mr. Sharma and Arna, respectively, as of July 11, 2016. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (US GAAP) as detailed in the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC). |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the US ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, each as promulgated by the Securities and Exchange Commission (the SEC). The Company's condensed consolidated financial statements do not include all information and notes required by GAAP for complete financial statements. The unaudited consolidated balance sheet as of March 31, 2016 presented herein was derived from the Companys audited consolidated balance sheet as of March 31, 2016. For additional information, please refer to the consolidated financial statements and notes for the fiscal year ended March 31, 2016 ("fiscal 2016") included in the Company's Registration Statement on Form S-1/A as filed with the SEC on August 5, 2016. The acquisition of all of the outstanding shares of common stock of Sunalpha by TripBorn on December 14, 2015 was accounted for as a reverse recapitalization. Sunalpha is the acquirer for financial reporting purposes, and TripBorn is the acquired company. Consequently, the assets, liabilities and results of operations that are reflected in the Companys consolidated financial statements prior to the December 14, 2015 transaction are those of Sunalpha and are recorded using the historical cost basis. The consolidated financial statements after completion of the December 14, 2015 transaction include the assets, liabilities and results of operations of the Company and Sunalpha. All significant related party accounts and transactions between the Company and Sunalpha have been eliminated upon consolidation. |
Revenue Recognition | Revenue Recognition The Company provides travel products and services to leisure and corporate travelers in India and abroad. The revenue from rendering these services is recognized at the time when significant risk and rewards are transferred to the customer. This is generally the case: 1) on the date of departure for vacation packages, 2) on the date of check in for hotel booking business and 3) on the date of issuance for the sale of airline tickets. Revenue from the sale of airline tickets is recognized as an agent on a net commission earned basis, when the Company does not assume any performance obligation following the confirmation of the issuance of an airline ticket to the customer. In instances where the Company has procured coupons of airline tickets in advance for an anticipated future demand from customers, and assumes the risk of loss for tickets not used, the revenue from the sale of such airline tickets is accounted for on the gross basis. Incentives from airlines are recognized when the performance obligations under the incentive programs are achieved. Revenue from hotel reservations, including commissions earned is recognized on a net basis as an agent, on the date of check-in, when the Company does not assume any performance obligation following the issuance of a hotel confirmation voucher to the customer. Where the Company has pre-booked the hotel room for an anticipated future demand from the customers and assumes the risk for not using the available hotel room nights at its disposal, revenue from the sale of such hotel room nights is accounted for on the gross basis. Performance linked incentives from hotels are recognized as income on achievement of performance obligations. Revenue from vacation packages, including income on airline tickets sold to customers as a part of vacation packages, is accounted for on the gross basis as the Company is determined to be the primary obligor in the arrangement i.e., the risks and responsibilities are taken by the Company, including the responsibility for delivery of services. Revenue from other sources, primarily comprising revenue from rail and bus ticket reservations is recognized as the services are being performed. Revenue from the rail and bus ticket reservations is recognized as an agent on a net commission earned basis, as the Company does not assume any performance obligation following the confirmation of the issuance of the ticket to the customer. Revenue is recognized net of cancellations, refunds, discounts and taxes. In the event of cancellation of tickets, revenue recognized with respect to commissions earned by the Company on such tickets is reversed and is netted against the revenue earned during the fiscal period, at the time the cancellation is made by the customer. In addition, a liability is recognized in respect to the refund due to the customers for the gross amount charged to such customers net of cancellation fees. The revenue from the sale of vacation packages and hotel reservations is recognized on the customers departure and check-in dates, respectively. Cancellations, if any, do not impact revenue recognition since revenue is recognized upon the availment of services by the customer. |
Cost of Revenue | Cost of Revenue Cost of revenue primarily consists of costs paid to hotel and vacation package suppliers for the acquisition of relevant services and products for sale to customers, and includes the procurement cost of hotel rooms and other services. Cost of revenue is the amount paid or accrued against procurement of these services and products from the respective suppliers and do not include any other operating cost to provide these services or products. Cost of revenue is recognized when incurred, which coincides with the recognition of the corresponding revenue. |
Operating Expenses | Operating Expenses Operating expenses include costs such as advertising and business promotion costs, utilities, rent, payroll and consultants fees and charges, which are recognized on an accrual basis. Depreciation and amortization costs are amortized over the estimated useful lives of the assets. |
Use of Estimates | Use of Estimates The preparation of financial statements in US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could differ significantly from those estimates. The estimates underlying the Companys Financial Statements relate to, accruals for travel transactions, valuation of accounts receivable, useful life of long-lived assets and income taxes. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly-liquid investments (including money market funds) with an original maturity at acquisition of three months or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not believe that this results in any significant credit risk. Sunalpha has six accounts denominated in Indian Rupees. As of June 30, 2016, the cash balance in financial institutions in India was USD $155,886. The transactions are undertaken in Indian Rupees and results in foreign currency translation adjustment. The Companys cash deposits in India are not insured against loss. The Company does not believe that this results in any significant credit risk. |
Receivables and Credit Policies | Receivables and Credit Policies Accounts receivable are uncollateralized customer obligations due under normal trade terms which generally range from 24 hours to seven to ten days from the time and date of transaction. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices exceeding credit terms are considered delinquent. Payments of accounts receivable are allocated to specific invoices identified on the customers remittance advice or, if unspecified, are applied to the earliest unpaid invoices. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. The Company charges repairs and maintenance costs that do not extend the lives of the assets to expenses as incurred. |
Intangible Assets | Intangible Assets Intangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets that have limited useful lives are amortized on a straight line basis over the shorter of their useful or legal lives. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash in bank deposit accounts, which are not insured. The Company has not experienced any losses in such accounts. The Company believes that it is not exposed to any significant credit risk on cash. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with FASB ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records the estimated future tax effects of temporary differences between tax bases of assets and liabilities and amounts reported on the balance sheets as well as operating loss and tax credit carryforwards. Deferred taxes are classified as current or noncurrent based on the balance sheet classification of the related assets and liabilities. Deferred income tax results primarily from temporary differences related to net property and equipment for financial and income tax reporting. US GAAP requires Company management to evaluate tax positions taken by the Company and recognize a tax liability or asset if the Company has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Company has concluded that as of June 30, 2016 and 2015 there are no material uncertain tax positions taken or expected to be taken that would require recognition of a liability or asset or disclosure in the financial statements. The Company is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress. Company management believes that the Companys income tax returns for the last three years remain subject to examination based on normal statutory periods subject to audits, notwithstanding any events or circumstances that may exist which could expand the open period. |
Foreign Currency Translation | Foreign Currency Translation The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of ASC subtopic 830-10, Foreign Currency Matters (ASC 830-10). Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders equity (deficit). |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and Equipment consists of the following as of June 30 and March 31, 2016. The property and equipment listed below are recorded in the books of Sunalpha. June 30, March 31, 2016 2016 Computer $ 14,300 $ 11,634 Furniture & Fixture 4,125 4,125 Office Equipment 5,120 2,638 Software License 407 407 Total 23,952 18,804 Accumulated Depreciation (10,242 ) (8,597 ) Property and Equipment, net 13,710 10,207 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets consist of the following as of June 30, 2016 and March 31, 2016: June 30, March 31, 2016 2016 API Access $ 114,005 $ 121,455 Software 956,000 956,000 Total 1,070,005 1,077,455 Accumulated amortization (48,126 ) (229 ) Intangible assets, net 1,021,879 1,077,226 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net income per share | A reconciliation of net income and weighted average shares used in computing basic and diluted net income per share is as follows: First Quarter Ended June 30, 2016 2015 Basic net income (loss) per share: Net income (loss) applicable to common shares $ (130,045 ) $ (2,561 ) Weighted average common shares outstanding 76,804,914 1,298,701 Basic net income (loss) per share of common stock $ (0.00 ) $ (0.00 ) Diluted net income (loss) per share: Net income (loss) applicable to common shares $ (130,045 ) $ (2,561 ) Weighted average common shares outstanding 76,804,914 1,298,701 Dilutive effects of convertible debt Weighted average common shares, assuming dilutive effect of convertible debt 76,804,914 1,298,701 Diluted net income (loss) per share of common stock $ (0.00 ) $ (0.00 ) |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details Narrative) | Jun. 30, 2016USD ($) |
Sunalpha Green Technologies Private Limited [Member] | |
Cash | $ 155,886 |
Change in Control Transaction (
Change in Control Transaction (Details Narrative) - Arna Global LLC ("Arna") [Member] | Dec. 08, 2015USD ($)shares |
Number of shares issued | shares | 71,428,570 |
Number of shares issued,value | $ | $ 95,500 |
Stock Purchase Agreement | |
Ownership percentage | 93.00% |
Increase in Authorized Shares (
Increase in Authorized Shares (Details Narrative) - shares | Jan. 13, 2016 | Jun. 30, 2016 | Mar. 31, 2016 |
Stockholders' Equity Note [Abstract] | |||
Revised common stock, authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Previously common stock, authorized | 100,000,000 | ||
Former entity registered name | PinstripesNYC. Inc |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Total | $ 23,952 | $ 18,804 |
Accumulated Depreciation | (10,242) | (8,597) |
Property and Equipment, net | 13,710 | 10,207 |
Computer [Member] | ||
Total | 14,300 | 11,634 |
Furniture & Fixture [Member] | ||
Total | 4,125 | 4,125 |
Office Equipment [Member] | ||
Total | 5,120 | 2,638 |
Software License [Member] | ||
Total | $ 407 | $ 407 |
Property and Equipment (Detai31
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 1,645 | $ 670 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Total | $ 1,070,005 | $ 1,077,455 |
Accumulated amortization | (48,126) | (229) |
Intangible assets, net | 1,021,879 | 1,077,226 |
Application Programming Interface (API) Access [Member] | ||
Total | 114,005 | 121,455 |
Software [Member] | ||
Total | $ 956,000 | $ 956,000 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | Dec. 16, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Amortization expense | $ 47,859 | $ 58 | |
Arna Global LLC ("Arna") [Member] | Convertible Promissory Notes [Member] | |||
Payment to acquire intangible asset | $ 956,000 | ||
Arna Global LLC ("Arna") [Member] | Software Agreement [Member] | Ownership And Development Rights [Member] | Travelcord [Member] | |||
Payment to acquire intangible asset | $ 956,000 |
Tax Recovery Charges (Details N
Tax Recovery Charges (Details Narrative) | Jun. 30, 2016USD ($) |
Tax Recovery Charges | |
Offset future service tax dues value | $ 2,540 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 08, 2016 | Jun. 30, 2016 | Mar. 31, 2016 |
Loans payable - related party | $ 23,958 | $ 23,958 | |
Mr. Deepak Sharma [Member] | |||
Loans payable - related party | 2,501 | ||
Mr. Deepak Sharma [Member] | IndusInd Bank Ltd [Member] | |||
Guaranteed claim amount | $ 50,000 | ||
Arna Global LLC ("Arna") [Member] | |||
Loans payable - related party | $ 21,457 | ||
10% Convertible Promissory Notes Due March 7, 2019 [Member] | Mr. Deepak Sharma [Member] | |||
Debt principal amount | $ 156,407 | ||
Number of shares issued upon debt conversion | 3,432,234 | ||
10% Convertible Promissory Notes Due March 7, 2019 [Member] | Mr.Sachin Mandloi | |||
Debt principal amount | $ 38,076 | ||
Number of shares issued upon debt conversion | 835,552 | ||
10% Convertible Promissory Notes Due March 7, 2019 [Member] | Arna Global LLC ("Arna") [Member] | Software Agreement [Member] | |||
Debt principal amount | $ 956,000 | ||
Number of shares issued upon debt conversion | 21,194,381 |
Convertible Notes (Details Narr
Convertible Notes (Details Narrative) - Note Purchase Agreement [Member] - 6% Convertible Promissory Notes Due February 8, 2019 [Member] - Three Accredited Investors [Member] | Feb. 08, 2016USD ($)shares |
Debt principal amount | $ | $ 350,000 |
Number of shares issued upon debt conversion | shares | 9,156,206 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes, net | $ 88,567 | $ 33,680 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Basic net income (loss) per share: | ||
Net income (loss) applicable to common shares | $ (130,045) | $ (2,561) |
Weighted average common shares outstanding | 76,804,914 | 1,298,701 |
Basic net income (loss) per share of common stock | $ 0 | $ 0 |
Diluted net income (loss) per share: | ||
Net income (loss) applicable to common shares | $ (130,045) | $ (2,561) |
Weighted average common shares outstanding | 76,804,914 | 1,298,701 |
Weighted average common shares, assuming dilutive effect of convertible debt | 76,804,914 | 1,298,701 |
Diluted net income (loss) per share of common stock | $ 0 | $ 0 |
Commitments (Details Narrative)
Commitments (Details Narrative) | Oct. 05, 2015USD ($) | Jun. 30, 2016USD ($)ft² | Dec. 08, 2015 |
INDIA (Ahmedabad City) [Member] | |||
Term of leases | 5 years | ||
Rent expense per month | $ 1,260 | ||
Maxim Group LLC [Member] | |||
Ownership percentage | 93.00% | ||
Director [Member] | |||
Office space | ft² | 2,455 | ||
Application Programming Interface (API) Agreement [Member] | Indian Railway Catering and Tourism Corporation [Member] | |||
Maintenance fee | $ 7,500 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Sep. 23, 2016 | Jul. 11, 2016 | Jul. 01, 2016 |
Mr. Deepak Sharma [Member] | |||
Payment to affiliate | $ 2,501 | ||
Arna Global LLC ("Arna") [Member] | |||
Payment to affiliate | $ 21,457 | ||
Note Purchase Agreement [Member] | 6% Convertible Promissory Notes Due July 1, 2019 [Member] | One Accredited Investors [Member] | |||
Debt principal amount | $ 150,000 | ||
Debt conversion of shares | 3,924,088 | ||
2016 Software Development Agreement [Member] | Takniki Communications [Member] | |||
Payments for software | $ 695,000 | ||
2016 Software Development Agreement [Member] | Convertible Promissory Notes [Member] | Takniki Communications [Member] | |||
Debt principal amount | $ 695,000 |