| 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 September 30, 2020, 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, 2020. 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, 2020. 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. 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, 2020, and March 31, 2020, the cash balance in financial institutions in India was $401,464 and $421,909 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
receivables 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. 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. 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. 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
Company translates the foreign currency financial statements into U.S. Dollars using the year or reporting period end or average exchange
rates in accordance with the requirements of ASC 830, Foreign Currency Matters. Assets and liabilities are translated at exchange
rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative
translation adjustment is included in the accumulated other comprehensive gain (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. Promotion and Advertising expense was $0 for the quarter ended September
30, 2020, compared to $84,906 for the quarter ended September 30, 2019. This increase in Promotion and Advertising expenses is due to
the acquisition of PRAMA. 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. During the quarter ended September
30, 2020, and September 30, 2019, $0 and $25,723 was recognized in legal and consulting expenses in the Consolidated Condensed Statements
of Operations, respectively, as a result of an agreement for consulting services. 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. 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 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. |
