Aina Le'a (AIZY) 10-Q 14 Nov 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2016	Nov. 14, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Aina Le'a Inc.
Document Type	10-Q
Amendment Flag	false
Trading Symbol	aizy
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Central Index Key	1,554,923
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Well Known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		9,108,056

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Assets
Cash and cash equivalents	$ 587,986	$ 823,155
Restricted cash	85,000	85,000
Prepaid expenses	303,546	1,068,732
Total current assets	976,532	1,976,887
Real estate project in development	67,459,725	63,844,856
Restricted cash, non-current	2,000,000	2,000,000
Deposits	46,935	46,935
Other assets	1,148,146	650,162
Total other Assets	70,654,806	66,541,953
Total assets	71,631,338	68,518,840
Liabilities and shareholders' deficit
Accounts payable	3,290,553	3,201,404
Related party note and advances payable	5,474,824	5,196,296
Short-term debt, Principal	20,742,010	20,566,492
Less unamortized discount and debt issuance costs	270,063	954,013
Total Short-term debt	20,471,947	19,612,479
Current portion - contracts payable to land trust	26,171,600	26,171,600
Other liabilities	2,093,648	636,597
Total current liabilities	57,502,572	54,818,376
Long-term debt, Principal (Note 9)	10,624,181	7,863,125
Less unamortized discount and debt issuance costs	368,580	614,334
Long Term Debt	10,255,601	7,248,791
Contracts payable to land trust, net of current portion	14,293,507	13,038,574
Total long-term liabilities	24,549,108	20,287,365
Total liabilities	82,051,680	75,105,741
Shareholders' deficit
Preferred Stock, $.001 par value; authorized 10,000,000 shares; none issued and outstanding at September 30 and March 31, 2016
Common stock, $.001 par value; authorized 50,000,000 shares; 9,108,056 issued and outstanding at September 30 and March 31, 2016	9,108	9,108
Additional paid in capital	32,055,760	31,918,260
Accumulated deficit	(42,485,210)	(38,514,269)
Total shareholders' deficit	(10,420,342)	(6,586,901)
Total liabilities and shareholders' deficit	$ 71,631,338	$ 68,518,840

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Preferred Stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred Stock, authorized (shares)	10,000,000	10,000,000
Preferred Stock, issued (shares)	0	0
Preferred Stock, outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, authorized (shares)	50,000,000	50,000,000
Common stock, issued (shares)	9,108,056	9,108,056
Common stock, outstanding (shares)	9,108,056	9,108,056

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating Expenses
General and administrative	$ 1,257,417	$ 471,295	$ 1,798,226	$ 946,283
Operating loss	(1,257,417)	(471,295)	(1,798,226)	(946,283)
Interest income (expense), net	(1,218,246)	(193,056)	(2,189,651)	(193,056)
Other income (expense), net	21,794	142,093	16,936	86,556
Loss before income taxes	(2,453,869)	(522,258)	(3,970,941)	(1,052,783)
Provision for income taxes
Net loss	$ (2,453,869)	$ (522,258)	$ (3,970,941)	$ (1,052,783)
Basic and diluted net loss per share (usd per share)	$ (0.27)	$ (0.06)	$ (0.44)	$ (0.12)
Weighted average number of shares used in calculating basic and diluted loss per share	9,108,056	9,084,056	9,108,056	9,091,800

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows used in operating activities:
Net loss	$ (3,970,941)	$ (1,052,783)
Adjustments to reconcile net loss to net cash used in operating activities:
Initial public offering expense	893,381
Non-cash interest expense	1,372,714	190,816
Unrealized foreign exchange (gain) loss	(18,791)	(86,556)
Investment loss	1,854
Changes in assets and liabilities:
Real estate project in development	(996,506)	(2,844,857)
Prepaid expenses	(51,872)	(76,789)
Accounts payable	74,201	200,695
Other liabilities	121,081	77,404
Net cash used in operating activities	(2,574,879)	(3,844,070)
Cash flows from financing activities:
Loan fees paid	(7,478)	(662,082)
Net proceeds from advances and notes payable from related parties	92,658	4,873
Repayment of notes payable	(263,598)	(139,258)
Arbitration award to contractor		(2,022,000)
Proceeds from notes payable	2,561,055	5,330,496
Fees paid for initial public offering	(42,927)	(348,379)
Fees paid for issuance of common stock		(1,405,379)
Net cash provided by financing activities	2,339,710	758,271
Net increase (decrease) in cash and cash equivalents	(235,169)	(3,085,799)
Cash and cash equivalents, beginning of year	823,155	12,274,233
Cash and cash equivalents, end of year	587,986	9,188,434
Supplemental Disclosures:
Interest paid, cash	967,513	2,240
Income taxes paid
Non-cash transactions
Interest capitalized, net	2,513,698	1,459,899
Increase (decrease) in accounts payable for real estate project in development	104,665	(396,942)
Insurance financed by note payable	125,616	236,280
Debt discount applied to notes payable from share transfer	137,500
Increase (decrease) in accounts payable for initial public offering costs	21,643	128,244
Other assets related to the assumption of debt	$ 500,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1. Basis of Presentation The consolidated financial statements include the accounts of Aina Le’a, Inc. its wholly-owned subsidiaries: Lulana Gardens, LLC and Island Vista, LLC (collectively, the Company, we, our or us). The Company was incorporated in the state of Delaware in February 2012. Prior to February 2012, we operated as a Nevada limited liability company, Aina Le’a LLC (the “LLC”). The LLC was formed in April 2009 with DW Aina Le’a Development, LLC (“DW”) as its managing member and sole owner. In February 2012, the LLC was converted into Aina Le’a, Inc. pursuant to a plan of conversion. In connection with the conversion, we issued 5,500,000 shares of common stock to DW. The assets and liabilities of the LLC were recorded by us at their historical cost. We expect to eventually operate two of our “villages” through Lulana Gardens, LLC and Island Vista, LLC. We are in the business of acquiring and developing land for residential and commercial development. Our initial project is Phase 1 of the Villages of Aina Le’a (“Villages”) project located on the Kohala Coast on the “Big Island” of Hawaii. We plan to construct 384 town homes (“Lulana Gardens”) and 48 villas (“Whale’s Point”), and develop 70 single family residential lots (“Ho’olei Village”) for sale in Phase 1. We have developed substantial infrastructure and commenced construction on 64 of the town homes. We acquired an additional 1,011 acres on November 17, 2015 from Bridge Aina Le’a, LLC (“Bridge”). Marketing of the Lulana Gardens townhomes and the Ho’olei Village lots can begin once we file for and obtains the required approval of its homeowner’s association updates to its DCCA public filings and has met certain requirements of its development obligations with Hawaii County. Our registration statement for our ongoing initial public offering, for which Newbridge Securities Corporation (“Newbridge”) was approved by FINRA to serve as our exclusive placement agent in the best efforts offering, was effective as of June 30, 2016. We have since withdrawn the registration statement for our initial public offering to effectively remove Newbridge as its exclusive placement agent. We expect our shares to be traded over NASDAQ under the symbol “AIZY. As of the date of this Quarterly Report on Form 10-Q, no proceeds have been received or used from the registered offering. These unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, such unaudited condensed consolidated financial statements do not include all information and footnote disclosures required in annual financial statements. In management’s opinion, these unaudited consolidated financial statements contain all adjustments, necessary to state fairly the results for the periods presented. This Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended March 31, 2016, which was filed with the SEC on July 14, 2016. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending March 31, 2017 or any future period.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Principles of consolidation The condensed consolidated financial statements include the accounts of the Company and all its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the use of management estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Restricted cash Restricted cash consists of funds held for construction consisting of an $85,000 bond for waterline infrastructure and $2,000,000 for the road and intersection infrastructure required by Hawaii County ordinance. The Waikoloa Village Association accepted the completion of the waterline and the $85,000 was released November 3, 2016. The $2,000,000 will be used to pay the road/intersection construction costs upon approval by the Hawaii Department of Transportation. Prepaid expense Prepaid expenses consist of amounts paid in advance for which we will receive goods or services within the next normal accounting cycle. Included in prepaid expenses are initial public offering costs of $21,643 and $850,454 as of September 30 and March 31, 2016, respectively. These costs, plus costs incurred during the three months ended June 30, 2016, are associated with the registration statement withdrawn on July 29, 2016. We have reviewed the detail of these costs and determined that $893,381 in costs incurred prior to the withdrawal of the registration statement no long continue to have value to the registration statement. These costs have been expensed in the period ended September 30, 2016. Real estate project in development The real estate project in development is stated at cost. We capitalize all direct costs of the project including land acquisition, planning, design, grading, infrastructure, town home construction, landscaping, taxes, fees and direct project management. General management and administration costs are expensed as incurred. We also capitalize interest and other carrying costs used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale. During periods of extended delays, interest capitalization may be suspended, depending on the cause and duration of the delay. Interest capitalization was suspended from April 1, 2010 through March 31, 2015 due to delays caused by difficulties in gaining financing related to zoning challenges by the Hawaii State Land Use Commission (“LUC”). During the six months ended September 30, 2016 and 2015, we capitalized $2,513,698 and $1,459,899 in interest, respectively. Certain costs are allocated based on the purchase price of individual land parcels identified in the purchase and sale agreement. Land in development includes leasehold interests in land resulting from the transfer of Undivided Land Fractions (“ULFs”). Certain identified common costs are required to be allocated among the different phases of the development as it is completed. We are currently evaluating the different allocation methods before initial sales begin. Impairment of long-lived assets We perform an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that we consider indicators of impairment include significant decreases in market values and adverse changes in regulatory requirements, including environmental laws. Impairment tests for properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the use of property and its eventual disposition. Measurement of the impairment loss is based on the fair value of the asset. Generally, we determine fair value using valuation techniques such as discounted expected future cash flows. We estimate the fair value of the project based upon the expected net proceeds from the sales of the units and lots, giving consideration to selling costs, the absorption period and estimated costs to complete. Proceeds from sales of Lulana Gardens and Ho’olei Village developments are estimated based upon comparable sales transactions and give consideration to affordable housing pricing limitations where applicable. The absorption period used gives consideration to our need to raise construction funding and complete development. Estimated costs to complete are derived from estimates from our contractors and consulting engineers and give consideration to current and projected labor and materials costs. As of September 30 and March 31, 2016, we determined that no write down from the carrying value of the project was required. Other noncurrent assets Other assets at September 30, 2016 primarily includes primarily $1,150,000 related to the purchase of loans (see Note 8), and repayment terms with the contractor have not been finalized. Contracts payable to land trust In order to raise capital for the initial development of the Villages project, we sold undivided land fractions to investors from fiscal year 2009 through fiscal year 2014. The ULF agreements require that we repurchase the ULFs at a future date for a price higher than the original purchase price. Due to the repurchase provision, the ULF sales are accounted for as debt instruments, contracts payable to land trust, and the difference between the purchase price and the repurchase price is recognized over the period of the ULF as interest expense, using a method which materially approximates the effective interest method. We have acquired the beneficial interests associated with certain of the contracts payable to land trust and in accordance with terms of an agreement with the power of interest of the land trust has presented the balance due net of such amounts. Reclassifications Income taxes Income taxes are accounted for using an asset and liability approach that 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, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities 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. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. We recognize the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement . Our policy for deducting interest and penalties is to treat interest as interest expense and penalties as taxes. We have not accrued any amounts for the payment of interest or penalties related to any uncertain tax positions at September 30 and March 31, 2016, as its review of such positions indicated that such potential positions were minimal. We are subject to the examination of its tax returns by tax authorities beginning April 1, 2012. Fair Value Disclosures The carrying amounts of cash, restricted cash and trade payables approximate their fair values due to their short-term nature. The fair value of our borrowing approximate their carrying value based on our current incremental borrowing rates for similar types of borrowing arrangements. Concentrations and other risks Financial instruments that potentially subject us to concentration of credit risk consist of cash and restricted cash. Cash is held in financial institution. Restricted cash consists of $2,085,000 at September 30 and March 31, 2016. At September 30 and March 31, 2016, $1,833,810 and $1,750,000, respectively, were held in accounts not covered by FDIC insurance. We conduct our operations in the state of Hawaii, on Hawaii Island. Consequently, any significant economic downturn in the Hawaii real estate market could potentially have an effect on our business, results of operations and financial condition. We have entered into a fixed price contract with a contractor under which the contractor is to construct all the Lulana Gardens units at a fixed, per unit price. We have not obtained a performance bond from the contractor. Should the contractor fail to complete its contract or should the contractor seek price increases as a result of increased material or labor costs, we may encounter delays or cost increases which could negatively impact our ability to complete the construction, as well as the profitability, of the Lulana Gardens project. We have entered into cost plus contracts with a guaranteed maximum price with a contractor to complete certain phases of the infrastructure of Phase 1 of the Villages. We have not obtained a performance bond from the contractor. Recently issued accounting standards The FASB issued Accounting Standards Update 2014-15 "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The FASB issued Accounting Standards Update No. 2015-16 “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” The FASB issued Accounting Standards Update No. 2016-15 “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted and any amendments must be adopted in the same period. We do not expect adoption of this amendment to have an impact on our consolidated financial statements.

Going Concern

Going Concern	6 Months Ended
	Sep. 30, 2016
Going Concern
Going Concern	Note 3. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We have sustained losses and experienced negative cash flows from operations since inception, and have an accumulated deficit of $42,485,010 at September 30, 2016. These factors raise substantial doubt about our ability to continue to operate in the normal course of business as a going concern. We have funded our activities to date almost exclusively from equity and debt financings. We will continue to require substantial funds to continue development of the Villages project. Management’s plan in order to meet our operating cash flow requirements includes financing activities such as private issuances of debt, equity financing and the continued establishment of strategic relationships which we expect will lead to the completion of our revenue opportunities. While we believe that we will be successful in obtaining the necessary financing to fund our operations, there is no assurance that such additional funding will be achieved or that we will succeed in our future operations. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Related Parties and Transaction

Related Parties and Transactions	6 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Parties and Transactions	Note 4. Related Parties and Transactions The RJW/LLW Irrevocable Family Trust is the Company’s controlling shareholder and its principal beneficiary, Robert Wessels (“Wessels”), serves as the Company’s CEO. Wessels has provided personal guarantees on certain notes of the Company with an outstanding balance of approximately $9,500,000 and $8,300,000 at September 30 and March 31, 2016, respectively. From time to time Wessels has advanced funds to the Company. Such advances are repaid with an 8% interest rate beginning April 1, 2016, are due on demand and are unsecured. The principal balance owed on the note was of $2,683,176 and $2,590,518 as of September 30 and March 31, 2016, respectively. As of September 30, 2016 interest due on the principal balance was $105,870. Additionally, Wessels has personally indemnified certain sub-contractors for outstanding amounts owed by the contractors. Such amounts are not material at September 30 and March 31, 2016. Capital Asia Group Pte Ltd ("CAG") has the sole and exclusive rights to provide marketing and sales of the Company’s ULFs in Asia and Australia. This agreement is with DW and relates to the entire Villages project. A company controlled by the president of CAG holds a 1% interest in DW. In September 2012, the president of CAG loaned the Company $2,000,000. The note bears interest at 8%, is unsecured and is due upon the earlier of: (1) the Company receiving funding from certain loans, (2) when sufficient proceeds have been obtained on townhouse closings or (3) October 31, 2014, the maturity of the note. We were unable to repay the note prior to its due date of October 31, 2014, and the note continues to accrue interest. The principal balance owed on the note was $2,000,000 as of September 30 and March 31, 2016. Interest due on the principal balance was $685,778 and $605,778 as of September 30 and March 31, 2016, respectively. No commissions were paid to CAG for the three and six months ended September 30, 2016 and 2015. Richard P. Bernstein serves as secretary, is a director and shareholder of the Company, and also serves as our legal counsel. His firm, Law Offices of Richard P. Bernstein, has incurred legal fees associated with his services. For the three months ended September 30, 2016 and 2015, fees from this individual were $15,958 and $57,818, respectively. For the six months ended September 30, 2016 and 2015, fees from this individual were $33,670 and $103,361, respectively. As reflected in accounts payable, we owed this individual $254,387 and $170,182 for the periods ended September 30 and March 31, 2016, respectively. Following is a summary of note and advances to related parties: September 30, 2016 March 31, 2016 Advances from CEO $ 2,789,046 $ 2,590,518 Note Payable to CAG president 2,685,778 2,605,778 Total $ 5,474,824 $ 5,196,296

Real Estate Project in Developm

Real Estate Project in Development	6 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Project in Development	Note 5 . Real Project Development Our current real estate projects in development consist of approximately 61 acres with 384 townhomes (Lulana Gardens) and 48 luxury villas (Whale’s Point) on 38 acres, and 70 residential lots on 23 acres (Ho’olei Village) (collectively “Phase 1”). On November 17, 2015, we purchased and closed on the remaining 1,011-acres of residential property of the Villages from Bridge. Real estate project in development costs are summarized as follows: September 30, 2016 March 31, 2016 Land acquisition $ 303,04,277 $ 303,04,277 Planning, engineering and project management 12,33,900 11,84,268 Infrastructure improvements 164,54,632 153,56,590 Townhome construction 54,75,446 56,28,922 Capitalized interest, taxes and lease payments 114,66,713 89,02,594 Legal and other finance costs 25,24,757 24,68,205 Total Capitalized $ 674,59,725 $ 638,44,856 We capitalized $2,267,197 in interest cost through March 31, 2011, during active development of the land and construction of the town homes. Interest costs from April 1, 2011 through March 31, 2015 were expensed due to a substantial reduction in construction activities. The reduction in activity relates to difficulties in gaining financing due to alleged zoning issues raised by the LUC. From the inception of the project through March 31, 2015, we expensed a total of $27,746,664 in interest costs including the amortization of loan costs. We resumed normal development activities in April 2015 and capitalized $2,513,698 and $1,459,899 for the six months ended September 30, 2016 and 2015, respectively.

Contracts Payable to Land Trust

Contracts Payable to Land Trust	6 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Contracts Payable to Land Trust	Note 6. Contracts Payable to Land Trust To assist in its acquisition and development of real estate projects, we sell ULFs to investors. Through the ULF program, an investor receives a warranty deed to an undivided fractional interest in a property and then contributes the deed to a land trust (the “Trust”) in exchange for a beneficial interest in the Trust. Concurrent with the transfer of the ULF, the investor enters into a joint development agreement with the Company. Concurrently, the investor also appoints CAG as the holder of the power of direction in the Trust. The arrangement also provides for the appointment of an independent third party as trustee to manage the Trust and for the trustee to take direction from CAG. Upon completion and sale of the improvements on the property, the Trust receives a fixed sum from the Company, the trustee distributes the proceeds to the ULF investor and re-conveys the deed covering the property back to us and cancels the beneficial interest in the Trust. If the land is not sold within 30 months of the transfer of the deed to the beneficiary of the Trust, we are required to increase the fixed sum by 1% per month. Pursuant to the ULF arrangement, the Company is obligated to immediately pay to the Trust a one-time lump sum lease payment of $500 within 90 days of purchase of ULF and an additional $12,000 upon the sale of the townhouse or lot. All lease payments have been made to investors totaling $2,299,500 through September 30, 2016. As a result of construction delays during the course of the zoning litigation, the Company has not paid the $12,000 at or prior to the end of 30 months from the date of the transfer of the deed. Accordingly, the Company has accrued a penalty interest of 1% per month is due on the $9,600 original investment as required. Additionally, the Company could be removed as developer of Trust No. 1 of the Project 32 months after the last deed was delivered to the Trust. As of September 30, 2016, the last deed was delivered to the Trust on October 1, 2012. No additional deeds were to be transferred to the Trust, and as such, the Company could be removed as developer of Trust No. 1 of the Project effective April 2016. The Company has not received any notices from the Trust and does not expect to be removed as the developer. Additionally, all deeds were contributed to Trust No. 2 in November 2015. We accrete interest on the ULF proceeds over a 32-month period. If we repurchase the ULF before the 32-month period has expired, the full accreted interest for the 32-month period must be paid. ULF financial activity and position is summarized as follows: Six Months Ended September 30, 2016 2015 Accreted Interest $ 1,273,724 $ 1,267,781 September 30, 2016 March 31, 2016 ULF Principal $ 27,522,881 $ 27,541,672 ULF Interest 12,942,226 11,668,502 Un-Accreted Interest 127 2,131 Certain ULF contracts totaling $2,496,000 at September 30 and March 31, 2016 provide for us to repay the ULF holders in Singapore dollars. Based on applicable foreign exchange rates, gains of $18,790 and $86,556 were recorded for the six months ended September 30, 2016 and 2015, respectively. In March 2012, we entered into an arrangement with the power of interest in the Trust which governs how the proceeds from sales are to be distributed. Under the arrangement, as sales proceeds are received into escrow, the Company is to receive directly from escrow, prior to any payments being made to the Trust, the pro-rata share of the sales proceeds represented by the beneficial interests held by us. Based on the arrangement, we have netted the carrying value of its beneficial interests against the contract payable due to the Trust. The amounts attributable to the beneficial interests and contracts payable to land trust is summarized as follows: September 30, 2016 March 31, 2016 Contracts payable to land trust $ 62,622,907 $ 61,367,974 Beneficial interest held (22,157,800 ) (22,157,800 ) Contracts payable to land trust, net $ 40,465,107 $ 39,210,174

Net Loss per Share

Net Loss per Share	6 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Loss per Share	Note 7. Net Loss per Share There were no dilutive shares because there were no warrants or share-based awards outstanding at September 30, 2016 and 2015.

Financing Activities

Financing Activities	6 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Financing Activities	Note 8. Financing Activities Pursuant to recently issued accounting standard FASB ASU 2015-03 “ Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Short-Term Debt We have mutually agreed with American Savings Bank, F.S.B. to extend the Loan Purchase Agreement to May 15, 2017 for an extension fee which was paid on October 31, 2016. The extension also includes monthly installments that will be applied to the balance of the loan purchase. Additionally, if we are able to make a lump sum payment of the balance due under the amended Loan Purchase Agreement before December 29, 2016, there would be a waiver of an extension fee. $500,000 of the purchase agreement was removed from the condensed consolidated financial statements as of June 30, 2016 because we were in default of the original payment terms. The $500,000 has been included in the September 30, 2016 condensed consolidated financial statements as an increase in other assets due to the renegotiation. On November 12, 2015, we executed a one-year $6,000,000 land loan with Libo Zhang, a Chinese national, with the net proceeds made available for the purchase of the 1,011 residential acres acquired from Bridge. The loan is secured by a portion of Phase 1 (parcel D-1-B-1), bears interest at 12% per annum and matures on November 12, 2016. DW transferred 33,091 (23,091 and 10,000 shares in January 2016 and May 2016, respectively) of its shares in the Company to the lender as additional security to this loan. We have recorded this consideration as an additional debt discount of $455,001 based on the number of shares transferred at the per share offering price of $13.75 as listed in our registration statement. Interest of $720,000 was withheld by the lender from of the gross proceeds at funding. On November 17, 2015, we executed a three-year $14,000,000 land loan with Bridge, with the net proceeds made available for the purchase of the 1,011-acres. The loan is secured by a mortgage bearing interest at 12% per annum, payable, interest only, monthly and matures November 17, 2018. In July 2016, we did not make the required monthly interest payment on the loan with Bridge and went into default. We negotiated a Forbearance Agreement in October 2016 that has relieved monthly interest payments until March 15, 2017, with a required payment of $150,000 against accrued interest and related penalties due of $947,940 from July 1, 2016 through September 30, 2016. The loan is accruing interest at the default rate of 24%. In June 2016, we executed a maximum borrowing of $400,000 temporary bridge working capital note with Adriatic Ventures LLC. The note was reduced to $163,500, bears a 7% annual interest rate, requires a 3% loan fee for each advance against the note, and is due the earlier of December 15, 2016 or the date of the closing of a firmly underwritten public offering, as amended in October 2016. The note is personally guaranteed by the Company’s CEO. During the period, we executed one commercial premium finance agreement for an insurance policy with a maturity of less than one year. Following is a summary of the principal due and associated unamortized discount and debt issuance costs on September 30, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Short-Term Debt Libo Zhang, 12% interest, secured loan, due November 2016 $ 60,00,000 $ 2,43,492 $ 57,56,508 American Savings Bank, non-interest bearing loan purchase agreement, due May 2017 5,00,000 — 5,00,000 Bridge Aina Le'a, LLC, 24% interest, secured loan, due November 2018 140,00,000 26,571 139,73,429 Adriatic Ventures LLC, 7% interest, unsecured note, due December 2016 1,63,500 — 1,63,500 First Insurance Funding, 6.699% interest, due January 2017 78,510 — 78,510 Total $ 207,42,010 $ 2,70,063 $ 204,71,947 March 31, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Short-Term Debt Libo Zhang, 12% interest, secured loan, due November 2016 $ 60,00,000 $ 9,21,177 $ 50,78,823 American Savings Bank, non-interest bearing loan purchase agreement, due August 2016 2,00,000 — 2,00,000 Bridge Aina Le'a, LLC, 12% interest, secured loan, due November 2018 140,00,000 32,836 139,67,164 Whales Point Fund LLP, non-interest bearing loan 3,50,000 — 3,50,000 First Insurance Funding, 6.75%/6.699% interest, due September 2016 and January 2017 16,492 — 16,492 Total $ 205,66,492 $ 9,54,013 $ 196,12,479 Long-Term Debt On July 24, 2015, we executed and closed on a two-year $12,000,000 construction loan with Romspen Investment Corporation, with the net proceeds available for operations and project development. The loan is secured by the Company’s interest in a portion of Phase 1 (parcel D-1-B-2), bears interest at 12.5% per annum, payable monthly, and required advance fees of $712,112 upon the first draw. The loan requires an interest reserve of $1,250,000 to be held by the lender. The loan is personally guaranteed by the Company's CEO. We closed on a portion of the 6% interest, five-year $34,000,000 term loan with Whales Point Fund LLP on September 30, 2016, which will be funded by the EB-5 investor program. The loan will be secured by a portion of Phase 1 (parcel D-1-B-2). Interest on advanced funds is due and payable quarterly. Following is a summary of the principal due and associated unamortized discount and debt issuance costs on long-term debt September 30, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Long-Term Debt Romspen Investment Corporation, 12.5% interest, secured loan due July 2017 $ 96,24,181 $ 3,66,078 $ 92,58,103 Whales Point Fund LLP, 6% interest loan due September 30, 2021 10,00,000 2,502 9,97,498 Total $ 106,24,181 $ 3,68,580 $ 102,55,601 March 31, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Long-Term Debt Romspen Investment Corporation, 12.5% interest, secured loan due July 2017 $ 78,63,125 $ 6,14,334 $ 72,48,792

Legal Proceedings

Legal Proceedings	6 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Note 9. Legal Proceedings Mauna Lani Resort Association v. County of Hawaii, et.al. We are party to a lawsuit wherein its former parent company, DW, Relco and the County of Hawaii are party to a case in the Circuit Court of the Third Circuit State of Hawaii ( See Mauna Lani Resort Ass’n. v. County Planning Department of Hawaii, et. al, No. 11-01-005K In addition to the above, from time to time, we may be involved in various legal actions in the ordinary course of our business.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation The condensed consolidated financial statements include the accounts of the Company and all its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the use of management estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Restricted Cash	Restricted cash Restricted cash consists of funds held for construction consisting of an $85,000 bond for waterline infrastructure and $2,000,000 for the road and intersection infrastructure required by Hawaii County ordinance. The Waikoloa Village Association accepted the completion of the waterline and the $85,000 was released November 3, 2016. The $2,000,000 will be used to pay the road/intersection construction costs upon approval by the Hawaii Department of Transportation.
Prepaid Expense	Prepaid expense Prepaid expenses consist of amounts paid in advance for which we will receive goods or services within the next normal accounting cycle. Included in prepaid expenses are initial public offering costs of $21,643 and $850,454 as of September 30 and March 31, 2016, respectively. These costs, plus costs incurred during the three months ended June 30, 2016, are associated with the registration statement withdrawn on July 29, 2016. We have reviewed the detail of these costs and determined that $893,381 in costs incurred prior to the withdrawal of the registration statement no long continue to have value to the registration statement. These costs have been expensed in the period ended September 30, 2016.
Real Estate Project in Development	Real estate project in development The real estate project in development is stated at cost. We capitalize all direct costs of the project including land acquisition, planning, design, grading, infrastructure, town home construction, landscaping, taxes, fees and direct project management. General management and administration costs are expensed as incurred. We also capitalize interest and other carrying costs used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale. During periods of extended delays, interest capitalization may be suspended, depending on the cause and duration of the delay. Interest capitalization was suspended from April 1, 2010 through March 31, 2015 due to delays caused by difficulties in gaining financing related to zoning challenges by the Hawaii State Land Use Commission (“LUC”). During the six months ended September 30, 2016 and 2015, we capitalized $2,513,698 and $1,459,899 in interest, respectively. Certain costs are allocated based on the purchase price of individual land parcels identified in the purchase and sale agreement. Land in development includes leasehold interests in land resulting from the transfer of Undivided Land Fractions (“ULFs”). Certain identified common costs are required to be allocated among the different phases of the development as it is completed. We are currently evaluating the different allocation methods before initial sales begin.
Impairment of long-lived assets	Impairment of long-lived assets We perform an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that we consider indicators of impairment include significant decreases in market values and adverse changes in regulatory requirements, including environmental laws. Impairment tests for properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the use of property and its eventual disposition. Measurement of the impairment loss is based on the fair value of the asset. Generally, we determine fair value using valuation techniques such as discounted expected future cash flows. We estimate the fair value of the project based upon the expected net proceeds from the sales of the units and lots, giving consideration to selling costs, the absorption period and estimated costs to complete. Proceeds from sales of Lulana Gardens and Ho’olei Village developments are estimated based upon comparable sales transactions and give consideration to affordable housing pricing limitations where applicable. The absorption period used gives consideration to our need to raise construction funding and complete development. Estimated costs to complete are derived from estimates from our contractors and consulting engineers and give consideration to current and projected labor and materials costs. As of September 30 and March 31, 2016, we determined that no write down from the carrying value of the project was required.
Other Noncurrent Assets	Other noncurrent assets Other assets at September 30, 2016 primarily includes primarily $1,150,000 related to the purchase of loans (see Note 8), and repayment terms with the contractor have not been finalized.
Contracts Payable to Land Trust	Contracts payable to land trust In order to raise capital for the initial development of the Villages project, we sold undivided land fractions to investors from fiscal year 2009 through fiscal year 2014. The ULF agreements require that we repurchase the ULFs at a future date for a price higher than the original purchase price. Due to the repurchase provision, the ULF sales are accounted for as debt instruments, contracts payable to land trust, and the difference between the purchase price and the repurchase price is recognized over the period of the ULF as interest expense, using a method which materially approximates the effective interest method. We have acquired the beneficial interests associated with certain of the contracts payable to land trust and in accordance with terms of an agreement with the power of interest of the land trust has presented the balance due net of such amounts.
Reclassifications	Reclassifications Certain prior period financial statement amounts been reclassified to conform to the current period presentation. We have also revised classification of certain cash flow statement items for the period ended September 30, 2015 which reduced cash used in operating activity by $1,893,016, from $5,737,086 to $3,844,070, and decreased cash provided by financing activities by $1,893,016, from $2,651,287 to $758,271.
Income Taxes	Income taxes Income taxes are accounted for using an asset and liability approach that 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, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities 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. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. We recognize the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement . Our policy for deducting interest and penalties is to treat interest as interest expense and penalties as taxes. We have not accrued any amounts for the payment of interest or penalties related to any uncertain tax positions at September 30 and March 31, 2016, as its review of such positions indicated that such potential positions were minimal. We are subject to the examination of its tax returns by tax authorities beginning April 1, 2012.
Fair Value Disclosures	Fair Value Disclosures The carrying amounts of cash, restricted cash and trade payables approximate their fair values due to their short-term nature. The fair value of our borrowing approximate their carrying value based on our current incremental borrowing rates for similar types of borrowing arrangements.
Concentrations and other Risks	Concentrations and other risks Financial instruments that potentially subject us to concentration of credit risk consist of cash and restricted cash. Cash is held in financial institution. Restricted cash consists of $2,085,000 at September 30 and March 31, 2016. At September 30 and March 31, 2016, $1,833,810 and $1,750,000, respectively, were held in accounts not covered by FDIC insurance. We conduct our operations in the state of Hawaii, on Hawaii Island. Consequently, any significant economic downturn in the Hawaii real estate market could potentially have an effect on our business, results of operations and financial condition. We have entered into a fixed price contract with a contractor under which the contractor is to construct all the Lulana Gardens units at a fixed, per unit price. We have not obtained a performance bond from the contractor. Should the contractor fail to complete its contract or should the contractor seek price increases as a result of increased material or labor costs, we may encounter delays or cost increases which could negatively impact our ability to complete the construction, as well as the profitability, of the Lulana Gardens project. We have entered into cost plus contracts with a guaranteed maximum price with a contractor to complete certain phases of the infrastructure of Phase 1 of the Villages. We have not obtained a performance bond from the contractor.
Recently Issued Accounting Standards	Recently issued accounting standards The FASB issued Accounting Standards Update 2014-15 "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The FASB issued Accounting Standards Update No. 2015-16 “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” The FASB issued Accounting Standards Update No. 2016-15 “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments” This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted and any amendments must be adopted in the same period. We do not expect adoption of this amendment to have an impact on our consolidated financial statements.

Related Parties and Transacti16

Related Parties and Transactions (Tables)	6 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of Note and Advances Payable to Related Parties	Following is a summary of note and advances to related parties: September 30, 2016 March 31, 2016 Advances from CEO $ 2,789,046 $ 2,590,518 Note Payable to CAG president 2,685,778 2,605,778 Total $ 5,474,824 $ 5,196,296

Real Estate Project in Develo17

Real Estate Project in Development (Tables)	6 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Summary of Real Estate Project Under Development	September 30, 2016 March 31, 2016 Land acquisition $ 303,04,277 $ 303,04,277 Planning, engineering and project management 12,33,900 11,84,268 Infrastructure improvements 164,54,632 153,56,590 Townhome construction 54,75,446 56,28,922 Capitalized interest, taxes and lease payments 114,66,713 89,02,594 Legal and other finance costs 25,24,757 24,68,205 Total Capitalized $ 674,59,725 $ 638,44,856

Contracts Payable to Land Tru18

Contracts Payable to Land Trust (Tables)	6 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Schedule of Gross Amounts of Beneficial Interests and Net Amounts of Contracts Payable to Land Trust	Six Months September 30, 2016 2015 Accreted Interest $ 1,273,724 $ 1,267,781 September 30, 2016 March 31, 2016 ULF Principal $ 275,22,881 $ 275,41,672 ULF Interest 129,42,226 116,68,502 Un-Accreted Interest 127 2,131 September 30, 2016 March 31, 2016 Contracts payable to land trust $ 62,622,907 $ 61,367,974 Beneficial interest held (22,157,800 ) (22,157,800 ) Contracts payable to land trust, net $ 40,465,107 $ 39,210,174

Financing Activities (Tables)

Financing Activities (Tables)	6 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Short-term Debt [Table Text Block]	Following is a summary of the principal due and associated unamortized discount and debt issuance costs on September 30, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Short-Term Debt Libo Zhang, 12% interest, secured loan, due November 2016 $ 60,00,000 $ 2,43,492 $ 57,56,508 American Savings Bank, non-interest bearing loan purchase agreement, due May 2017 5,00,000 — 5,00,000 Bridge Aina Le'a, LLC, 24% interest, secured loan, due November 2018 140,00,000 26,571 139,73,429 Adriatic Ventures LLC, 7% interest, unsecured note, due December 2016 1,63,500 — 1,63,500 First Insurance Funding, 6.699% interest, due January 2017 78,510 — 78,510 Total $ 207,42,010 $ 2,70,063 $ 204,71,947 March 31, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Short-Term Debt Libo Zhang, 12% interest, secured loan, due November 2016 $ 60,00,000 $ 9,21,177 $ 50,78,823 American Savings Bank, non-interest bearing loan purchase agreement, due August 2016 2,00,000 — 2,00,000 Bridge Aina Le'a, LLC, 12% interest, secured loan, due November 2018 140,00,000 32,836 139,67,164 Whales Point Fund LLP, non-interest bearing loan 3,50,000 — 3,50,000 First Insurance Funding, 6.75%/6.699% interest, due September 2016 and January 2017 16,492 — 16,492 Total $ 205,66,492 $ 9,54,013 $ 196,12,479
Schedule of Long-term Debt [Table Text Block]	Following is a summary of the principal due and associated unamortized discount and debt issuance costs on long-term debt September 30, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Long-Term Debt Romspen Investment Corporation, 12.5% interest, secured loan due July 2017 $ 96,24,181 $ 3,66,078 $ 92,58,103 Whales Point Fund LLP, 6% interest loan due September 30, 2021 10,00,000 2,502 9,97,498 Total $ 106,24,181 $ 3,68,580 $ 102,55,601 March 31, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Long-Term Debt Romspen Investment Corporation, 12.5% interest, secured loan due July 2017 $ 78,63,125 $ 6,14,334 $ 72,48,792

Basis of Presentation (Details

Basis of Presentation (Details Narrative)	1 Months Ended
	Feb. 28, 2012shares	Sep. 30, 2016aVillaResidentialtownhomeshares	Mar. 31, 2016shares	Nov. 17, 2015a
Basis Of Presentation And Organization [Line Items]
Common stock, issued (shares) | shares		9,108,056	9,108,056
Common stock, outstanding (shares) | shares		9,108,056	9,108,056
Lulana Gardens [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | townhome		384
Number of acres		61
Whales Point [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | Villa		48
Number of acres		38
Hoolei Village [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | Villa		70
Number of acres		23
Number of properties intends to develop | Residential		70
Asset under Construction [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | townhome		64
Residential Real Estate [Member]
Basis Of Presentation And Organization [Line Items]
Number of acres				1,011
DW Aina Lea [Member]
Basis Of Presentation And Organization [Line Items]
Common stock shares issued in connection with conversion (shares) | shares	5,500,000

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Summary Of Significant Accounting Policies Details Narrative
Restricted cash	$ 85,000	$ 85,000

Related Parties and Transacti22

Related Parties and Transactions (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2012	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Capital Asia Group Pte Ltd President [Member]
Related Party Transaction [Line Items]
Loan amount	$ 2,000,000
Note, interest rate percentage	8.00%
Loan maturity description				The note bears interest at 8%, is unsecured and is due upon the earlier of: (1) the Company receiving funding from certain loans, (2) when sufficient proceeds have been obtained on townhouse closings or (3) October 31, 2014, the maturity of the note. The Company was unable to repay the note prior to its due date of October 31, 2014, and the note continues to accrue interest.
Related party note and advances payable		$ 2,685,778		$ 2,685,778		$ 2,605,778
Commissions paid				0
Consulting Fees [Member] | Immediate Family Member of Management or Principal Owner [Member]
Related Party Transaction [Line Items]
Related party transaction, amount		15,958	$ 57,818	33,670	$ 103,361
Advances payable to related parties		254,387	$ 170,182	254,387	$ 170,182
Chief Executive Officer Personal Guarantee [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Notes payable		9,500,000		9,500,000		8,300,000
Advances From Related Parties [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Advances payable to related parties, current		2,789,046		2,789,046		2,590,518
Advances From Related Parties [Member] | Dw Aina Lea And Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Advances payable to related parties, current		$ 2,683,176		$ 2,683,176		$ 2,590,518

Related Parties and Transacti23

Related Parties and Transactions (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Related Party Transaction [Line Items]
Related party note and advances payable	$ 5,474,824	$ 5,196,296
Capital Asia Group Pte Ltd President [Member]
Related Party Transaction [Line Items]
Note payable to CAG president	2,685,778	2,605,778
Advances From Related Parties [Member] | Dw Aina Lea And Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Advances from officers or stockholders	2,683,176	2,590,518
Advances From Related Parties [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Advances from officers or stockholders	$ 2,789,046	$ 2,590,518

Real Estate Project in Develo24

Real Estate Project in Development (Details Narrative)	1 Months Ended	6 Months Ended
	Sep. 30, 2011USD ($)	Sep. 30, 2016USD ($)aVillatownhome	Sep. 30, 2015USD ($)	Nov. 17, 2015a
Lulana Gardens [Member]
Real Estate Properties [Line Items]
Number of acres		61
Number of real estate properties | townhome		384
Whales Point [Member]
Real Estate Properties [Line Items]
Number of acres		38
Number of real estate properties | Villa		48
Hoolei Village [Member]
Real Estate Properties [Line Items]
Number of acres		23
Number of real estate properties | Villa		70
Land and Land Improvements [Member]
Real Estate Properties [Line Items]
Capitalized interest cost | $	$ 2,267,197	$ 2,267,197
Interest costs including amortization of loan costs | $			$ 27,746,664
Asset under Construction [Member]
Real Estate Properties [Line Items]
Number of real estate properties | townhome		64
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Number of acres				1,011

Real Estate Project in Develo25

Real Estate Project in Development (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Real Estate [Abstract]
Land acquisition	$ 30,304,277	$ 30,304,277
Planning, engineering and project management	1,217,028	1,184,268
Infrastructure	16,454,632	15,356,590
Townhome construction	5,475,446	5,628,922
Capitalized interest, taxes and lease payments	11,466,713	8,902,594
Legal and other finance costs	2,524,757	2,468,205
Total capitalized	$ 67,459,725	$ 63,844,856

Contracts Payable to Land Tru26

Contracts Payable to Land Trust (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Real Estate Properties [Line Items]
Foreign exchange gain	$ 18,791	$ 86,556
Undivided Land Fractions [Member]
Real Estate Properties [Line Items]
Accreted interest period	30 months	32 months
Contracts payable principal amount	$ 27,546,529		$ 27,541,672
Contracts payable interest amount	12,304,229		11,668,502
Unaccreted interest	659		$ 2,131
Singapore, Dollars | Undivided Land Fractions [Member]
Real Estate Properties [Line Items]
Total contract cost	$ 2,496,000	$ 2,496,000

Contracts Payable to Land Tru27

Contracts Payable to Land Trust (Details) - Land Trust [Member] - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Summary of Investment Holdings [Line Items]
Contracts payable to land trust	$ 62,622,907	$ 61,367,974
Beneficial Interest held	(22,157,800)	(22,157,800)
Contracts payable to land trust, net	$ 40,465,107	$ 39,210,174

Financing (Details)

Financing (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015
Short-term debt	$ 20,742,010	$ 20,566,492
Long-term debt	10,624,181	7,863,125
Bridge Aina Le'a, LLC [Member]
Short-term debt	14,000,000
Libo Zhang [Member]
Short-term debt	6,000,000	6,000,000
American Savings Bank [Member]
Short-term debt	500,000	200,000
Adriatic Ventures LLC [Member]
Short-term debt	163,500
First Insurance Funding [Member]
Short-term debt	78,510	16,492
Whales Point Fund LLP [Member]
Short-term debt		$ 350,000
Long-term debt	1,000,000
Bridge Aina Le'a, LLC [Member]
Long-term debt	14,000,000		$ 14,000,000
Romspen Investment Corporation [Member]
Long-term debt	$ 9,624,181		$ 9,624,181