Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Oct. 09, 2014 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | eBullion, Inc. | |
Entity Central Index Key | 1,573,766 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Type | 10-K | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 6,977,684 | |
Entity Common Stock, Shares Outstanding | 512,600,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 | |
Current Assets: | |||
Cash | $ 2,513,423 | $ 808,039 | |
Commissions receivable | 118,298 | 34,125 | |
Deposits and prepaid expenses | 52,452 | 58,368 | |
Prepaid income taxes | $ 41,396 | 96,305 | |
Loan receivable from eBullion trade | 997,049 | ||
Total current assets | $ 2,725,569 | 1,993,886 | |
Noncurrent Assets: | |||
Deposits and prepaid expenses | 223,470 | 219,913 | |
Equipment, net | 225,131 | 305,842 | |
Deferred income taxes | 10,522 | 150 | |
Total noncurrent assets | 459,123 | 525,905 | |
Total assets | 3,184,692 | 2,519,791 | |
Current Liabilities: | |||
Accounts payable and accrued liabilities | 35,048 | 66,658 | |
Customer deposits | 92,613 | 38,990 | |
Income taxes | 145,883 | 40,091 | |
Total current liabilities | 273,544 | 145,739 | |
Total liabilities | $ 273,544 | $ 145,739 | |
Commitments | |||
Shareholders' Equity | |||
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 512,600,000 shares issued and outstanding (1) | [1] | $ 51,260 | $ 51,260 |
Additional paid in capital (1) | [1] | 1,477,404 | 1,477,404 |
Retained earnings | 1,383,704 | 846,405 | |
Accumulated other comprehensive loss | (1,220) | (1,017) | |
Total shareholders' equity | 2,911,148 | 2,374,052 | |
Total liabilities and shareholders' equity | $ 3,184,692 | $ 2,519,791 | |
[1] | The capital accounts of the Company have been restated to reflect the 10 for 1 stock split which was effective in March 2015. See Note 12 for further discussion. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Financial Position [Abstract] | |||
Common stock, Par value | [1] | $ 0.0001 | $ 0.0001 |
Common stock, Shares authorized | [1] | 1,000,000,000 | 1,000,000,000 |
Common stock, Shares issued | [1] | 512,600,000 | 512,600,000 |
Common stock, Shares outstanding | [1] | 512,600,000 | 512,600,000 |
[1] | The capital accounts of the Company have been restated to reflect the 10 for 1 stock split which was effective in March 2015. See Note 12 for further discussion. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
REVENUES | |||
Commission revenue | $ 3,060,058 | $ 2,963,889 | |
EXPENSES | |||
General and administrative | 1,651,742 | 2,036,420 | |
Employee compensation and benefits | 773,132 | 792,498 | |
Depreciation and amortization | 80,666 | 80,339 | |
Total expenses | 2,505,540 | 2,909,257 | |
INCOME FROM OPERATIONS | 554,518 | $ 54,632 | |
OTHER INCOME | |||
Rental income | 115,689 | ||
Interest income, net | 2,616 | $ 439 | |
Total other income | 118,305 | 439 | |
INCOME BEFORE INCOME TAXES | 672,823 | 55,071 | |
INCOME TAX PROVISION (BENEFIT) | |||
Current | 145,896 | 40,091 | |
Deferred | (10,372) | (9,443) | |
Total income tax provision | 135,524 | 30,648 | |
NET INCOME | 537,299 | 24,423 | |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Foreign currency translation | (203) | 1,231 | |
COMPREHENSIVE INCOME | $ 537,096 | $ 25,654 | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic and diluted (1) | [1] | 512,600,000 | 512,600,000 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE | |||
Basic and diluted earnings per common share | $ 0 | $ 0 | |
[1] | The Company's weighted average common shares outstanding for both basic and diluted earnings per share have been restated for the effects of the 10 for 1 stock split which was effective in March 2015. See Note 12 for further discussion. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |
Beginning balance at Mar. 31, 2013 | [1] | $ 2,129,412 | $ 50,760 | $ 1,258,918 | $ 821,982 | $ (2,248) |
Beginning balance, shares at Mar. 31, 2013 | [1] | 507,600,000 | ||||
Proceeds from private placement | [1] | 240,044 | $ 500 | 239,544 | ||
Proceeds from private placement, shares | [1] | 5,000,000 | ||||
Recapitalization | (21,058) | $ (21,058) | ||||
Net income | 24,423 | $ 24,423 | ||||
Foreign currency translation adjustment | 1,231 | $ 1,231 | ||||
Ending balance at Mar. 31, 2014 | [1] | 2,374,052 | $ 51,260 | $ 1,477,404 | $ 846,405 | $ (1,017) |
Ending balance, shares at Mar. 31, 2014 | [1] | 512,600,000 | ||||
Net income | 537,299 | $ 537,299 | ||||
Foreign currency translation adjustment | (203) | $ (203) | ||||
Ending balance at Mar. 31, 2015 | [1] | $ 2,911,148 | $ 51,260 | $ 1,477,404 | $ 1,383,704 | $ (1,220) |
Ending balance, shares at Mar. 31, 2015 | [1] | 512,600,000 | ||||
[1] | The capital accounts of the Company have been restated to reflect the 10 for 1 stock split which was effective in March 2015. See Note 12 for further discussion. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
OPERATING ACTIVITIES: | ||
Net income | $ 537,299 | $ 24,423 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 80,666 | 80,339 |
Changes in operating assets and liabilities: | ||
Commissions receivable | (84,170) | 356,620 |
Deposits and prepaid expenses | 2,459 | 76,910 |
Accounts payable and accrued liabilities | (32,399) | 56,313 |
Customer deposits | 53,613 | (230,697) |
Prepaid income taxes | 54,950 | (96,304) |
Income taxes payable | 105,787 | (3,618) |
Deferred income taxes | (10,372) | (9,443) |
Net cash provided by operating activities | $ 707,833 | 254,543 |
INVESTING ACTIVITIES: | ||
Purchase of equipment | (50,921) | |
Loan receivable from eBullion Trade | $ 997,500 | (997,037) |
Net cash provided by (used in) investing activities | $ 997,500 | (1,047,958) |
FINANCING ACTIVITIES: | ||
Bank overdraft | (55,324) | |
Net proceeds from private placement | 240,044 | |
Net cash provided by financing activities | 184,720 | |
NET INCREASE (DECREASE) IN CASH | $ 1,705,333 | (608,695) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 51 | 1,104 |
Cash, beginning of period | 808,039 | 1,415,630 |
Cash, end of period | 2,513,423 | 808,039 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for income taxes | $ 241,054 | $ 140,013 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Mar. 31, 2015 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation eBullion, Inc. (“eBullion” or “the Company”) was incorporated in Delaware on January 28, 2013. On April 3, 2013, the Company’s shareholders exchanged 100% of their shares for 100% of the shares of Man Loong Bullion Company Limited (“Man Loong”) a company which was incorporated in Hong Kong in 1974, and in 2007, was re-registered under Hong Kong law as a limited liability company. Upon completion of this transaction, Man Loong became a 100% owned subsidiary of eBullion. This transaction was accounted for as a reverse take-over. The Company provides trading services for gold and silver trading positions on Man Loong’s proprietary, 24-hour electronic trading platform, and its telephone transaction system located in Hong Kong. The Company is licensed through the Chinese Gold and Silver Exchange Society (“CGSE”) a self-regulatory organization located in Hong Kong which acts as an exchange for the trading of Kilo gold and Loco London gold and silver price indices quoted on the London Metals Exchange. The Company is not a counter party for trades entered through its trading platform and telephone transaction system, and instead, contracts with agents who pay Man Loong a fixed commission on each trade that the Company executes for its agents and their customers. Basis of Presentation Principles of Consolidation |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Changes in these estimates are recorded when known. Significant estimates made by management include: · Valuation of assets and liabilities · Useful lives of equipment · Accounting for transactions with variable interest entities · Other matters that affect the reported amounts and disclosures of contingencies in the consolidated financial statements. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to amounts reported in the previous periods to conform to the current presentation. Such reclassifications had no effect on net income Revenue Recognition Revenue Recognition Advertising Advertising costs are incurred for the production and communication of advertising, as well as other marketing activities. The Company expenses the cost of advertising as incurred. The Company did not capitalize any production costs associated with advertising for the years ended March 31, 2015 and 2014. The total amount charged to advertising expense was $65,213 and $1,702 for the years ended March 31, 2015 and 2014, respectively. Cash and cash equivalents Cash and cash equivalents consist primarily of cash on deposit, certificates of deposits, money market accounts, and investment grade commercial paper that are readily convertible to cash and purchased with original maturities of three months or less. As of March 31, 2015 and 2014, the Company had no cash equivalents. Fair Value of Financial Instruments ASC 820, “ Fair Value Measurements The standard establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the standard are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and U.S. government treasury securities. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter forwards, options and repurchase agreements. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. Level 3 instruments include those that may be more structured or otherwise tailored to customers’ needs. Commissions Receivable Commissions receivable represent commissions to be collected from agents for their customers’ trades executed across Man Loong’s electronic trade platform and telephone transaction system through the balance sheet date. Commissions receivable are typically remitted to the Company within 30 days of trade execution. The Company has not historically incurred credit losses on these commissions receivable. As of March 31, 2015 and 2014, the Company has no reserve for credit losses nor has it incurred any bad debts for the years then ended. Deposits and Prepaid Expenses The Company records goods and services paid for but not received until a future date as deposits and prepaid expenses. These primarily include deposits and prepayments for occupancy related expenses. Deposit or prepaid expenses which will be realized more than 12 months past the balance sheet date are classified as non-current assets in the accompanying consolidated balance sheets. Equipment Equipment is stated at cost. The cost of an asset consists of its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Equipment is depreciated using the straight-line method over the estimated useful lives of the assets as follows: Office equipment 5 years Furniture and fixtures 5 years Computer equipment 5 years Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized. Gain or loss on disposal of equipment is the difference between net sales proceeds and the carrying amount of the relevant assets, if any, and is recognized as income or loss in the accompanying consolidated statements of comprehensive income. Variable Interest Entity · The power to direct activities that most significantly impact the entity’s economic performance · The obligation to absorb the expected losses of the entity · The right to receive the expected residual returns. A VIE is required to be consolidated by a reporting entity if it has a controlling financial interest in the VIE. A reporting entity is deemed to have a controlling financial interest in a VIE if it both has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive economic benefits from the VIE that could potentially be significant to the VIE. Reporting Currency and Foreign Currency Translation As of and for the years ended March 31, 2015 and 2014, the accounts of the Company were maintained in their functional currencies, which is the U.S. dollar for eBullion and the Hong Kong dollar ("HK dollar") for Man Loong. The financial statements of Man Loong have been translated into U.S. dollars which is its reporting currency. All assets and liabilities of Man Loong are translated at the exchange rate on the balance sheet date, shareholders’ equity is translated at historical rates and the statements of comprehensive income, and statements of cash flows are translated at the weighted average exchange rate for the periods. The resulting translation adjustments for the period are reported under other comprehensive income and accumulated translation adjustments are reported as a separate component of shareholders’ equity. Foreign exchange rates used: 2015 2014 Year-end USD/HK$ exchange rate 7.7542 7.7570 Average USD/HK$ exchange rate 7.7535 7.7571 Long-Lived Assets Accounts payable and accrued liabilities Accounts payable and accrued liabilities at March 31, 2015 and 2014 primarily consist of accrued statutory bonus payable to employees in Hong Kong, audit fees payable to the Company’s auditors and accountants and legal fees payable to the Company’s legal counsel. Customer Deposits Customer deposits at March 31, 2015 and 2014 were accepted pursuant to the Company’s agreements with certain of its independent agents. Under terms of those agreements, the Company accepts margin deposits for certain of the agents’ customers who prefer that the Company hold those deposits. If an agent’s customer suffers a trading loss equaling 80% or more of the customers’ deposit balance, the customer is required to increase the balance of his deposit or the customer’s trading position is closed and the remaining deposit balance is remitted to the agent in order to fund the customer’s trading losses. Accordingly, the Company had no risk of loss related to customer deposits at March 31, 2015 and 2014. Accumulated Other Comprehensive Income (Loss) The Company’s accumulated other comprehensive income (loss) as March 31, 2015 and 2014 consist of adjustments resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. Rental Income Rental income consists of rent charged for a portion of Man Loong’s office facility which is leased on a short term lease arrangement. Agreed rental payments were $11,350 per month from April 1, 2014 until January 1, 2015, when the rent was reduced to $4,514 per month. The lease arrangement expired on March 31, 2015. Though not subject to a formal lease agreement, in April 2015, Man Loong extended the lease arrangement for a further 2 months, with agreed rental payments of $4,514 per month. For the years ended March 31, 2015 and 2014, Man Loong recognized $115,689 and $0, respectively of rental income in the accompanying statements of comprehensive income. Income Taxes The Company utilizes ASC 740, Income Taxes The Company has adopted the provisions of the interpretation, of ASC 740, Accounting for Uncertainty in Income Taxes We have not provided for U.S. income and foreign withholding taxes on approximately $696,000 of Man Loong’s undistributed earnings for the year ended March 31, 2015, because such earnings have been retained and reinvested by Man Loong. The Company does not intend to require Man Loong to pay dividends for the foreseeable future and so additional income taxes and applicable withholding taxes that would result from the repatriation of such earnings are not practicably determinable. Earnings per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, Earnings Per Share Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stocks using the treasury stock method and the potential shares of converted common stock associated with the convertible debt using the if-converted method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS. The Company does not have any securities that may potentially dilute its basic earnings per share. Effective March 12, 2015, the Company effected a 10 for 1 stock split, whereby it exchanged 10 of its shares for every 1 share issued at outstanding before the split. Following the share split, the Company has 512,600,000 shares issued and outstanding. All share and per share amounts for the prior period have been retroactively restated to give effect of the 10 for 1 share split. Comprehensive Income Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains or losses resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. Recently Adopted Accounting Standards In March 2014, we adopted ASU 2013-05, Foreign Currency Matters (Topic 830), Parent’s Accounting for Cumulative Translation Adjustments Upon Derecognition of Certain Subsidiaries or Groups of Assets Within a Foreign Entity or an Investment in a Foreign Entity. In March 2014, we adopted ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists Recent Accounting Pronouncements Amendments to the Consolidation Analysis. In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires the Company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company is evaluating its existing revenue recognition policies to determine whether any contracts in the scope of the guidance will be materially affected by the new requirements. The effects may include identifying performance obligations in existing arrangements, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective beginning with the first quarter of the Company's 2018 fiscal year. Early adoption is not permitted. The adoption of ASU 2014-09 is not expected to have a material effect on the Company’s consolidated financial statements. |
Deposits and Prepaid Expenses
Deposits and Prepaid Expenses | 12 Months Ended |
Mar. 31, 2015 | |
Deposits and Prepaid Expenses [Abstract] | |
Deposits and Prepaid Expenses | 3. Deposits and Prepaid Expenses Deposits and prepaid expenses consisted of the following as of March 31, 2015 and 2014: 2015 2014 Current Prepaid rent and occupancy expenses $ 52,452 $ 58,368 52,452 58,368 Noncurrent Rent and occupancy deposits 223,470 219,913 Total deposits and prepaid expenses $ 223,470 $ 278,281 |
Loan Receivable from eBullion T
Loan Receivable from eBullion Trade | 12 Months Ended |
Mar. 31, 2015 | |
Loan receivable from eBullion Trade [Abstract] | |
Loan receivable from eBullion Trade | 4. Loan receivable from eBullion Trade In July 2013, the Company’s wholly-owned subsidiary Man Loong, loaned eBullion Trade Company Limited (“eBullion Trade”) $997,049 (RMB 6,100,000). eBullion Trade is a development stage entity pursuing a license in the Peoples’ Republic of China for the purpose of engaging in trading silver contracts as an electronic trading member of the Guangdong Precious Metal Exchange (“GPME”). The Company determined that the loan to eBullion Trade gave the Company a variable interest in eBullion Trade and that eBullion Trade is a variable interest entity (“VIE”) because the equity investor of eBullion Trade on the date of the loan lacked sufficient equity at risk to finance its activities without the loan. However, the Company determined that it was not the primary beneficiary of the VIE, because Man Loong did not have the power to direct the activities of the VIE that significantly impacted its economic performance. Accordingly, the Company has not consolidated eBullion Trade into its consolidated financial statements. The loan was unsecured, bore no interest and matured on April 17, 2014. Under terms of the loan, in the event that eBullion Trade’s GPME application was approved, it had the option to repay the loan in cash or by transferring 100% of its outstanding stock to Man Loong. In April 2014, eBullion Trade informed Man Loong that it intended to repay the loan in cash in accordance with the terms of the loan agreement, and the loan was repaid in full on May 2, 2014. |
Equipment
Equipment | 12 Months Ended |
Mar. 31, 2015 | |
Equipment [Abstract] | |
Equipment | 5. Equipment Equipment, including leasehold improvements, consisted of the following as of March 31, 2015 and 2014: 2015 2014 Office equipment $ 305,557 $ 305,557 Computer equipment 41,546 41,546 Furniture and fixtures 56,117 56,117 403,220 403,220 Less: Accumulated depreciation (178,089 ) (97,378 ) Equipment, net $ 225,131 $ 305,842 Depreciation expense was $80,666 and $80,339 for the years ended March 31, 2015 and 2014, respectively, and was recorded as depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. |
Customer Deposits
Customer Deposits | 12 Months Ended |
Mar. 31, 2015 | |
Customer Deposits [Abstract] | |
Customer Deposits | 6. Customer Deposits Customer deposits were $92,613 and $38,990 at March 31, 2015 and 2014, respectively, and were recorded as a current liability in the accompanying consolidated balance sheets. |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Mar. 31, 2015 | |
General and Administrative Expenses [Abstract] | |
General and Administrative Expenses | 7. General and Administrative Expenses General and administrative expenses consist of the following for the years ended March 31, 2015 and 2014. 2015 2014 Marketing expenses $ 296,072 $ 758,762 Trading platform rent 188,357 141,204 Transportation 68,302 98,681 Internet 24,186 18,680 Travel and entertainment 34,159 67,030 Computers and software 36,786 39,686 Legal and professional 210,362 182,747 Licenses 3,165 5,021 Occupancy 591,452 591,652 Advertising 69,668 1,702 Other taxes 1,050 - Other 128,183 131,256 Total general and administrative expense $ 1,651,742 $ 2,036,421 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes Income before income taxes as shown in the accompanying consolidated statements of comprehensive income is summarized below for the years ended March 31, 2015 and 2014. 2015 2014 United States $ (158,746 ) $ (135,963 ) Hong Kong 831,569 191,034 Income before income taxes $ 672,823 $ 55,071 Under Hong Kong Profits Tax Law the Company is subject to profits tax at a statutory rate of 16.5% on income reported in its statutory financial statements after appropriate tax adjustments. The income tax provision (benefit) consists of the following for the years ended March 31, 2015 and 2014: 2015 2014 Current: United States $ - $ - Hong Kong 145,896 40,091 Total current provision 145,896 40,091 Deferred: United States - - Hong Kong (10,372 ) (9,443 ) Total deferred benefit (10,372 ) (9,443 ) Total income tax provision $ 135,524 $ 30,648 The reconciliation of the income tax provision to the amount computed by applying the U.S. statutory federal income tax rate to income before income taxes is as follows: 2015 2014 Income tax provision at the U.S. statutory tax rate $ 228,759 $ 18,724 Valuation allowance on U.S. net operating loss carryforwards 53,974 46,227 Impact of foreign operations (145,525 ) (33,431 ) Other (1,684 ) (872 ) Income tax provision $ 135,524 $ 30,648 At March 31, 2015, we had U.S. net operating loss carryforwards of approximately $316,000 which expire in 2035. Based on the available evidence, it is uncertain whether future U.S. taxable income will be sufficient to offset the estimated net loss carryforwards, accordingly, we have recorded a valuation allowance of approximately $107,000 as of March 31 2015. As March 31, 2015 and 2014, the Company’s and Man Loong’s differences between the book and tax basis of equipment gave rise to deferred income tax assets of $10,372 and $9,443, respectively which are recorded as noncurrent in the accompanying consolidated balance sheets. The Company had no other differences between the book and tax basis of assets and liabilities as March 31, 2015 and 2014. As a result of the implementation of ASC 740, Accounting for Income Taxes |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share Earnings per share (“EPS”) information for the year ended March 31, 2015 and 2014 was determined by dividing net income for the period by the weighted average number of both basic and diluted shares of common stock and common stock equivalents outstanding. As of and for the year ending March 31, 2015 and 2014, the Company did not have any securities that may potentially dilute the basic earnings per share. Therefore basic and diluted earnings per share for the respective periods are the same. 2015 2014 Numerator Net income attributable to common shareholders $ 537,299 $ 24,423 Denominator Weighted average shares of common stock (basic and diluted) 512,600,000 512,600,000 Basic and diluted earnings per share $ 0.00 $ 0.00 |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions and Balances [Abstract] | |
Related Party Transactions and Balances | 10. Related Party Transactions and Balances The Company engaged in related party transactions with certain shareholders, and a company under common control as described below. On May 27, 2011, the Company entered into an agreement with a company under common control, True Technology Company Limited (“True Technology”), under which True Technology hosts the Company’s servers and provides a connection between the customer’s servers and the internet using True Technology’s public network connections. The fee for these services was $12,894 per month through April 2013 when the fee was reduced to $3,868 per month and is recorded as trading platform rent as a component of general and administrative expenses. Included in trading platform rental fees in the accompanying statements of comprehensive income for the years ended March 31, 2015 and 2014, are rental fees which were paid to True Technology of $46,430 and $46,409 respectively. Included in employee compensation and benefits in the accompanying consolidated statements of comprehensive income for the years ending March 31, 2015 and 2014, are salaries and director compensation of $46,430 and $55,175 respectively, which were paid to two of the Company’s shareholders. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2015 | |
Commitments [Abstract] | |
Commitments | 11. Commitments The Company leases office space under non-cancellable operating lease agreements that expire on various dates through 2016. In December 2012, the Company entered into a new lease agreement on approximately 10,000 square feet of office space which replaced its existing office facilities. The Company occupied the new space in January 2013. Under terms of the lease, the Company paid approximately $192,000 in lease deposits and is committed to lease and management fee payments of approximately $46,647 per month for 29 months. Years ending March 31, 2016 381,712 $ 381,172 |
Common Stock
Common Stock | 12 Months Ended |
Mar. 31, 2015 | |
Common Stock [Abstract] | |
Common Stock | 12. Common Stock On April 3, 2013, the Company issued 507,600,000 of its common stock as founder shares in exchange for 100% of Man Loong’s outstanding shares to complete the Merger. Subsequent to the Merger, the Company issued 5,000,000 shares of common stock, with par value $0.0001 to various investors for total cash proceeds of $240,044. Effective March 12, 2015, eBullion increased the number of its authorized shares from 500,000,000 to 1,000,000,000. The par value of the Company’s shares remained unchanged at $.0001. The Company also effected a 10 for 1 stock split, whereby it exchanged 10 of its shares for every 1 share issued at outstanding before the split. Following the share split, the Company has 512,600,000 shares issued and outstanding. All share and per share amounts for the prior period have been retroactively restated to give effect of the 10 for 1 share split. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Event On April 3, 2015, Man Loong loaned Global Long Inc. Limited (“Global Long”) HKD$6,000,000. Global Long is registered in Hong Kong and through its subsidiaries in the Peoples Republic of China, is engaged in trading silver contracts as an electronic trading member of the Guangdong Precious Metal Exchange. The loan bears interest at a 6% annual rate, matures on its 5 th |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Changes in these estimates are recorded when known. Significant estimates made by management include: · Valuation of assets and liabilities · Useful lives of equipment · Accounting for transactions with variable interest entities · Other matters that affect the reported amounts and disclosures of contingencies in the consolidated financial statements. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to amounts reported in the previous periods to conform to the current presentation. Such reclassifications had no effect on net income |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition |
Advertising | Advertising Advertising costs are incurred for the production and communication of advertising, as well as other marketing activities. The Company expenses the cost of advertising as incurred. The Company did not capitalize any production costs associated with advertising for the years ended March 31, 2015 and 2014. The total amount charged to advertising expense was $65,213 and $1,702 for the years ended March 31, 2015 and 2014, respectively. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist primarily of cash on deposit, certificates of deposits, money market accounts, and investment grade commercial paper that are readily convertible to cash and purchased with original maturities of three months or less. As of March 31, 2015 and 2014, the Company had no cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, “ Fair Value Measurements The standard establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the standard are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and U.S. government treasury securities. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter forwards, options and repurchase agreements. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. Level 3 instruments include those that may be more structured or otherwise tailored to customers’ needs. |
Commissions Receivable | Commissions Receivable Commissions receivable represent commissions to be collected from agents for their customers’ trades executed across Man Loong’s electronic trade platform and telephone transaction system through the balance sheet date. Commissions receivable are typically remitted to the Company within 30 days of trade execution. The Company has not historically incurred credit losses on these commissions receivable. As of March 31, 2015 and 2014, the Company has no reserve for credit losses nor has it incurred any bad debts for the years then ended. |
Deposits and Prepaid Expenses | Deposits and Prepaid Expenses The Company records goods and services paid for but not received until a future date as deposits and prepaid expenses. These primarily include deposits and prepayments for occupancy related expenses. Deposit or prepaid expenses which will be realized more than 12 months past the balance sheet date are classified as non-current assets in the accompanying consolidated balance sheets. |
Equipment | Equipment Equipment is stated at cost. The cost of an asset consists of its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Equipment is depreciated using the straight-line method over the estimated useful lives of the assets as follows: Office equipment 5 years Furniture and fixtures 5 years Computer equipment 5 years Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized. Gain or loss on disposal of equipment is the difference between net sales proceeds and the carrying amount of the relevant assets, if any, and is recognized as income or loss in the accompanying consolidated statements of comprehensive income. |
Variable Interest Entity | Variable Interest Entity · The power to direct activities that most significantly impact the entity’s economic performance · The obligation to absorb the expected losses of the entity · The right to receive the expected residual returns. A VIE is required to be consolidated by a reporting entity if it has a controlling financial interest in the VIE. A reporting entity is deemed to have a controlling financial interest in a VIE if it both has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive economic benefits from the VIE that could potentially be significant to the VIE. |
Reporting Currency and Foreign Currency Translation | Reporting Currency and Foreign Currency Translation As of and for the years ended March 31, 2015 and 2014, the accounts of the Company were maintained in their functional currencies, which is the U.S. dollar for eBullion and the Hong Kong dollar ("HK dollar") for Man Loong. The financial statements of Man Loong have been translated into U.S. dollars which is its reporting currency. All assets and liabilities of Man Loong are translated at the exchange rate on the balance sheet date, shareholders’ equity is translated at historical rates and the statements of comprehensive income, and statements of cash flows are translated at the weighted average exchange rate for the periods. The resulting translation adjustments for the period are reported under other comprehensive income and accumulated translation adjustments are reported as a separate component of shareholders’ equity. Foreign exchange rates used: 2015 2014 Year-end USD/HK$ exchange rate 7.7542 7.7570 Average USD/HK$ exchange rate 7.7535 7.7571 |
Long-Lived Assets | Long-Lived Assets The Company periodically evaluates the carrying value of long-lived assets when events and circumstances warrant such review. The carrying value of a long-lived assets is considered impaired when the anticipated undiscounted cash flow from such an asset is separately identifiable and is less than the carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds the fair market value of the long-lived asset. The Company has identified no such impairment losses. |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities Accounts payable and accrued liabilities at March 31, 2015 and 2014 primarily consist of accrued statutory bonus payable to employees in Hong Kong, audit fees payable to the Company’s auditors and accountants and legal fees payable to the Company’s legal counsel. |
Customer Deposits | Customer Deposits Customer deposits at March 31, 2015 and 2014 were accepted pursuant to the Company’s agreements with certain of its independent agents. Under terms of those agreements, the Company accepts margin deposits for certain of the agents’ customers who prefer that the Company hold those deposits. If an agent’s customer suffers a trading loss equaling 80% or more of the customers’ deposit balance, the customer is required to increase the balance of his deposit or the customer’s trading position is closed and the remaining deposit balance is remitted to the agent in order to fund the customer’s trading losses. Accordingly, the Company had no risk of loss related to customer deposits at March 31, 2015 and 2014. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The Company’s accumulated other comprehensive income (loss) as March 31, 2015 and 2014 consist of adjustments resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. |
Rental Income | Rental Income Rental income consists of rent charged for a portion of Man Loong’s office facility which is leased on a short term lease arrangement. Agreed rental payments were $11,350 per month from April 1, 2014 until January 1, 2015, when the rent was reduced to $4,514 per month. The lease arrangement expired on March 31, 2015. Though not subject to a formal lease agreement, in April 2015, Man Loong extended the lease arrangement for a further 2 months, with agreed rental payments of $4,514 per month. For the years ended March 31, 2015 and 2014, Man Loong recognized $115,689 and $0, respectively of rental income in the accompanying statements of comprehensive income. |
Income Taxes | Income Taxes The Company utilizes ASC 740, Income Taxes The Company has adopted the provisions of the interpretation, of ASC 740, Accounting for Uncertainty in Income Taxes We have not provided for U.S. income and foreign withholding taxes on approximately $696,000 of Man Loong’s undistributed earnings for the year ended March 31, 2015, because such earnings have been retained and reinvested by Man Loong. The Company does not intend to require Man Loong to pay dividends for the foreseeable future and so additional income taxes and applicable withholding taxes that would result from the repatriation of such earnings are not practicably determinable. |
Earnings per Share | Earnings per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, Earnings Per Share Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stocks using the treasury stock method and the potential shares of converted common stock associated with the convertible debt using the if-converted method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS. The Company does not have any securities that may potentially dilute its basic earnings per share. Effective March 12, 2015, the Company effected a 10 for 1 stock split, whereby it exchanged 10 of its shares for every 1 share issued at outstanding before the split. Following the share split, the Company has 512,600,000 shares issued and outstanding. All share and per share amounts for the prior period have been retroactively restated to give effect of the 10 for 1 share split. |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains or losses resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2014, we adopted ASU 2013-05, Foreign Currency Matters (Topic 830), Parent’s Accounting for Cumulative Translation Adjustments Upon Derecognition of Certain Subsidiaries or Groups of Assets Within a Foreign Entity or an Investment in a Foreign Entity. Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Amendments to the Consolidation Analysis. In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires the Company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company is evaluating its existing revenue recognition policies to determine whether any contracts in the scope of the guidance will be materially affected by the new requirements. The effects may include identifying performance obligations in existing arrangements, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective beginning with the first quarter of the Company's 2018 fiscal year. Early adoption is not permitted. The adoption of ASU 2014-09 is not expected to have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Equipment is depreciated using the straight-line method over the estimated useful lives of the assets | Office equipment 5 years Furniture and fixtures 5 years Computer equipment 5 years |
Foreign exchange rates | 2015 2014 Year-end USD/HK$ exchange rate 7.7542 7.7570 Average USD/HK$ exchange rate 7.7535 7.7571 |
Deposits and Prepaid Expenses (
Deposits and Prepaid Expenses (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Deposits and Prepaid Expenses [Abstract] | |
Deposits and prepaid expenses disclosure | 2015 2014 Current Prepaid rent and occupancy expenses $ 52,452 $ 58,368 52,452 58,368 Noncurrent Rent and occupancy deposits 223,470 219,913 Total deposits and prepaid expenses $ 223,470 $ 278,281 |
Equipment (Tables)
Equipment (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Equipment [Abstract] | |
Schedule of equipment, including leasehold improvements | 2015 2014 Office equipment $ 305,557 $ 305,557 Computer equipment 41,546 41,546 Furniture and fixtures 56,117 56,117 403,220 403,220 Less: Accumulated depreciation (178,089 ) (97,378 ) Equipment, net $ 225,131 $ 305,842 |
General and Administrative Ex24
General and Administrative Expenses (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
General and Administrative Expenses [Abstract] | |
Schedule of General and administrative expenses | 2015 2014 Marketing expenses $ 296,072 $ 758,762 Trading platform rent 188,357 141,204 Transportation 68,302 98,681 Internet 24,186 18,680 Travel and entertainment 34,159 67,030 Computers and software 36,786 39,686 Legal and professional 210,362 182,747 Licenses 3,165 5,021 Occupancy 591,452 591,652 Advertising 69,668 1,702 Other taxes 1,050 - Other 128,183 131,256 Total general and administrative expense $ 1,651,742 $ 2,036,421 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of income before income taxes | 2015 2014 United States $ (158,746 ) $ (135,963 ) Hong Kong 831,569 191,034 Income before income taxes $ 672,823 $ 55,071 |
Schedule of provision (benefit) for income taxes | 2015 2014 Current: United States $ - $ - Hong Kong 145,896 40,091 Total current provision 145,896 40,091 Deferred: United States - - Hong Kong (10,372 ) (9,443 ) Total deferred benefit (10,372 ) (9,443 ) Total income tax provision $ 135,524 $ 30,648 |
Schedule of reconciliation of the income tax provision | 2015 2014 Income tax provision at the U.S. statutory tax rate $ 228,759 $ 18,724 Valuation allowance on U.S. net operating loss carryforwards 53,974 46,227 Impact of foreign operations (145,525 ) (33,431 ) Other (1,684 ) (872 ) Income tax provision $ 135,524 $ 30,648 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | 2015 2014 Numerator Net income attributable to common shareholders $ 537,299 $ 24,423 Denominator Weighted average shares of common stock (basic and diluted) 512,600,000 512,600,000 Basic and diluted earnings per share $ 0.00 $ 0.00 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Commitments [Abstract] | |
Schedule of future annual minimum lease payments | Years ending March 31, 2016 381,712 $ 381,172 |
Nature of Operations and Basi28
Nature of Operations and Basis of Presentation (Details) | 12 Months Ended |
Mar. 31, 2015 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Entity Incorporation, Date of Incorporation | Jan. 28, 2013 |
Ownership description | Company's shareholders exchanged 100% of their shares for 100% of the shares of Man Loong Bullion Company Limited ("Man Loong") a company which was incorporated in Hong Kong in 1974, and in 2007, was re-registered under Hong Kong law as a limited liability company. Upon completion of this transaction, Man Loong became a 100% owned subsidiary of eBullion. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Mar. 31, 2015 | |
Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Computer equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Year-end USD/HK$ exchange rate [Member] | ||
Foreign exchange rates | 7.7542 | 7.7570 |
Average USD/HK$ exchange rate: [Member] | ||
Foreign exchange rates (Average) | 7.7535 | 7.7571 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details Textual) - USD ($) | Mar. 12, 2015 | Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||||
Advertising Expense | $ 65,213 | $ 1,702 | |||
Customer deposits | If an agent's customer suffers a trading loss equaling 80% or more of the customers' deposit balance, the customer is required to increase the balance of his deposit or the customer's trading position is closed and the remaining deposit balance is remitted to the agent in order to fund the customer's trading losses. | ||||
Undistributed earnings | $ 696,000 | ||||
Rental payment | $ 46,647 | 11,350 | |||
Rent expense reduced | 4,514 | ||||
Rental income | $ 115,689 | ||||
Forward stock split | 10 for 1 | ||||
Common stock, Shares issued | [1] | 512,600,000 | 512,600,000 | ||
Common stock, Shares outstanding | [1] | 512,600,000 | 512,600,000 | ||
[1] | The capital accounts of the Company have been restated to reflect the 10 for 1 stock split which was effective in March 2015. See Note 12 for further discussion. |
Deposits and Prepaid Expenses32
Deposits and Prepaid Expenses (Details) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Current | ||
Prepaid rent and occupancy expenses | $ 52,452 | $ 58,368 |
Total prepaid rent and occupancy expenses | 52,452 | 58,368 |
Noncurrent | ||
Rent and occupancy deposits | 223,470 | 219,913 |
Total deposits and prepaid expenses | $ 223,470 | $ 278,281 |
Loan Receivable from eBullion33
Loan Receivable from eBullion Trade (Details) | 1 Months Ended | ||||
Apr. 30, 2014 | Jul. 31, 2013USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jul. 31, 2013CNY (¥) | |
Loan receivable from eBullion Trade (Textual) | |||||
Loan receivable from eBullion trade | $ 997,049 | ||||
eBullion Trade [Member] | |||||
Loan receivable from eBullion Trade (Textual) | |||||
Loan receivable from eBullion trade | $ 997,049 | ¥ 6,100,000 | |||
Maturity date of loan | May 2, 2014 | Apr. 17, 2014 | |||
Term of loan | Under terms of the loan, in the event that eBullion Trade's GPME application was approved, it had the option to repay the loan in cash or by transferring 100% of its outstanding stock to Man Loong. |
Equipment (Details)
Equipment (Details) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 403,220 | $ 403,220 |
Less: Accumulated depreciation | (178,089) | (97,378) |
Equipment, net | 225,131 | 305,842 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 305,557 | 305,557 |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 41,546 | 41,546 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 56,117 | $ 56,117 |
Equipment (Details Textual)
Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equipment (Textual) | ||
Depreciation expense | $ 80,666 | $ 80,339 |
Customer Deposits (Details)
Customer Deposits (Details) - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Customer Deposits (Textual) | ||
Customer deposits | $ 92,613 | $ 38,990 |
General and Administrative Ex37
General and Administrative Expenses (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
General and Administrative Expenses [Abstract] | ||
Marketing expenses | $ 296,072 | $ 758,762 |
Trading platform rent | 188,357 | 141,204 |
Transportation | 68,302 | 98,681 |
Internet | 24,186 | 18,680 |
Travel and entertainment | 34,159 | 67,030 |
Computers and software | 36,786 | 39,686 |
Legal and professional | 210,362 | 182,747 |
Licenses | 3,165 | 5,021 |
Occupancy | 591,452 | 591,652 |
Advertising | 65,213 | $ 1,702 |
Other taxes | 1,050 | |
Other | 128,183 | $ 131,256 |
Total general and administrative expense | $ 1,651,742 | $ 2,036,420 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Abstract] | ||
United States | $ (158,746) | $ (135,963) |
Hong Kong | 831,569 | 191,034 |
INCOME BEFORE INCOME TAXES | $ 672,823 | $ 55,071 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Current: | ||
United States | ||
Hong Kong | $ 145,896 | $ 40,091 |
Total current provision | $ 145,896 | $ 40,091 |
Deferred: | ||
United States | ||
Hong Kong | $ (10,372) | $ (9,443) |
Total deferred benefit | (10,372) | (9,443) |
Total income tax provision | $ 135,524 | $ 30,648 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Abstract] | ||
Income tax provision at the U.S. statutory tax rate | $ 228,759 | $ 18,724 |
Valuation allowance on U.S. net operating loss carryforwards | 53,974 | 46,227 |
Impact of foreign operations | (145,525) | (33,431) |
Other | (1,684) | (872) |
Total income tax provision | $ 135,524 | $ 30,648 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax (Textual) | ||
Percentage of tax profit at statutory rate | 16.50% | |
Operating loss carryforwards | $ 316,000 | |
Operating loss carryforwards, Expiration date | Mar. 31, 2035 | |
Valuation allowance | $ 107,000 | |
Deferred income taxes | $ (10,372) | $ (9,443) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Numerator | |||
Net income attributable to common shareholders | $ 537,299 | $ 24,423 | |
Denominator | |||
Weighted average shares of common stock (basic and diluted) | [1] | 512,600,000 | 512,600,000 |
Basic and diluted earnings per share | $ 0 | $ 0 | |
[1] | The Company's weighted average common shares outstanding for both basic and diluted earnings per share have been restated for the effects of the 10 for 1 stock split which was effective in March 2015. See Note 12 for further discussion. |
Related Party Transactions an43
Related Party Transactions and Balances (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | May. 27, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | |
True Technology [Member] | ||||
Related Party Transactions and Balances (Textual) | ||||
Related party internet service fees | $ 3,868 | $ 12,894 | $ 46,430 | $ 46,409 |
Director [Member] | ||||
Related Party Transactions and Balances (Textual) | ||||
Salaries and director compensation | $ 46,430 | $ 55,175 |
Commitments (Details)
Commitments (Details) | Mar. 31, 2015USD ($) |
Years ending March 31 | |
2,016 | $ 381,712 |
Future annual minimum lease payments | $ 381,712 |
Commitments (Details Textual)
Commitments (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2013USD ($) | Dec. 31, 2012USD ($)ft² | May. 27, 2011USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Commitments (Textual) | |||||
Operating lease expiration date | Expire on various dates through 2016. | ||||
Area of office space | ft² | 10,000 | ||||
Lease deposits | $ 192,000 | ||||
Lease and management fee payments | $ 46,647 | $ 11,350 | |||
Description of leasing payments | Under terms of the lease, the Company paid approximately $192,000 in lease deposits and is committed to lease and management fee payments of approximately $46,647 per month for 29 months. | ||||
True Technology [Member] | |||||
Commitments (Textual) | |||||
Internet service fees | $ 3,868 | $ 12,894 | $ 46,430 | $ 46,409 | |
Renewal term | 2 years | ||||
Monthly payment | $ 3,868 | ||||
Lease Expiration Date | Mar. 31, 2017 |
Common Stock (Details)
Common Stock (Details) - USD ($) | Mar. 12, 2015 | Apr. 03, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Common Stock (Textual) | |||||
Common stock, Shares issued | [1] | 512,600,000 | 512,600,000 | ||
Common stock, Shares outstanding | [1] | 512,600,000 | 512,600,000 | ||
Common stock, Par value | [1] | $ 0.0001 | $ 0.0001 | ||
Stockholders' equity note, Stock split | 10 for 1 | ||||
Common stock, Shares authorized | [1] | 1,000,000,000 | 1,000,000,000 | ||
Common Stock [Member] | |||||
Common Stock (Textual) | |||||
Common stock, Shares authorized | 500,000,000 | ||||
Founder [Member] | |||||
Common Stock (Textual) | |||||
Percentage of equity interest acquired in exchange of shares | 100.00% | ||||
Common stock share issued for merger service | 507,600,000 | ||||
Investors [Member] | |||||
Common Stock (Textual) | |||||
Common stock, Par value | $ 0.0001 | ||||
Common stock share issued for merger service | 5,000,000 | ||||
Proceeds from issuance of common stock | $ 240,044 | ||||
[1] | The capital accounts of the Company have been restated to reflect the 10 for 1 stock split which was effective in March 2015. See Note 12 for further discussion. |
Subsequent Events (Details)
Subsequent Events (Details) - Apr. 03, 2015 - Subsequent Event [Member] - HKD | Total |
Subsequent [Textual] | |
Loan amount | HKD 6,000,000 |
Loan bears interest | 6.00% |
Loan anuual rate maturity, Description | Matures on its 5th anniversary |