Document and Entity Information
Document and Entity Information | 9 Months Ended |
Dec. 31, 2017 | |
Document And Entity Information | |
Entity Registrant Name | Questcorp Global Inc. |
Entity Central Index Key | 1,671,930 |
Document Type | S-1/A |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
Entity Filer Category | Smaller Reporting Company |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
CURRENT ASSETS | |||
Accounts receivables | $ 62,248 | $ 24,174 | |
Other receivables, prepayments and deposits | 26,575 | 4,873 | |
Amount due from related parties | 259,036 | 116,021 | |
Cash and cash equivalents | 623,234 | 360,806 | 10 |
Total Current Assets | 971,093 | 505,874 | 10 |
NON-CURRENT ASSETS | |||
Plant and equipment, net | 164,379 | 7,204 | |
Investment, net | 53 | ||
Total Non-Current Assets | 164,432 | 7,204 | |
TOTAL ASSETS | 1,135,525 | 513,078 | 10 |
CURRENT LIABILITIES | |||
Accounts payables | 12,505 | 7,774 | |
Other payables and accrued liabilities | 65,330 | 80,971 | |
Deferred Income, net | 130,847 | 83,130 | |
Amounts due to a director | 1,528 | 1,499 | |
Total Current Liabilities | 210,210 | 173,374 | |
TOTAL LIABILITIES | 210,210 | 173,374 | |
STOCKHOLDERS' EQUITY | |||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding | |||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 112,085,000, 109,000,000 and 100,000 shares issued and outstanding as of December 31, 2017, March 31, 2017 and March 31, 2016 respectively. | 11,209 | 10,900 | 10 |
Additional paid-in capital | 1,328,041 | 557,100 | |
Accumulated other comprehensive (loss)/income | (13,418) | 6,566 | |
Accumulated losses | (399,290) | (234,862) | |
TOTAL STOCKHOLDERS' EQUITY | 926,542 | 339,704 | 10 |
NON-CONTROLLING INTEREST | (1,227) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,135,525 | $ 513,078 | $ 10 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 | 600,000,000 |
Common stock, shares issued | 112,085,000 | 109,000,000 | 100,000 |
Common stock, shares outstanding | 112,085,000 | 109,000,000 | 100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income Loss - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||||||
REVENUE | $ 304,470 | $ 54,867 | $ 508,661 | $ 71,633 | $ 91,376 | |
COST OF REVENUE | (140,863) | (20,742) | (302,409) | (26,227) | (52,611) | |
GROSS PROFIT | 163,607 | 34,125 | 206,252 | 45,406 | 38,765 | |
OTHER INCOME | 1,002 | 2,219 | 8,928 | 2,618 | 4,109 | |
SELLING AND DISTRIBUTION EXPENSES | (401) | (411) | (6) | (481) | ||
ADMINISTRATIVE EXPENSES | (127,589) | (99,277) | (380,424) | (152,469) | (276,481) | |
OTHER OPERATING EXPENSES | (774) | (774) | (774) | |||
LOSS FROM OPERATIONS | (234,862) | |||||
INTEREST EXPENSE | ||||||
LOSS BEFORE INCOME TAX | 36,619 | (63,707) | (165,655) | (105,225) | (234,862) | |
INCOME TAX EXPENSE | ||||||
NET LOSS | 36,619 | (63,707) | (165,655) | (105,225) | (234,862) | |
Non-Controlling Interest | 181 | 1,227 | ||||
Other comprehensive income/(loss): - Foreign currency translation adjustment | (19,984) | 17,811 | (19,984) | 17,811 | 6,566 | |
Total Comprehensive income/(loss) | $ 23,137 | $ (45,896) | $ (184,412) | $ (87,414) | $ (228,296) | |
Net income/(loss) per share- Basic and diluted | $ 0 | $ (0.001) | $ (0.003) | $ (0.001) | $ (0.003) | |
Weighted average number of common shares outstanding - Basic and diluted | 111,676,956 | 105,554,348 | 110,026,836 | 46,441,455 | 61,768,165 | 19,672 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Comprehensive Income/(Loss) [Member] | Accumulated Income/(Loss) [Member] | Total |
Beginning balance at Mar. 31, 2015 | |||||
Beginning balance, shares at Mar. 31, 2015 | |||||
Issuance of share capital - Additional founder's shares at $0.0001 per share | $ 10 | 10 | |||
Issuance of share capital - Additional founder's shares at $0.0001 per share, shares | 100,000 | ||||
Net loss | |||||
Foreign currency translation adjustment | |||||
Ending balance at Mar. 31, 2016 | $ 10 | 10 | |||
Ending balance, shares at Mar. 31, 2016 | 100,000 | ||||
Issuance of share capital - Additional founder's shares at $0.0001 per share | $ 10,490 | 10,490 | |||
Issuance of share capital - Additional founder's shares at $0.0001 per share, shares | 104,900,000 | ||||
Issuance of share capital - shares issued in private placement completed on December 2, 2016 at $0.10 per share | $ 85 | 84,915 | 85,000 | ||
Issuance of share capital - shares issued in private placement completed on December 2, 2016 at $0.10 per share, shares | 850,000 | ||||
Issuance of share capital - shares issued in private placement completed on February 28, 2017 at $0.15 per share | $ 315 | 472,185 | 472,500 | ||
Issuance of share capital - shares issued in private placement completed on February 28, 2017 at $0.15 per share, shares | 3,150,000 | ||||
Net loss | (234,862) | (234,862) | |||
Foreign currency translation adjustment | 6,566 | 6,566 | |||
Ending balance at Mar. 31, 2017 | $ 10,900 | 557,100 | 6,566 | (234,862) | 339,704 |
Ending balance, shares at Mar. 31, 2017 | 109,000,000 | ||||
Shares issued in private placement at $0.25 per share | $ 309 | 770,941 | 771,250 | ||
Shares issued in private placement at $0.25 per share | 3,085,000 | ||||
Net loss | (164,428) | (165,655) | |||
Foreign currency translation adjustment | (19,984) | (19,984) | |||
Ending balance at Dec. 31, 2017 | $ 11,209 | $ 1,328,041 | $ (13,418) | $ (399,290) | $ 926,542 |
Ending balance, shares at Dec. 31, 2017 | 112,085,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2017 | Mar. 31, 2017 |
Shares issued price per share | $ 0.0001 | |
Private Placement One [Member] | ||
Shares issued price per share | $ 0.25 | 0.10 |
Private Placement Two [Member] | ||
Shares issued price per share | $ 0.15 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (165,655) | $ (105,225) | $ (234,862) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 8,698 | 8 | ||
Changes in operating assets and liabilities: | ||||
Accounts payable | 4,731 | 14,819 | 7,774 | |
Accounts receivable | (38,074) | (10,108) | (24,174) | |
Amount due from related companies | (155,015) | (77,606) | (116,021) | |
Other Receivables, Prepayments and deposits | (5,365) | (384) | (4,873) | |
Other payables and accrued liabilities | (19,978) | 62,593 | 80,971 | |
Deferred Income | 47,717 | 44,536 | 83,130 | |
Cash (used in)/generated from operating activities | (322,941) | (71,375) | (208,047) | |
Taxation paid | ||||
Net cash (used in)/generated from operating activities | (322,941) | (71,375) | (208,047) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of Plant and Equipment | (165,873) | (4,070) | (7,212) | |
Investment | (53) | |||
Net cash used in investing activities | (165,926) | (4,070) | (7,212) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Issuance of share capital | 771,250 | 437,490 | 567,990 | 10 |
Advances from directors | 29 | 1,499 | 1,499 | |
Interest paid | ||||
Net cash provided by financing activities | 771,279 | 438,989 | 569,489 | 10 |
Effect of exchange rate changes on cash and cash equivalent | (19,984) | (16,786) | 6,566 | |
Net increase in cash and cash equivalents | 262,428 | 346,759 | 360,796 | 10 |
Cash and cash equivalents, beginning of year | 360,806 | 10 | 10 | |
CASH AND CASH EQUIVALENTS, END OF YEAR | 623,234 | 346,769 | 360,806 | 10 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||||
Income taxes paid | ||||
Interest paid |
Organization and Business Backg
Organization and Business Background | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND QUESTCORP GLOBAL INC., is organized as a Nevada limited liability company, incorporated on January 20, 2016. For purposes of financial statement presentation, QUESTCORP GLOBAL INC. and its subsidiaries are herein referred to as “the Company” or “we”. The purpose of the Company and its subsidiaries is to provide coaching, consultancy, training and mentorship to clients through wholly owned subsidiaries. Our programs include, but are not limited to, helping clients to create multiple sources of Income and gaining financial independence and training and coaching individuals to be competent Professional Trainers. We have conducted our business through Quest Masteryasia Group Sdn Bhd, a private limited liability company, incorporated in Malaysia. Quest International Group Limited, incorporated in Seychelles, is an investment holding company with 100% equity interest in Quest HK Limited, a company incorporated in Hong Kong, which subsequent hold 100% equity interest in Quest Masteryasia Group Sdn. Bhd. On January 20, 2016, QUESTCORP GLOBAL INC. was organized to be the holding company parent to, and succeed to the operations of, Quest International Group Limited. The former unit holder of Quest International Group Limited became the unit holder of QUESTCORP GLOBAL INC. and Quest International Group Limited became a wholly-owned subsidiary of QUESTCORP GLOBAL INC. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of Quest International Group Limited were carried over to and combined with QUESTCORP GLOBAL INC. at historical cost, and as if the transfer occurred at the beginning of the period. Prior periods have been reclassified to furnish comparative figures. On September 04, 2017, Quest HK Limited took up 51% interest in Questcorp Australia Pty. Ltd., a newly incorporated company. The Company, through its subsidiaries, mainly provide coaching, consultancy, training and mentorship services. Details of the Company’s subsidiaries: Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. Quest International Group Limited Seychelles, January 20, 2016 1 share of ordinary share of US$1 each Investment holding 100% 2. Quest HK Limited Hong Kong, January 19, 2016 1 share of ordinary share of HK$1 each Coaching, consultancy, training and mentorship 100% 3. Quest Masteryasia Group Sdn Bhd Malaysia, March 21, 2016 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship 100% 4. Questcorp Australia Pty Ltd Australia, September 4, 2017 100 shares of ordinary share of AU$1 each Providing Money Mastery Mentorship Program & Certified Professional Training Program 51% QUESTCORP GLOBAL INC. and its subsidiaries are hereinafter referred to as the “Company”. | 1. ORGANIZATION AND BUSINESS BACKGROUND QUESTCORP GLOBAL INC., is organized as a Nevada limited liability company, incorporated on January 20, 2016. For purposes of financial statement presentation, QUESTCORP GLOBAL INC. and its subsidiaries are herein referred to as “the Company” or “we”. The purpose of the Company and its subsidiaries is to provide coaching, consultancy, training and mentorship to clients through wholly owned subsidiaries. Our programs include, but are not limited to, helping clients to create multiple sources of income and gaining financial independence and training and coaching individuals to be competent Professional Trainers. We have conducted our business through Quest Masteryasia Group Sdn Bhd, a private limited liability company, incorporated in Malaysia. Quest International Group Limited, incorporated in Seychelles, is an investment holding company with 100% equity interest in Quest HK Limited, a company incorporated in Hong Kong, which subsequent hold 100% equity interest in Quest Masteryasia Group Sdn. Bhd. On January 20, 2016, QUESTCORP GLOBAL INC. was organized to be the holding company parent to, and succeed to the operations of, Quest International Group Limited. The former unit holder of Quest International Group Limited became the unit holder of QUESTCORP GLOBAL INC. and Quest International Group Limited became a wholly-owned subsidiary of QUESTCORP GLOBAL INC. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of Quest International Group Limited were carried over to and combined with QUESTCORP GLOBAL INC. at historical cost, and as if the transfer occurred at the beginning of the period. The Company, through its subsidiaries, mainly provide coaching, consultancy, training and mentorship services. Details of the Company’s subsidiaries: Company name Place and date of incorporation Particulars of issued capital Principal activities 1. Quest International Group Limited Seychelles, January 20, 2016 1 share of ordinary share of US$1 each Investment holding 2. Quest HK Limited Hong Kong, January 19, 2016 1 share of ordinary share of HK$1 each Coaching, consultancy, training and mentorship 3. Quest Masteryasia Group Sdn Bhd Malaysia, March 21, 2016 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship QUESTCORP GLOBAL INC. and its subsidiaries are hereinafter referred to as the “Company”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. Basis of presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has adopted its fiscal year-end to be March 31. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” Revenue from the provision of services is recognized when the workshop is completed and there are no continuing obligations to the customer. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported. Cost of revenue Cost of revenues includes the workshop costs, trainers’ fees, partners share and all other costs that are directly attributable to the workshop. Expenses Expenses is primarily comprised of salary of staff and directors, travelling and accommodation, transportation fees such as petrol, toll and parking. Cash and cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of property, plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & Fittings 10 years Office Renovations 10 years Expenditures for maintenance and repairs are expensed as incurred. Deferred income Deferred income refers to fees received in advance for services which have not yet been performed. Deferred income is classified on the consolidated balance sheet as current liability. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income. The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary in Malaysia maintains its books and record in its local currency, Ringgits Malaysia (“RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity. Translation of amounts from RM into US$1 and HK$1 into US$1 have been made at the following exchange rates for the respective periods: As of and for the nine months ended As of and for the year ended December 31, 2017 March 31, 2017 Period-end RM: US$1 exchange rate 4.0475 4.4230 Period-average RM: US$1 exchange rate 4.2279 4.2300 Period-end US$: HK$1 exchange rate 0.1278 0.1288 Period-average US$: HK$1 exchange rate 0.1281 0.1289 Period-end US$: AU$1 exchange rate 0.7658 - Period-average US$: AU$1 exchange rate 0.7761 - Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1 Level 2 Level 3: Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. Revenue Recognition In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)” and requires entities to recognize revenue from contracts with customers for transfers of goods and services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The guidance also requires new qualitative and quantitative disclosures about contract balances and performance obligations. We will adopt ASU 2014-09 in the first quarter of 2018 under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Based on our evaluation under the current guidance, we estimate that substantially all of our interest income and non-interest income will not be impacted by the adoption of this ASU because either the revenue from those contracts with customers is covered by other guidance in U.S. GAAP or the revenue recognition outcomes anticipated with the adoption of this ASU will likely be similar to our current revenue recognition practices. In addition, we reviewed, and where necessary, enhanced our business processes, systems and controls to support recognition and disclosures under the new standard. The adoption of this Update is not expected to have a material effect on our consolidated financial statements. Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to put most leases on their balance sheets but recognize expenses in the income statement similar to current accounting. In addition, the Update changes the guidance for sale-leaseback transactions, initial direct costs and lease executory costs for most entities. All entities will classify leases to determine how to recognize lease related revenue and expense. The Update is effective in the first quarter of 2019 with modified retrospective application including a number of optional practical expedients. Early adoption is permitted. We are currently assessing the potential impact to our consolidated financial statements. Investments In March 2016, FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323), Simplifying The Transition To the Equity Method Of Accounting, eliminates the requirement for an investor to retrospectively apply the equity method when an investment that it had accounted for by another method qualifies for use of the equity method. The Update was adopted in the first quarter of 2017 by prospective application. This Update did not have a material effect on our consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), adds or clarifies guidance on eight cash flow issues. The Update is effective the first quarter of 2018. This Update will be applied retrospectively to all periods presented. Early adoption is permitted. This Update is not expected to have a material effect on our consolidated financial statements. Business Combinations In January 2017, the Financial Accounting Standards Board (“FASB) issued Accounting Standards Update (“ASU”) No. 2017-01. ASU 2017-01 supersedes the business recognition requirements in “Business Combinations (Topic 850)”, and clarifies the definition of a business with the objective of providing guidance to assist in the evaluation of whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The Update is effective for the first quarter of 2018. Early adoption is permitted for transactions that occurred before the issuance date or effective date of the Update if the transactions were not reported in financial statements that have been issued or made available for issuance. This Update is applied prospectively and did not have a material effect on our consolidated financial statements. Goodwill In January 2017, FASB issued ASU 2017-04, Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. Under the new guidance, eliminates the requirement of Step 2 in the current guidance to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value in Step 1 of the current guidance. The Update is effective the first quarter of 2020. Early adoption is permitted for annual or interim goodwill impairment tests with a measurement date after January 1, 2017. We adopted this Update in the first quarter of 2018 and it did not have a material effect on our consolidated financial statements. Reporting Comprehensive Income In February 2018, FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance allows for the reclassification from other comprehensive income to retained earnings for stranded tax effects resulting from the enacted tax bill H.R.1, commonly referred to as the Tax Cuts and Jobs Act (the TCJA). The Update also allows an accounting policy election to reclassify other stranded tax effects that relate to the TCJA but not directly related to the change in federal tax rate. This Update is effective in the first quarter of 2019. Early adoption is permitted for reporting periods for which financial statements have not yet been issued. We adopted this Update in the fourth quarter of 2018 by retrospective application. This Update did not have a material effect on our consolidated financial statements. Financial Instruments - Recognition and Measurement In January 2016, FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under the fair value option, and equity investments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The Update is effective in the first quarter of 2018 with a cumulative-effect adjustment as of the beginning of the fiscal year of adoption. Early adoption is prohibited except for the provision requiring the recognition of changes in fair value related to changes in an entity’s own credit risk in other comprehensive income for financial liabilities measured using the fair value option. This Update is not expected to have a material effect on our consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. Basis of presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has adopted its fiscal year-end to be March 31. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” Revenue from the provision of services is recognized when the workshop is completed and there are no continuing obligations to the customer. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported. Cost of revenue Cost of revenues includes the workshop cost, trainers’ fees, partners share and all other costs that are directly attributable to the workshop. Expenses Expenses is primarily comprised of salary of staff and directors, travelling and accommodation, transportation fees such as petrol, toll and parking. Cash and cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer and software 5 years Office equipment 10 years Expenditures for maintenance and repairs are expensed as incurred. Deferred income Deferred income refers to fees received in advance for services which have not yet been performed. Deferred income is classified on the consolidated balance sheet as current liability. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations and comprehensive income. The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary in Malaysia and Hong Kong maintain their books and records in their respective local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HKD$”), which is the respective functional currency as being the primary currency of the economic environment in which each subsidiary operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from RM into US$1 and HK$ into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended As of and for the period ended March 31, 2017 March 31, 2016 Period-end RM: US$1 exchange rate 4.4230 - Period-average RM: US$1 exchange rate 4.2300 - Period-end US$: HK$1 exchange rate 0.1288 - Period-average US$: HK$1 exchange rate 0.1289 - Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1 Level 2 Level 3: Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. Revenue Recognition In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)” and requires entities to recognize revenue from contracts with customers for transfers of goods and services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The guidance also requires new qualitative and quantitative disclosures about contract balances and performance obligations. We will adopt ASU 2014-09 in the first quarter of 2018 under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Based on our evaluation under the current guidance, we estimate that substantially all of our interest income and non-interest income will not be impacted by the adoption of this ASU because either the revenue from those contracts with customers is covered by other guidance in U.S. GAAP or the revenue recognition outcomes anticipated with the adoption of this ASU will likely be similar to our current revenue recognition practices. In addition, we reviewed, and where necessary, enhanced our business processes, systems and controls to support recognition and disclosures under the new standard. The adoption of this Update is not expected to have a material effect on our consolidated financial statements. Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to put most leases on their balance sheets but recognize expenses in the income statement similar to current accounting. In addition, the Update changes the guidance for sale-leaseback transactions, initial direct costs and lease executory costs for most entities. All entities will classify leases to determine how to recognize lease related revenue and expense. The Update is effective in the first quarter of 2019 with modified retrospective application including a number of optional practical expedients. Early adoption is permitted. We are currently assessing the potential impact to our consolidated financial statements. Investments In March 2016, FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323), Simplifying The Transition To the Equity Method Of Accounting, eliminates the requirement for an investor to retrospectively apply the equity method when an investment that it had accounted for by another method qualifies for use of the equity method. The Update was adopted in the first quarter of 2017 by prospective application. This Update did not have a material effect on our consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), adds or clarifies guidance on eight cash flow issues. The Update is effective the first quarter of 2018. This Update will be applied retrospectively to all periods presented. Early adoption is permitted. This Update is not expected to have a material effect on our consolidated financial statements. Business Combinations In January 2017, the Financial Accounting Standards Board (“FASB) issued Accounting Standards Update (“ASU”) No. 2017-01. ASU 2017-01 supersedes the business recognition requirements in “Business Combinations (Topic 850)”, and clarifies the definition of a business with the objective of providing guidance to assist in the evaluation of whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The Update is effective for the first quarter of 2018. Early adoption is permitted for transactions that occurred before the issuance date or effective date of the Update if the transactions were not reported in financial statements that have been issued or made available for issuance. This Update is applied prospectively and did not have a material effect on our consolidated financial statements. Goodwill In January 2017, FASB issued ASU 2017-04, Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. Under the new guidance, eliminates the requirement of Step 2 in the current guidance to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value in Step 1 of the current guidance. The Update is effective the first quarter of 2020. Early adoption is permitted for annual or interim goodwill impairment tests with a measurement date after January 1, 2017. We adopted this Update in the first quarter of 2018 and it did not have a material effect on our consolidated financial statements. Reporting Comprehensive Income In February 2018, FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance allows for the reclassification from other comprehensive income to retained earnings for stranded tax effects resulting from the enacted tax bill H.R.1, commonly referred to as the Tax Cuts and Jobs Act (the TCJA). The Update also allows an accounting policy election to reclassify other stranded tax effects that relate to the TCJA but not directly related to the change in federal tax rate. This Update is effective in the first quarter of 2019. Early adoption is permitted for reporting periods for which financial statements have not yet been issued. We adopted this Update in the fourth quarter of 2018 by retrospective application. This Update did not have a material effect on our consolidated financial statements. Financial Instruments - Recognition and Measurement In January 2016, FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under the fair value option, and equity investments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The Update is effective in the first quarter of 2018 with a cumulative-effect adjustment as of the beginning of the fiscal year of adoption. Early adoption is prohibited except for the provision requiring the recognition of changes in fair value related to changes in an entity’s own credit risk in other comprehensive income for financial liabilities measured using the fair value option. This Update is not expected to have a material effect on our consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Plant and Equipment
Plant and Equipment | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Plant and Equipment | 3. PLANT AND EQUIPMENT Period Ended Year Ended December 31, 2017 March 31, 2017 Software development (Work-In-Progress) $ 7,535 $ 6,896 Computer $ 24,254 $ - Office equipment $ 36,841 $ 316 Furniture and fittings $ 15,149 $ - Office renovations $ 89,694 $ - Total plant and equipment $ 173,473 $ 7,212 Total accumulated depreciation $ (9,094 ) $ (8 ) Plant and equipment, net $ 164,379 $ 7,204 Depreciation expense for the three months and the nine months ended December 31, 2016 were $ 0. Depreciation expense for the three months and the nine months ended December 31, 2017 were 6,427 and $8,698 respectively. | 3. PLANT AND EQUIPMENT Plant and equipment as of March 31, 2017 are summarized below: 2017 2016 Software Development (Work-In-Progress) $ 6,896 $ - Office equipment $ 316 $ - Total plant and equipment $ 7,212 $ - Accumulated depreciation $ (8 ) $ - Plant and equipment, net $ 7,204 $ - Depreciation expense for the year ended March 31, 2017 was $ 8. |
Investment
Investment | 9 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Investment | 4. INVESTMENT The Company invested in Amircorp Inc. on 01 August 2017 for US$53 by acquiring 500,000 shares US$ 0.0001 per share. This constitute less than 1% of the total share capital. |
Deferred Income
Deferred Income | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred Income | 5. DEFERRED INCOME Deferred revenue refers to payments received in advance for services which have not yet been performed or goods which have not yet been delivered. These revenues are classified on the company’s balance sheet as a liability and not as an asset. Period Ended Year Ended December 31, 2017 March 31, 2017 Money Mastery Mentorship Program (MMMP) $ 116,147 $ 129,348 Certified Professional Training (CPT) $ 91,405 $ 17,644 Wealth Advisor Investors (ADAM KHOO) $ 13,763 $ 1,429 Multiple Source of Income Virtual Summit 2018 $ 2,169 $ - Building Smart Business $ 382 $ - Stocktrading Mentorship Program $ 634 $ - Total deferred income $ 224,500 $ 148,421 Less: Deferred discount given $ (93,653 ) $ (65,291 ) Total deferred income, net $ 130,847 $ 83,130 | 6. DEFERRED INCOME Deferred income consisted of the following as at March 31, 2017: 2017 2016 Total deferred income $ 148,421 $ - Less: Deferred discount given $ (65,291 ) $ - Net deferred income $ 83,130 $ - |
Other Receivables, Prepayments
Other Receivables, Prepayments and Deposits | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Receivables [Abstract] | ||
Other Receivables, Prepayments and Deposits | 6. OTHER RECEIVABLES, PREPAYMENTS & DEPOSITS Period Ended Year Ended December 31, 2017 March 31, 2017 Other receivables $ 25,727 $ 5,687 Prepayments $ 848 $ (814 ) Total other receivables, prepayments and deposits $ 26,575 $ 4,873 | 4. OTHER RECEIVABLES, PREPAYMENTS AND DEPOSITS Prepaid expenses and deposits consisted of the following as at March 31, 2017: 2017 2016 Other receivables $ 5,687 $ - Prepayments $ (814 ) $ - Total prepaid expenses and deposits $ 4,873 $ - |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Payables and Accruals [Abstract] | ||
Other Payables and Accrued Liabilities | 7. OTHER PAYABLES AND ACCRUED LIABILITIES Period Ended Year Ended December 31, 2017 March 31, 2017 Other payables $ 17,898 $ 17,040 Accruals $ 47,432 $ 63,931 Total payables and accrued liabilities $ 65,330 $ 80,971 | 5. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following as at March 31, 2017: 2017 2016 Other payables $ 17,040 $ - Accruals $ 63,931 $ - Total payables and accrued liabilities $ 80,971 $ - |
Amount Due to Directors
Amount Due to Directors | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Amount Due to Directors | 8. AMOUNT DUE TO DIRECTORS The amount due to the Directors are unsecured, interest-free and has no fixed terms of repayment. | 7. AMOUNT DUE TO DIRECTOR The amounts due to Director are unsecured, interest-free and have no fixed terms of repayment. |
Income Tax Expense
Income Tax Expense | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense | 9. INCOME TAX EXPENSE For the nine months ended December 31, 2017 and 2016, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following: Nine months Ended Nine Months Ended December 31, 2017 December 31, 2016 Tax jurisdictions from: - Local $ (11,908 ) $ (61,268 ) - Foreign, representing: Seychelles - (3,100 ) Hong Kong (1,921 ) (1,434 ) Malaysia (149,322 ) (39,423 ) Australia (2,504 ) - Loss before income tax $ (165,655 ) $ (105,225 ) The provision for income taxes consisted of the following: Nine months Ended Nine Months Ended December 31, 2017 December 31, 2016 Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - Effective and Statutory Rate Reconciliation The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company's effective tax rate as a percentage of income from continuing operations before taxes: Nine months Ended December 31, 2017 Nine months Ended December 31, 2016 Statutory blended tax rate (19 %) - Increase in valuation allowance - Foreign 19 % - Effective tax rate 0 % - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: Seychelles, Hong Kong, Malaysia, and Australia that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. The Company has provided for a full valuation allowance of approximately $4,168 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Seychelles Under the current laws of the Seychelles, Quest International Group Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles. Hong Kong Quest HK Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. The Company has provided for a full valuation allowance of approximately $317 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Malaysia Quest Masteryasia Group Sdn Bhd is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 18% to 24% on its assessable income. The Company has provided for a full valuation allowance of approximately $26,878 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Australia Questcorp Australia Pty Ltd is subject to the Corporate Income Tax governed by the Australia Taxation Authority. The Company has provided for a full valuation allowance of approximately $751 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended December 31, 2017 and 2016: April 1, 2017 to December 31, 2017 April 1, 2016 to December 31, 2016 Deferred tax assets: Net operating loss carryforwards -United States of America $ (4,168 ) $ (21,444 ) -Hong Kong (317 ) (237 ) -Malaysia (26,878 ) (7,490 ) -Australia (751 ) - $ (32,114 ) $ (29,171 ) Less: valuation allowance 32,114 29,171 Deferred tax assets $ - $ - | 8. INCOME TAX EXPENSE For the year ended March 31, 2017 and 2016, the local (United States) and foreign components of loss before income tax were comprised of the following: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Tax jurisdictions from: - Local $ (78,821 ) $ - - Foreign, representing: Seychelles (3,100 ) - Hong Kong (1,539 ) - Malaysia (151,402 ) - Loss before income tax $ (234,862 ) $ - The provision for income taxes consisted of the following: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - Effective and Statutory Rate Reconciliation The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company's effective tax rate as a percentage of income from continuing operations before taxes: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Statutory blended tax rate (24 %) - Increase in valuation allowance - Foreign 24 % - Effective tax rate 0 % - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: Seychelles, Hong Kong and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. The Company has provided for a full valuation allowance of approximately $27,587 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Seychelles Under the current laws of the Seychelles, Quest International Group Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles. Hong Kong Quest HK Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. The Company has provided for a full valuation allowance of approximately $254 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Malaysia Quest Masteryasia Group Sdn Bhd is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 18% to 24% on its assessable income. The Company has provided for a full valuation allowance of approximately $27,252 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended March 31, 2017 and 2016: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Deferred tax assets: Net operating loss carryforwards -United States of America $ (27,587 ) $ - -Hong Kong (254 ) - -Malaysia (27,252 ) - $ (55,093 ) $ - Less: valuation allowance 55,093 - Deferred tax assets $ - $ - |
Concentrations of Risk
Concentrations of Risk | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | ||
Concentrations of Risk | 10. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers The company did not have any major customers which constitute 100% of the Company’s revenues of accounts receivable for the nine months ended December 31, 2017. (b) Major vendors The company did not have any major suppliers which constitute 100% of the Company’s purchases of accounts payable for the nine months ended December 31, 2017. (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of profit and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM converted to US$, HK$ converted into US$ and AU$ converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. | 9. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers The company did not have any major customers which constitute 100% of the Company’s revenues of accounts receivable for the years ended March 31, 2017. (b) Major vendors The company did not have any major suppliers which constitute 100% of the Company’s purchases of accounts payable for the years ended March 31, 2017. (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of profit and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM converted to US$ and HK$ converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES On June 15, 2017 the company entered into a lease agreement by using another company, Castlefield Realty International Holdings Sdn Bhd (CRIH) owned by Mr. See Kok Chong, to lease the office located at Fraser Business Park, Kuala Lumpur, Malaysia. The lease commenced on August 21, 2017 for a term of 3 years, with an option to extend for an additional 3 years. Quest Masteryasia Group Sdn Bhd will be paying on behalf of CRIH for all expenses relating to this lease of office. As at December 31, 2017 the company has future rental payment of $162,373 for office premises due under a non-cancellable operating lease in the next thirty one months. Period ending December 31: 2018 $ 10,476 2019 $ 62,854 2020 $ 62,854 2021 $ 26,189 $ 162,373 | 12. COMMITMENTS AND CONTINGENCIES As of March 31, 2017, the Company has no commitments or contingencies involved. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS Related parties are entities with common direct or indirect shareholders and/or directors. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the party in making financial and operating decisions. The amount due from related parties is unsecured, interest-free and has no fixed terms of repayment. The amount charged by related parties are as follows: Period Ended Year Ended December 31, 2017 March 31, 2017 Accounting fees $ 11,826 $ 7,091 Secretary fees $ 1,308 $ 182 Payroll charges $ 1,774 $ 886 Management fees $ 40,611 $ 29,499 Trainer fees - See Kok Chong $ 18,354 $ - Director fees - See Kok Chong $ 21,287 $ 14,182 Incorporation fees $ - $ 5,490 Professional fees $ 1,600 $ 42,200 Licence fees $ 2,200 $ 2,200 Listing expenses $ - $ 30,000 $ 98,960 $ 131,730 The amount owing to related parties are as follows: Period Ended Year Ended December 31, 2017 March 31, 2017 Trade Creditor - Amount owing to See Kok Chong $ 9,981 $ - $ 9,981 $ - The amount due from related parties are as follows: Period Ended Year Ended December 31, 2017 March 31, 2017 Masteryasia (M) Sdn Bhd $ 205,481 $ 109,312 Quest Consulting Ltd $ 4,735 $ 2,187 Castlefield Realty International Holdings Sdn Bhd $ 48,820 $ 4,522 $ 259,036 $ 116,021 Included in other payables and accrued liabilities is amount due to Greenpro Financial Consulting Ltd amounting to $30,000. | 10. RELATED PARTY TRANSACTIONS Related parties are entities with common direct and/or indirect shareholders and/or directors. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the party in making financial and operating decisions. The amount due from related parties is unsecured, interest-free and has no fixed terms of repayment. The amounts charged by related parties are as follows: April 1,2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Accounting fees $ 7,091 $ - Secretary fees $ 182 $ - Payroll charges $ 886 $ - Management fees $ 29,499 $ - Trainer fees - See Kok Chong $ - $ - Director fees - See Kok Chong $ 14,182 $ - Incorporation fees $ 5,490 $ - Professional fees $ 42,200 $ - License fees $ 2,200 $ - Listing expenses $ 30,000 $ - $ 131,730 $ - The amounts due from/(to) related parties are as follows: As of March 31, 2017 As of March 31, 2016 Masteryasia (M) Sdn Bhd $ 109,312 $ - Quest Consulting Ltd $ 2,187 $ - Castlefield Realty International Holdings Sdn Bhd $ 4,522 $ - $ 116,021 $ - Included in other payables and accrued liabilities is amount due to Greenpro Financial Consulting Ltd amounting to $30,000. |
Investment and Divestment
Investment and Divestment | 12 Months Ended |
Mar. 31, 2017 | |
Investments Schedule [Abstract] | |
Investment and Divestment | 11. INVESTMENTAND DIVESTMENT On January 16, 2017, a subsidiary of the Group, Quest Masteryasia Group Sdn. Bhd., acquired 2 units of ordinary shares in Castlefield Realty International Holdings Sdn. Bhd.(‘CRI’), representing 100% equity interest in CRI, for cash consideration of RM2. Subsequently, Quest Masteryasia Group Sdn. Bhd. disposed 100% equity interest in CRI on March 29, 2017. Upon completion of the disposal, CRI effectively ceased to be a subsidiary of the Group. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 13. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2017 up through April 6, 2018, the date the condensed consolidated financial statements were issued. Until _________________, all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a Prospectus. This is in addition to the dealer’s obligation to deliver a Prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions. You should rely only on the information contained in this Prospectus. We have not authorized any dealer, salesperson or other person to give you different information. This Prospectus does not constitute an offer to sell nor are they seeking an offer to buy the securities referred to in this Prospectus in any jurisdiction where the offer or sale is not permitted. The information contained in this are correct only as of the date shown on the cover page of these documents, regardless of the time of the delivery of these documents or any sale of the securities referred to in this Prospectus. | 13. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2017 up through January 30, 2018, the date the financial statements were issued. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has adopted its fiscal year-end to be March 31. | Basis of presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has adopted its fiscal year-end to be March 31. |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Revenue Recognition | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” Revenue from the provision of services is recognized when the workshop is completed and there are no continuing obligations to the customer. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported. | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” Revenue from the provision of services is recognized when the workshop is completed and there are no continuing obligations to the customer. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported. |
Cost of Revenue | Cost of revenue Cost of revenues includes the workshop costs, trainers’ fees, partners share and all other costs that are directly attributable to the workshop. | Cost of revenue Cost of revenues includes the workshop cost, trainers’ fees, partners share and all other costs that are directly attributable to the workshop. |
Expenses | Expenses Expenses is primarily comprised of salary of staff and directors, travelling and accommodation, transportation fees such as petrol, toll and parking. | Expenses Expenses is primarily comprised of salary of staff and directors, travelling and accommodation, transportation fees such as petrol, toll and parking. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. | Cash and cash equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. |
Property, Plant and Equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of property, plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & Fittings 10 years Office Renovations 10 years Expenditures for maintenance and repairs are expensed as incurred. | Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer and software 5 years Office equipment 10 years Expenditures for maintenance and repairs are expensed as incurred. |
Deferred Income | Deferred income Deferred income refers to fees received in advance for services which have not yet been performed. Deferred income is classified on the consolidated balance sheet as current liability. | Deferred income Deferred income refers to fees received in advance for services which have not yet been performed. Deferred income is classified on the consolidated balance sheet as current liability. |
Income Taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. |
Net Income/(loss) Per Share | Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” | Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” |
Foreign Currencies Translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income. The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary in Malaysia maintains its books and record in its local currency, Ringgits Malaysia (“RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity. Translation of amounts from RM into US$1 and HK$1 into US$1 have been made at the following exchange rates for the respective periods: As of and for the nine months ended As of and for the year ended December 31, 2017 March 31, 2017 Period-end RM: US$1 exchange rate 4.0475 4.4230 Period-average RM: US$1 exchange rate 4.2279 4.2300 Period-end US$: HK$1 exchange rate 0.12780 0.1288 Period-average US$: HK$1 exchange rate 0.1281 0.1289 Period-end US$: AU$1 exchange rate 0.7658 - Period-average US$: AU$1 exchange rate 0.7761 - | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations and comprehensive income. The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary in Malaysia and Hong Kong maintain their books and records in their respective local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HKD$”), which is the respective functional currency as being the primary currency of the economic environment in which each subsidiary operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from RM into US$1 and HK$ into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended As of and for the period ended March 31, 2017 March 31, 2016 Period-end RM: US$1 exchange rate 4.4230 - Period-average RM: US$1 exchange rate 4.2300 - Period-end US$: HK$1 exchange rate 0.1288 - Period-average US$: HK$1 exchange rate 0.1289 - |
Fair Value of Financial Instruments | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1 Level 2 Level 3: | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1 Level 2 Level 3: |
Recent Accounting Pronouncements | Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. Revenue Recognition In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)” and requires entities to recognize revenue from contracts with customers for transfers of goods and services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The guidance also requires new qualitative and quantitative disclosures about contract balances and performance obligations. We will adopt ASU 2014-09 in the first quarter of 2018 under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Based on our evaluation under the current guidance, we estimate that substantially all of our interest income and non-interest income will not be impacted by the adoption of this ASU because either the revenue from those contracts with customers is covered by other guidance in U.S. GAAP or the revenue recognition outcomes anticipated with the adoption of this ASU will likely be similar to our current revenue recognition practices. In addition, we reviewed, and where necessary, enhanced our business processes, systems and controls to support recognition and disclosures under the new standard. The adoption of this Update is not expected to have a material effect on our consolidated financial statements. Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to put most leases on their balance sheets but recognize expenses in the income statement similar to current accounting. In addition, the Update changes the guidance for sale-leaseback transactions, initial direct costs and lease executory costs for most entities. All entities will classify leases to determine how to recognize lease related revenue and expense. The Update is effective in the first quarter of 2019 with modified retrospective application including a number of optional practical expedients. Early adoption is permitted. We are currently assessing the potential impact to our consolidated financial statements. Investments In March 2016, FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323), Simplifying The Transition To the Equity Method Of Accounting, eliminates the requirement for an investor to retrospectively apply the equity method when an investment that it had accounted for by another method qualifies for use of the equity method. The Update was adopted in the first quarter of 2017 by prospective application. This Update did not have a material effect on our consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), adds or clarifies guidance on eight cash flow issues. The Update is effective the first quarter of 2018. This Update will be applied retrospectively to all periods presented. Early adoption is permitted. This Update is not expected to have a material effect on our consolidated financial statements. Business Combinations In January 2017, the Financial Accounting Standards Board (“FASB) issued Accounting Standards Update (“ASU”) No. 2017-01. ASU 2017-01 supersedes the business recognition requirements in “Business Combinations (Topic 850)”, and clarifies the definition of a business with the objective of providing guidance to assist in the evaluation of whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The Update is effective for the first quarter of 2018. Early adoption is permitted for transactions that occurred before the issuance date or effective date of the Update if the transactions were not reported in financial statements that have been issued or made available for issuance. This Update is applied prospectively and did not have a material effect on our consolidated financial statements. Goodwill In January 2017, FASB issued ASU 2017-04, Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. Under the new guidance, eliminates the requirement of Step 2 in the current guidance to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value in Step 1 of the current guidance. The Update is effective the first quarter of 2020. Early adoption is permitted for annual or interim goodwill impairment tests with a measurement date after January 1, 2017. We adopted this Update in the first quarter of 2018 and it did not have a material effect on our consolidated financial statements. Reporting Comprehensive Income In February 2018, FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance allows for the reclassification from other comprehensive income to retained earnings for stranded tax effects resulting from the enacted tax bill H.R.1, commonly referred to as the Tax Cuts and Jobs Act (the TCJA). The Update also allows an accounting policy election to reclassify other stranded tax effects that relate to the TCJA but not directly related to the change in federal tax rate. This Update is effective in the first quarter of 2019. Early adoption is permitted for reporting periods for which financial statements have not yet been issued. We adopted this Update in the fourth quarter of 2018 by retrospective application. This Update did not have a material effect on our consolidated financial statements. Financial Instruments - Recognition and Measurement In January 2016, FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under the fair value option, and equity investments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The Update is effective in the first quarter of 2018 with a cumulative-effect adjustment as of the beginning of the fiscal year of adoption. Early adoption is prohibited except for the provision requiring the recognition of changes in fair value related to changes in an entity’s own credit risk in other comprehensive income for financial liabilities measured using the fair value option. This Update is not expected to have a material effect on our consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. | Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. Revenue Recognition In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)” and requires entities to recognize revenue from contracts with customers for transfers of goods and services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The guidance also requires new qualitative and quantitative disclosures about contract balances and performance obligations. We will adopt ASU 2014-09 in the first quarter of 2018 under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Based on our evaluation under the current guidance, we estimate that substantially all of our interest income and non-interest income will not be impacted by the adoption of this ASU because either the revenue from those contracts with customers is covered by other guidance in U.S. GAAP or the revenue recognition outcomes anticipated with the adoption of this ASU will likely be similar to our current revenue recognition practices. In addition, we reviewed, and where necessary, enhanced our business processes, systems and controls to support recognition and disclosures under the new standard. The adoption of this Update is not expected to have a material effect on our consolidated financial statements. Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to put most leases on their balance sheets but recognize expenses in the income statement similar to current accounting. In addition, the Update changes the guidance for sale-leaseback transactions, initial direct costs and lease executory costs for most entities. All entities will classify leases to determine how to recognize lease related revenue and expense. The Update is effective in the first quarter of 2019 with modified retrospective application including a number of optional practical expedients. Early adoption is permitted. We are currently assessing the potential impact to our consolidated financial statements. Investments In March 2016, FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323), Simplifying The Transition To the Equity Method Of Accounting, eliminates the requirement for an investor to retrospectively apply the equity method when an investment that it had accounted for by another method qualifies for use of the equity method. The Update was adopted in the first quarter of 2017 by prospective application. This Update did not have a material effect on our consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), adds or clarifies guidance on eight cash flow issues. The Update is effective the first quarter of 2018. This Update will be applied retrospectively to all periods presented. Early adoption is permitted. This Update is not expected to have a material effect on our consolidated financial statements. Business Combinations In January 2017, the Financial Accounting Standards Board (“FASB) issued Accounting Standards Update (“ASU”) No. 2017-01. ASU 2017-01 supersedes the business recognition requirements in “Business Combinations (Topic 850)”, and clarifies the definition of a business with the objective of providing guidance to assist in the evaluation of whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The Update is effective for the first quarter of 2018. Early adoption is permitted for transactions that occurred before the issuance date or effective date of the Update if the transactions were not reported in financial statements that have been issued or made available for issuance. This Update is applied prospectively and did not have a material effect on our consolidated financial statements. Goodwill In January 2017, FASB issued ASU 2017-04, Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. Under the new guidance, eliminates the requirement of Step 2 in the current guidance to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value in Step 1 of the current guidance. The Update is effective the first quarter of 2020. Early adoption is permitted for annual or interim goodwill impairment tests with a measurement date after January 1, 2017. We adopted this Update in the first quarter of 2018 and it did not have a material effect on our consolidated financial statements. Reporting Comprehensive Income In February 2018, FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance allows for the reclassification from other comprehensive income to retained earnings for stranded tax effects resulting from the enacted tax bill H.R.1, commonly referred to as the Tax Cuts and Jobs Act (the TCJA). The Update also allows an accounting policy election to reclassify other stranded tax effects that relate to the TCJA but not directly related to the change in federal tax rate. This Update is effective in the first quarter of 2019. Early adoption is permitted for reporting periods for which financial statements have not yet been issued. We adopted this Update in the fourth quarter of 2018 by retrospective application. This Update did not have a material effect on our consolidated financial statements. Financial Instruments - Recognition and Measurement In January 2016, FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under the fair value option, and equity investments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The Update is effective in the first quarter of 2018 with a cumulative-effect adjustment as of the beginning of the fiscal year of adoption. Early adoption is prohibited except for the provision requiring the recognition of changes in fair value related to changes in an entity’s own credit risk in other comprehensive income for financial liabilities measured using the fair value option. This Update is not expected to have a material effect on our consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Organization and Business Bac23
Organization and Business Background (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Schedule of Identities of Company's Subsidiaries | Details of the Company’s subsidiaries: Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. Quest International Group Limited Seychelles, January 20, 2016 1 share of ordinary share of US$1 each Investment holding 100% 2. Quest HK Limited Hong Kong, January 19, 2016 1 share of ordinary share of HK$1 each Coaching, consultancy, training and mentorship 100% 3. Quest Masteryasia Group Sdn Bhd Malaysia, March 21, 2016 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship 100% 4. Questcorp Australia Pty Ltd Australia, September 4, 2017 100 shares of ordinary share of AU$1 each Providing Money Mastery Mentorship Program & Certified Professional Training Program 51% | Details of the Company’s subsidiaries: Company name Place and date of incorporation Particulars of issued capital Principal activities 1. Quest International Group Limited Seychelles, January 20, 2016 1 share of ordinary share of US$1 each Investment holding 2. Quest HK Limited Hong Kong, January 19, 2016 1 share of ordinary share of HK$1 each Coaching, consultancy, training and mentorship 3. Quest Masteryasia Group Sdn Bhd Malaysia, March 21, 2016 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Schedule of Useful Lives of Property, Plant and Equipment | Depreciation of property, plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & Fittings 10 years Office Renovations 10 years | Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer and software 5 years Office equipment 10 years |
Schedule of Foreign Currency Translation Exchange Rate | Translation of amounts from RM into US$1 and HK$1 into US$1 have been made at the following exchange rates for the respective periods: As of and for the nine months ended As of and for the year ended December 31, 2017 March 31, 2017 Period-end RM: US$1 exchange rate 4.0475 4.4230 Period-average RM: US$1 exchange rate 4.2279 4.2300 Period-end US$: HK$1 exchange rate 0.1278 0.1288 Period-average US$: HK$1 exchange rate 0.1281 0.1289 Period-end US$: AU$1 exchange rate 0.7658 - Period-average US$: AU$1 exchange rate 0.7761 - | Translation of amounts from RM into US$1 and HK$ into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended As of and for the period ended March 31, 2017 March 31, 2016 Period-end RM: US$1 exchange rate 4.4230 - Period-average RM: US$1 exchange rate 4.2300 - Period-end US$: HK$1 exchange rate 0.1288 - Period-average US$: HK$1 exchange rate 0.1289 - |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property, Plant and Equipment | Period Ended Year Ended December 31, 2017 March 31, 2017 Software development (Work-In-Progress) $ 7,535 $ 6,896 Computer $ 24,254 $ - Office equipment $ 36,841 $ 316 Furniture and fittings $ 15,149 $ - Office renovations $ 89,694 $ - Total plant and equipment $ 173,473 $ 7,212 Total accumulated depreciation $ (9,094 ) $ (8 ) Plant and equipment, net $ 164,379 $ 7,204 | Plant and equipment as of March 31, 2017 are summarized below: 2017 2016 Software Development (Work-In-Progress) $ 6,896 $ - Office equipment $ 316 $ - Total plant and equipment $ 7,212 $ - Accumulated depreciation $ (8 ) $ - Plant and equipment, net $ 7,204 $ - |
Deferred Income (Tables)
Deferred Income (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Schedule of Deferred Income | Period Ended Year Ended December 31, 2017 March 31, 2017 Money Mastery Mentorship Program (MMMP) $ 116,147 $ 129,348 Certified Professional Training (CPT) $ 91,405 $ 17,644 Wealth Advisor Investors (ADAM KHOO) $ 13,763 $ 1,429 Multiple Source of Income Virtual Summit 2018 $ 2,169 $ - Building Smart Business $ 382 $ - Stocktrading Mentorship Program $ 634 $ - Total deferred income $ 224,500 $ 148,421 Less: Deferred discount given $ (93,653 ) $ (65,291 ) Total deferred income, net $ 130,847 $ 83,130 | Deferred income consisted of the following as at March 31, 2017: 2017 2016 Total deferred income $ 148,421 $ - Less: Deferred discount given $ (65,291 ) $ - Net deferred income $ 83,130 $ - |
Other Receivables, Prepayment27
Other Receivables, Prepayments and Deposits (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Receivables [Abstract] | ||
Schedule of Other Receivables, Prepayments and Deposits | Period Ended Year Ended December 31, 2017 March 31, 2017 Other receivables $ 25,727 $ 5,687 Prepayments $ 848 $ (814 ) Total other receivables, prepayments and deposits $ 26,575 $ 4,873 | Prepaid expenses and deposits consisted of the following as at March 31, 2017: 2017 2016 Other receivables $ 5,687 $ - Prepayments $ (814 ) $ - Total prepaid expenses and deposits $ 4,873 $ - |
Other Payables and Accrued Li28
Other Payables and Accrued Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Payables and Accruals [Abstract] | ||
Schedule of Other Payables and Accrued Liabilities | Period Ended Year Ended December 31, 2017 March 31, 2017 Other payables $ 17,898 $ 17,040 Accruals $ 47,432 $ 63,931 Total payables and accrued liabilities $ 65,330 $ 80,971 | Other payables and accrued liabilities consisted of the following as at March 31, 2017: 2017 2016 Other payables $ 17,040 $ - Accruals $ 63,931 $ - Total payables and accrued liabilities $ 80,971 $ - |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Income (Loss) Before Income Tax | For the nine months ended December 31, 2017 and 2016, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following: Nine months Ended Nine Months Ended December 31, 2017 December 31, 2016 Tax jurisdictions from: - Local $ (11,908 ) $ (61,268 ) - Foreign, representing: Seychelles - (3,100 ) Hong Kong (1,921 ) (1,434 ) Malaysia (149,322 ) (39,423 ) Australia (2,504 ) - Loss before income tax $ (165,655 ) $ (105,225 ) | For the year ended March 31, 2017 and 2016, the local (United States) and foreign components of loss before income tax were comprised of the following: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Tax jurisdictions from: - Local $ (78,821 ) $ - - Foreign, representing: Seychelles (3,100 ) - Hong Kong (1,539 ) - Malaysia (151,402 ) - Loss before income tax $ (234,862 ) $ - |
Schedule of Income Tax Expense | The provision for income taxes consisted of the following: Nine months Ended Nine Months Ended December 31, 2017 December 31, 2016 Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - | The provision for income taxes consisted of the following: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - |
Schedule of Effective and Statutory Rate Reconciliation | The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company's effective tax rate as a percentage of income from continuing operations before taxes: Nine months Ended December 31, 2017 Nine months Ended December 31, 2016 Statutory blended tax rate (19 %) - Increase in valuation allowance - Foreign 19 % - Effective tax rate 0 % - | The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company's effective tax rate as a percentage of income from continuing operations before taxes: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Statutory blended tax rate (24 %) - Increase in valuation allowance - Foreign 24 % - Effective tax rate 0 % - |
Schedule of Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended December 31, 2017 and 2016: April 1, 2017 to December 31, 2017 April 1, 2016 to December 31, 2016 Deferred tax assets: Net operating loss carryforwards -United States of America $ (4,168 ) $ (21,444 ) -Hong Kong (317 ) (237 ) -Malaysia (26,878 ) (7,490 ) -Australia (751 ) - $ (32,114 ) $ (29,171 ) Less: valuation allowance 32,114 29,171 Deferred tax assets $ - $ - | The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended March 31, 2017 and 2016: April 1, 2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Deferred tax assets: Net operating loss carryforwards -United States of America $ (27,587 ) $ - -Hong Kong (254 ) - -Malaysia (27,252 ) - $ (55,093 ) $ - Less: valuation allowance 55,093 - Deferred tax assets $ - $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Rental Payment Under Non-cancellable Operating Lease | Period ending December 31: 2018 $ 10,476 2019 $ 62,854 2020 $ 62,854 2021 $ 26,189 $ 162,373 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Schedule of Amount Charged by Related Parties | The amount charged by related parties are as follows: Period Ended Year Ended December 31, 2017 March 31, 2017 Accounting fees $ 11,826 $ 7,091 Secretary fees $ 1,308 $ 182 Payroll charges $ 1,774 $ 886 Management fees $ 40,611 $ 29,499 Trainer fees - See Kok Chong $ 18,354 $ - Director fees - See Kok Chong $ 21,287 $ 14,182 Incorporation fees $ - $ 5,490 Professional fees $ 1,600 $ 42,200 Licence fees $ 2,200 $ 2,200 Listing expenses $ - $ 30,000 $ 98,960 $ 131,730 | The amounts charged by related parties are as follows: April 1,2016 to March 31, 2017 January 20, 2016 to March 31, 2016 Accounting fees $ 7,091 $ - Secretary fees $ 182 $ - Payroll charges $ 886 $ - Management fees $ 29,499 $ - Trainer fees - See Kok Chong $ - $ - Director fees - See Kok Chong $ 14,182 $ - Incorporation fees $ 5,490 $ - Professional fees $ 42,200 $ - License fees $ 2,200 $ - Listing expenses $ 30,000 $ - $ 131,730 $ - |
Schedule of Amount Owing To Related Parties | The amount owing to related parties are as follows: Period Ended Year Ended December 31, 2017 March 31, 2017 Trade Creditor - Amount owing to See Kok Chong $ 9,981 $ - $ 9,981 $ - | |
Schedule of Due From Related Parties | The amount due from related parties are as follows: Period Ended Year Ended December 31, 2017 March 31, 2017 Masteryasia (M) Sdn Bhd $ 205,481 $ 109,312 Quest Consulting Ltd $ 4,735 $ 2,187 Castlefield Realty International Holdings Sdn Bhd $ 48,820 $ 4,522 $ 259,036 $ 116,021 | The amounts due from/(to) related parties are as follows: As of March 31, 2017 As of March 31, 2016 Masteryasia (M) Sdn Bhd $ 109,312 $ - Quest Consulting Ltd $ 2,187 $ - Castlefield Realty International Holdings Sdn Bhd $ 4,522 $ - $ 116,021 $ - |
Organization and Business Bac32
Organization and Business Background (Details Narrative) (10-Q) | Dec. 31, 2017 | Sep. 04, 2017 | Mar. 31, 2017 |
Quest HK Limited [Member] | |||
Ownership interest | 100.00% | 100.00% | |
Quest Masteryasia Group Sdn. Bhd [Member] | |||
Ownership interest | 100.00% | 100.00% | |
Questcorp Australia Pty. Ltd [Member] | |||
Ownership interest | 51.00% |
Organization and Business Bac33
Organization and Business Background (Details Narrative) | Dec. 31, 2017 | Mar. 31, 2017 |
Quest HK Limited [Member] | ||
Ownership interest | 100.00% | 100.00% |
Quest Masteryasia Group Sdn. Bhd [Member] | ||
Ownership interest | 100.00% | 100.00% |
Organization and Business Bac34
Organization and Business Background -Schedule of Identities of Company's Subsidiaries (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Subsidiary One [Member] | ||
Company name | Quest International Group Limited | Quest International Group Limited |
Place and date of incorporation | Seychelles, January 20, 2016 | Seychelles, January 20, 2016 |
Particulars of issued capital | 1 share of ordinary share of US$1 each | 1 share of ordinary share of US$1 each |
Principal activities | Investment holding | Investment holding |
Proportional of ownership interest and voting power held | 100.00% | |
Subsidiary Two [Member] | ||
Company name | Quest HK Limited | Quest HK Limited |
Place and date of incorporation | Hong Kong, January 19, 2016 | Hong Kong, January 19, 2016 |
Particulars of issued capital | 1 share of ordinary share of HK$1 each | 1 share of ordinary share of HK$1 each |
Principal activities | Coaching, consultancy, training and mentorship | Coaching, consultancy, training and mentorship |
Proportional of ownership interest and voting power held | 100.00% | |
Subsidiary Three [Member] | ||
Company name | Quest Masteryasia Group Sdn Bhd | Quest Masteryasia Group Sdn Bhd |
Place and date of incorporation | Malaysia, March 21, 2016 | Malaysia, March 21, 2016 |
Particulars of issued capital | 10 shares of ordinary share of RM 1 each | 10 shares of ordinary share of RM 1 each |
Principal activities | Coaching, consultancy, training and mentorship | Coaching, consultancy, training and mentorship |
Proportional of ownership interest and voting power held | 100.00% | |
Subsidiary Four [Member] | ||
Company name | Questcorp Australia Pty Ltd | |
Place and date of incorporation | Australia, September 4, 2017 | |
Particulars of issued capital | 100 shares of ordinary share of AU$1 each | |
Principal activities | Providing Money Mastery Mentorship Program & Certified Professional Training Program | |
Proportional of ownership interest and voting power held | 51.00% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Details Narrative) (10-Q) | 2 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Corporate income tax rate | 0.00% | 0.00% | ||
Tax Cuts and Jobs Act [Member] | ||||
Income tax reconciliation description | This tax item is specific to the Tax Cuts and Jobs Act (the TCJA) that was signed into law in December 2017 which included a reduction of the U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018. | |||
Corporate income tax rate | 21.00% |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property, Plant and Equipment (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Computer [Member] | ||
Estimated useful life of property plant and equipment | 2 years 6 months | |
Office Equipment [Member] | ||
Estimated useful life of property plant and equipment | 10 years | 10 years |
Furniture and Fittings [Member] | ||
Estimated useful life of property plant and equipment | 10 years | |
Office Renovations [Member] | ||
Estimated useful life of property plant and equipment | 10 years | |
Computer Software [Member] | ||
Estimated useful life of property plant and equipment | 5 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation Exchange Rate (Details) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Period-End RM : US$1 exchange rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 4.0475 | 4.4230 | |
Period-Average RM : US$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 4.2279 | 4.2300 | |
Period-End US$ : HK$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.1278 | 0.1288 | |
Period-Average US$ : HK$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.1281 | 0.1289 | |
Period-End US$ : AU$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.7658 | ||
Period-Average US$ : AU$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.7761 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) (10-Q) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation expense | $ 6,427 | $ 0 | $ 8,698 | $ 0 | $ 8 |
Plant and Equipment (Details 39
Plant and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation expense | $ 6,427 | $ 0 | $ 8,698 | $ 0 | $ 8 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Total plant and equipment | $ 173,473 | $ 7,212 | |
Total accumulated depreciation | (9,094) | (8) | |
Plant and equipment, net | 164,379 | 7,204 | |
Software Development (Work-In-Progress) [Member] | |||
Total plant and equipment | 7,535 | 6,896 | |
Computer [Member] | |||
Total plant and equipment | 24,254 | ||
Office Equipment [Member] | |||
Total plant and equipment | 36,841 | 316 | |
Furniture and Fittings [Member] | |||
Total plant and equipment | 15,149 | ||
Office Renovations [Member] | |||
Total plant and equipment | $ 89,694 |
Investment (Details Narrative)
Investment (Details Narrative) (10-Q) - USD ($) | Aug. 01, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Shares issued price per share | $ 0.0001 | $ 0.0001 | |
Amircorp [Member] | |||
Number of shares issued acquisition, value | $ 53 | ||
Number of shares issued, acquisition | 500,000 | ||
Shares issued price per share | $ 0.0001 | ||
Share capital, percentage | 1.00% |
Deferred Income - Schedule of D
Deferred Income - Schedule of Deferred Income (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Total deferred income | $ 224,500 | $ 148,421 | |
Less: Deferred discount given | (93,653) | (65,291) | |
Total deferred income, net | 130,847 | 83,130 | |
Money Mastery Mentorship Program (MMMP) [Member] | |||
Total deferred income | 116,147 | 129,348 | |
Certified Professional Training (CPT) [Member] | |||
Total deferred income | 91,405 | 17,644 | |
Wealth Advisor Investors (ADAM KHOO) [Member] | |||
Total deferred income | 13,763 | 1,429 | |
Multiple Source of Income Virtual Summit 2018 [Member] | |||
Total deferred income | 2,169 | ||
Building Smart Business [Member] | |||
Total deferred income | 382 | ||
Stocktrading Mentorship Program [Member] | |||
Total deferred income | $ 634 |
Other Receivables, Prepayment43
Other Receivables, Prepayments And Deposits - Schedule of Other Receivables, Prepayments and Deposits (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Receivables [Abstract] | |||
Other receivables | $ 25,727 | $ 5,687 | |
Prepayments | 848 | (814) | |
Total prepaid expenses and deposits | $ 26,575 | $ 4,873 |
Other Payables and Accrued Li44
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Payables and Accruals [Abstract] | |||
Other payables | $ 17,898 | $ 17,040 | |
Accruals | 47,432 | 63,931 | |
Total payables and accrued liablities | $ 65,330 | $ 80,971 |
Income Tax Expense (Details Nar
Income Tax Expense (Details Narrative) (10-Q) - USD ($) | 2 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Valuation allowance of deferred tax | $ 32,114 | $ 29,171 | $ 55,093 | ||
Statutory income rate | (19.00%) | (24.00%) | |||
United States of America [Member] | |||||
Valuation allowance of deferred tax | $ 4,168 | 27,587 | |||
Hong Kong [Member] | |||||
Valuation allowance of deferred tax | $ 317 | $ 254 | |||
Statutory income rate | 16.50% | 16.50% | |||
Malaysia [Member] | |||||
Valuation allowance of deferred tax | $ 26,878 | $ 27,252 | |||
Malaysia [Member] | Minimum [Member] | |||||
Statutory income rate | 18.00% | 18.00% | |||
Malaysia [Member] | Maximum [Member] | |||||
Statutory income rate | 24.00% | 24.00% | |||
Australia [Member] | |||||
Valuation allowance of deferred tax | $ 751 |
Income Tax Expense (Details N46
Income Tax Expense (Details Narrative) - USD ($) | 2 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Valuation allowance of deferred tax | $ 32,114 | $ 29,171 | $ 55,093 | ||
Statutory income rate | (19.00%) | (24.00%) | |||
United States of America [Member] | |||||
Valuation allowance of deferred tax | $ 4,168 | 27,587 | |||
Hong Kong [Member] | |||||
Valuation allowance of deferred tax | $ 317 | $ 254 | |||
Statutory income rate | 16.50% | 16.50% | |||
Malaysia [Member] | |||||
Valuation allowance of deferred tax | $ 26,878 | $ 27,252 | |||
Malaysia [Member] | Minimum [Member] | |||||
Statutory income rate | 18.00% | 18.00% | |||
Malaysia [Member] | Maximum [Member] | |||||
Statutory income rate | 24.00% | 24.00% |
Income Tax Expense - Schedule o
Income Tax Expense - Schedule of Income (Loss) Before Income Tax (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Loss before income tax Local | $ (11,908) | $ (61,268) | $ (78,821) | ||||
Loss before income tax | $ 36,619 | $ (63,707) | (165,655) | (105,225) | (234,862) | ||
Seychelles [Member] | |||||||
Loss before income tax Foreign | (3,100) | (3,100) | |||||
Hong Kong [Member] | |||||||
Loss before income tax Foreign | (1,921) | (1,434) | (1,539) | ||||
Malaysia [Member] | |||||||
Loss before income tax Foreign | (149,322) | (39,423) | $ (151,402) | ||||
Australia [Member] | |||||||
Loss before income tax Foreign | $ (2,504) |
Income Tax Expense - Schedule48
Income Tax Expense - Schedule of Income Tax Expense (Details) - USD ($) | 2 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Current: Local | |||||
Current: Foreign | |||||
Deferred: Local | |||||
Deferred: Foreign | |||||
Income tax expense |
Income Tax Expense - Schedule49
Income Tax Expense - Schedule of Effective and Statutory Rate Reconciliation (Details) | 2 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Statutory blended tax rate | (19.00%) | (24.00%) | ||
Increase in valuation allowance - Foreign | 19.00% | 24.00% | ||
Effective tax rate | 0.00% | 0.00% |
Income Tax Expense - Schedule50
Income Tax Expense - Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Net operating loss carryforwards | $ (32,114) | $ (55,093) | $ (29,171) | |
Less: valuation allowance | 32,114 | 55,093 | 29,171 | |
Deferred tax assets | ||||
United States of America [Member] | ||||
Net operating loss carryforwards | (4,168) | (27,587) | (21,444) | |
Less: valuation allowance | 4,168 | 27,587 | ||
Hong Kong [Member] | ||||
Net operating loss carryforwards | (317) | (254) | (237) | |
Less: valuation allowance | 317 | 254 | ||
Malaysia [Member] | ||||
Net operating loss carryforwards | (26,878) | (27,252) | (7,490) | |
Less: valuation allowance | 26,878 | $ 27,252 | ||
Australia [Member] | ||||
Net operating loss carryforwards | (751) | |||
Less: valuation allowance | $ 751 |
Concentrations of Risk (Details
Concentrations of Risk (Details Narrative) (10-Q) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Major Customers [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Major Vendors [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Concentrations of Risk (Detai52
Concentrations of Risk (Details Narrative) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Major Customers [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Major Vendors [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Commitment and Contingencies (D
Commitment and Contingencies (Details Narrative) - USD ($) | Aug. 21, 2017 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease term | 3 years | |
Extended lease term | 3 years | |
Future payment of lease | $ 162,373 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of Future Rental Payment Under Non-cancellable Operating Lease (Details) | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 10,476 |
2,019 | 62,854 |
2,020 | 62,854 |
2,021 | 26,189 |
Future payment of lease | $ 162,373 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Due to related party | $ 1,528 | $ 1,499 | |
Greenpro Financial Consulting Ltd [Member] | |||
Due to related party | $ 30,000 | $ 30,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Charged by Related Parties (Details) - USD ($) | 2 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2017 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |||
Accounting fees | $ 11,826 | $ 7,091 | |
Secretary fees | 1,308 | 182 | |
Payroll charges | 1,774 | 886 | |
Management fees | 40,611 | 29,499 | |
Trainer fees - See Kok Chong | 18,354 | ||
Director fees - See Kok Chong | 21,287 | 14,182 | |
Incorporation fees | 5,490 | ||
Professional fees | 1,600 | 42,200 | |
License fees | 2,200 | 2,200 | |
Listing expenses | 30,000 | ||
Total | $ 98,960 | $ 131,730 |
Related Party Transactions - 57
Related Party Transactions - Schedule of Amount Owing To Related Parties (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Due to related parties | $ 9,981 | |
See Kok Chong [Member] | ||
Due to related parties | $ 9,981 |
Related Party Transactions - 58
Related Party Transactions - Schedule of Due From Related Parties (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Due from related parties | $ 259,036 | $ 116,021 | |
Masteryasia (M) Sdn Bhd [Member] | |||
Due from related parties | 205,481 | 109,312 | |
Quest Consulting Ltd [Member] | |||
Due from related parties | 4,735 | 2,187 | |
Castlefield Realty International Holdings Sdn Bhd [Member] | |||
Due from related parties | $ 48,820 | $ 4,522 |
Investment and Divestment (Deta
Investment and Divestment (Details Narrative) - Castlefield Realty International Holdings Sdn Bhd [Member] | Jan. 16, 2017 | Mar. 29, 2017 |
Share acquisition, description | Acquired 2 units of ordinary shares | |
Equity interest, percentage | 100.00% | |
Divestment percentage | 100.00% |