Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | TripBorn, Inc. | |
Entity Central Index Key | 0001498232 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
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 | Q3 | |
Document Fiscal Year Focus | 2021 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 364,370 | $ 421,909 |
Accounts receivable, net, and unbilled revenue | 36,439 | 98,960 |
Due from related parties | ||
Other current assets | 292,228 | 442,264 |
Total current assets | 693,037 | 963,133 |
Non current assets: | ||
Intangible assets, net | 14,386 | 25,000 |
Property and equipment, net | 9,946 | 10,056 |
Other noncurrent assets | 27,207 | 26,366 |
TOTAL ASSETS | 744,576 | 1,024,555 |
Current liabilities: | ||
Accounts payable and accrued expenses | 253,099 | 295,700 |
Local duties and taxes | 7,986 | 21,748 |
Due to related parties | 1,598 | 1,602 |
Loans and convertible notes due to related parties | 695,000 | 695,000 |
Interest payable | 713,078 | 660,040 |
Salaries and benefits | 640,618 | 616,082 |
Other current liabilities | 172,037 | 280,395 |
Loans due within one year with third parties | 10,417 | |
Total current liabilities | 2,493,833 | 2,570,567 |
Long term liabilities: | ||
Long term portion of operating lease liabilities | ||
Long term portion of loans and convertible notes | ||
Other non-current liabilities | 47,000 | |
Total current and long-term liabilities | 2,540,833 | 2,570,567 |
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: 132,932,159 and 97,190,435 | 13,294 | 13,294 |
Additional paid in capital | 6,585,331 | 6,585,331 |
Accumulated deficit | (8,422,453) | (8,165,386) |
Accumulated other comprehensive income | 27,569 | 20,749 |
TOTAL TRIPBORN, INC STOCKHOLDERS' EQUITY / (DEFICIT) | (1,796,259) | (1,546,012) |
Noncontrolling interest in consolidated entity | ||
Total equity (deficit) | (1,796,259) | (1,546,012) |
TOTAL LIABILITIES AND EQUITY | $ 744,574 | $ 1,024,555 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Dec. 31, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 132,932,159 | 97,190,435 |
Common stock, outstanding | 132,932,159 | 97,190,435 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||
NET REVENUES | $ 114,988 | $ 2,819,898 | $ 264,115 | $ 6,774,126 |
COST OF REVENUES AND EXPENSES | ||||
Cost of revenue | 80,055 | 2,373,782 | 173,340 | 5,854,080 |
Selling, general and administrative expenses | 57,112 | 745,008 | 207,965 | 1,930,225 |
Legal and consulting expenses | 11,746 | 86,589 | 97,108 | 362,276 |
Depreciation and amortization | 4,182 | 141,287 | 12,788 | 412,444 |
Total Cost of revenue | 153,095 | 3,346,666 | 491,201 | 8,559,025 |
LOSS FROM OPERATIONS | (38,107) | (526,768) | (227,086) | (1,784,899) |
Other income, net | 17,332 | 48,031 | 25,290 | 111,618 |
Interest expense | (17,771) | (71,542) | (55,395) | (313,688) |
Interest income | 7,616 | 124 | 53,702 | |
Equity in earnings | ||||
LOSS BEFORE INCOME TAXES | (38,546) | (542,663) | (257,067) | (1,933,267) |
Income tax expense | ||||
NET LOSS | (38,546) | (542,663) | (257,067) | (1,933,267) |
Net loss attributable to noncontrolling interests | (197,153) | (771,208) | ||
Net loss attributable to TripBorn, Inc. | $ (38,546) | $ (345,510) | $ (257,067) | $ (1,162,059) |
NET LOSS PER COMMON SHARE | ||||
Basic loss per common share attributable to TripBorn, Inc. (in dollars per share) | $ 0 | $ 0 | $ 0 | $ (0.01) |
Diluted loss per common share attributable to TripBorn, Inc. (in dollars per share) | $ 0 | $ 0 | $ 0 | $ (0.01) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic weighted-average number of common shares (in shares) | 132,932,159 | 119,338,047 | 132,932,159 | 119,338,047 |
Diluted weighted-average number of common shares (in shares) | 132,932,159 | 119,556,280 | 132,932,159 | 120,556,280 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (38,546) | $ (542,663) | $ (257,067) | $ (1,933,267) |
Net loss attributable to noncontrolling interests | (197,153) | (771,208) | ||
Net loss attributable to TripBorn, Inc. | (38,546) | (345,510) | (257,067) | (1,162,059) |
Currency translation adjustment | 1,377 | (45,998) | 6,820 | (73,901) |
Currency translation adjustment attributable to noncontrolling interests | (73,548) | (68,338) | ||
Currency translation adjustment attributable to TripBorn, Inc | 1,377 | (27,550) | 6,820 | (5,563) |
Comprehensive loss | (37,169) | (588,661) | (250,247) | (2,007,168) |
Comprehensive loss attributable to noncontrolling interests | (270,701) | (839,546) | ||
Comprehensive loss attributable to TripBorn, Inc. | $ (37,169) | $ (317,960) | $ (250,247) | $ (1,167,622) |
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, 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 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
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 | $ 203 | 1,417,408 | 1,417,611 | 1,417,611 | |||
Common stock and warrants issued for cash consideration (in shares) | 2,025,158 | ||||||
Common stock issued on exercise of warrants | $ 562 | 55,655 | 56,217 | 56,217 | |||
Common stock issued on exercise of warrants (in shares) | 5,621,746 | ||||||
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 | (5,563) | (5,563) | (68,338) | (73,901) | |||
Net loss | (1,162,059) | (1,162,059) | (771,208) | (1,933,267) | |||
Balance at ending at Dec. 31, 2019 | $ 13,293 | 6,585,332 | 33,926 | (5,517,689) | 1,114,862 | 1,213,787 | 2,328,649 |
Balance at ending (in shares) at Dec. 31, 2019 | 132,932,159 | ||||||
Balance at beginning at Mar. 31, 2020 | $ 13,294 | 6,585,331 | 20,749 | (8,165,386) | (1,546,012) | $ (1,546,012) | |
Balance at beginning (in shares) at Mar. 31, 2020 | 132,932,159 | 97,190,435 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income (loss) and exchange differences | 6,820 | 6,820 | $ 6,820 | ||||
Currency translation adjustment | 6,820 | ||||||
Net loss | (257,067) | (257,067) | (257,067) | ||||
Balance at ending at Dec. 31, 2020 | $ 13,294 | $ 6,585,331 | $ 27,569 | $ (8,422,453) | $ (1,796,259) | $ (1,796,259) | |
Balance at ending (in shares) at Dec. 31, 2020 | 132,932,159 | 132,932,159 |
CONSOLIDATED CONDENSED STATEM_4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (257,067) | $ (1,933,267) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 12,788 | 412,444 |
Stock based compensation | 25,723 | 77,168 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 62,521 | (527,802) |
Other current assets | 124,313 | (123,202) |
Accounts payable | (42,599) | (297,723) |
Other current liabilities | (44,549) | (2,322,070) |
Other non-current liabilities | (586,889) | |
Other non-current assets | 41,373 | |
Net cash used in operating activities | (118,870) | (369,424) |
Cash flows from investing activities | ||
Net cash paid on acquisition of subsidiary | (971,910) | |
Other investments | 32,506 | |
Purchases of fixed assets | (2,065) | (211,112) |
Net cash used in investing activities | (2,065) | (1,150,516) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock and exercise of warrants | 1,473,827 | |
Proceeds from PPP loan and SBAD loans | 57,417 | |
Change in debt, net | (238,309) | |
Net cash provided by financing activities | 57,417 | 1,235,518 |
Effect of exchange rate changes on cash | 5,979 | 50,075 |
Net change in cash | (57,539) | (234,347) |
Cash | ||
Beginning of the period | 421,909 | 1,230,012 |
End of the period | 364,370 | 995,665 |
Cash paid during the period for: | ||
Interest paid | $ 191,309 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS TripBorn, Inc. (“TripBorn” or the “Company”) is an Financial technology and eCommerce aggregator 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 which operates out of India, primarily providing services to small business or agents. The unaudited consolidated financial statements include the accounts and transactions of the Company; its wholly owned subsidiary, Sunalpha; All significant inter-company accounts and transactions are eliminated in consolidation. Acquisitions & Deconsolidation of PRAMA 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 of the Company valued at $737,143 or approximately $0.28 per share. The acquisition of PRAMA was treated as a business combination under U.S. GAAP during the first quarter of year 2019. In accordance with Share Purchase Agreement that was executed by the Company with PRAMA, the Company was required to contribute approximately USD 1,330,000 equivalent to INR 10,00,00,000/- which was not subscribed by Company due to change in business conditions in India and Company realigning its India and global businesses and their direction and geographies. Hence, On January 01, 2020, it was commercially agreed between Company and PRAMA that for a foreseeable future PRAMA shall continue to be controlled by its founders and management team in India. The Company shall neither have control nor influence over the business and operating decision of PRAMA and/or its subsidiaries companies effective from January 01, 2020. The Company has experienced significant delay to finalize and document realignment of control due to COVID-19 pandemic. The Company has signed the Realignment of Control agreement with PRAMA on August 31, 2021, with effective date of January 1, 2020, for realignment of control of PRAMA and PRAMA businesses. As a result of Realignment of Control Agreement with PRAMA whereby the Company no longer has the power to govern the financial and operating policies of PRAMA due to the loss of power to cast its votes at meetings of the Board of Directors other than in tandem with founders and management team of PRAMA; accordingly, the Company derecognized related assets, liabilities and noncontrolling interests of PRAMA. The Company did not receive any consideration in the deconsolidation of PRAMA. The cost of investment in PRAMA was fully impaired as PRAMA has a fair value of $0 as of January 1, 2020. |
LIQUIDITY AND GOING CONCERN
LIQUIDITY AND GOING CONCERN | 9 Months Ended |
Dec. 31, 2020 | |
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 nine-month period ended December 31, 2020, was $257,067 and the accumulated deficit was $8,422,453 as of December 31, 2020. The cash and cash equivalents and the current portion of loans and convertible notes due to third parties were $364,370 and $0, respectively, as of December 31, 2020. 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. The Company has incurred net losses from operations since inception. 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, 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-K, hotels, flights, trains, and buses are operating to varying degrees by region. The pandemic did have a material adverse effect to the Company’s Indian operations, vendors, customers, lessors and employees’ health, balance sheet, liquidity, statement of operations and future prospects for the year ended March 31, 2020, and onwards. As of today’s date, 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 through twelve months after the date that the financial statements are issued. If the Company does not obtain sufficient funds when needed, the Company expects it would reduce its operating expenses and defer vendor payments, including closure of certain operations and or disposals of assets Management is working on the plan for the business restructuring to ensure the liquidity for the operations and has realigned its focus and strategy on the ecommerce business. Management has taken the steps to reduces the losses significantly by cutting the cost and manpower. Management and existing stockholder plan to support the company in its operational expenses and working capital. The financial statements for the year ended March 31, 2020, recorded impairments to goodwill, intangible assets, fixed assets to reflect the impact of COVID-19. The Company has incurred net losses from operations since inception. The net loss for the quarter ended December 31, 2020, was $38,546 and the accumulated deficit was $8,422,452 as of December 31, 2020. The Company’s ongoing losses have had a significant negative impact on the Company’s financial position and liquidity. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2020 | |
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 December 31, 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 quarter ended December 31, 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 December 31, 2020, and March 31, 2020, the cash balance in financial institutions in India was $364,370 and $421,909, respectively. 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. 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 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. The Promotion and Advertising expense was $0 for the quarter ended December 31, 2020. 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. 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. |
CUSTOMER CONCENTRATION
CUSTOMER CONCENTRATION | 9 Months Ended |
Dec. 31, 2020 | |
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. There was no significant revenue and receivable concentrations for the three and six months ended December 31, 2020, for the company’s eCommerce Aggregation business. Changes in the relationship with these customers could materially and adversely affect the Company’s financial performance and going concern status. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS Intangible assets with definite lives consist of the following as of December 31 and March 31, 2020: December 31, 2020 March 31, 2020 Software and software access agreement $ 880,770 $ 880,770 Customer relationships - - Total 880,770 880,770 Accumulated amortization (866,384 ) (855,770 ) Intangible assets with definite lives, net $ 14,386 $ 25,000 Amortization expense for the three and nine months ended December 31, 2020, was $3,538 and $10,614 respectively. Amortization expense for the three and nine months ended December 31, 2019, was $70,916 and $223,939 respectively. The Company has no impairment charge for definite lived intangible assets for the above periods. |
AMOUNTS DUE TO AND FROM RELATED
AMOUNTS DUE TO AND FROM RELATED PARTIES | 9 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
AMOUNTS DUE TO AND FROM RELATED PARTIES | 7. AMOUNTS DUE TO AND FROM RELATED PARTIES The amounts due to related party balance from the consolidated balance sheet of 1,598 as of December 31, 2020. 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 | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
LOANS WITH THIRD PARTIES | 8. LOANS WITH THIRD PARTIES The Company received a federal Economic Injury Disaster Loan (‘EIDL’) from the SBA in May 2020, of $10,417, which is a grant and qualifies for full forgiveness and in May 2020, of $47,000 which is a loan for a period of 30 years. Interest has been accrued at 3.75% p.a. on the $47,000 of EIDL. The first installment of the loan is due in March 2022. Interest of $217.66, accrued for the period ended June 30, 2020, is shown under current portion of long-term loan. Loan payable as on December 31, Years Amount 2021 $ 0 2022 2612 2023 2612 2024 2612 2025 2612 And thereafter 36,552 Total loan payable 47,000 |
LOANS WITH RELATED PARTIES
LOANS WITH RELATED PARTIES | 9 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
LOANS WITH RELATED PARTIES | 9. LOANS WITH RELATED PARTIES Loans and borrowings with related parties are discussed below: As of December 31, 2020 March 31, 2020 Current liabilities: Convertible note with Takniki Communications, Inc $ 695,000 $ 695,000 $ 695,000 $ 695,000 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. |
INCOME TAX
INCOME TAX | 9 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 10. 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 |
EARNINGS AND LOSS PER SHARE
EARNINGS AND LOSS PER SHARE | 9 Months Ended |
Dec. 31, 2020 | |
NET LOSS PER COMMON SHARE | |
EARNINGS AND LOSS PER SHARE | 11. EARNINGS AND LOSS PER SHARE ASC 260, “Earnings Per Share” requires presentation of basic earnings per share and dilutive earnings per share. The computation of basic earnings (loss) per share is computed by dividing earnings (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the period. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect. The Company has outstanding convertible debt of $695,000 which converts into 10,660,213 of the Company’s common stock, which may cause diluted earnings per share. Since the Company has only incurred losses, basic and diluted loss per share is the same as potentially dilutive shares have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive. The Company has not issued any shares or warrants during quarter ended December 31, 2020. Quarter Ended December 31, 2020 December 31, 2019 Basic net loss per share: Net loss attributable to TripBorn, Inc. $ (38,546 ) $ (345,510 ) Weighted average common shares outstanding 132,932,159 119,338,047 Basic net loss per share attributable to TripBorn Inc. common stockholders $ (0.00 ) $ (0.01 ) Due to net loss, the shares of common stock underlying the convertible notes were not included in the calculation of diluted net loss per share, as they would have had an antidilutive effect. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. 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. On September 30, 2020, the Company renewed its agreement with the IRCTC and paid an annual maintenance fee of $15,733 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. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | 13. BUSINESS SEGMENTS Prior to deconsolidation of PRAMA, a hospitality company, the Company was two segment company. Following, the deconsolidation of PRAMA business, 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 only eCommerce aggregation services. The Company management currently do not separate its business in any operating segments and 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 December 31, 2020 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 114,988 $ - $ - $ 114,988 Cost of revenues (80,055 ) - - (80,055 ) Operating expenses (73,040 ) - (73,040 ) Loss from operations, before other expense, (38,107 ) - $ - (38,107 ) Other expense, net (439 ) - - (439 ) Net loss $ (38,546 ) $ - $ - $ (38,546 ) Nine months ended December 31, 2020 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 264,115 $ - $ - $ 264,115 Cost of revenues (173,340 ) - - (173,340 ) Operating expenses (317,861 ) - (317,861 ) Loss from operations, before other expense, (227,086 ) - $ - (227,086 ) Other expense, net (29,981 ) - - (29,981 ) Net loss $ (257,067 ) $ - $ - $ (257,067 ) Total assets $ 744,577 $ - $ - $ 744,577 During the quarter ended December 31, 2020, the Company derived 100% of its revenue from eCommerce Aggregation compared to 92% and 8% of its revenue from its Hospitality and eCommerce Aggregation segments, respectively for the quarter ended December 31, 2019. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS None. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
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 December 31, 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 | 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 quarter ended December 31, 2020. |
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. |
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 December 31, 2020, and March 31, 2020, the cash balance in financial institutions in India was $364,370 and $421,909, respectively. |
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. |
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. |
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. |
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. The Promotion and Advertising expense was $0 for the quarter ended December 31, 2020. |
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. |
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. |
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. |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and Equipment consists of the following as of December 31 and March 31, 2020. December 31, 2020 March 31, 2020 Furniture, fixtures and fittings $ 35,866 $ 33,802 Leasehold improvements - - Plant and machinery - - Construction in process - - Total 35,866 33,802 Accumulated depreciation (25,920 ) (23,746 ) Fixed assets, net $ 9,946 $ 10,056 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets with definite lives consist of the following as of December 31 and March 31, 2020: December 31, 2020 March 31, 2020 Software and software access agreement $ 880,770 $ 880,770 Customer relationships - - Total 880,770 880,770 Accumulated amortization (866,384 ) (855,770 ) Intangible assets with definite lives, net $ 14,386 $ 25,000 |
LOANS WITH THIRD PARTIES (Table
LOANS WITH THIRD PARTIES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of loans and borrowings with third parties | Loan payable as on December 31, Years Amount 2021 $ 0 2022 2612 2023 2612 2024 2612 2025 2612 And thereafter 36,552 Total loan payable 47,000 |
LOANS WITH RELATED PARTIES (Tab
LOANS WITH RELATED PARTIES (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of loans and borrowings with related parties | Loans and borrowings with related parties are discussed below: As of December 31, 2020 March 31, 2020 Current liabilities: Convertible note with Takniki Communications, Inc $ 695,000 $ 695,000 $ 695,000 $ 695,000 |
EARNINGS AND LOSS PER SHARE (Ta
EARNINGS AND LOSS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
NET LOSS PER COMMON SHARE | |
Schedule of warrant activities | The Company has not issued any shares or warrants during quarter ended December 31, 2020. Quarter Ended December 31, 2020 December 31, 2019 Basic net loss per share: Net loss attributable to TripBorn, Inc. $ (38,546 ) $ (345,510 ) Weighted average common shares outstanding 132,932,159 119,338,047 Basic net loss per share attributable to TripBorn Inc. common stockholders $ (0.00 ) $ (0.01 ) |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of business segments | 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 December 31, 2020 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 114,988 $ - $ - $ 114,988 Cost of revenues (80,055 ) - - (80,055 ) Operating expenses (73,040 ) - (73,040 ) Loss from operations, before other expense, (38,107 ) - $ - (38,107 ) Other expense, net (439 ) - - (439 ) Net loss $ (38,546 ) $ - $ - $ (38,546 ) Nine months ended December 31, 2020 eCommerce Aggregator Hospitality Intersegment Consolidated total Segment results and total assets Net revenue $ 264,115 $ - $ - $ 264,115 Cost of revenues (173,340 ) - - (173,340 ) Operating expenses (317,861 ) - (317,861 ) Loss from operations, before other expense, (227,086 ) - $ - (227,086 ) Other expense, net (29,981 ) - - (29,981 ) Net loss $ (257,067 ) $ - $ - $ (257,067 ) Total assets $ 744,577 $ - $ - $ 744,577 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | Apr. 22, 2019 | Dec. 31, 2020 | Mar. 31, 2020 |
Cash | $ 364,370 | ||
PRAMA Hotels and Resorts Private Limited ("PRAMA") [Member] | |||
Equity interest percentage | 51.00% | ||
Aggregate consideration | $ 2,137,143 | ||
Cash | 1,400,000 | ||
Value of issuance of common stock | $ 737,143 | ||
Number of issuance of common stock | 2,632,653 | ||
Per share | $ 0.28 | ||
PRAMA Hotels and Resorts Private Limited ("PRAMA") [Member] | Share Purchase Agreement [Member] | |||
Cash | $ 1,330,000 |
LIQUIDITY AND GOING CONCERN (De
LIQUIDITY AND GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Liquidity And Going Concern Details Narrative Abstract | |||||
Net loss | $ (38,546) | $ (345,510) | $ (257,067) | $ (1,162,059) | |
Accumulated deficit | (8,422,453) | (8,422,453) | $ (8,165,386) | ||
Cash and cash equivalents | 364,370 | 364,370 | |||
Current portion of loans and convertible notes due to third parties | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Principles of consolidation (percent) | 10.00% | |
Cash | $ 364,370 | |
Promotion and advertising expense | 0 | |
Sunalpha Green Technologies Private Limited ("Sunalpha") [Member] | ||
Cash | $ 364,370 | $ 421,909 |
CUSTOMER CONCENTRATION (Details
CUSTOMER CONCENTRATION (Details Narrative) | 9 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration risk, percentage | 10.00% |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 35,866 | $ 33,802 |
Accumulated depreciation | (25,920) | (23,746) |
Fixed assets, net | 9,946 | 10,056 |
Furniture Fixtures and Fittings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 35,866 | 33,802 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | ||
Plant and Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | ||
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total |
PROPERTY AND EQUIPMENT, NET (_2
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 644 | $ 70,371 | $ 2,174 | $ 188,505 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Total | $ 880,770 | $ 880,770 |
Accumulated amortization | (866,384) | (855,770) |
Intangible assets with definite lives, net | 14,386 | 25,000 |
Software and Software Access Agreement [Member] | ||
Total | 880,770 | 880,770 |
Customer Relationships [Member] | ||
Total |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 3,538 | $ 70,916 | $ 10,614 | $ 223,939 |
Indefinite lives | $ 0 | $ 0 |
AMOUNTS DUE TO AND FROM RELAT_2
AMOUNTS DUE TO AND FROM RELATED PARTIES (Details Narrative) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Related Party Transactions [Abstract] | ||
Due from related parties | ||
Due to related parties | $ 1,598 | $ 1,602 |
LOANS WITH THIRD PARTIES (Detai
LOANS WITH THIRD PARTIES (Details) | Dec. 31, 2020USD ($) |
Related Party Transactions [Abstract] | |
2021 | $ 0 |
2022 | 2,612 |
2023 | 2,612 |
2024 | 2,612 |
2025 | 2,612 |
And thereafter | 36,552 |
Total loan payable | $ 47,000 |
LOANS WITH THIRD PARTIES (Det_2
LOANS WITH THIRD PARTIES (Details Narrative) - USD ($) | May 20, 2020 | Sep. 30, 2020 |
Related Party Transactions [Abstract] | ||
Borrowing | $ 10,417 | |
Loan payable | $ 47,000 | |
Interest rate | 3.75% | |
Debt description | The first installment of the loan is due in March 2022. | |
Accrued interest | $ 218 |
LOANS WITH RELATED PARTIES (Det
LOANS WITH RELATED PARTIES (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Current liabilities, loans and borrowings with related parties | $ 695,000 | $ 695,000 |
Takniki Communications, Inc [Member] | Convertible Note [Member] | ||
Current liabilities, loans and borrowings with related parties | $ 695,000 | $ 695,000 |
LOANS WITH RELATED PARTIES (D_2
LOANS WITH RELATED PARTIES (Details Narrative) - USD ($) | May 20, 2020 | Dec. 31, 2016 |
Loan payable | $ 47,000 | |
Description of loan | The first installment of the loan is due in March 2022. | |
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 | |
Loan payable | $ 695,000 | |
Number of shares issued upon debt conversion | 10,303,070 |
EARNINGS AND LOSS PER SHARE (De
EARNINGS AND LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
NET LOSS PER COMMON SHARE | ||||
Net loss attributable to TripBorn, Inc. | $ (38,546) | $ (345,510) | $ (257,067) | $ (1,162,059) |
Weighted average common shares outstanding | 132,932,159 | 119,338,047 | ||
Basic net loss per share attributable to TripBorn Inc. common stockholders | $ 0 | $ 0 | $ 0 | $ (0.01) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Sep. 30, 2020USD ($) | Dec. 31, 2020ft² |
CEO [Member] | ||
Office space | ft² | 2,455 | |
Indian Railway Catering and Tourism Corporation [Member] | ||
Maintenance fee | $ | $ 15,733 | |
Description of settlement | On September 30, 2020, the Company renewed its agreement with the IRCTC and paid an annual maintenance fee of $15,733 based on the number of active railway agents it has enrolled to book rail tickets. |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 114,988 | $ 2,819,898 | $ 264,115 | $ 6,774,126 | |
Cost of revenues | (80,055) | (2,373,782) | (173,340) | (5,854,080) | |
Operating expenses | (73,040) | (317,861) | |||
Loss from operations, before other expense, net | (38,107) | (526,768) | (227,086) | (1,784,899) | |
Other expense, net | (439) | (29,981) | |||
Net loss | (38,546) | $ (345,510) | (257,067) | $ (1,162,059) | |
Total assets | 744,576 | 744,576 | $ 1,024,555 | ||
eCommerce Aggregator [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 114,988 | 264,115 | |||
Cost of revenues | (80,055) | (173,340) | |||
Operating expenses | (73,040) | (317,861) | |||
Loss from operations, before other expense, net | (38,107) | (227,086) | |||
Other expense, net | (439) | (29,981) | |||
Net loss | (38,546) | (257,067) | |||
Total assets | 744,577 | 744,577 | |||
Hospitality [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | |||||
Cost of revenues | |||||
Operating expenses | |||||
Loss from operations, before other expense, net | |||||
Other expense, net | |||||
Net loss | |||||
Intersegment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | |||||
Cost of revenues | |||||
Loss from operations, before other expense, net | |||||
Other expense, net | |||||
Net loss |
BUSINESS SEGMENTS (Details Narr
BUSINESS SEGMENTS (Details Narrative) - Number | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Number of segment | 2 | |
Percentage of revenue | 10.00% | |
eCommerce Aggregator [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue | 92.00% | |
Hospitality [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue | 8.00% |