Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Sep. 27, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-54761 | |
Entity Registrant Name | NOBLE VICI GROUP, INC. | |
Entity Central Index Key | 0001500122 | |
Entity Tax Identification Number | 42-1772663 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 45 Ubi Crescent | |
Entity Address, City or Town | Singapore | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 408590 | |
City Area Code | +65 | |
Local Phone Number | 6491 7998 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | NVGI | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 210,804,160 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 78,762 | $ 48,214 |
Deposits, prepayment and other receivable | 345,603 | 275,293 |
Accounts receivable | 174,221 | 79,951 |
Purchase deposits | 1,715,430 | 1,711,865 |
Deferred costs | 3,167,121 | 3,160,539 |
Inventories | 15,184 | 15,152 |
Total current assets | 5,496,321 | 5,291,014 |
Non-current assets: | ||
Intangible assets, net | 3,651 | 4,218 |
Property, plant and equipment, net | 3,521,929 | 3,570,210 |
TOTAL ASSETS | 9,021,901 | 8,865,442 |
Current liabilities: | ||
Accrued liabilities and account payables | 4,317,313 | 4,288,981 |
Commission liabilities | 64,386 | 0 |
Deferred revenue | 4,181,919 | 4,085,010 |
Amount due to a director | 1,551,672 | 1,488,322 |
Amount due to a related party | 280,317 | 280,317 |
Income tax payable | 28,338 | 28,976 |
Current portion of borrowings | 2,427,068 | 360,947 |
Total current liabilities | 12,851,013 | 10,532,553 |
Long-term liabilities: | ||
Borrowings | 57,920 | 1,581,130 |
TOTAL LIABILITIES | 12,908,933 | 12,113,683 |
Commitments and contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock, 3,000,000,000 authorized common shares of $0.0001 par value, 210,804,160 shares issued and outstanding as of June 30, 2021 and March 31, 2021 | 21,080 | 21,080 |
Additional paid-in capital | 136,427,910 | 136,427,910 |
Accumulated other comprehensive loss | (318,031) | (262,131) |
Accumulated deficit | (139,958,600) | (139,375,793) |
Total NVGI stockholders’ deficit | (3,827,641) | (3,188,934) |
Non-controlling interest | (59,391) | (59,307) |
Total stockholders’ deficit | (3,887,032) | (3,248,241) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 9,021,901 | $ 8,865,442 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 210,804,160 | 210,804,160 |
Common stock, shares outstanding | 210,804,160 | 210,804,160 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
REVENUE, NET | $ 80,857 | $ 130,238 |
Cost of revenue | (34,884) | (59,207) |
Gross profit | 45,973 | 71,031 |
Operating expenses: | ||
Sales and marketing expense | 0 | 277,801 |
General and administrative expenses | 517,587 | 761,069 |
Total operating expenses | 517,587 | 1,038,870 |
LOSS FROM OPERATIONS | (471,614) | (967,839) |
Other (expense) income: | ||
Interest expense | (234,389) | (21,681) |
Government grant | 118,872 | 157,081 |
Sundry income | 4,240 | 22,485 |
Total other (expense) income | (111,277) | 157,885 |
LOSS BEFORE INCOME TAXES | (582,891) | (809,954) |
Income tax expense | 0 | (12,037) |
NET LOSS | (582,891) | (821,991) |
– Foreign currency adjustment loss | (55,900) | (18,892) |
COMPREHENSIVE LOSS | $ (638,791) | $ (840,883) |
Net loss per share: | ||
– Basic and diluted | $ 0 | $ 0 |
Weighted average common shares outstanding: | ||
– Basic and diluted | 210,804,160 | 210,804,160 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY DEFICIT (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total Stockholders Equity Deficit [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 21,080 | $ 136,427,910 | $ (218,893) | $ (137,703,504) | $ (1,473,407) | $ (55,117) | $ (1,528,524) |
Beginning balance, shares at Mar. 31, 2020 | 210,804,160 | ||||||
Foreign currency translation adjustment | (18,892) | (18,892) | (18,892) | ||||
Net loss for the period | (825,678) | (825,678) | 3,687 | (821,991) | |||
Ending balance, value at Jun. 30, 2020 | $ 21,080 | 136,427,910 | (237,785) | (138,529,182) | (2,317,977) | (51,430) | (2,369,407) |
Ending balance, shares at Jun. 30, 2020 | 210,804,160 | ||||||
Beginning balance, value at Mar. 31, 2021 | $ 21,080 | 136,427,910 | (262,131) | (139,375,793) | (3,188,934) | (59,307) | (3,248,241) |
Beginning balance, shares at Mar. 31, 2021 | 210,804,160 | ||||||
Foreign currency translation adjustment | (55,900) | (55,900) | (55,900) | ||||
Net loss for the period | (582,807) | (582,807) | (84) | (582,891) | |||
Ending balance, value at Jun. 30, 2021 | $ 21,080 | $ 136,427,910 | $ (318,031) | $ (139,958,600) | $ (3,827,641) | $ (59,391) | $ (3,887,032) |
Ending balance, shares at Jun. 30, 2021 | 210,804,160 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (582,891) | $ (821,991) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization of intangible assets | 581 | 549 |
Depreciation of property, plant and equipment | 56,193 | 49,238 |
Change in operating assets and liabilities: | ||
Accounts receivable | (94,908) | 23,933 |
Deposits, prepayment and other receivable | 35,982 | (149,670) |
Deferred costs | 0 | 10,340 |
Accrued liabilities and account payables | 19,566 | 537,322 |
Commission liabilities | 64,936 | (4,117) |
Deferred revenue | 89,157 | (3,740) |
Income tax payable | (107,019) | 12,038 |
Cash used in operating activities | (518,403) | (346,098) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | 0 | (751) |
Net cash used in investing activities | 0 | (751) |
Cash flows from financing activities: | ||
Advances from a director | 60,766 | 209,666 |
Proceed from finance lease | 2,400,600 | 0 |
Repayment of bank loan | (1,845,311) | 0 |
Repayment of finance lease | (11,814) | (58,472) |
Net cash generated from financing activities | 604,241 | 151,194 |
Foreign currency translation adjustment | (55,290) | 19,444 |
Net change in cash and cash equivalents | 30,548 | (176,211) |
BEGINNING OF PERIOD | 48,214 | 223,527 |
END OF PERIOD | 78,762 | 47,316 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 234,284 | $ 21,681 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE-1 BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the consolidated balance sheet as of March 31, 2021 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended June 30, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year ending March 31, 2022 or for any future period. |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | NOTE-2 DESCRIPTION OF BUSINESS AND ORGANIZATION The Company is currently engaged in the IoT, Big Data, Blockchain and E-commerce business. Description of subsidiaries Schedule of Subsidiaries Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest held Noble Vici Pte Ltd Republic of Singapore Singapore holding company S$200,001 100 NIApplications Pte Ltd Republic of Singapore Development of software for interactive digital media and software consultancy S$1 100 Noble Digital Apps Sendirian Berhad Federation of Malaysia Digital apps and big data business MYR1,000 51 The Digital Agency Pte. Ltd. Republic of Singapore Business and management consultancy services S$1 51 Venvici Ltd Republic of Seychelles Business and management consultancy services on e-commerce service US$50,000 100 Ventrepreneur (SG) Pte Ltd Republic of Singapore Online retailing S$10,000 100 Ventrepreneur (SG) Pte Ltd, Taiwan Branch Taiwan Branch Customer service for ecommerce and merchants servicing N/A N/A UB45 Pte Limited Republic of Singapore Investment holding S$10,000 100 VMore System Private Limited Republic of Singapore IoT Retailing S$10,000 100 VMore Holding Limited New Zealand Investment holding NZ$10,000 100 VMore Merchants Pte Ltd Republic of Singapore Merchants onboarding S$1,000 100 AIM System Pte Ltd Republic of Singapore System provider S$1,000 100 The Company and its subsidiaries are hereinafter referred to as (the “Company”). |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | NOTE-3 GOING CONCERN UNCERTAINTIES The accompanying condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of June 30, 2021, the Company suffered from an accumulated deficit of $ 139,958,600 7,354,692 These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE-4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes. l Basis of presentation These accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). l Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. l Use of estimates and assumptions In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. l Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. l Intangible assets Intangible assets represented the acquired game right from a related party, which are stated at acquisition cost, less accumulated amortization. The Company amortizes its intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment when an indicator for potential impairment exists. The Company is currently amortizing its intangible assets with definite lives over periods of 3 l Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Expected useful lives Expected useful lives Building 38 years or lesser than term of lease Leasehold improvements 3 – 10 years or lesser than term of lease Furniture and fittings 3 years Office equipment and computers 1- 5 years Motor vehicle 3 – 3.33 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended June 30, 2021 and 2020 were $ 56,193 49,238 l Impairment of long-lived assets In accordance with Accounting Standards Codification ("ASC") Topic 360-10-5, “ Impairment or Disposal of Long-Lived Assets no l Revenue recognition Revenue is recognized when it is realized or realizable and earned, in accordance with ASC 605 Revenue Recognition The Company records revenues from the sales of third-party products on a “gross” basis pursuant to ASC 605-45 Revenue Recognition - Principal Agent Considerations l Commission credits The Company maintains a membership program, whereby certain members earn commission credits, based on the sales volume of certain other members who are sponsored directly or indirectly by the member. Commission credits are redeemable on future spending of the products purchased or playing online games. Commission credits are recorded and classified as operating expense when the products are delivered and revenue is recognized. The estimated liability for unredeemed commission credit is included in commission liability on the accompanying balance sheets. Management reviews the adequacy for the accrual for unredeemed commission credits by periodically evaluating the historical redemption and projected trends. l Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. l Uncertain tax positions The Company did not take any uncertain tax positions and had no l Leases Under Topic 842, Leases (“ASC 842”), the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in the condensed consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the condensed consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. l Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries in Singapore and Seychelles maintain their books and record in its local currency, Singapore Dollars (“S$”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from S$ into US$1 has been made at the following exchange rates for the three months ended June 30, 2021 and 2020: Schedule of exchange rates June 30, 2021 June 30, 2020 Period-end S$:US$1 exchange rate 1.3444 1.3946 Annual average S$:US$1 exchange rate 1.3330 1.4118 l Comprehensive income ASC Topic 220, “ Comprehensive Income l Segment reporting ASC Topic 280, “ Segment Reporting l Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; 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 Income-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. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the consolidated financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. l Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. l Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. l Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE-5 INTANGIBLE ASSETS Schedule of intangible assets June 30, 2021 March 31, 2021 (Audited) Gaming right and software Gross carrying value $ 6,918 $ 6,903 Less: accumulated amortization (3,267 ) (2,685 ) Intangible assets, net $ 3,651 $ 4,218 Amortization expense for the three months ended June 30, 2020 and 2020 were $ 581 549 The following table outlines the annual amortization expense for the next five years: Annual amortization expense Years ending June 30: 2022 2,306 2023 1,345 Total $ 3,651 |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 3 Months Ended |
Jun. 30, 2021 | |
Amount Due To Director | |
AMOUNT DUE TO A DIRECTOR | NOTE-6 AMOUNT DUE TO A DIRECTOR As of June 30, 2021, amount due to a director of the Company, Mr. TANG Wai Chong Eldee, which was unsecured, interest-free and had no fixed terms of repayment. Imputed interest from related party loan is not significant. |
AMOUNT DUE TO A RELATED PARTY
AMOUNT DUE TO A RELATED PARTY | 3 Months Ended |
Jun. 30, 2021 | |
Amount Due To Related Party | |
AMOUNT DUE TO A RELATED PARTY | NOTE-7 AMOUNT DUE TO A RELATED PARTY As of June 30, 2021, the Company owed the amount of $ 280,317 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE-8 BORROWINGS Schedule of debt June 30, 2021 March 31, 2021 (Audited) Current portion Loan $ 2,380,244 $ 312,797 Lease liabilities 46,824 48,150 Total current borrowings 2,427,068 360,947 Non-current portion Loan – 1,513,064 Lease liabilities 57,920 68,066 Total noncurrent borrowings 57,920 1,581,130 Total borrowings $ 2,484,988 $ 1,942,077 The loans are secured by a mortgage over leasehold building. During the three months ended June 30, 2021, the Company re-financed and obtained a new short-term loan facility up to $ 2.38 12 As of June 30, 2021, the loan bears interest rate at 8 The Company financed its motor vehicles, office premises and office equipment under finance lease agreements with the effective interest rate ranging from 2.80% to 7.98% 2021 and 2026 2 to 5 years Right of use assets are included in the condensed consolidated balance sheet are as follows: Right -to- use assets June 30, 2021 March 31, 2021 Non-current assets Right-of-use assets, net of amortization (included in property, plant and equipment) $ 141,268 $ 159,841 The maturities of lease liabilities are as follows: Schedule of lease and loan future maturities Lease liabilities Loan Years ending June 30: 2022 $ 54,021 $ 2,538,927 2023 48,770 – 2024 10,655 – 2025 4,883 – 2026 3,225 – Total lease payments 121,554 2,538,927 Less: Imputed interest (16,810 ) (158,683 ) Present value of lease liabilities $ 104,744 $ 2,380,244 |
INCOME TAX
INCOME TAX | 3 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE-9 INCOME TAX The Company generated an operating loss for the three months ended June 30, 2021 and 2020 and did not record income tax expense. The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows: United States of America NVGI is registered in the State of Delaware and is subject to United States of America tax law. No provision for income taxes have been made as NVGI has generated no taxable income for the periods presented. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the period presented. As of June 30, 2021, the Company incurred $ 1,870,621 392,830 Republic of Singapore The Company’s operating subsidiaries are registered in Republic of Singapore and are subject to the Singapore corporate income tax at a standard income tax rate of 17 The Company’s subsidiary in Republic of Seychelles is also subject to the Singapore corporate income tax regime. The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the three months ended June 30, 2021 and 2020 are as follows: Income tax reconciliation Three months ended June 30, 2021 2020 (Loss)/Income before income taxes $ (765,020 ) $ (801,759 ) Statutory income tax rate 17% 17% Income tax expense at statutory rate (130,053 ) (136,298 ) Tax effect of non-taxable income – (11,401 ) Tax loss not recognized as deferred tax 130,053 159,736 Income tax expense $ – $ 12,037 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE-10 RELATED PARTY TRANSACTIONS From time to time, the stockholder and director of the Company advanced funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and due on demand. The imputed interest on the loan from a related party was not significant. Royalty charges and marketing expenses paid to a related company totaled $ 0 4,827 Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 3 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | NOTE-11 CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the three months ended June 30, 2021 and 2020, there is no single customer exceeding 10% of the Company’s revenue, respectively. (b) Major vendors For the three months ended June 30, 2021 and 2020, there is no single vendor representing more than 10% of the Company’s purchase, respectively. (c) Interest rate risk As the Company has no significant interest-bearing assets, the Company’s income and operating cash flows are substantially independent of changes in market interest rates. The Company’s interest-rate risk arises from borrowings under finance lease. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of June 30, 2021, borrowing under finance lease was at fixed rates. (d) Economic and political risk The Company’s major operations are conducted in Republic of Singapore. Accordingly, the political, economic, and legal environments in Singapore, as well as the general state of Singapore’s economy may influence the Company’s business, financial condition, and results of operations. (e) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of S$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE-12 COMMITMENTS AND CONTINGENCIES As of June 30, 2021, the Company has no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE-13 SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | l Basis of presentation These accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Basis of consolidation | l Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Use of estimates and assumptions | l Use of estimates and assumptions In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and cash equivalents | l Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Intangible assets | l Intangible assets Intangible assets represented the acquired game right from a related party, which are stated at acquisition cost, less accumulated amortization. The Company amortizes its intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment when an indicator for potential impairment exists. The Company is currently amortizing its intangible assets with definite lives over periods of 3 |
Property, plant and equipment | l Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Expected useful lives Expected useful lives Building 38 years or lesser than term of lease Leasehold improvements 3 – 10 years or lesser than term of lease Furniture and fittings 3 years Office equipment and computers 1- 5 years Motor vehicle 3 – 3.33 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended June 30, 2021 and 2020 were $ 56,193 49,238 |
Impairment of long-lived assets | l Impairment of long-lived assets In accordance with Accounting Standards Codification ("ASC") Topic 360-10-5, “ Impairment or Disposal of Long-Lived Assets no |
Revenue recognition | l Revenue recognition Revenue is recognized when it is realized or realizable and earned, in accordance with ASC 605 Revenue Recognition The Company records revenues from the sales of third-party products on a “gross” basis pursuant to ASC 605-45 Revenue Recognition - Principal Agent Considerations |
Commission credits | l Commission credits The Company maintains a membership program, whereby certain members earn commission credits, based on the sales volume of certain other members who are sponsored directly or indirectly by the member. Commission credits are redeemable on future spending of the products purchased or playing online games. Commission credits are recorded and classified as operating expense when the products are delivered and revenue is recognized. The estimated liability for unredeemed commission credit is included in commission liability on the accompanying balance sheets. Management reviews the adequacy for the accrual for unredeemed commission credits by periodically evaluating the historical redemption and projected trends. |
Income taxes | l Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. |
Uncertain tax positions | l Uncertain tax positions The Company did not take any uncertain tax positions and had no |
Leases | l Leases Under Topic 842, Leases (“ASC 842”), the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in the condensed consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the condensed consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Foreign currencies translation | l Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries in Singapore and Seychelles maintain their books and record in its local currency, Singapore Dollars (“S$”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from S$ into US$1 has been made at the following exchange rates for the three months ended June 30, 2021 and 2020: Schedule of exchange rates June 30, 2021 June 30, 2020 Period-end S$:US$1 exchange rate 1.3444 1.3946 Annual average S$:US$1 exchange rate 1.3330 1.4118 |
Comprehensive income | l Comprehensive income ASC Topic 220, “ Comprehensive Income |
Segment reporting | l Segment reporting ASC Topic 280, “ Segment Reporting |
Related parties | l Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; 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 Income-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. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the consolidated financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and contingencies | l Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair value of financial instruments | l Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. |
Recent accounting pronouncements | l Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Subsidiaries | Schedule of Subsidiaries Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest held Noble Vici Pte Ltd Republic of Singapore Singapore holding company S$200,001 100 NIApplications Pte Ltd Republic of Singapore Development of software for interactive digital media and software consultancy S$1 100 Noble Digital Apps Sendirian Berhad Federation of Malaysia Digital apps and big data business MYR1,000 51 The Digital Agency Pte. Ltd. Republic of Singapore Business and management consultancy services S$1 51 Venvici Ltd Republic of Seychelles Business and management consultancy services on e-commerce service US$50,000 100 Ventrepreneur (SG) Pte Ltd Republic of Singapore Online retailing S$10,000 100 Ventrepreneur (SG) Pte Ltd, Taiwan Branch Taiwan Branch Customer service for ecommerce and merchants servicing N/A N/A UB45 Pte Limited Republic of Singapore Investment holding S$10,000 100 VMore System Private Limited Republic of Singapore IoT Retailing S$10,000 100 VMore Holding Limited New Zealand Investment holding NZ$10,000 100 VMore Merchants Pte Ltd Republic of Singapore Merchants onboarding S$1,000 100 AIM System Pte Ltd Republic of Singapore System provider S$1,000 100 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Expected useful lives | Expected useful lives Expected useful lives Building 38 years or lesser than term of lease Leasehold improvements 3 – 10 years or lesser than term of lease Furniture and fittings 3 years Office equipment and computers 1- 5 years Motor vehicle 3 – 3.33 years |
Schedule of exchange rates | Schedule of exchange rates June 30, 2021 June 30, 2020 Period-end S$:US$1 exchange rate 1.3444 1.3946 Annual average S$:US$1 exchange rate 1.3330 1.4118 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Schedule of intangible assets June 30, 2021 March 31, 2021 (Audited) Gaming right and software Gross carrying value $ 6,918 $ 6,903 Less: accumulated amortization (3,267 ) (2,685 ) Intangible assets, net $ 3,651 $ 4,218 |
Annual amortization expense | Annual amortization expense Years ending June 30: 2022 2,306 2023 1,345 Total $ 3,651 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Schedule of debt June 30, 2021 March 31, 2021 (Audited) Current portion Loan $ 2,380,244 $ 312,797 Lease liabilities 46,824 48,150 Total current borrowings 2,427,068 360,947 Non-current portion Loan – 1,513,064 Lease liabilities 57,920 68,066 Total noncurrent borrowings 57,920 1,581,130 Total borrowings $ 2,484,988 $ 1,942,077 |
Right -to- use assets | Right -to- use assets June 30, 2021 March 31, 2021 Non-current assets Right-of-use assets, net of amortization (included in property, plant and equipment) $ 141,268 $ 159,841 |
Schedule of lease and loan future maturities | Schedule of lease and loan future maturities Lease liabilities Loan Years ending June 30: 2022 $ 54,021 $ 2,538,927 2023 48,770 – 2024 10,655 – 2025 4,883 – 2026 3,225 – Total lease payments 121,554 2,538,927 Less: Imputed interest (16,810 ) (158,683 ) Present value of lease liabilities $ 104,744 $ 2,380,244 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax reconciliation | Income tax reconciliation Three months ended June 30, 2021 2020 (Loss)/Income before income taxes $ (765,020 ) $ (801,759 ) Statutory income tax rate 17% 17% Income tax expense at statutory rate (130,053 ) (136,298 ) Tax effect of non-taxable income – (11,401 ) Tax loss not recognized as deferred tax 130,053 159,736 Income tax expense $ – $ 12,037 |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details) | 3 Months Ended |
Jun. 30, 2021 | |
Name of entities | NOBLE VICI GROUP, INC. |
Noble Vici Pte Ltd [Member] | |
Name of entities | Noble Vici Pte Ltd |
Place of incorporation | Republic of Singapore |
Nature of business | Singapore holding company |
Issued capital | S$200,001 |
Effective interest held | 100.00% |
NI Applications Pte Ltd [Member] | |
Name of entities | NIApplications Pte Ltd |
Place of incorporation | Republic of Singapore |
Nature of business | Development of software for interactive digital media and software consultancy |
Issued capital | S$1 |
Effective interest held | 100.00% |
Noble Digital Apps Sendirian Berhad [Member] | |
Name of entities | Noble Digital Apps Sendirian Berhad |
Place of incorporation | Federation of Malaysia |
Nature of business | Digital apps and big data business |
Issued capital | MYR1,000 |
Effective interest held | 51.00% |
The Digital Agency Pte. Ltd. [Member] | |
Name of entities | The Digital Agency Pte. Ltd. |
Place of incorporation | Republic of Singapore |
Nature of business | Business and management consultancy services |
Issued capital | S$1 |
Effective interest held | 51.00% |
Venvici Ltd [Member] | |
Name of entities | Venvici Ltd |
Place of incorporation | Republic of Seychelles |
Nature of business | Business and management consultancy services on e-commerce service |
Issued capital | US$50,000 |
Effective interest held | 100.00% |
Ventrepreneur (SG) Pte Ltd [Member] | |
Name of entities | Ventrepreneur (SG) Pte Ltd |
Place of incorporation | Republic of Singapore |
Nature of business | Online retailing |
Issued capital | S$10,000 |
Effective interest held | 100.00% |
Ventrepreneur (SG) Pte Ltd Taiwan Branch[Member] | |
Name of entities | Ventrepreneur (SG) Pte Ltd, Taiwan Branch |
Place of incorporation | Taiwan Branch |
Nature of business | Customer service for ecommerce and merchants servicing |
Issued capital | N/A |
UB45 Pte Limited [Member] | |
Name of entities | UB45 Pte Limited |
Place of incorporation | Republic of Singapore |
Nature of business | Investment holding |
Issued capital | S$10,000 |
Effective interest held | 100.00% |
VMore System Private Limited [Member] | |
Name of entities | VMore System Private Limited |
Place of incorporation | Republic of Singapore |
Nature of business | IoT Retailing |
Issued capital | S$10,000 |
Effective interest held | 100.00% |
VMore Holding Limited [Member] | |
Name of entities | VMore Holding Limited |
Place of incorporation | New Zealand |
Nature of business | Investment holding |
Issued capital | NZ$10,000 |
Effective interest held | 100.00% |
VMore Merchants Pte Ltd [Member] | |
Name of entities | VMore Merchants Pte Ltd |
Place of incorporation | Republic of Singapore |
Nature of business | Merchants onboarding |
Issued capital | S$1,000 |
Effective interest held | 100.00% |
AIM System Pte Ltd [Member] | |
Name of entities | AIM System Pte Ltd |
Place of incorporation | Republic of Singapore |
Nature of business | System provider |
Issued capital | S$1,000 |
Effective interest held | 100.00% |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 139,958,600 | $ 139,375,793 |
Working capital | $ 7,354,692 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Useful lives) | 3 Months Ended |
Jun. 30, 2021 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Esimated useful lives | 38 years or lesser than term of lease |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Esimated useful lives | 3 – 10 years or lesser than term of lease |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Esimated useful lives | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Esimated useful lives | 1- 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Esimated useful lives | 3 – 3.33 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Translation amounts) - Singapore, Dollars | Jun. 30, 2021 | Jun. 30, 2020 |
Period End [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Foreign Currency Exchange Rate Translation | 1.3444 | 1.3946 |
Annual Average [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Foreign Currency Exchange Rate Translation | 1.3330 | 1.4118 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||
Intangible asset useful life | 3 years | |
Depreciation expense | $ 56,193 | $ 49,238 |
Impairment charge | 0 | |
Uncertain tax positions | $ 0 | $ 0 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Gaming right and software | ||
Gross carrying value | $ 6,918 | $ 6,903 |
Less: accumulated amortization | (3,267) | (2,685) |
Intangible assets, net | $ 3,651 | $ 4,218 |
INTANGIBLE ASSETS (Details - Am
INTANGIBLE ASSETS (Details - Amortization expense) | Jun. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 2,306 |
2023 | 1,345 |
Total | $ 3,651 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 581 | $ 549 |
AMOUNT DUE TO A RELATED PARTY (
AMOUNT DUE TO A RELATED PARTY (Details Narrative) | Jun. 30, 2021USD ($) |
Related Party Member [Member] | |
Related Party Transaction [Line Items] | |
Amount due to related party | $ 280,317 |
BORROWINGS (Details - Debt)
BORROWINGS (Details - Debt) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | ||
Loan | $ 2,380,244 | $ 312,797 |
Lease liabilities | 46,824 | 48,150 |
Total current borrowings | 2,427,068 | 360,947 |
Loan | 0 | 1,513,064 |
Lease liabilities | 57,920 | 68,066 |
Total noncurrent borrowings | 57,920 | 1,581,130 |
Total borrowings | $ 2,484,988 | $ 1,942,077 |
BORROWINGS (Details - Right-to-
BORROWINGS (Details - Right-to-Use) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | ||
Right-of-use assets, net of amortization (included in property, plant and equipment) | $ 141,268 | $ 159,841 |
BORROWINGS (Details - Maturitie
BORROWINGS (Details - Maturities of lease liabilities ) | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 54,021 |
2022 | 2,538,927 |
2023 | 48,770 |
2023 | 0 |
2024 | 10,655 |
2024 | 0 |
2025 | 4,883 |
2025 | 0 |
2026 | 3,225 |
2026 | 0 |
Total payment | 121,554 |
Total lease payments | 2,538,927 |
Imputed interest | (16,810) |
Less: Imputed interest | (158,683) |
Present value | 104,744 |
Present value of lease liabilities | $ 2,380,244 |
BORROWINGS (Details Narrative)
BORROWINGS (Details Narrative) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Short Term Borrowing | $ 2,380 |
Debt instrument | $ 12 |
Loan [Member] | |
Debt Instrument [Line Items] | |
Debt interest rate | 800.00% |
Vehicles Equipment [Member] | |
Debt Instrument [Line Items] | |
Debt interest rate range | 2.80% to 7.98% |
Debt maturity date range | 2021 and 2026 |
Lease term range | 2 to 5 years |
INCOME TAX (Details - Reconcili
INCOME TAX (Details - Reconciliation) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
(Loss)/Income before income taxes | $ (765,020) | $ (801,759) |
Statutory income tax rate | 17.00% | 17.00% |
Income tax expense at statutory rate | $ (130,053) | $ (136,298) |
Tax effect of non-taxable income | 0 | (11,401) |
Tax loss not recognized as deferred tax | 130,053 | 159,736 |
Income tax expense | $ 0 | $ 12,037 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Operating loss carryforward | $ 1,870,621 |
Deferred tax assets | $ 392,830 |
SINGAPORE | |
Income tax rate | 17.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transactions [Abstract] | ||
Royalty and marketing expenses | $ 0 | $ 4,827 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Purchase Commitment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Material capital commitments | $ 0 |