Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Feb. 08, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | TripBorn, Inc. | |
Entity Central Index Key | 1,498,232 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 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 | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 78,971,581 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||||
Net revenue | $ 148,387 | $ 40,517 | $ 405,189 | $ 137,732 |
Cost of revenue | 73,271 | 4,361 | 272,876 | 26,906 |
Gross profit | 75,116 | 36,156 | 132,313 | 110,826 |
Operating expenses | ||||
Selling, general, and administrative expenses | 112,750 | 41,581 | 253,996 | 120,697 |
Legal and consulting expenses | 56,110 | 0 | 206,171 | 0 |
Income (loss) from operations | (93,744) | (5,425) | (327,854) | (9,871) |
Other income (expense) | ||||
Depreciation and amortization | (51,809) | 0 | (153,557) | (728) |
Interest expense | (37,068) | 0 | (108,526) | 0 |
Total other income (expense) | (88,877) | 0 | (262,083) | (728) |
Income (loss) before income tax expense | (182,621) | (5,425) | (589,937) | (10,599) |
Income tax benefit (expense) | 55,260 | 0 | 152,017 | 0 |
Net income (loss) | $ (127,361) | $ (5,425) | $ (437,920) | $ (10,599) |
Basic income (loss) per share (in dollars per share) | $ 0 | $ 0 | $ (0.01) | $ 0 |
Diluted income (loss) per share (in dollars per share) | $ 0 | $ 0 | $ (0.01) | $ 0 |
Basic weighted average number of shares (in shares) | 76,816,272 | 5,696,183 | 76,816,272 | 5,696,183 |
Diluted weighted average number of shares (in shares) | 76,816,272 | 5,696,183 | 76,816,272 | 5,696,183 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income Loss | ||||
Net income (loss) | $ (127,361) | $ (5,425) | $ (437,920) | $ (10,599) |
Other comprehensive income (loss), net of tax | ||||
Unrealized foreign currency translation income / (loss) | 501 | 24 | 457 | (873) |
Other comprehensive income (loss), net of tax | 501 | 24 | 457 | (873) |
Comprehensive loss | $ (126,860) | $ (5,401) | $ (437,463) | $ (11,472) |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 576,015 | $ 251,971 |
Accounts receivable | 304,413 | 117,379 |
Other current assets | 112,344 | 72,981 |
Total current assets | 992,772 | 442,331 |
Property and equipment, net | 15,523 | 10,207 |
Intangible assets, net | 1,608,993 | 1,077,226 |
Deferred income taxes | 168,232 | 33,680 |
TOTAL ASSETS | 2,785,520 | 1,563,444 |
Current liabilities: | ||
Accounts payable | 230,524 | 55,744 |
Other current liabilities | 242,255 | 35,753 |
Total current liabilities | 472,779 | 91,497 |
Long term liabilities | ||
Loans payable - related party | 0 | 23,958 |
Convertible notes | 2,342,697 | 1,500,482 |
Total current and long term liabilities | 2,815,476 | 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: 78,338,247 and 76,804,914 | 7,834 | 7,681 |
Additional paid-in capital | 535,555 | 75,708 |
Accumulated other comprehensive income (loss) | 10,167 | 9,710 |
Retained earnings (deficit) | (583,512) | (145,592) |
Total stockholders' equity (deficit) | (29,956) | (52,493) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,785,520 | $ 1,563,444 |
CONSOLIDATED BALANCE SHEETS (U5
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 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 | 78,338,247 | 76,804,914 |
Common stock, outstanding | 78,338,247 | 76,804,914 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDER'S EQUITY (DEFICIT) (Unaudited) - 9 months ended Dec. 31, 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] | |||||
Issuance of common stock | $ 153 | 459,847 | $ 460,000 | ||
Issuance of common stock (in shares) | 1,533,333 | ||||
Other comprehensive income (loss) | 457 | 457 | |||
Net income (loss) | (437,920) | (437,920) | |||
Balance ending at Dec. 31, 2016 | $ 7,834 | $ 535,555 | $ 10,167 | $ (583,512) | $ (29,956) |
Balance ending (in shares) at Dec. 31, 2016 | 78,338,247 | 78,338,247 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (437,920) | $ (10,599) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 153,557 | 728 |
Other comprehensive income (loss) | 457 | (873) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (187,034) | 12,104 |
Other current assets | (39,363) | (23,484) |
Deferred tax asset | (134,552) | 58 |
Accounts payable and accrued expenses | 174,780 | (1,631) |
Other current liabilities | 206,502 | 19,840 |
Net cash used in operating activities | (263,573) | (3,857) |
Cash flows from investing activities: | ||
Change in property and equipment | (10,365) | 5,758 |
Change in intangible assets | (680,275) | (88,362) |
Net cash used in investing activities | (690,640) | (82,604) |
Cash flows from financing activities: | ||
Increase in common stock | 153 | 82,941 |
Change in additional paid in capital | 459,847 | (1,712) |
Increase (Decrease) in loan from shareholder | (23,958) | (25) |
Increase in convertible notes | 842,215 | 0 |
Net cash provided by financing activities | 1,278,257 | 81,204 |
Net increase (decrease) in cash and cash equivalents | 324,044 | (5,257) |
Cash and cash equivalents at beginning of period | 251,971 | 23,580 |
Cash and cash equivalents at end of period | 576,015 | 18,323 |
Supplemental cash flow information | ||
Cash paid for interest | 0 | 0 |
Income tax payments | $ 0 | $ 0 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Dec. 31, 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 31st 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 Securities Exchange Act of 1934, as amended (“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 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 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 (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. 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 consolidated financial statements do not include all information and notes required by U.S. GAAP for complete financial statements. The consolidated balance sheet as of March 31, 2016 presented herein was derived from the Company’s 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 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 Company’s 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: (i) on the date of departure for vacation packages, (ii) on the date of check in for hotel bookings and (iii) 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 airline ticket vouchers in advance for an anticipated future demand from customers and assumes the risk of loss for unused tickets, the revenue from the sale of such airline tickets is accounted for on a 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 hotel rooms for an anticipated future demand from customers and assumes the risk for unused hotel reservations, revenue from the sale of such hotel rooms is accounted for on a gross basis. Performance linked incentives from hotel bookings are recognized as income on achievement of performance obligations. Revenue from vacation packages, including income from airline tickets sold to customers as a part of vacation packages, is accounted for on a gross basis as the Company is determined to be the primary obligor in the arrangement (i.e., the Company bears the risks and responsibilities including the responsibility for delivering the services). Revenue from other sources primarily comprised of revenue from rail and bus ticket reservations is recognized as the services are performed. Revenue from rail and bus ticket reservations is recognized as an agent on a net commission earned basis since 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 tickets are cancelled, 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 with 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 customer’s 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 hotel rooms and other services. Cost of revenue is the amount paid or accrued to procure these services and products from the respective suppliers and does 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 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 In preparing the Company’s financial statements in accordance with U.S. GAAP, the Company’s management must 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 Company’s consolidated financial statements include estimates of 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) that have an original maturity date 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 December 31, 2016, the cash balance in financial institutions in India was USD $91,628. Sunalpha’s transactions are in Indian Rupees and requires a foreign currency translation adjustment. The Company’s 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 comprised of uncollateralized customer obligations due under normal trade terms that generally range from one day to ten days from the time of the 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 customer’s 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 either 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 related to its cash holdings. 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. U.S. GAAP requires the Company’s 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 December 31, 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. The Company’s management believes that the Company’s income tax returns for the last three years remain subject to examination based on normal statutory periods, 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 U.S. 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. 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 reporting periods. 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 | 9 Months Ended |
Dec. 31, 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 pursuant to the Stock Purchase Agreement among the Company, Arna, and Maxim Kelyfos, LLC, dated December 8, 2015 (the “Stock Purchase Agreement”). Arna is wholly-owned by the Company’s 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 the Company in connection with the Stock Purchase Agreement, and is the acquirer. This transaction resulted in (i) no identifiable assets being acquired, (ii) no liabilities being assumed, (iii) no goodwill being recognized and (iv) no gains being recognized from a bargain purchase. |
Acquisition of Sunalpha Green T
Acquisition of Sunalpha Green Technologies Private Limited | 9 Months Ended |
Dec. 31, 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 Company’s 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 | 9 Months Ended |
Dec. 31, 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 (i) increase the authorized number of shares of common stock from 100,000,000 to 200,000,000 and (ii) change its name from PinstripesNYC, Inc. to Tripborn, Inc. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6 - Property and Equipment Property and equipment, net consists of the following as of December 31 and March 31, 2016. The property and equipment listed below are recorded in the books of Sunalpha. December 31, March 31, 2016 2016 Computer 20,783 11,634 Furniture & Fixture $ 4,139 $ 4,125 Office Equipment 5,768 2,638 Software License 244 407 Total 30,934 18,804 Accumulated Depreciation (15,411 ) (8,597 ) Fixed Assets, net 15,523 10,207 Depreciation expense for the quarters ended December 31, 2016 and 2015 is $2,309 and $0, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 7 - Intangible Assets Intangible assets consist of the following as of December 31, 2016 and March 31, 2016: December 31, March 31, 2016 2016 API Access 129,876 121,455 Software $ 1,651,000 $ 956,000 Total 1,780,876 1,077,455 Accumulated amortization (171,883 ) (229 ) Intangible assets, net 1,608,993 1,077,226 Amortization expense for the quarters ended December 31, 2016 and 2015 was $49,500 and $0, respectively. Intangible assets, net 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. API 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. Pursuant to a Software Development Agreement between Takniki Communications and TripBorn, Inc. dated September 23, 2016 the Travelcord software was upgraded, with additional features and capabilities added. The Company paid for this upgrade via the issuance of a convertible promissory note in the amount of $695,000, convertible into 10,303,070 shares of the Company’s common stock and further discussed in Note 9, below. |
Tax Recovery Charges
Tax Recovery Charges | 9 Months Ended |
Dec. 31, 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 such providers. The Company charges service taxes at specified rates on sales of travel and travel related products to clients. The net difference between the amount paid to acquire services and the amount collected from selling services is remitted to taxing authorities ("tax recovery charge"). As of December 31, 2016, the Company has a balance of $17,887 with the taxing authorities to offset future service tax due. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 - Related Party Transactions i. Convertible Notes Mr. Sharma, the Company’s president and director, 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 underwritten public offering of its common stock in connection with a listing on a national securities exchange (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, the Company’s vice president and director, 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 dated December 16, 2015, pursuant to which the Company acquired ownership and development rights to the Travelcord software from Arna for a fee of $956,000, Arna, wholly owned by the Company’s president and director, Mr. Sharma, 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, respectively. These advances were provided to the Company to meet certain operating expenses, and were repaid by the Company in July 2016. iii. Guarantee Deposits of the Company’s president and director, Mr. Sharma, 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, 2017. iv. Software Development Agreement On September 23, 2016, the Company entered into a software development agreement (the “2016 Software Development Agreement”) with Takniki Communications to further develop and enhance the Company’s online transaction platform, Travelcord. Pursuant to the 2016 Software Development Agreement, the Company agreed to pay Takniki Communications $695,000 upon delivery of enhanced software, which occurred on December 31, 2016. The Company paid for the software development by issuing a convertible promissory note in the principal amount of $695,000 to Takniki Communications with a maturity date of December 31, 2019 and bearing interest at a rate of 10%. The principal amount of this note is convertible into 10,303,070 shares of the Company’s common stock at the noteholder’s option at maturity. Takniki Communications is wholly-owned by our vice president and director, Mr. Mandloi. |
Convertible Notes
Convertible Notes | 9 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 10 - Convertible Notes On February 8, 2016, the Company issued convertible promissory notes (the “Initial Notes”) to three accredited investors in the aggregate principal amount of $350,000 pursuant to a note purchase agreement of the same date. An additional convertible promissory note (the “Additional Note”) was issued to one of the accredited investors in the principal amount of $150,000 on July 1, 2016 pursuant to the February 8, 2016 note purchase agreement. Interest will accrue at the rate of 6% per annum. In the event that the Company completes an Uplist Transaction prior to the February 8, 2019 maturity date (the Additional Note has a maturity date of July 1, 2019), the outstanding principal balance of the Initial Notes and the Additional Note will automatically convert into a total of 13,080,294 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 or 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. For further information regarding the convertible notes entered into with related parties, please see Note 9 – Related Party Transaction. |
Income Tax
Income Tax | 9 Months Ended |
Dec. 31, 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 December 31, 2016 and March 31, 2016 were $168,232 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 U.S. Federal jurisdiction and various State jurisdictions. Sunalpha files tax returns in India. The Company is generally subject to U.S. Federal, State and local examinations by tax authorities for the past three years. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Dec. 31, 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 is effective beginning December 31, 2016. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. ii. In May 2014, FASB issued Accounting Standard Update, (“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. iii. In January 2015, FASB issued ASU 2015-01-Income Statement-Extraordinary and Unusual Items, which seeks to simplify Extraordinary Items. This ASU eliminates the concept of extraordinary items from U.S. GAAP. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required an entity to separately classify, present and disclose extraordinary events and transactions. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively or apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 13 - Net Income (Loss) Per Share A reconciliation of net income (loss) and weighted average shares used in computing basic and diluted net income per share is as follows: Third Quarter Ended Nine Months Ended 2016 2015 2016 2015 Basic net income (loss) per share: Net income (loss) applicable to common shares $(127,361) $(5,425) $(437,920) $(10,599) Weighted average common shares outstanding 76,816,272 5,696,183 76,816,272 5,696,183 Basic net income (loss) per share of common stock $(0.00) $(0.00) $(0.01) $(0.00) Diluted net income (loss) per share: Net income (loss) applicable to common shares $(127,361) $(5,425) $(460,654) $(10,599) Weighted average common shares outstanding 76,816,272 5,696,183 76,816,272 5,696,183 Dilutive effects of convertible debt Weighted average common shares, assuming 76,816,272 5,696,183 76,816,272 5,696,183 Diluted net income (loss) per share of common $(0.00) $(0.00) $(0.01) $(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 | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 14 - Commitments The Company is the business to business (B2B) Principal Agent of the Indian Railway Catering and Tourism Corporation (“IRCTC”) which is a government entity that allows the Company to offer reservations through Indian Railways’ passenger reservation system on the Company’s webpage. Indian Railways is India’s state-owned railway which owns and operates most of India’s rail transportation. The Company has integrated its online portal with IRCTC’s to provide a seamless booking process. Pursuant to an Application Programming Interface (API) agreement, dated September 30, 2016, the Company is required to pay a minimum annual maintenance fee of $8,600 to IRCTC. In the event the agreement is renewed, the annual fee will be based on the number of active railway agents that use the Company’s rail booking services on the Company’s platform. 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 Company’s 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 in Ahmedabad, India, owned by a director of the Company on a rent-free basis. As of December 31, 2016 and 2015, the Company has not paid any rent for this office space. The Company is expected to pay market rate rent once the Company is profitable. As of March 1, 2016, the Company leased office space in Ahmedabad, India for a term of five years. The operations of the Company are being undertaken from the new premises, which occupy approximately 2,300 square feet. The Company will pay approximately $1,260 per month pursuant to the lease agreement. The Company paid $3,747 in rent during the quarter ended December 31, 2016. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 – Subsequent Events On January 30, 2017, the Company closed on the sale of an aggregate of 633,334 shares of the Company’s common stock pursuant to the subscription agreements with a total of five investors, resulting in gross proceeds to the Company of $190,000. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 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 (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. 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 consolidated financial statements do not include all information and notes required by U.S. GAAP for complete financial statements. The consolidated balance sheet as of March 31, 2016 presented herein was derived from the Company’s 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 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 Company’s 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: (i) on the date of departure for vacation packages, (ii) on the date of check in for hotel bookings and (iii) 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 airline ticket vouchers in advance for an anticipated future demand from customers and assumes the risk of loss for unused tickets, the revenue from the sale of such airline tickets is accounted for on a 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 hotel rooms for an anticipated future demand from customers and assumes the risk for unused hotel reservations, revenue from the sale of such hotel rooms is accounted for on a gross basis. Performance linked incentives from hotel bookings are recognized as income on achievement of performance obligations. Revenue from vacation packages, including income from airline tickets sold to customers as a part of vacation packages, is accounted for on a gross basis as the Company is determined to be the primary obligor in the arrangement (i.e., the Company bears the risks and responsibilities including the responsibility for delivering the services). Revenue from other sources primarily comprised of revenue from rail and bus ticket reservations is recognized as the services are performed. Revenue from rail and bus ticket reservations is recognized as an agent on a net commission earned basis since 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 tickets are cancelled, 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 with 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 customer’s 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 hotel rooms and other services. Cost of revenue is the amount paid or accrued to procure these services and products from the respective suppliers and does 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 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 In preparing the Company’s financial statements in accordance with U.S. GAAP, the Company’s management must 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 Company’s consolidated financial statements include estimates of 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) that have an original maturity date 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 December 31, 2016, the cash balance in financial institutions in India was USD $91,628. Sunalpha’s transactions are in Indian Rupees and requires a foreign currency translation adjustment. The Company’s 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 comprised of uncollateralized customer obligations due under normal trade terms that generally range from one day to ten days from the time of the 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 customer’s 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 either 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 related to its cash holdings. |
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. U.S. GAAP requires the Company’s 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 December 31, 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. The Company’s management believes that the Company’s income tax returns for the last three years remain subject to examination based on normal statutory periods, 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 U.S. 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. 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 reporting periods. 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) | 9 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment, net consists of the following as of December 31 and March 31, 2016. The property and equipment listed below are recorded in the books of Sunalpha. December 31, March 31, 2016 2016 Computer 20,783 11,634 Furniture & Fixture $ 4,139 $ 4,125 Office Equipment 5,768 2,638 Software License 244 407 Total 30,934 18,804 Accumulated Depreciation (15,411 ) (8,597 ) Fixed Assets, net 15,523 10,207 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets consist of the following as of December 31, 2016 and March 31, 2016: December 31, March 31, 2016 2016 API Access 129,876 121,455 Software $ 1,651,000 $ 956,000 Total 1,780,876 1,077,455 Accumulated amortization (171,883 ) (229 ) Intangible assets, net 1,608,993 1,077,226 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net income per share | A reconciliation of net income (loss) and weighted average shares used in computing basic and diluted net income per share is as follows: Third Quarter Ended Nine Months Ended 2016 2015 2016 2015 Basic net income (loss) per share: Net income (loss) applicable to common shares $(127,361) $(5,425) $(437,920) $(10,599) Weighted average common shares outstanding 76,816,272 5,696,183 76,816,272 5,696,183 Basic net income (loss) per share of common stock $(0.00) $(0.00) $(0.01) $(0.00) Diluted net income (loss) per share: Net income (loss) applicable to common shares $(127,361) $(5,425) $(460,654) $(10,599) Weighted average common shares outstanding 76,816,272 5,696,183 76,816,272 5,696,183 Dilutive effects of convertible debt Weighted average common shares, assuming 76,816,272 5,696,183 76,816,272 5,696,183 Diluted net income (loss) per share of common $(0.00) $(0.00) $(0.01) $(0.00) |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details Narrative) | Dec. 31, 2016USD ($) |
Sunalpha Green Technologies Private Limited [Member] | |
Cash | $ 91,628 |
Change in Control Transaction (
Change in Control Transaction (Details Narrative) - USD ($) | Dec. 08, 2015 | Dec. 31, 2016 |
Number of shares issued, value | $ 460,000 | |
Arna Global LLC ("Arna") [Member] | Stock Purchase Agreement [Member] | ||
Number of shares issued | 71,428,570 | |
Number of shares issued, value | $ 95,500 | |
Ownership percentage | 93.00% |
Increase in Authorized Shares (
Increase in Authorized Shares (Details Narrative) - shares | Jan. 13, 2016 | Dec. 31, 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 ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 30,934 | $ 18,804 |
Accumulated Depreciation | (15,411) | (8,597) |
Fixed Assets, net | 15,523 | 10,207 |
Computer [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 20,783 | 11,634 |
Furniture & Fixture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,139 | 4,125 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 5,768 | 2,638 |
Software License [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 244 | $ 407 |
Property and Equipment (Detai31
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 2,309 | $ 0 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 1,780,876 | $ 1,077,455 |
Accumulated amortization | (171,883) | (229) |
Intangible assets, net | 1,608,993 | 1,077,226 |
Application Programming Interface (API) Access [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 129,876 | 121,455 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 1,651,000 | $ 956,000 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | Sep. 23, 2016 | Dec. 16, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 |
Amortization expense | $ 49,500 | $ 0 | |||
2016 Software Development Agreement [Member] | Convertible Promissory Notes [Member] | Takniki Communications [Member] | |||||
Debt principal amount | $ 695,000 | ||||
Conversion of convertible promissory note | 10,303,070 | ||||
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) | Dec. 31, 2016USD ($) |
Tax Recovery Charges | |
Balance for offset future service tax | $ 17,887 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Sep. 23, 2016 | Mar. 08, 2016 | Dec. 31, 2016 | Mar. 31, 2016 |
Loans payable - related party | $ 0 | $ 23,958 | ||
2016 Software Development Agreement [Member] | Takniki Communications [Member] | ||||
Payments for software | $ 695,000 | |||
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. Mandloi [Member] | ||||
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 Promissory Notes [Member] | 2016 Software Development Agreement [Member] | Takniki Communications [Member] | ||||
Debt principal amount | $ 695,000 | |||
Conversion of convertible promissory note | 10,303,070 | |||
Promissory note interest rate | 10.00% |
Convertible Notes (Details Narr
Convertible Notes (Details Narrative) - Note Purchase Agreement [Member] - USD ($) | Feb. 08, 2016 | Jul. 02, 2016 |
6% Convertible Promissory Notes Due February 8, 2019 [Member] | Three Accredited Investors [Member] | ||
Debt principal amount | $ 350,000 | |
Number of shares issued upon debt conversion | 13,080,294 | |
6% Additional Convertible Promissory Note Due July 1, 2019 [Member] | One Accredited Investors [Member] | ||
Debt principal amount | $ 150,000 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes, net | $ 168,232 | $ 33,680 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic net income (loss) per share: | ||||
Net income (loss) applicable to common shares | $ (127,361) | $ (5,425) | $ (437,920) | $ (10,599) |
Weighted average common shares outstanding | 76,816,272 | 5,696,183 | 76,816,272 | 5,696,183 |
Basic net income (loss) per share of common stock | $ 0 | $ 0 | $ (0.01) | $ 0 |
Diluted net income (loss) per share: | ||||
Net income (loss) applicable to common shares | $ (127,361) | $ (5,425) | $ (437,920) | $ (10,599) |
Weighted average common shares outstanding | 76,816,272 | 5,696,183 | 76,816,272 | 5,696,183 |
Dilutive effects of convertible debt | ||||
Weighted average common shares, assuming dilutive effect of convertible debt | 76,816,272 | 5,696,183 | 76,816,272 | 5,696,183 |
Diluted net income (loss) per share of common stock | $ 0 | $ 0 | $ (0.01) | $ 0 |
Commitments (Details Narrative)
Commitments (Details Narrative) | Mar. 01, 2016USD ($)ft² | Dec. 31, 2016USD ($)ft² | Sep. 30, 2016USD ($) | Dec. 08, 2015 |
INDIA (Ahmedabad City) [Member] | ||||
Office space | ft² | 2,300 | |||
Term of leases | 5 years | |||
Rent expense per month | $ | $ 1,260 | $ 3,747 | ||
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 | $ | $ 8,600 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Subscription Agreement [Member] | Jan. 30, 2017USD ($)Investorshares |
Subsequent Event [Line Items] | |
Number of common stock sold | shares | 633,334 |
Number of investor | Investor | 5 |
Proceeds from sale stock | $ | $ 190,000 |