Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Feb. 14, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | DUO WORLD INC | |
Entity Central Index Key | 1,635,136 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 52,659,154 | |
Trading Symbol | DUUO | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 20,748 | $ 25,084 |
Accounts receivable – trade | 572,363 | 621,670 |
Prepaid expenses and other current assets | 1,156,687 | 257,376 |
Accrued Revenue | 63,928 | 70,174 |
Total Current Assets | 1,813,726 | 974,304 |
Non Current Assets | ||
Property and equipment, net of accumulated depreciation of $259,939 and $248,326, respectively | 30,397 | 48,087 |
Intangible assets, net | 702,070 | 580,899 |
Deferred taxes | 31,202 | 30,864 |
Total Non Current Assets | 763,669 | 659,850 |
Total Assets | 2,577,395 | 1,634,154 |
Current Liabilities | ||
Accounts Payable | 370,924 | 307,616 |
Payroll, employee benefits, severance | 479,335 | 284,285 |
Short term borrowings | 562,610 | 473,838 |
Due to related parties | 602,218 | 361,785 |
Payable for acquisition | 185,762 | 185,762 |
Taxes payable | 116,419 | 82,669 |
Accruals and other payables | 107,735 | 169,746 |
Deferred revenue | 46,769 | 16,420 |
Total Current liabilities | 2,471,772 | 1,882,121 |
Long Term Liabilities | ||
Due to related parties | 1,184,214 | 1,168,866 |
Total Long Term liabilities | 1,184,214 | 1,168,866 |
Total liabilities | 3,655,986 | 3,050,987 |
Commitments and contingencies (Note 16) | ||
Shareholders' Deficit | ||
Ordinary shares: $0.001 par value per share; 400,000,000 and 90,000,000 shares authorized; 44,750,654 and 38,567,467 shares issued and outstanding, respectively | 44,751 | 38,567 |
Additional Paid in Capital | 2,763,597 | 907,456 |
Accumulated deficit | (3,964,979) | (2,481,117) |
Accumulated other comprehensive income | 72,903 | 112,761 |
Total shareholders' deficit | (1,078,591) | (1,416,833) |
Total Liabilities and Shareholders´ Deficit | 2,577,395 | 1,634,154 |
Series A Preferred Stock [Member] | ||
Shareholders' Deficit | ||
Convertible series "A" preferred shares: $0.001 par value per share; 10,000,000 shares authorized; 5,136,600 and 5,500,000 shares issued and outstanding, respectively | $ 5,137 | $ 5,500 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Accumulated depreciation, property and equipment | $ 259,939 | $ 248,326 |
Ordinary stock, par value | $ 0.001 | $ 0.001 |
Ordinary stock, shares authorized | 400,000,000 | 90,000,000 |
Ordinary stock, shares issued | 44,750,654 | 38,567,467 |
Ordinary stock, shares outstanding | 44,750,654 | 38,567,467 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 5,136,600 | 5,500,000 |
Preferred stock, shares outstanding | 5,136,600 | 5,500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 200,911 | $ 282,385 | $ 582,049 | $ 923,501 |
Cost of revenue (exclusive of depreciation presented below) | (76,039) | (84,575) | (237,708) | (226,897) |
Gross Income | 124,872 | 197,810 | 344,341 | 696,604 |
Operating Expenses: | ||||
Research and development | 10,461 | 30,088 | ||
General and administrative | 134,035 | 146,287 | 458,860 | 660,512 |
Salaries and casual wages | 91,077 | 113,514 | 269,082 | 322,374 |
Selling and distribution | 3,527 | 5,937 | 9,410 | 12,567 |
Professional services- Investment advisory | 438,598 | 877,195 | ||
Depreciation | 5,553 | 7,725 | 18,932 | 56,149 |
Amortization of web site development | 383 | 438 | 1,146 | 1,664 |
Allowance for bad debts | 63,198 | 40,356 | 141,435 | 85,176 |
Total operating expenses | 736,371 | 324,718 | 1,776,060 | 1,168,530 |
Loss from operations | (611,499) | (126,908) | (1,431,719) | (471,926) |
Other Income (Expenses): | ||||
Interest expense | (19,250) | (7,409) | (55,407) | (17,885) |
Gain on disposals of property and equipment | 51 | 83 | ||
Other income | 2,514 | 28 | 3,134 | 273 |
Bank charges | (932) | (1,005) | (3,021) | (2,733) |
Exchange gain | 2,885 | 15,029 | 6,338 | 23,689 |
Total other income and (expenses) | (14,732) | 6,643 | (48,873) | 3,344 |
Loss before provision for income taxes | (626,231) | (120,265) | (1,480,592) | (468,582) |
Provision for income taxes | ||||
Net loss | $ (626,231) | $ (120,265) | $ (1,480,592) | $ (468,582) |
Basic and Diluted Loss per Share | $ (0.02) | $ 0 | $ (0.04) | $ (0.01) |
Basic and Diluted Weighted Average Number of Shares Outstanding | 41,595,863 | 38,567,467 | 39,951,984 | 38,521,304 |
Comprehensive Income (Loss): | ||||
Unrealized foreign currency translation gain (loss) | $ (15,001) | $ 42,234 | $ (39,857) | $ 57,238 |
Net loss | (626,231) | (120,265) | (1,480,592) | (468,582) |
Comprehensive loss | $ (641,232) | $ (78,031) | $ (1,520,449) | $ (411,344) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Loss before provision for income taxes | $ (1,480,592) | $ (468,582) |
Adjustments to reconcile loss before provision for income taxes to cash provided by operating activities | ||
Depreciation | 20,078 | 57,813 |
Bad debts | 141,435 | 85,176 |
Gain on disposals of property and equipment | (83) | |
Previous period adjustments | 42,146 | |
Common shares issued as payment for accrued interest | 15,000 | |
Common shares issued for services | 1,858,690 | 214,600 |
Product development cost written off | 84,844 | 108,172 |
Changes in assets and liabilities: | ||
Accounts receivable – trade | (92,127) | (281,333) |
Prepaid expenses and other current assets | (899,311) | 3,873 |
Accrued revenue | 6,246 | 10,473 |
Accounts Payable | 63,308 | (96,368) |
Payroll, employee benefits, severance | 195,050 | 116,401 |
Short term borrowings | 88,772 | 105,848 |
Due to related parties | 240,433 | 165,888 |
Taxes payable | 33,750 | 30,255 |
Accruals and other payables | (62,011) | (4,042) |
Deferred revenue | 30,349 | 13,358 |
Net cash provided by operating activities | 228,831 | 118,678 |
Cash Flows used in investing activities: | ||
Acquisition of property and equipment | (3,458) | (10,512) |
Sale proceeds of disposal of property and equipment | 334 | |
Addition to intangible assets | (212,748) | (294,507) |
Net cash used in investing activities | (215,872) | (305,019) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares | 151,001 | |
Additional paid in capital | (74,197) | |
Net cash provided by financing activities | 76,804 | |
Effect of exchange rate changes on cash | (17,295) | 48,810 |
Net decrease in cash | (4,336) | (60,727) |
Cash at Beginning of Period | 25,084 | 91,106 |
Cash at End of Period | 20,748 | 30,379 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 55,407 | 17,885 |
Cash paid for income taxes | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Common shares issued for services | 1,858,690 | 214,600 |
Accrued interest converted into common shares | 15,000 | |
Common shares issued upon conversion of preferred shares | $ 3,634 |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1 - Organization and Nature of Operations Duo World Inc. (hereinafter referred to as “Successor” or “Duo”) a reporting company, was organized under the laws of the state of Nevada on September 19, 2014. Duo Software (Pvt.) Limited (hereinafter referred to as “DSSL” or “Predecessor”), a Sri Lanka based company, was incorporated on September 22, 2004, in the Democratic Socialist Republic of Sri Lanka, as a limited liability company. Duo Software (Pte.) Limited (hereinafter referred to as “DSS” or “Predecessor”), a Singapore based company, was incorporated on June 05, 2007 in the Republic of Singapore as a limited liability company. DSS also includes its wholly owned subsidiary, Duo Software India (Private) Limited (India) which was incorporated on August 30, 2007, under the laws of India. On December 03, 2014, Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte. Limited (DSS) executed a reverse recapitalization with Duo World Inc. (Duo). Duo (Successor) is a holding company that conducts operations through its wholly owned subsidiaries DSSL and DSS (Predecessors) in Sri Lanka, Singapore and India. The consolidated entity is referred to as “the Company”. The Company, having its development center in Colombo, has been in the space of developing products and services for the subscription-based industry. The Company’s application (“DigIn”, “FaceTone”, “CloudCharge”,“SmoothFlow”, “DuoSubscribe” and “DuoCLM”) provide solutions in the space of Data Analytics, Customer Life Cycle Management, Subscriber Billing, Work Flow and Pay-TV Subscription Billing. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2 - Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and disclosures necessary for a comprehensive presentation of consolidated financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair consolidated financial statements presentation. The unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report, which contains the audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2017. The interim results for the period ended December 31, 2017 are not necessarily indicative of results for the full fiscal year. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. As reflected in the accompanying consolidated financial statements, the Company had a net loss of $626,231 and $1,480,592 for the three and nine months ended December 31, 2017 respectively; net cash provided by operations of $228,831 and $118,678 for the nine months ended December 31, 2017 and 2016 respectively; working capital deficit of $ 658,046 and $907,817 as of December 31, 2017 and March 31, 2017 respectively; outstanding statutory dues towards employee provident fund and employee trust fund of $365,678 and $269,781 as of December 31, 2017 and March 31, 2017, respectively; and a stockholders´ deficit of $1,078,591 and $1,416,833 as of December 31, 2017 and March 31, 2017, respectively. Operating losses during the three and nine months ended December 31, 2017 were mainly due to a one-time expenditure incurred for professional fee relating to investment advisory services. Furthermore, the Company has entered into contracts with the clients for the products launched during the year 2016-17 and the management is confident that these projects shall generate sufficient revenues to offset the operating losses in the recent future. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Basis of Consolidation Duo World Inc. is the parent company of its 100% subsidiaries Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte Limited (DSS). Duo Software Pte. Limited is the parent company of its 100% subsidiary Duo Software India (Private) Limited (India). All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates. The most significant estimates relate to the timing and amounts of revenue recognition, the recognition and disclosure of contingent liabilities and the collectability of accounts receivable. Risks and Uncertainties The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. Product revenues are concentrated in the application software industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies, could adversely affect operating results. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various high quality financial institutions and we monitor the credit ratings of those institutions. The Company’s sales are primarily to the companies located in Sri Lanka, Singapore, Indonesia and India. The Company performs ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. Accounts receivable are due principally from the companies under stated contract terms. Provisions A provision is recognized when the Company has present obligations as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Accounts Receivable and Provision for Doubtful Accounts The Company recognizes accounts receivable in connection with the products sold and services provided and have strong policies and procedures for the collection of receivables from its clients. However, there are inevitably occasions when the receivables due to the Company cannot be collected and, therefore, have to be written off as bad debts. While the debt collection process is being pursued, an assessment is made of the likelihood of the receivable being collectable. A provision is, therefore, made against the outstanding receivable to reflect that component that may not become collectable. The Company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following: Trade receivables outstanding: Provision Over 24 months 100 % Over 18 months 50 % Over 15 months 25 % Over 12 months 10 % Over 9 months 5 % Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2017 and March 31, 2017, there were no cash equivalents. Foreign Currency Translation The functional currencies of the Company’s foreign subsidiaries are their local currencies. For financial reporting purposes, these currencies have been translated into United States Dollars ($) and/or USD as the reporting currency. All assets and liabilities denominated in foreign functional currencies are translated into U.S. dollars at the closing exchange rate on the balance sheet date and equity balances are translated at historical rates. Revenues, costs and expenses in foreign functional currencies are translated at the average rate of exchange during the period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of shareholders’ deficit as “accumulated other comprehensive income (loss)”. Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive income / (loss) as other income (expense). Fixed assets Fixed assets (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets. The estimated salvage value is considered as NIL. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 15 years, or the lease term, if shorter. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of the property and equipment, are expensed as incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements. Useful lives of the fixed assets are as follows: Furniture & Fittings 5 years Improvements to lease hold assets Lease term Office equipment 5 years Computer equipment (Data Processing Equipment) 3 years Website development 4 years Impairment of Long-Lived Assets The Company reviews long-lived assets, such as property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs related to the sale, and are no longer depreciated. The assets and liabilities of a group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. Fair Value Measurements and Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. Revenue Recognition, Deferred & Accrued Revenue The Company recognizes revenue from the sale of software licenses and related services in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally, when all of the following criteria are met: ● Persuasive evidence of an arrangement exists. Evidence of an arrangement generally consists of a contract or purchase order signed by the customer. ● Delivery has occurred or services have been performed. Services are considered delivered as the work is performed or, in the case of maintenance, over the contractual service period. The Company uses written evidence of customer acceptance to verify delivery or completion of any performance terms. ● The seller’s price to the buyer is fixed or determinable. The Company assesses whether the sales price is fixed or determinable based on payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. ● Collectability is reasonably assured. The Company assesses collectability primarily based on the creditworthiness of the customer as determined by credit checks and related analysis, as well as the customer’s payment history, economic conditions in the customer’s industry and geographic location and general economic conditions. If we do not consider collection of a fee to be probable, we defer the revenue until the fees are collected, provided all other conditions for revenue recognition have been met. The Company typically licenses its products on a per server, per user basis with the price per customer varying based on the selection of the products licensed, the number of site installations and the number of authorized users. Currently, Duo is offering two products from which it generates its revenue; they are “Duo Subscribe” and “FaceTone”. Duo sells its software license along with software implementation and annual maintenance services under an agreement with various clients. The Company raises invoices on a key milestone basis, as defined in the agreement. Revenue recognition is based on stage of completion basis. Revenues from consulting and training services are typically recognized as the services are performed. The Company offers annual maintenance programs on its licenses that provide for technical support and updates to the Company’s software products. Maintenance fees are bundled with license fees in the initial licensing period and charged separately for renewals of annual maintenance in subsequent years. Fair value for maintenance is based upon either renewal rates stated in the contracts or separate sales of renewals to customers. Revenue is recognized ratably, or daily, over the term of the maintenance period, which is typically one year. For the nine months ended December 31, 2017 and 2016, the Company received only cash as consideration for sale of licenses and related services rendered. For the nine months ended December 31, 2017 and 2016, the Company had following concentrations of revenue with customers: Customer December 31, 2017 December 31, 2016 DEN Networks 47.57 % 30.08 % Commercial Bank of Ceylon PLC 11.00 % 0.00 % Topaz 8.13 % 7.04 % Development services 7.47 % 1.08 % LOLC 6.77 % 0.00 % Mediatama 3.84 % 2.55 % Meghbela 3.13 % 1.47 % Bank of Ceylon 3.08 % 2.00 % Megamedia 0.00 % 38.51 % Hutchison 0.00 % 9.09 % HelloCorp 0.00 % 2.49 % Other misc. customers 9.01 % 5.69 % 100.00 % 100.00 % Deferred Revenue - Accrued Revenue/Unbilled Accounts Receivable - Cost of Revenue Cost of revenue mainly includes purchases, product implementation costs, amortization of product development, developer support and implementation, and consultancy fees related to the products offered by Duo. The aggregate cost related to the software implementations, including support and consulting services pertaining to the revenue recognized during the reporting period, is recognized as Cost of Revenue. Product research and development Product research and development expenses consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the enhancements of existing products and services and development of new products and services. Costs incurred for software development prior to technological feasibility are expensed as product research and development costs in the period incurred. Once the point of technological feasibility is reached, which is generally upon the completion of a working prototype that has no critical bugs and is a release candidate development costs are capitalized until the product is ready for general release and are classified within “Intangibles assets” in the accompanying consolidated balance sheets. The Company amortizes capitalized software development costs using the greater of the ratio of the products’ current gross revenues to the total of current gross revenues and expected gross revenues or on a straight-line basis over the estimated economic life of the related product, which is typically four years. During the nine months ending on December 31, 2017 and 2016, product research and development cost of $212,748 and $294,507 respectively, were capitalized as “Intangible assets”. Product research and development cost of $26,370 of the “SaaS” version of “FaceTone” was capitalized during the nine months ended December 31, 2017. Advertising Costs The Company expenses advertising costs as incurred. The amount expensed during the nine months ended December 31, 2017 was $484 and is included in selling and distribution expense in the accompanying consolidated statements of operations. No advertising expenses were incurred during the nine months ended December 31, 2016. Comprehensive Income The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from April 1, 2013 through December 31, 2017, includes only foreign currency translation gains (losses), and is presented in the Company’s consolidated statements of comprehensive income. Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on December 31, 2017 and March 31, 2017 were as follows: Foreign Currency Translation gains (losses) Balance, March 31, 2017 $ 112,761 Translation rate loss during the period (5,962 ) Balance, June 30, 2017 $ 106,799 Translation rate loss during the period (18,895 ) Balance, September 30, 2017 $ 87,904 Translation rate loss during the period (15,001 ) Balance, December 31, 2017 $ 72,903 Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers , Revenue from Contracts with Customers Deferral of the Effective Date Revenue from Contracts with Customers Principal versus Agent Considerations Revenue from Contracts with Customers Identifying Performance Obligations and Licensing Revenue from Contracts with Customers Narrow-Scope Improvements and Practical Expedients Revenue from Contracts with Customers Technical Corrections and Improvements |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | Note 4 – Accounts Receivable Following is a summary of accounts receivable as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Accounts receivable – Trade $ 849,038 $ 754,783 Less: Provision for doubtful debts (276,675 ) (133,113 ) $ 572,363 $ 621,670 At December 31, 2017 and March 31, 2017, the Company had following concentrations of accounts receivable with customers: Customer December 31, 2017 March 31, 2017 Megamedia 49.07 % 63.68 % DEN Networks 15.53 % 15.99 % Topas 9.39 % 7.24 % LOLC 7.05 % 0.00 % Commercial Bank 5.14 % 0.00 % Bank of Ceylon 3.18 % 0.00 % Development Services 2.86 % 0.00 % Dish Media 1.88 % 5.88 % Mediatama 1.75 % 1.29 % Meghbela 1.41 % 0.74 % Other receivables 2.73 % 5.18 % 100.00 % 100.00 % |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Dec. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 5 – Prepaid Expenses and Other Current Assets Following is a summary of prepaid expenses and other current assets as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Security deposits $ 18,766 $ 29,621 WHT receivable 198,839 201,362 Staff loan and advances - 100 Travel advance - 295 Supplier advance 3,476 4,398 ESC receivable 5,778 5,826 Insurance prepayment - 1,435 Prepayments 48,107 10,580 Prepayment for other professional services 877,195 - Other receivables 4,526 3,759 $ 1,156,687 $ 257,376 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6 – Property and Equipment Following table illustrates net book value of property and equipment as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Office equipment $ 7,318 $ 9,465 Furniture & fittings 140,960 139,377 Computer equipment (Data Processing Equipment) 126,513 131,909 Improvements to lease hold assets 1,879 1,894 Website Development 13,666 13,768 $ 290,336 $ 296,413 Accumulated depreciation and amortization (259,939 ) (248,326 ) Net fixed assets $ 30,397 $ 48,087 Depreciation and amortization expense for the nine months ended December 31, 2017 and 2016 was $20,078 and $57,813 respectively. $7,098 of fully depreciated long lived assets were disposed during the nine months ended December 31, 2017. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 7 – Intangible Assets Intangible assets comprise of capitalization of certain costs pertaining to product development, which meet the criteria as set forth above under Note 3. Following table illustrates the movement in intangible assets as at December 31, 2017 and March 31, 2017: December 31, 2017 March 31, 2017 Opening Balance $ 580,899 $ 382,352 Add: Costs capitalized during the period 212,748 365,216 Less: Amount Written-off (84,844 ) (147,326 ) Translational gain (6,733 ) (19,343 ) Net Intangible Assets $ 702,070 $ 580,899 |
Short Term Borrowings
Short Term Borrowings | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short Term Borrowings | Note 8 – Short Term Borrowings Following is a summary of short-term borrowings as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 PAN Asia Bank – Short term overdraft $ 480,550 $ 460,088 Prosperous Capital 8,922 8,997 Commercial bank 40,093 4,753 Senkadagala Finance 33,045 - $ 562,610 $ 473,838 Bank overdraft facility, obtained from Pan Asia Banking Corporation PLC, contains an average interest rate of 15.55% per annum. |
Due to Related Parties
Due to Related Parties | 9 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Due to Related Parties | Note 9 – Due to Related Parties Due to Related Parties – Short term From time to time, the Company receives advances from related parties such as officers, directors or principal shareholders in the normal course of business. Loans and advances received from related parties are unsecured and non-interest bearing. Balances outstanding to these persons for less than 12 months are presented under current liabilities in the accompanying consolidated financial statements. As of December 31, 2017 and March 31, 2017, the Company owed directors $602,218 and $361,785 respectively. Due to Related Parties – Long term Balances outstanding to related parties for more than 12 months are presented under long-term liabilities in the accompanying consolidated financial statements. As of December 31, 2017 and March 31, 2017, the Company owed directors $1,184,214 and $1,168,866 respectively. |
Taxes Payable
Taxes Payable | 9 Months Ended |
Dec. 31, 2017 | |
Taxes Payable [Abstract] | |
Taxes Payable | Note 10 – Taxes Payable The taxes payable comprise of items listed below as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 PAYE $ 107,712 $ 73,611 VAT payable - 14 Stamp Duty Payable 36 48 Tax payable 8,671 8,996 $ 116,419 $ 82,669 |
Accruals and Other Payables
Accruals and Other Payables | 9 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accruals and Other Payables | Note 11 – Accruals and Other Payables Following is a summary of accruals and other payables as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Audit fee payable $ 17,089 $ 20,906 Accruals 30,534 81,696 Other payables 60,112 67,144 $ 107,735 $ 169,746 |
Cost of Revenue
Cost of Revenue | 9 Months Ended |
Dec. 31, 2017 | |
Cost of Revenue [Abstract] | |
Cost of Revenue | Note 12 – Cost of Revenue Following is the summary of cost of revenue for the nine months ending December 31, 2017 and 2016; December 31, 2017 December 31, 2016 Purchases $ 38,087 $ 31,737 Implementation cost 20,510 32,445 Product development cost written off 84,844 108,101 Consultancy, contract basis employee cost 7,468 19,007 Support services 50,262 21,859 Other external services 6,594 7,981 Development services 29,943 5,767 $ 237,708 $ 226,897 |
General and Administrative Expe
General and Administrative Expenses | 9 Months Ended |
Dec. 31, 2017 | |
General And Administrative Expenses | |
General and Administrative Expenses | Note 13 – General and Administrative Expenses Following is the summary of general and administrative expenses for the nine months ending December 31, 2017 and 2016; December 31, 2017 December 31, 2016 Directors remuneration $ 113,781 $ 78,758 EPF 32,809 36,493 ETF 8,202 9,123 Bonus - 24,961 Vehicle allowance 28,227 42,905 Staff welfare 8,693 20,176 Penalties / Late payment charges 817 4,792 Office rent 51,260 57,481 Electricity charges 10,919 12,190 Office maintenance 9,241 12,741 Telephone charges 8,137 9,304 Travelling expense 2,761 2,470 Audit fee 8,094 5,068 Printing and stationery 848 1,368 Office expenses 1,354 1,773 Computer maintenance 3,723 4,764 Internet charges 9,638 9,952 Courier and postage 689 575 Security charges 2,338 2,700 Training and development - 170 Insurance expense 1,393 1,735 Professional fees 13,882 26,951 Gratuity 5,382 3,724 Secretarial fees 396 740 Irrecoverable tax 36,010 34,178 Software Rentals 19,176 19,372 Other professional services 5,945 224,103 Consulting fee 51,300 - Transfer agent fees 1,010 1,235 Filling fee and subscription 4,687 4,047 Stamp duty expenses 1,123 728 Legal fee 9,403 5,505 Investor relations 5,742 - Other expenses 1,880 430 $ 458,860 $ 660,512 |
Selling and Distribution Expens
Selling and Distribution Expenses | 9 Months Ended |
Dec. 31, 2017 | |
Selling And Distribution Expenses | |
Selling and Distribution Expenses | Note 14 – Selling and Distribution Expenses Following is the summary of selling and distribution expenses for the nine months ending on December 31, 2017 and 2016; December 31, 2017 December 31, 2016 Marketing Expenses $ 743 $ 1,472 Vehicle hire charges 4,681 4,810 Vehicle running expense 3,492 3,608 Foreign Travel - 2,427 Advertisement 484 - Visa expenses - 250 Gifts and donations 10 - $ 9,410 $ 12,567 |
Equity
Equity | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Note 15 - Equity (A) Common Stock As at December 31, 2017, the Company had 400,000,000 authorized shares of common stock having a par value of $0.001. The shares of Common Stock are designated with the following rights: ● Voting rights: ● Right to elect board of directors: ● Right to share income and assets: During the nine months ended December 31, 2017, the Company issued following common shares: Date Type Shares Valuation 06/30/2017 Stock issued for services - Consulting for Strategic Growth 1, Ltd. 140,000 $ 51,800 08/23/2017 Stock issued for services - Maxim Partners LLC. 1,391,816 $ 1,043,862 08/23/2017 Stock issued for services - Dayspring Capital LLC. 947,371 $ 710,528 09/18/2017 Stock issued for services - Consulting for Strategic Growth 1, Ltd. 70,000 $ 52,500 12/19/2017 Stock issued to Yenom (Pvt) Limited. 3,634,000 $ 3,634 In December 2017, the Board of Directors approved the “Duo World, Inc. 2017 Employee Stock Ownership Plan” and reserved an aggregate of 9,611,665 shares of common stock for issuance thereunder. (B) Preferred Stock As at December 31, 2017, the Company had 10,000,000 authorized series “A” preferred shares having a par value of $0.001 per share. The preferred shares are designated with the following conversion rights: ● One preferred share will convert into ten (10) common shares no earlier than 12 months and 1 day after the issuance. On December 19, 2017, 363,400 convertible series “A” preferred shares were converted into 3,634,000 common stock at par at a ratio of one preferred share to ten common shares. During the nine months ended December 31, 2017, the Company has not issued any new preferred shares. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 - Commitments and Contingencies The Company consults with legal counsel on matters related to litigation and other experts both within and outside the Company with respect to matters in the ordinary course of business. The Company does not have any contingent liabilities in respect of legal claims arising in the ordinary course of business. Duo entered into a lease commitment for its Sri Lanka office amounting to $118,961 with Happy Building Management Company for a period of 3 years in 2016. Duo entered into another lease commitment for its Indian office amounting to $1,273 on April 1, 2017 with Regus Office Center Services Pvt. Limited for a period of 1 year. Guarantee provided by the company existed on the balance sheet date are as follows: Date Description Amount 09/23/2011 Performance Bond for BOC Tender $ 9,927 05/15/2013 Guarantee for Lanka Clear 2,086 07/31/2014 Guarantee for SLT 562 08/10/2015 Guarantee for LOLC 1,586 $ 14,160 The company has not provided any guarantees other than those mentioned above. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 – Subsequent Events On January 2, 2018, the Company awarded 6,542,500 shares of common stock to various employees, including 1,750,000 shares of common stock to two of the Company’s executive officers, 1,500,000 shares to Suzannah Jennifer Samuel Perera, Chief Finance Officer, and 250,000 shares to Mahmud Riad Ameen, Legal Director. The aggregate value of the 6,542,500 shares awarded was $3,042,262.50 in non-cash compensation. On January 12, 2018, 136,600 shares of convertible Series “A” Preferred Stock were converted into 1,366,000 common stock at par at a ratio of one preferred share to ten common shares. |
General
General | 9 Months Ended |
Dec. 31, 2017 | |
General | |
General | Note 18 - General Figures have been rounded off to the nearest dollar and the comparative figures have been re-arranged / reclassified, wherever necessary, to facilitate comparison. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation Duo World Inc. is the parent company of its 100% subsidiaries Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte Limited (DSS). Duo Software Pte. Limited is the parent company of its 100% subsidiary Duo Software India (Private) Limited (India). All significant inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates. The most significant estimates relate to the timing and amounts of revenue recognition, the recognition and disclosure of contingent liabilities and the collectability of accounts receivable. |
Risks and Uncertainties | Risks and Uncertainties The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. Product revenues are concentrated in the application software industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies, could adversely affect operating results. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various high quality financial institutions and we monitor the credit ratings of those institutions. The Company’s sales are primarily to the companies located in Sri Lanka, Singapore, Indonesia and India. The Company performs ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. Accounts receivable are due principally from the companies under stated contract terms. |
Provisions | Provisions A provision is recognized when the Company has present obligations as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. |
Accounts Receivable and Provision for Doubtful Accounts | Accounts Receivable and Provision for Doubtful Accounts The Company recognizes accounts receivable in connection with the products sold and services provided and have strong policies and procedures for the collection of receivables from its clients. However, there are inevitably occasions when the receivables due to the Company cannot be collected and, therefore, have to be written off as bad debts. While the debt collection process is being pursued, an assessment is made of the likelihood of the receivable being collectable. A provision is, therefore, made against the outstanding receivable to reflect that component that may not become collectable. The Company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following: Trade receivables outstanding: Provision Over 24 months 100 % Over 18 months 50 % Over 15 months 25 % Over 12 months 10 % Over 9 months 5 % |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2017 and March 31, 2017, there were no cash equivalents. |
Foreign Currency Translation | Foreign Currency Translation The functional currencies of the Company’s foreign subsidiaries are their local currencies. For financial reporting purposes, these currencies have been translated into United States Dollars ($) and/or USD as the reporting currency. All assets and liabilities denominated in foreign functional currencies are translated into U.S. dollars at the closing exchange rate on the balance sheet date and equity balances are translated at historical rates. Revenues, costs and expenses in foreign functional currencies are translated at the average rate of exchange during the period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of shareholders’ deficit as “accumulated other comprehensive income (loss)”. Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive income / (loss) as other income (expense). |
Fixed Assets | Fixed assets Fixed assets (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets. The estimated salvage value is considered as NIL. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 15 years, or the lease term, if shorter. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of the property and equipment, are expensed as incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements. Useful lives of the fixed assets are as follows: Furniture & Fittings 5 years Improvements to lease hold assets Lease term Office equipment 5 years Computer equipment (Data Processing Equipment) 3 years Website development 4 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets, such as property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs related to the sale, and are no longer depreciated. The assets and liabilities of a group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. |
Fair Value Measurements and Fair Value of Financial Instruments | Fair Value Measurements and Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. |
Revenue Recognition, Deferred & Accrued Revenue | Revenue Recognition, Deferred & Accrued Revenue The Company recognizes revenue from the sale of software licenses and related services in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally, when all of the following criteria are met: ● Persuasive evidence of an arrangement exists. Evidence of an arrangement generally consists of a contract or purchase order signed by the customer. ● Delivery has occurred or services have been performed. Services are considered delivered as the work is performed or, in the case of maintenance, over the contractual service period. The Company uses written evidence of customer acceptance to verify delivery or completion of any performance terms. ● The seller’s price to the buyer is fixed or determinable. The Company assesses whether the sales price is fixed or determinable based on payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. ● Collectability is reasonably assured. The Company assesses collectability primarily based on the creditworthiness of the customer as determined by credit checks and related analysis, as well as the customer’s payment history, economic conditions in the customer’s industry and geographic location and general economic conditions. If we do not consider collection of a fee to be probable, we defer the revenue until the fees are collected, provided all other conditions for revenue recognition have been met. The Company typically licenses its products on a per server, per user basis with the price per customer varying based on the selection of the products licensed, the number of site installations and the number of authorized users. Currently, Duo is offering two products from which it generates its revenue; they are “Duo Subscribe” and “FaceTone”. Duo sells its software license along with software implementation and annual maintenance services under an agreement with various clients. The Company raises invoices on a key milestone basis, as defined in the agreement. Revenue recognition is based on stage of completion basis. Revenues from consulting and training services are typically recognized as the services are performed. The Company offers annual maintenance programs on its licenses that provide for technical support and updates to the Company’s software products. Maintenance fees are bundled with license fees in the initial licensing period and charged separately for renewals of annual maintenance in subsequent years. Fair value for maintenance is based upon either renewal rates stated in the contracts or separate sales of renewals to customers. Revenue is recognized ratably, or daily, over the term of the maintenance period, which is typically one year. For the nine months ended December 31, 2017 and 2016, the Company received only cash as consideration for sale of licenses and related services rendered. For the nine months ended December 31, 2017 and 2016, the Company had following concentrations of revenue with customers: Customer December 31, 2017 December 31, 2016 DEN Networks 47.57 % 30.08 % Commercial Bank of Ceylon PLC 11.00 % 0.00 % Topaz 8.13 % 7.04 % Development services 7.47 % 1.08 % LOLC 6.77 % 0.00 % Mediatama 3.84 % 2.55 % Meghbela 3.13 % 1.47 % Bank of Ceylon 3.08 % 2.00 % Megamedia 0.00 % 38.51 % Hutchison 0.00 % 9.09 % HelloCorp 0.00 % 2.49 % Other misc. customers 9.01 % 5.69 % 100.00 % 100.00 % Deferred Revenue - Accrued Revenue/Unbilled Accounts Receivable - |
Cost of Revenue | Cost of Revenue Cost of revenue mainly includes purchases, product implementation costs, amortization of product development, developer support and implementation, and consultancy fees related to the products offered by Duo. The aggregate cost related to the software implementations, including support and consulting services pertaining to the revenue recognized during the reporting period, is recognized as Cost of Revenue. |
Product Research and Development | Product research and development Product research and development expenses consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the enhancements of existing products and services and development of new products and services. Costs incurred for software development prior to technological feasibility are expensed as product research and development costs in the period incurred. Once the point of technological feasibility is reached, which is generally upon the completion of a working prototype that has no critical bugs and is a release candidate development costs are capitalized until the product is ready for general release and are classified within “Intangibles assets” in the accompanying consolidated balance sheets. The Company amortizes capitalized software development costs using the greater of the ratio of the products’ current gross revenues to the total of current gross revenues and expected gross revenues or on a straight-line basis over the estimated economic life of the related product, which is typically four years. During the nine months ending on December 31, 2017 and 2016, product research and development cost of $212,748 and $294,507 respectively, were capitalized as “Intangible assets”. Product research and development cost of $26,370 of the “SaaS” version of “FaceTone” was capitalized during the nine months ended December 31, 2017. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. The amount expensed during the nine months ended December 31, 2017 was $484 and is included in selling and distribution expense in the accompanying consolidated statements of operations. No advertising expenses were incurred during the nine months ended December 31, 2016. |
Comprehensive Income | Comprehensive Income The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from April 1, 2013 through December 31, 2017, includes only foreign currency translation gains (losses), and is presented in the Company’s consolidated statements of comprehensive income. Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on December 31, 2017 and March 31, 2017 were as follows: Foreign Currency Translation gains (losses) Balance, March 31, 2017 $ 112,761 Translation rate loss during the period (5,962 ) Balance, June 30, 2017 $ 106,799 Translation rate loss during the period (18,895 ) Balance, September 30, 2017 $ 87,904 Translation rate loss during the period (15,001 ) Balance, December 31, 2017 $ 72,903 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers , Revenue from Contracts with Customers Deferral of the Effective Date Revenue from Contracts with Customers Principal versus Agent Considerations Revenue from Contracts with Customers Identifying Performance Obligations and Licensing Revenue from Contracts with Customers Narrow-Scope Improvements and Practical Expedients Revenue from Contracts with Customers Technical Corrections and Improvements |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Provision for Doubtful Debts Based On Period Outstanding | The Company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following: Trade receivables outstanding: Provision Over 24 months 100 % Over 18 months 50 % Over 15 months 25 % Over 12 months 10 % Over 9 months 5 % |
Schedule of Estimated Useful Lives of Fixed Assets | Useful lives of the fixed assets are as follows: Furniture & Fittings 5 years Improvements to lease hold assets Lease term Office equipment 5 years Computer equipment (Data Processing Equipment) 3 years Website development 4 years |
Schedule of Concentrations of Revenue | For the nine months ended December 31, 2017 and 2016, the Company had following concentrations of revenue with customers: Customer December 31, 2017 December 31, 2016 DEN Networks 47.57 % 30.08 % Commercial Bank of Ceylon PLC 11.00 % 0.00 % Topaz 8.13 % 7.04 % Development services 7.47 % 1.08 % LOLC 6.77 % 0.00 % Mediatama 3.84 % 2.55 % Meghbela 3.13 % 1.47 % Bank of Ceylon 3.08 % 2.00 % Megamedia 0.00 % 38.51 % Hutchison 0.00 % 9.09 % HelloCorp 0.00 % 2.49 % Other misc. customers 9.01 % 5.69 % 100.00 % 100.00 % |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on December 31, 2017 and March 31, 2017 were as follows: Foreign Currency Translation gains (losses) Balance, March 31, 2017 $ 112,761 Translation rate loss during the period (5,962 ) Balance, June 30, 2017 $ 106,799 Translation rate loss during the period (18,895 ) Balance, September 30, 2017 $ 87,904 Translation rate loss during the period (15,001 ) Balance, December 31, 2017 $ 72,903 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts Receivables | Following is a summary of accounts receivable as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Accounts receivable – Trade $ 849,038 $ 754,783 Less: Provision for doubtful debts (276,675 ) (133,113 ) $ 572,363 $ 621,670 |
Schedule of Concentrations of Accounts Receivable | At December 31, 2017 and March 31, 2017, the Company had following concentrations of accounts receivable with customers: Customer December 31, 2017 March 31, 2017 Megamedia 49.07 % 63.68 % DEN Networks 15.53 % 15.99 % Topas 9.39 % 7.24 % LOLC 7.05 % 0.00 % Commercial Bank 5.14 % 0.00 % Bank of Ceylon 3.18 % 0.00 % Development Services 2.86 % 0.00 % Dish Media 1.88 % 5.88 % Mediatama 1.75 % 1.29 % Meghbela 1.41 % 0.74 % Other receivables 2.73 % 5.18 % 100.00 % 100.00 % |
Prepaid Expenses and Other Cu27
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Following is a summary of prepaid expenses and other current assets as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Security deposits $ 18,766 $ 29,621 WHT receivable 198,839 201,362 Staff loan and advances - 100 Travel advance - 295 Supplier advance 3,476 4,398 ESC receivable 5,778 5,826 Insurance prepayment - 1,435 Prepayments 48,107 10,580 Prepayment for other professional services 877,195 - Other receivables 4,526 3,759 $ 1,156,687 $ 257,376 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Following table illustrates net book value of property and equipment as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Office equipment $ 7,318 $ 9,465 Furniture & fittings 140,960 139,377 Computer equipment (Data Processing Equipment) 126,513 131,909 Improvements to lease hold assets 1,879 1,894 Website Development 13,666 13,768 $ 290,336 $ 296,413 Accumulated depreciation and amortization (259,939 ) (248,326 ) Net fixed assets $ 30,397 $ 48,087 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Following table illustrates the movement in intangible assets as at December 31, 2017 and March 31, 2017: December 31, 2017 March 31, 2017 Opening Balance $ 580,899 $ 382,352 Add: Costs capitalized during the period 212,748 365,216 Less: Amount Written-off (84,844 ) (147,326 ) Translational gain (6,733 ) (19,343 ) Net Intangible Assets $ 702,070 $ 580,899 |
Short Term Borrowings (Tables)
Short Term Borrowings (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Following is a summary of short-term borrowings as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 PAN Asia Bank – Short term overdraft $ 480,550 $ 460,088 Prosperous Capital 8,922 8,997 Commercial bank 40,093 4,753 Senkadagala Finance 33,045 - $ 562,610 $ 473,838 |
Taxes Payable (Tables)
Taxes Payable (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Taxes Payable [Abstract] | |
Schedule of Taxes Payable | The taxes payable comprise of items listed below as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 PAYE $ 107,712 $ 73,611 VAT payable - 14 Stamp Duty Payable 36 48 Tax payable 8,671 8,996 $ 116,419 $ 82,669 |
Accruals and Other Payables (Ta
Accruals and Other Payables (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accruals and Other Payables | Following is a summary of accruals and other payables as at December 31, 2017 and March 31, 2017; December 31, 2017 March 31, 2017 Audit fee payable $ 17,089 $ 20,906 Accruals 30,534 81,696 Other payables 60,112 67,144 $ 107,735 $ 169,746 |
Cost of Revenue (Tables)
Cost of Revenue (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Cost of Revenue [Abstract] | |
Summary of Cost of Revenue | Following is the summary of cost of revenue for the nine months ending December 31, 2017 and 2016; December 31, 2017 December 31, 2016 Purchases $ 38,087 $ 31,737 Implementation cost 20,510 32,445 Product development cost written off 84,844 108,101 Consultancy, contract basis employee cost 7,468 19,007 Support services 50,262 21,859 Other external services 6,594 7,981 Development services 29,943 5,767 $ 237,708 $ 226,897 |
General and Administrative Ex34
General and Administrative Expenses (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
General And Administrative Expenses | |
Schedule of General and Administrative Expenses | Following is the summary of general and administrative expenses for the nine months ending December 31, 2017 and 2016; December 31, 2017 December 31, 2016 Directors remuneration $ 113,781 $ 78,758 EPF 32,809 36,493 ETF 8,202 9,123 Bonus - 24,961 Vehicle allowance 28,227 42,905 Staff welfare 8,693 20,176 Penalties / Late payment charges 817 4,792 Office rent 51,260 57,481 Electricity charges 10,919 12,190 Office maintenance 9,241 12,741 Telephone charges 8,137 9,304 Travelling expense 2,761 2,470 Audit fee 8,094 5,068 Printing and stationery 848 1,368 Office expenses 1,354 1,773 Computer maintenance 3,723 4,764 Internet charges 9,638 9,952 Courier and postage 689 575 Security charges 2,338 2,700 Training and development - 170 Insurance expense 1,393 1,735 Professional fees 13,882 26,951 Gratuity 5,382 3,724 Secretarial fees 396 740 Irrecoverable tax 36,010 34,178 Software Rentals 19,176 19,372 Other professional services 5,945 224,103 Consulting fee 51,300 - Transfer agent fees 1,010 1,235 Filling fee and subscription 4,687 4,047 Stamp duty expenses 1,123 728 Legal fee 9,403 5,505 Investor relations 5,742 - Other expenses 1,880 430 $ 458,860 $ 660,512 |
Selling and Distribution Expe35
Selling and Distribution Expenses (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Selling And Distribution Expenses | |
Schedule of Selling and Distribution Expenses | Following is the summary of selling and distribution expenses for the nine months ending on December 31, 2017 and 2016; December 31, 2017 December 31, 2016 Marketing Expenses $ 743 $ 1,472 Vehicle hire charges 4,681 4,810 Vehicle running expense 3,492 3,608 Foreign Travel - 2,427 Advertisement 484 - Visa expenses - 250 Gifts and donations 10 - $ 9,410 $ 12,567 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Common Shares Issued | During the nine months ended December 31, 2017, the Company issued following common shares: Date Type Shares Valuation 06/30/2017 Stock issued for services - Consulting for Strategic Growth 1, Ltd. 140,000 $ 51,800 08/23/2017 Stock issued for services - Maxim Partners LLC. 1,391,816 $ 1,043,862 08/23/2017 Stock issued for services - Dayspring Capital LLC. 947,371 $ 710,528 09/18/2017 Stock issued for services - Consulting for Strategic Growth 1, Ltd. 70,000 $ 52,500 12/19/2017 Stock issued to Yenom (Pvt) Limited. 3,634,000 $ 3,634 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantee Provided by Existed Company | Guarantee provided by the company existed on the balance sheet date are as follows: Date Description Amount 09/23/2011 Performance Bond for BOC Tender $ 9,927 05/15/2013 Guarantee for Lanka Clear 2,086 07/31/2014 Guarantee for SLT 562 08/10/2015 Guarantee for LOLC 1,586 $ 14,160 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 626,231 | $ 120,265 | $ 1,480,592 | $ 468,582 | |
Net cash provided by operating activities | 228,831 | $ 118,678 | |||
Working capital deficit | 658,046 | 658,046 | $ 907,817 | ||
Employee provident fund and employee trust fund | 365,678 | 365,678 | 269,781 | ||
Shareholders' deficit | $ 1,078,591 | $ 1,078,591 | $ 1,416,833 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Cash equivalents | |||
Property, plant and equipment, depreciation methods | Straight-line method | ||
Estimated useful life | 15 years | ||
Deferred revenue | $ 46,769 | 16,420 | |
Unbilled receivables | 63,928 | $ 70,174 | |
Product research and development cost | 212,748 | $ 294,507 | |
Advertising expense | $ 484 | ||
Duo Software India (Private) Limited [Member] | |||
Ownership interest | 100.00% | ||
Duo Software (Pvt.) Limited and Duo Software Pte Limited [Member] | |||
Ownership interest | 100.00% | ||
FaceTone [Member] | |||
Product research and development cost | $ 26,370 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Schedule of Provision for Doubtful Debts Based On Period Outstanding (Details) - Trade Receivables Outstanding [Member] | 9 Months Ended |
Dec. 31, 2017 | |
Over 24 months [Member] | |
Provisioning for trade receivables outstanding percentage over period | 100.00% |
Over 18 months [Member] | |
Provisioning for trade receivables outstanding percentage over period | 50.00% |
Over 15 months [Member] | |
Provisioning for trade receivables outstanding percentage over period | 25.00% |
Over 12 months [Member] | |
Provisioning for trade receivables outstanding percentage over period | 10.00% |
Over 9 months [Member] | |
Provisioning for trade receivables outstanding percentage over period | 5.00% |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Fixed Assets (Details) | 9 Months Ended |
Dec. 31, 2017 | |
Estimated useful Lives of property and equipment | 15 years |
Furniture & Fittings [Member] | |
Estimated useful Lives of property and equipment | 5 years |
Improvements to Lease Hold Assets [Member] | |
Estimated useful Lives of property and equipment, description | Lease term |
Office Equipment [Member] | |
Estimated useful Lives of property and equipment | 5 years |
Computer Equipment (Data Processing Equipment) [Member] | |
Estimated useful Lives of property and equipment | 3 years |
Website Development [Member] | |
Estimated useful Lives of property and equipment | 4 years |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Schedule of Concentrations of Revenue (Details) - Revenue [Member] | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentrations of revenue percentage | 100.00% | 100.00% |
DEN Networks [Member] | ||
Concentrations of revenue percentage | 47.57% | 30.08% |
Commercial Bank of Ceylon PLC [Member] | ||
Concentrations of revenue percentage | 11.00% | 0.00% |
Topaz [Member] | ||
Concentrations of revenue percentage | 8.13% | 7.04% |
Development Services [Member] | ||
Concentrations of revenue percentage | 7.47% | 1.08% |
LOLC [Member] | ||
Concentrations of revenue percentage | 6.77% | 0.00% |
Mediatama [Member] | ||
Concentrations of revenue percentage | 3.84% | 2.55% |
Meghbela [Member] | ||
Concentrations of revenue percentage | 3.13% | 1.47% |
Bank of Ceylon [Member] | ||
Concentrations of revenue percentage | 3.08% | 2.00% |
Megamedia [Member] | ||
Concentrations of revenue percentage | 0.00% | 38.51% |
Hutchison [Member] | ||
Concentrations of revenue percentage | 0.00% | 9.09% |
HelloCorp [Member] | ||
Concentrations of revenue percentage | 0.00% | 2.49% |
Other misc. customers [Member] | ||
Concentrations of revenue percentage | 9.01% | 5.69% |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||||||
Foreign Currency Translation gains (losses),beginning | $ 87,904 | $ 106,799 | $ 112,761 | $ 112,761 | ||
Translation rate loss during the period | (15,001) | (18,895) | (5,962) | $ 42,234 | (39,857) | $ 57,238 |
Foreign Currency Translation gains (losses),ending | $ 72,903 | $ 87,904 | $ 106,799 | $ 72,903 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivables (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Accounts Receivable, Net [Abstract] | ||
Accounts receivable - Trade | $ 849,038 | $ 754,783 |
Less: Provision for doubtful debts | (276,675) | (133,113) |
Accounts receivable | $ 572,363 | $ 621,670 |
Accounts Receivable - Schedul45
Accounts Receivable - Schedule of Concentrations of Accounts Receivable (Details) - Accounts Receivable [Member] | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Concentrations of accounts receivable | 100.00% | 100.00% |
Megamedia [Member] | ||
Concentrations of accounts receivable | 49.07% | 63.68% |
DEN Networks [Member] | ||
Concentrations of accounts receivable | 15.53% | 15.99% |
Topas [Member] | ||
Concentrations of accounts receivable | 9.39% | 7.24% |
LOLC [Member] | ||
Concentrations of accounts receivable | 7.05% | 0.00% |
Commercial Bank [Member] | ||
Concentrations of accounts receivable | 5.14% | 0.00% |
Bank of Ceylon [Member] | ||
Concentrations of accounts receivable | 3.18% | 0.00% |
Development Services [Member] | ||
Concentrations of accounts receivable | 2.86% | 0.00% |
Dish Media [Member] | ||
Concentrations of accounts receivable | 1.88% | 5.88% |
Mediatama [Member] | ||
Concentrations of accounts receivable | 1.75% | 1.29% |
Meghbela [Member] | ||
Concentrations of accounts receivable | 1.41% | 0.74% |
Other Receivables [Member] | ||
Concentrations of accounts receivable | 2.73% | 5.18% |
Prepaid Expenses and Other Cu46
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Security deposits | $ 18,766 | $ 29,621 |
WHT receivable | 198,839 | 201,362 |
Staff loan and advances | 100 | |
Travel advance | 295 | |
Supplier advance | 3,476 | 4,398 |
ESC receivable | 5,778 | 5,826 |
Insurance prepayment | 1,435 | |
Prepayments | 48,107 | 10,580 |
Prepayment for other professional services | 877,195 | |
Other receivables | 4,526 | 3,759 |
Prepaid expenses and other current assets | $ 1,156,687 | $ 257,376 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 20,078 | $ 57,813 |
Disposal of long lived asset | $ 7,098 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Fixed assets gross | $ 290,336 | $ 296,413 |
Less: Accumulated depreciation and amortization | (259,939) | (248,326) |
Net fixed assets | 30,397 | 48,087 |
Office Equipment [Member] | ||
Fixed assets gross | 7,318 | 9,465 |
Furniture & Fittings [Member] | ||
Fixed assets gross | 140,960 | 139,377 |
Computer Equipment (Data Processing Equipment) [Member] | ||
Fixed assets gross | 126,513 | 131,909 |
Improvements to Lease Hold Assets [Member] | ||
Fixed assets gross | 1,879 | 1,894 |
Website Development [Member] | ||
Fixed assets gross | $ 13,666 | $ 13,768 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Opening Balance | $ 580,899 | $ 382,352 |
Add: Costs capitalized during the period | 212,748 | 365,216 |
Less: Amount Written -off | (84,844) | (147,326) |
Translational gain | (6,733) | (19,343) |
Net Intangible Assets | $ 702,070 | $ 580,899 |
Short Term Borrowings (Details
Short Term Borrowings (Details Narrative) | Dec. 31, 2017 |
Pan Asia Banking Corporation PLC [Member] | |
Bank overdraft facility average interest rate | 15.55% |
Short Term Borrowings - Summary
Short Term Borrowings - Summary of Short Term Borrowings (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Short Term Borrowings | $ 562,610 | $ 473,838 |
PAN Asia Bank - Short Term Overdraft [Member] | ||
Short Term Borrowings | 480,550 | 460,088 |
Prosperous Capital [Member] | ||
Short Term Borrowings | 8,922 | 8,997 |
Commercial Bank [Member] | ||
Short Term Borrowings | 40,093 | 4,753 |
Senkadagala Finance [Member] | ||
Short Term Borrowings | $ 33,045 |
Due to Related Parties (Details
Due to Related Parties (Details Narrative) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Related Party Transactions [Abstract] | ||
Due to related parties short term | $ 602,218 | $ 361,785 |
Due to related parties long term | $ 1,184,214 | $ 1,168,866 |
Taxes Payable - Schedule of Tax
Taxes Payable - Schedule of Taxes Payable (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Taxes payable | $ 116,419 | $ 82,669 |
PAYE [Member] | ||
Taxes payable | 107,712 | 73,611 |
VAT Payable [Member] | ||
Taxes payable | 14 | |
Stamp Duty Payable [Member] | ||
Taxes payable | 36 | 48 |
Tax Payable [Member] | ||
Taxes payable | $ 8,671 | $ 8,996 |
Accruals and Other Payables - S
Accruals and Other Payables - Schedule of Accruals and Other Payables (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Payables and Accruals [Abstract] | ||
Audit fee payable | $ 17,089 | $ 20,906 |
Accruals | 30,534 | 81,696 |
Other payables | 60,112 | 67,144 |
Accruals and other payables | $ 107,735 | $ 169,746 |
Cost of Revenue - Summary of Co
Cost of Revenue - Summary of Cost of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cost of Revenue [Abstract] | ||||
Purchases | $ 38,087 | $ 31,737 | ||
Implementation cost | 20,510 | 32,445 | ||
Product development cost written off | 84,844 | 108,101 | ||
Consultancy, contract basis employee cost | 7,468 | 19,007 | ||
Support services | 50,262 | 21,859 | ||
Other external services | 6,594 | 7,981 | ||
Development services | 29,943 | 5,767 | ||
Cost of revenue | $ 76,039 | $ 84,575 | $ 237,708 | $ 226,897 |
General and Administrative Ex56
General and Administrative Expenses - Schedule of General and Administrative Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
General And Administrative Expenses | ||||
Directors remuneration | $ 113,781 | $ 78,758 | ||
EPF | 32,809 | 36,493 | ||
ETF | 8,202 | 9,123 | ||
Bonus | 24,961 | |||
Vehicle allowance | 28,227 | 42,905 | ||
Staff welfare | 8,693 | 20,176 | ||
Penalties / Late payment charges | 817 | 4,792 | ||
Office rent | 51,260 | 57,481 | ||
Electricity charges | 10,919 | 12,190 | ||
Office maintenance | 9,241 | 12,741 | ||
Telephone charges | 8,137 | 9,304 | ||
Travelling expense | 2,761 | 2,470 | ||
Audit fee | 8,094 | 5,068 | ||
Printing and stationery | 848 | 1,368 | ||
Office expenses | 1,354 | 1,773 | ||
Computer maintenance | 3,723 | 4,764 | ||
Internet charges | 9,638 | 9,952 | ||
Courier and postage | 689 | 575 | ||
Security charges | 2,338 | 2,700 | ||
Training and development | 170 | |||
Insurance expense | 1,393 | 1,735 | ||
Professional fees | 13,882 | 26,951 | ||
Gratuity | 5,382 | 3,724 | ||
Secretarial fees | 396 | 740 | ||
Irrecoverable tax | 36,010 | 34,178 | ||
Software Rentals | 19,176 | 19,372 | ||
Other professional services | 5,945 | 224,103 | ||
Consulting fee | 51,300 | |||
Transfer agent fees | 1,010 | 1,235 | ||
Filling fee and subscription | 4,687 | 4,047 | ||
Stamp duty expenses | 1,123 | 728 | ||
Legal fee | 9,403 | 5,505 | ||
Investor relations | 5,742 | |||
Other expenses | 1,880 | 430 | ||
General and administrative expenses | $ 134,035 | $ 146,287 | $ 458,860 | $ 660,512 |
Selling and Distribution Expe57
Selling and Distribution Expenses - Schedule of Selling and Distribution Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selling And Distribution Expenses | ||||
Marketing Expenses | $ 743 | $ 1,472 | ||
Vehicle hire charges | 4,681 | 4,810 | ||
Vehicle Running Expense | 3,492 | 3,608 | ||
Foreign Travel | 2,427 | |||
Advertisement | 484 | |||
Visa expenses | 250 | |||
Gifts and donations | 10 | |||
Selling and distribution expenses | $ 3,527 | $ 5,937 | $ 9,410 | $ 12,567 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 19, 2017 | Mar. 31, 2017 | |
Common stock, shares authorized | 400,000,000 | 90,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock conversion description | One preferred share will convert into ten (10) common shares no earlier than 12 months and 1 day after the issuance. | ||
Number of preferred shares converted into common shares | 10 | ||
Common Stock [Member] | |||
Number of preferred shares converted into common shares | 3,634,000 | ||
Series A Preferred Stock [Member] | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Number of preferred shares converted into common shares | 363,400 | ||
2017 Employee Stock Ownership Plan [Member] | |||
Common stock shares reserved for future issuance | 9,611,665 |
Equity - Schedule of Common Sha
Equity - Schedule of Common Shares Issued (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Value of common stock issued | $ (1,858,690) | $ (214,600) |
06/30/2017 [Member] | Stock issued for Services Consulting for Strategic Growth 1, Ltd. [Member] | ||
Number of common stock issued, shares | 140,000 | |
Value of common stock issued | $ 51,800 | |
08/23/2017 [Member] | Stock issued for Services Maxim Partners LLC. [Member] | ||
Number of common stock issued, shares | 1,391,816 | |
Value of common stock issued | $ 1,043,862 | |
08/23/2017 [Member] | Stock issued for Services Dayspring Capital LLC. [Member] | ||
Number of common stock issued, shares | 947,371 | |
Value of common stock issued | $ 710,528 | |
09/18/2017 [Member] | Stock issued for Services Consulting for Strategic Growth 1, Ltd. [Member] | ||
Number of common stock issued, shares | 70,000 | |
Value of common stock issued | $ 52,500 | |
12/19/2017 [Member] | Stock issued to Yenom (Pvt), Limited. [Member] | ||
Number of common stock issued, shares | 3,634,000 | |
Value of common stock issued | $ 3,634 |
Commitments and Contingencies60
Commitments and Contingencies (Details Narrative) - USD ($) | Apr. 02, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Lease commitment amount | $ 51,260 | $ 57,481 | ||
Sri Lanka Office [Member] | Happy Building Management [Member] | ||||
Lease commitment amount | $ 118,961 | |||
Lease term | 3 years | |||
Indian Office [Member] | Regus Office Center Services Pvt. Limited [Member] | ||||
Lease commitment amount | $ 1,273 | |||
Lease term | 1 year |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Guarantee Provided by Existed Company (Details) - USD ($) | Aug. 10, 2015 | Jul. 31, 2014 | May 15, 2013 | Sep. 23, 2011 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | |||||
Guarantee Description | Guarantee for LOLC | Guarantee for SLT | Guarantee for Lanka Clear | Performance Bond for BOC Tender | |
Guarantee Amount | $ 1,586 | $ 562 | $ 2,086 | $ 9,927 | $ 14,160 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Jan. 12, 2018 | Jan. 02, 2018 |
Number of shares issued share based compensation | 6,542,500 | |
Non cash compensation | $ 3,042,263 | |
Series A Convertible Preferred Stock [Member] | ||
Number of preferred shares converted into common shares | 136,600 | |
Number of common shares issued for conversion | 1,366,000 | |
Suzannah Jennifer Samuel Perera [Member] | ||
Number of shares issued share based compensation | 1,500,000 | |
Mahmud Riad Ameen [Member] | ||
Number of shares issued share based compensation | 250,000 | |
Two Executive Officers [Member] | ||
Number of shares issued share based compensation | 1,750,000 |