Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | TripBorn, Inc. | |
Entity Central Index Key | 0001498232 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Entity File Number | 333-210821 | |
Current Fiscal Year End Date | --03-31 | |
Entity Reporting Status Current | No | |
Entity Interactive Data Current | No | |
Entity Incorporation, State or Country Code | DE | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 132,932,159 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
NET REVENUES | $ 2,128,370 | $ 84,583 | $ 3,954,228 | $ 180,223 |
COST OF REVENUES AND EXPENSES | ||||
Cost of revenue | 2,024,650 | 56,422 | 3,480,298 | 116,382 |
Selling, general and administrative expenses | 611,132 | 202,339 | 1,185,217 | 370,923 |
Legal and consulting expenses | 169,620 | 31,626 | 275,687 | 77,497 |
Depreciation and amortization | 136,823 | 33,579 | 271,157 | 72,863 |
Total Cost of revenue | 2,942,225 | 323,966 | 5,212,359 | 637,665 |
LOSS FROM OPERATIONS | (813,855) | (239,383) | (1,258,131) | (457,442) |
Other income, net | 32,604 | 6,392 | 63,585 | 12,535 |
Interest expense | (86,480) | (47,709) | (242,146) | (95,034) |
Interest income | 39,882 | 62 | 46,086 | 144 |
Equity in earnings | ||||
LOSS BEFORE INCOME TAXES | (827,849) | (280,638) | (1,390,606) | (539,797) |
Provision for income taxes | ||||
NET LOSS | (827,849) | (280,638) | (1,390,606) | (539,797) |
Net loss attributable to noncontrolling interests | (375,339) | (574,056) | ||
Net loss attributable to TripBorn, Inc. | $ (452,510) | $ (280,638) | $ (816,550) | $ (539,797) |
NET LOSS PER COMMON SHARE | ||||
Basic loss per common share attributable to TripBorn, Inc. (in dollars per share) | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
Diluted loss per common share attributable to TripBorn, Inc. (in dollars per share) | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic weighted-average number of common shares (in shares) | 112,791,334 | 95,819,093 | 112,791,334 | 95,819,093 |
Diluted weighted-average number of common shares (in shares) | 113,136,703 | 95,819,093 | 113,136,703 | 95,819,093 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (827,849) | $ (280,638) | $ (1,390,606) | $ (539,797) |
Net loss attributable to noncontrolling interests | (375,339) | (574,056) | ||
Net loss attributable to TripBorn, Inc. | (452,510) | (280,638) | (816,550) | (539,797) |
Currency translations adjustment | (65,141) | 4,136 | (27,903) | 5,583 |
Currency translation adjustment attributable to noncontrolling interests | (41,820) | 5,210 | ||
Currency translation adjustment attributable to TripBorn, Inc | (23,321) | 4,136 | (33,113) | 5,583 |
Comprehensive loss | (892,990) | (276,502) | (1,418,509) | (534,214) |
Comprehensive loss attributable to noncontrolling interests | 417,159 | 568,846 | ||
Comprehensive loss attributable to TripBorn, Inc. | $ (475,831) | $ (276,502) | $ (849,663) | $ (534,214) |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 |
Current assets: | |||||
Cash and cash equivalents | $ 910,096 | $ 464,817 | $ 1,230,012 | $ 872,738 | $ 1,155,367 |
Investments | 427,755 | ||||
Accounts receivable, net, and unbilled revenue | 1,286,659 | 178,492 | |||
Due from related parties | 914,601 | 14,364 | |||
Other current assets | 1,272,035 | 570,571 | |||
Total current assets | 4,811,146 | 1,993,439 | |||
Non current assets: | |||||
Operating lease, right-of-use assets, net | 9,819,947 | ||||
Goodwill | 936,788 | ||||
Intangible assets, net | 2,207,814 | 362,717 | |||
Property and equipment, net | 1,679,405 | 12,247 | |||
Other noncurrent assets | 1,650,037 | $ 2,330 | 48,956 | ||
TOTAL ASSETS | 21,105,137 | 2,417,359 | |||
Current liabilities: | |||||
Accounts payable and accrued expenses | 1,700,204 | 310,130 | |||
Local duties and taxes | 897,764 | 12,660 | |||
Due to related parties | 872,751 | 13,828 | |||
Loans and convertible notes due to related parties | 1,089,211 | 1,838,157 | |||
Interest payable (includes $578,226 and $508,531 due to related parties, respectively) | 615,740 | 536,073 | |||
Salaries and benefits (includes $555,030 and $430,030 due to related parties respectively) | 1,220,063 | 448,290 | |||
Current portion of loans and convertible notes with third parties | 494,185 | ||||
Other current liabilities | 1,042,791 | 87,191 | |||
Total current liabilities | 7,932,709 | 3,246,329 | |||
Long term liabilities: | |||||
Long term portion of operating lease liabilities | 9,698,698 | ||||
Long term portion of loans and convertible notes | 377,875 | 250,000 | |||
Other non-current liabilities | 594,051 | ||||
Total current and long-term liabilities | 18,603,333 | 3,496,329 | |||
Commitments and contingencies (Note 14) | |||||
Preferred stock $.0001 par value Authorized shares: 10,000,000, none issued and none outstanding | |||||
Common stock $.0001 par value Authorized shares: 200,000,000 Shares issued and outstanding: 128,346,128 and 97,190,435 | 12,835 | 9,719 | |||
Additional paid in capital | 6,170,286 | 3,227,452 | |||
Accumulated deficit | (5,172,180) | (4,355,630) | |||
Accumulated other comprehensive income | 6,376 | 39,489 | |||
TOTAL TRIPBORN, INC STOCKHOLDERS' EQUITY / (DEFICIT) | 1,017,317 | (1,078,970) | $ (741,656) | ||
Noncontrolling interest in consolidated entity (Note 1) | 1,484,487 | ||||
Total equity (deficit) | 2,501,804 | (1,078,970) | $ (1,070,089) | ||
TOTAL LIABILITIES AND EQUITY | $ 21,105,137 | $ 2,417,359 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Interest payable due to related parties | $ 578,226 | $ 508,531 |
Salaries and benefits due to related parties | $ 555,030 | $ 430,030 |
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 | 128,346,128 | 97,190,435 |
Common stock, outstanding | 128,346,128 | 97,190,435 |
CONSOLIDATED CONDENSED STATEM_3
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (DEFICIT) (Unaudited) - USD ($) | Common stock [Member] | Additional paid in capital [Member] | Accumulated other comprehensive income [Member] | Accumulated deficit [Member] | TripBorn Inc stockholders' equity (deficit) [Member] | Noncontrolling interest [Member] | Total |
Balance at beginning at Mar. 31, 2018 | $ 9,572 | $ 2,321,818 | $ 14,537 | $ (3,087,583) | $ (741,656) | $ (741,656) | |
Balance at beginning (in shares) at Mar. 31, 2018 | 95,711,874 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | $ 48 | 205,733 | 205,781 | 205,781 | |||
Issuance of common stock (in shares) | 478,560 | ||||||
Currency translation adjustment | 5,583 | 5,583 | 5,583 | ||||
Net loss | (539,797) | (539,797) | (539,797) | ||||
Balance at ending at Sep. 30, 2018 | $ 9,620 | 2,527,551 | 20,120 | (3,627,380) | (1,070,089) | (1,070,089) | |
Balance at ending (in shares) at Sep. 30, 2018 | 96,190,434 | ||||||
Balance at beginning at Mar. 31, 2019 | $ 9,719 | 3,227,452 | 39,489 | (4,355,630) | (1,078,970) | $ (1,078,970) | |
Balance at beginning (in shares) at Mar. 31, 2019 | 97,190,435 | 97,190,435 | |||||
Balance at beginning at Mar. 31, 2019 | $ 9,719 | 3,227,452 | 39,489 | (4,355,630) | (1,078,970) | $ (1,078,970) | |
Balance at beginning (in shares) at Mar. 31, 2019 | 97,190,435 | 97,190,435 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock (in shares) | 31,155,693 | ||||||
Common stock issued on purchase of subsidiary | $ 263 | 736,880 | 737,143 | $ 737,143 | |||
Common stock issued on purchase of subsidiary (in shares) | 2,632,653 | ||||||
Common stock and warrants issued for cash consideration | $ 150 | 1,042,460 | 1,042,610 | 1,042,610 | |||
Common stock and warrants issued for cash consideration (in shares) | 1,489,443 | ||||||
Common stock issued on exercise of warrants | $ 157 | 15,557 | 15,714 | 15,714 | |||
Common stock issued on exercise of warrants (in shares) | 1,571,430 | ||||||
Common stock issued on conversion of debt | $ 2,546 | 1,147,937 | 1,150,483 | 1,150,483 | |||
Common stock issued on conversion of debt (in shares) | 25,462,167 | ||||||
Noncontrolling interests arising on acquisition of subsidiary | 2,053,333 | 2,053,333 | |||||
Currency translation adjustment | (33,113) | (33,113) | 5,210 | (27,903) | |||
Net loss | (816,550) | (816,550) | (574,056) | (1,390,606) | |||
Balance at ending at Sep. 30, 2019 | $ 12,835 | 6,170,286 | 6,376 | (5,172,180) | 1,017,317 | 1,484,487 | $ 2,501,804 |
Balance at ending (in shares) at Sep. 30, 2019 | 128,346,128 | 128,346,128 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Currency translation adjustment | $ (65,141) | ||||||
Net loss | (827,849) | ||||||
Balance at ending at Sep. 30, 2019 | $ 12,835 | $ 6,170,286 | $ 6,376 | $ (5,172,180) | $ 1,017,317 | $ 1,484,487 | $ 2,501,804 |
Balance at ending (in shares) at Sep. 30, 2019 | 128,346,128 | 128,346,128 |
CONSOLIDATED CONDENSED STATEM_4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (1,390,606) | $ (539,797) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 266,978 | 72,863 |
Stock based compensation | 51,445 | 25,723 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (491,603) | (129,698) |
Other current assets | 56,359 | 183,220 |
Accounts payable | (452,491) | 92,643 |
Other current liabilities | 2,324,036 | 16,604 |
Other non-current liabilities | (593,914) | |
Other non-current assets | 20,457 | |
Net cash used in operating activities | (209,339) | (278,442) |
Cash flows from investing activities | ||
Net cash paid on acquisition of subsidiary | (971,910) | |
Other investments | 32,509 | |
Purchases of fixed assets | (126,438) | (393) |
Net cash used in investing activities | (1,065,839) | (393) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock and exercise of warrants | 1,058,324 | |
Repayment of debt, net | (189,341) | (9,377) |
Net cash used in financing activities | 868,983 | (9,377) |
Effect of exchange rates changes on cash | 86,279 | 5,583 |
Net change in cash | (319,916) | (282,629) |
Cash | ||
Beginning of the period | 1,230,012 | 1,155,367 |
End of the period | 910,096 | 872,738 |
Cash paid during the period for: | ||
Interest paid | $ 134,351 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS TripBorn, Inc. (“TripBorn” or the “Company”) is an eCommerce aggregator and a hospitality management company. An aggregator model is a form of eCommerce whereby our website, www.tripborn.com aggregates information from various travel and hospitality vendors and presents them to users on a single platform, to ease, facilitate, coordinate and effectuate consumer travel and hospitality needs eCommerce Aggregator business segment operates through Sunalpha Green Technologies Private Limited (“Sunalpha”), a wholly owned subsidiary. Our The unaudited consolidated financial statements include the accounts and transactions of the Company; its subsidiaries (ownership interests as of September 30, 2019), Sunalpha (ownership interest 100%); PRAMA (ownership interest 51%), Apodis Hotels & Resorts Limited (“AHRL”) (ownership interest approximately 30%, derived from 51%*59.15%), IntelliStay Hotels Private Limited (“IHPL”) (ownership interest approximately 26%, derived from 51%*59.15%*86.96%), Apodis Foods and Brands Private Limited (“AFBL”) (ownership interest approximately 30%, derived from 51%*59.15%*100%), non-operating subsidiary Apodis Projects Private Limited (“APPL”) (ownership interest approximately 30% derived from 51%*59.15%*100%); and an equity investee, PRAMA Canary Wharf Hotels Private Limited (“PCW”) (ownership interest approximately 15%, derived from 51%*59.15%*50%). The Company exercises significant influence over PCW but does not control the investee and the Company is not the primary beneficiary of the investee’s activities. The Company’s operations are moderately seasonal, with average net revenues normally higher during the Indian summer months and national or regional holidays, than during winter months and non-holiday periods. Also certain of the Company’s managed hotel properties are in remote hillside locations which experience their own distinct weather patterns. As the business is moderately seasonal, results for any quarter are not necessarily indicative of the results that may be achieved for any other quarter, or for the full fiscal year. Acquisitions On April 22, 2019 the Company acquired a 51% equity interest in PRAMA for $2,137,143, consisting of $1,400,000 in cash and the issuance of 2,632,653 shares of common stock valued at $737,143. The acquisition of PRAMA was treated as a business combination under U.S. GAAP. During the first quarter, we estimated the allocation of the purchase price to the assets acquired and liabilities assumed based on estimated fair value assessments. The allocation of the purchase price is preliminary pending the completion of various analyses and the finalization of estimates. During the measurement period, which is not to exceed one year from the acquisition date, additional assets or liabilities may be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets or liabilities as of that date. The preliminary allocation may be adjusted after obtaining additional information regarding, among other things, asset valuations, liabilities assumed and revisions of previous estimates, and these adjustments may be significant. We have not revised the initial purchase price allocation from the first quarter estimate. The following reflects the net cash paid on acquisition of PRAMA in the six month period ended September 30, 2019: Fair Value Cash paid in six month period ended September 30, 2019 $ 1,150,000 Net cash on opening balance sheet of PRAMA (178,090 Net cash paid for 51% interest in PRAMA $ 971,910 The Company recognized revenue of $1,942,177 and $3,635,915 for the three months and six months ended September 30, 2019 consolidated condensed statements of operations related to the acquiree, respectively. The Company recognized net loss of $512,793 and $789,305 for the three months and six months ended September 30, 2019 consolidated condensed statements of operations related to the acquiree, respectively. The revenue for the combined entity for the three and six months ended September 30, 2019, as though the acquisition of PRAMA had occurred on April 1, 2018 were $3,954,228, and $4,373,526, respectively. The revenue for the combined entity for the three and six months ended September 30, 2018, as though the acquisition of PRAMA had occurred on April 1, 2018 were $1,685,071, and $3,781,321, respectively. The net loss before taxes for the combined entity for the three and six months ended September 30, 2019, as though the acquisition of PRAMA had occurred on April 1, 2018 were $827,849 and $1,408,638, respectively. The net loss before taxes for the combined entity for the three and six months ended September 30, 2018, as though the acquisition of PRAMA had occurred on April 1, 2018 were $411,389 and $833,986, respectively. TripBorn, Inc owns a 51% interest in PRAMA, in turn PRAMA owns a 59.15% interest in AHRL, AHRL in turn owns an interest in IHPL. AHRL’s ownership interest in IHPL was 84.94% as of April 22, 2019, but this increased to 86.96% as of June 30, 2019 and September 30, 2019. This increase arose from AHRL’s subscription in 308,000 shares at INR 125 per share, $548,616 in aggregate, on April 25, 2019. Accordingly, the Company increased its equity ownership marginally but still approximated 26% (Ownership percentage 51%*59.15%*84.94% to 51%*59.15%*86.96%). There were no material, nonrecurring pro forma adjustments directly attributable to the PRAMA acquisition, which were reported in the pro forma revenue and statement of operations or the consolidated condensed statement of operations. |
LIQUIDITY AND GOING CONCERN
LIQUIDITY AND GOING CONCERN | 6 Months Ended |
Sep. 30, 2019 | |
Liquidity And Going Concern | |
LIQUIDITY AND GOING CONCERN | 2. LIQUIDITY AND GOING CONCERN Management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued. The Company has incurred net losses from operations since inception. The net loss for the six month period ended September 30, 2019 was $1,390,606 and the accumulated deficit was $5,172,180 as of September 30, 2019. The cash and cash equivalents and the current portion of loans and convertible notes due to third parties were $910,096 and $494,185, respectively, as of September 30, 2019. The Company’s ongoing losses have had a significant negative impact on the Company’s financial position and liquidity. The Company has also been historically reliant on loans from related parties, loans from third parties and sales of equity securities to fund operations, working capital and complete acquisitions. Beginning in December 2019, after September 30, 2019, China, experienced an outbreak of a highly infectious form of a respiratory infection caused by a novel Coronavirus. The disease caused by the novel Coronavirus was later termed Covid-19. On March 11, 2020 the World Health Organization declared the Coronavirus outbreak a global pandemic. India reported its first Covid-19 infection in the city of Thrissur, in the state of Kerala, India on January 30, 2020 and the first case fatality on March 10, 2020 in the state of Karnataka, India. On March 25, 2020, India’s Prime Minister Narendra Modi announced a 21-day nationwide lockdown in response to the Covid-19 pandemic. To comply with the Indian lockdown, the Company closed all of its hotel operations, which impacts the Hospitality segment. Also as a result of the Indian lockdown, the Indian government temporarily suspended flights, trains and buses which impacts the e-Commerce Aggregator segment. On June 1, 2020, India partially lifted its lockdown, however the Hospitality and e-Commerce Aggregator segments are still materially adversely impacted by Covid-19. As of the date of filing this Form 10-Q, hotels, flights, trains and buses are operating to varying degrees by region. The Company does not have operations in China and the Coronavirus pandemic did not have any impact on the operations or financial results of the Company for the three and six month periods ended September 30, 2019. Management is assessing and monitoring the potential future impact of the pandemic and expects the impact to be materially adverse to its Indian operations, vendors, customers, lessors and employees’ health, but cannot presently estimate the degree and severity of the adverse impact. Management is in the process of implementing various cost reduction efforts to conserve cash and liquidity, including reducing staffing levels and potentially closing certain hotels permanently, but has not reached fixed conclusions. The Company will require additional capital and may also require additional financing from related or third parties in the event that operations do not generate the expected revenues or a recurrence of Covid-19 were to cause another suspension of operations. Such additional capital or financing may not be available on favorable terms, or at all. Due to these factors, substantial doubt exists about the Company’s ability to continue as a going concern The financial statements for the three and six months ended September 30, 2019, do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern because the events leading to the uncertainty arose after September 30, 2019. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The interim unaudited consolidated condensed financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and include the accounts of the Company and its subsidiaries. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. “GAAP”. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the interim unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods and dates presented. These interim unaudited condensed consolidated financial statements are not necessarily indicative of the results expected for the full fiscal year or for any subsequent period primarily because of seasonal and other short-term variations. The accompanying condensed consolidated balance sheet as of March 31, 2019 was derived from the audited financial statements as of that date, but does not include all the information and footnotes required by U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Form 10-K for the year ended March 31, 2019. Principles of Consolidation The consolidated financial statements include the accounts and transactions of the Company, its wholly owned subsidiary, Sunalpha and its subsidiary, PRAMA which the Company owns a 51% equity interest in. PRAMA was acquired on April 22, 2019. Through PRAMA, the Company has an approximate 15% equity interest in PCW, which is accounted for under the equity method. All significant inter-company accounts and transactions are eliminated in consolidation. Reclassifications The Company has recorded reclassifications to correctly disclose items which are discussed in Note 16 Reclassifications. As a result of the acquisition of PRAMA, during the quarter ended June 30, 2019, the Company made a change to its segment reporting structure which resulted in two segments 1) eCommerce Aggregator and 2) Hospitality. As a result, certain prior year amounts have been reclassified to conform to the current year’s presentation, that is they have been classified as relating to the eCommerce Aggregator business. The change in segment structure had no effect on previously reported total net revenues, cost of revenues and other operating expenses, other expenses (net), net loss, basic and fully diluted earnings per share. Otherwise, we have not reclassified other prior-period amounts to conform to the current-period presentation. Certain columns and rows may not add due to the use of rounded numbers. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, actual results may differ from estimated amounts. Our significant estimates include elements of revenue recognition, the application of fair value estimates for the purchase price allocation on the acquisition of PRAMA, 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 income taxes. 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 an impairment charge. The Company has not recognized an impairment charge for the six month period ended September 30, 2019. Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”): Topic 606 which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of Topic 606 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Topic 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. Topic 606 also provides guidance on the recognition of costs related to obtaining customer contracts. Topic 606 was effective as of April 1, 2018, for the Company, using either of two methods: (1) retrospective application of Topic 606 to each prior reporting period presented with the option to elect certain practical expedients as defined within Topic 606 or (2) retrospective application of Topic 606 with the cumulative effect of initially applying Topic 606 recognized at the date of initial application and providing certain additional disclosures as defined per Topic 606. We adopted Topic 606 pursuant to the method (2) and we determined that any cumulative effect for the initial application did not require an adjustment to accumulated deficit at April 1, 2018. For revenue recognition arrangements that we determine are within the scope of Topic 606, we perform the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, we evaluate the goods or services promised within each contract related performance obligation and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following is a description of the Company’s principal activities, separated by reportable segments, from which the Company generates its revenue. eCommerce Aggregator revenues: Air, Rail and Bus Ticketing Vacation Packages. Other Revenue. Hospitality Revenues: Hospitality Services. Room revenue: Revenue from hotel operations where customers book rooms and banquets/conference rooms is recognized based on the period for which the customer completes the transaction (i.e. the stayed night occurs or a deposit cancellation provision elapses). Payment is typically received upon check-out. For room revenue, the Company recognizes revenue over time. Food & beverages revenue: The Company provides food and beverages that customer consumes as they are provided. The performance obligation is satisfied at point in time. The Company recognizes revenue at the time of sale only. Management Fees from Operation & Maintenance Properties: Revenue under management contracts is recognized on the attainment of certain financial results, primarily operating earnings, as specified in each contract. Management fees are typically billed and paid monthly. A time-elapsed output method is used to measure progress and provides a faithful depiction of the transfer of services to the customer as the value transferred to the customer is substantially the same over time. Fees are variable with the uncertainty of base fees being resolved monthly and the uncertainty of incentive fees being resolved annually. These fees are included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur once the uncertainty is resolved. Practical expedients . The Company has elected the practical expedient to not disclose revenue related to remaining performance obligations that are part of a contract with an original expected duration of one year or less, and to not consider the effects of significant financing components in the transaction price when the duration of financing is one year or less. The Company has elected certain of the optional exemptions from the disclosure requirement for the remaining performance obligations for specific situations in which an entity need not estimate variable consideration. Cost of Revenues 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. Other operating expenses Other operating expenses includes Selling, general and administrative expenses, Legal and consulting expenses and Depreciation and amortization. Selling, general and administrative expenses include, direct operating expenses, general and administrative expenses such as business promotion costs, utilities, rent, payroll, which are recognized on an accrual basis. Legal and consulting expenses 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 considers all highly liquid debt instruments with maturity of three months or less, to be cash equivalents. The Company maintains its cash in bank accounts in the U.S. and India, which at times may not be covered by, or exceed the coverage limit of the Deposit Insurance and Credit Guarantee Corporation of India. The Company does not believe that this results in significant credit risk. As of September 30, 2019, and March 31, 2019, the cash balance in financial institutions in India was $409,587 and $360,210, respectively. Effect of exchange rates changes on cash presented in the Consolidated condensed statements of cash flows (Unaudited) is presented in accordance with ASC 830 and reflects the translation effects of cash held in Indian Rupees at the beginning and end of the period, and the effects of actual cash flows using the exchange rates in effect at the time of the cash flows and the year end Indian Rupee to US dollar exchange rate. Receivables and Credit Policies Accounts receivable are stated at the amount management expects to collect. An allowance for doubtful accounts is recorded, as a charge to bad debt expense, where collection is considered to be 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. The Company does not accrue interest on past due receivables. The Company performs periodic analyses 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. 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. The Company has not recorded an impairment to property and equipment as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. Intangible Assets Intangible assets with indefinite useful lives consist exclusively of trademarks and are tested for impairment annually, or whenever events or indicators of impairment occur between annual impairment tests. Management expects to use the trademarks indefinitely. Intangible assets that have limited useful lives are amortized on a straight-line basis over the shorter of their useful or legal lives. Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The fair value of the trade names is determined using a discounted cash flow analysis based on the relief-from-royalty approach. The relief-from-royalty approach is an income approach that utilizes certain market information by reference to the amount of royalty income we could generate if the trade names were licensed, in an arm’s length transaction, to a third party. Based on a comparison of our trade names to the guideline transactions, including an assessment of industry conditions, the age of the trademark/trade name, degree of consumer recognition and life cycle of the brand, a reasonable royalty rate is estimated for the trade names. The principal factors used in the discounted cash flow analysis requiring judgment are the projected net sales, discount rate, royalty rate and terminal value assumptions. The Company has not recorded an impairment to intangible assets as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. Goodwill Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics. The reporting units are aligned with our reporting segments. Goodwill is not amortized, but the Company tests goodwill for impairment each year or more frequently should facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than the carrying amount. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with a quantitative assessment. The quantitative assessment involves calculating an estimated fair value of each reporting unit based on projected future cash flows and comparing the estimated fair values of the reporting units to their carrying amounts, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying value, including goodwill, no impairment is recognized. However, if the carrying amount of a reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to the excess, limited to the total goodwill balance of the reporting unit. The Company has not recorded an impairment to goodwill as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. Impairment of Long-lived Assets The Company records an impairment of long-lived assets used in operations, other than goodwill, 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 has not recorded an impairment as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. Business Combinations When acquiring other businesses or participating in mergers or joint ventures in which we are deemed to be the acquirer, we generally recognize identifiable assets acquired, liabilities assumed and any noncontrolling interests at their acquisition date fair values, and separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, would be measured as the excess amount of any consideration transferred, which is generally measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recorded at their fair values. The acquiree's results of operations are also included in our consolidated results as of the date of acquisition. Intangible assets that arise from contractual/legal rights or are capable of being separated are measured and recorded at fair value and amortized over the estimated useful life. Accounting for such transactions requires us to make significant assumptions and estimates. These include, among others, any estimates or assumptions that may be made for the amounts of future cash flows that will result from any identified intangible assets, the useful lives of such intangible assets, the amount of any contingent liabilities, including contingent consideration, to record at the time of the acquisition and the fair values of any tangible assets acquired and liabilities assumed. Although we believe any estimates and assumptions, we make to be reasonable and appropriate at the time they are made, unanticipated events and circumstances may arise that affect their accuracy, causing actual results to differ from those estimated by us. Foreign Currency Translation The functional currency of the Company and the currency of the primary economic environment in which it operates is the Indian Rupee. Monetary assets and liabilities in foreign currencies are re-measured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transactions in foreign currencies are re-measured into functional currency at the rates of exchange prevailing on the date of the transaction. All transaction foreign exchange gains and losses are recorded in the accompanying unaudited consolidated condensed statements of operations. The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet dates. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect for the periods presented. Resulting translation adjustments are included in accumulated other comprehensive income (loss) within stockholders’ 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. 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. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during 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. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect. The Company has outstanding convertible debt and outstanding warrants which have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive. Promotion and Advertising expenses 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, short message service (“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. Stock based compensation is recorded in Legal and Consulting expenses in our Statement of Operations. Leases On April 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating prior periods. Results and disclosure requirements for reporting periods beginning after April 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. The Company elected the package of practical expedients permitted under the transition guidance, which allowed for the carry forward of historical lease classification, on whether a contract was or contains a lease, and of the assessment of initial direct costs for any leases that existed prior to April 1, 2019. The Company also elected to combine lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term. The adoption did not impact our beginning or prior period consolidated condensed balance sheets, statement of equity / (deficit), statement of operations and statement of cash flows. Under Topic 842, the Company determines if an arrangement is a lease and classifies that lease as either an operating or finance lease at inception. If an arrangement is a lease or contains a lease, we then determine whether the lease meets the criteria of a finance lease or an operating lease. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, only payments that are fixed and determinable at the time of commencement are considered. As the rate implicit in certain of the Company's leases is not easily determinable, the Company’s applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments. The right-of-use asset is recognized at the amount of the lease liability with certain adjustments, if applicable. These adjustments include lease incentives, prepaid rent, and initial direct costs. We reassess if an arrangement is or contains a lease upon modification of the arrangement. At the commencement date of a lease, we recognize a lease liability for contractual fixed lease payments and a corresponding right-of-use asset representing our right to use the underlying asset during the lease term. The lease liability is measured initially as the present value of the contractual fixed lease payments during the lease term. The lease term additionally includes renewal periods only if it is reasonably certain that we will exercise the options. Contractual fixed leases payments are discounted at the rate implicit in the lease when readily determinable. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the options will be exercised. Operating leases are included in Operating lease right-of-use assets Other current liabilities Operating lease liabilities, due after one year The Company has not recorded an impairment to the right the use of assets as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. Employee Benefits PRAMA has employee benefit plans in the form of statutory and welfare schemes covering statutorily eligible employees which are accounted for in accordance with ASC 715 Compensation – Retirement benefits. Gratuity In accordance with the Indian Payment of Gratuity Act, 1972, PRAMA provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation. The Gratuity Plan is unfunded. The current service costs for defined benefit plans are accrued in the year to which they relate. Prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of such employees. Provident In accordance with Indian law, all eligible employees of the Company, are entitled to receive benefits under the Provident Fund, a defined contribution plan in which both the employee and the Company, contribute monthly at a determined rate (currently twelve percent of contributory wages subject to a maximum cap). These contributions are made to the Government Provident Fund and the Company has no further obligation under Provident Fund, beyond its monthly contributions. The amount contributed for the six months ended September 30, 2019 and 2018, amounted to $146,840 and $Nil, respectively. Vacation Accruals for Indian statutory vacation pay is determined at the actuarial estimate for the entire unutilized leave balance standing to the credit of the employees at the period end. The amount accrued as of September 30, 2019 and 2018, amounted to $79,582 and $Nil, respectively. 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. Non Income Taxes The Company is subject to India Goods and Services Tax and other local duties and non-income taxes on its transactions in India. The Company collects such taxes from customers, and pays such taxes on applicable supplies and inputs, and remits the net amounts to the respective local tax authorities on an accrual basis. Short-term Investments Through PRAMA, the Company is contractually required under two separate customer contracts, to maintain 30 million Indian Rupees in bank deposits. These are accounted for at cost. Equity-method Investments Through PRAMA, the Company has an approximately 15% equity interest in PCW, a non-trading company formed to develop a potential hotel in Bengaluru, India. The Company exercises significant influence over PCW but does not control the investee and the Company is not the primary beneficiary of the investee’s activities. PCW is accounted for using the equity method. Equity investments are accounted for using the equity-method of accounting if the investment gives us the ability to exercise significant influence, but not control, over an investee. The total of our investments in equity-method investees, including identifiable intangible assets, deferred tax liabilities and goodwill, is included within “Other noncurrent assets” on our consolidated balance sheets. Our share of the earnings or losses as reported by equity-method investees, amortization of the related intangible assets, and related gains or losses, if any, are classified as “Equity-method investment activity, net of tax” on our consolidated statements of operations. Our share of the net income or loss of our equity-method investees may in the future include operating and non-operating gains and charges, which may have a significant impact on our reported equity-method investment activity and the carrying value of those investments. We regularly evaluate these investments, which are not carried at fair value, for other-than-temporary impairment. We record purchases, including incremental purchases, of shares in equity-method investees at cost. Reductions in our ownership percentage of an investee, including through dilution, are generally valued at fair value, with the difference between fair value and our recorded cost reflected as a gain or loss in our equity-method investment activity. In the event we no longer have the ability to exercise significant influence over an equity-method investee, we would discontinue accounting for the investment under the equity method. Included in Other Non Current Assets as of September 30, 2019, is $343,744 relating to the fair value of equity-method investments and $307,877 relating to the fair value of amounts due from equity-method investee, in aggregate $651,621. During the period April 22, 2019, through September 30, 2019, there was no recorded impairment for the equity investee. Also, there was no activity in the equity method investee and so no equity-method investment activity, net of tax, was recorded in our Statement of Operations for the respective three and six month periods. The Company has not recorded an impairment to the equity investee as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. Related Parties The Company follows FASB ASC subtopic 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the Company’s related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, |
CUSTOMER CONCENTRATION
CUSTOMER CONCENTRATION | 6 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
CUSTOMER CONCENTRATION | 4. CUSTOMER CONCENTRATION Significant customers and suppliers are those that account for greater than 10% of the Company’s revenues and purchases. A significant portion of the Company’s Hospitality revenue has been derived from two customers, which were acquired as part of the PRAMA acquisition on April 22, 2019 and so were not present in the comparable period. For the three months and six months ended September 30, 2019, the two largest customers accounted for 55% and 61%, respectively, of the Company's total revenue. As of September 30, 2019, the two largest customers accounted for 30% of the Company’s total receivables. There were no significant revenue and receivable concentrations for the three and six months ended September 30, 2018. Changes in the relationship with these customers could materially and adversely affect the Company’s financial performance and going concern status. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 6 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | 5. EMPLOYEE BENEFITS The change in benefit obligation of the gratuity and vacation statutory plans are as follows: September 30, September 30, Change in Projected Benefit Obligation Projected benefit obligation, beginning of period $ — $ — Assumed on acquisition on April 22, 2019 157,104 — Service cost 3,878 — Interest cost 12,302 — Benefits paid (2,659 ) — Foreign currency translation effect (2,250 ) — Projected Benefit Obligation, end of period $ 168,375 $ — The components of net periodic pension costs for the gratuity and vacation statutory plans are as follows: Six months Six months Net Periodic Pension Cost Service cost benefit earned $ 3,878 $ — Interest cost on projected benefit obligation 12,302 — Benefits paid (2,659 ) — Foreign currency translation effect (132 ) — Net Periodic Pension Cost $ 13,389 $ — There were no amounts recognized in accumulated other comprehensive income. Assumptions used for benefit obligations and net periodic benefit cost are as follows: Discount rate 7.86% per annum Rate of compensation increase 8.0% per annum PRAMA evaluates these assumptions based on its long-term growth plans and industry standards. |
LEASES
LEASES | 6 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
LEASES | 6. LEASES Balance sheet information related to our leases is included in the following table: Operating leases September 30, Operating lease right-of-use assets $ 9,819,947 Operating lease liabilities, due within one year $ 347,623 Operating lease liabilities, due after one year 9,698,698 Total operating lease liabilities $ 10,046,321 Operating lease liabilities, due within one year are included in Other current liabilities on our Consolidated Condensed Balance Sheet as of September 30, 2019. The components of lease expense during the quarter ended and six month period ended September 30, 2019 is included in the following table: Financial statement line item 3 months ended September Amortization of right-of-use assets Cost of revenue $ 90,257 Interest on lease liabilities Cost of revenue 314,944 Total lease expense $ 405,201 Financial statement line item 6 months ended September Amortization of right-of-use assets Cost of revenue $ 171,561 Interest on lease liabilities Cost of revenue 593,061 Total lease expense $ 764,622 Lease expense is included in Cost of revenue in our Consolidated Condensed Statement of Operation for the periods ended September 30, 2019. Supplemental other information related to leases were as follows: Weighted Average Remaining Lease Term Operating leases 14.8 Years Weighted Average Discount Rate Operating leases 14.0 % The future maturities of lease liabilities as of September 30, 2019, are as indicated below: Operating Leases Year ending March 31, 2021 $ 201,125 Year ending March 31, 2022 366,412 Year ending March 31, 2023 432,450 Year ending March 31, 2024 497,536 Thereafter 8,548,798 Total lease payments $ 10,046,321 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 7. PROPERTY AND EQUIPMENT, NET Property and Equipment consists of the following as of September 30 and March 31, 2019. September 30, 2019 March 31, 2019 Furniture, fixtures and fittings $ 335,396 $ 32,247 Leasehold improvements 830,767 - Plant and machinery 563,829 - Construction in process 87,547 - Total 1,817,539 32,247 Accumulated depreciation (138,134 ) (20,000 ) Fixed assets, net $ 1,679,405 $ 12,247 Depreciation expense for the three and six months ended September 30, 2019 was $60,312 and $118,134, respectively. Depreciation expense for the three and six months ended September 30, 2018 was $1,982 and $2,948, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 8. INTANGIBLE ASSETS Intangible assets with definite lives consist of the following as of September 30 and March 31, 2019: September 30, 2019 March 31, 2019 Software and software access agreement $ 1,106,128 $ 1,088,264 Customer relationships 1,513,200 - Total 2,619,328 1,088,264 Accumulated amortization (874,392 ) (725,547 ) Intangible assets with definite lives, net $ 1,744,936 $ 362,717 Amortization expense for the three and six months ended September 30, 2019 was $72,362 and $148,845 respectively. Amortization expense for the three and six months ended September 30, 2018 were $70,884 and $109,203 respectively. The Company has no impairment charge for definite lived intangible assets for the above periods. Intangible assets with indefinite lives consist of the following as of September 30 and March 31, 2019: September 30, 2019 March 31, 2019 Trademarks $ 462,878 $ - Accumulated amortization - - Intangible assets with indefinite lives, net $ 462,878 $ - Intangible assets with indefinite lives are not amortized, they are reviewed for impairment annually, or 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. |
AMOUNTS DUE TO AND FROM RELATED
AMOUNTS DUE TO AND FROM RELATED PARTIES | 6 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
AMOUNTS DUE TO AND FROM RELATED PARTIES | 9. AMOUNTS DUE TO AND FROM RELATED PARTIES Amounts due from related parties arising from the e-Commerce Aggregator segment In the 3 months ended September 30, 2019, the $14,364 brought forward related party balance from the previous period was paid to TripBorn Travel Technologies Pvt. Ltd, which is a company owned and controlled by Deepak Sharma, the Company’s CEO. Amounts due from related parties arising from the Hospitality segment The amounts due from related parties balance of $914,601 as of September 30, 2019, which arose from the acquisition of PRAMA on April 22, 2019, all of which are unsecured and non-interest bearing, which are described below: Due from related parties Description September 30, 2019 Pramatech Pvt. Ltd Shareholder in PRAMA, there are also common shareholders in PRAMA and this company $ 692,193 Mr. B. K. Ashok Shareholder in PRAMA 106,165 Alchemy Food & Franchisee Solutions Pvt. Ltd Company partly owned by the Chief Executive Officer of a subsidiary of PRAMA 35,439 Prime Finvest Leasing Limited Company partly owned by a PRAMA shareholder, has common shareholders with Pramatech Pvt. Ltd above 35,388 Opus Restaurants Pvt. Ltd Shareholder in PRAMA, there are also common shareholders in PRAMA and this company 9,909 Mr. Akbar S Khwaja Chief Executive Officer of a subsidiary of PRAMA 30,553 Mr. M. V. Chetan Kumar Shareholder in PRAMA 4,954 Total $ 914,601 The balances above are denominated in Indian Rupees and the above amounts are translated into US dollars at the closing rate as of September 30, 2019. The movement from the June 30, 2019 balance of $937,157 to $914,601, relates to foreign exchange translation only with no change in the Indian Rupee amount. Amounts due to related parties arising from the e-Commerce Aggregator segment There is a balance of $1,708 due to Sachin Mandloi, a Director of the Company for services rendered to Sunalpha. Amounts due to related parties arising from the Hospitality segment The amounts due from related parties balance in the Hospitality segment arose from the acquisition of PRAMA on April 22, 2019, all of which are unsecured and non-interest bearing, which are described below: Due to related parties Description September 30, Opus Hotels & Resorts Pvt. Ltd Shareholder in PRAMA, there are also common shareholders in PRAMA and this company $ 664,591 Mr. Mahesh Gandhi Shareholder in PRAMA 182,751 Mr. Sobha Gandhi Relative of Mahesh Gandhi, (shareholder above) 236 Navkar Pole Products Ltd Company partly owned by a PRAMA shareholder 7,078 Mr. Pravin Rathod Shareholder in PRAMA 16,387 Total $ 871,043 During the 3 months ended September 30, 2019, a balance of $4,351 outstanding as of June 30, 2019, was paid to Mr. Akbar Khwaja $4,351, the Chief Executive Officer of a subsidiary of PRAMA. The above remaining balances in Indian Rupee have not changed, with the translated amounts in U.S. dollars changing, due to changes in the closing balance sheet exchange rate. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
LOANS WITH THIRD PARTIES
LOANS WITH THIRD PARTIES | 6 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
LOANS WITH THIRD PARTIES | 10. LOANS WITH THIRD PARTIES Loans and borrowings with third parties are discussed below: As of September 30, 2019 March 31, 2019 Current liabilities: Convertible note with United Techno Solutions, Inc $ 250,000 $ - Current portion of long term loan with Small Industries Development Bank of India 221,450 - Short term borrowing with NeoGrowth Credit Private Limited 22,735 - $ 494,185 $ - Long term loans and convertible notes: Loan with Small Industries Development Bank of India $ 521,991 $ - Loan with Advance Finstock Private Limited 77,334 - Convertible note with United Techno Solutions, Inc - 250,000 Total 599,325 250,000 Less current portion of Small Industries Development Bank of India loan (221,450 ) - $ 377,875 $ 250,000 On March 16, 2019 the Company obtained a $250,000 convertible note from United Techno Solutions, Inc with a maturation date of April 1, 2020 and an embedded interest rate of 8%. The note may convert into 357,143 shares of common stock at the noteholder’s option. The balance outstanding as of September 30, 2019 amounted to $250,000. No interest has been paid on this note. As part of the acquisition of PRAMA on April 22, 2019, the Company assumed a loan with NeoGrowth Credit Private Limited, with a maturation of March 21, 2020, which is included in short term borrowings as of September 30, 2019. The loan has an embedded finance charge of 18% interest over an 18 month period. The loan is paid in daily installments, interest is paid in Indian Rupees and approximates $23 per day. During the three months ended September 30, 2019, the balance on the loan reduced by $11,686, net of repayments. As part of the acquisition of PRAMA on April 22, 2019, the Company assumed a loan with Small Industries Development Bank of India. The original principal was $969,932 (60 million Indian Rupees), on December 31, 2013, there are no repayments scheduled for the first twelve months of the loan, with monthly payments commencing in January 2015 and ending on December 31, 2021. The bank has the right to convert the loan into equity capital of PRAMA. The rate of interest is 15.5% per annum. The loan is secured by: a) A senior secured charge on all moveable assets located at a contract hotel in Ahmedabad, India; b) Pledged deposit of $80,828 (5 million Indian Rupees); c) mortgage of leasehold rights in the lease contract for the contract hotel in Ahmedabad, India; d) Guarantee of Prama Consultancy Services Pvt. Ltd a related party of the Company; and e) the personal guarantees of Messrs. Mahesh Gandhi and Pravin Rathod. During the three months ended September 30, 2019, the balance on the loan increased by $38,649, net of repayments. As part of the acquisition of PRAMA, the Company assumed an amount owing to Advance Finstock Private Limited for $71,905, $75,950 and $77,334 as of April 22, 2019, June 30, 2019 and September 30, 2019, respectively. This is an undocumented informal loan agreement. The informal arrangement incurs interest at 18% per annum. The amounts due were not collateralized. The accrued but not paid interest on this loan as of September 30, 2019 amounted to $6,558. See note 16 – Reclassifications. |
LOANS WITH RELATED PARTIES
LOANS WITH RELATED PARTIES | 6 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
LOANS WITH RELATED PARTIES | 11. LOANS WITH RELATED PARTIES Loans and borrowings with related parties are discussed below: As of September 30, 2019 March 31, 2019 Current liabilities: Convertible note with Takniki Communications, Inc $ 695,000 $ 695,000 Convertible note with Arna Global LLC - 956,000 Loan with Mr. Mahesh Ghandi 394,211 - Promissory note with Arna Global LLC - - Convertible note with Mr. Deepak Sharma - 150,515 Convertible note with Mr. Sachin Mandloi - 36,642 $ 1,089,211 $ 1,838,157 On December 31, 2016, the Company issued a convertible note to Takniki Communications, Inc, an affiliate owned by Sachin Mandloi, our Vice President and a director, totaling $695,000. This note was issued pursuant to a Software Development Agreement dated September 23, 2016 between Takniki Communications, Inc and the Company to finance the upgrade of our Travelcord operating software. The note has a maturation of December 31, 2019, and bears interest at the rate of ten percent payable at maturity. 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. There was no movement in this note during the period. The loan from Mr. Mahesh Gandhi was assumed as a result of the purchase of PRAMA on April 22, 2019. The loan amounted to $360,190, $369,946 and $394,211 as of April 22, 2019, June 30, 2019 and September 30, 2019, respectively. The increase of $24,264 in the three months ended September 30, 2019, reflected an increased loan from Mr. Mahesh Gandhi, offset by small closing rate exchange differences. The counterparty is Mr. Mahesh Gandhi, a shareholder in PRAMA. This is an informal loan agreement. The loan bears interest at the rate of 15% per annum and is callable on demand. The accrued but not paid interest on this loan included in the balance as of September 30, 2019 amounted to $15,300. See note 16 – Reclassifications. On April 16, 2019 The convertible note to Arna Global LLC matured on March 7, 2019, bore interest at the rate of ten percent and was converted into common stock at the noteholders option. The convertible notes to Messrs. Sachin Mandloi and Deepak Sharma matured on March 8, 2019, bore interest at the rate of ten percent and were converted into common shares at the noteholders option. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 12. STOCKHOLDERS’ EQUITY During the six month period ended September 30, 2019, the Company issued an aggregate of 31,155,693 of common shares by means of: a) 25,462,167 common shares through conversion of notes; b) 2,632,653 common shares relating directly to the PRAMA acquisition; c) 1,571,430 common shares when the warrant holders exercised their $0.01 warrants; and d) 1,489,443 common shares (775,157 and 714,286 discussed below) for cash proceeds of $1,042,610 ($542,610 and $500,000 discussed below) in private placements. These events are described in further detail below. In June 2019, the Company issued 25,462,167 common shares and reduced its liabilities by approximately $1,150,483 in connection with three separate related parties who converted their notes. There were no cash proceeds from the conversion of the notes. On April 22, 2019, the In June 2019, the Company issued 1,571,430 common shares when the warrant holders exercised their warrants and received approximately $15,714 in cash. During the quarter ended June 30, 2019 the Company issued and sold 775,157 units comprising one share and warrant to purchase two share of Company’s common stock; par value $0.0001 pursuant to a private placement. The purchase price per unit was $0.70 resulting in aggregate proceeds of $542,610 to the Company. The Company issued warrants to acquire approximately 1,550,314 common shares pursuant to the 775,157 units listed above during the quarter ended June 30, 2019. These warrants shall be exercisable, in whole or in part, during the three-year term commencing from the issuance date at an exercise price of $0.01. During the quarter ended September 30, 2019 the Company issued and sold 714,286 units comprising one share and warrant to purchase two shares of Company’s common stock; par value $0.0001 pursuant to a private placement. The purchase price per unit was $0.70 resulting in aggregate proceeds of $500,000 to the Company. The Company issued warrants to acquire approximately 1,428,572 common shares pursuant to the 714,286 units listed above during the quarter ended September 30, 2019. These warrants shall be exercisable, in whole or in part, during the three-year term commencing from the issuance date at an exercise price of $0.01. Warrants: The following table is the summary of warrant activities during the period: Warrants Number Weighted average Weighted average remaining Approximate aggregate intrinsic Outstanding as of March 31, 2019 1,571,430 $ 0.01 3.0 $ 345,000 Issued 2,978,886 $ 0.01 36.0 $ 655,000 Exercised (1,571,430 ) $ 0.01 - - Expired - - - - Outstanding as of September 30, 2019 2,978,886 $ 0.01 35.5 $ 655,000 Aggregate intrinsic value represents the difference between the Company’s estimate of the fair value of its common shares and the exercise price of outstanding, in-the-money warrants. The Company is not actively traded on the Over the Counter Market. The total intrinsic value of warrants exercised for the six month period ended September 30, 2019 was minimal. The fair value of warrants granted during the six month period ended September 30, 2019 approximated $0.23 per warrant, or an intrinsic value of approximately $0.22 per warrant. The intrinsic value of the warrants as of September 30, 2019, will not approximate the intrinsic value of the warrants at the current date due to the impact of covid-19. |
INCOME TAX
INCOME TAX | 6 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 13. INCOME TAX US taxes 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 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 and PRAMA file tax returns in India and due to losses, no tax liability or deferred tax asset, net of valuation allowance, is recorded. The Company is generally subject to U.S. Federal, State and local examinations by tax authorities for the past three years. Indian taxes Historically, the Company has not paid Indian income taxes because of taxable losses. For the period April 22, 2019 to September 30, 2019, the Company believes the PRAMA results of operations would not have resulted in an income tax liability, due to the calculation of a pro forma tax loss for the period and the availability of prior period tax losses. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES 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, 2018, 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.] Through Sunalpha, the Company currently occupies approximately 2,455 square feet of office space owned by the CEO of the Company on a rent-free basis. The Company is party to certain legal proceedings that arise in the ordinary course and are incidental to its business. On the acquisition of PRAMA, on April 22, 2019, the Company assumed an interest in an arbitration claim. PRAMA made an arbitration claim of approximately $300,000 (21.2 million Indian Rupees) against Ms. Khurana Hotels and Apartments Private Limited in the Civil Court Senior Division of Amritsar, India. The claim is based on the asserted failure of Ms. Khurana Hotels and Apartments Private Limited, as lessor, to comply with the terms of the lease. As of the date of this filing, the arbitration proceedings are on-going. Otherwise, Although litigation and arbitration are inherently uncertain, based on the information currently available, management does not believe that the currently pending arbitration will have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | 15. BUSINESS SEGMENTS Prior to the acquisition of PRAMA, a hospitality company, the Company was a one segment company. Following, the acquisition of PRAMA, the Company’s chief operating decision maker changed the information he receives to manage, assess, operate the business and to allocate capital. Accordingly, the Company changed its operating segments to comprise: eCommerce aggregation services and Hospitality, respectively. The Company management reviews and evaluates the operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing financial performance. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Company reports financial information and evaluates its operations by revenues. Management, including the chief operating decision maker, reviews operating results solely by revenue and operating results. All net revenues are derived from transactions with third party customers, there are no inter-segment revenues. All of the net revenue is derived from operations in India, substantially all of the expenses are borne in India, with certain expenses borne in the US. The Company measures segment performance based on loss from continuing operations. Summarized financial information concerning each of the Company's reportable segments is as follows: Three months ended September 30, 2019 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 186,193 $ 1,942,177 $ - $ 2,128,370 Cost of revenues (152,890 ) (1,871,760 ) - (2,024,650 ) Operating expenses (330,285 ) (587,290 ) (917,575 ) Loss from operations, before other expense, net (296,982 ) (516,873 ) $ - (813,855 ) Other expense, net (18,073 ) 4,079 - (13,994 ) Net loss $ (315,055 ) $ (512,794 ) $ - $ (827,849 ) Six months ended September 30, 2019 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 318,313 $ 3,635,915 $ - $ 3,954,228 Cost of revenues (261,035 ) (3,219,263 ) - (3,480,298 ) Operating expenses (594,156 ) (1,137,905 ) (1,732,061 ) Loss from operations, before other expense, net (536,878 ) (721,253 ) $ - (1,258,131 ) Other expense, net (64,420 ) (68,055 ) - (132,475 ) Net loss $ (601,298 ) $ (789,308 ) $ - $ (1,390,606 ) Total assets $ 3,905,559 $ 13,942,958 $ 3,256,620 $ 21,105,137 During the quarter ended September 30, 2019, the Company derived approximately 91% and 9% of its revenue from its Hospitality and eCommerce Aggregation segments, respectively, compared to 100% of its business from its eCommerce Aggregation segment solely, for the quarter ended September 30, 2018. During the six month period ended September 30, 2019, the Company derived approximately 91% and 9% of its revenue from its Hospitality and eCommerce Aggregation segments, respectively, compared to 100% of its business from its eCommerce Aggregation segment solely, for the six month period ended September 30, 2018. |
RE-CLASSIFICATIONS AND RE-STATE
RE-CLASSIFICATIONS AND RE-STATEMENTS | 6 Months Ended |
Sep. 30, 2019 | |
Re Classification And Restatements Abstract | |
RE-CLASSIFICATIONS AND RE-STATEMENTS | 16. RE-CLASSIFICATIONS AND RE-STATEMENTS Re-classifications The Company previously disclosed $693,263, of accrued salaries in “Accounts payable and accrued expenses” as of June 30, 2019 but has decided to reclassify these accruals in “Salaries and benefits” for the consolidated condensed balance sheet as of September 30, 2019 to be consistent with management’s analysis of the business. The Company previously disclosed $13,828 of amounts due to Sachin Mandloi, a Director of the Company in due to related parties, but has decided to reclassify this to Salary payable to related parties in the consolidated condensed balance sheet as of June 30, 2019 to be consistent with the September 30, 2019 classification. The Company previously allocated net loss and comprehensive loss to the Parent and non-controlling interests on a 51% to 49% allocation based on the Parent’s equity interest in the PRAMA legal entity in accordance with GAAP. The Company has decided to allocate net loss and comprehensive income to the Parent and non-controlling interests in proportion to the economic interest in the PRAMA group, which differs from the above 51% to 49% allocation. Explicitly, the Parent’s economic interest in AHRL, IHPL, AFBL is approximately 30%, 26%, and 30%, respectively. This causes the net loss and other comprehensive income for the non-controlling interest to rise, and the corresponding net loss and other comprehensive income for the Parent to fall for the period. Re-statements The Company previously disclosed $23,343 of rent expense associated with PRAMA in Selling, general and administrative expenses instead of Cost of revenues for the consolidated condensed statement of operations for the three months ended June 30, 2019. The Company previously disclosed $75,950 due to Advance Finstock Private Limited as part of Other non-current liabilities as of June 30, 2019 but has decided to reclassify this balance to “Long term loans and convertible notes” in the consolidated condensed balance sheet as of September 30, 2019 to improve the disclosure of this matter. There is no formal loan agreement for this arrangement. The Company previously disclosed $33,354 and $7,269, $40,623 in aggregate, due to Mr. Mahesh Ghandi, a related party, as part of Other non-current liabilities and Other current liabilities, as of June 30, 2019, respectively, but has corrected this error by reclassifying the amounts to “Loans and convertible notes due to related parties” within current liabilities in the consolidated condensed balance sheet as of September 30, 2019. The $33,354 reflects the informal loan and the $7,269 reflects accrued interest as of June 30, 2019. There is no formal loan agreement for this arrangement. The Company previously disclosed $464,817 and $2,330 in cash and cash equivalents and other non-current assets, as of June 30, 2019, respectively, but has corrected this error by reclassifying the amounts to “Investments” within current assets in the consolidated condensed balance sheet as of September 30, 2019. The $464,817 is a deposit at a bank with a maturation beyond 90 days from June 30, 2019, the deposit was assumed on the purchase of PRAMA and so this also changed the net cash paid on acquisition of subsidiary by $464,817. The re-classifications and re-statements are being made in accordance with ASC 250, “Accounting Changes and Error Corrections.” The disclosure provision of ASC 250 requires that a company that corrects an error to disclose that its previously issued financial statements have been restated, a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings (deficit) in the statement of financial position as of the beginning of each period presented. There was no impact on basic and diluted earnings per share and cumulative effect on accumulated deficit in the balance sheet for the prior periods. The effect of the reclassifications and restatements did not have an impact on the balance sheet as of March 31, 2019, or basic and diluted earnings per share for the three month period ended June 30, 2019. The effect of the reclassifications / restatements did have an impact on the consolidated condensed statement of operations, consolidated condensed balance sheet, consolidated condensed statement of cash flows, consolidated condensed statement of equity (deficit) and consolidated condensed statement of comprehensive loss as of and for the three months ended June 30, 2019, as described below: CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description Net revenues $ 1,825,858 $ - $ 1,825,858 Cost of revenue and expenses Cost of revenue 1,432,305 23,343 1,455,648 Rent Selling, general, and administrative expenses 597,428 (23,343 ) 574,085 Rent Legal and consulting expenses 106,067 - 106,067 Depreciation and amortization 134,334 - 134,334 2,270,134 - 2,270,134 Loss from operations (444,276 ) - (444,276 ) Other income (expense) Other income 30,983 - 30,983 Interest income 6,204 - 6,204 Interest expense (155,666 ) - (155,666 ) Total other expense (118,479 ) - (118,479 ) Loss before income taxes (562,755 ) - (562,755 ) Income taxes - - Net loss (562,755 ) - (562,755 ) Net loss attributable to noncontrolling interests (135,491 ) (63,225 ) (198,716 ) Allocation non controlling interest Net loss attributable to TripBorn, Inc (427,264 ) 63,225 (364,039 ) Allocation non controlling interest CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description Net loss $ (562,755 ) $ - $ (562,755 ) Net loss attributable to noncontrolling interests (135,491 ) (63,225 ) (198,716 ) Allocation non controlling interest Net loss attributable to TripBorn, Inc. (427,264 ) 63,225 (364,039 ) Allocation non controlling interest Currency translations adjustment 37,239 - 37,239 Currency translation adjustment attributable to noncontrolling 21,141 25,889 47,030 Allocation non controlling interest Currency translation adjustment attributable to TripBorn, Inc 16,098 (25,889 ) (9,792 ) Allocation non controlling interest Comprehensive loss (525,516 ) - (525,516 ) Comprehensive loss attributable to noncontrolling interests (114,350 ) (37,336 ) (151,686 ) Allocation non controlling interest Comprehensive loss attributable to TripBorn, Inc. (411,166 ) 37,336 (373,830 ) Allocation non controlling interest CONSOLIDATED CONDENSED STATEMENT OF EQUITY (DEFICIT) (UNAUDITED) (AS PREVIOUSLY PRESENTED) For the three months ended June 30, 2019 Shares Common Additional paid in Accumulated Accumulated TripBorn Inc Noncontrolling Total equity / (In $ except for number of common stock) Balance as of March 31, 2019 97,190,435 $ 9,719 $ 3,227,452 $ 39,489 $ (4,355,630 ) $ (1,078,970 ) $ - $ (1,078,970 ) Common stock issued on 2,632,653 263 736,880 - - 737,143 - 737,143 Common stock and 775,157 78 542,532 - - 542,610 - 542,610 Common stock issued on 1,571,430 157 15,557 - - 15,714 - 15,714 Common stock issued on 25,462,167 2,546 1,147,937 - - 1,150,483 - 1,150,483 Noncontrolling interests - - - - - - 2,053,333 2,053,333 Currency translation - - - 16,098 - 16,098 21,141 37,239 Net loss - - - - (427,264 ) (427,264 ) (135,491 ) (562,755 ) Balance as of June 30, 2019 127,631,842 $ 12,763 $ 5,670,358 $ 55,587 $ (4,782,894 ) $ 955,814 $ 1,938,983 $ 2,894,797 CONSOLIDATED CONDENSED STATEMENT OF EQUITY (DEFICIT) (UNAUDITED) (RECLASSIFICATION) For the three months ended June 30, 2019 Shares Common Additional paid in Accumulated Accumulated TripBorn Inc Noncontrolling Total equity / (In $ except for number of common stock) Balance as of March 31, 2019 - $ - $ - $ - $ - $ - $ - $ - Common stock issued on - - - - - - - - Common stock and - - - - - - - - Common stock issued on - - - - - - - - Common stock issued on - - - - - - - - Noncontrolling interests - - - - - - - - Currency translation - - - (25,889 ) - (25,889 ) 25,889 - Net loss - - - - 63,225 63,225 (63,225 ) - Balance as of June 30, 2019 - $ - $ - $ (25,889 ) $ 63,225 $ 37,336 $ (37,336 ) $ - CONSOLIDATED CONDENSED STATEMENT OF EQUITY (DEFICIT) (UNAUDITED) (RECLASSIFIED) For the three months ended June 30, 2019 Shares Common Additional paid in Accumulated Accumulated TripBorn Inc Noncontrolling Total equity / (In $ except for number of common stock) Balance as of March 31, 2019 97,190,435 $ 9,719 $ 3,227,452 $ 39,489 $ (4,355,630 ) $ (1,078,970 ) $ - $ (1,078,970 ) Common stock issued on 2,632,653 263 736,880 - - 737,143 - 737,143 Common stock and 775,157 78 542,532 - - 542,610 - 542,610 Common stock issued on 1,571,430 157 15,557 - - 15,714 - 15,714 Common stock issued on 25,462,167 2,546 1,147,937 - - 1,150,483 - 1,150,483 Noncontrolling interests - - - - - - 2,053,333 2,053,333 Currency translation - - - (9,792 ) - (9,792 ) 47,030 37,239 Net loss - - - - (364,039 ) (364,039 ) (198,716 ) (562,755 ) Balance as of June 30, 2019 127,631,842 $ 12,763 $ 5,670,358 $ 29,697 $ (4,719,669 ) $ 993,149 $ 1,901,648 $ 2,894,797 CONSOLIDATED CONDENSED STATEMENT OF RECLASSIFIED CASH FLOWS (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description Cash flows from operating activities Net loss $ (562,755 ) $ - $ (562,755 ) Adjustment to reconcile net loss to net cash used in operating Depreciation and amortization 134,334 - 134,334 Stock based compensation 25,723 - 25,723 Changes in operating assets and liabilities: Accounts receivable (480,294 ) - (480,294 ) Other current assets 111,934 - 111,934 Accounts payable (58,634 ) (693,263 ) (751,897 ) Accrued salary Other current liabilities 1,199,970 725,814 1,925,784 Accrued salary and Mr Mahesh Ghandi impact Other non-current liabilities (257,475 ) (32,551 ) (290,026 ) Mr. Mahesh Ghandi Net cash provided by operating activities 112,803 - 112,803 Cash flows from investing activities Net cash paid on acquisition of subsidiary (507,093 ) (464,817 ) (971,910 ) Bank deposits Purchases of fixed assets (51,865 ) - (51,865 ) Net cash used in investing activities (558,958 ) (464,817 ) (1,023,775 ) Cash flows from financing activities Proceeds from issuance of common stock and exercise of warrants (558,958 ) - (558,958 ) Repayment of convertible notes (9,730 ) - (9,730 ) Net cash used in financing activities 548,595 - 548,595 Effect of exchange rates changes on cash 26,450 - 26,450 Net change in cash 128,890 (464,817 ) (335,927 ) Cash Beginning of the period 1,230,012 - 1,230,012 End of the period $ 1,358,902 $ (464,817 ) $ 894,085 Supplementary disclosure of interest paid $ 92,586 $ - $ 92,586 CONSOLIDATED CONDENSED RECLASSIFIED BALANCE SHEET (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description ASSETS Current Assets: Cash and cash equivalents $ 1,358,902 $ (464,817 ) $ 894,085 Reclassification of cash, non current investments to fixed deposits Accounts receivable, net, and unbilled revenue 1,275,350 - 1,275,350 Due from related parties 951,521 - 951,521 Investments - 467,147 467,147 Reclassification of cash, non current investments to fixed deposits Other current assets 1,242,181 - 1,242,181 Total current assets 4,827,954 2,330 4,830,284 Non current assets: Operating lease, right-of-use assets, net 8,335,384 - 8,335,384 Goodwill 936,788 - 936,788 Intangible assets, net 2,309,043 - 2,309,043 Property and equipment, net 1,707,019 - 1,707,019 Other noncurrent assets 1,705,203 (2,330 ) 1,702,873 Reclassification of cash, non current investments to fixed deposits TOTAL ASSETS $ 19,821,391 $ - $ 19,821,391 Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description ASSETS LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses $ 2,094,061 $ (693,263 ) $ 1,400,798 Accrued salary Local duties and taxes 1,003,166 - 1,003,166 Due to related parties 909,610 (13,828 ) 895,782 To Salary payable Loans and convertible notes due to related parties 1,224,323 40,623 1,264,946 Mr. Mahesh Ghandi Interest payable (includes $560,390 due to related party) 592,988 - 592,988 Salaries and benefits (includes $430,030 due to related party) 459,661 707,091 1,166,752 Accrued salary Loans due within one year with third parties 467,222 - 467,222 Other current liabilities 864,045 (7,269 ) 856,776 Mr. Mahesh Ghandi Total current liabilities 7,615,076 33,354 7,648,430 Long term portion of operating lease liabilities 8,233,283 - 8,233,283 Long term loans and convertible notes 371,571 75,950 447,521 Advance Finstock Private Limited Other non-current liabilities 706,664 (109,304 ) 597,360 Advance Finstock Private Limited and Mr Mahesh Ghandi Total current and long-term liabilities 16,926,594 - 16,926,594 Commitments and contingencies - - - Preferred stock $.0001 par value - - - Common stock $.0001 par value 12,763 - 12,763 Additional paid in capital 5,670,358 - 5,670,358 Accumulated deficit (4,782,894 ) 63,225 (4,719,669 ) Allocation non controlling interest Accumulated other comprehensive income 55,587 (25,890 ) 29,697 Allocation non controlling interest TOTAL TRIPBORN, INC STOCKHOLDERS’ EQUITY / 955,814 37,335 993,149 Nonc Noncontrolling interest in consolidated entity 1,938,983 (37,335 ) 1,901,648 Allocation non controlling interest Total equity (deficit) 2,894,797 - 2,894,797 TOTAL LIABILITIES AND EQUITY $ 19,821,391 $ - $ 19,821,391 CONDENSED PURCHASE PRICE ALLOCATION ON ACQUISITION OF PRAMA (UNAUDITED) As of April 22, 2019 As previously presented Reclassification Reclassified / Description Purchase Price allocation Net cash $ 642,907 $ (464,817 ) $ 178,090 Fixed deposits Acquired intangible assets at fair value 2,003,085 - 2,003,085 Investment in and receivable from equity investee 665,799 - 665,799 Investment in fixed deposits - 467,047 467,047 Fixed deposits Right to use of assets 7,480,986 - 7,480,986 Property and equipment, net 1,684,360 - 1,684,360 Accounts receivable 616,564 - 616,564 Amounts due from related parties 661,128 - 661,128 Other current assets 1,353,687 - 1,353,687 Other non-current assets 990,449 (2,230 ) 988,219 Fixed deposits Operating lease liabilities assumed (7,641,431 ) - (7,641,431 ) Accounts payable (1,292,260 ) 200,515 (1,091,745 ) Accrued salary Amounts due to related parties (704,646 ) (40,623 ) (745,269 ) Mr. Mahesh Ghandi Loans due within one year with third parties (574,021 ) - (574,021 ) Other current liabilities (1,654,116 ) (193,246 ) (1,847,362 ) Advance Finstock Private Limited and Mr. Mahesh Ghandi Other non-current liabilities (978,803 ) 33,354 (945,449 ) Mr. Mahesh Ghandi Fair value of net assets acquired 3,253,688 - 3,253,688 Goodwill 936,788 - 936,788 Noncontrolling interests (2,053,333 ) - (2,053,333 ) Purchase consideration paid in cash and common $ 2,137,143 $ - $ 2,137,143 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS In October 2019 the Company issued 535,718 units at a price $0.70 and received approximately $375,000. Each unit consists of one share of the Company’s common stock and two warrants to purchase common stock. Each warrant can be exercised at any time prior to October 10, 2022 for the purchase of one share at an exercise price of $0.01. In October 2019, the Company issued 4,050,313 shares for the warrants that were outstanding and received approximately $40,503. The loan due to Takniki Communications, Inc, a related party for $695,000 as of September 30, 2019, with maturation December 31, 2019 was extended with no formal maturity date, the note was not converted into share capital. Takniki Communications, Inc is an entity controlled by the Company’s Director, Mr. Sachin Mandloi. On March 26, 2020, the Company re-paid United Techno Solutions, Inc., $250,000, representing the repayment of principal on the $250,000 loan note which was originally extended on March 16, 2019. The accrued interest has not currently been re-paid. The loan with NeoGrowth Credit Private Limited with $22,735 owing as of September 30, 2019 and maturation of March 21, 2020 was repaid in March 2020. See Note 2 Liquidity and Going concern for a discussion of the Coronavirus pandemic which is a non adjusting post balance sheet event for the three and six months ended and as of September 30, 2019, financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The interim unaudited consolidated condensed financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and include the accounts of the Company and its subsidiaries. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. “GAAP”. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the interim unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods and dates presented. These interim unaudited condensed consolidated financial statements are not necessarily indicative of the results expected for the full fiscal year or for any subsequent period primarily because of seasonal and other short-term variations. The accompanying condensed consolidated balance sheet as of March 31, 2019 was derived from the audited financial statements as of that date, but does not include all the information and footnotes required by U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Form 10-K for the year ended March 31, 2019. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts and transactions of the Company, its wholly owned subsidiary, Sunalpha and its subsidiary, PRAMA which the Company owns a 51% equity interest in. PRAMA was acquired on April 22, 2019. Through PRAMA, the Company has an approximate 15% equity interest in PCW, which is accounted for under the equity method. All significant inter-company accounts and transactions are eliminated in consolidation. |
Reclassification | Reclassifications The Company has recorded reclassifications to correctly disclose items which are discussed in Note 16 Reclassifications. As a result of the acquisition of PRAMA, during the quarter ended June 30, 2019, the Company made a change to its segment reporting structure which resulted in two segments 1) eCommerce Aggregator and 2) Hospitality. As a result, certain prior year amounts have been reclassified to conform to the current year’s presentation, that is they have been classified as relating to the eCommerce Aggregator business. The change in segment structure had no effect on previously reported total net revenues, cost of revenues and other operating expenses, other expenses (net), net loss, basic and fully diluted earnings per share. Otherwise, we have not reclassified other prior-period amounts to conform to the current-period presentation. Certain columns and rows may not add due to the use of rounded numbers. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, actual results may differ from estimated amounts. Our significant estimates include elements of revenue recognition, the application of fair value estimates for the purchase price allocation on the acquisition of PRAMA, 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 income taxes. 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 an impairment charge. The Company has not recognized an impairment charge for the six month period ended September 30, 2019. |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”): Topic 606 which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of Topic 606 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Topic 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. Topic 606 also provides guidance on the recognition of costs related to obtaining customer contracts. Topic 606 was effective as of April 1, 2018, for the Company, using either of two methods: (1) retrospective application of Topic 606 to each prior reporting period presented with the option to elect certain practical expedients as defined within Topic 606 or (2) retrospective application of Topic 606 with the cumulative effect of initially applying Topic 606 recognized at the date of initial application and providing certain additional disclosures as defined per Topic 606. We adopted Topic 606 pursuant to the method (2) and we determined that any cumulative effect for the initial application did not require an adjustment to accumulated deficit at April 1, 2018. For revenue recognition arrangements that we determine are within the scope of Topic 606, we perform the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, we evaluate the goods or services promised within each contract related performance obligation and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following is a description of the Company’s principal activities, separated by reportable segments, from which the Company generates its revenue. eCommerce Aggregator revenues: Air, Rail and Bus Ticketing . Vacation Packages. Other Revenue. Hospitality Revenues: Hospitality Services. · Room revenue: Revenue from hotel operations where customers book rooms and banquets/conference rooms is recognized based on the period for which the customer completes the transaction (i.e. the stayed night occurs or a deposit cancellation provision elapses). Payment is typically received upon check-out. For room revenue, the Company recognizes revenue over time. · Food & beverages revenue: The Company provides food and beverages that customer consumes as they are provided. The performance obligation is satisfied at point in time. The Company recognizes revenue at the time of sale only. · Management Fees from Operation & Maintenance Properties: Revenue under management contracts is recognized on the attainment of certain financial results, primarily operating earnings, as specified in each contract. Management fees are typically billed and paid monthly. A time-elapsed output method is used to measure progress and provides a faithful depiction of the transfer of services to the customer as the value transferred to the customer is substantially the same over time. Fees are variable with the uncertainty of base fees being resolved monthly and the uncertainty of incentive fees being resolved annually. These fees are included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur once the uncertainty is resolved. Practical expedients . The Company has elected the practical expedient to not disclose revenue related to remaining performance obligations that are part of a contract with an original expected duration of one year or less, and to not consider the effects of significant financing components in the transaction price when the duration of financing is one year or less. The Company has elected certain of the optional exemptions from the disclosure requirement for the remaining performance obligations for specific situations in which an entity need not estimate variable consideration. |
Cost of Revenues | Cost of Revenues 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. |
Other operating expenses | Other operating expenses Other operating expenses includes Selling, general and administrative expenses, Legal and consulting expenses and Depreciation and amortization. Selling, general and administrative expenses include, direct operating expenses, general and administrative expenses such as business promotion costs, utilities, rent, payroll, which are recognized on an accrual basis. Legal and consulting expenses 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 considers all highly liquid debt instruments with maturity of three months or less, to be cash equivalents. The Company maintains its cash in bank accounts in the U.S. and India, which at times may not be covered by, or exceed the coverage limit of the Deposit Insurance and Credit Guarantee Corporation of India. The Company does not believe that this results in significant credit risk. As of September 30, 2019, and March 31, 2019, the cash balance in financial institutions in India was $409,587 and $360,210, respectively. Effect of exchange rates changes on cash presented in the Consolidated condensed statements of cash flows (Unaudited) is presented in accordance with ASC 830 and reflects the translation effects of cash held in Indian Rupees at the beginning and end of the period, and the effects of actual cash flows using the exchange rates in effect at the time of the cash flows and the year end Indian Rupee to US dollar exchange rate. |
Receivables and Credit Policies | Receivables and Credit Policies Accounts receivable are stated at the amount management expects to collect. An allowance for doubtful accounts is recorded, as a charge to bad debt expense, where collection is considered to be 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. The Company does not accrue interest on past due receivables. The Company performs periodic analyses 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. |
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. The Company has not recorded an impairment to property and equipment as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. |
Intangible Assets | Intangible Assets Intangible assets with indefinite useful lives consist exclusively of trademarks and are tested for impairment annually, or whenever events or indicators of impairment occur between annual impairment tests. Management expects to use the trademarks indefinitely. Intangible assets that have limited useful lives are amortized on a straight-line basis over the shorter of their useful or legal lives. Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The fair value of the trade names is determined using a discounted cash flow analysis based on the relief-from-royalty approach. The relief-from-royalty approach is an income approach that utilizes certain market information by reference to the amount of royalty income we could generate if the trade names were licensed, in an arm’s length transaction, to a third party. Based on a comparison of our trade names to the guideline transactions, including an assessment of industry conditions, the age of the trademark/trade name, degree of consumer recognition and life cycle of the brand, a reasonable royalty rate is estimated for the trade names. The principal factors used in the discounted cash flow analysis requiring judgment are the projected net sales, discount rate, royalty rate and terminal value assumptions. The Company has not recorded an impairment to intangible assets as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. |
Goodwill | Goodwill Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics. The reporting units are aligned with our reporting segments. Goodwill is not amortized, but the Company tests goodwill for impairment each year or more frequently should facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than the carrying amount. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with a quantitative assessment. The quantitative assessment involves calculating an estimated fair value of each reporting unit based on projected future cash flows and comparing the estimated fair values of the reporting units to their carrying amounts, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying value, including goodwill, no impairment is recognized. However, if the carrying amount of a reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to the excess, limited to the total goodwill balance of the reporting unit. The Company has not recorded an impairment to goodwill as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company records an impairment of long-lived assets used in operations, other than goodwill, 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 has not recorded an impairment as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. |
Business Combinations | Business Combinations When acquiring other businesses or participating in mergers or joint ventures in which we are deemed to be the acquirer, we generally recognize identifiable assets acquired, liabilities assumed and any noncontrolling interests at their acquisition date fair values, and separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, would be measured as the excess amount of any consideration transferred, which is generally measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recorded at their fair values. The acquiree's results of operations are also included in our consolidated results as of the date of acquisition. Intangible assets that arise from contractual/legal rights or are capable of being separated are measured and recorded at fair value and amortized over the estimated useful life. Accounting for such transactions requires us to make significant assumptions and estimates. These include, among others, any estimates or assumptions that may be made for the amounts of future cash flows that will result from any identified intangible assets, the useful lives of such intangible assets, the amount of any contingent liabilities, including contingent consideration, to record at the time of the acquisition and the fair values of any tangible assets acquired and liabilities assumed. Although we believe any estimates and assumptions, we make to be reasonable and appropriate at the time they are made, unanticipated events and circumstances may arise that affect their accuracy, causing actual results to differ from those estimated by us. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company and the currency of the primary economic environment in which it operates is the Indian Rupee. Monetary assets and liabilities in foreign currencies are re-measured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transactions in foreign currencies are re-measured into functional currency at the rates of exchange prevailing on the date of the transaction. All transaction foreign exchange gains and losses are recorded in the accompanying unaudited consolidated condensed statements of operations. The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet dates. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect for the periods presented. Resulting translation adjustments are included in accumulated other comprehensive income (loss) within stockholders’ 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. 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. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during 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. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect. The Company has outstanding convertible debt and outstanding warrants which have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive. |
Promotion and Advertising expenses | Promotion and Advertising expenses 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, short message service (“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. Stock based compensation is recorded in Legal and Consulting expenses in our Statement of Operations. |
Leases | Leases On April 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating prior periods. Results and disclosure requirements for reporting periods beginning after April 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. The Company elected the package of practical expedients permitted under the transition guidance, which allowed for the carry forward of historical lease classification, on whether a contract was or contains a lease, and of the assessment of initial direct costs for any leases that existed prior to April 1, 2019. The Company also elected to combine lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term. The adoption did not impact our beginning or prior period consolidated condensed balance sheets, statement of equity / (deficit), statement of operations and statement of cash flows. Under Topic 842, the Company determines if an arrangement is a lease and classifies that lease as either an operating or finance lease at inception. If an arrangement is a lease or contains a lease, we then determine whether the lease meets the criteria of a finance lease or an operating lease. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, only payments that are fixed and determinable at the time of commencement are considered. As the rate implicit in certain of the Company's leases is not easily determinable, the Company’s applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments. The right-of-use asset is recognized at the amount of the lease liability with certain adjustments, if applicable. These adjustments include lease incentives, prepaid rent, and initial direct costs. We reassess if an arrangement is or contains a lease upon modification of the arrangement. At the commencement date of a lease, we recognize a lease liability for contractual fixed lease payments and a corresponding right-of-use asset representing our right to use the underlying asset during the lease term. The lease liability is measured initially as the present value of the contractual fixed lease payments during the lease term. The lease term additionally includes renewal periods only if it is reasonably certain that we will exercise the options. Contractual fixed leases payments are discounted at the rate implicit in the lease when readily determinable. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the options will be exercised. Operating leases are included in Operating lease right-of-use assets Other current liabilities Operating lease liabilities, due after one year The Company has not recorded an impairment to the right the use of assets as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. |
Employee Benefits | Employee Benefits PRAMA has employee benefit plans in the form of statutory and welfare schemes covering statutorily eligible employees which are accounted for in accordance with ASC 715 Compensation – Retirement benefits. Gratuity In accordance with the Indian Payment of Gratuity Act, 1972, PRAMA provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation. The Gratuity Plan is unfunded. The current service costs for defined benefit plans are accrued in the year to which they relate. Prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of such employees. Provident In accordance with Indian law, all eligible employees of the Company, are entitled to receive benefits under the Provident Fund, a defined contribution plan in which both the employee and the Company, contribute monthly at a determined rate (currently twelve percent of contributory wages subject to a maximum cap). These contributions are made to the Government Provident Fund and the Company has no further obligation under Provident Fund, beyond its monthly contributions. The amount contributed for the six months ended September 30, 2019 and 2018, amounted to $146,840 and $Nil, respectively. Vacation Accruals for Indian statutory vacation pay is determined at the actuarial estimate for the entire unutilized leave balance standing to the credit of the employees at the period end. The amount accrued as of September 30, 2019 and 2018, amounted to $79,582 and $Nil, respectively. |
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. |
Non Income Taxes | Non Income Taxes The Company is subject to India Goods and Services Tax and other local duties and non-income taxes on its transactions in India. The Company collects such taxes from customers, and pays such taxes on applicable supplies and inputs, and remits the net amounts to the respective local tax authorities on an accrual basis. |
Short-term Investments | Short-term Investments Through PRAMA, the Company is contractually required under two separate customer contracts, to maintain 30 million Indian Rupees in bank deposits. These are accounted for at cost. |
Equity-method Investments | Equity-method Investments Through PRAMA, the Company has an approximately 15% equity interest in PCW, a non-trading company formed to develop a potential hotel in Bengaluru, India. The Company exercises significant influence over PCW but does not control the investee and the Company is not the primary beneficiary of the investee’s activities. PCW is accounted for using the equity method. Equity investments are accounted for using the equity-method of accounting if the investment gives us the ability to exercise significant influence, but not control, over an investee. The total of our investments in equity-method investees, including identifiable intangible assets, deferred tax liabilities and goodwill, is included within “Other noncurrent assets” on our consolidated balance sheets. Our share of the earnings or losses as reported by equity-method investees, amortization of the related intangible assets, and related gains or losses, if any, are classified as “Equity-method investment activity, net of tax” on our consolidated statements of operations. Our share of the net income or loss of our equity-method investees may in the future include operating and non-operating gains and charges, which may have a significant impact on our reported equity-method investment activity and the carrying value of those investments. We regularly evaluate these investments, which are not carried at fair value, for other-than-temporary impairment. We record purchases, including incremental purchases, of shares in equity-method investees at cost. Reductions in our ownership percentage of an investee, including through dilution, are generally valued at fair value, with the difference between fair value and our recorded cost reflected as a gain or loss in our equity-method investment activity. In the event we no longer have the ability to exercise significant influence over an equity-method investee, we would discontinue accounting for the investment under the equity method. Included in Other Non Current Assets as of September 30, 2019, is $343,744 relating to the fair value of equity-method investments and $307,877 relating to the fair value of amounts due from equity-method investee, in aggregate $651,621. During the period April 22, 2019, through September 30, 2019, there was no recorded impairment for the equity investee. Also, there was no activity in the equity method investee and so no equity-method investment activity, net of tax, was recorded in our Statement of Operations for the respective three and six month periods. The Company has not recorded an impairment to the equity investee as of September 30, 2019, but expects to record an impairment for the year ended March 31, 2020 due to the impacts of covid-19. |
Related Parties | Related Parties The Company follows FASB ASC subtopic 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the Company’s related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted On April 1, 2019 the Company adopted ASU No. 2016-2, Leases Leases (Topic 842), Targeted Improvements, Adoption of the standard did not result in adjustment to our prior period Balance Sheets, Statements of Operations or Statements of Cash Flows. When we adopted ASU 2016-02, we applied the package of practical expedients allowed by the standard, and therefore, we did not reassess: a) Whether any expired or existing contracts are or contain leases under the new definition; b) The lease classification for any expired or existing leases; or c) Whether previously capitalized costs continue to qualify as initial direct costs. 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. Management is currently evaluating this ASU to determine its impact to the Company's financial statements but does believe it is New Accounting Pronouncements Not Yet Adopted 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 condensed financial statements. |
DESCRIPTION OF BUSINESS (Tables
DESCRIPTION OF BUSINESS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of business acquisitions | The following reflects the net cash paid on acquisition of PRAMA in the six month period ended September 30, 2019: Fair Value Cash paid in six month period ended September 30, 2019 $ 1,150,000 Net cash on opening balance sheet of PRAMA (178,090 Net cash paid for 51% interest in PRAMA $ 971,910 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of benefit obligation of the gratuity and vacation statutory plans | The change in benefit obligation of the gratuity and vacation statutory plans are as follows: September 30, September 30, Change in Projected Benefit Obligation Projected benefit obligation, beginning of period $ — $ — Assumed on acquisition on April 22, 2019 157,104 — Service cost 3,878 — Interest cost 12,302 — Benefits paid (2,659 ) — Foreign currency translation effect (2,250 ) — Projected Benefit Obligation, end of period $ 168,375 $ — |
Schedule of periodic pension costs for the gratuity and vacation statutory plans | The components of net periodic pension costs for the gratuity and vacation statutory plans are as follows: Six months Six months Net Periodic Pension Cost Service cost benefit earned $ 3,878 $ — Interest cost on projected benefit obligation 12,302 — Benefits paid (2,659 ) — Foreign currency translation effect (132 ) — Net Periodic Pension Cost $ 13,389 $ — |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of operating leases | Balance sheet information related to our leases is included in the following table: Operating leases September 30, Operating lease right-of-use assets $ 9,819,947 Operating lease liabilities, due within one year $ 347,623 Operating lease liabilities, due after one year 9,698,698 Total operating lease liabilities $ 10,046,321 |
Schedule of lease expense | The components of lease expense during the quarter ended and six month period ended September 30, 2019 is included in the following table: Financial statement line item 3 months ended September Amortization of right-of-use assets Cost of revenue $ 90,257 Interest on lease liabilities Cost of revenue 314,944 Total lease expense $ 405,201 Financial statement line item 6 months ended September Amortization of right-of-use assets Cost of revenue $ 171,561 Interest on lease liabilities Cost of revenue 593,061 Total lease expense $ 764,622 |
Schedule of supplemental other information related to lease | Supplemental other information related to leases were as follows: Weighted Average Remaining Lease Term Operating leases 14.8 Years Weighted Average Discount Rate Operating leases 14.0 % |
Schedule of future maturities of lease liabilities | The future maturities of lease liabilities as of September 30, 2019, are as indicated below: Operating Leases Year ending March 31, 2021 $ 201,125 Year ending March 31, 2022 366,412 Year ending March 31, 2023 432,450 Year ending March 31, 2024 497,536 Thereafter 8,548,798 Total lease payments $ 10,046,321 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and Equipment consists of the following as of September 30 and March 31, 2019. September 30, 2019 March 31, 2019 Furniture, fixtures and fittings $ 335,396 $ 32,247 Leasehold improvements 830,767 - Plant and machinery 563,829 - Construction in process 87,547 - Total 1,817,539 32,247 Accumulated depreciation (138,134 ) (20,000 ) Fixed assets, net $ 1,679,405 $ 12,247 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets with definite lives consist of the following as of September 30 and March 31, 2019: September 30, 2019 March 31, 2019 Software and software access agreement $ 1,106,128 $ 1,088,264 Customer relationships 1,513,200 - Total 2,619,328 1,088,264 Accumulated amortization (874,392 ) (725,547 ) Intangible assets with definite lives, net $ 1,744,936 $ 362,717 Intangible assets with indefinite lives consist of the following as of September 30 and March 31, 2019: September 30, 2019 March 31, 2019 Trademarks $ 462,878 $ - Accumulated amortization - - Intangible assets with indefinite lives, net $ 462,878 $ - |
AMOUNTS DUE TO AND FROM RELAT_2
AMOUNTS DUE TO AND FROM RELATED PARTIES (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of amounts due from related parties | The amounts due from related parties balance of $914,601 as of September 30, 2019, which arose from the acquisition of PRAMA on April 22, 2019, all of which are unsecured and non-interest bearing, which are described below: Due from related parties Description September 30, 2019 Pramatech Pvt. Ltd Shareholder in PRAMA, there are also common shareholders in PRAMA and this company $ 692,193 Mr. B. K. Ashok Shareholder in PRAMA 106,165 Alchemy Food & Franchisee Solutions Pvt. Ltd Company partly owned by the Chief Executive Officer of a subsidiary of PRAMA 35,439 Prime Finvest Leasing Limited Company partly owned by a PRAMA shareholder, has common shareholders with Pramatech Pvt. Ltd above 35,388 Opus Restaurants Pvt. Ltd Shareholder in PRAMA, there are also common shareholders in PRAMA and this company 9,909 Mr. Akbar S Khwaja Chief Executive Officer of a subsidiary of PRAMA 30,553 Mr. M. V. Chetan Kumar Shareholder in PRAMA 4,954 Total $ 914,601 The amounts due from related parties balance in the Hospitality segment arose from the acquisition of PRAMA on April 22, 2019, all of which are unsecured and non-interest bearing, which are described below: Due to related parties Description September 30, Opus Hotels & Resorts Pvt. Ltd Shareholder in PRAMA, there are also common shareholders in PRAMA and this company $ 664,591 Mr. Mahesh Gandhi Shareholder in PRAMA 182,751 Mr. Sobha Gandhi Relative of Mahesh Gandhi, (shareholder above) 236 Navkar Pole Products Ltd Company partly owned by a PRAMA shareholder 7,078 Mr. Pravin Rathod Shareholder in PRAMA 16,387 Total $ 871,043 |
LOANS WITH THIRD PARTIES (Table
LOANS WITH THIRD PARTIES (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of loans and borrowings with third parties | Loans and borrowings with third parties are discussed below: As of September 30, 2019 March 31, 2019 Current liabilities: Convertible note with United Techno Solutions, Inc $ 250,000 $ - Current portion of long term loan with Small Industries Development Bank of India 221,450 - Short term borrowing with NeoGrowth Credit Private Limited 22,735 - $ 494,185 $ - Long term loans and convertible notes: Loan with Small Industries Development Bank of India $ 521,991 $ - Loan with Advance Finstock Private Limited 77,334 - Convertible note with United Techno Solutions, Inc - 250,000 Total 599,325 250,000 Less current portion of Small Industries Development Bank of India loan (221,450 ) - $ 377,875 $ 250,000 |
LOANS WITH RELATED PARTIES (Tab
LOANS WITH RELATED PARTIES (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of loans and borrowings with related parties | Loans and borrowings with related parties are discussed below: As of September 30, 2019 March 31, 2019 Current liabilities: Convertible note with Takniki Communications, Inc $ 695,000 $ 695,000 Convertible note with Arna Global LLC - 956,000 Loan with Mr. Mahesh Ghandi 394,211 - Promissory note with Arna Global LLC - - Convertible note with Mr. Deepak Sharma - 150,515 Convertible note with Mr. Sachin Mandloi - 36,642 $ 1,089,211 $ 1,838,157 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of warrant activities | The following table is the summary of warrant activities during the period: Warrants Number Weighted average Weighted average remaining Approximate aggregate intrinsic Outstanding as of March 31, 2019 1,571,430 $ 0.01 3.0 $ 345,000 Issued 2,978,886 $ 0.01 36.0 $ 655,000 Exercised (1,571,430 ) $ 0.01 - - Expired - - - - Outstanding as of September 30, 2019 2,978,886 $ 0.01 35.5 $ 655,000 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of business segments | Summarized financial information concerning each of the Company's reportable segments is as follows: Three months ended September 30, 2019 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 186,193 $ 1,942,177 $ - $ 2,128,370 Cost of revenues (152,890 ) (1,871,760 ) - (2,024,650 ) Operating expenses (330,285 ) (587,290 ) (917,575 ) Loss from operations, before other expense, net (296,982 ) (516,873 ) $ - (813,855 ) Other expense, net (18,073 ) 4,079 - (13,994 ) Net loss $ (315,055 ) $ (512,794 ) $ - $ (827,849 ) Six months ended September 30, 2019 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 318,313 $ 3,635,915 $ - $ 3,954,228 Cost of revenues (261,035 ) (3,219,263 ) - (3,480,298 ) Operating expenses (594,156 ) (1,137,905 ) (1,732,061 ) Loss from operations, before other expense, net (536,878 ) (721,253 ) $ - (1,258,131 ) Other expense, net (64,420 ) (68,055 ) - (132,475 ) Net loss $ (601,298 ) $ (789,308 ) $ - $ (1,390,606 ) Total assets $ 3,905,559 $ 13,942,958 $ 3,256,620 $ 21,105,137 |
RE-CLASSIFICATIONS AND RE-STA_2
RE-CLASSIFICATIONS AND RE-STATEMENTS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Re Classification And Restatements Abstract | |
Schedule of consolidated condensed statement of operations | CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description Net revenues $ 1,825,858 $ - $ 1,825,858 Cost of revenue and expenses Cost of revenue 1,432,305 23,343 1,455,648 Rent Selling, general, and administrative expenses 597,428 (23,343 ) 574,085 Rent Legal and consulting expenses 106,067 - 106,067 Depreciation and amortization 134,334 - 134,334 2,270,134 - 2,270,134 Loss from operations (444,276 ) - (444,276 ) Other income (expense) Other income 30,983 - 30,983 Interest income 6,204 - 6,204 Interest expense (155,666 ) - (155,666 ) Total other expense (118,479 ) - (118,479 ) Loss before income taxes (562,755 ) - (562,755 ) Income taxes - - Net loss (562,755 ) - (562,755 ) Net loss attributable to noncontrolling interests (135,491 ) (63,225 ) (198,716 ) Allocation non controlling interest Net loss attributable to TripBorn, Inc (427,264 ) 63,225 (364,039 ) Allocation non controlling interest |
Schedule of consolidated condensed statement of comprehensive loss | CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description Net loss $ (562,755 ) $ - $ (562,755 ) Net loss attributable to noncontrolling interests (135,491 ) (63,225 ) (198,716 ) Allocation non controlling interest Net loss attributable to TripBorn, Inc. (427,264 ) 63,225 (364,039 ) Allocation non controlling interest Currency translations adjustment 37,239 - 37,239 Currency translation adjustment attributable to noncontrolling 21,141 25,889 47,030 Allocation non controlling interest Currency translation adjustment attributable to TripBorn, Inc 16,098 (25,889 ) (9,792 ) Allocation non controlling interest Comprehensive loss (525,516 ) - (525,516 ) Comprehensive loss attributable to noncontrolling interests (114,350 ) (37,336 ) (151,686 ) Allocation non controlling interest Comprehensive loss attributable to TripBorn, Inc. (411,166 ) 37,336 (373,830 ) Allocation non controlling interest |
Schedule of consolidated condensed statement of equity (deficit) | CONSOLIDATED CONDENSED STATEMENT OF EQUITY (DEFICIT) (UNAUDITED) (AS PREVIOUSLY PRESENTED) For the three months ended June 30, 2019 Shares Common Additional paid in Accumulated Accumulated TripBorn Inc Noncontrolling Total equity / (In $ except for number of common stock) Balance as of March 31, 2019 97,190,435 $ 9,719 $ 3,227,452 $ 39,489 $ (4,355,630 ) $ (1,078,970 ) $ - $ (1,078,970 ) Common stock issued on 2,632,653 263 736,880 - - 737,143 - 737,143 Common stock and 775,157 78 542,532 - - 542,610 - 542,610 Common stock issued on 1,571,430 157 15,557 - - 15,714 - 15,714 Common stock issued on 25,462,167 2,546 1,147,937 - - 1,150,483 - 1,150,483 Noncontrolling interests - - - - - - 2,053,333 2,053,333 Currency translation - - - 16,098 - 16,098 21,141 37,239 Net loss - - - - (427,264 ) (427,264 ) (135,491 ) (562,755 ) Balance as of June 30, 2019 127,631,842 $ 12,763 $ 5,670,358 $ 55,587 $ (4,782,894 ) $ 955,814 $ 1,938,983 $ 2,894,797 CONSOLIDATED CONDENSED STATEMENT OF EQUITY (DEFICIT) (UNAUDITED) (RECLASSIFICATION) For the three months ended June 30, 2019 Shares Common Additional paid in Accumulated Accumulated TripBorn Inc Noncontrolling Total equity / (In $ except for number of common stock) Balance as of March 31, 2019 - $ - $ - $ - $ - $ - $ - $ - Common stock issued on - - - - - - - - Common stock and - - - - - - - - Common stock issued on - - - - - - - - Common stock issued on - - - - - - - - Noncontrolling interests - - - - - - - - Currency translation - - - (25,889 ) - (25,889 ) 25,889 - Net loss - - - - 63,225 63,225 (63,225 ) - Balance as of June 30, 2019 - $ - $ - $ (25,889 ) $ 63,225 $ 37,336 $ (37,336 ) $ - CONSOLIDATED CONDENSED STATEMENT OF EQUITY (DEFICIT) (UNAUDITED) (RECLASSIFIED) For the three months ended June 30, 2019 Shares Common Additional paid in Accumulated Accumulated TripBorn Inc Noncontrolling Total equity / (In $ except for number of common stock) Balance as of March 31, 2019 97,190,435 $ 9,719 $ 3,227,452 $ 39,489 $ (4,355,630 ) $ (1,078,970 ) $ - $ (1,078,970 ) Common stock issued on 2,632,653 263 736,880 - - 737,143 - 737,143 Common stock and 775,157 78 542,532 - - 542,610 - 542,610 Common stock issued on 1,571,430 157 15,557 - - 15,714 - 15,714 Common stock issued on 25,462,167 2,546 1,147,937 - - 1,150,483 - 1,150,483 Noncontrolling interests - - - - - - 2,053,333 2,053,333 Currency translation - - - (9,792 ) - (9,792 ) 47,030 37,239 Net loss - - - - (364,039 ) (364,039 ) (198,716 ) (562,755 ) Balance as of June 30, 2019 127,631,842 $ 12,763 $ 5,670,358 $ 29,697 $ (4,719,669 ) $ 993,149 $ 1,901,648 $ 2,894,797 |
Schedule of consolidated condensed statement of reclassified cash flow | CONSOLIDATED CONDENSED STATEMENT OF RECLASSIFIED CASH FLOWS (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description Cash flows from operating activities Net loss $ (562,755 ) $ - $ (562,755 ) Adjustment to reconcile net loss to net cash used in operating Depreciation and amortization 134,334 - 134,334 Stock based compensation 25,723 - 25,723 Changes in operating assets and liabilities: Accounts receivable (480,294 ) - (480,294 ) Other current assets 111,934 - 111,934 Accounts payable (58,634 ) (693,263 ) (751,897 ) Accrued salary Other current liabilities 1,199,970 725,814 1,925,784 Accrued salary and Mr Mahesh Ghandi impact Other non-current liabilities (257,475 ) (32,551 ) (290,026 ) Mr. Mahesh Ghandi Net cash provided by operating activities 112,803 - 112,803 Cash flows from investing activities Net cash paid on acquisition of subsidiary (507,093 ) (464,817 ) (971,910 ) Bank deposits Purchases of fixed assets (51,865 ) - (51,865 ) Net cash used in investing activities (558,958 ) (464,817 ) (1,023,775 ) Cash flows from financing activities Proceeds from issuance of common stock and exercise of warrants (558,958 ) - (558,958 ) Repayment of convertible notes (9,730 ) - (9,730 ) Net cash used in financing activities 548,595 - 548,595 Effect of exchange rates changes on cash 26,450 - 26,450 Net change in cash 128,890 (464,817 ) (335,927 ) Cash Beginning of the period 1,230,012 - 1,230,012 End of the period $ 1,358,902 $ (464,817 ) $ 894,085 Supplementary disclosure of interest paid $ 92,586 $ - $ 92,586 |
Schedule of consolidated condensed statement of balance sheet | CONSOLIDATED CONDENSED RECLASSIFIED BALANCE SHEET (UNAUDITED) Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description ASSETS Current Assets: Cash and cash equivalents $ 1,358,902 $ (464,817 ) $ 894,085 Reclassification of cash, non current investments to fixed deposits Accounts receivable, net, and unbilled revenue 1,275,350 - 1,275,350 Due from related parties 951,521 - 951,521 Investments - 467,147 467,147 Reclassification of cash, non current investments to fixed deposits Other current assets 1,242,181 - 1,242,181 Total current assets 4,827,954 2,330 4,830,284 Non current assets: Operating lease, right-of-use assets, net 8,335,384 - 8,335,384 Goodwill 936,788 - 936,788 Intangible assets, net 2,309,043 - 2,309,043 Property and equipment, net 1,707,019 - 1,707,019 Other noncurrent assets 1,705,203 (2,330 ) 1,702,873 Reclassification of cash, non current investments to fixed deposits TOTAL ASSETS $ 19,821,391 $ - $ 19,821,391 Three month period ended June 30, 2019 As previously Reclassification Reclassified / Description ASSETS LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses $ 2,094,061 $ (693,263 ) $ 1,400,798 Accrued salary Local duties and taxes 1,003,166 - 1,003,166 Due to related parties 909,610 (13,828 ) 895,782 To Salary payable Loans and convertible notes due to related parties 1,224,323 40,623 1,264,946 Mr. Mahesh Ghandi Interest payable (includes $560,390 due to related party) 592,988 - 592,988 Salaries and benefits (includes $430,030 due to related party) 459,661 707,091 1,166,752 Accrued salary Loans due within one year with third parties 467,222 - 467,222 Other current liabilities 864,045 (7,269 ) 856,776 Mr. Mahesh Ghandi Total current liabilities 7,615,076 33,354 7,648,430 Long term portion of operating lease liabilities 8,233,283 - 8,233,283 Long term loans and convertible notes 371,571 75,950 447,521 Advance Finstock Private Limited Other non-current liabilities 706,664 (109,304 ) 597,360 Advance Finstock Private Limited and Mr Mahesh Ghandi Total current and long-term liabilities 16,926,594 - 16,926,594 Commitments and contingencies - - - Preferred stock $.0001 par value - - - Common stock $.0001 par value 12,763 - 12,763 Additional paid in capital 5,670,358 - 5,670,358 Accumulated deficit (4,782,894 ) 63,225 (4,719,669 ) Allocation non controlling interest Accumulated other comprehensive income 55,587 (25,890 ) 29,697 Allocation non controlling interest TOTAL TRIPBORN, INC STOCKHOLDERS’ EQUITY / 955,814 37,335 993,149 Nonc Noncontrolling interest in consolidated entity 1,938,983 (37,335 ) 1,901,648 Allocation non controlling interest Total equity (deficit) 2,894,797 - 2,894,797 TOTAL LIABILITIES AND EQUITY $ 19,821,391 $ - $ 19,821,391 |
Schedule of condensed purchase price allocation on acquisition on PRAMA | CONDENSED PURCHASE PRICE ALLOCATION ON ACQUISITION OF PRAMA (UNAUDITED) As of April 22, 2019 As previously presented Reclassification Reclassified / Description Purchase Price allocation Net cash $ 642,907 $ (464,817 ) $ 178,090 Fixed deposits Acquired intangible assets at fair value 2,003,085 - 2,003,085 Investment in and receivable from equity investee 665,799 - 665,799 Investment in fixed deposits - 467,047 467,047 Fixed deposits Right to use of assets 7,480,986 - 7,480,986 Property and equipment, net 1,684,360 - 1,684,360 Accounts receivable 616,564 - 616,564 Amounts due from related parties 661,128 - 661,128 Other current assets 1,353,687 - 1,353,687 Other non-current assets 990,449 (2,230 ) 988,219 Fixed deposits Operating lease liabilities assumed (7,641,431 ) - (7,641,431 ) Accounts payable (1,292,260 ) 200,515 (1,091,745 ) Accrued salary Amounts due to related parties (704,646 ) (40,623 ) (745,269 ) Mr. Mahesh Ghandi Loans due within one year with third parties (574,021 ) - (574,021 ) Other current liabilities (1,654,116 ) (193,246 ) (1,847,362 ) Advance Finstock Private Limited and Mr. Mahesh Ghandi Other non-current liabilities (978,803 ) 33,354 (945,449 ) Mr. Mahesh Ghandi Fair value of net assets acquired 3,253,688 - 3,253,688 Goodwill 936,788 - 936,788 Noncontrolling interests (2,053,333 ) - (2,053,333 ) Purchase consideration paid in cash and common $ 2,137,143 $ - $ 2,137,143 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) - PRAMA Hotels and Resorts Private Limited ("PRAMA") [Member] - USD ($) | Apr. 22, 2019 | Sep. 30, 2019 |
Cash paid in six month period ended September 30, 2019 | $ 1,150,000 | |
Net cash on opening balance sheet of PRAMA | (178,090) | |
Net cash paid for 51% interest in PRAMA | $ 2,137,143 | $ 971,910 |
DESCRIPTION OF BUSINESS (Deta_2
DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | Apr. 22, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Mar. 31, 2019 |
Goodwill | $ 936,788 | $ 936,788 | |||||
Net revenues | 2,128,370 | $ 84,583 | 3,954,228 | $ 180,223 | |||
Net loss | (827,849) | (280,638) | (1,390,606) | (539,797) | |||
Net loss before income taxes | $ (827,849) | (280,638) | (1,390,606) | (539,797) | |||
PRAMA Hotels and Resorts Private Limited ("PRAMA") [Member] | |||||||
Equity interest percentage | 51.00% | ||||||
Aggregate consideration | $ 2,137,143 | $ 971,910 | |||||
Ownership percentage | 51.00% | 51.00% | |||||
Cash | 1,400,000 | ||||||
Value of issuance of common stock | $ 737,143 | ||||||
Number of issuance of common stock | 2,632,653 | ||||||
Goodwill | $ 936,788 | ||||||
Net revenues | $ 3,954,228 | 1,685,071 | $ 4,373,526 | 3,781,321 | |||
Net loss | $ 827,849 | $ 411,389 | $ 1,408,638 | $ 833,986 | |||
Apodis Hotels & Resorts Limited ("AHRL") [Member] | |||||||
Ownership percentage | 84.94% | 84.94% | 84.94% | ||||
Description of ownership | IntelliStay Hotels Private Limited (“IHPL”) (ownership interest approximately 26%, derived from 51%*59.15%*86.96%), | ||||||
Sunalpha Green Technologies Private Limited ("Sunalpha") [Member] | |||||||
Ownership percentage | 100.00% | 100.00% | 51.00% | ||||
Cash | $ 409,587 | $ 409,587 | $ 360,210 | ||||
Apodis Hotels & Resorts Limited ("AHRL") [Member] | |||||||
Ownership percentage | 59.15% | 59.15% | |||||
Description of ownership | Apodis Hotels & Resorts Limited (“AHRL”) (ownership interest approximately 30%, derived from 51%*59.15%) | ||||||
Number of issuance of common stock | 308,000 | ||||||
Per share | $ 125 | ||||||
Goodwill | $ 548,616 | $ 548,616 | |||||
Apodis Foods and Brands Private Limited ("AFBL") [Member] | |||||||
Description of ownership | Apodis Foods and Brands Private Limited (“AFBL”) (ownership interest approximately 30%, derived from 51%*59.15%*100%) | ||||||
Apodis Projects Private Limited ("APPL") [Member] | |||||||
Description of ownership | Apodis Projects Private Limited (“APPL”) (ownership interest approximately 30% derived from 51%*59.15%*100%) | ||||||
PRAMA Canary Wharf Hotels Private Limited ("PCW") [Member] | |||||||
Description of ownership | PRAMA Canary Wharf Hotels Private Limited (“PCW”) (ownership interest approximately 15%, derived from 51%*59.15%*50%) |
LIQUIDITY AND GOING CONCERN (De
LIQUIDITY AND GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Liquidity And Going Concern | |||||||
Net loss | $ (452,510) | $ (280,638) | $ (816,550) | $ (539,797) | |||
Accumulated deficit | (5,172,180) | (5,172,180) | $ (4,355,630) | ||||
Cash and cash equivalents | 910,096 | $ 872,738 | 910,096 | $ 872,738 | $ 464,817 | 1,230,012 | $ 1,155,367 |
Current portion of loans and convertible notes with third parties | $ 494,185 | $ 494,185 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Apr. 22, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 |
Stock based compensation | $ 51,445 | $ 25,723 | ||
Lease term | 12 months | |||
Fair value of equity-method investments | $ 343,744 | |||
Fair value of amounts due from equity-method investee | 307,877 | |||
Investment in and receivable from equity investee | 651,621 | |||
Employees contributed | 146,840 | 0 | ||
Vacation accrued | $ 79,582 | $ 0 | ||
PRAMA Hotels and Resorts Private Limited ("PRAMA") [Member] | ||||
Equity interest percentage | 51.00% | |||
Cash | $ 1,400,000 | |||
PRAMA Canary Wharf Private Limited ("PCW") [Member] | PRAMA Hotels and Resorts Private Limited ("PRAMA") [Member] | ||||
Principles of consolidation (percent) | 51.00% | |||
Equity interest percentage | 15.00% | |||
Sunalpha Green Technologies Private Limited ("Sunalpha") [Member] | ||||
Cash | $ 409,587 | $ 360,210 |
CUSTOMER CONCENTRATION (Details
CUSTOMER CONCENTRATION (Details Narrative) - Two Largest Customer [Member] | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 55.00% | 0.00% | 61.00% | 0.00% |
Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 30.00% | 0.00% |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Change in Projected Benefit Obligation | ||
Projected benefit obligation, beginning of period | ||
Assumed on acquisition on April 22, 2019 | 157,104 | |
Service cost | 3,878 | |
Interest cost | 12,302 | |
Benefits paid | (2,659) | |
Foreign currency translation effect | (2,250) | |
Projected Benefit Obligation, end of period | $ 168,375 |
EMPLOYEE BENEFITS (Details 1)
EMPLOYEE BENEFITS (Details 1) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net Periodic Pension Cost | ||
Service cost benefit earned | $ 3,878 | |
Interest cost on projected benefit obligation | 12,302 | |
Benefits paid | (2,659) | |
Foreign currency translation effect | (132) | |
Net Periodic Pension Cost | $ 13,389 |
EMPLOYEE BENEFITS (Details Narr
EMPLOYEE BENEFITS (Details Narrative) | Sep. 30, 2019 |
Retirement Benefits [Abstract] | |
Discount rate (per annum) | 7.86% |
Rate of compensation increase (per annum) | 8.00% |
LEASES (Details)
LEASES (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Operating leases | ||
Operating lease right-of-use assets | $ 9,819,947 | |
Operating lease liabilities, due within one year | 347,623 | |
Operating lease liabilities, due after one year | 9,698,698 | |
Total operating lease liabilities | $ 10,046,321 |
LEASES (Details 1)
LEASES (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 90,257 | $ 171,561 |
Interest on lease liabilities | 314,944 | 593,061 |
Total lease expense | $ 405,201 | $ 764,622 |
LEASES (Details 2)
LEASES (Details 2) | Sep. 30, 2019 |
Leases [Abstract] | |
Weighted Average Remaining Lease Term Operating leases | 14 years 9 months 18 days |
Weighted Average Discount Rate Operating leases | 14.00% |
LEASES (Details 3)
LEASES (Details 3) | Sep. 30, 2019USD ($) |
Operating Leases | |
Year ending March 31, 2021 | $ 201,125 |
Year ending March 31, 2022 | 366,412 |
Year ending March 31, 2023 | 432,450 |
Year ending March 31, 2024 | 497,536 |
Thereafter | 8,548,798 |
Total lease payments | $ 10,046,321 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,817,539 | $ 32,247 |
Accumulated depreciation | (138,134) | (20,000) |
Property and Equipment, net | 1,679,405 | 12,247 |
Furniture Fixtures and Fittings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 335,396 | 32,247 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 830,767 | |
Plant and Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 563,829 | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 87,547 |
PROPERTY AND EQUIPMENT, NET (_2
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 60,312 | $ 1,982 | $ 118,134 | $ 2,948 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Total | $ 2,619,328 | $ 1,088,264 |
Accumulated amortization | (874,392) | (725,547) |
Intangible assets with definite lives, net | 1,744,936 | 362,717 |
Software and Software Access Agreement [Member] | ||
Total | 1,106,128 | 1,088,264 |
Customer Relationships [Member] | ||
Total | $ 1,513,200 |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Intangible assets with indefinite lives, net | $ 462,878 | |
Trademarks [Member] | ||
Accumulated amortization | ||
Intangible assets with indefinite lives, net | $ 462,878 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 72,362 | $ 70,884 | $ 148,845 | $ 109,203 |
AMOUNTS DUE TO AND FROM RELAT_3
AMOUNTS DUE TO AND FROM RELATED PARTIES (Details) | 6 Months Ended |
Sep. 30, 2019USD ($) | |
Due from related parties | $ 914,601 |
Pramatech Pvt. Ltd [Member] | |
Due from related parties | $ 692,193 |
Description of due from related parties | Shareholder in PRAMA, there are also common shareholders in PRAMA and this company |
Mr. B. K. Ashok [Member] | |
Due from related parties | $ 106,165 |
Description of due from related parties | Shareholder in PRAMA |
Alchemy Food & Franchisee Solutions Pvt. Ltd [Member] | |
Due from related parties | $ 35,439 |
Description of due from related parties | Company partly owned by the Chief Executive Officer of a subsidiary of PRAMA |
Prime Finvest Leasing Limited [Member] | |
Due from related parties | $ 35,388 |
Description of due from related parties | Company partly owned by a PRAMA shareholder, has common shareholders with Pramatech Pvt. Ltd above |
Opus Hotels & Resorts Pvt. Ltd [Member] | |
Due from related parties | $ 9,909 |
Description of due from related parties | Shareholder in PRAMA, there are also common shareholders in PRAMA and this company |
Mr. Akbar S Khwaja [Member] | |
Due from related parties | $ 30,553 |
Description of due from related parties | Chief Executive Officer of a subsidiary of PRAMA |
Mr. M. V. Chetan Kumar [Member] | |
Due from related parties | $ 4,954 |
Description of due from related parties | Shareholder in PRAMA |
AMOUNTS DUE TO AND FROM RELAT_4
AMOUNTS DUE TO AND FROM RELATED PARTIES (Details 1) | 6 Months Ended |
Sep. 30, 2019USD ($) | |
Due to related parties | $ 871,043 |
Opus Hotels & Resorts Pvt. Ltd [Member] | |
Due to related parties | $ 664,591 |
Description of due from related parties | Shareholder in PRAMA, there are also common shareholders in PRAMA and this company |
Mr. Mahesh Gandhi [Member] | |
Due to related parties | $ 182,751 |
Description of due from related parties | Shareholder in PRAMA |
Mr. Sobha Gandhi [Member] | |
Due to related parties | $ 236 |
Description of due from related parties | Relative of Mahesh Gandhi, (shareholder above) |
Navkar Pole Products Ltd [Member] | |
Due to related parties | $ 7,078 |
Description of due from related parties | Company partly owned by a PRAMA shareholder |
Mr. Pravin Rathod [Member] | |
Due to related parties | $ 16,387 |
Description of due from related parties | Shareholder in PRAMA |
AMOUNTS DUE TO AND FROM RELAT_5
AMOUNTS DUE TO AND FROM RELATED PARTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | |
Due from related parties | $ 914,601 | $ 14,364 | |
Due to related parties | 872,751 | $ 13,828 | |
Foreign exchange translation | $ 937,157 | 937,157 | |
Mr. Akbar Khwaja [Member] | |||
Due to related parties | $ 4,351 | 4,351 | |
Sachin Mandloi [Member] | |||
Due to related parties | $ 1,708 |
LOANS WITH THIRD PARTIES (Detai
LOANS WITH THIRD PARTIES (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Current liabilities: | ||
Convertible note with United Techno Solutions, Inc | $ 250,000 | |
Current portion of long term loan with Small Industries Development Bank of India | 221,450 | |
Short term borrowing with NeoGrowth Credit Private Limited | 22,735 | |
Loans due within one year with third parties | 494,185 | |
Long term loans and convertible notes: | ||
Loan with Small Industries Development Bank of India | 521,991 | |
Loan with Advance Finstock Private Limited | 77,334 | |
Convertible note with United Techno Solutions, Inc | 250,000 | |
Total | 599,325 | 250,000 |
Less current portion of Small Industries Development Bank of India loan | (221,450) | |
Loans and borrowings | $ 377,875 | $ 250,000 |
LOANS WITH THIRD PARTIES (Det_2
LOANS WITH THIRD PARTIES (Details Narrative) | Apr. 22, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 16, 2019USD ($) | Dec. 13, 2013INR (₨) |
Balance outstanding of note | $ 250,000 | $ 250,000 | |||||
Small Industries Development Bank Of India [Member] | |||||||
Percentage of interest | 15.50% | ||||||
Description of loan | No repayments scheduled for the first twelve months of the loan, with monthly payments commencing in January 2015 and ending on December 31, 2021. | ||||||
Description of secured loan | The loan is secured by: a) A senior secured charge on all moveable assets located at a contract hotel in Ahmedabad, India; b) Pledged deposit of $80,828 (5 million Indian Rupees); c) mortgage of leasehold rights in the lease contract for the contract hotel in Ahmedabad, India; d) Guarantee of Prama Consultancy Services Pvt. Ltd a related party of the Company; and e) the personal guarantees of Messrs. Mahesh Gandhi, Pravin Rathod, | ||||||
Net of repayments | 38,649 | ||||||
Small Industries Development Bank Of India [Member] | Indian Rupees | |||||||
Face amount | ₨ | ₨ 60,000,000 | ||||||
NeoGrowth Credit Private Limited [Member] | |||||||
Face amount | 22,735 | $ 22,735 | |||||
Maturity date | Mar. 21, 2020 | Mar. 21, 2020 | |||||
Percentage of interest | 18.00% | ||||||
Interest rate term | 18 month | ||||||
Description of loan | The loan is paid in daily installments, interest is paid in Indian Rupees and approximates $23 per day. | ||||||
Net of repayments | $ 11,686 | ||||||
United Techno Solutions Inc [Member] | 8% Convertible Note Due On April 1, 2020 [Member] | |||||||
Face amount | $ 250,000 | ||||||
Balance outstanding of note | $ 250,000 | ||||||
Advance Finstock Private Limited [Member] | |||||||
Percentage of interest | 18.00% | 18.00% | 18.00% | 18.00% | |||
Acquisition cost | $ 71,905 | $ 77,334 | $ 77,334 | $ 75,950 | |||
Interest payable | $ 6,558 | $ 6,558 |
LOANS WITH RELATED PARTIES (Det
LOANS WITH RELATED PARTIES (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Current liabilities, loans and borrowings with related parties | $ 1,089,211 | $ 1,838,157 |
Convertible Note [Member] | Takniki Communications, Inc [Member] | ||
Current liabilities, loans and borrowings with related parties | 695,000 | 695,000 |
Convertible Note [Member] | Arna Global LLC ("Arna") [Member] | ||
Current liabilities, loans and borrowings with related parties | 956,000 | |
Convertible Note [Member] | Mr. Deepak Sharma [Member] | ||
Current liabilities, loans and borrowings with related parties | 150,515 | |
Convertible Note [Member] | Mr. Sachin Mandloi [Member] | ||
Current liabilities, loans and borrowings with related parties | 36,642 | |
Promissory Note [Member] | Arna Global LLC ("Arna") [Member] | ||
Current liabilities, loans and borrowings with related parties | ||
Loan [Member] | Mr. Mahesh Ghandi [Member] | ||
Current liabilities, loans and borrowings with related parties | $ 394,211 |
LOANS WITH RELATED PARTIES (D_2
LOANS WITH RELATED PARTIES (Details Narrative) - USD ($) | Jul. 08, 2019 | Mar. 08, 2019 | Mar. 07, 2019 | Dec. 31, 2016 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Apr. 22, 2019 | Apr. 16, 2019 | Mar. 16, 2019 |
Arna Global LLC ("Arna") [Member] | ||||||||||
Interest rate | 10.00% | |||||||||
Repayments of debt | $ 200,000 | $ 100,000 | ||||||||
Debt principal amount | $ 300,000 | |||||||||
Arna Global LLC ("Arna") [Member] | Convertible Note [Member] | ||||||||||
Interest rate | 10.00% | |||||||||
Maturity date | Mar. 7, 2019 | |||||||||
Mr. Sachin Mandloi [Member] | Convertible Note [Member] | ||||||||||
Interest rate | 10.00% | |||||||||
Maturity date | Mar. 8, 2019 | |||||||||
Mr. Deepak Sharma [Member] | Convertible Note [Member] | ||||||||||
Interest rate | 10.00% | |||||||||
Maturity date | Mar. 8, 2019 | |||||||||
Takniki Communications, Inc [Member] | ||||||||||
Description of convertible note | On December 31, 2016, the Company issued a convertible note to Takniki Communications, Inc, an affiliate owned by Sachin Mandloi, our Vice President and a director, totaling $695,000. This note was issued pursuant to a Software Development Agreement dated September 23, 2016 between Takniki Communications, Inc and the Company to finance the upgrade of our Travelcord operating software. The note has a maturation of December 31, 2019, and bears interest at the rate of ten percent payable at maturity. 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 | |||||||||
Debt principal amount | $ 695,000 | $ 695,000 | ||||||||
United Techno Solutions Inc [Member] | 8% Convertible Note Due On April 1, 2020 [Member] | ||||||||||
Debt principal amount | $ 250,000 | |||||||||
Loan [Member] | Mr. Mahesh Ghandi [Member] | ||||||||||
Loan payable | 394,211 | $ 369,946 | $ 394,211 | $ 360,190 | ||||||
Increase of loan | 24,264 | |||||||||
Interest rate | 15.00% | |||||||||
Accrued interest | $ 15,300 | $ 15,300 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | |
Number of shares | |||
Beginning balance | 1,571,430 | 1,571,430 | |
Issued | 1,428,572 | 1,550,314 | 2,978,886 |
Exercised | (1,571,430) | ||
Expired | |||
Ending balance | 2,978,886 | 2,978,886 | |
Weighted average exercise price | |||
Beginning balance | $ 0.01 | $ 0.01 | |
Issued | 0.01 | ||
Exercised | 0.01 | ||
Expired | |||
Ending balance | $ 0.01 | $ 0.01 | |
Weighted average remaining contractual life | |||
Beginning balance | 3 months | ||
Issued | 36 months | ||
Ending balance | 35 months 15 days | ||
Approximate aggregate intrinsic value | |||
Beginning balance | $ 345,000 | $ 345,000 | |
Issued | 655,000 | ||
Exercised | |||
Expired | |||
Ending balance | $ 655,000 | $ 655,000 |
STOCKHOLDER'S EQUITY (Details N
STOCKHOLDER'S EQUITY (Details Narrative) - USD ($) | Apr. 22, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Mar. 31, 2019 |
Number of shares issued in transaction | 1,489,443 | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Purchase price (in dollars per share) | $ 0.70 | $ 0.70 | |||
Number of warrant issued | 1,428,572 | 1,550,314 | 2,978,886 | ||
Warrant term | 3 years | 3 years | |||
Exercise price (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Fair value of warrants granted | $ 0.23 | $ 0.23 | |||
Number of shares issued, shares | 31,155,693 | ||||
Liabilities | $ 18,603,333 | $ 18,603,333 | $ 3,496,329 | ||
Cash proceeds | $ 1,042,610 | $ 1,042,610 | |||
Private Placement [Member] | |||||
Number of shares issued in transaction | 714,286 | 775,157 | 775,157 | ||
Description of transaction | one share and warrant to purchase two shares of Company’s common stock | One share and warrant to purchase two share of Company’s common stock | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Purchase price (in dollars per share) | $ 0.70 | $ 0.70 | $ 0.70 | ||
Proceeds from issuance of private placement | $ 500,000 | $ 542,610 | $ 542,610 | ||
Cash proceeds | $ 500,000 | $ 500,000 | |||
Convertible Note [Member] | |||||
Number of shares issued, shares | 25,462,167 | 25,462,167 | |||
Liabilities | $ 1,150,483 | ||||
PRAMA Hotels And Resorts Limited [Member] | |||||
Purchase price (in dollars per share) | $ 0.28 | ||||
Number of shares issued, shares | 2,632,653 | ||||
Warrant [Member] | |||||
Number of shares issued in transaction | 714,286 | ||||
Number of warrant issued | 1,428,572 | ||||
Warrant term | 3 years | ||||
Exercise price (in dollars per share) | $ 0.01 | $ 0.01 | |||
Number of shares issued, shares | 1,571,430 | 1,571,430 | |||
Cash | $ 15,714 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Apr. 22, 2019 | Sep. 30, 2018USD ($) | Oct. 05, 2015USD ($) | Sep. 30, 2019ft² |
Description of settlement | On the acquisition of PRAMA, on April 22, 2019, the Company assumed an interest in an arbitration claim. PRAMA made an arbitration claim of approximately $300,000 (21.2 million Indian Rupees) against Ms. Khurana Hotels and Apartments Private Limited in the Civil Court Senior Division of Amritsar, India. | |||
CEO [Member] | ||||
Office space | ft² | 2,445 | |||
Indian Railway Catering and Tourism Corporation [Member] | ||||
Maintenance fee | $ 8,600 | |||
Indian Railway Catering and Tourism Corporation [Member] | Application Programming Interface (API) Agreement [Member] | ||||
Maintenance fee | $ 7,500 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 2,128,370 | $ 84,583 | $ 3,954,228 | $ 180,223 | |
Cost of revenues | (2,024,650) | (56,422) | (3,480,298) | (116,382) | |
Operating expenses | (917,575) | (1,732,061) | |||
Loss from operations, before other expense, net | (813,855) | (239,383) | (1,258,131) | (457,442) | |
Other expense, net | (13,994) | (132,475) | |||
Net loss | (452,510) | $ (280,638) | (816,550) | $ (539,797) | |
Total assets | 21,105,137 | 21,105,137 | $ 2,417,359 | ||
eCommerce Aggregator [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 186,193 | 318,313 | |||
Cost of revenues | (152,890) | (261,035) | |||
Operating expenses | (330,285) | (594,156) | |||
Loss from operations, before other expense, net | (296,982) | (536,878) | |||
Other expense, net | (18,073) | (64,420) | |||
Net loss | (315,055) | (601,298) | |||
Total assets | 3,905,559 | 3,905,559 | |||
Hospitality [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 1,942,177 | 3,635,915 | |||
Cost of revenues | (1,871,760) | (3,219,263) | |||
Operating expenses | (587,290) | (1,137,905) | |||
Loss from operations, before other expense, net | (516,873) | (721,253) | |||
Other expense, net | 4,079 | (68,055) | |||
Net loss | (512,794) | (789,308) | |||
Total assets | 13,942,958 | 13,942,958 | |||
Intersegment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | |||||
Loss from operations, before other expense, net | |||||
Other expense, net | |||||
Net loss | |||||
Total assets | $ 3,256,620 | $ 3,256,620 |
BUSINESS SEGMENTS (Details Narr
BUSINESS SEGMENTS (Details Narrative) - Number | 3 Months Ended | 6 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||
Number of segment | 1 | |
Hospitality [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue | 91.00% | 91.00% |
eCommerce Aggregator [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue | 9.00% | 9.00% |
RE-CLASSIFICATIONS AND RE-STA_3
RE-CLASSIFICATIONS AND RE-STATEMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net revenues | $ 2,128,370 | $ 84,583 | $ 3,954,228 | $ 180,223 | |
Cost of revenue and expenses | |||||
Cost of revenue | 2,024,650 | 56,422 | 3,480,298 | 116,382 | |
Selling, general, and administrative expenses | 611,132 | 202,339 | 1,185,217 | 370,923 | |
Legal and consulting expenses | 169,620 | 31,626 | 275,687 | 77,497 | |
Depreciation and amortization | 136,823 | 33,579 | 271,157 | 72,863 | |
Total Cost of revenue | 2,942,225 | 323,966 | 5,212,359 | 637,665 | |
Loss from operations | (813,855) | (239,383) | (1,258,131) | (457,442) | |
Other income (expense) | |||||
Other income | 32,604 | 6,392 | 63,585 | 12,535 | |
Interest income | 39,882 | 62 | 46,086 | 144 | |
Interest expense | (86,480) | (47,709) | (242,146) | (95,034) | |
Total other expense | (13,994) | (132,475) | |||
Loss before income taxes | (827,849) | (280,638) | (1,390,606) | (539,797) | |
Income taxes | |||||
Net loss | (827,849) | (280,638) | (1,390,606) | (539,797) | |
Net loss attributable to noncontrolling interests | (375,339) | (574,056) | |||
Net loss attributable to TripBorn, Inc | $ (452,510) | $ (280,638) | $ (816,550) | $ (539,797) | |
As Previously Presented [Member] | |||||
Net revenues | $ 1,825,858 | ||||
Cost of revenue and expenses | |||||
Cost of revenue | 1,432,305 | ||||
Selling, general, and administrative expenses | 597,428 | ||||
Legal and consulting expenses | 106,067 | ||||
Depreciation and amortization | 134,334 | ||||
Total Cost of revenue | 2,270,134 | ||||
Loss from operations | (444,276) | ||||
Other income (expense) | |||||
Other income | 30,983 | ||||
Interest income | 6,204 | ||||
Interest expense | (155,666) | ||||
Total other expense | (118,479) | ||||
Loss before income taxes | (562,755) | ||||
Income taxes | |||||
Net loss | (562,755) | ||||
Net loss attributable to noncontrolling interests | (135,491) | ||||
Net loss attributable to TripBorn, Inc | (427,264) | ||||
Reclassification / Restatement [Member] | |||||
Net revenues | |||||
Cost of revenue and expenses | |||||
Cost of revenue | 23,343 | ||||
Selling, general, and administrative expenses | (23,343) | ||||
Legal and consulting expenses | |||||
Depreciation and amortization | |||||
Total Cost of revenue | |||||
Loss from operations | |||||
Other income (expense) | |||||
Other income | |||||
Interest income | |||||
Interest expense | |||||
Total other expense | |||||
Loss before income taxes | |||||
Net loss | |||||
Net loss attributable to noncontrolling interests | (63,225) | ||||
Net loss attributable to TripBorn, Inc | 63,225 | ||||
Reclassified / Restated [Member] | |||||
Net revenues | 1,825,858 | ||||
Cost of revenue and expenses | |||||
Cost of revenue | 1,455,648 | ||||
Selling, general, and administrative expenses | 574,085 | ||||
Legal and consulting expenses | 106,067 | ||||
Depreciation and amortization | 134,334 | ||||
Total Cost of revenue | 2,270,134 | ||||
Loss from operations | (444,276) | ||||
Other income (expense) | |||||
Other income | 30,983 | ||||
Interest income | 6,204 | ||||
Interest expense | (155,666) | ||||
Total other expense | (118,479) | ||||
Loss before income taxes | (562,755) | ||||
Income taxes | |||||
Net loss | (562,755) | ||||
Net loss attributable to noncontrolling interests | (198,716) | ||||
Net loss attributable to TripBorn, Inc | $ (364,039) |
RE-CLASSIFICATIONS AND RE-STA_4
RE-CLASSIFICATIONS AND RE-STATEMENTS (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net loss | $ (827,849) | $ (280,638) | $ (1,390,606) | $ (539,797) | |
Less net loss attributable to noncontrolling interests | (375,339) | (574,056) | |||
Net loss attributable to TripBorn, Inc | (452,510) | (280,638) | (816,550) | (539,797) | |
Currency translation adjustment | (65,141) | 4,136 | (27,903) | 5,583 | |
Currency translation adjustment attributable to noncontrolling interests | 41,820 | (5,210) | |||
Currency translation adjustment attributable to TripBorn, Inc | (23,321) | 4,136 | (33,113) | 5,583 | |
Comprehensive loss | (892,990) | (276,502) | (1,418,509) | (534,214) | |
Comprehensive loss attributable to noncontrolling interests | 417,159 | 568,846 | |||
Comprehensive loss attributable to TripBorn, Inc | $ (475,831) | $ (276,502) | $ (849,663) | $ (534,214) | |
As Previously Presented [Member] | |||||
Net loss | $ (562,755) | ||||
Less net loss attributable to noncontrolling interests | (135,491) | ||||
Net loss attributable to TripBorn, Inc | (427,264) | ||||
Currency translation adjustment | 37,239 | ||||
Currency translation adjustment attributable to noncontrolling interests | 21,141 | ||||
Currency translation adjustment attributable to TripBorn, Inc | 16,098 | ||||
Comprehensive loss | (525,516) | ||||
Comprehensive loss attributable to noncontrolling interests | (114,350) | ||||
Comprehensive loss attributable to TripBorn, Inc | (411,166) | ||||
Reclassification / Restatement [Member] | |||||
Net loss | |||||
Less net loss attributable to noncontrolling interests | (63,225) | ||||
Net loss attributable to TripBorn, Inc | 63,225 | ||||
Currency translation adjustment | |||||
Currency translation adjustment attributable to noncontrolling interests | 25,889 | ||||
Currency translation adjustment attributable to TripBorn, Inc | (25,889) | ||||
Comprehensive loss | |||||
Comprehensive loss attributable to noncontrolling interests | (37,336) | ||||
Comprehensive loss attributable to TripBorn, Inc | 37,336 | ||||
Reclassified / Restated [Member] | |||||
Net loss | (562,755) | ||||
Less net loss attributable to noncontrolling interests | (198,716) | ||||
Net loss attributable to TripBorn, Inc | (364,039) | ||||
Currency translation adjustment | 37,239 | ||||
Currency translation adjustment attributable to noncontrolling interests | 47,030 | ||||
Currency translation adjustment attributable to TripBorn, Inc | (9,792) | ||||
Comprehensive loss | (525,516) | ||||
Comprehensive loss attributable to noncontrolling interests | (151,686) | ||||
Comprehensive loss attributable to TripBorn, Inc | $ (373,830) |
RE-CLASSIFICATIONS AND RE-STA_5
RE-CLASSIFICATIONS AND RE-STATEMENTS (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ (1,078,970) | $ (1,078,970) | $ (741,656) | ||
Balance at beginning (in shares) | 97,190,435 | 97,190,435 | |||
Common stock issued on purchase of subsidiary | $ 737,143 | ||||
Common stock and warrants issued for cash consideration | 1,042,610 | ||||
Common stock issued on exercise of warrants | 15,714 | ||||
Common stock issued on conversion of debt | 1,150,483 | ||||
Noncontrolling interests arising on acquisition of subsidiary | 2,053,333 | ||||
Currency translation adjustment | $ (65,141) | $ 4,136 | (27,903) | 5,583 | |
Net loss | (827,849) | (280,638) | (1,390,606) | (539,797) | |
Balance at ending | $ 2,501,804 | (1,070,089) | $ 2,501,804 | (1,070,089) | |
Balance at ending (in shares) | 128,346,128 | 128,346,128 | |||
Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 9,719 | $ 9,719 | $ 9,572 | ||
Balance at beginning (in shares) | 97,190,435 | 97,190,435 | 95,711,874 | ||
Common stock issued on purchase of subsidiary | $ 263 | ||||
Common stock issued on purchase of subsidiary (in shares) | 2,632,653 | ||||
Common stock and warrants issued for cash consideration | $ 150 | ||||
Common stock and warrants issued for cash consideration (in shares) | 1,489,443 | ||||
Common stock issued on exercise of warrants | $ 157 | ||||
Common stock issued on exercise of warrants (in shares) | 1,571,430 | ||||
Common stock issued on conversion of debt | $ 2,546 | ||||
Common stock issued on conversion of debt (in shares) | 25,462,167 | ||||
Currency translation adjustment | |||||
Balance at ending | $ 12,835 | $ 9,620 | $ 12,835 | $ 9,620 | |
Balance at ending (in shares) | 128,346,128 | 96,190,434 | 128,346,128 | 96,190,434 | |
Additional paid in capital [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 3,227,452 | $ 3,227,452 | $ 2,321,818 | ||
Common stock issued on purchase of subsidiary | 736,880 | ||||
Common stock and warrants issued for cash consideration | 1,042,460 | ||||
Common stock issued on exercise of warrants | 15,557 | ||||
Common stock issued on conversion of debt | 1,147,937 | ||||
Balance at ending | $ 6,170,286 | $ 2,527,551 | 6,170,286 | 2,527,551 | |
Accumulated other comprehensive income [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | 39,489 | 39,489 | 14,537 | ||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Currency translation adjustment | (33,113) | 5,583 | |||
Balance at ending | 6,376 | 20,120 | 6,376 | 20,120 | |
Accumulated deficit [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | (4,355,630) | (4,355,630) | (3,087,583) | ||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Currency translation adjustment | |||||
Net loss | (816,550) | (539,797) | |||
Balance at ending | (5,172,180) | (3,627,380) | (5,172,180) | (3,627,380) | |
TripBorn Inc stockholders' equity (deficit) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | (1,078,970) | (1,078,970) | (741,656) | ||
Common stock issued on purchase of subsidiary | 737,143 | ||||
Common stock and warrants issued for cash consideration | 1,042,610 | ||||
Common stock issued on exercise of warrants | 15,714 | ||||
Common stock issued on conversion of debt | 1,150,483 | ||||
Currency translation adjustment | (33,113) | 5,583 | |||
Net loss | (816,550) | (539,797) | |||
Balance at ending | 1,017,317 | (1,070,089) | 1,017,317 | (1,070,089) | |
Noncontrolling interest [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | 2,053,333 | ||||
Currency translation adjustment | 5,210 | ||||
Net loss | (574,056) | ||||
Balance at ending | 1,484,487 | 1,484,487 | |||
As Previously Presented [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 955,814 | (1,078,970) | (1,078,970) | ||
Common stock issued on purchase of subsidiary | 737,143 | ||||
Common stock and warrants issued for cash consideration | 542,610 | ||||
Common stock issued on exercise of warrants | 15,714 | ||||
Common stock issued on conversion of debt | 1,150,483 | ||||
Noncontrolling interests arising on acquisition of subsidiary | 2,053,333 | ||||
Currency translation adjustment | 37,239 | ||||
Net loss | (562,755) | ||||
Balance at ending | 2,894,797 | ||||
As Previously Presented [Member] | Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 9,719 | $ 9,719 | |||
Balance at beginning (in shares) | 127,631,842 | 97,190,435 | 97,190,435 | ||
Common stock issued on purchase of subsidiary | $ 263 | ||||
Common stock issued on purchase of subsidiary (in shares) | 2,632,653 | ||||
Common stock and warrants issued for cash consideration | $ 78 | ||||
Common stock and warrants issued for cash consideration (in shares) | 775,157 | ||||
Common stock issued on exercise of warrants | $ 157 | ||||
Common stock issued on exercise of warrants (in shares) | 1,571,430 | ||||
Common stock issued on conversion of debt | $ 2,546 | ||||
Common stock issued on conversion of debt (in shares) | 25,462,167 | ||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | |||||
Balance at ending | $ 12,763 | ||||
Balance at ending (in shares) | 127,631,842 | ||||
As Previously Presented [Member] | Additional paid in capital [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 3,227,452 | $ 3,227,452 | |||
Common stock issued on purchase of subsidiary | 736,880 | ||||
Common stock and warrants issued for cash consideration | 542,532 | ||||
Common stock issued on exercise of warrants | 15,557 | ||||
Common stock issued on conversion of debt | 1,147,937 | ||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | |||||
Balance at ending | 5,670,358 | ||||
As Previously Presented [Member] | Accumulated other comprehensive income [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | 39,489 | 39,489 | |||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | 16,098 | ||||
Net loss | |||||
Balance at ending | 55,587 | ||||
As Previously Presented [Member] | Accumulated deficit [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | (4,355,630) | (4,355,630) | |||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | (427,264) | ||||
Balance at ending | (4,782,894) | ||||
As Previously Presented [Member] | TripBorn Inc stockholders' equity (deficit) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | (1,078,970) | (1,078,970) | |||
Common stock issued on purchase of subsidiary | 737,143 | ||||
Common stock and warrants issued for cash consideration | 542,610 | ||||
Common stock issued on exercise of warrants | 15,714 | ||||
Common stock issued on conversion of debt | 1,150,483 | ||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | 16,098 | ||||
Net loss | (427,264) | ||||
Balance at ending | 955,814 | ||||
As Previously Presented [Member] | Noncontrolling interest [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | 2,053,333 | ||||
Currency translation adjustment | 21,141 | ||||
Net loss | (135,491) | ||||
Balance at ending | 1,938,983 | ||||
Reclassification / Restatement [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 37,335 | ||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | |||||
Balance at ending | |||||
Reclassification / Restatement [Member] | Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Balance at beginning (in shares) | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock issued on purchase of subsidiary (in shares) | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock and warrants issued for cash consideration (in shares) | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on exercise of warrants (in shares) | |||||
Common stock issued on conversion of debt | |||||
Common stock issued on conversion of debt (in shares) | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | |||||
Balance at ending | |||||
Reclassification / Restatement [Member] | Additional paid in capital [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | |||||
Balance at ending | |||||
Reclassification / Restatement [Member] | Accumulated other comprehensive income [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | (25,889) | ||||
Net loss | |||||
Balance at ending | (25,889) | ||||
Reclassification / Restatement [Member] | Accumulated deficit [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | 63,225 | ||||
Balance at ending | 63,225 | ||||
Reclassification / Restatement [Member] | TripBorn Inc stockholders' equity (deficit) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | (25,889) | ||||
Net loss | 63,225 | ||||
Balance at ending | 37,336 | ||||
Reclassification / Restatement [Member] | Noncontrolling interest [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | (25,889) | ||||
Net loss | (63,225) | ||||
Balance at ending | (37,336) | ||||
Reclassified / Restated [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 993,149 | (1,078,970) | (1,078,970) | ||
Common stock issued on purchase of subsidiary | 737,143 | ||||
Common stock and warrants issued for cash consideration | 542,610 | ||||
Common stock issued on exercise of warrants | 15,714 | ||||
Common stock issued on conversion of debt | 1,150,483 | ||||
Noncontrolling interests arising on acquisition of subsidiary | 2,053,333 | ||||
Currency translation adjustment | 37,239 | ||||
Net loss | (562,755) | ||||
Balance at ending | 2,894,797 | ||||
Reclassified / Restated [Member] | Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 9,719 | $ 9,719 | |||
Balance at beginning (in shares) | 127,631,842 | 97,190,435 | 97,190,435 | ||
Common stock issued on purchase of subsidiary | $ 263 | ||||
Common stock issued on purchase of subsidiary (in shares) | 2,632,653 | ||||
Common stock and warrants issued for cash consideration | $ 78 | ||||
Common stock and warrants issued for cash consideration (in shares) | 775,157 | ||||
Common stock issued on exercise of warrants | $ 157 | ||||
Common stock issued on exercise of warrants (in shares) | 1,571,430 | ||||
Common stock issued on conversion of debt | $ 2,546 | ||||
Common stock issued on conversion of debt (in shares) | 25,462,167 | ||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | |||||
Balance at ending | $ 12,763 | ||||
Balance at ending (in shares) | 127,631,842 | ||||
Reclassified / Restated [Member] | Additional paid in capital [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | $ 3,227,452 | $ 3,227,452 | |||
Common stock issued on purchase of subsidiary | 736,880 | ||||
Common stock and warrants issued for cash consideration | 542,532 | ||||
Common stock issued on exercise of warrants | 15,557 | ||||
Common stock issued on conversion of debt | 1,147,937 | ||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | |||||
Balance at ending | 5,670,358 | ||||
Reclassified / Restated [Member] | Accumulated other comprehensive income [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | 39,489 | 39,489 | |||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | (9,792) | ||||
Net loss | |||||
Balance at ending | 29,697 | ||||
Reclassified / Restated [Member] | Accumulated deficit [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | (4,355,630) | (4,355,630) | |||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | |||||
Net loss | (364,039) | ||||
Balance at ending | (4,719,669) | ||||
Reclassified / Restated [Member] | TripBorn Inc stockholders' equity (deficit) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | (1,078,970) | (1,078,970) | |||
Common stock issued on purchase of subsidiary | 737,143 | ||||
Common stock and warrants issued for cash consideration | 542,610 | ||||
Common stock issued on exercise of warrants | 15,714 | ||||
Common stock issued on conversion of debt | 1,150,483 | ||||
Noncontrolling interests arising on acquisition of subsidiary | |||||
Currency translation adjustment | (9,792) | ||||
Net loss | (364,039) | ||||
Balance at ending | 993,149 | ||||
Reclassified / Restated [Member] | Noncontrolling interest [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning | |||||
Common stock issued on purchase of subsidiary | |||||
Common stock and warrants issued for cash consideration | |||||
Common stock issued on exercise of warrants | |||||
Common stock issued on conversion of debt | |||||
Noncontrolling interests arising on acquisition of subsidiary | 2,053,333 | ||||
Currency translation adjustment | 47,030 | ||||
Net loss | (198,716) | ||||
Balance at ending | $ 1,901,648 |
RE-CLASSIFICATIONS AND RE-STA_6
RE-CLASSIFICATIONS AND RE-STATEMENTS (Details 3) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | |||||
Net loss | $ (827,849) | $ (280,638) | $ (1,390,606) | $ (539,797) | |
Adjustment to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 136,823 | 33,579 | 271,157 | 72,863 | |
Stock based compensation | 51,445 | 25,723 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (491,603) | (129,698) | |||
Other current assets | 56,359 | 183,220 | |||
Accounts payable | (452,491) | 92,643 | |||
Other current liabilities | 2,324,036 | 16,604 | |||
Other non-current liabilities | (593,914) | ||||
Net cash used in operating activities | (209,339) | (278,442) | |||
Cash flows from investing activities | |||||
Net cash paid on acquisition of subsidiary | (971,910) | ||||
Purchases of fixed assets | (126,438) | (393) | |||
Net cash used in investing activities | (1,065,839) | (393) | |||
Cash flows from financing activities | |||||
Proceeds from issuance of common stock and exercise of warrants | 1,058,324 | ||||
Net cash used in financing activities | 868,983 | (9,377) | |||
Effect of exchange rates changes on cash | 86,279 | 5,583 | |||
Net change in cash | (319,916) | (282,629) | |||
Cash | |||||
Beginning of the period | 464,817 | $ 1,230,012 | 1,230,012 | 1,155,367 | |
End of the period | 910,096 | 464,817 | $ 872,738 | 910,096 | 872,738 |
Supplementary disclosure of interest paid | 134,351 | ||||
As Previously Presented [Member] | |||||
Cash flows from operating activities | |||||
Net loss | (562,755) | ||||
Adjustment to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 134,334 | ||||
Stock based compensation | 25,723 | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (480,294) | ||||
Other current assets | 111,934 | ||||
Accounts payable | (58,634) | ||||
Other current liabilities | 1,199,970 | ||||
Other non-current liabilities | (257,475) | ||||
Net cash used in operating activities | 112,803 | ||||
Cash flows from investing activities | |||||
Net cash paid on acquisition of subsidiary | (507,093) | ||||
Purchases of fixed assets | (51,865) | ||||
Net cash used in investing activities | (558,958) | ||||
Cash flows from financing activities | |||||
Proceeds from issuance of common stock and exercise of warrants | (558,958) | ||||
Repayment of convertible notes | (9,730) | ||||
Net cash used in financing activities | 548,595 | ||||
Effect of exchange rates changes on cash | 26,450 | ||||
Net change in cash | 128,890 | ||||
Cash | |||||
Beginning of the period | 1,358,902 | 1,230,012 | 1,230,012 | ||
End of the period | 1,358,902 | ||||
Supplementary disclosure of interest paid | 92,586 | ||||
Reclassification / Restatement [Member] | |||||
Cash flows from operating activities | |||||
Net loss | |||||
Adjustment to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | |||||
Stock based compensation | |||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | |||||
Other current assets | |||||
Accounts payable | (693,263) | ||||
Other current liabilities | 725,814 | ||||
Other non-current liabilities | (32,551) | ||||
Net cash used in operating activities | |||||
Cash flows from investing activities | |||||
Net cash paid on acquisition of subsidiary | (464,817) | ||||
Purchases of fixed assets | |||||
Net cash used in investing activities | (464,817) | ||||
Cash flows from financing activities | |||||
Proceeds from issuance of common stock and exercise of warrants | |||||
Repayment of convertible notes | |||||
Net cash used in financing activities | |||||
Effect of exchange rates changes on cash | |||||
Net change in cash | (464,817) | ||||
Cash | |||||
Beginning of the period | (464,817) | ||||
End of the period | (464,817) | ||||
Supplementary disclosure of interest paid | |||||
Reclassified / Restated [Member] | |||||
Cash flows from operating activities | |||||
Net loss | (562,755) | ||||
Adjustment to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 134,334 | ||||
Stock based compensation | 25,723 | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (480,294) | ||||
Other current assets | 111,934 | ||||
Accounts payable | (751,897) | ||||
Other current liabilities | 1,925,784 | ||||
Other non-current liabilities | (290,026) | ||||
Net cash used in operating activities | 112,803 | ||||
Cash flows from investing activities | |||||
Net cash paid on acquisition of subsidiary | (971,910) | ||||
Purchases of fixed assets | (51,865) | ||||
Net cash used in investing activities | (1,023,775) | ||||
Cash flows from financing activities | |||||
Proceeds from issuance of common stock and exercise of warrants | (558,958) | ||||
Repayment of convertible notes | (9,730) | ||||
Net cash used in financing activities | 548,595 | ||||
Effect of exchange rates changes on cash | 26,450 | ||||
Net change in cash | (335,927) | ||||
Cash | |||||
Beginning of the period | $ 894,085 | 1,230,012 | $ 1,230,012 | ||
End of the period | 894,085 | ||||
Supplementary disclosure of interest paid | $ 92,586 |
RE-CLASSIFICATIONS AND RE-STA_7
RE-CLASSIFICATIONS AND RE-STATEMENTS (Details 4) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 22, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||||||
Cash and cash equivalents | $ 910,096 | $ 464,817 | $ 1,230,012 | $ 872,738 | $ 1,155,367 | |
Accounts receivable, net, and unbilled revenue | 1,286,659 | 178,492 | ||||
Due from related parties | 914,601 | 14,364 | ||||
Investments | 427,755 | |||||
Other current assets | 1,272,035 | 570,571 | ||||
Total current assets | 4,811,146 | 1,993,439 | ||||
Non current assets: | ||||||
Operating lease, right-of-use assets, net | 9,819,947 | |||||
Goodwill | 936,788 | |||||
Intangible assets, net | 2,207,814 | 362,717 | ||||
Property and equipment, net | 1,679,405 | 12,247 | ||||
Other noncurrent assets | 1,650,037 | 2,330 | 48,956 | |||
TOTAL ASSETS | 21,105,137 | 2,417,359 | ||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 1,700,204 | 310,130 | ||||
Local duties and taxes | 897,764 | 12,660 | ||||
Due to related parties | 872,751 | 13,828 | ||||
Loans and convertible notes due to related parties | 1,089,211 | 1,838,157 | ||||
Interest payable (includes $560,390 due to related party) | 615,740 | 536,073 | ||||
Salaries and benefits (includes $430,030 due to related party) | 1,220,063 | 448,290 | ||||
Loans due within one year with third parties | 494,185 | |||||
Other current liabilities | 1,042,791 | 87,191 | ||||
Total current liabilities | 7,932,709 | 3,246,329 | ||||
Long term liabilities: | ||||||
Long term portion of operating lease liabilities | 9,698,698 | |||||
Long term loans and convertible notes | 377,875 | 250,000 | ||||
Other non-current liabilities | 594,051 | |||||
Total current and long-term liabilities | 18,603,333 | 3,496,329 | ||||
Commitments and contingencies | ||||||
Preferred stock $.0001 par value | ||||||
Common stock $.0001 par value | 12,835 | 9,719 | ||||
Additional paid in capital | 6,170,286 | 3,227,452 | ||||
Accumulated deficit | (5,172,180) | (4,355,630) | ||||
Accumulated other comprehensive income | 6,376 | 39,489 | ||||
TOTAL TRIPBORN, INC STOCKHOLDERS' EQUITY / (DEFICIT) | 1,017,317 | (1,078,970) | $ (741,656) | |||
Nonc Noncontrolling interest in consolidated entity | 1,484,487 | |||||
Total equity (deficit) | 2,501,804 | (1,078,970) | $ (1,070,089) | |||
TOTAL LIABILITIES AND EQUITY | $ 21,105,137 | 2,417,359 | ||||
As Previously Presented [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 1,358,902 | 1,230,012 | ||||
Accounts receivable, net, and unbilled revenue | 1,275,350 | |||||
Due from related parties | 951,521 | |||||
Investments | ||||||
Other current assets | 1,242,181 | |||||
Total current assets | 4,827,954 | |||||
Non current assets: | ||||||
Operating lease, right-of-use assets, net | 8,335,384 | |||||
Goodwill | 936,788 | $ 936,788 | ||||
Intangible assets, net | 2,309,043 | |||||
Property and equipment, net | 1,707,019 | |||||
Other noncurrent assets | 1,705,203 | |||||
TOTAL ASSETS | 19,821,391 | |||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 2,094,061 | |||||
Local duties and taxes | 1,003,166 | |||||
Due to related parties | 909,610 | |||||
Loans and convertible notes due to related parties | 1,224,323 | |||||
Interest payable (includes $560,390 due to related party) | 592,988 | |||||
Salaries and benefits (includes $430,030 due to related party) | 459,661 | |||||
Loans due within one year with third parties | 467,222 | |||||
Other current liabilities | 864,045 | |||||
Total current liabilities | 7,615,076 | |||||
Long term liabilities: | ||||||
Long term portion of operating lease liabilities | 8,233,283 | |||||
Long term loans and convertible notes | 371,571 | |||||
Other non-current liabilities | 706,664 | |||||
Total current and long-term liabilities | 16,926,594 | |||||
Commitments and contingencies | ||||||
Preferred stock $.0001 par value | ||||||
Common stock $.0001 par value | 12,763 | |||||
Additional paid in capital | 5,670,358 | |||||
Accumulated deficit | (4,782,894) | |||||
Accumulated other comprehensive income | 55,587 | |||||
TOTAL TRIPBORN, INC STOCKHOLDERS' EQUITY / (DEFICIT) | 955,814 | (1,078,970) | ||||
Nonc Noncontrolling interest in consolidated entity | 1,938,983 | |||||
Total equity (deficit) | 2,894,797 | |||||
TOTAL LIABILITIES AND EQUITY | 19,821,391 | |||||
Reclassification / Restatement [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | (464,817) | |||||
Accounts receivable, net, and unbilled revenue | ||||||
Due from related parties | ||||||
Investments | 467,147 | |||||
Other current assets | ||||||
Total current assets | 2,330 | |||||
Non current assets: | ||||||
Operating lease, right-of-use assets, net | ||||||
Goodwill | ||||||
Intangible assets, net | ||||||
Property and equipment, net | ||||||
Other noncurrent assets | (2,330) | |||||
TOTAL ASSETS | ||||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | (693,263) | |||||
Local duties and taxes | ||||||
Due to related parties | (13,828) | |||||
Loans and convertible notes due to related parties | 40,623 | |||||
Interest payable (includes $560,390 due to related party) | ||||||
Salaries and benefits (includes $430,030 due to related party) | 707,091 | |||||
Loans due within one year with third parties | ||||||
Other current liabilities | (7,269) | |||||
Total current liabilities | 33,354 | |||||
Long term liabilities: | ||||||
Long term portion of operating lease liabilities | ||||||
Long term loans and convertible notes | 75,950 | |||||
Other non-current liabilities | (109,304) | |||||
Total current and long-term liabilities | ||||||
Commitments and contingencies | ||||||
Preferred stock $.0001 par value | ||||||
Common stock $.0001 par value | ||||||
Additional paid in capital | ||||||
Accumulated deficit | 63,225 | |||||
Accumulated other comprehensive income | (25,890) | |||||
TOTAL TRIPBORN, INC STOCKHOLDERS' EQUITY / (DEFICIT) | 37,335 | |||||
Nonc Noncontrolling interest in consolidated entity | (37,335) | |||||
Total equity (deficit) | ||||||
TOTAL LIABILITIES AND EQUITY | ||||||
Reclassified / Restated [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 894,085 | 1,230,012 | ||||
Accounts receivable, net, and unbilled revenue | 1,275,350 | |||||
Due from related parties | 951,521 | |||||
Investments | 467,147 | |||||
Other current assets | 1,242,181 | |||||
Total current assets | 4,830,284 | |||||
Non current assets: | ||||||
Operating lease, right-of-use assets, net | 8,335,384 | |||||
Goodwill | 936,788 | $ 936,788 | ||||
Intangible assets, net | 2,309,043 | |||||
Property and equipment, net | 1,707,019 | |||||
Other noncurrent assets | 1,702,873 | |||||
TOTAL ASSETS | 19,821,391 | |||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | 1,400,798 | |||||
Local duties and taxes | 1,003,166 | |||||
Due to related parties | 895,782 | |||||
Loans and convertible notes due to related parties | 1,264,946 | |||||
Interest payable (includes $560,390 due to related party) | 592,988 | |||||
Salaries and benefits (includes $430,030 due to related party) | 1,166,752 | |||||
Loans due within one year with third parties | 467,222 | |||||
Other current liabilities | 856,776 | |||||
Total current liabilities | 7,648,430 | |||||
Long term liabilities: | ||||||
Long term portion of operating lease liabilities | 8,233,283 | |||||
Long term loans and convertible notes | 447,521 | |||||
Other non-current liabilities | 597,360 | |||||
Total current and long-term liabilities | 16,926,594 | |||||
Commitments and contingencies | ||||||
Preferred stock $.0001 par value | ||||||
Common stock $.0001 par value | 12,763 | |||||
Additional paid in capital | 5,670,358 | |||||
Accumulated deficit | (4,719,669) | |||||
Accumulated other comprehensive income | 29,697 | |||||
TOTAL TRIPBORN, INC STOCKHOLDERS' EQUITY / (DEFICIT) | 993,149 | $ (1,078,970) | ||||
Nonc Noncontrolling interest in consolidated entity | 1,901,648 | |||||
Total equity (deficit) | 2,894,797 | |||||
TOTAL LIABILITIES AND EQUITY | $ 19,821,391 |
RE-CLASSIFICATIONS AND RE-STA_8
RE-CLASSIFICATIONS AND RE-STATEMENTS (Details 5) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 22, 2019 | Mar. 31, 2019 |
Purchase Price allocation | ||||
Investment in and receivable from equity investee | $ 651,621 | |||
Goodwill | $ 936,788 | |||
As Previously Presented [Member] | ||||
Purchase Price allocation | ||||
Net cash | $ 642,907 | |||
Acquired intangible assets at fair value | 2,003,085 | |||
Investment in and receivable from equity investee | 665,799 | |||
Investment in fixed deposits | ||||
Right to use of assets | 7,480,986 | |||
Property and equipment, net | 1,684,360 | |||
Accounts receivable | 616,564 | |||
Amounts due from related parties | 661,128 | |||
Other current assets | 1,353,687 | |||
Other non-current assets | 990,449 | |||
Operating lease liabilities assumed | (7,641,431) | |||
Accounts payable | (1,292,260) | |||
Amounts due to related parties | (704,646) | |||
Loans due within one year with third parties | (574,021) | |||
Other current liabilities | (1,654,116) | |||
Other non-current liabilities | (978,803) | |||
Fair value of net assets acquired | 3,253,688 | |||
Goodwill | $ 936,788 | 936,788 | ||
Noncontrolling interests | (2,053,333) | |||
Purchase consideration paid in cash and common stock | 2,137,143 | |||
Reclassification / Restatement [Member] | ||||
Purchase Price allocation | ||||
Net cash | (464,817) | |||
Acquired intangible assets at fair value | ||||
Investment in and receivable from equity investee | ||||
Investment in fixed deposits | 467,047 | |||
Right to use of assets | ||||
Property and equipment, net | ||||
Accounts receivable | ||||
Amounts due from related parties | ||||
Other current assets | ||||
Other non-current assets | (2,230) | |||
Operating lease liabilities assumed | ||||
Accounts payable | 200,515 | |||
Amounts due to related parties | (40,623) | |||
Loans due within one year with third parties | ||||
Other current liabilities | (193,246) | |||
Other non-current liabilities | 33,354 | |||
Fair value of net assets acquired | ||||
Goodwill | ||||
Noncontrolling interests | ||||
Purchase consideration paid in cash and common stock | ||||
Reclassified / Restated [Member] | ||||
Purchase Price allocation | ||||
Net cash | 178,090 | |||
Acquired intangible assets at fair value | 2,003,085 | |||
Investment in and receivable from equity investee | 665,799 | |||
Investment in fixed deposits | 467,047 | |||
Right to use of assets | 7,480,986 | |||
Property and equipment, net | 1,684,360 | |||
Accounts receivable | 616,564 | |||
Amounts due from related parties | 661,128 | |||
Other current assets | 1,353,687 | |||
Other non-current assets | 988,219 | |||
Operating lease liabilities assumed | (7,641,431) | |||
Accounts payable | (1,091,745) | |||
Amounts due to related parties | (745,269) | |||
Loans due within one year with third parties | (574,021) | |||
Other current liabilities | (1,847,362) | |||
Other non-current liabilities | (945,449) | |||
Fair value of net assets acquired | 3,253,688 | |||
Goodwill | $ 936,788 | 936,788 | ||
Noncontrolling interests | (2,053,333) | |||
Purchase consideration paid in cash and common stock | $ 2,137,143 |
RE-CLASSIFICATIONS AND RE-STA_9
RE-CLASSIFICATIONS AND RE-STATEMENTS (Details Narrative) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | |
Accrued salaries | $ 693,263 | ||||
Due to related parties | $ 871,043 | ||||
Cash and cash equivalents | 464,817 | 910,096 | $ 1,230,012 | $ 872,738 | $ 1,155,367 |
Other noncurrent assets | 2,330 | $ 1,650,037 | 48,956 | ||
Deposit at a bank | $ 464,817 | ||||
Apodis Hotels & Resorts Limited ("AHRL") [Member] | |||||
Percentage of economic interest | 30.00% | ||||
IntelliStay Hotels Private Limited ("IHPL") [Member] | |||||
Percentage of economic interest | 26.00% | ||||
Apodis Foods and Brands Private Limited ("AFBL") [Member] | |||||
Percentage of economic interest | 30.00% | ||||
PRAMA Hotels and Resorts Private Limited ("PRAMA") [Member] | |||||
Rent expense | $ 23,343 | ||||
Net cash paid on acquisition | 464,817 | ||||
Sachin Mandloi [Member] | |||||
Due to related parties | 13,828 | ||||
Advance Finstock Private Limited [Member] | |||||
Due to related parties | 75,950 | ||||
Mr. Mahesh Ghandi [Member] | |||||
Informal loan | 33,354 | ||||
Accrued interest | 7,269 | ||||
As Previously Presented [Member] | |||||
Cash and cash equivalents | 1,358,902 | 1,230,012 | |||
Other noncurrent assets | $ 1,705,203 | ||||
As Previously Presented [Member] | Parent And Non-Controlling Interests [Member] | |||||
Percentage of allocated net loss and comprehensive loss | 51.00% | ||||
As Previously Presented [Member] | Mr. Mahesh Ghandi [Member] | |||||
Due to related parties | $ 33,354 | ||||
Reclassification / Restatement [Member] | |||||
Cash and cash equivalents | (464,817) | ||||
Other noncurrent assets | $ (2,330) | ||||
Reclassification / Restatement [Member] | Parent And Non-Controlling Interests [Member] | |||||
Percentage of allocated net loss and comprehensive loss | 49.00% | ||||
Reclassification / Restatement [Member] | Mr. Mahesh Ghandi [Member] | |||||
Due to related parties | $ 7,269 | ||||
Reclassified / Restated [Member] | |||||
Cash and cash equivalents | 894,085 | $ 1,230,012 | |||
Other noncurrent assets | 1,702,873 | ||||
Reclassified / Restated [Member] | Mr. Mahesh Ghandi [Member] | |||||
Due to related parties | $ 40,623 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Mar. 26, 2020 | Apr. 22, 2019 | Mar. 31, 2020 | Oct. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Subsequent Event [Line Items] | |||||||
Number of units issued, share | 31,155,693 | ||||||
Number of units issued, value | $ 205,781 | ||||||
Shares issued price per share (in dollars per share) | $ 0.70 | ||||||
Takniki Communications, Inc. [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Face amount | $ 695,000 | ||||||
Loan maturity | maturation December 31, 2019 was extended with no formal maturity date | ||||||
NeoGrowth Credit Private Limited [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Face amount | $ 22,735 | ||||||
Loan maturity date | Mar. 21, 2020 | Mar. 21, 2020 | |||||
Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of units issued, share | 1,571,430 | 1,571,430 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of units issued, share | 535,718 | ||||||
Number of units issued, value | $ 375,000 | ||||||
Shares issued price per share (in dollars per share) | $ 0.70 | ||||||
Common stock, conversion basis | Each unit consists of one share of the Company’s common stock and two warrants to purchase common stock. | ||||||
Description of exercised warrant | Each warrant can be exercised at any time prior to October 10, 2022 for the purchase of one share at an exercise price of $0.01. | ||||||
Subsequent Event [Member] | United Techno Solutions, Inc. [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Face amount | $ 250,000 | ||||||
Repayments of loan | $ 250,000 | ||||||
Loan maturity date | Mar. 16, 2019 | ||||||
Subsequent Event [Member] | NeoGrowth Credit Private Limited [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of loan | $ 22,735 | ||||||
Subsequent Event [Member] | Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of units issued, share | 4,050,313 | ||||||
Proceeds from warrant exercises | $ 40,503 |