Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Jun. 27, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | TripBorn, Inc. | |
Entity Central Index Key | 0001498232 | |
Document Type | 10-K/A | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | true | |
Amendment Description | EXPLANATORY NOTE Tripborn Inc. is filling this Amendment No. 2 (this “Form 10-K/A”) to amend our Annual Report on Form 10-K of Tripborn Inc. (the “Company”, “our” or “we”) for the fiscal year ended March 31, 2018, originally filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2018 (the “Original Filing”);subsequently amended July 11, 2019 and to amend related disclosures including those regarding our disclosure controls and procedures .We have also restated certain unaudited quarterly results related to the quarters ended June 30, 2018, September 30, 2018 and December 31, 2018. This Form 10-K/A also amends certain items in the Original Filling, as listed in “Items Amended in this Filing below. Background of the Restatement We learned through our internal reporting assessment and found that our original filing needs to adjust disallowance of the Deferred Tax Allowance of $226,331, to record impairment charges on our intangible assets and use of correct Foreign Currency Translation rate for the revenue numbers as per ASC 830-10 and Reclassification for the selling and general administration expenses and its presentation in the financial statements. We also found the violations of our accounting policies and procedures regarding the failure to accrue certain stock-based compensation, impairment on our intangible asset and executive salary expenses and certain liabilities in the quarters ending June 30, 2018, September 30, 2018 and December 31, 2018. On August 28, the management has authorized the filing of our restated audited consolidated financial statements for the years ended March 31, 2018 and quarterly periods ending June 30, 2018, September 30, 2018 and December 31, 2018 to correct our previously issued financial statements. Impact of the Restatement Annual: As a result of the restatement, reported net losses from continuing operations was increased from $1,063,728 to $2,259,067, accumulated losses increased from $1,892,244 to $3,087,583 and our stockholders’ equity decrease from $454,802 to deficit of $741,656. The Company has $696,949 impairment charge for the fiscal year ending March 31, 2018. We have developed our internet-based platform (“Travelcord”) using multiple systems platforms with an emphasis to scale our distribution and agent network by integrated other software platforms, applications and database systems into Travelcord. We designed these internal platforms to include open application protocol interfaces that can provide connectivity to our travel services suppliers such Airlines, travel service aggregators and other suppliers. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required. Intangible assets pertaining to our software Travelcord decreased by $1,064,464 in the twelve months ended March 31, 2018, primarily as a result of amortization, impairments and currency effects of a stronger U.S. Due to the continued slow growth in Indian economy and regulation changes our agent network grew slower than its forecasting assumption. We determined that certain intangible assets, primarily technology were impaired. Therefore, included within amortization expense for the twelve months ended March 31, 2018, was a $696,949 non-cash impairment charge recorded. This charge was recorded within the caption "Selling, general and administrative expense" caption in our consolidated Statement of Earnings (Loss). Quarterly: As a result of the restatement, reported net income from continuing operations from continuing operations were adjusted for quarters June 30, 2018, September 30, 2018 and December 31 as follows: · For the quarter ended June 30, 2018 our reported net losses from continuing operations was increased from $253,810 to $259,159, accumulated losses increased from $2,146,054 to $3,346,742 and our stockholders’ equity decreases from $204,652 to deficit of $999,368. · For the quarter ended September 30, 2018 our reported net losses from continuing operations was increased from $245,086 to $280,638, accumulated losses increased from $2,391,140 to $3,627,380 and our stockholders’ deficit increase from $36,298 to deficit of $1,070,089. · For the quarter ended December 31, 2018 our reported net losses from continuing operations was increased from $313,628 to $330,752, accumulated losses increased from $2,704,768 to $3,958,132 and our stockholders’ deficit increase from $203,671 to deficit of $1,254,680. 3 Internal Control Over Financial Reporting and Disclosure Controls and Procedures Management has concluded that a material weakness existed in the Company’s internal control over financial reporting as of March 31, 2018 because the Company did not maintain effective controls within its financial close process. This material weakness resulted in misstatements in the Company’s annual financial statements that were not prevented or detected on a timely basis and led to the restatement described above. Based on this evaluation, management has concluded that, as of March 31, 2018, the Company’s internal control over financial reporting was ineffective. In connection with the restatement described above, the Company’s principal executive officer and principal financial officer re-evaluated the effectiveness of our disclosure controls and procedures and have concluded that Tripborn’s disclosure controls and procedures were not effective. In connection with the assessment described in this Explanatory Note, the Company has identified and implemented, and continues to identify and implement, actions to improve the effectiveness of its internal control over financial reporting and disclosure controls and procedures, including plans to enhance the Company’s resources and training with respect to financial reporting and disclosure responsibilities. Items Amended in this Filing For the convenience of the reader, this Form 10-K/A sets forth the Original Filing, in its entirety, as amended to reflect the restatement. No attempt has been made in this Form 10-K/A to update other disclosures presented in the Original Filing, except as required to reflect the effects of the restatement. The following items have been amended as a result of the restatement: Financial Highlights Part I, Item 1 - Business Part I, Item 1 - Forward-Looking Statements Part I, Item 1A - Risk Factors Part II, Item 6 - Selected Financial Data Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations Part II, Item 8 - Financial Statements and Supplementary Data Part II, Item 9A - Controls and Procedures Part III, Item 11 – Executive Compensation Part IV, Item 15 - Exhibits, Financial Statement Schedules The Company’s Principal Executive Officer and Principal Financial Officer are providing currently dated certifications in connection with this Form 10-K/A. These certifications are filed as Exhibits 31.1, 31.2, 32.1 and 32.2. | |
Current Fiscal Year End Date | --03-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity File Number | 333-210821 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 95,711,874 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 1,155,367 | $ 516,707 |
Accounts receivable | 184,798 | 289,089 |
Other current assets | 351,519 | 294,203 |
Total current assets | 1,691,684 | 1,099,999 |
Property and equipment, net | 9,896 | 13,236 |
Intangible assets, net | 498,758 | 1,563,222 |
Deferred tax assets | 226,331 | |
Total Assets | 2,200,338 | 2,902,788 |
Current liabilities | ||
Accounts payable | 360,407 | 175,748 |
Other current liabilities | 731,542 | 460,314 |
Total current liabilities | 1,091,949 | 636,062 |
Long-term liabilities | ||
Convertible notes | 1,850,045 | 2,355,120 |
Total current and long-term liabilities | 2,941,994 | 2,991,182 |
Stockholders' equity (deficit) | ||
Preferred stock, par value $0.0001; 10,000,000 authorized | ||
Common stock, par value $0.0001; 200,000,000 authorized 95,711,874 and 78,971,581 shares issued and outstanding as of March 31, 2018 and March 31, 2017 respectively. | 9,572 | 7,898 |
Additional paid-in capital | 2,321,818 | 725,492 |
Accumulated other comprehensive income (loss) | 14,537 | 6,732 |
Retained earnings/(deficit) | (3,087,583) | (828,516) |
Total stockholders' equity (deficit) | (741,656) | (88,394) |
Total liabilities and stockholders' equity | $ 2,200,338 | $ 2,902,788 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
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 | 95,711,874 | 78,971,581 |
Common stock, outstanding | 95,711,874 | 78,971,581 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net revenue | $ 349,818 | $ 548,218 |
Cost of revenue | 260,769 | 293,841 |
Gross profit | 89,049 | 254,377 |
Operating expenses | ||
Selling, general and administration expenses | 747,673 | 490,829 |
Legal and consulting expenses | 144,764 | 246,440 |
Depreciation and amortization | 385,797 | 226,526 |
Impairment of intangible assets | 696,499 | |
Income (loss) from operations | (1,885,684) | (709,418) |
Other income (expenses) | ||
Other income | 27,325 | 21,625 |
Interest income | 522 | |
Interest expense | (174,899) | (162,163) |
Total other income (expense) | (147,052) | (140,538) |
Income (loss) before income tax expense | (2,032,736) | (849,956) |
Income tax benefit (expense) | (226,331) | 167,032 |
Net income (loss) | (2,259,067) | (682,924) |
Other comprehensive income (loss): | ||
Unrealized foreign currency translation income/(loss) | 7,805 | (2,978) |
Net comprehensive income/(loss) for the period | $ (2,251,262) | $ (685,902) |
Basic income (loss) per share (in dollars per share) | $ (0.02) | $ (0.01) |
Diluted income (loss) per share (in dollars per share) | $ (0.02) | $ (0.01) |
Basic weighted average number of shares (in shares) | 91,287,934 | 77,286,488 |
Diluted weighted average number of shares (in shares) | 91,287,934 | 77,286,488 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - 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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Other comprehensive income (loss) | (2,978) | (2,978) | |||
Issuance of common shares | $ 217 | 649,784 | 650,001 | ||
Issuance of common shares (in shares) | 2,166,667 | ||||
Net income (loss) | (682,924) | (682,924) | |||
Balance ending at Mar. 31, 2017 | $ 7,898 | 725,492 | 6,732 | (828,516) | $ (88,394) |
Balance ending (in shares) at Mar. 31, 2017 | 78,971,581 | 78,971,581 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Other comprehensive income (loss) | 7,805 | $ 7,805 | |||
Issuance of common shares | $ 366 | 1,097,634 | $ 1,098,000 | ||
Issuance of common shares (in shares) | 3,660,001 | 3,660,001 | |||
Conversion of debt to common stock | $ 1,308 | 498,692 | $ 500,000 | ||
Conversion of debt to common stock (in shares) | 13,080,292 | ||||
Net income (loss) | (2,259,067) | (2,259,067) | |||
Balance ending at Mar. 31, 2018 | $ 9,572 | $ 2,321,818 | $ 14,537 | $ (3,087,583) | $ (741,656) |
Balance ending (in shares) at Mar. 31, 2018 | 95,711,874 | 95,711,874 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ (2,259,067) | $ (682,924) |
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Impairment of intangibles | 696,499 | |
Depreciation and amortization | 385,797 | 226,526 |
(Increase) decrease in: | ||
Accounts receivable | 104,291 | (171,710) |
Other current assets | (68,912) | (221,222) |
Deferred tax asset | 226,331 | (192,651) |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | 184,659 | 120,004 |
Other current liabilities | 271,228 | 424,561 |
Net cash provided by (used in) operating activities | (459,174) | (497,416) |
Cash flows from investing activities | ||
Purchase of property and equipment | (4,084) | (12,130) |
Increase in intangible assets | (3,887) | (703,421) |
Net cash used in investing activities | (7,971) | (715,551) |
Cash flows from financing activities | ||
Increase in common stock | 366 | 217 |
Increase in additional paid-in capital | 1,097,634 | 649,784 |
Decrease in loan from shareholder | (23,958) | |
Increase in convertible notes | 854,638 | |
Net cash provided by financing activities | 1,098,000 | 1,480,681 |
Effect of exchange rates changes on cash | 7,805 | (2,978) |
Net change in cash | 638,660 | 264,736 |
Cash | ||
Beginning of the year | 516,707 | 251,971 |
End of the year | 1,155,367 | $ 516,707 |
Cash paid during the period for: | ||
Interest | ||
Income taxes | ||
Conversion of debt to 13,080,292 shares of common stock | $ 500,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Mar. 31, 2018shares | |
Statement of Cash Flows [Abstract] | |
Conversion of debt, shares | 13,080,292 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS TripBorn, Inc. (“TripBorn” or the “Company”) is a Last Mile eCommerce aggregator that delivers the products and services to offline consumers using a service agent network in India through our website, www.tripborn.com Tripborn, Inc. (“Company”) was incorporated under the law of the state of Delaware in January 2010 office is located at 762 Perthshire Pl, Abingdon, MD 21009. The Company provides Online Travel Agency (OTA) and related services and selling its services to directly to Business customers. The Company primarily operates in India. Tripborn, Inc. formerly known as PinstripesNYC, Inc was operating as a shell company with nominal or no assets or operations until December 14, 2015. Tripborn Inc. was known as PinstripesNYC, Inc. until January 2016. On December 14, 2015, PinstripesNYC, Inc. (the “Registrant”) executed and agreement and Plan of Merger (the, “Agreement”) with Sunalpha Green Technologies Private Limited (“Sunalpha”). Sunalpha registered under the Company Act of 1956, India with principle office located at 812, Venus Atlantis Corporate Park, Near Prahalad Nagar Garden, Satellite, Ahmedabad, Gujarat, India 380 015. As a result of the Merger, Sunalpha became a wholly owned subsidiary of the Registrant (Pinstripes NYC Inc.) now Tripborn Inc. and following the consummation of the Merger and giving effect to the issuance of 76,804,914 Merger Shares by its principle stockholders. For accounting purposes, Sunalpha was deemed to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of the Company. Accordingly, Sunalpha’s assets, liabilities, and results of operations are the historical consolidated financial statements of the Company and Company’s assets, liabilities and results of operations are consolidated with Tripborn Inc. effective as of the date of the Merger. No step-up in basis or intangible assets or goodwill was recorded in this transaction. The acquisition of all of the outstanding shares of common stock of Sunalpha by TripBorn on December 14, 2015 is being accounted for as a reverse recapitalization. |
Restatement of Previously Repor
Restatement of Previously Reported Consolidated Annual Financial Statements | 12 Months Ended |
Mar. 31, 2018 | |
Restatement Of Previously Reported Consolidated Annual Financial Statements | |
Restatement of Previously Reported Consolidated Annual Financial Statements | 2. Restatement of Previously Reported Consolidated Annual Financial Statements Background of the Restatement We learned through our internal reporting assessment and found that our original filing needs to adjust disallowance of the Deferred Tax Allowance of $226,331and use of correct Foreign Currency Translation rate for the revenue numbers as per ASC 830-10 and Reclassification for the selling and general administration expenses and its presentation in the financial statements. We also found the violations of our accounting policies and procedures regarding the failure to accrue certain stock-based compensation, impairment on our intangible asset and executive salary expenses and certain liabilities in the quarters ending June 30, 2018, September 30, 2018 and December 31, 2018. On August 28, the management has authorized the filing of our restated audited consolidated financial statements for the years ended March 31, 2018 and quarterly periods ending June 30, 2018, September 30, 2018 and December 31, 2018 to correct our previously issued financial statements. Impact of the Restatement Annual: We have developed our internet-based platform (“Travelcord”) using multiple systems platforms with an emphasis to scale our distribution and agent network by integrated other software platforms, applications and database systems into Travelcord. We designed these internal platforms to include open application protocol interfaces that can provide connectivity to our travel services suppliers such Airlines, travel service aggregators and other suppliers. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required. Intangible assets pertaining to our software Travelcord decreased by $1,064,464 in the twelve months ended March 31, 2018, primarily as a result of amortization, impairments and currency effects of a stronger U.S. Due to the continued slow growth in Indian economy and regulation changes our agent network grew slower than its forecasting assumption. We determined that certain intangible assets, primarily technology were impaired. Therefore, included within amortization expense for the twelve months ended March 31, 2018, was a $696,949 non-cash impairment charge recorded. This charge was recorded within the caption "Selling, general and administrative expense" caption in our consolidated Statement of Earnings (Loss). Quarterly: • For the quarter ended June 30, 2018 our reported net losses from continuing operations was increased from $253,810 to $259,159, accumulated losses increased from $2,146,054 to $3,346,742 and our stockholders’ equity decreases from $204,652 to deficit of $999,368. • For the quarter ended September 30, 2018 our reported net losses from continuing operations was increased from $245,086 to $280,638, accumulated losses increased from $2,391,140 to $3,627,380 and our stockholders’ deficit increase from $36,298 to deficit of $1,070,089. • For the quarter ended December 31, 2018 our reported net losses from continuing operations was increased from $313,628 to $330,752, accumulated losses increased from $2,704,768 to $3,958,132 and our stockholders’ deficit increase from $203,671 to deficit of $1,254,680. |
LIQUIDITY AND GOING CONCERN
LIQUIDITY AND GOING CONCERN | 12 Months Ended |
Mar. 31, 2018 | |
Liquidity And Going Concern | |
LIQUIDITY AND GOING CONCERN | 3. LIQUIDITY AND GOING CONCERN The Company has reported net loss of $2,259,067, accumulated deficit of $3,087,583 and negative cash flow from operations of $459,174 as of and for the year ended March 31, 2018. The Company sold 3,660,001 shares of common stock at a price of approximately $0.70 and received approximately $1,098,000 during fiscal year ended March 31, 2018. As of March 31, 2018, we had $1,155,467 in cash and cash equivalents, compared to $516,707 as of March 31, 2017. This $ 638,660 increase in cash is a result of common stock sales of $1,098,000 during fiscal 2018 offset by operating losses generated during the year ended March 31, 2018. As of March 31, 2018, we have stockholders’ deficit of $747,656 compared to a deficit of $88,394 as of March 31, 2017. Our stockholders’ deficit decreased as a result of the increase in our operating losses offset by our common stock sales and convertible note sales and issuances during the year. The Company’s operations are subject to number of factors that can affect it operating results and financial conditions. Such factors include, but not limited to: the continuous enhancement of the current products and services; marketing its new services; continue to invest in new technologies; change in domestic and foreign regulations; the price of, and demand for, the company’s products and services and its ability to raise the capital to support its operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. Principles of Consolidation The consolidated financial statements include the accounts and transactions of the Company and its wholly owned subsidiary, Sunalpha Green Technologies Private Limited. All significant inter-company accounts and transactions are eliminated in consolidation. 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, those estimates, and assumptions affect the reported amounts assets, liabilities and disclosure of contingent assets and liabilities and revenue. Actual results could differ significantly from those estimates. Our significant estimates include elements of revenue recognition, the realization of deferred tax assets, amounts that may be due under the tax sharing agreement, impairment of long-lived assets, goodwill and indefinite-lived intangible assets, costs to be capitalized as well as the useful life of capitalized software, and contingent liabilities, including taxes related to hotel occupancy. Actual amounts may differ from these estimates. The use of different estimates or assumptions in determining the fair value of our goodwill, indefinite-lived and definite-lived intangible assets may result in different values for these assets, which could result in an impairment or, in the period in which an impairment is recognized, could result in a materially different impairment charge. The Company has $696,949 impairment charge for the fiscal year ending March 31, 2018. 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. Air Ticketing Vacation Packages. Rail Ticketing Money Transfer Other 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 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. Cash and 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 eleven and nine accounts denominated in Indian Rupees at March 31, 2018 and 2017, respectively. As of March 31, 2018, and 2017, the cash balance in financial institutions in India was USD $501,899 and $116,806, respectively. The transactions are undertaken in Indian Rupees and results in 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 stated at the amount’s management expects to collect. An allowance for doubtful accounts is recorded, as a charge to bad debt expense, where collection is doubtful due to credit issues. These allowances together reflect the Company's estimate of potential losses inherent in accounts receivable balances, based on historical loss and known factors impacting its customers. Company has no bad debt allowance for the fiscal year ended March 31, 2018 and 2017. The Company does not accrue interest on past due receivables. The Company performs periodic analysis of each customer’s outstanding accounts receivable balance and assesses, on an account-by-account basis, whether the allowance for doubtful accounts needs to be adjusted based on currently available evidence such as historical collection experience, current economic trends and changes in customer payment terms. In accordance with the Company’s policy, if collection efforts have been pursued and all reasonable and contractually available avenues for collections exhausted, accounts receivable would be written off as uncollectible. The Company does use estimate to use a general reserve methodology when estimating the level of allowance for doubtful accounts because the Company believes, due to the unique circumstances of each customer and a limited number of customers, a general reserve methodology would not provide a reasonable estimate of potentially uncollectible accounts. 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 expense as incurred. Intangible Assets Intangible assets with definite useful lives are tested for impairment at least annually for their recoverability. We do not have any intangible assets with indefinite lives. Intangible assets that have limited useful lives are amortized on a straight-line basis over their useful lives. Impairment of Long-lived Assets The Company records an impairment of long-lived assets used in operations, when events or circumstances indicate that the asset might be impaired and the estimated undiscounted cash flows to be generated by those assets over their remaining lives are less than the carrying amount of those items. The net carrying value of assets not recoverable is reduced to fair value, which is typically calculated using the discounted cash flow method. The Company recorded an impairment charge of $696,499 during the year ended March 31, 2018. The Company did not record any impairment during the year March 31, 2017. Foreign Currency Translation The Company translates the foreign currency of its foreign subsidiary, whose functional currency is Indian rupee, into US Dollars, the reporting currency using the year or reporting period end or average exchange rates in accordance with the requirements of ASC subtopic 830, Foreign Currency Matters (“ASC 830”). 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). Earnings and Loss per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding for the period. Potentially dilutive common shares may consist of incremental shares issuable upon the exercise of stock options and warrants and the conversion of notes payable to common stock. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Promotion and Advertising Expense We incur advertising expense consisting of offline costs, including newspaper and media advertising, and online advertising expense to promote our brands. We expense the production costs associated with advertisements in the period in which the advertisement first takes place. We expense the costs of communicating the advertisement (e.g., newspaper, SMS or email campaign) as incurred each time the advertisement or promotion is performed. Stock-Based Compensation The Company accounts for stock-based awards to employees and consultants in accordance with applicable accounting principles, which requires compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options over the instruments vesting period. Options awarded to purchase shares of common stock issued to non-employees do not need to be remeasured as per ASU 2018-07 principles. Leases Leases of assets where the Company has assumed substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company has determined the deferred tax assets and liabilities based on the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of operations. If the Company determines that it would be able to realize our deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. 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). The value of INR against US$ and other currencies may fluctuate and is affected by, among other things, changes in India’s political and economic conditions. Any significant revaluation of INR may materially affect the Company’s financial condition in terms of US$ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: March 31, 2018 March 31, 2017 Period-end spot rate US$1=INR 65.0972 US$1=INR 64.8120 Average rate US$1=INR 64.8350 US$1=INR 65.5282 Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. ASU No. 2015-11 changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business; less reasonably predictable costs of completion, disposal and transportation. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim reporting periods within those fiscal years. The Company adopted this guidance in the first quarter of its fiscal year ended March 31, 2018 using a prospective application. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The Company adopted this guidance in the first quarter of its fiscal year ended March 31, 2018, which did not have a material impact on the consolidated financial statements and related disclosures. The amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively. The Company does not expect the impact to be material to the consolidated results of operations; however, such determination is subject to change based on facts and circumstances at the time when awards vest or settle. We adopted Revenue Recognition - Revenue from Contracts with Customers (ASU 2014-09) for the fiscal year ended March 31, 2018, which amends the guidance in former ASC 605, Revenue Recognition and found no significant impact on the revenue recognition. New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet with a corresponding liability and disclosing key information about leasing arrangements. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim reporting periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is evaluating the impact of the adoption of this revised guidance on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory”, which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments in this ASU should be adopted on a modified retrospective basis. The Company reviewing adoption and its impact of this guidance on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control”. The amendments affect reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. Specifically, the amendments change the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting entity. As of fiscal year, ending March 31, 2018 and 2017 we have no variable interest entity under common control with the reporting entity. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2021. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. No other recent accounting pronouncements were issued by FASB and the SEC that are believed by management to have a material impact on the Company's present or future consolidated financial statements. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 5. PROPERTY AND EQUIPMENT, NET Property and Equipment consists of the following as of March 31, 2018 and 2017. The property and equipment listed below are recorded in the books of Sunalpha. March 31, 2018 March 31, 2017 Computer $ 13,443 $ 20,782 Furniture and Fixture 5,467 4,138 Office Equipment 6,352 5,768 Software License 768 244 Total 26,030 30,933 Accumulated depreciation (16,134 ) (17,696 ) Fixed assets, net $ 9,896 $ 13,236 Depreciation expense for the years ended March 31, 2018 and 2017 is $8,236, and $9,100 respectively. |
INTANGIBLE ASSETS WITH DEFINITE
INTANGIBLE ASSETS WITH DEFINITE LIVES | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS WITH DEFINITE LIVES | 6. INTANGIBLE ASSETS WITH DEFINITE LIVES Intangible assets consist of the following as of March 31, 2018 and March 31, 2017: March 31, 2018 March 31, 2017 API Access $ 139,472 $ 129,876 Software 954,501 1,651,000 Total 1,093,973 1,780,876 Accumulated amortization (595,215 ) (217,654 ) Intangible assets, net $ 498,758 $ 1,563,222 Amortization expense for the years ended March 31, 2018 and March 31, 2017 was $377,561 and $217,426, respectively. |
STOCK COMPENSATION
STOCK COMPENSATION | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK COMPENSATION | 7. STOCK COMPENSATION During the current year 2018, we had no stock-based compensation. |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | 8. CONVERTIBLE NOTES PAYABLE Related Party Convertible Notes The Company issued an $956,000 convertible note with maturity date of March 7, 2019, with annual rate of 10% from ARNA GLOBAL LLC, wholly owned by the Company’s president. The note converts into 21,194,381 shares of common stock (the “Note Shares”). The Company issued an $695,000 convertible note with maturity date of December 19, 2019, with annual rate of 10% from TAKNIKI COMMUNICATION, wholly owned by the Company’s Vice President. The note converts into 10,303,070 shares of common stock (the “Note Shares”). The Company issued an $156,407 convertible note with maturity date of March 7, 2019, with annual rate of 10% from Mr. Sharma, Company’s president. The note converts into 3,432,234 shares of common stock (the “Note Shares”). The Company issued an $38,076 convertible note with maturity date of March 7, 2019, with annual rate of 10% from Mr. Mandloi, Company’s vice president. The note converts into 835,552 shares of common stock (the “Note Shares”). The Company has accrued interest of $323,983 for related parties for the fiscal year ending March 31, 2018. Non-Affiliate Party Convertible Notes None. |
RELATED PARTY TRANSACTION
RELATED PARTY TRANSACTION | 12 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTION | 9. RELATED PARTY TRANSACTION On April 1, 2017, the board approved the compensation of Deepak Sharma, President of the Corporation, be fixed at USD 250,000/- per year for the next three year period beginning April 1, 2017 to year ending March 31, 2020, payments to be made in monthly installments on the last day of each month. The Company had not paid any compensation for the fiscal year ending March 31, 2018. The Company accrued the total executive compensation payable of $250,000 for the fiscal year ending March 31, 2018. The above related party transactions are not necessarily indicative of the amounts and terms that would have been incurred had comparable transactions been entered with independent parties. |
STOCKHOLDER'S EQUITY
STOCKHOLDER'S EQUITY | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' equity (deficit) | |
STOCKHOLDER'S EQUITY | 10. STOCKHOLDER’S EQUITY During fiscal 2018 the Company issued and sold 3,660,000 shares of the Company’s common stock; par value $0.0001 pursuant to a private placement. The purchase price per share was $0.30 resulting in aggregate proceeds of $1,098,000 to the Company. Equity Compensation Plan On April 15, 2016, we adopted the TripBorn, Inc. 2016 Stock Incentive Plan, which authorized the issuance of 7,680,000 shares of our common stock pursuant to stock options, restricted stock, restricted stock units or other awards authorized under the terms of the plan. No awards have been issued under the plan. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 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 (liabilities) at March 31, 2018 and 2017 are as follows: March 31, 2018 March 31, 2017 Property and equipment $ (150,659 ) $ 26,611 Carried forward loss 369,096 199,720 Total deferred income taxes $ 218,437 $ 226,331 Less: Valuation allowance $ (218,437 ) $ - Net deferred income taxes $ - 226,331 Income tax expense (benefit) was computed as follows: Federal income tax $ - $ - State income tax - - Foreign jurisdiction income tax - - Total income taxes, current provision - - Deferred income tax expenses/(benefit) 226,331 (167,032 ) Total income taxes expense/(benefit) $ 226,331 $ (167,032 ) 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, various State jurisdictions. Sunalpha files tax returns India. The Company is generally subject to U.S. Federal, State and local examinations by tax authorities for the past three years. Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of March 31, 2018, and 2017, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, which included the results of operations for the current and preceding years. The Company also considered whether there was any currently available information about future years. Because long-term contracts are not a significant part of the Company's business, future results cannot be reliably predicted by considering past trends or by extrapolating past results. Moreover, the Company's earnings are strongly influenced by national economic conditions and have been volatile in the past. The calculation of our tax liabilities involves uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which we operate or do business in. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. We record tax positions as liabilities in accordance with ASC 740 and adjust these liabilities when our judgement changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the recognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of March 31, 2018, and 2017 we have not recorded any uncertain tax positions in our financial statements. |
EARNINGS AND LOSS PER SHARE
EARNINGS AND LOSS PER SHARE | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS AND LOSS PER SHARE | 12. EARNINGS AND LOSS PER SHARE ASC 260, “Earnings Per Share” requires presentation of basic earnings per share and dilutive earnings per share. The computation of basic earnings (loss) per share is computed by dividing earnings (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the period. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect. A reconciliation of net income and weighted average shares used in computing basic and diluted net income per share is as follows: Years ended March 31, 2018 2017 Basic net income (loss) per share: Net income (loss) applicable to common shares $ (2,259,067 ) $ (682,924 ) Weighted average common shares outstanding 91,287,934 77,286,488 Basic net income (loss) per share of common stock $ (0.02 ) $ (0.01 ) Diluted net income (loss) per share: Net income (loss) applicable to common shares $ (2,259,067 ) $ (682,924 ) Weighted average common shares outstanding 91,287,934 77,286,488 Dilutive effects of convertible debt - - Weighted average common shares, assuming dilutive effect of convertible 91,287,934 77,286,488 Diluted net income (loss) per share of common stock $ (0.02 ) $ (0.01 ) 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 | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | 13. 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 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 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 Company’s platform will be payable annually. On September 30, 2017, the Company renewed its agreement with the IRCTC and paid an annual maintenance fee of $8,600 based on the number of active railway agents it has enrolled to book rail tickets. We lease approximately 2,455 square feet of office space for our principal executive officers in Ahmedabad, India. Currently, our president and director, Deepak Sharma leases this space to us at no charge. Since March 2016, we also lease approximately 4,080 square feet of office space for our technology center in Bangalore, Karnataka India, for which we currently pay approximately $5,896 per month including annual maintenance charges. This lease is continued with expiration dates through December 2024. We believe these properties suit our operations and business needs and that adequate, suitable lease space will continue to be available to meet our needs. Following table describes our obligation for the next five year from the lease. Fiscal Year Estimated Lease Charges 2019 $70,757 2020 $75,272 2021 $80,067 2022 $85,116 2023 $90,549 |
SIGNIFICANT CUSTOMERS AND SUPPL
SIGNIFICANT CUSTOMERS AND SUPPLIERS | 12 Months Ended |
Mar. 31, 2018 | |
Significant Customers And Suppliers | |
SIGNIFICANT CUSTOMERS AND SUPPLIERS | 14. SIGNIFICANT CUSTOMERS AND SUPPLIERS The Company had no significant customers for the fiscal year ending March 31, 2018 and 2017. The Company had no significant suppliers in fiscal year ending March 31, 2018. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS The Company has evaluated subsequent events through June 29, 2018, the date on which the financial statements were available to be issued. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts and transactions of the Company and its wholly owned subsidiary, Sunalpha Green Technologies Private Limited. All significant inter-company accounts and transactions are eliminated in consolidation. |
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, those estimates, and assumptions affect the reported amounts assets, liabilities and disclosure of contingent assets and liabilities and revenue. Actual results could differ significantly from those estimates. Our significant estimates include elements of revenue recognition, the realization of deferred tax assets, amounts that may be due under the tax sharing agreement, impairment of long-lived assets, goodwill and indefinite-lived intangible assets, costs to be capitalized as well as the useful life of capitalized software, and contingent liabilities, including taxes related to hotel occupancy. Actual amounts may differ from these estimates. The use of different estimates or assumptions in determining the fair value of our goodwill, indefinite-lived and definite-lived intangible assets may result in different values for these assets, which could result in an impairment or, in the period in which an impairment is recognized, could result in a materially different impairment charge. The Company has $696,949 impairment charge for the fiscal year ending March 31, 2018. |
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. Air Ticketing Vacation Packages. Rail Ticketing Money Transfer Other Revenue. |
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. |
Cash and Cash Equivalents | Cash and 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 eleven and nine accounts denominated in Indian Rupees at March 31, 2018 and 2017, respectively. As of March 31, 2018, and 2017, the cash balance in financial institutions in India was USD $501,899 and $116,806, respectively. The transactions are undertaken in Indian Rupees and results in 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 stated at the amount’s management expects to collect. An allowance for doubtful accounts is recorded, as a charge to bad debt expense, where collection is doubtful due to credit issues. These allowances together reflect the Company's estimate of potential losses inherent in accounts receivable balances, based on historical loss and known factors impacting its customers. Company has no bad debt allowance for the fiscal year ended March 31, 2018 and 2017. The Company does not accrue interest on past due receivables. The Company performs periodic analysis of each customer’s outstanding accounts receivable balance and assesses, on an account-by-account basis, whether the allowance for doubtful accounts needs to be adjusted based on currently available evidence such as historical collection experience, current economic trends and changes in customer payment terms. In accordance with the Company’s policy, if collection efforts have been pursued and all reasonable and contractually available avenues for collections exhausted, accounts receivable would be written off as uncollectible. The Company does use estimate to use a general reserve methodology when estimating the level of allowance for doubtful accounts because the Company believes, due to the unique circumstances of each customer and a limited number of customers, a general reserve methodology would not provide a reasonable estimate of potentially uncollectible accounts. |
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 expense as incurred. |
Intangible Assets | Intangible Assets Intangible assets with definite useful lives are tested for impairment at least annually for their recoverability. We do not have any intangible assets with indefinite lives. Intangible assets that have limited useful lives are amortized on a straight-line basis over their useful lives. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company records an impairment of long-lived assets used in operations, when events or circumstances indicate that the asset might be impaired and the estimated undiscounted cash flows to be generated by those assets over their remaining lives are less than the carrying amount of those items. The net carrying value of assets not recoverable is reduced to fair value, which is typically calculated using the discounted cash flow method. The Company recorded an impairment charge of $696,499 during the year ended March 31, 2018. The Company did not record any impairment during the year March 31, 2017. |
Foreign Currency Translation | Foreign Currency Translation The Company translates the foreign currency of its foreign subsidiary, whose functional currency is Indian rupee, into US Dollars, the reporting currency using the year or reporting period end or average exchange rates in accordance with the requirements of ASC subtopic 830, Foreign Currency Matters (“ASC 830”). 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). |
Earnings and Loss per Share | Earnings and Loss per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding for the period. Potentially dilutive common shares may consist of incremental shares issuable upon the exercise of stock options and warrants and the conversion of notes payable to common stock. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. |
Promotion and Advertising Expense | Promotion and Advertising Expense We incur advertising expense consisting of offline costs, including newspaper and media advertising, and online advertising expense to promote our brands. We expense the production costs associated with advertisements in the period in which the advertisement first takes place. We expense the costs of communicating the advertisement (e.g., newspaper, SMS or email campaign) as incurred each time the advertisement or promotion is performed. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based awards to employees and consultants in accordance with applicable accounting principles, which requires compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options over the instruments vesting period. Options awarded to purchase shares of common stock issued to non-employees do not need to be remeasured as per ASU 2018-07 principles. |
Leases | Leases Leases of assets where the Company has assumed substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized at the lower of the fair value of the leased assets and the present value of the minimum lease payments. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company has determined the deferred tax assets and liabilities based on the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of operations. If the Company determines that it would be able to realize our deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
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). The value of INR against US$ and other currencies may fluctuate and is affected by, among other things, changes in India’s political and economic conditions. Any significant revaluation of INR may materially affect the Company’s financial condition in terms of US$ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: March 31, 2018 March 31, 2017 Period-end spot rate US$1=INR 65.0972 US$1=INR 64.8120 Average rate US$1=INR 64.8350 US$1=INR 65.5282 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. ASU No. 2015-11 changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business; less reasonably predictable costs of completion, disposal and transportation. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim reporting periods within those fiscal years. The Company adopted this guidance in the first quarter of its fiscal year ended March 31, 2018 using a prospective application. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The Company adopted this guidance in the first quarter of its fiscal year ended March 31, 2018, which did not have a material impact on the consolidated financial statements and related disclosures. The amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively. The Company does not expect the impact to be material to the consolidated results of operations; however, such determination is subject to change based on facts and circumstances at the time when awards vest or settle. We adopted Revenue Recognition - Revenue from Contracts with Customers (ASU 2014-09) for the fiscal year ended March 31, 2018, which amends the guidance in former ASC 605, Revenue Recognition and found no significant impact on the revenue recognition. New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet with a corresponding liability and disclosing key information about leasing arrangements. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim reporting periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is evaluating the impact of the adoption of this revised guidance on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory”, which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments in this ASU should be adopted on a modified retrospective basis. The Company reviewing adoption and its impact of this guidance on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control”. The amendments affect reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. Specifically, the amendments change the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting entity. As of fiscal year, ending March 31, 2018 and 2017 we have no variable interest entity under common control with the reporting entity. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2021. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. No other recent accounting pronouncements were issued by FASB and the SEC that are believed by management to have a material impact on the Company's present or future consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of currency exchange rates | The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: March 31, 2018 March 31, 2017 Period-end spot rate US$1=INR 65.0972 US$1=INR 64.8120 Average rate US$1=INR 64.8350 US$1=INR 65.5282 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | The property and equipment listed below are recorded in the books of Sunalpha. March 31, 2018 March 31, 2017 Computer $ 13,443 $ 20,782 Furniture and Fixture 5,467 4,138 Office Equipment 6,352 5,768 Software License 768 244 Total 26,030 30,933 Accumulated depreciation (16,134 ) (17,696 ) Fixed assets, net $ 9,896 $ 13,236 |
INTANGIBLE ASSETS WITH DEFINI_2
INTANGIBLE ASSETS WITH DEFINITE LIVES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets consist of the following as of March 31, 2018 and March 31, 2017: March 31, 2018 March 31, 2017 API Access $ 139,472 $ 129,876 Software 954,501 1,651,000 Total 1,093,973 1,780,876 Accumulated amortization (595,215 ) (217,654 ) Intangible assets, net $ 498,758 $ 1,563,222 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets (liabilities) | The deferred tax assets (liabilities) at March 31, 2018 and 2017 are as follows: March 31, 2018 March 31, 2017 Property and equipment $ (150,659 ) $ 26,611 Carried forward loss 369,096 199,720 Total deferred income taxes $ 218,437 $ 226,331 Less: Valuation allowance $ (218,437 ) $ - Net deferred income taxes $ - 226,331 |
Schedule of income tax expense (benefit) | Income tax expense (benefit) was computed as follows: Federal income tax $ - $ - State income tax - - Foreign jurisdiction income tax - - Total income taxes, current provision - - Deferred income tax expenses/(benefit) 226,331 (167,032 ) Total income taxes expense/(benefit) $ 226,331 $ (167,032 ) |
EARNINGS AND LOSS PER SHARE (Ta
EARNINGS AND LOSS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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: Years ended March 31, 2018 2017 Basic net income (loss) per share: Net income (loss) applicable to common shares $ (2,259,067 ) $ (682,924 ) Weighted average common shares outstanding 91,287,934 77,286,488 Basic net income (loss) per share of common stock $ (0.02 ) $ (0.01 ) Diluted net income (loss) per share: Net income (loss) applicable to common shares $ (2,259,067 ) $ (682,924 ) Weighted average common shares outstanding 91,287,934 77,286,488 Dilutive effects of convertible debt - - Weighted average common shares, assuming dilutive effect of convertible 91,287,934 77,286,488 Diluted net income (loss) per share of common stock $ (0.02 ) $ (0.01 ) |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of obligation for the next five year from the lease. | Following table describes our obligation for the next five year from the lease. Fiscal Year Estimated Lease Charges 2019 $70,757 2020 $75,272 2021 $80,067 2022 $85,116 2023 $90,549 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) | 12 Months Ended |
Mar. 31, 2018shares | |
Agreement And Plan Of Merger [Member] | Sunalpha Green Technologies Private Limited [Member] | |
Number of merger share issued | 76,804,914 |
Restatement of Previously Rep_2
Restatement of Previously Reported Consolidated Annual Financial Statements (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Deferred tax allowance | $ 226,331 | |||||
Net income (loss) | (2,259,067) | (682,924) | ||||
Retained earnings/(deficit) | (3,087,583) | (828,516) | ||||
Stockholders' equity | (741,656) | (88,394) | $ (52,493) | |||
Impairment charge | 696,499 | |||||
Subsequent Event [Member] | ||||||
Net income (loss) | $ (330,752) | $ (280,638) | $ (259,159) | |||
Retained earnings/(deficit) | (3,958,132) | (3,627,380) | (3,346,742) | |||
Stockholders' equity | (1,254,680) | (1,070,089) | (999,368) | |||
Previously Reported [Member] | ||||||
Net income (loss) | (1,063,728) | |||||
Retained earnings/(deficit) | (1,892,244) | |||||
Stockholders' equity | $ 454,802 | |||||
Previously Reported [Member] | Subsequent Event [Member] | ||||||
Net income (loss) | (313,628) | (245,086) | (253,810) | |||
Retained earnings/(deficit) | (2,704,768) | (2,391,140) | (2,146,054) | |||
Stockholders' equity | $ (203,671) | $ (36,298) | $ (204,652) |
LIQUIDITY AND GOING CONCERN (De
LIQUIDITY AND GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Liquidity And Going Concern Details Narrative Abstract | |||
Net income (loss) | $ (2,259,067) | $ (682,924) | |
Retained earnings/(deficit) | (3,087,583) | (828,516) | |
Net cash provided by (used in) operating activities | $ (459,174) | (497,416) | |
Issuance of common shares (in shares) | 3,660,001 | ||
Shares issued price | $ 0.70 | ||
Issuance of common shares | $ 1,098,000 | 650,001 | |
Cash and cash equivalents | 1,155,367 | 516,707 | $ 251,971 |
Net change in cash | 638,660 | 264,736 | |
Stockholders' deficit | $ (741,656) | $ (88,394) | $ (52,493) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - India, Rupees | Mar. 31, 2018 | Mar. 31, 2017 |
Period-end spot rate | 65.0972 | 64.8120 |
Average rate | 64.8350 | 65.5282 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Impairment charge | $ 696,499 | |
Sunalpha Green Technologies Private Limited [Member] | ||
Cash | $ 501,899 | $ 116,806 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 26,030 | $ 30,933 |
Accumulated depreciation | (16,134) | (17,696) |
Fixed assets, net | 9,896 | 13,236 |
Computer [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 13,443 | 20,782 |
Furniture and Fixture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 5,467 | 4,138 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,352 | 5,768 |
Software License [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 768 | $ 244 |
PROPERTY AND EQUIPMENT, NET (_2
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 8,236 | $ 9,100 |
INTANGIBLE ASSETS WITH DEFINI_3
INTANGIBLE ASSETS WITH DEFINITE LIVES (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 1,093,973 | $ 1,780,876 |
Accumulated amortization | (595,215) | (217,654) |
Intangible assets, net | 498,758 | 1,563,222 |
Application Programming Interface (API) Access [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 139,472 | 129,876 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 954,501 | $ 1,651,000 |
INTANGIBLE ASSETS WITH DEFINI_4
INTANGIBLE ASSETS WITH DEFINITE LIVES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 377,561 | $ 217,426 |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | Sep. 23, 2016 | Mar. 08, 2016 | Mar. 31, 2018 |
Number of shares issued upon debt conversion | 13,080,292 | ||
Accrued interest | $ 323,983 | ||
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 | ||
10% Convertible Promissory Notes Due December 19, 2019 [Member] | 2016 Software Development Agreement [Member] | Takniki Communications [Member] | |||
Debt principal amount | $ 695,000 | ||
Number of shares issued upon debt conversion | 10,303,070 |
RELATED PARTY TRANSACTION (Deta
RELATED PARTY TRANSACTION (Details Narrative) - Mr. Deepak Sharma [Member] | Apr. 02, 2017USD ($) |
Deferred compensation | $ 250,000 |
Deferred compensation description | To year ending March 31, 2020, payments to be made in monthly installments on the last day of each month. |
Deferred compensation year | 3 years |
Deferred compensation payable | $ 250,000 |
STOCKHOLDER'S EQUITY (Details N
STOCKHOLDER'S EQUITY (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Apr. 15, 2016 | |
Number of shares issued | 3,660,001 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Purchase price (in dollars per share) | $ 0.70 | ||
Number of shares issued, value | $ 1,098,000 | $ 650,001 | |
2016 Stock Incentive Plan [Member] | |||
Common stock authorized | 7,680,000 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Property and equipment | $ (150,659) | $ 26,611 |
Carried forward loss | 369,096 | 199,720 |
Total deferred income taxes | 218,437 | 226,331 |
Less: Valuation allowance | (218,437) | |
Net deferred income taxes | $ 226,331 |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax | ||
State income tax | ||
Foreign jurisdiction income tax | ||
Total income taxes, current provision | ||
Deferred income tax expenses/(benefit) | 226,331 | (167,032) |
Total income taxes expense/(benefit) | $ 226,331 | $ (167,032) |
EARNINGS AND LOSS PER SHARE (De
EARNINGS AND LOSS PER SHARE (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic net income (loss) per share: | ||
Net income (loss) applicable to common shares | $ (2,259,067) | $ (682,924) |
Weighted average common shares outstanding | 91,287,934 | 77,286,488 |
Basic net income (loss) per share of common stock | $ (0.02) | $ (0.01) |
Diluted net income (loss) per share: | ||
Net income (loss) applicable to common shares | $ (2,259,067) | $ (682,924) |
Weighted average common shares outstanding | 91,287,934 | 77,286,488 |
Dilutive effects of convertible debt | ||
Weighted average common shares, assuming dilutive effect of convertible debt | 91,287,934 | 77,286,488 |
Diluted net income (loss) per share of common stock | $ (0.02) | $ (0.01) |
COMMITMENTS (Details)
COMMITMENTS (Details) | Mar. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 70,757 |
2020 | 75,272 |
2021 | 80,067 |
2022 | 85,116 |
2023 | $ 90,549 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) | Sep. 30, 2017USD ($) | Oct. 05, 2015USD ($) | Mar. 31, 2016USD ($)ft² | Mar. 31, 2018USD ($)ft² | Mar. 31, 2017USD ($) |
Maintenance fee | $ 260,769 | $ 293,841 | |||
INDIA (Ahmedabad City) [Member] | |||||
Maintenance fee | $ 5,896 | ||||
Office space | ft² | 4,080 | ||||
Director [Member] | |||||
Office space | ft² | 2,455 | ||||
Indian Railway Catering and Tourism Corporation [Member] | |||||
Maintenance fee | $ 8,600 | ||||
Application Programming Interface (API) Agreement [Member] | Indian Railway Catering and Tourism Corporation [Member] | |||||
Maintenance fee | $ 7,500 |