Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Jun. 27, 2017 | Sep. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | eBullion, Inc. | ||
Entity Central Index Key | 1,573,766 | ||
Trading Symbol | ebml | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 512,600,000 | ||
Entity Public Float | $ 8,388,758 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 1,061,609 | $ 1,109,465 |
Commissions receivable | 546,310 | 100,493 |
Deposits and prepaid expenses | 42,142 | 29,819 |
Prepaid income taxes | 147,556 | |
Total current assets | 1,650,061 | 1,387,333 |
Noncurrent Assets | ||
Deposits and prepaid expenses | 188,010 | 141,084 |
Equipment, net | 224,350 | 253,807 |
Loan receivable from Global Long | 772,157 | 773,793 |
Deferred tax assets | 71,221 | 101,960 |
Total noncurrent assets | 1,255,738 | 1,270,644 |
Total assets | 2,905,799 | 2,657,977 |
Current Liabilities | ||
Bank overdraft | 30,645 | |
Accounts payable and accrued liabilities | 56,161 | 33,684 |
Customer deposits | 212,886 | 187,037 |
Amounts due to directors | 313,050 | |
Total current liabilities | 582,097 | 251,366 |
Noncurrent Liabilities: | ||
Deferred tax liabilities | 466 | 5,517 |
Total noncurrent liabilities | 466 | 5,517 |
Total liabilities | 582,563 | 256,883 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 512,600,000 shares issued and outstanding | 51,260 | 51,260 |
Additional paid in capital | 1,477,404 | 1,477,404 |
Retained earnings | 818,849 | 873,954 |
Accumulated other comprehensive loss | (24,277) | (1,524) |
Total stockholders' equity | 2,323,236 | 2,401,094 |
Total liabilities and stockholders' equity | $ 2,905,799 | $ 2,657,977 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 512,600,000 | 512,600,000 |
Common stock, shares outstanding | 512,600,000 | 512,600,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
REVENUES | |||
Commission revenue | $ 1,952,966 | $ 1,809,331 | |
EXPENSES | |||
General and administrative | 1,261,357 | 1,584,544 | |
Employee compensation and benefits | 694,806 | 669,230 | |
Loss on disposal of property and equipment | 124,757 | ||
Depreciation and amortization | 75,599 | 80,976 | |
Total expenses | 2,031,762 | 2,459,507 | |
LOSS FROM OPERATIONS | (78,796) | (650,176) | |
OTHER INCOME | |||
Rental income | 9,025 | ||
Interest income, net | 49,379 | 44,598 | |
Total other income | 49,379 | 53,623 | |
LOSS BEFORE INCOME TAXES | (29,417) | (596,553) | |
INCOME TAX (EXPENSE) BENEFIT | (25,688) | 86,803 | |
NET LOSS | (55,105) | (509,750) | |
OTHER COMPREHENSIVE LOSS | |||
Foreign currency translation | (22,753) | (304) | |
COMPREHENSIVE LOSS | $ (77,858) | $ (510,054) | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic and diluted (in shares) | 512,600,000 | 512,600,000 | |
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | |||
Basic and diluted earnings (loss) per common share (in dollars per share) | [1] | $ 0 | $ 0 |
[1] | Less than $0.001 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
BALANCE at Mar. 31, 2015 | $ 51,260 | $ 1,477,404 | $ 1,383,704 | $ (1,220) | $ 2,911,148 |
BALANCE (in shares) at Mar. 31, 2015 | 512,600,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (509,750) | (509,750) | |||
Foreign currency translation adjustment | (304) | (304) | |||
BALANCE at Mar. 31, 2016 | $ 51,260 | 1,477,404 | 873,954 | (1,524) | 2,401,094 |
BALANCE (in shares) at Mar. 31, 2016 | 512,600,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (55,105) | (55,105) | |||
Foreign currency translation adjustment | (22,753) | (22,753) | |||
BALANCE at Mar. 31, 2017 | $ 51,260 | $ 1,477,404 | $ 818,849 | $ (24,277) | $ 2,323,236 |
BALANCE (in shares) at Mar. 31, 2017 | 512,600,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (55,105) | $ (509,750) |
Adjustments to reconcile net loss to net cash generated from (used in) operating activities | ||
Depreciation and amortization | 75,599 | 80,976 |
Loss on disposal of equipment | 124,757 | |
Changes in operating assets and liabilities: | ||
Commissions receivable | (446,722) | 17,803 |
Deposits and prepaid expenses | (59,703) | 104,992 |
Accounts payable and accrued liabilities | 22,539 | (1,709) |
Customer deposits | 26,285 | 94,389 |
Amounts due to directors | 313,537 | |
Prepaid income taxes | 147,472 | (106,123) |
Income taxes payable | (145,838) | |
Deferred tax assets | 30,739 | (101,926) |
Deferred tax liabilities | (5,051) | 16,033 |
Net cash generated from (used in) operating activities | 49,590 | (426,396) |
INVESTING ACTIVITIES: | ||
Purchase of equipment | (46,142) | (234,275) |
Loan receivable from Global Long | (773,530) | |
Net cash used in investing activities | (46,142) | (1,007,805) |
FINANCING ACTIVITIES: | ||
Bank overdraft | (30,627) | 30,634 |
Net cash (used in) generated from financing activities | (30,627) | 30,634 |
NET DECREASE IN CASH | (27,179) | (1,403,567) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (20,677) | (391) |
Cash, beginning of year | 1,109,465 | 2,513,423 |
Cash, end of year | 1,061,609 | 1,109,465 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash (received from) paid for income taxes | $ (147,472) | $ 251,050 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Mar. 31, 2017 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations 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. In April 2016, Man Loong received a license from the CGSE to trade gold contracts in the new Qian Hai trade zone in Shenzhen, China. Man Loong registered a new subsidiary, Shenzhen Qian Hai Man Loong Bullion Company Ltd. (“Shenzhen Qian Hai”) organized as a Wholly Foreign Owned Enterprise under PRC law. The new license will allow Man Loong to provide its trading platform and supporting services to its existing and new customers who are citizens of the PRC to trade gold contracts through Shenzhen Qian Hai. The Shenzhen Qian Hai office is located in CGSE office center in Shenzhen, China. The CGSE office center in Shenzhen provides office space and accounting book keeping services to Shenzhen Qian Hai Man Loong Bullion Company Ltd. As of March 31, 2017, Shenzhen Qian Hai is still at development stage, its role is acting as a representative office of Man Loong to provide customer support services to customers within China. Description of subsidiaries Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars paid-up capital Effective interest held Man Loong Bullion Company Limited (“Man Loong”) Hong Kong, a limited liability company Provision of sub-agency service in London gold dealing HK$10,152,000 100% Shenzhen Qianhai Man Loong Bullion Company Limited (“SQML”) The PRC, a limited liability company Provision of gold trading service in the PRC RMB2,000,000 100% eBullion and its subsidiaries are hereinafter referred to as (the “Company”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company’s fiscal year end is March 31. Principles of Consolidation The consolidated financial statements as of March 31, 2017 and 2016, include the accounts of eBullion and its subsidiaries. All significant intercompany transactions have been eliminated. 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 year. 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 years to conform to the current presentation. Such reclassifications had no effect on net income (loss). 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. Revenue Recognition The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. 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 180 days of trade execution. The Company has not historically incurred credit losses on these commissions receivable. As of March 31, 2017 and 2016, the Company had no reserve for credit losses nor had it incurred any bad debts for the years ended March 31, 2017 and 2016. 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 (loss). 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, 2017 and 2016. The total amount charged to advertising expense was $53,266 and $29,381 for the years ended March 31, 2017 and 2016, respectively. Reporting Currency and Foreign Currency Translation As of and for the years ended March 31, 2017 and 2016, 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 (loss) and accumulated translation adjustments are reported as a separate component of shareholders’ equity. Foreign exchange rates used: 2017 2016 Year end USD/HKD exchange rate 7.7704 7.7540 Average USD/HKD exchange rate: 7.7584 7.7567 Year end RMB/HKD exchange rate 1.1275 1.2021 Average RMB/HKD exchange rate: 1.1533 1.2247 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 these long-lived assets is considered impaired when the anticipated undiscounted cash flow from such an asset is less than its 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 at March 31, 2017 and 2016 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, 2017 and 2016 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, 2017 and 2016. Accumulated Other Comprehensive Income (Loss) The Company’s accumulated other comprehensive income (loss) at March 31, 2017 and 2016 consists of adjustments resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. 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 Historically, we have not provided for U.S. income and foreign withholding taxes on Man Loong’s undistributed earnings, 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 (Loss) per Share The Company computes earnings (loss) 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 (loss) per share. Retirement plan costs Contributions to retirement schemes (which are defined contribution plans) are charged to general and administrative expenses in the statements of operation and comprehensive loss as and when the related employee service is provided. Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Segment reporting ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. During the years ended March 31, 2017 and 2016, the Company operates in one reportable operating segment in Hong Kong. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). Under the amendments in ASU 2017-04, Step 2 of the goodwill impairment test is eliminated. An entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Also eliminated is the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. This standard is effective for the Company for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The new guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of ASU 2017-04, but anticipates early adoption of the accounting standard for its next annual goodwill impairment test during fiscal 2018, and does not expect that it will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). This new guidance clarifies the definition of a business in order to assist with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted for transactions not reported in financial statements that have been issued or made available for issuance. The new guidance must be applied prospectively on or after the effective date, and no disclosures for a change in accounting principle are required at transition. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory" ("ASU 2016-16") which amends the accounting for income taxes. ASU 2016-16 requires the recognition of the income tax consequences of an intra-entity asset transfer, other than transfers of inventory, when the transaction occurs. For intra-entity transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The standard is effective in annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The new guidance is required to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company intends to adopt the guidance when it becomes effective in the first quarter of fiscal 2019 and does not anticipate that this guidance will have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). ASU 2016-15 clarifies and provides guidance on eight cash flow classification issues and is intended to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company early adopted ASU 2016-15 as of the beginning of its third quarter of fiscal 2017 and there was no impact of adopting this standard. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of accounting for share-based payment award transactions, including income tax consequences, classification of awards as either liability or equity, and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted but requires all elements of the amendments to be adopted at once rather than individually. The Company is evaluating the effect that ASU No. 2016-09 will have on the Company’s consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires lessees to record a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The standard also requires certain quantitative and qualitative disclosures. While we are continuing to assess all potential aspects of ASU 2016-02, including taking an inventory of outstanding leases, the Company currently believes the most significant impact relates to our accounting for manufacturing, distribution, warehouse and office space operating leases. The Company expects this standard to have a material impact on its consolidated balance sheet, but does not believe that it will have a material impact on its consolidated statements of operations. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments" ("ASU 2015-16"). ASU 2015-16 eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. This guidance was effective for the Company beginning April 1, 2016 and will be applied prospectively to adjustments arising after that date. There was no impact of adopting this standard at the date of adoption. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory" ("ASU 2015-11"). ASU 2015-11 amends the guidelines for the measurement of inventory from lower of cost or market to the lower of cost and net realizable value ("NRV"). NRV is defined as the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. Under existing standards, inventory is measured at lower of cost or market, which requires the consideration of replacement cost, NRV and NRV less an amount that approximates a normal profit margin. This ASU eliminates the requirement to determine and consider replacement cost or NRV less a normal profit margin for inventory measurement. The new standard is effective prospectively for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company intends to adopt the guidance when it becomes effective in the first quarter of fiscal 2018 and does not anticipate that this guidance will have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides a single model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires expanded disclosures regarding the qualitative and quantitative information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for fiscal years beginning after December 15, 2016. The standard permits the use of either a full retrospective or a modified retrospective approach. The Company intends to adopt the new guidance on April 1, 2018, with a cumulative-effect adjustment, if any, to opening retained earnings under the modified retrospective approach. The Company’s implementation of this ASU includes the evaluation of its customer agreements to identify terms or conditions that could be considered a performance obligation such that, if material to the terms of the contract, consideration would be allocated to the performance obligation and could accelerate or defer the timing of recognizing revenue. The Company’s evaluation of the new guidance is not yet complete; however, based on the nature of the Company’s primary revenue sources and current policies, excluding McCall, the Company does not expect a significant change in the timing and presentation of recognizing its revenue, but does expect there to be a material impact on disclosures. The Company is currently evaluating the impact of adoption of ASU 2014-09 will have on its consolidated financial statements in respect to revenue related to its recent McCall acquisition. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 2016-02 establishes new guidance for the recording and disclosure of assets and liabilities that arise from leasing activity. ASU 2016-02 will require most lessees to record lease assets and lease liabilities that arise from leases on the statement of financial condition and disclose qualitative and quantitative information related to lease transactions such as variable lease payments and options to renew and terminate leases. ASU 2016-02 is effective for years beginning after December 18, 2018 and early adoption is permitted. The Company is evaluating ASU 2016-02 to determine its impact, if any, on the consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 Financial Instruments Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Liabilities In August 2015, the FASB issued ASU 2015-14 Revenue From Contracts With Customers (Topic 606) Deferral of the Effective Date In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. |
Deposits and Prepaid Expenses
Deposits and Prepaid Expenses | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 2017 2016 Current Prepaid rent and occupancy expenses $ 42,142 $ 29,819 Noncurrent Rent and occupancy deposits 188,010 141,084 Total deposits and prepaid expenses $ 230,152 $ 170,903 |
Loan receivable from Global Lon
Loan receivable from Global Long | 12 Months Ended |
Mar. 31, 2017 | |
Loan Receivable from Global Long [Abstract] | |
Loan receivable from Global Long | 4. Loan receivable from Global Long On April 3, 2015, Man Loong loaned Global Long Inc. Limited (“Global Long”) $772,157 (HKD$6,000,000). Global Long is registered in Hong Kong and through its subsidiary in the Peoples Republic of China, eBullion Trade Company Limited (“eBullion Trade”), is engaged in trading silver contracts as an electronic trading member of the Guangdong Precious Metal Exchange (“GPME”). The loan bears interest at a 6% annual rate, matures on its 5th anniversary and is secured by a first right of claim on a bank deposit held by eBullion Trade. Under terms of the loan, interest is payable to Man Loong quarterly and Global Long has the right to repay the loan at any time before the maturity date. Until all principal and accrued interest are repaid on the loan, Global Long may not enter into additional borrowings without Man Loong’s written permission, and upon certain events of default, the Loan becomes due on demand. The purpose of the loan was to establish a relationship with Global Long with the intent of becoming their first choice for Global Long’s customers who wish to trade in gold trading positions through the CGSE. |
Equipment
Equipment | 12 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
Property and Equipment | 5. Equipment Equipment, including leasehold improvements, consisted of the following as of March 31, 2017and 2016 2017 2016 Office equipment $ 206,345 $ 206,345 Computer equipment 59,919 59,919 Furniture and fixtures 111,916 65,774 378,180 332,038 Less: Accumulated depreciation (153,830 ) (78,231 ) Equipment, net $ 224,350 $ 253,807 Depreciation expense was $75,599 and $80,976 for the years ended March 31, 2017 and 2016, respectively, and was recorded as depreciation expense in the accompanying consolidated statements of comprehensive income (loss). |
Customer Deposits
Customer Deposits | 12 Months Ended |
Mar. 31, 2017 | |
Customer Deposits Disclosure [Abstract] | |
Customer Deposits | 6. Customer Deposits Customer deposits were $212,886 and $187,037 at March 31, 2017 and 2016, respectively, and were recorded as a current liability in the accompanying consolidated statements of financial condition. |
Amounts due to Directors
Amounts due to Directors | 12 Months Ended |
Mar. 31, 2017 | |
Amounts Due To Directors [Abstract] | |
Amounts due to Directors | 7. Amounts due to Directors The balances represent the temporary advances by the directors of the Company, which are unsecured, interest-free and repayable on demand. Imputed interest is considered insignificant. |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Mar. 31, 2017 | |
General and Administrative Expense [Abstract] | |
General and Administrative Expenses | 8. General and Administrative Expenses General and administrative expenses consist of the following for the years ended March 31, 2017 and 2016. 2017 2016 Marketing expenses $ 281,639 $ 334,848 Trading platform rent 92,139 162,882 Transportation 5,095 25,243 Internet 22,226 20,457 Travel and entertainment 11,690 19,633 Computers and software 38,710 42,972 Legal and professional 169,843 214,780 Licenses 16,778 28,842 Occupancy 469,391 567,050 Advertising 53,266 29,381 Other 100,580 138,456 Total general and administrative expense $ 1,261,357 $ 1,584,544 |
Pension Plan
Pension Plan | 12 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plan | 9. Pension Plan The Company is required to make contribution on behalf of its employees under a government-mandated defined contribution pension scheme for its eligible full-times employees in Hong Kong. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. The total contributions made by the Company were $30,290 and $53,107 for the years ended March 31, 2017 and 2016, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 10 . Income Taxes Income (loss) before income taxes as shown in the accompanying consolidated statements of comprehensive income (loss) is summarized below for the years ended March 31, 2017 and 2016. 2017 2016 Tax jurisdictions from: Local $ (85,605 ) (75,251 ) Foreign, representing: Hong Kong 147,073 (521,302 ) The People’s Republic of China (90,885 ) - Income (loss) before income taxes $ (29,417 ) (596,553 ) The provision (benefit) for income taxes consists of the following for the years ended March 31, 2017 and 2016: 2017 2016 Current: Local $ - $ - Foreign, representing: Hong Kong - (102,836 ) The People’s Republic of China - - Total current tax - (102,836 ) Deferred: Local - - Foreign, representing: Hong Kong 25,688 16,033 The People’s Republic of China - - Total deferred tax 25,688 16,033 Total income tax expenses (benefit) $ 25,688 $ (86,803 ) The reconciliation of the income tax expense to the amount computed by applying the U.S. statutory federal income tax rate to income (loss) before income taxes is as follows: 2017 2016 Income tax expense (benefit) at the U.S. statutory tax rate $ (10,002 ) $ (202,829 ) Valuation allowance on U.S. and PRC net operating loss carryforwards 51,826 25,585 Impact of foreign operations (17,558 ) 91,228 Other 1,422 (787 ) Income tax expense (benefit) $ 25,688 $ (86,803 ) Man Loong is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. SQML is subject to the Corporate Income Tax Law of the People’s Republic of China at a unified income tax rate of 25%. The following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of March 31, 2017 and 2016: 2017 2016 Deferred tax assets: Net operating loss carryforwards: -United States of America $ 156,503 $ 127,398 -Hong Kong 71,221 101,960 -The People’s Republic of China 22,721 - Total deferred tax assets 250,445 229,358 Less: valuation allowance (179,224 ) (127,398 ) Deferred tax assets $ 71,221 $ 101,960 2017 2016 Deferred tax liabilities, non-current Property, plant and equipment $ 466 $ 5,517 At March 31, 2017, the Company had U.S. net operating loss carryforwards of approximately $460,305 which expire in 2036. 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, the Company has recorded a valuation allowance of approximately $157,000 as of March 31 2017. At March 31, 2017 and 2016, the Company’s and Man Loong’s differences between the book and tax basis of equipment gave rise to deferred income tax liability of $466 and $5,517, respectively which are recorded as noncurrent in the accompanying consolidated statements of financial condition. The Company had no other differences between the book and tax basis of liabilities as of March 31, 2017 and 2016. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2017 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings (Loss) Per Share | 11. Earnings (Loss) Per Share Earnings (loss) per share (“EPS”) information for the years ended March 31, 2017 and 2016 was determined by dividing net income (loss) 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 years ending March 31, 2017 and 2016, the Company did not have any securities that may potentially dilute the basic earnings (loss) per share. Therefore basic and diluted earnings (loss) per share for the respective years are the same. 2017 2016 Numerator Net income (loss) attributable to common stakeholders $ (55,105 ) $ (509,750 ) Denominator Weighted average shares of common stock (basic and diluted) 512,600,000 512,600,000 Basic and diluted earnings (loss) per share * $ (0.00 ) $ (0.00 ) *Less than $0.001 |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions and Balances [Abstract] | |
Related Party Transactions and Balances | 12. 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 expense as a component of general and administrative expenses. Included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of comprehensive income (loss) for the years ended March 31, 2017 and 2016, are rental fees which were paid to True Technology of $46,401 and $46,412 respectively. Included in employee compensation and benefits in the accompanying consolidated statements of comprehensive income (loss) for the years ending March 31, 2017 and 2016, are salaries and director compensation of $43,023 and $30,941 respectively, which were paid to two of the Company’s directors and shareholders. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 13. Commitments and contingencies (a) The Company leases office space under non-cancellable operating lease agreements that expire on various dates through 2019. In December 2012, the Company entered into a lease agreement on approximately 10,000 square feet of office space which replaced its previous office facilities. The Company occupied the space in January 2013. Under terms of the lease, the Company paid approximately $192,000 in lease deposits and was committed to lease and management fee payments of approximately $46,647 per month for 29 months. In September 2015, the Company entered into a new lease agreement on approximately 5,500 square feet of office space which will replace its previous office facilities. The Company will occupy the space in December 2015. Under terms of the lease, the Company paid approximately $147,397 in lease deposits and is committed to lease and management fee payments of approximately $27,209 per month for 35 months. In May 27, 2011, the Company entered into an agreement with True Technology, a company under common control 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 fees paid to True Technology are approximately $12,894 per month for 12 months after which the fees were reduced to $3,866 per month for 24 months. In April 2017, the trading platform lease with True Technology was renewed for 2 years with monthly payment of approximately $3,866 until March 31, 2019. Future annual minimum lease payments, including maintenance and management fees, for non-cancellable operating leases and trading platform fees, are as follows: Years ending March 31, 2018 $ 500,328 2019 292,278 $ 792,606 (b) As of March 31, 2017, there were no contingencies involved. |
Subsequent events
Subsequent events | 12 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | 14. Subsequent Event In accordance with ASC Topic 855, “ Subsequent Events |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company’s fiscal year end is March 31. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements as of March 31, 2017 and 2016, include the accounts of eBullion and its subsidiaries. All significant intercompany transactions have been eliminated. |
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 year. 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 years to conform to the current presentation. Such reclassifications had no effect on net income (loss). |
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. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
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 180 days of trade execution. The Company has not historically incurred credit losses on these commissions receivable. As of March 31, 2017 and 2016, the Company had no reserve for credit losses nor had it incurred any bad debts for the years ended March 31, 2017 and 2016. |
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 (loss). |
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, 2017 and 2016. The total amount charged to advertising expense was $53,266 and $29,381 for the years ended March 31, 2017 and 2016, respectively. |
Reporting Currency and Foreign Currency Translation | Reporting Currency and Foreign Currency Translation As of and for the years ended March 31, 2017 and 2016, 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 (loss) and accumulated translation adjustments are reported as a separate component of shareholders’ equity. Foreign exchange rates used: 2017 2016 Year end USD/HKD exchange rate 7.7704 7.7540 Average USD/HKD exchange rate: 7.7584 7.7567 Year end RMB/HKD exchange rate 1.1275 1.2021 Average RMB/HKD exchange rate: 1.1533 1.2247 |
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 these long-lived assets is considered impaired when the anticipated undiscounted cash flow from such an asset is less than its 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, 2017 and 2016 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, 2017 and 2016 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, 2017 and 2016. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The Company’s accumulated other comprehensive income (loss) at March 31, 2017 and 2016 consists of adjustments resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. |
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 Historically, we have not provided for U.S. income and foreign withholding taxes on Man Loong’s undistributed earnings, 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 (Loss) per Share | Earnings (Loss) per Share The Company computes earnings (loss) 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 (loss) per share. |
Retirement plan costs | Retirement plan costs Contributions to retirement schemes (which are defined contribution plans) are charged to general and administrative expenses in the statements of operation and comprehensive loss as and when the related employee service is provided. |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Segment reporting | Segment reporting ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. During the years ended March 31, 2017 and 2016, the Company operates in one reportable operating segment in Hong Kong. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses resulting from translating Man Loong’s functional currency, the HK dollar, to its reporting currency, the U.S. dollar. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). Under the amendments in ASU 2017-04, Step 2 of the goodwill impairment test is eliminated. An entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Also eliminated is the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. This standard is effective for the Company for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The new guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of ASU 2017-04, but anticipates early adoption of the accounting standard for its next annual goodwill impairment test during fiscal 2018, and does not expect that it will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). This new guidance clarifies the definition of a business in order to assist with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted for transactions not reported in financial statements that have been issued or made available for issuance. The new guidance must be applied prospectively on or after the effective date, and no disclosures for a change in accounting principle are required at transition. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory" ("ASU 2016-16") which amends the accounting for income taxes. ASU 2016-16 requires the recognition of the income tax consequences of an intra-entity asset transfer, other than transfers of inventory, when the transaction occurs. For intra-entity transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The standard is effective in annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The new guidance is required to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company intends to adopt the guidance when it becomes effective in the first quarter of fiscal 2019 and does not anticipate that this guidance will have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). ASU 2016-15 clarifies and provides guidance on eight cash flow classification issues and is intended to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company early adopted ASU 2016-15 as of the beginning of its third quarter of fiscal 2017 and there was no impact of adopting this standard. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of accounting for share-based payment award transactions, including income tax consequences, classification of awards as either liability or equity, and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted but requires all elements of the amendments to be adopted at once rather than individually. The Company is evaluating the effect that ASU No. 2016-09 will have on the Company’s consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires lessees to record a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The standard also requires certain quantitative and qualitative disclosures. While we are continuing to assess all potential aspects of ASU 2016-02, including taking an inventory of outstanding leases, the Company currently believes the most significant impact relates to our accounting for manufacturing, distribution, warehouse and office space operating leases. The Company expects this standard to have a material impact on its consolidated balance sheet, but does not believe that it will have a material impact on its consolidated statements of operations. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments" ("ASU 2015-16"). ASU 2015-16 eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. This guidance was effective for the Company beginning April 1, 2016 and will be applied prospectively to adjustments arising after that date. There was no impact of adopting this standard at the date of adoption. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory" ("ASU 2015-11"). ASU 2015-11 amends the guidelines for the measurement of inventory from lower of cost or market to the lower of cost and net realizable value ("NRV"). NRV is defined as the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. Under existing standards, inventory is measured at lower of cost or market, which requires the consideration of replacement cost, NRV and NRV less an amount that approximates a normal profit margin. This ASU eliminates the requirement to determine and consider replacement cost or NRV less a normal profit margin for inventory measurement. The new standard is effective prospectively for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company intends to adopt the guidance when it becomes effective in the first quarter of fiscal 2018 and does not anticipate that this guidance will have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides a single model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires expanded disclosures regarding the qualitative and quantitative information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for fiscal years beginning after December 15, 2016. The standard permits the use of either a full retrospective or a modified retrospective approach. The Company intends to adopt the new guidance on April 1, 2018, with a cumulative-effect adjustment, if any, to opening retained earnings under the modified retrospective approach. The Company’s implementation of this ASU includes the evaluation of its customer agreements to identify terms or conditions that could be considered a performance obligation such that, if material to the terms of the contract, consideration would be allocated to the performance obligation and could accelerate or defer the timing of recognizing revenue. The Company’s evaluation of the new guidance is not yet complete; however, based on the nature of the Company’s primary revenue sources and current policies, excluding McCall, the Company does not expect a significant change in the timing and presentation of recognizing its revenue, but does expect there to be a material impact on disclosures. The Company is currently evaluating the impact of adoption of ASU 2014-09 will have on its consolidated financial statements in respect to revenue related to its recent McCall acquisition. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 2016-02 establishes new guidance for the recording and disclosure of assets and liabilities that arise from leasing activity. ASU 2016-02 will require most lessees to record lease assets and lease liabilities that arise from leases on the statement of financial condition and disclose qualitative and quantitative information related to lease transactions such as variable lease payments and options to renew and terminate leases. ASU 2016-02 is effective for years beginning after December 18, 2018 and early adoption is permitted. The Company is evaluating ASU 2016-02 to determine its impact, if any, on the consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 Financial Instruments Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Liabilities In August 2015, the FASB issued ASU 2015-14 Revenue From Contracts With Customers (Topic 606) Deferral of the Effective Date In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. |
Nature of Operations (Tables)
Nature of Operations (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Schedule of description of subsidiaries | Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars paid-up capital Effective interest held Man Loong Bullion Company Limited (“Man Loong”) Hong Kong, a limited liability company Provision of sub-agency service in London gold dealing HK$10,152,000 100% Shenzhen Qianhai Man Loong Bullion Company Limited (“SQML”) The PRC, a limited liability company Provision of gold trading service in the PRC RMB2,000,000 100% |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of estimated useful lives of the assets | Office equipment 5 years Furniture and fixtures 5 years Computer equipment 5 years |
Schedule of foreign exchange rates translation | 2017 2016 Year end USD/HKD exchange rate 7.7704 7.7540 Average USD/HKD exchange rate: 7.7584 7.7567 Year end RMB/HKD exchange rate 1.1275 1.2021 Average RMB/HKD exchange rate: 1.1533 1.2247 |
Deposits and Prepaid Expenses (
Deposits and Prepaid Expenses (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Deposits and Prepaid Expenses [Abstract] | |
Schedule of deposits and prepaid expenses | 2017 2016 Current Prepaid rent and occupancy expenses $ 42,142 $ 29,819 Noncurrent Rent and occupancy deposits 188,010 141,084 Total deposits and prepaid expenses $ 230,152 $ 170,903 |
Equipment (Tables)
Equipment (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
Schedule of property and equipment, including leasehold improvements | 2017 2016 Office equipment $ 206,345 $ 206,345 Computer equipment 59,919 59,919 Furniture and fixtures 111,916 65,774 378,180 332,038 Less: Accumulated depreciation (153,830 ) (78,231 ) Equipment, net $ 224,350 $ 253,807 |
General and Administrative Ex26
General and Administrative Expenses (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
General and Administrative Expense [Abstract] | |
Schedule of general and administrative expenses | 2017 2016 Marketing expenses $ 281,639 $ 334,848 Trading platform rent 92,139 162,882 Transportation 5,095 25,243 Internet 22,226 20,457 Travel and entertainment 11,690 19,633 Computers and software 38,710 42,972 Legal and professional 169,843 214,780 Licenses 16,778 28,842 Occupancy 469,391 567,050 Advertising 53,266 29,381 Other 100,580 138,456 Total general and administrative expense $ 1,261,357 $ 1,584,544 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Summary of income (loss) before income taxes | 2017 2016 Tax jurisdictions from: Local $ (85,605 ) (75,251 ) Foreign, representing: Hong Kong 147,073 (521,302 ) The People’s Republic of China (90,885 ) - Income (loss) before income taxes $ (29,417 ) (596,553 ) |
Schedule of income tax provision (benefit) | 2017 2016 Current: Local $ - $ - Foreign, representing: Hong Kong - (102,836 ) The People’s Republic of China - - Total current tax - (102,836 ) Deferred: Local - - Foreign, representing: Hong Kong 25,688 16,033 The People’s Republic of China - - Total deferred tax 25,688 16,033 Total income tax expenses (benefit) $ 25,688 $ (86,803 ) |
Schedule of reconciliation of the income tax provision (benefit) | 2017 2016 Income tax expense (benefit) at the U.S. statutory tax rate $ (10,002 ) $ (202,829 ) Valuation allowance on U.S. and PRC net operating loss carryforwards 51,826 25,585 Impact of foreign operations (17,558 ) 91,228 Other 1,422 (787 ) Income tax expense (benefit) $ 25,688 $ (86,803 ) |
Schedule of Deferred Tax Assets and Liabilities | 2017 2016 Deferred tax assets: Net operating loss carryforwards: -United States of America $ 156,503 $ 127,398 -Hong Kong 71,221 101,960 -The People’s Republic of China 22,721 - Total deferred tax assets 250,445 229,358 Less: valuation allowance (179,224 ) (127,398 ) Deferred tax assets $ 71,221 $ 101,960 2017 2016 Deferred tax liabilities, non-current Property, plant and equipment $ 466 $ 5,517 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings (Loss) Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per share | 2017 2016 Numerator Net income (loss) attributable to common stakeholders $ (55,105 ) $ (509,750 ) Denominator Weighted average shares of common stock (basic and diluted) 512,600,000 512,600,000 Basic and diluted earnings (loss) per share * $ (0.00 ) $ (0.00 ) *Less than $0.001 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and contingencies [Abstract] | |
Schedule of future annual minimum lease payments | Years ending March 31, 2018 $ 500,328 2019 292,278 $ 792,606 |
Nature of Operations (Details)
Nature of Operations (Details) - 12 months ended Mar. 31, 2017 - Limited liability company | HKD | CNY (¥) |
Man Loong Bullion Company Limited ("Man Loong") | Hong Kong | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Principal activities and place of operation | Provision of sub-agency service in London gold dealing | |
Particulars paid-up capital | HKD | HKD 10,152,000 | |
Effective interest held | 100.00% | |
Shenzhen Qianhai Man Loong Bullion Company Limited ("SQML") | PRC | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Principal activities and place of operation | Provision of gold trading service in the PRC | |
Particulars paid-up capital | ¥ | ¥ 2,000,000 | |
Effective interest held | 100.00% |
Nature of Operations (Detail Te
Nature of Operations (Detail Textuals) - Man Loong Bullion Company Limited ("Man Loong") - Limited liability company - HONG KONG | Apr. 03, 2013 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
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. |
Ownership percentage by Man Loong | 100.00% |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Mar. 31, 2017 | |
Office equipment | |
Property, Plant and Equipment [Line Items] | |
Equipment estimated useful lives | 5 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Equipment estimated useful lives | 5 years |
Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Equipment estimated useful lives | 5 years |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Year end USD/HKD exchange rate | ||
Accounting Policy [Line Items] | ||
Average foreign exchange rate | 7.7704 | 7.754 |
Year end RMB/HKD exchange rate | ||
Accounting Policy [Line Items] | ||
Average foreign exchange rate | 1.1275 | 1.2021 |
Average RMB/HKD exchange rate: | ||
Accounting Policy [Line Items] | ||
Average foreign exchange rate | 1.1533 | 1.2247 |
Average USD/HKD exchange rate: | ||
Accounting Policy [Line Items] | ||
Average foreign exchange rate | 7.7584 | 7.7567 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Detail Textuals) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | ||
Advertising expense | $ 53,266 | $ 29,381 |
Customer deposits description | 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. |
Deposits and Prepaid Expenses35
Deposits and Prepaid Expenses (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Current | ||
Prepaid rent and occupancy expenses | $ 42,142 | $ 29,819 |
Noncurrent | ||
Rent and occupancy deposits | 188,010 | 141,084 |
Total deposits and prepaid expenses | $ 230,152 | $ 170,903 |
Loan receivable from Global L36
Loan receivable from Global Long (Detail Textuals) | Apr. 03, 2015USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Apr. 03, 2015HKD |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan receivable from Global Long | $ 772,157 | $ 773,793 | ||
Global Long | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan receivable from Global Long | $ 773,332 | HKD 6,000,000 | ||
Interest rate on loan | 6.00% |
Equipment (Details)
Equipment (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 378,180 | $ 332,038 |
Less: Accumulated depreciation | (153,830) | (78,231) |
Equipment, net | 224,350 | 253,807 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 206,345 | 206,345 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 59,919 | 59,919 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 111,916 | $ 65,774 |
Equipment (Detail Textuals)
Equipment (Detail Textuals) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property and Equipment [Abstract] | ||
Depreciation expense | $ 75,599 | $ 80,976 |
Customer Deposits (Detail Textu
Customer Deposits (Detail Textuals) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Customer Deposits Disclosure [Abstract] | ||
Customer deposits | $ 212,886 | $ 187,037 |
General and Administrative Ex40
General and Administrative Expenses (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
General and Administrative Expense [Abstract] | ||
Marketing expenses | $ 281,639 | $ 334,848 |
Trading platform rent | 92,139 | 162,882 |
Transportation | 5,095 | 25,243 |
Internet | 22,226 | 20,457 |
Travel and entertainment | 11,690 | 19,633 |
Computers and software | 38,710 | 42,972 |
Legal and professional | 169,843 | 214,780 |
Licenses | 16,778 | 28,842 |
Occupancy | 469,391 | 567,050 |
Advertising | 53,266 | 29,381 |
Other | 100,580 | 138,456 |
Total general and administrative expense | $ 1,261,357 | $ 1,584,544 |
Pension Plan (Detail Textuals)
Pension Plan (Detail Textuals) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | ||
Total contributions made by the Company | $ 30,290 | $ 53,107 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Tax jurisdictions from: | ||
Local | $ (85,605) | $ (75,251) |
Income (loss) before income taxes | (29,417) | (596,553) |
HONG KONG | ||
Tax jurisdictions from: | ||
Foreign | 147,073 | (521,302) |
The People's Republic of China | ||
Tax jurisdictions from: | ||
Foreign | $ (90,885) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Current: | ||
Local | ||
Total current tax | (102,836) | |
Deferred: | ||
Local | ||
Total deferred tax | 25,688 | 16,033 |
Total income tax expenses (benefit) | 25,688 | (86,803) |
Hong Kong | ||
Current: | ||
Foreign | (102,836) | |
Deferred: | ||
Foreign | 25,688 | 16,033 |
The People's Republic of China | ||
Current: | ||
Foreign | ||
Deferred: | ||
Foreign |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Taxes [Abstract] | ||
Income tax expense (benefit) at the U.S. statutory tax rate | $ (10,002) | $ (202,829) |
Valuation allowance on U.S. and PRC net operating loss carryforwards | 51,826 | 25,585 |
Impact of foreign operations | (17,558) | 91,228 |
Other | 1,422 | (787) |
Income tax expense (benefit) | $ 25,688 | $ (86,803) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred tax assets: | ||
Total deferred tax assets | $ 250,445 | $ 229,358 |
Less: valuation allowance | (179,224) | (127,398) |
Deferred tax assets | 71,221 | 101,960 |
Deferred tax liabilities, non-current | ||
Property, plant and equipment | 466 | 5,517 |
United States of America | ||
Deferred tax assets: | ||
Total deferred tax assets | 156,503 | 127,398 |
Hong Kong | ||
Deferred tax assets: | ||
Total deferred tax assets | 71,221 | 101,960 |
The People's Republic of China | ||
Deferred tax assets: | ||
Total deferred tax assets | $ 22,721 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Tax Credit Carryforward [Line Items] | ||
Operating loss carryforwards | $ 460,305 | |
Operating loss valuation allowance | 157,000 | |
Deferred tax assets | $ 71,221 | $ 101,960 |
Operating loss carryforwards, expiration date | Mar. 31, 2036 | |
Deferred tax liabilities | $ 466 | $ 5,517 |
Hong Kong | Man Loong Bullion Company Limited ("Man Loong") | ||
Tax Credit Carryforward [Line Items] | ||
Statutory income tax rate | 16.50% | |
The People's Republic of China | Shenzhen Qianhai Man Loong Bullion Company Limited ("SQML") | ||
Tax Credit Carryforward [Line Items] | ||
Statutory income tax rate | 25.00% |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Numerator | |||
Net income (loss) attributable to common stakeholders | $ (55,105) | $ (509,750) | |
Denominator | |||
Weighted average shares of common stock (basic and diluted) (in shares) | 512,600,000 | 512,600,000 | |
Basic and diluted earnings (loss) per common share (in dollars per share) | [1] | $ 0 | $ 0 |
[1] | Less than $0.001 |
Related Party Transactions an48
Related Party Transactions and Balances (Detail Textuals) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | May 27, 2011 | Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||||
Salaries and director compensation | $ 43,023 | $ 30,941 | ||
True Technology Company Limited ("True Technology") | ||||
Related Party Transaction [Line Items] | ||||
Related party internet service fees | $ 3,868 | $ 12,894 | ||
Rental fees | $ 46,401 | $ 46,412 |
Commitments and contingencies49
Commitments and contingencies (Details) | Mar. 31, 2017USD ($) |
Years ending March 31, | |
2,018 | $ 500,328 |
2,019 | 292,278 |
Future annual minimum lease payments | $ 792,606 |
Commitments and contingencies50
Commitments and contingencies (Detail Textuals) | 1 Months Ended | ||
Sep. 30, 2015USD ($)ft² | Dec. 31, 2012USD ($)ft² | May 27, 2011USD ($) | |
Commitments And Contingencies [Line Items] | |||
Area of office space | ft² | 5,500 | 10,000 | |
Lease deposits | $ 147,397 | $ 192,000 | |
Management fee payments | $ 27,209 | $ 46,647 | |
Leasing payments term | 35 months | 29 months | |
True Technology Company Limited ("True Technology") | |||
Commitments And Contingencies [Line Items] | |||
Fees paid | $ 12,894 | ||
Renewal term | 2 years | ||
Monthly payment | $ 3,866 | ||
Lease expiration date | Mar. 31, 2019 |