Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Jun. 29, 2018 | Sep. 29, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | DUO WORLD INC | ||
Entity Central Index Key | 1,635,136 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 28,925,600 | ||
Entity Common Stock, Shares Outstanding | 65,738,320 | ||
Trading Symbol | DUUO | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 25,798 | $ 25,084 |
Accounts receivable - trade | 369,232 | 621,670 |
Prepaid expenses and other current assets | 523,000 | 257,376 |
Accrued Revenue | 148,714 | 70,174 |
Total Current Assets | 1,066,744 | 974,304 |
Non Current Assets | ||
Property and equipment, net of accumulated depreciation of $255,654 and $248,326 respectively | 43,494 | 48,087 |
Intangible asset | 732,939 | 580,899 |
Deferred taxes | 30,864 | |
Total Non Current Assets | 776,433 | 659,850 |
Total Assets | 1,843,177 | 1,634,154 |
Current Liabilities | ||
Accounts payable | 367,620 | 307,616 |
Short term borrowings | 690,139 | 473,838 |
Payroll, employee benefits, severance | 458,717 | 284,285 |
Due to related parties | 524,955 | 361,785 |
Payable for acquisition | 185,762 | 185,762 |
Taxes payable | 126,716 | 82,669 |
Accruals and other payables | 131,550 | 169,746 |
Lease creditors | 9,696 | |
Deferred revenue | 16,420 | |
Total Current liabilities | 2,495,155 | 1,882,121 |
Long Term Liabilities | ||
Due to related parties | 1,348,193 | 1,168,866 |
Lease creditors | 10,129 | |
Employee Benefit Obligation | 154,032 | |
Total Long Term liabilities | 1,512,354 | 1,168,866 |
Total liabilities | 4,007,509 | 3,050,987 |
Commitments and contingencies (Note 18) | ||
Shareholders' Deficit | ||
Ordinary shares: $0.001 par value per share; 400,000,000 shares authorized; 52,590,654 and 38,567,467 shares issued and outstanding, respectively | 52,591 | 38,567 |
Convertible series ""A"" preferred shares: $0.001 par value per share; 10,000,000 shares authorized; 5,000,000 and 5,500,000 shares issued and outstanding, respectively | 5,000 | 5,500 |
Additional Paid in Capital | 5,767,533 | 907,456 |
Accumulated deficit | (8,059,437) | (2,481,117) |
Accumulated other comprehensive income | 69,981 | 112,761 |
Total shareholders' deficit | (2,164,332) | (1,416,833) |
Total Liabilities and Shareholders' Deficit | $ 1,843,177 | $ 1,634,154 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation, property and equipment | $ 255,654 | $ 248,326 |
Ordinary stock, par value | $ 0.001 | $ 0.001 |
Ordinary stock, shares authorized | 400,000,000 | 400,000,000 |
Ordinary stock, shares issued | 52,590,654 | 38,567,467 |
Ordinary stock, shares outstanding | 52,590,654 | 38,567,467 |
Convertible series ""A"" preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible series ""A"" preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Convertible series ""A"" preferred stock, shares issued | 5,000,000 | 5,500,000 |
Convertible series ""A"" preferred stock, shares outstanding | 5,000,000 | 5,500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 791,876 | $ 1,116,324 |
Cost of sales (exclusive of depreciation presented below) | (311,292) | (344,927) |
Gross income | 480,584 | 771,397 |
Operating Expenses | ||
Research and development | 40,201 | |
General and administrative | 819,785 | 715,126 |
Salaries and benefits | 351,464 | 398,431 |
Stock based compensation | 3,010,410 | |
Professional services- Investment advisory | 1,352,113 | |
Selling and distribution | 13,268 | 15,720 |
Depreciation | 30,962 | 60,478 |
Amortization of web site development | 358 | 2,039 |
Allowance for bad debts | 230,821 | 133,525 |
Employee Benefit Obligation | 152,719 | |
Total operating expenses | 5,961,880 | 1,580,120 |
Loss before other income (expenses) | (5,481,296) | (808,723) |
Other income (expenses): | ||
Gain / (Loss) on disposals | 128 | 93 |
Other income | 64 | 440 |
Bank charges | (4,287) | (4,580) |
Exchange gain / (loss) | 616 | 40,643 |
Interest expenses | (89,044) | (29,133) |
Total other income (expenses) | (92,523) | 7,463 |
Loss before provision for income taxes | (5,573,819) | (801,260) |
Provision for income taxes | 11,934 | |
Net loss | $ (5,573,819) | $ (789,326) |
Basic and Diluted Loss per Share | $ (0.13) | $ (0.02) |
Basic and Diluted Weighted Average Number of Shares Outstanding | 42,987,985 | 38,528,359 |
Comprehensive Income / (Loss): | ||
(Loss) / gain on foreign currency translation | $ (42,780) | $ 35,932 |
Net loss | (5,573,819) | (789,326) |
Comprehensive Loss | $ (5,616,599) | $ (753,394) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Deficit - USD ($) | Common Share Capital [Member] | Preferred Share Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Mar. 31, 2016 | $ 38,060 | $ 5,500 | $ 601,560 | $ (1,733,937) | $ 76,829 | $ (1,011,988) |
Balance, shares at Mar. 31, 2016 | 38,060,000 | 5,500,000 | ||||
Stock issued for services | $ 286 | 214,314 | 214,600 | |||
Stock issued for services, shares | 286,133 | |||||
Stock issued to PPM investors | $ 201 | 150,799 | 151,001 | |||
Stock issued to PPM investors, shares | 201,334 | |||||
Stock issued as payment for accrued interest | $ 20 | 14,980 | 15,000 | |||
Stock issued as payment for accrued interest, shares | 20,000 | |||||
Stock issued to employees under ESOP plan | ||||||
Net loss | (789,326) | (789,326) | ||||
Prior year adjustments | (74,197) | 42,146 | (32,051) | |||
Other comprehensive income/loss | 35,932 | 35,932 | ||||
Balance at Mar. 31, 2017 | $ 38,567 | $ 5,500 | 907,456 | (2,481,117) | 112,761 | (1,416,833) |
Balance, shares at Mar. 31, 2017 | 38,567,467 | 5,500,000 | ||||
Stock issued for services | $ 2,549 | 1,856,141 | 1,858,690 | |||
Stock issued for services, shares | 2,549,187 | |||||
Stock issued to employees under ESOP plan | $ 6,474 | 3,003,936 | 3,010,410 | |||
Stock issued to employees under ESOP plan, shares | 6,474,000 | |||||
Conversion of preferred stock to common stock | $ 5,000 | $ (500) | (4,500) | |||
Conversion of preferred stock to common stock, shares | 5,000,000 | (500,000) | ||||
Net loss | (5,573,819) | (5,573,819) | ||||
Prior year adjustments | ||||||
Other comprehensive income/loss | (42,780) | (42,780) | ||||
Balance at Mar. 31, 2018 | $ 52,591 | $ 5,000 | $ 5,767,533 | $ (8,059,437) | $ 69,981 | $ (2,164,332) |
Balance, shares at Mar. 31, 2018 | 52,590,654 | 5,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Loss before provision for income taxes | $ (5,573,819) | $ (801,260) |
Adjustments to reconcile net loss before provision for income taxes Cash provided by operating activities: | ||
Depreciation | 31,320 | 62,517 |
Allowance for bad debts | 230,821 | 133,525 |
Product development cost written off | 113,363 | 147,326 |
Stock issued for services | 1,858,690 | 214,600 |
Stock issued as payment for accrued interest | 15,000 | |
Stock issued to employees under ESOP plan | 3,010,410 | |
Prior year adjustments | (32,051) | |
Changes in assets and liabilities: | ||
Accounts receivable - trade | 21,617 | (242,513) |
Prepayments | (344,165) | (46,649) |
Accounts Payable | 60,004 | (69,760) |
Payroll, employee benefits, severance | 174,431 | 162,890 |
Short term overdraft - Pan Asia Bank | 216,302 | 246,260 |
Due to relates parties | 163,170 | 198,047 |
Taxes payable | 44,048 | 55,625 |
Accruals and other payables | (54,616) | 92,771 |
Lease Creditors | 19,825 | |
Employee benefit obligation | 154,032 | |
Deferred taxes | 30,864 | (12,794) |
Net cash provided by operating activities | 156,297 | 123,535 |
Cash Flows used in investing activities: | ||
Acquisition of Property and Equipment | (28,426) | (10,133) |
Sale proceeds of disposal of Property and Equipment | 443 | 92 |
Intangible asset | (277,812) | (365,216) |
Net cash used in investing activities | (305,795) | (375,257) |
Cash flows from financing activities: | ||
Long-term due to related parties | 179,327 | |
Proceeds from issuance of common stock to PPM investors | 151,001 | |
Net cash provided by financing activities | 179,327 | 151,001 |
Net (decrease) / increase in cash | 29,828 | (100,723) |
Effect of exchange rate changes on cash | (29,115) | 34,701 |
Cash, beginning of year | 25,084 | 91,106 |
Cash, end of year | 25,798 | 25,084 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 85,682 | 29,132 |
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 | $ 5,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Mar. 31, 2018 | |
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 since September 26, 2016, 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 22nd September 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 5th June 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 30th August 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). See Note 4. 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 (“Duo Subscribe”, “Duo Contact”, “DigIn”, “FaceTone”, “CloudCharge” and “SmoothFlow”) provide solutions in the space of Data Analytics, Customer Life Cycle Management, Subscriber Billing and Work Flow. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2 - Basis of Presentation The Company has prepared the accompanying consolidated financial statements and accompanying notes in accordance with accounting principles generally accepted in the United States of America (” U.S. GAAP”). All amounts in the consolidated financial statements are stated in U.S. dollars. We have recast certain prior period amounts to conform to the current period presentation, with no impact on consolidated net income or cash flows. Going Concern The Group has incurred a net loss of $5,573,819 and $789,326 during the financial years ended March 31, 2018 and 2017 respectively, As at March 31, 2018 and March 31, 2017, the Group’s current liabilities exceeded current assets by $1,428,411 and $907,817 and Shareholders deficit as at March 31, 2018 and 2017 has been $2,164,332 and $1,416,833. The Group has outstanding statutory dues towards Employee provident fund and employee trust fund as at March 31, 2018 and 2017 $388,630 and $269,781 respectively. The financial statements of the Group have been prepared on a going concern. The Group has operating losses as mentioned in the above paragraph. However, the same were incurred as one-time expenditure incurred for incorporation and listing of the company. The Company has operating cash inflows of $156,297 and $123,535 respectively during the year ended March 31, 2018 and March 31, 2017. March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015 Net profit/ (loss) (5,573,819 ) (789,326 ) (559,955 ) 75,819 Cost incurred for Duo World 1,464,992 375,612 411,862 505,750 Stock based compensation 3,010,410 - - - Net profit/ (loss) excluding Duo World Expenses (1,098,417 ) (413,714 ) (148,093 ) 581,569 Further, the Company has entered into contracts with the clients for the products launched during the year 2017-18 and it is confident that the projects shall generate sufficient revenue to offset the operating losses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated Financial Statements include the accounts and transactions of DSSL and DSS (Predecessors) and Duo (Successor). 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 and Assumptions 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 and assumptions 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 and assumptions. 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 understated contract terms. Provisions A provision is recognized when the company has present obligations because of 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 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 March 31, 2018 and 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). Property and Equipment 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 For the financial year ending March 31, 2016, the useful life of Computer Equipment and Website development were assumed to be 5 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 to sell, 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. Post Retirement Benefit Plan The company has gratuity as it post employment plan for all the eligible employees. The recognition for the gratuity plan is as below:- The expected postretirement benefit obligation (EPBO) is the actuarial present value (APV) as of a specific date of the benefits expected to be paid to the employee, beneficiaries, and covered dependents. Measurement of the EPBO is based on the following: 1. Expected amount and timing of future benefits 2. Expected future costs 3. Extent of cost sharing The EPBO includes an assumed salary progression for a pay-related plan. Future compensation levels represent the best estimate after considering the individual employees involved, general price levels, seniority, productivity, promotions, indirect effects, and the like. The APBO is the APV as of a specific date of all future benefits attributable to service by an employee to that date. It represents the portion of the EPBO earned to date. After full eligibility is attained, the APBO equals the EPBO. The APBO also includes an assumed salary progression for a pay-related plan. Revenue Recognition, Deferred & Accrued Revenue The Company recognizes revenue from the sale of software licenses and related services. The Company revenue recognition policy follows guidance from Accounting Standards Codification(ASC) 606, Revenue from contract with customers. Revenue is recognized when the Company transferred promised goods and services to the customer and in the amount that reflect the consideration to which the company expected to be entitled in exchange for those goods and services. Following five steps are followed in recognizing revenue from contracts: ● Identify the Contract ,or Contract with the customer; ● Identify the performance obligation of the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract and; ● Recognize revenue when or as the company satisfies a performance obligation. 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 invoice on key milestone basis, as defined in the agreement and recognizes revenue after satisfying the performance obligations. 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. Initial Annual Maintenance fees are bundled with license fees in the initial licensing period and recognized when the performance obligation of license fee is met. However, subsequent renewals of annual maintenance are charged separately for renewals. 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 years ended March 31, 2018 and 2017, the Company received only cash as consideration for sale of licenses and related services rendered. For the years ended March 31, 2018 and 2017, the Company had following concentrations of revenues with customers: Customer March 31, 2018 March 31, 2017 DEN Networks 46.48 % 33.74 % Development Services 10.27 % 0.89 % LOLC 9.95 % 0.00 % Commercial Bank 8.06 % 0.00 % Topas TV 6.33 % 7.23 % Mediatama 3.82 % 2.95 % Sri Lanka Telecom 2.32 % 1.50 % Bank of Ceylon 3.47 % 1.64 % Megamedia 0.00 % 35.72 % Hutchison 0.00 % 7.45 % Other Misc. customers 9.29 % 8.88 % 100.00 % 100.00 % For the years ended March 31, 2018 and 2017, the company had following sales by products: Product March 31, 2018 March 31, 2017 Duo Subscriber $ 487,356 $ 928,905 Duo Contact - 159,393 Software hosting and reselling 19,288 16,771 FaceTone 203,739 11,255 Development Services 81,493 - $ 791,876 $ 1,116,324 Significant Judgments The company’s contract with customers includes multiple Software products and services to deliver and in the most of the contract the price of the separately identifiable features are stated separately. In the event the price of the multiple product and services are not mentioned in the agreement company allocate transaction price estimating the standalone selling price of the promised Products and the services. The determination of standalone selling price for each performance obligation requires judgments. Company determines standalone selling price for performance obligations based on overall pricing strategies, which consider market in which the company operates, historical data analysis, number of users of the product or services, size of the customer and the market price of the hardware used. Contract Balances When the timing of revenue recognition differs from the timing of invoicing for contract with customers differed revenue and accrued revenue/ unbilled accounts receivables recognized by the Company. Revenue under Software Implementation contracts are invoices on stages of completion as stipulates in the agreement and the revenue recognized when the performance obligations are met and customer sign the user acceptance test(UAT). Company invoice software license fee and royalty fee at the end of the period according to the customer agreement and accrued revenue/ Unbilled revenue recognize for the relevant period. The maintenance fee is invoiced beginning of the period and company recognize as Differed revenue in the financial statements. Company recognized $ 27,449 revenue as at March 31, 2018 from a contact with customer as the performance obligations are completed in this year. Company has a contract balance of $78,795 from a customer as at March 31, 2018 and the company is waiting for the customer confirmation to deliver the balance product and services. Refer Note- 5 for “Accounts receivables and Provision for doubtful debts” Segment Information The Company has determined that its Chief Executive Officer is its Chief Operating Decision Maker. The Company’s executive reviews financial information presented on a consolidated basis for the purposes of assessing the performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. Deferred Revenue - Accrued Revenue/Unbilled Accounts Receivable - Company assessed that the impact of adoption of the new revenue standard for the Consolidated balance sheet, Consolidated statement Of operations and Comprehensive Income, and the Consolidated statement of Cash Flow as at March 31, 2017 is immaterial, and the following table summarizes the impact of adoption of the new revenue standard for the year ended March 31, 2018. Consolidated Balance sheet March 31, 2018 Prior to adoption of New Revenue Standard March 31, 2018 Adjustment for new Revenue Standard March 31, 2018 as adjusted Current Assets Accrued Revenue 119,427 29,287 148,714 Total Liabilities and Shareholders’ Deficit Accumulated deficit (8,088,475 ) 29,038 (8,059,437 ) Company has no contract liabilities and asset recognized for cost to fulfill a requirement of a customer as at March 31, 2018. 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 years ending on March 31, 2018 and 2017, product research and development cost of $277,812 and $365,216, respectively, were capitalized as “Intangible assets”. Advertising Costs The Company expenses advertising costs as incurred. No advertising expenses were incurred during the years ended March 31, 2018 and 2017. Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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, 2015 through March 31, 2018, 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 years ending on March 31, 2018 and 2017 were as follows: Foreign Currency Translation gains (losses) Balance, March 31, 2016 $ 76,829 Translation rate gain (loss) 35,932 Balance, March 31, 2017 $ 112,761 Translation rate gain (loss) (42,780 ) Balance, March 31, 2018 $ 69,981 Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, September 2017 and November 2017 within ASU 2015-04, ASU 2016-08, ASU 2016-10 and ASU 2016-12, ASU 2017-13 and ASU 2017-14, respectively (collectively, Topic 606). Topic 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Topic 606 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates will be required within the revenue recognition process than are required under current GAAP (Accounting Standards Codification 605). Topic 606 is effective for the Company’s annual and interim reporting periods beginning January 1, 2018 (“effective date”). The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted the new standard effective January 1, 2018 using the modified retrospective method. The Company anticipates the adoption of this standard will result in significant changes in the way we account for License fee, Implementation fee, Annual Maintenance fee. The adoption of this standard is expected to have impact on the recognition or timing of revenue. The Company currently anticipates the adoption of this standard will result in a decrease to accumulated deficit of $ 21.64 million to $ 21.85 million related to recognition of deferred annual maintenance contract. In addition, the new standard will expand the disclosures made in our consolidated financial statements included disaggregation of revenue, information on contract balance, performance obligations and remaining performance obligations. |
Reverse Recapitalization
Reverse Recapitalization | 12 Months Ended |
Mar. 31, 2018 | |
Reverse Recapitalization | |
Reverse Recapitalization | Note 4 – Reverse Recapitalization Duo (Successor) merged with DSSL (Predecessors) on December 3, 2014, and merged with DSS (Predecessors) on December 3, 2014 (Predecessors), and DSSL and DSS became the surviving corporations, in a transaction treated as a reverse recapitalization. Duo did not have any material operations and majority-voting control was transferred to DSSL. In the recapitalization, Duo issued 28,000,000 shares of common stock, 5,000,000 series “A” preferred shares and $310,000 in cash in exchange for all of DSSL’s 5,000,000 issued and outstanding shares of common stock. Duo also issued 2,000,000 shares of common stock in exchange for all of DSS’s 10,000 issued and outstanding shares of common stock. The transaction resulted in DSSL’s shareholder and DSS’s shareholder acquiring approximately 100% control. The transaction also required a recapitalization of DSSL and DSS. Since DSSL and DSS acquired a controlling voting interest, they were deemed the accounting acquirer, while Duo was deemed the legal acquirer. The historical financial statements of the Company are those of combined financial statements of DSSL & DSS and of the consolidated entities from the date of recapitalization and subsequent. Since the transaction is considered a reverse recapitalization, the presentation of pro-forma financial information was not required. All share and per share amounts have been retroactively restated to the earliest periods presented to reflect the transaction. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Mar. 31, 2018 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | Note 5 – Accounts Receivable Following is a summary of accounts receivable as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Accounts receivable – Trade $ 576,775 $ 754,783 Less: Provision for doubtful debts (207,543 ) (133,113 ) $ 369,232 $ 621,670 At March 31, 2018 and 2017, the Company had following concentrations of accounts receivables with customers: Customer March 31, 2018 March 31, 2017 Megamedia 56.37 % 63.68 % Topas 14.83 % 7.24 % Commercial bank 7.85 % 0.00 % Development Services 5.04 % 0.80 % Bank of Ceylon 4.61 % 0.00 % Mediatama 3.39 % 1.29 % Sri Lanka Telecom 1.91 % 1.42 % DEN Networks 1.86 % 15.99 % Dish Media 0.00 % 5.88 % MediaNet 0.00 % 1.14 % Other 8 receivables 4.14 % 2.56 % 100.00 % 100.00 % |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 31, 2018 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 6 – Prepaid Expenses and Other Current Assets Following is a summary of prepaid expenses and other current assets as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Security deposits $ 67,348 $ 29,621 Prepayment for other professional services 438,598 - ESC receivable 5,688 5,826 Insurance prepayment 1,160 1,435 Prepayments 1,370 10,580 WHT receivable - 201,362 Staff loan and advances - 100 Travel advance - 295 Supplier advance 136 4,398 Other receivables 8,700 3,759 $ 523,000 $ 257,376 During the year ended March 31, 2018 company has written off WHT receivables of $189,121 as the recoverability of the WHT asset is uncertain. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 7– Property and Equipment Following table illustrates net book value of property and equipment as at March 31, 2018 and 2017: March 31, 2018 March 31, 2017 Office equipment 2,054 $ 9,465 Furniture & fittings 138,752 139,377 Computer equipment (Data Processing Equipment) 122,443 131,909 Improvements to lease hold assets 21,221 1,894 Website Development 14,678 13,768 299,148 296,413 Accumulated depreciation and amortization (255,654 ) (248,326 ) Net fixed assets $ 43,494 $ 48,087 Depreciation and amortization expense for the years ended March 31, 2018 and 2017 was $31,320 and $62,517 respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 8 – Intangible assets Intangible assets comprise of capitalization of certain costs pertaining to products development which meets the criteria as set forth above under Note 3. Following table illustrates the movement in intangible assets as at March 31, 2018 and 2017: March 31, 2018 March 31, 2017 Opening Balance $ 580,899 $ 382,352 Add: Costs capitalized during the year 277,812 365,216 Less: Amount Written-off (113,363 ) (147,326 ) Translational gain (12,409 ) (19,343 ) Net Intangible Assets $ 732,939 $ 580,899 |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | Note 9 – Short-term borrowings Following is a summary of short-term borrowings as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 PAN Asia Bank – Short term overdraft $ 440,609 $ 460,088 PAN Asia Bank – Loan 162,636 - Commercial bank 53,571 4,753 Senkadagala Finance 33,323 - Prosperous Capital - 8,997 $ 690,139 $ 473,838 Bank overdraft facility, obtained from Pan Asia Banking Corporation PLC, contains an interest rate of 15.25% per annum up to $ 239,765 and 15.86% per annum up to $434,004. |
Due to Related Parties
Due to Related Parties | 12 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Due to Related Parties | Note 10 – Due to Related Parties Due to Related Parties – Short term From time to time, the Company receives advances from related parties such as management, 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 March 31, 2018 and 2017, the Company owed directors $524,955 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 March 31, 2018 and 2017, the Company owed directors $1,348,193 and $1,168,866 respectively. |
Taxes Payables
Taxes Payables | 12 Months Ended |
Mar. 31, 2018 | |
Taxes Payable [Abstract] | |
Taxes Payables | Note 11 – Taxes Payables The taxes payable comprise of items listed below as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 PAYE $ 117,805 $ 73,611 VAT payable - 14 Stamp Duty Payable 34 48 Tax payable 8,877 8,996 $ 126,716 $ 82,669 |
Accruals and Other Payables
Accruals and Other Payables | 12 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accruals and Other Payables | Note 12 – Accruals and Other Payables Following is a summary of accruals and other payables as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Audit fee payable $ 22,260 $ 20,906 Accruals 29,128 81,696 Other payables 78,745 67,144 Accrued interest 1,417 - $ 131,550 $ 169,746 |
Cost of Revenue
Cost of Revenue | 12 Months Ended |
Mar. 31, 2018 | |
Cost of Revenue [Abstract] | |
Cost of Revenue | Note 13 – Cost of Revenue Following is the summary of cost of revenue for the years ending March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Purchases $ 50,517 $ 41,959 Implementation and onsite support cost 27,303 42,406 Product development cost written off 113,363 147,326 Consultancy, contract basis employee cost 6,773 19,950 Developer support and implementation 68,235 87,546 Development services 37,706 - Cost of services 7,395 5,740 $ 311,292 $ 344,927 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Mar. 31, 2018 | |
General And Administrative Expenses | |
General and Administrative Expenses | Note 14 – General and Administrative Expenses Following is the summary of general and administrative expenses for the years ending March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Directors remuneration $ 151,317 $ 108,827 EPF 42,719 46,317 ETF 10,680 11,579 Bonus - 24,701 Vehicle allowance 37,539 54,393 Office rent 66,649 76,725 Consulting fee 51,300 78,500 Irrecoverable Tax 265,565 46,631 Audit fees 30,001 45,120 Software Rentals 24,907 25,099 Legal fees 18,675 499 Staff welfare 10,832 24,572 Electricity charges 14,110 15,959 Internet charges 12,644 13,449 Professional fees 12,567 21,990 Office maintenance 11,482 18,046 Telephone charges 8,506 12,177 Travelling expense 3,630 3,640 Printing and stationery 1,141 1,855 Office expenses 2,732 2,383 Computer maintenance 4,565 5,757 Courier and postage 968 678 Security charges 2,815 3,688 Training and development - 169 Insurance expense 1,611 2,264 Gratuity 7,369 29,684 Secretarial fees 730 10,288 Other professional services 7,443 19,162 Fee and Subscription 3,025 2,695 OTC market fees 5,000 - Government taxes 19 199 Stamp Duty expense 1,245 1,403 Public relations 3,362 - Event coordination expenses 2,580 - Penalties/ Late payment charges 1,273 5,105 Other expenses 764 1,572 $ 819,765 $ 715,126 |
Selling and Distribution Expens
Selling and Distribution Expenses | 12 Months Ended |
Mar. 31, 2018 | |
Selling And Distribution Expenses | |
Selling and Distribution Expenses | Note 15 – Selling and Distribution Expenses Following is the summery of selling and distribution expenses for the years ending March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Marketing Expenses $ 1,224 $ 1,662 Vehicle hire charges 6,192 6,384 Foreign Travel 102 2,432 Visa expenses - 251 Vehicle running expenses 4,644 4,788 Gift and donations 1,106 203 $ 13,268 $ 15,720 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16 – Income Taxes Income Tax expense consist of the following; March 31, 2018 March 31, 2017 Current Taxes Nevada $ - $ - Sri Lanka - - Singapore - 11,934 Total Income Tax Expense $ - $ 11,934 The income tax provision differs from the amount of tax determined by applying the federal statutory rate on account of the following items; ● Brought forward losses ● Unabsorbed Depreciation The Components of deferred tax assets and Liabilities are as follows; March 31, 2018 March 31, 2017 Deferred tax asset arising from tax effect of : Carry forward Losses and Unabsorbed Depreciation - 36,165 Less: Valuation allowance - 5,301 Total deferred tax asset (non-current) - 30,864 Total deferred tax liability Nil Nil Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income taxes. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As of March 31, 2018 Company reversed differed tax asset considering the continuous tax losses incurred in the subsidiary company and it is uncertain that the tax asset will be realized. In the fiscal year ended March 31, 2017, Company had recognized Differed tax asset $ 30,864 and valuation allowance of approximately $5,301 has been provided in the financial statements. Since Duo does not have any undistributed earnings, the Company has not recorded a deferred tax liability associated with the foreign earnings as of March 31, 2018 and 2017. However, to deferred tax asset has been recorded associated with Unabsorbed Business Losses and Depreciation The Company is not subject to any foreign income taxes for the years ended March 31, 2018 and 2017. The Company may be subject to examination by the Internal Revenue Service (“IRS”) and state taxing authorities for 2018 and 2017 tax years. |
Equity
Equity | 12 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Equity | Note 17 - Equity (A) Common Stock As at March 31, 2018, the Company has 400,000,000 authorized common shares having a par value of $0. 001. The ordinary shares have been designated with the following rights: ● Voting rights: ● Right to elect board of directors: ● Right to share income and assets: During the year ended March 31, 2018, the Company issued following common shares: Date Type No. of Shares Valuation 06/30/2017 Stock issued for services 140,000 $ 51,800 08/23/2017 Stock issued for services 1,391,816 1,043,862 08/23/2017 Stock issued for services 947,371 710,528 09/18/2017 Stock issued for services 70,000 52,500 01/02/2018 Stock issued to employees under ESOP plan 6,474,000 3,010,410 $ 4,869,100 During the year ended March 31, 2018, 500,000 convertible series “A” preferred shares were converted into 5,000,000 common stock at par at a ratio of one preferred share to ten common shares. (B) Preferred Stock As at March 31, 2018, the Company has 10,000,000 authorized series “A” preferred shares having a par value of $0.001 per share. The preferred shares have been designated with the following conversion rights: ● One preferred share will convert into ten (10) common shares no earlier than 24 months and 1 day after the issuance. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18 - 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 $117,098 with Happy Building Management Company for a period of 3 years .Duo entered in to another lease commitment for its Indian office amounting to $ 1,256 on April 1, 2018 with Regus Office Center Services Pvt Limited for a period of 1 year. Guarantees provided by the company existed on the balance sheet date are as follows: Date Description Amount 9/23/2011 Performance Bond for BOC Tender $ 9,771 5/15/2013 Guarantee for Lanka Clear 2,053 7/31/2014 Guarantee for SLT 553 8/10/2015 Guarantee for LOLC 1,561 1/25/2018 Security deposit- Senkadagala Finance 48,791 $ 62,729 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19 - Subsequent Events Company issued special stock dividend to the shareholders of common stock as at May 29, 2018 in the amount of one quarter of one share of common stock for each existing common share. Total number of shares issued under the said dividend share issue was 13,147,666. |
General
General | 12 Months Ended |
Mar. 31, 2018 | |
General | |
General | Note 20 - 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 Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The accompanying consolidated Financial Statements include the accounts and transactions of DSSL and DSS (Predecessors) and Duo (Successor). 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 and Assumptions | Use of Estimates and Assumptions 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 and assumptions 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 and assumptions. 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 understated contract terms. |
Provisions | Provisions A provision is recognized when the company has present obligations because of 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 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 March 31, 2018 and 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). |
Property and Equipment | Property and Equipment 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 For the financial year ending March 31, 2016, the useful life of Computer Equipment and Website development were assumed to be 5 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 to sell, 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. |
Post Retirement Benefit Plan | Post Retirement Benefit Plan The company has gratuity as it post employment plan for all the eligible employees. The recognition for the gratuity plan is as below:- The expected postretirement benefit obligation (EPBO) is the actuarial present value (APV) as of a specific date of the benefits expected to be paid to the employee, beneficiaries, and covered dependents. Measurement of the EPBO is based on the following: 1. Expected amount and timing of future benefits 2. Expected future costs 3. Extent of cost sharing The EPBO includes an assumed salary progression for a pay-related plan. Future compensation levels represent the best estimate after considering the individual employees involved, general price levels, seniority, productivity, promotions, indirect effects, and the like. The APBO is the APV as of a specific date of all future benefits attributable to service by an employee to that date. It represents the portion of the EPBO earned to date. After full eligibility is attained, the APBO equals the EPBO. The APBO also includes an assumed salary progression for a pay-related plan. |
Revenue Recognition, Deferred & Accrued Revenue | Revenue Recognition, Deferred & Accrued Revenue The Company recognizes revenue from the sale of software licenses and related services. The Company revenue recognition policy follows guidance from Accounting Standards Codification(ASC) 606, Revenue from contract with customers. Revenue is recognized when the Company transferred promised goods and services to the customer and in the amount that reflect the consideration to which the company expected to be entitled in exchange for those goods and services. Following five steps are followed in recognizing revenue from contracts: ● Identify the Contract ,or Contract with the customer; ● Identify the performance obligation of the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract and; ● Recognize revenue when or as the company satisfies a performance obligation. 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 invoice on key milestone basis, as defined in the agreement and recognizes revenue after satisfying the performance obligations. 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. Initial Annual Maintenance fees are bundled with license fees in the initial licensing period and recognized when the performance obligation of license fee is met. However, subsequent renewals of annual maintenance are charged separately for renewals. 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 years ended March 31, 2018 and 2017, the Company received only cash as consideration for sale of licenses and related services rendered. For the years ended March 31, 2018 and 2017, the Company had following concentrations of revenues with customers: Customer March 31, 2018 March 31, 2017 DEN Networks 46.48 % 33.74 % Development Services 10.27 % 0.89 % LOLC 9.95 % 0.00 % Commercial Bank 8.06 % 0.00 % Topas TV 6.33 % 7.23 % Mediatama 3.82 % 2.95 % Sri Lanka Telecom 2.32 % 1.50 % Bank of Ceylon 3.47 % 1.64 % Megamedia 0.00 % 35.72 % Hutchison 0.00 % 7.45 % Other Misc. customers 9.29 % 8.88 % 100.00 % 100.00 % For the years ended March 31, 2018 and 2017, the company had following sales by products: Product March 31, 2018 March 31, 2017 Duo Subscriber $ 487,356 $ 928,905 Duo Contact - 159,393 Software hosting and reselling 19,288 16,771 FaceTone 203,739 11,255 Development Services 81,493 - $ 791,876 $ 1,116,324 Significant Judgments The company’s contract with customers includes multiple Software products and services to deliver and in the most of the contract the price of the separately identifiable features are stated separately. In the event the price of the multiple product and services are not mentioned in the agreement company allocate transaction price estimating the standalone selling price of the promised Products and the services. The determination of standalone selling price for each performance obligation requires judgments. Company determines standalone selling price for performance obligations based on overall pricing strategies, which consider market in which the company operates, historical data analysis, number of users of the product or services, size of the customer and the market price of the hardware used. Contract Balances When the timing of revenue recognition differs from the timing of invoicing for contract with customers differed revenue and accrued revenue/ unbilled accounts receivables recognized by the Company. Revenue under Software Implementation contracts are invoices on stages of completion as stipulates in the agreement and the revenue recognized when the performance obligations are met and customer sign the user acceptance test(UAT). Company invoice software license fee and royalty fee at the end of the period according to the customer agreement and accrued revenue/ Unbilled revenue recognize for the relevant period. The maintenance fee is invoiced beginning of the period and company recognize as Differed revenue in the financial statements. Company recognized $ 27,449 revenue as at March 31, 2018 from a contact with customer as the performance obligations are completed in this year. Company has a contract balance of $78,795 from a customer as at March 31, 2018 and the company is waiting for the customer confirmation to deliver the balance product and services. Refer Note- 5 for “Accounts receivables and Provision for doubtful debts” Segment Information The Company has determined that its Chief Executive Officer is its Chief Operating Decision Maker. The Company’s executive reviews financial information presented on a consolidated basis for the purposes of assessing the performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. Deferred Revenue - Accrued Revenue/Unbilled Accounts Receivable - Company assessed that the impact of adoption of the new revenue standard for the Consolidated balance sheet, Consolidated statement Of operations and Comprehensive Income, and the Consolidated statement of Cash Flow as at March 31, 2017 is immaterial, and the following table summarizes the impact of adoption of the new revenue standard for the year ended March 31, 2018. Consolidated Balance sheet March 31, 2018 Prior to adoption of New Revenue Standard March 31, 2018 Adjustment for new Revenue Standard March 31, 2018 as adjusted Current Assets Accrued Revenue 119,427 29,287 148,714 Total Liabilities and Shareholders’ Deficit Accumulated deficit (8,088,475 ) 29,038 (8,059,437 ) Company has no contract liabilities and asset recognized for cost to fulfill a requirement of a customer as at March 31, 2018. |
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 years ending on March 31, 2018 and 2017, product research and development cost of $277,812 and $365,216, respectively, were capitalized as “Intangible assets”. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. No advertising expenses were incurred during the years ended March 31, 2018 and 2017. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
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, 2015 through March 31, 2018, 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 years ending on March 31, 2018 and 2017 were as follows: Foreign Currency Translation gains (losses) Balance, March 31, 2016 $ 76,829 Translation rate gain (loss) 35,932 Balance, March 31, 2017 $ 112,761 Translation rate gain (loss) (42,780 ) Balance, March 31, 2018 $ 69,981 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, September 2017 and November 2017 within ASU 2015-04, ASU 2016-08, ASU 2016-10 and ASU 2016-12, ASU 2017-13 and ASU 2017-14, respectively (collectively, Topic 606). Topic 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Topic 606 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates will be required within the revenue recognition process than are required under current GAAP (Accounting Standards Codification 605). Topic 606 is effective for the Company’s annual and interim reporting periods beginning January 1, 2018 (“effective date”). The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted the new standard effective January 1, 2018 using the modified retrospective method. The Company anticipates the adoption of this standard will result in significant changes in the way we account for License fee, Implementation fee, Annual Maintenance fee. The adoption of this standard is expected to have impact on the recognition or timing of revenue. The Company currently anticipates the adoption of this standard will result in a decrease to accumulated deficit of $ 21.64 million to $ 21.85 million related to recognition of deferred annual maintenance contract. In addition, the new standard will expand the disclosures made in our consolidated financial statements included disaggregation of revenue, information on contract balance, performance obligations and remaining performance obligations. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Operating Activities | March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015 Net profit/ (loss) (5,573,819 ) (789,326 ) (559,955 ) 75,819 Cost incurred for Duo World 1,464,992 375,612 411,862 505,750 Stock based compensation 3,010,410 - - - Net profit/ (loss) excluding Duo World Expenses (1,098,417 ) (413,714 ) (148,093 ) 581,569 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 years ended March 31, 2018 and 2017, the Company had following concentrations of revenues with customers: Customer March 31, 2018 March 31, 2017 DEN Networks 46.48 % 33.74 % Development Services 10.27 % 0.89 % LOLC 9.95 % 0.00 % Commercial Bank 8.06 % 0.00 % Topas TV 6.33 % 7.23 % Mediatama 3.82 % 2.95 % Sri Lanka Telecom 2.32 % 1.50 % Bank of Ceylon 3.47 % 1.64 % Megamedia 0.00 % 35.72 % Hutchison 0.00 % 7.45 % Other Misc. customers 9.29 % 8.88 % 100.00 % 100.00 % |
Schedule of Sales by Products | For the years ended March 31, 2018 and 2017, the company had following sales by products: Product March 31, 2018 March 31, 2017 Duo Subscriber $ 487,356 $ 928,905 Duo Contact - 159,393 Software hosting and reselling 19,288 16,771 FaceTone 203,739 11,255 Development Services 81,493 - $ 791,876 $ 1,116,324 |
Schedule of Adoption of New Revenue Standard | Consolidated Balance sheet March 31, 2018 Prior to adoption of New Revenue Standard March 31, 2018 Adjustment for new Revenue Standard March 31, 2018 as adjusted Current Assets Accrued Revenue 119,427 29,287 148,714 Total Liabilities and Shareholders’ Deficit Accumulated deficit (8,088,475 ) 29,038 (8,059,437 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) by Component during the years ending on March 31, 2018 and 2017 were as follows: Foreign Currency Translation gains (losses) Balance, March 31, 2016 $ 76,829 Translation rate gain (loss) 35,932 Balance, March 31, 2017 $ 112,761 Translation rate gain (loss) (42,780 ) Balance, March 31, 2018 $ 69,981 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts Receivables | Following is a summary of accounts receivable as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Accounts receivable – Trade $ 576,775 $ 754,783 Less: Provision for doubtful debts (207,543 ) (133,113 ) $ 369,232 $ 621,670 |
Schedule of Concentrations of Accounts Receivable | At March 31, 2018 and 2017, the Company had following concentrations of accounts receivables with customers: Customer March 31, 2018 March 31, 2017 Megamedia 56.37 % 63.68 % Topas 14.83 % 7.24 % Commercial bank 7.85 % 0.00 % Development Services 5.04 % 0.80 % Bank of Ceylon 4.61 % 0.00 % Mediatama 3.39 % 1.29 % Sri Lanka Telecom 1.91 % 1.42 % DEN Networks 1.86 % 15.99 % Dish Media 0.00 % 5.88 % MediaNet 0.00 % 1.14 % Other 8 receivables 4.14 % 2.56 % 100.00 % 100.00 % |
Prepaid Expenses and Other Cu31
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Security deposits $ 67,348 $ 29,621 Prepayment for other professional services 438,598 - ESC receivable 5,688 5,826 Insurance prepayment 1,160 1,435 Prepayments 1,370 10,580 WHT receivable - 201,362 Staff loan and advances - 100 Travel advance - 295 Supplier advance 136 4,398 Other receivables 8,700 3,759 $ 523,000 $ 257,376 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Following table illustrates net book value of property and equipment as at March 31, 2018 and 2017: March 31, 2018 March 31, 2017 Office equipment 2,054 $ 9,465 Furniture & fittings 138,752 139,377 Computer equipment (Data Processing Equipment) 122,443 131,909 Improvements to lease hold assets 21,221 1,894 Website Development 14,678 13,768 299,148 296,413 Accumulated depreciation and amortization (255,654 ) (248,326 ) Net fixed assets $ 43,494 $ 48,087 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Following table illustrates the movement in intangible assets as at March 31, 2018 and 2017: March 31, 2018 March 31, 2017 Opening Balance $ 580,899 $ 382,352 Add: Costs capitalized during the year 277,812 365,216 Less: Amount Written-off (113,363 ) (147,326 ) Translational gain (12,409 ) (19,343 ) Net Intangible Assets $ 732,939 $ 580,899 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Short-term Borrowings | Following is a summary of short-term borrowings as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 PAN Asia Bank – Short term overdraft $ 440,609 $ 460,088 PAN Asia Bank – Loan 162,636 - Commercial bank 53,571 4,753 Senkadagala Finance 33,323 - Prosperous Capital - 8,997 $ 690,139 $ 473,838 |
Taxes Payables (Tables)
Taxes Payables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Taxes Payable [Abstract] | |
Schedule of Taxes Payable | The taxes payable comprise of items listed below as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 PAYE $ 117,805 $ 73,611 VAT payable - 14 Stamp Duty Payable 34 48 Tax payable 8,877 8,996 $ 126,716 $ 82,669 |
Accruals and Other Payables (Ta
Accruals and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accruals and Other Payables | Following is a summary of accruals and other payables as at March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Audit fee payable $ 22,260 $ 20,906 Accruals 29,128 81,696 Other payables 78,745 67,144 Accrued interest 1,417 - $ 131,550 $ 169,746 |
Cost of Revenue (Tables)
Cost of Revenue (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Cost of Revenue [Abstract] | |
Summary of Cost of Revenue | Following is the summary of cost of revenue for the years ending March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Purchases $ 50,517 $ 41,959 Implementation and onsite support cost 27,303 42,406 Product development cost written off 113,363 147,326 Consultancy, contract basis employee cost 6,773 19,950 Developer support and implementation 68,235 87,546 Development services 37,706 - Cost of services 7,395 5,740 $ 311,292 $ 344,927 |
General and Administrative Ex38
General and Administrative Expenses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
General And Administrative Expenses | |
Schedule of General and Administrative Expenses | Following is the summary of general and administrative expenses for the years ending March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Directors remuneration $ 151,317 $ 108,827 EPF 42,719 46,317 ETF 10,680 11,579 Bonus - 24,701 Vehicle allowance 37,539 54,393 Office rent 66,649 76,725 Consulting fee 51,300 78,500 Irrecoverable Tax 265,565 46,631 Audit fees 30,001 45,120 Software Rentals 24,907 25,099 Legal fees 18,675 499 Staff welfare 10,832 24,572 Electricity charges 14,110 15,959 Internet charges 12,644 13,449 Professional fees 12,567 21,990 Office maintenance 11,482 18,046 Telephone charges 8,506 12,177 Travelling expense 3,630 3,640 Printing and stationery 1,141 1,855 Office expenses 2,732 2,383 Computer maintenance 4,565 5,757 Courier and postage 968 678 Security charges 2,815 3,688 Training and development - 169 Insurance expense 1,611 2,264 Gratuity 7,369 29,684 Secretarial fees 730 10,288 Other professional services 7,443 19,162 Fee and Subscription 3,025 2,695 OTC market fees 5,000 - Government taxes 19 199 Stamp Duty expense 1,245 1,403 Public relations 3,362 - Event coordination expenses 2,580 - Penalties/ Late payment charges 1,273 5,105 Other expenses 764 1,572 $ 819,765 $ 715,126 |
Selling and Distribution Expe39
Selling and Distribution Expenses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Selling And Distribution Expenses | |
Schedule of Selling and Distribution Expenses | Following is the summery of selling and distribution expenses for the years ending March 31, 2018 and 2017; March 31, 2018 March 31, 2017 Marketing Expenses $ 1,224 $ 1,662 Vehicle hire charges 6,192 6,384 Foreign Travel 102 2,432 Visa expenses - 251 Vehicle running expenses 4,644 4,788 Gift and donations 1,106 203 $ 13,268 $ 15,720 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income Tax expense consist of the following; March 31, 2018 March 31, 2017 Current Taxes Nevada $ - $ - Sri Lanka - - Singapore - 11,934 Total Income Tax Expense $ - $ 11,934 |
Schedule of Deferred Tax Assets and Liabilities | The Components of deferred tax assets and Liabilities are as follows; March 31, 2018 March 31, 2017 Deferred tax asset arising from tax effect of : Carry forward Losses and Unabsorbed Depreciation - 36,165 Less: Valuation allowance - 5,301 Total deferred tax asset (non-current) - 30,864 Total deferred tax liability Nil Nil |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Common Shares Issued | During the year ended March 31, 2018, the Company issued following common shares: Date Type No. of Shares Valuation 06/30/2017 Stock issued for services 140,000 $ 51,800 08/23/2017 Stock issued for services 1,391,816 1,043,862 08/23/2017 Stock issued for services 947,371 710,528 09/18/2017 Stock issued for services 70,000 52,500 01/02/2018 Stock issued to employees under ESOP plan 6,474,000 3,010,410 $ 4,869,100 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantee Provided by Existed Company | Guarantees provided by the company existed on the balance sheet date are as follows: Date Description Amount 9/23/2011 Performance Bond for BOC Tender $ 9,771 5/15/2013 Guarantee for Lanka Clear 2,053 7/31/2014 Guarantee for SLT 553 8/10/2015 Guarantee for LOLC 1,561 1/25/2018 Security deposit- Senkadagala Finance 48,791 $ 62,729 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net loss | $ 5,573,819 | $ 789,326 | $ 559,955 | $ (75,819) |
Current liabilities exceeded current assets | 1,428,411 | 907,817 | ||
Shareholders' deficit | (2,164,332) | (1,416,833) | $ (1,011,988) | |
Employee provident fund and employee trust fund | 388,630 | 269,781 | ||
Net cash provided by operating activities | $ 156,297 | $ 123,535 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Operating Activities (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net profit/ (loss) | $ (5,573,819) | $ (789,326) | $ (559,955) | $ 75,819 |
Cost incurred for Duo World | 1,464,992 | 375,612 | 411,862 | 505,750 |
Stock based compensation | 3,010,410 | |||
Net profit/ (loss) excluding Duo World Expenses | $ (1,098,417) | $ (413,714) | $ (148,093) | $ 581,569 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cash equivalents | |||
Property, plant and equipment, depreciation methods | Straight-line method | ||
Estimated useful life | 15 years | ||
Revenue recognized from contract with customer | $ 27,449 | ||
Contract balance | 78,795 | ||
Deferred revenue | 16,420 | ||
Unbilled receivables | 148,714 | 70,174 | |
Product research and development cost | 277,812 | 365,216 | |
Advertising expense | |||
Changes in accumulated deficit | 21,640,000 | ||
Computer Equipment and Website Development [Member] | |||
Estimated useful life | 5 years | ||
Maximum [Member] | |||
Changes in accumulated deficit | $ 21,850,000 | ||
Duo Software India (Private) Limited [Member] | |||
Ownership interest | 100.00% | ||
Duo Software (Pvt.) Limited and Duo Software Pte Limited [Member] | |||
Ownership interest | 100.00% |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Schedule of Provision for Doubtful Debts Based On Period Outstanding (Details) - Trade Receivables Outstanding [Member] | 12 Months Ended |
Mar. 31, 2018 | |
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 Accoun47
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Fixed Assets (Details) | 12 Months Ended |
Mar. 31, 2018 | |
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 Accoun48
Summary of Significant Accounting Policies - Schedule of Concentrations of Revenue (Details) - Revenue [Member] | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Concentrations of revenue percentage | 100.00% | 100.00% |
DEN Networks [Member] | ||
Concentrations of revenue percentage | 46.48% | 33.74% |
Development Services [Member] | ||
Concentrations of revenue percentage | 10.27% | 0.89% |
LOLC [Member] | ||
Concentrations of revenue percentage | 9.95% | 0.00% |
Commercial Bank [Member] | ||
Concentrations of revenue percentage | 8.06% | 0.00% |
Topas TV [Member] | ||
Concentrations of revenue percentage | 6.33% | 7.23% |
Mediatama [Member] | ||
Concentrations of revenue percentage | 3.82% | 2.95% |
Sri Lanka Telecom [Member] | ||
Concentrations of revenue percentage | 2.32% | 1.50% |
Bank of Ceylon [Member] | ||
Concentrations of revenue percentage | 3.47% | 1.64% |
Megamedia [Member] | ||
Concentrations of revenue percentage | 0.00% | 35.72% |
Hutchison [Member] | ||
Concentrations of revenue percentage | 0.00% | 7.45% |
Other Misc. customers [Member] | ||
Concentrations of revenue percentage | 9.29% | 8.88% |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Schedule of Sales by Products (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue | $ 791,876 | $ 1,116,324 |
Duo Subscriber [Member] | ||
Revenue | 487,356 | 928,905 |
Duo Contact [Member] | ||
Revenue | 159,393 | |
Software Hosting and Reselling [Member] | ||
Revenue | 19,288 | 16,771 |
FaceTone [Member] | ||
Revenue | 203,739 | 11,255 |
Development Services [Member] | ||
Revenue | $ 81,493 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Schedule of Adoption of New Revenue Standard (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Accrued Revenue | $ 148,714 | $ 70,174 |
Accumulated deficit | (8,059,437) | $ (2,481,117) |
Prior to Adoption of New Revenue Standard [Member] | ||
Accrued Revenue | 119,427 | |
Accumulated deficit | (8,088,475) | |
Adjustment for New Revenue Standard [Member] | ||
Accrued Revenue | 29,287 | |
Accumulated deficit | $ 29,038 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Foreign Currency Translation gains (losses),beginning | $ 112,761 | $ 76,829 |
Translation rate gain (loss) | (42,780) | 35,932 |
Foreign Currency Translation gains (losses),ending | $ 69,981 | $ 112,761 |
Reverse Recapitalization (Detai
Reverse Recapitalization (Details Narrative) - USD ($) | Dec. 03, 2014 | Mar. 31, 2017 | Mar. 31, 2018 |
Cash consideration on exchange of DSSL's | $ 151,001 | ||
Common stock, shares issued | 38,567,467 | 52,590,654 | |
Common stock, shares outstanding | 38,567,467 | 52,590,654 | |
Common Stock [Member] | |||
Number of stock issued during period, shares | 201,334 | ||
Cash consideration on exchange of DSSL's | $ 201 | ||
Duo Software (Pvt.) Limited (DSSL) [Member] | |||
Cash consideration on exchange of DSSL's | $ 310,000 | ||
Common stock, shares issued | 5,000,000 | ||
Common stock, shares outstanding | 5,000,000 | ||
Duo Software (Pvt.) Limited (DSSL) [Member] | Series A Preferred Stock [Member] | |||
Number of stock issued during period, shares | 5,000,000 | ||
Duo Software (Pvt.) Limited (DSSL) [Member] | Common Stock [Member] | |||
Number of stock issued during period, shares | 28,000,000 | ||
Duo Software Pte Limited (DSS) [Member] | |||
Common stock, shares issued | 10,000 | ||
Common stock, shares outstanding | 10,000 | ||
Duo Software Pte Limited (DSS) [Member] | Common Stock [Member] | |||
Number of stock issued during period, shares | 2,000,000 | ||
Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte Limited (DSS) [Member] | |||
Shareholder acquisition, percent | 100.00% |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivables (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts Receivable, Net [Abstract] | ||
Accounts receivable - Trade | $ 576,775 | $ 754,783 |
Less: Provision for doubtful debts | (207,543) | (133,113) |
Accounts receivable | $ 369,232 | $ 621,670 |
Accounts Receivable - Schedul54
Accounts Receivable - Schedule of Concentrations of Accounts Receivable (Details) - Accounts Receivable [Member] | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Concentrations of accounts receivable | 100.00% | 100.00% |
Megamedia [Member] | ||
Concentrations of accounts receivable | 56.37% | 63.68% |
Topas [Member] | ||
Concentrations of accounts receivable | 14.83% | 7.24% |
Commercial Bank [Member] | ||
Concentrations of accounts receivable | 7.85% | 0.00% |
Development Services [Member] | ||
Concentrations of accounts receivable | 5.04% | 0.80% |
Bank of Ceylon [Member] | ||
Concentrations of accounts receivable | 4.61% | 0.00% |
Mediatama [Member] | ||
Concentrations of accounts receivable | 3.39% | 1.29% |
Sri Lanka Telecom [Member] | ||
Concentrations of accounts receivable | 1.91% | 1.42% |
DEN Networks [Member] | ||
Concentrations of accounts receivable | 1.86% | 15.99% |
Dish Media [Member] | ||
Concentrations of accounts receivable | 0.00% | 5.88% |
MediaNet [Member] | ||
Concentrations of accounts receivable | 0.00% | 1.14% |
Other 8 Receivables [Member] | ||
Concentrations of accounts receivable | 4.14% | 2.56% |
Prepaid Expenses and Other Cu55
Prepaid Expenses and Other Current Assets (Details Narrative) | Mar. 31, 2018USD ($) |
Prepaid Expense and Other Assets, Current [Abstract] | |
Written off withholding tax receivables | $ 189,121 |
Prepaid Expenses and Other Cu56
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Security deposits | $ 67,348 | $ 29,621 |
Prepayment for other professional services | 438,598 | |
ESC receivable | 5,688 | 5,826 |
Insurance prepayment | 1,160 | 1,435 |
Prepayments | 1,370 | 10,580 |
WHT receivable | 201,362 | |
Staff loan and advances | 100 | |
Travel advance | 295 | |
Supplier advance | 136 | 4,398 |
Other receivables | 8,700 | 3,759 |
Prepaid expenses and other current assets | $ 523,000 | $ 257,376 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 31,320 | $ 62,517 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Fixed assets gross | $ 299,148 | $ 296,413 |
Accumulated depreciation and amortization | (255,654) | (248,326) |
Net fixed assets | 43,494 | 48,087 |
Office Equipment [Member] | ||
Fixed assets gross | 2,054 | 9,465 |
Furniture & Fittings [Member] | ||
Fixed assets gross | 138,752 | 139,377 |
Computer Equipment (Data Processing Equipment) [Member] | ||
Fixed assets gross | 122,443 | 131,909 |
Improvements to Lease Hold Assets [Member] | ||
Fixed assets gross | 21,221 | 1,894 |
Website Development [Member] | ||
Fixed assets gross | $ 14,678 | $ 13,768 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Opening Balance | $ 580,899 | $ 382,352 |
Add: Costs capitalized during the period | 277,812 | 365,216 |
Less: Amount Written -off | (113,363) | (147,326) |
Translational gain | (12,409) | (19,343) |
Net Intangible Assets | $ 732,939 | $ 580,899 |
Short-term Borrowings (Details
Short-term Borrowings (Details Narrative) - Pan Asia Banking Corporation PLC [Member] - Maximum [Member] | Mar. 31, 2018USD ($) |
Interest Rate of 15.25% Per Annum [Member] | |
Bank overdraft facility interest rate | 15.25% |
Bank overdrafts | $ 239,765 |
Interest Rate of 15.86% Per Annum [Member] | |
Bank overdraft facility interest rate | 15.86% |
Bank overdrafts | $ 434,004 |
Short-term Borrowings - Summary
Short-term Borrowings - Summary of Short-term Borrowings (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Short Term Borrowings | $ 690,139 | $ 473,838 |
PAN Asia Bank - Short Term Overdraft [Member] | ||
Short Term Borrowings | 440,609 | 460,088 |
PAN Asia Bank - Loan [Member] | ||
Short Term Borrowings | 162,636 | |
Commercial Bank [Member] | ||
Short Term Borrowings | 53,571 | 4,753 |
Senkadagala Finance [Member] | ||
Short Term Borrowings | 33,323 | |
Prosperous Capital [Member] | ||
Short Term Borrowings | $ 8,997 |
Due to Related Parties (Details
Due to Related Parties (Details Narrative) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Related Party Transactions [Abstract] | ||
Due to related parties short term | $ 524,955 | $ 361,785 |
Due to related parties long term | $ 1,348,193 | $ 1,168,866 |
Taxes Payables - Schedule of Ta
Taxes Payables - Schedule of Taxes Payable (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Taxes payable | $ 126,716 | $ 82,669 |
PAYE [Member] | ||
Taxes payable | 117,805 | 73,611 |
VAT Payable [Member] | ||
Taxes payable | 14 | |
Stamp Duty Payable [Member] | ||
Taxes payable | 34 | 48 |
Tax Payable [Member] | ||
Taxes payable | $ 8,877 | $ 8,996 |
Accruals and Other Payables - S
Accruals and Other Payables - Schedule of Accruals and Other Payables (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Payables and Accruals [Abstract] | ||
Audit fee payable | $ 22,260 | $ 20,906 |
Accruals | 29,128 | 81,696 |
Other payables | 78,745 | 67,144 |
Accrued interest | 1,417 | |
Accruals and other payables | $ 131,550 | $ 169,746 |
Cost of Revenue - Summary of Co
Cost of Revenue - Summary of Cost of Revenue (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cost of Revenue [Abstract] | ||
Purchases | $ 50,517 | $ 41,959 |
Implementation and onsite support cost | 27,303 | 42,406 |
Product development cost written off | 113,363 | 147,326 |
Consultancy, contract basis employee cost | 6,773 | 19,950 |
Developer support and implementation | 68,235 | 87,546 |
Development services | 37,706 | |
Cost of services | 7,395 | 5,740 |
Cost of revenue | $ 311,292 | $ 344,927 |
General and Administrative Ex66
General and Administrative Expenses - Schedule of General and Administrative Expenses (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
General And Administrative Expenses | ||
Directors remuneration | $ 151,317 | $ 108,827 |
EPF | 42,719 | 46,317 |
ETF | 10,680 | 11,579 |
Bonus | 24,701 | |
Vehicle allowance | 37,539 | 54,393 |
Office rent | 66,649 | 76,725 |
Consulting fee | 51,300 | 78,500 |
Irrecoverable Tax | 265,565 | 46,631 |
Audit fees | 30,001 | 45,120 |
Software Rentals | 24,907 | 25,099 |
Legal fees | 18,675 | 499 |
Staff welfare | 10,832 | 24,572 |
Electricity charges | 14,110 | 15,959 |
Internet charges | 12,644 | 13,449 |
Professional fees | 12,567 | 21,990 |
Office maintenance | 11,482 | 18,046 |
Telephone charges | 8,506 | 12,177 |
Travelling expense | 3,630 | 3,640 |
Printing and stationery | 1,141 | 1,855 |
Office expenses | 2,732 | 2,383 |
Computer maintenance | 4,565 | 5,757 |
Courier and postage | 968 | 678 |
Security charges | 2,815 | 3,688 |
Training and development | 169 | |
Insurance expense | 1,611 | 2,264 |
Gratuity | 7,369 | 29,684 |
Secretarial fees | 730 | 10,288 |
Other professional services | 7,443 | 19,162 |
Fee and Subscription | 3,025 | 2,695 |
OTC market fees | 5,000 | |
Government taxes | 19 | 199 |
Stamp Duty expense | 1,245 | 1,403 |
Public relations | 3,362 | |
Event coordination expenses | 2,580 | |
Penalties / Late payment charges | 1,273 | 5,105 |
Other expenses | 764 | 1,572 |
General and administrative expenses | $ 819,785 | $ 715,126 |
Selling and Distribution Expe67
Selling and Distribution Expenses - Schedule of Selling and Distribution Expenses (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Selling And Distribution Expenses | ||
Marketing Expenses | $ 1,224 | $ 1,662 |
Vehicle hire charges | 6,192 | 6,384 |
Foreign Travel | 102 | 2,432 |
Visa expenses | 251 | |
Vehicle running expenses | 4,644 | 4,788 |
Gifts and donations | 1,106 | 203 |
Selling and distribution expenses | $ 13,268 | $ 15,720 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset | $ 30,864 | |
Deferred tax valuation allowance | $ 5,301 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Total Income Tax Expense | $ 11,934 | |
Current Taxes Nevada [Member] | ||
Total Income Tax Expense | ||
Sri Lanka [Member] | ||
Total Income Tax Expense | ||
Singapore [Member] | ||
Total Income Tax Expense | $ 11,934 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Carry forward Losses and Unabsorbed Depreciation | $ 36,165 | |
Less: Valuation allowance | 5,301 | |
Total deferred tax asset (non-current) | 30,864 | |
Total deferred tax liability |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Number of preferred shares converted into common shares | 10 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock conversion description | One preferred share will convert into ten (10) common shares no earlier than 24 months and 1 day after the issuance. | |
Common Share Capital [Member] | ||
Number of preferred shares converted into common shares | 5,000,000 | |
Series A Preferred Stock [Member] | ||
Number of preferred shares converted into common shares | 500,000 |
Equity - Schedule of Common Sha
Equity - Schedule of Common Shares Issued (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Value of common stock issued | $ 1,858,690 | $ 214,600 |
Stock Issued for Services [Member] | ||
Value of common stock issued | $ 4,869,100 | |
06/30/2017 [Member] | Stock issued for Services One [Member] | ||
Number of common stock issued, shares | 140,000 | |
Value of common stock issued | $ 51,800 | |
08/23/2017 [Member] | Stock issued for Services Two [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 Three [Member] | ||
Number of common stock issued, shares | 947,371 | |
Value of common stock issued | $ 710,528 | |
09/18/2017 [Member] | Stock issued for Services Four [Member] | ||
Number of common stock issued, shares | 70,000 | |
Value of common stock issued | $ 52,500 | |
01/02/2018 [Member] | Stock Issued to Employees Under ESOP plan [Member] | ||
Number of common stock issued, shares | 6,474,000 | |
Value of common stock issued | $ 3,010,410 |
Commitments and Contingencies73
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Lease commitment amount | $ 66,649 | $ 76,725 |
Sri Lanka Office [Member] | Happy Building Management [Member] | ||
Lease commitment amount | $ 117,098 | |
Lease term | 3 years | |
Indian Office [Member] | Regus Office Center Services Pvt. Limited [Member] | April 1, 2018 [Member] | ||
Lease commitment amount | $ 1,256 | |
Lease term | 1 year |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Guarantee Provided by Existed Company (Details) - USD ($) | Jan. 25, 2018 | Aug. 10, 2015 | Jul. 31, 2014 | May 15, 2013 | Sep. 23, 2011 | Mar. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Guarantee Description | Security deposit- Senkadagala Finance | Guarantee for LOLC | Guarantee for SLT | Guarantee for Lanka Clear | Performance Bond for BOC Tender | |
Guarantee Amount | $ 48,791 | $ 1,561 | $ 553 | $ 2,053 | $ 9,771 | $ 62,729 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | May 29, 2018shares |
Subsequent Event [Member] | |
Number of stock dividend shares | 13,147,666 |