Document and Entity Information
Document and Entity Information | 9 Months Ended |
Dec. 31, 2018 | |
Document And Entity Information | |
Entity Registrant Name | Questcorp Global Inc. |
Entity Central Index Key | 0001671930 |
Document Type | S-1/A |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | true |
Amendment Description | Amendment No. 3 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
CURRENT ASSETS | |||
Accounts receivables | $ 108,492 | $ 21,708 | $ 2,187 |
Other receivables, prepayments and deposits | 85,055 | 84,994 | 6,161 |
Amount due from related parties | 340,445 | 382,384 | 119,488 |
Cash and cash equivalents | 107,681 | 303,796 | 360,760 |
Total Current Assets | 641,673 | 792,882 | 488,596 |
NON-CURRENT ASSETS | |||
Plant and equipment, net | 154,647 | 177,743 | 7,204 |
Investment, net | 13,280 | 677 | |
Total Non-Current Assets | 167,927 | 178,420 | 7,204 |
TOTAL ASSETS | 809,600 | 971,302 | 495,800 |
CURRENT LIABILITIES | |||
Accounts payables | 15,846 | 755 | 7,056 |
Other payables and accrued liabilities | 207,322 | 81,872 | 90,776 |
Deferred Income, net | 70,268 | 188,342 | 65,821 |
Amounts due to a director | 32,455 | 3,128 | 1,499 |
Amount due to related party | 3,475 | 622 | |
Total Current Liabilities | 329,366 | 274,719 | 165,152 |
TOTAL LIABILITIES | 329,366 | 274,719 | 165,152 |
STOCKHOLDERS' EQUITY | |||
Preferred stock, $0.0001 par value, 200,000,000 shares authorised, None issued and outstanding | |||
Common stock, value | 11,209 | 11,209 | 10,900 |
Additional paid-in capital | 1,328,041 | 1,328,041 | 557,100 |
Accumulated other comprehensive (loss)/income | (58,844) | (26,761) | 6,996 |
Accumulated losses | (783,877) | (613,294) | (244,348) |
Non-controlling interest | (16,295) | (2,612) | |
TOTAL STOCKHOLDERS' EQUITY | 480,234 | 696,583 | 330,648 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 809,600 | $ 971,302 | $ 495,800 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
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 | 112,085,000 | 109,000,000 |
Common stock, shares outstanding | 112,085,000 | 112,085,000 | 109,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||||||
REVENUE | $ 385,470 | $ 304,470 | $ 980,524 | $ 508,661 | $ 622,276 | $ 82,779 |
COST OF REVENUE | (163,550) | (140,863) | (422,399) | (302,409) | (405,256) | (52,611) |
GROSS PROFIT | 221,920 | 163,607 | 558,125 | 206,252 | 217,020 | 30,168 |
OTHER INCOME | 3,765 | 1,002 | 22,337 | 8,928 | 56,323 | 4,209 |
SELLING AND DISTRIBUTION EXPENSES | (130) | (401) | (452) | (411) | ||
ADMINISTRATIVE EXPENSES | (274,809) | (127,589) | (764,845) | (380,424) | (644,955) | (278,725) |
OTHER OPERATING EXPENSES | ||||||
PROFIT/(LOSS) BEFORE INCOME TAX | (49,254) | 36,619 | (184,835) | (165,655) | (371,612) | (244,348) |
INCOME TAX PROVISION | ||||||
NET (LOSS)/PROFIT | (49,254) | 36,619 | (184,835) | (165,655) | (371,612) | (244,348) |
Net loss (profit) attributable to non-controlling interest | 181 | 14,252 | 1,227 | 2,666 | ||
NET LOSS ATTRIBUTABLE TO COMPANY | (49,254) | 36,800 | (170,583) | (164,428) | (368,946) | (244,348) |
Other comprehensive expenses: | ||||||
- Foreign currency translation adjustment | (45,195) | (19,984) | (31,514) | (19,984) | (33,741) | 6,996 |
- attributable to non-controlling interest | (569) | (16) | ||||
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO THE COMPANY | $ (94,449) | $ 23,137 | $ (202,666) | $ (184,412) | $ (402,703) | $ (237,352) |
Per share- Basic and diluted | $ (0.0008) | $ 0 | $ (0.0019) | $ (0.003) | $ (0.003) | $ (0.004) |
Weighted average number of common shares outstanding - Basic and diluted | 112,085,000 | 111,676,956 | 112,085,000 | 110,026,836 | 110,534,326 | 61,768,165 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Comprehensive Income / (Loss) [Member] | Accumulated Incomes / (Losses) [Member] | NonControlling Interest [Member] | Total |
Balance at Jan. 19, 2016 | $ 10 | $ 10 | ||||
Balance, shares at Jan. 19, 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, share | 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, share | 850,000 | |||||
Issuance of share capital - share issued in private placement completed on February 28,2017 at $0.15 per share | $ 315 | 472,185 | 472,500 | |||
Issuance of share capital - share issued in private placement completed on February 28,2017 at $0.15 per share, share | 3,150,000 | |||||
Net loss | (234,862) | (234,862) | ||||
Foreign currency translation adjustment | 6,566 | 6,566 | ||||
Balance at Mar. 31, 2017 | $ 10,900 | 557,100 | 6,566 | (234,862) | 330,648 | |
Balance, shares at Mar. 31, 2017 | 109,000,000 | |||||
Foreign currency translation adjustment | 430 | (9,486) | (9,056) | |||
Balance at Apr. 02, 2017 | $ 10,900 | 557,100 | 6,996 | (244,348) | 330,648 | |
Balance, shares at Apr. 02, 2017 | 109,000,000 | |||||
Balance at Mar. 31, 2017 | $ 10,900 | 557,100 | 6,566 | (234,862) | 330,648 | |
Balance, shares at Mar. 31, 2017 | 109,000,000 | |||||
Net loss | (368,946) | |||||
Foreign currency translation adjustment | (33,741) | |||||
Balance at Mar. 31, 2018 | $ 11,209 | 1,328,041 | (26,761) | (613,294) | (2,612) | 696,583 |
Balance, shares at Mar. 31, 2018 | 112,085,000 | |||||
Balance at Apr. 02, 2017 | $ 10,900 | 557,100 | 6,996 | (244,348) | 330,648 | |
Balance, shares at Apr. 02, 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, shares | 3,085,000 | |||||
Acquisition of subsidiary | 38 | 38 | ||||
Net loss | (368,946) | (2,666) | (371,612) | |||
Foreign currency translation adjustment | (33,757) | 16 | (33,741) | |||
Balance at Mar. 31, 2018 | $ 11,209 | 1,328,041 | (26,761) | (613,294) | (2,612) | 696,583 |
Balance, shares at Mar. 31, 2018 | 112,085,000 | |||||
Net loss | (170,583) | (14,252) | (170,583) | |||
Foreign currency translation adjustment | (32,083) | 569 | (31,514) | |||
Balance at Dec. 31, 2018 | $ 11,209 | $ 1,328,041 | $ (58,844) | $ (783,877) | $ (16,295) | $ 480,234 |
Balance, shares at Dec. 31, 2018 | 112,085,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 | Dec. 02, 2016 |
Statement of Stockholders' Equity [Abstract] | ||||
Shares issued price per share | $ 0.25 | $ 0.0001 | $ 0.15 | $ 0.10 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (184,835) | $ (165,655) | $ (371,612) | $ (244,348) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 19,877 | 8,698 | 13,590 | 8 |
Changes in operating assets and liabilities: | ||||
Accounts payables | 13,536 | 4,731 | (7,324) | 7,056 |
Accounts receivables | (86,612) | (38,074) | (19,204) | (2,187) |
Amount due from related companies | 16,700 | (155,015) | (245,574) | (119,488) |
Other receivables, prepayments and deposits | (3,922) | (5,365) | (77,940) | (6,161) |
Amount due to related parties | 2,894 | 622 | ||
Other payables and accrued liabilities | 132,826 | (19,978) | (16,265) | 90,776 |
Amount due to a director | 29,429 | 29 | ||
Deferred income | (105,642) | 47,717 | 112,979 | 65,821 |
Cash used in operating activities | (165,749) | (322,912) | (610,728) | (208,523) |
Taxation paid | ||||
Net cash used in operating activities | (165,749) | (322,912) | (610,728) | (208,523) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of plant and equipment | (8,264) | (165,873) | (185,121) | (7,212) |
Investment | (12,647) | (53) | (677) | |
Net cash used in investing activities | (20,911) | (165,926) | (1,854,798) | (7,212) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Issuance of share capital | 771,250 | 771,250 | 568,000 | |
Advances from directors | 1,629 | 1,499 | ||
Net cash provided by financing activities | 771,250 | 772,879 | 569,499 | |
Effect of exchange rate changes on cash and cash equivalent | (9,455) | (19,984) | 33,317 | 6,996 |
Net (decrease) / increase in cash and cash equivalents | (196,115) | 262,428 | (56,964) | 360,760 |
Cash and cash equivalents, beginning of period | 303,796 | 360,760 | 360,760 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 107,681 | 623,234 | 303,796 | 360,760 |
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, 2018 | Mar. 31, 2018 | |
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 4, 2017, Quest HK Limited incorporated , a Private Limited company incorporated in Victoria , Australia, with an interest of 51% in the subsidiary. 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 / Consultancy 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 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 04, 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. Prior periods have been retrospectively adjusted to furnish comparative information. On September 4, 2017, Quest HK Limited incorporated , a Private Limited company incorporated in Victoria , Australia, with an interest of 51% in the subsidiary. 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, coaching and consultancy 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, 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship 100% 4. Questcorp Australia Pty Ltd Australia, September 04, 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”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
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 These accompanying consolidated financial statements have been 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 condensed 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. 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. Trade receivables Trade receivables represent outstanding payment from customers for services that have been rendered. Deferred income Deferred income represent fees received in full and in advance for services which have not yet been performed. The advance fee received will be recognized as revenue in Income Statement once the obligations to perform and to render the services have commenced or discharged. Deferred income is classified on the consolidated balance sheet as current liability. Refundable deposits Refundable deposits represent fee received in advance in partial basis for services which have not yet been performed. These refundable deposits will remain refundable for 2 years. In certain circumstances, fee for services not fully receive in 2 years, deposit received will be forfeited and hence, will be recognized to Income Statement as Other Income. Refundable deposits is classified on the consolidated balance sheet as current liability. Cost of revenue Cost of revenue 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. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from services when the following four revenue criteria are met : (1) persuasive evidence of an arrangement exists; (2) workshop has occurred (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. 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. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. 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$. In addition, the Company’s subsidiary in Malaysia maintains its books and record in its local currency, Ringgit Malaysia (“RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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 As of and for the nine months ended year ended December 31, 2018 March 31, 2018 Period-end RM : US$1 exchange rate 4.13600 3.86300 Period-average RM : US$1 exchange rate 4.08410 4.14450 Period-end US$ : HK$1 exchange rate 0.12785 0.12753 Period-average US$ : HK$1 exchange rate 0.12753 0.12800 Period-end US$ : AU$1 exchange rate 0.71601 0.77581 Period-average US$ : AU$1 exchange rate 0.73502 0.78034 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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3 Segment reporting ASC Topic 280, “ Segment Reporting Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “ Revenue from Contracts with Customers 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 recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. Management also considers the remeasurement of the deferred tax assets and liabilities due to the reduction in the corporate tax rate to be a significant item impacting earnings. 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. We recognized the income tax effects of the net deferred tax asset revaluation in our 2017 financial statements. We believe adjusting for this tax change gives supplemental comparative data from the prior years’ presentation. 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. Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. | 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 These accompanying consolidated financial statements have been 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. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. 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 Signage 10 years Expenditures for maintenance and repairs are expensed as incurred. Trade receivables Trade receivables represent outstanding payment from customers for services that have been rendered. Deferred income Deferred income represent fees received in full and in advance for services which have not yet been performed. The advance fee received will be recognized as revenue in Income Statement once the obligations to perform and to render the services have commenced or discharged. Deferred income is classified on the consolidated balance sheet as current liability. Refundable deposits Refundable deposits represent fee received in advance in partial basis for services which have not yet been performed. These refundable deposits will remain refundable for 2 years. In certain circumstances, fee for services not fully receive in 2 years, deposit received will be forfeited and hence, will be recognized to Income Statement as Other Income. Refundable deposits is classified on the consolidated balance sheet as current liability. Cost of revenue Cost of revenue includes the workshop cost, trainer’s 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. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from services when the following four revenue criteria are met: (1) Persuasive evidence of an arrangement exists; (2) workshop has occurred (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. 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 revenue are recorded. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. 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$. In addition, the Company’s subsidiary in Malaysia maintains its books and record in its local currency, Ringgit Malaysia (“RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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 has been made at the following exchange rates for the respective periods: As of and for the As of and for the year ended year ended March 31, 2018 March 31, 2017 Period-end RM : US$1 exchange rate 3.86300 4.42300 Period-average RM : US$1 exchange rate 4.14450 4.23000 Period-end US$ : HK$1 exchange rate 0.12754 0.12877 Period-average US$ : HK$1 exchange rate 0.12800 0.12889 Period-end US$ : AU$1 exchange rate 0.77581 - Period-average US$ : AU$1 exchange rate 0.78034 - 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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Segment reporting ASC Topic 280, “ Segment Reporting Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the threshold for reporting discontinued operations and adds new disclosures. The new guidance defines a discontinued operation as a disposal that “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Entities may “early adopt” the guidance for new disposals. The Company does not expect that the adoption will have a material impact on its financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” which clarifies and improves the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) that among other things, improves comparability of revenue recognition practices and provides more useful information to users of financial statements through improved disclosure requirements. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods with that reporting period. The Company is currently reviewing the effect of this guidance on its 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 when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact of the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. In June 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect that the adoption will have a material impact on its financial statements. In November 2014, FASB issued Accounting Standards Update No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force).The amendments permit the use of the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate, or OIS) as a benchmark interest rate for hedge accounting purposes. Public business entities are required to implement the new requirements in fiscal years (and interim periods within those fiscal years) beginning after December 15, 2015. All other types of entities are required to implement the new requirements in fiscal years beginning after December 15, 2015, and interim periods beginning after December 15, 2016. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its financial statements. In February 2015, the FASB issued ASU 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on its financial statements. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, which changes the presentation of debt issuance costs in the financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The guidance will be applied retrospectively to each period presented. The adoption of this standard update is not expected to have any impact on the Company’s financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its financial statements. 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 recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Plant and Equipment
Plant and Equipment | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Plant and Equipment | 3. PLANT AND EQUIPMENT Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Software development (Work-In-Progress) $ 10,759 $ 9,707 Computer $ 30,504 $ 27,851 Office equipment $ 40,040 $ 40,643 Furniture and fittings $ 14,824 $ 15,872 Office renovations $ 91,774 $ 98,260 Total property, plant and equipment $ 187,901 $ 192,333 Total accumulated depreciation $ (33,254 ) $ (14,590 ) Property, plant and equipment, net $ 154,647 $ 177,743 Depreciation expense for the nine months ended December 31, 2018 and year ended March 31, 2018 were $19,877 and $13,590 respectively. | Plant and equipment as of March 31, 2018 are summarized below: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Software development (Work-In-Progress) $ 9,707 $ 6,896 Computer $ 27,851 $ - Office equipment $ 40,643 $ 316 Furniture and fittings $ 15,872 $ - Office renovations $ 94,574 $ - Signage $ 3,686 $ - Total property, plant and equipment $ 192,333 $ 7,212 Total accumulated depreciation $ (14,590 ) $ (8 ) Property, plant and equipment, net $ 177,743 $ 7,204 Depreciation expense for the year ended March 31, 2018 and March 31, 2017 was $14,590 and $8 respectively. |
Investment
Investment | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Investments Schedule [Abstract] | ||
Investment | 4. INVESTMENT Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Amircorp Inc $ 55 $ 55 US VR Global.Com Inc, $ 622 $ 622 Money Compass Media (M) Sdn Bhd $ 12,603 - $ 13,280 $ 677 During the period ended December 31, 2018,the company acquire 3,401 shares in Money Compass Media (M) Sdn Bhd , a private limited company incorporated in Malaysia, with equity interest less than 5%. During the year ended March 31, 2018, the Company acquire 500,000 shares in Amircorp Inc and 2,000 shares of US VR Global.Com Inc. with equity interest less than 1%. | 4. INVESTMENT Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Amircorp Inc $ 55 $ - US VR Global.Com Inc, $ 622 $ - $ 677 $ - During the year ended March 31, 2018, the Company acquire 500,000 shares in Amircorp Inc and 2,000 shares of US VR Global.Com Inc. with equity interest less than 1%. |
Deferred Income
Deferred Income | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred Income | 5. DEFERRED INCOME Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Money Mastery Mentorship Program (MMMP) $ 22,923 $ 80,012 Certified Professional Training (CPT) $ 43,521 $ 64,844 Wealth Advisor Investors (ADAM KHOO) $ 2,207 $ 41,755 Multiple Source of Income Virtual Summit 2018 $ - $ - Building Smart Business $ 374 $ 400 Stocktrading Mentorship Program $ 1,243 $ 1,331 Total deferred income $ 70,268 $ 188,342 As of December 31, 2018 and March 31,2018, total deferred income represent fee fully received in advance from participants during enrollment for respective courses and program amounted to $ 70,268 and $188,342 respectively. | 5. DEFERRED INCOME Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Money Mastery Mentorship Program (MMMP) $ 80,012 $ 55,389 Certified Professional Training (CPT) $ 64,844 $ 9,155 Wealth Advisor Investors (ADAM KHOO) $ 41,755 $ 1,277 Building Smart Business $ 400 $ - Stocktrading Mentorship Program $ 1,331 $ - Total deferred income, net $ 188,342 $ 65,821 As of March 31, 2018 and March 31,2017, total deferred income represent fee fully received in advance from participants during enrollment for respective courses and program amounted to $ 188,342 and $65,821 respectively. |
Account Receivable
Account Receivable | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Account Receivable | 6. ACCOUNT RECEIVABLE Period Ended Year Ended December 31, 2018 March 31, 201 (Unaudited ) (Restated) Account receivable $ 108,492 $ 21,708 As of December 31, 2018 and March 31,2018, account receivable represent outstanding payment from participants that have attended the workshops amounted to $ 108,492 and $21,708 respectively. | 6. ACCOUNT RECEIVABLE Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Account receivable $ 21,708 $ 2,187 As of March 31, 2018 and March 31,2017, account receivable represent outstanding payment from participants that have attended the workshops amounted to $ 21,708 and $2,187 respectively. |
Other Receivables, Prepayments,
Other Receivables, Prepayments, Prepaid Expenses and Deposits | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Other Receivables, Prepayments, Prepaid Expenses and Deposits | 7. OTHER RECEIVABLES, PREPAYMENTS & DEPOSITS Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Deposits $ 2,232 $ 1,820 Other receivables $ 77,979 $ 79,206 Prepayments $ 4,844 $ 3,968 Total other receivables, prepayments and deposits $ 85,055 $ 84,994 As of December 31, 2018 and March 31, 2018, other receivable represent outstanding payment from participants during enrolment for courses and program amounted to $ 77,979 and $79,206 respectively. | 7. PREPAID EXPENSES AND DEPOSITS Prepaid expenses and deposits consisted of the following as at March 31, 2018: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Deposits $ 1,820 $ - Other receivables $ 79,206 $ 6,160 Prepayments $ 3,968 $ - Total prepaid expenses and deposits $ 84,994 $ 6,160 As of March 31, 2018 and March 31,2017, other receivable represent outstanding payment from participants during enrolment for courses and program amounted to $ 79,206 and $6,160 respectively. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Payables and Accruals [Abstract] | ||
Other Payables and Accrued Liabilities | 8. OTHER PAYABLES AND ACCRUED LIABILITIES Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Other payables $ 122,474 $ 48,373 Accruals $ 84,847 $ 33,499 Total payables and accrued liabilities $ 207,321 $ 81,872 As of December 31, 2018 and March 31, 2018, other payables consist of refundable deposits payables to participants amounted to $ 40,360 and $35,166 respectively. | 8 . OTHER PAYABLES AND ACCRUED LIABILITIES Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Other payables $ 48,373 $ 25,978 Accruals $ 33,499 $ 64,798 Total payables and accrued liabilities $ 81,872 $ 90,776 As of March 31, 2018 and March 31, 2017, other payables consist of refundable deposits payables to participants amounted to $ 35,166 and $ 22,498 respectively. |
Amount Due to Directors
Amount Due to Directors | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Amount Due to Directors | 9. AMOUNT DUE TO DIRECTORS The amount due to the Directors are unsecured, interest-free and has no fixed terms of repayment. | 9 . AMOUNT DUE TO DIRECTOR Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Amount due to director $ 3,128 $ 1,499 The amount due to the related parties are unsecured, interest-free and has no fixed terms of repayment. |
Amount Due to Related Parties
Amount Due to Related Parties | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Amount Due to Related Parties | 10. AMOUNT DUE TO RELATED PARTIES Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Due to related parties $ 3,475 $ 622 The amount due to the related parties are unsecured, interest-free and has no fixed terms of repayment. | 10 . AMOUNT DUE TO RELATED PARTIES Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Due to related parties $ 622 $ - The amount due to the related parties are unsecured, interest-free and has no fixed terms of repayment. |
Income Tax
Income Tax | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income Tax | 11. INCOME TAX For the nine months ended December 31, 2018 and 2017, 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, 2018 December 31, 2017 Tax jurisdictions from: - Local $ (25,334 ) $ (11,908 ) - Foreign, representing: Seychelles $ 213,305 $ - Hong Kong $ (15,061 ) $ (1,921 ) Malaysia $ (328,659 ) $ (149,322 ) Australia $ (29,086 ) $ (2,504 ) Loss before income tax $ (184,835 ) (165,655 ) The provision for income taxes consisted of the following: Nine months Ended Nine Months Ended December 31, 2018 December 31, 2017 Current: - Local $ - $ - - Foreign - - Deferred: - Local $ - $ - - Foreign - - Income tax expense $ - $ - The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended December 31, 2018 and 2017: Period ended December 31, 2018 Period ended December 31, 2017 Deferred tax assets: Net operating profit/(loss) carry forwards -United States of America $ (5,320 ) $ (4,168 ) -Hong Kong $ (3,498 ) $ (1,013 ) -Malaysia $ (160,013 ) $ (83,351 ) -Australia $ (4,843 ) $ (1,496 ) $ (173,674 ) $ (90,028 ) Less: valuation allowance $ 173,674 $ 90,028 Deferred tax assets $ - $ - 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. As of December 31, 2018, the operations in the United States of America incurred $25,334 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 21%. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $5,320 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards 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. As of December 31, 2018, the operations in the Hong Kong incurred $21,198 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 16.5%. The Company has provided for a full valuation allowance of $3,498 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards 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. As of December 31, 2018, the operations in the Malaysia incurred $791,720 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 18 to 24%. The Company has provided for a full valuation allowance of $160,013 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards 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. As of December 31, 2018, the operations in the Australia incurred $17,609 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 27.5%. The Company has provided for a full valuation allowance of $4,843 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future. | 11. INCOME TAX For the year ended March 31, 2018 and 2017, the local (United States) and foreign components of loss before income tax were comprised of the following: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Tax jurisdictions from: - Local $ (53,658 ) $ (78,821 ) - Foreign, representing: Seychelles $ (5,743 ) $ (3,100 ) Hong Kong (4,598 ) (1,539 ) Malaysia (302,173 ) (160,888 ) Australia $ (5,440 ) $ - Loss before income tax $ (371,612 ) (244,348 ) The provision for income taxes consisted of the following: Year Ended Year Ended March 31, 2018 March 31, 2017 Current: - Local $ - $ - - Foreign - - Deferred: - Local $ - $ - - Foreign - - Income tax expense $ - $ - The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended March 31, 2018 and 2017: Year Ended March 31, 2018 Year Ended March 31, 2017 Deferred tax assets: Net operating loss carry forward -United States of America $ (11,268 ) $ (27,587 ) -Hong Kong (1,013 ) (254 ) -Malaysia (83,351 ) (28,960 ) -Australia (1,496 ) - $ (97,128 ) $ (56,801 ) Less: valuation allowance 97,128 56,801 Deferred tax assets $ - $ - 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: United States, 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. As of March 31, 2018, the operations in the United States of America incurred $53,628 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 21%. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $11,268 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards 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. As of March 31, 2018, the operations in the Hong Kong incurred $6,137 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 16.5%. The Company has provided for a full valuation allowance of $1,013 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards 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. As of March 31, 2018, the operations in the Malaysia incurred $463,060 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 18%. The Company has provided for a full valuation allowance of $83,351 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards 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. As of March 31, 2018, the operations in the Australia incurred $5,440 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 27.5%. The Company has provided for a full valuation allowance of $1,496 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future. |
Concentrations of Risk
Concentrations of Risk | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | ||
Concentrations of Risk | 12. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers The company did not have any major customers which constitute 100% of the Company’s revenues of accounts receivable for the nine months ended December 31, 2018. (b) Major vendors The company did not have any major suppliers which constitute 100% of the Company’s purchases of accounts payable for the nine months ended December 31, 2018. (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of profit and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM converted to US$, 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. | 12 . 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, 2018. (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, 2018. (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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 13. 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 of December 31, 2018 the company has future rental payment of $96,712 for office premises due under a non-cancellable operating lease in the next twenty months. Year ending March 31 US$ 2019 $ 14,507 2020 $ 58,027 2021 $ 24,178 $ 96,712 | 13 . 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 March 31, 2018 the company has future rental payment of $150,143 for office premises due under a non-cancellable operating lease in the next twenty nine months. Period ending March 31: USD 2019 $ 62,128 2020 $ 62,128 2021 $ 25,887 $ 150,143 |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 14. 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, 2018 March 31, 2018 (Unaudited) (Restated) Accounting fees $ 9,794 $ 14,723 Secretary fees $ 158 $ 1,344 Payroll charges $ 2,482 $ 2,147 Management fees $ - $ 51,924 Trainer fees - See Kok Chong $ 43,172 $ 37,109 Director fees - See Kok Chong $ 26,077 $ 28,954 Office rental $ 39,299 $ - Professional fees $ - $ 46,850 Licence fees $ - $ 2,200 Listing expenses $ - $ (30,000 ) $ 120,982 $ 155,251 The amount due to a director is as follows: Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited ) (Restated) Training fees $ 29,429 - Other 3,026 $ 3,128 $ 32,455 $ 3,128 The amount due from related parties are as follows: Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Masteryasia (M) Sdn Bhd $ 255,194 $ 295,697 Quest Consulting Ltd $ 19,315 $ 21,991 Castlefield Realty International Holdings Sdn Bhd $ 65,762 $ 64,696 Human Resource Development Sdn Bhd $ 365 $ - Quest Promotion Sdn Bhd $ (537 ) $ - Quest Management Consulting (Shanghai) Co. Ltd $ 346 $ $ 340,445 $ 382,384 The amount due to related parties are as follows: Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) LifeChamp $ 114 $ - Masteryasia (M) Sdn Bhd $ 982 $ - Quest Services Sdn Bhd $ 57 $ 322 Quest Learning Sdn Bhd $ 2,322 $ 300 $ 3,475 $ 622 | 15. 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: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Accounting fees $ 14,723 $ 9,455 Secretary fees $ 1,344 $ 215 Payroll charges $ 2,147 $ 1,217 Management fees $ 51,924 $ 29,499 Trainer fees - See Kok Chong $ 37,109 $ - Director fees - See Kok Chong $ 28,954 $ 14,182 Incorporation fees $ - 5,490 Professional fees $ 46,850 $ 42,200 Licence fees $ 2,200 $ 2,200 Listing expenses $ (30,000 ) $ 30,000 $ 155,251 $ 134,458 The amount due from related parties are as follows: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Masteryasia (M) Sdn Bhd 295,697 114,932 Quest Consulting Ltd 21,991 34 Castlefield Realty International Holdings Sdn Bhd 64,696 4,522 382,384 119,488 The amount due from related parties, included in account receivables, is as follow: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) US VR Global Inc 13,878 - Quest Consulting Ltd - 2,187 13,878 2,187 |
Restatement of Prior Year Accou
Restatement of Prior Year Account | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | ||
Restatement of Prior Year Account | 15. RESTATEMENT OF PRIOR YEAR ACCOUNT For the year ended March 31, 2018 As previously reported Adjustments Notes As restated $ $ $ $ Accounts Receivables 22,330 (622 ) D 21,708 Other receivables, Prepayments and Deposits 137,091 (52,097 ) A 84,994 Amount due from related parties 377,757 4,627 A 382,384 Cash and cash equivalents 302,855 941 B 303,796 Property, plant and equipment, net 177,621 122 C 177,743 Investment, net 55 622 D 677 Accounts payables 1,615 (860 ) E 755 Other payables and accrued liabilities 64,207 17,665 A 81,872 Deferred income, net 249,159 (60,817 ) A 188,342 Amount owing to Director 1,523 1,605 E 3,128 NOTE A For Company financial year ended 31 March 2018, the Company have change its accounting policy for recognition of deferred income. Previously, the Company recognised full deferred income upon enrollment of participants, in the circumstances that any unpaid balance during the enrollment, the Company has reflected the unpaid amount as receivables under current assets. The Company has changed the above accounting policy to recognize full deferred income upon full payment received from participants with the assumption that the participants will complete the workshop over 2 financial years. In the circumstances that there are partial payment received from participants during enrollment, the Company will reflected as refundable deposits received instead of deferred income under current liability. As a results of change of accounting policy have resulted in the restatement of other receivables, prepayments and deposits have decreased from $ 137,091 to $ 84,994 (restated). Other payables and accrued liabilities has increased from $64,207 to $81,872 (restated) due recognition of partial payment received as refundable deposits instead of deferred income. Therefore, deferred income was over recognised previously and as a result of the changed in recognition policy contributed to a decrease from $249,159 to $188,342 NOTE B Cash and cash equivalents was restated from $ 302,855 to $ 303,796 was due to omission of refundable deposits receievd by cash and over taken up of refundable deposits received by cash NOTE C Purchase of Company’s equipment (coffee machine) amounting to $ 122 were mistakenly recorded as staff advance, now adjusted to property, plant and equipment, net NOTE D During the year, partial repayment of $ 622 from trade receivable US VR Global Inc by allotment of shares in US VR Global.Com Inc was omitted in the financial statements. As a result of this omission, investment understated by $ 622 and trade receivables was overstated by the same amount. NOTE E Accounts payables was reduced by $ 860 to restated balance of $ 755 was due to omission of accruals of share of profit to training provider company of $ 745 and reclassification $ 1,605 to amount owing to Director. | 16. RESTATEMENT OF PRIOR YEAR ACCOUNT For the year ended March 31, 2017 As previously reported Adjustments Notes As restated $ $ $ $ Accounts Receivables 24,174 (21,987 ) A 2,187 Other receivables, Prepayments and Deposits 4,873 1,288 A 6,161 Amount due from related parties 116,021 3,467 A 119,488 Cash and cash equivalents 360,806 (46 ) B 360,760 Accounts payables 7,774 (718 ) A 7,056 Other payables and accrued liabilities 80,971 9,805 A 90,776 Deferred income, net 83,130 (17,309 ) A 65,821 NOTE A For the financial year ended March 31,2017, the Company have change its accounting policy for recognition of deferred income. Previously, the Company recognised full deferred income upon enrollment of participants, in the circumstances that any unpaid balance during the enrollment , the Company has reflected the unpaid amount as receivables under current asset. The Company has changed the above accounting policy to recognize full deferred income upon full payment received from participants with the assumption that the participants will complete the workshop over 2 financial years. In the circumstances that there are partial payment received from participants during enrollment, the Company will reflected as refundable deposits received instead of deferred income under current liability. As a results of change of accounting policy have resulted in the restatement of trade receivables has decreased from $24,174 to $2,187 (restated), other receivables, prepayments and deposits have increased from $4,873 to $6,161 (restated) and account payable has decreased from $7.774 to $7,056 (restated). Other payables and accrued liabilities has increased from $80,971 to $90,776 due recognition of partial payment receivables refundable deposits instead of deferred income. Therefore, deferred income was over recognised previously and as a result of the changed in recognition policy contributed to a decrease from $83,130 to $65,821 NOTE B Cash and cash equivalents was restated from $360,806 to $360,760 was due to refundable deposits received participants mistaken recorded received by cash instead of received on behalf by related parties. |
Restatement of March 31, 2018
Restatement of March 31, 2018 | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of March 31, 2018 | 17. RESTATEMENT OF MARCH 31, 2018 For the year ended March 31, 2018 As previously reported Adjustments Notes As restated $ $ $ $ Accounts Receivables 22,330 (622 ) D 21,708 Other receivables, Prepayments and Deposits 137,091 (52,097 ) A 84,994 Amount due from related parties 377,757 4,627 A 382,384 Cash and cash equivalents 302,855 941 B 303,796 Property, plant and equipment, net 177,621 122 C 177,743 Investment, net 55 622 D 677 Accounts payables 1,615 (860 ) E 755 Other payables and accrued liabilities 64,207 17,665 A 81,872 Deferred income, net 249,159 (60,817 ) A 188,342 Amount owing to Director 1,523 1,605 E 3,128 NOTE A For Company financial year ended 31 March 2018, the Company have change its accounting policy for recognition of deferred income. Previously, the Company recognised full deferred income upon enrollment of participants, in the circumstances that any unpaid balance during the enrollment , the Company has reflected the unpaid amount as receivables under current assets. The Company has changed the above accounting policy to recognize full deferred income upon full payment received from participants with the assumption that the participants will complete the workshop over 2 financial years. In the circumstances that there are partial payment received from participants during enrollment, the Company will reflected as refundable deposits received instead of deferred income under current liability. As a results of change of accounting policy have resulted in the restatement of other receivables, prepayments and deposits have decreased from $137,091 to $84,994 (restated). Other payables and accrued liabilities has increased from $64,207 to $81,872 due recognition of partial payment received as refundable deposits instead of deferred income. Therefore, deferred income was over recognised previously and as a result of the changed in recognition policy contributed to a decrease from $249,159 to $188,342 NOTE B Cash and cash equivalents was restated from $302,855 to $303,796 was due to omission of refundable deposits received by cash and over taken up of refundable deposits received by cash. NOTE C Purchase of Company’s equipment (coffee machine) amounting to $122 were mistakenly recorded as staff advance, now adjusted to property, plant and equipment, net. NOTE D During the year, partial repayment of $622 from trade receivable US VR Global Inc by allotment of shares in US VR Global.Com Inc was omitted in the financial statements. As a result of this omission, investment understated by $622 and trade receivables was overstated by the same amount. NOTE E Accounts payables was reduced by $860 to restated balance of $755 was due to omission of accruals of share of profit to training provider company of $745 and reclassification $1,605 to amount owing to Director. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 16. 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, 2018 up through the date May 24, 2019 was the Company has presented these unaudited condensed consolidated financial statements. During the period, the Company did not have any material recognizable subsequent events. | 14 . 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, 2018 up through the date May 24, 2019 was date Company presented these audited consolidated financial statements. During the period, the Company did not have any material recognizable subsequent events. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of presentation These accompanying consolidated financial statements have been 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 These accompanying consolidated financial statements have been 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 condensed 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. |
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 Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
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. | 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 Signage 10 years Expenditures for maintenance and repairs are expensed as incurred. |
Trade Receivables | Trade receivables Trade receivables represent outstanding payment from customers for services that have been rendered. | Trade receivables Trade receivables represent outstanding payment from customers for services that have been rendered. |
Deferred Income | Deferred income Deferred income represent fees received in full and in advance for services which have not yet been performed. The advance fee received will be recognized as revenue in Income Statement once the obligations to perform and to render the services have commenced or discharged. Deferred income is classified on the consolidated balance sheet as current liability. | Deferred income Deferred income represent fees received in full and in advance for services which have not yet been performed. The advance fee received will be recognized as revenue in Income Statement once the obligations to perform and to render the services have commenced or discharged. Deferred income is classified on the consolidated balance sheet as current liability. |
Refundable Deposits | Refundable deposits Refundable deposits represent fee received in advance in partial basis for services which have not yet been performed. These refundable deposits will remain refundable for 2 years. In certain circumstances, fee for services not fully receive in 2 years, deposit received will be forfeited and hence, will be recognized to Income Statement as Other Income. Refundable deposits is classified on the consolidated balance sheet as current liability. | Refundable deposits Refundable deposits represent fee received in advance in partial basis for services which have not yet been performed. These refundable deposits will remain refundable for 2 years. In certain circumstances, fee for services not fully receive in 2 years, deposit received will be forfeited and hence, will be recognized to Income Statement as Other Income. Refundable deposits is classified on the consolidated balance sheet as current liability. |
Cost of Revenue | Cost of revenue Cost of revenue includes the workshop cost, trainers fees, partners share and all other costs that are directly attributable to the workshop. | Cost of revenue Cost of revenue includes the workshop cost, trainer’s 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. |
Revenue Recognition | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from services when the following four revenue criteria are met : (1) persuasive evidence of an arrangement exists; (2) workshop has occurred (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. 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”, the Company recognizes revenue from services when the following four revenue criteria are met: (1) Persuasive evidence of an arrangement exists; (2) workshop has occurred (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. 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 revenue are recorded. |
Income Taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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 Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. | Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. |
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$. In addition, the Company’s subsidiary in Malaysia maintains its books and record in its local currency, Ringgit Malaysia (“RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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 As of and for the nine months ended year ended December 31, 2018 March 31, 2018 Period-end RM : US$1 exchange rate 4.13600 3.86300 Period-average RM : US$1 exchange rate 4.08410 4.14450 Period-end US$ : HK$1 exchange rate 0.12785 0.12753 Period-average US$ : HK$1 exchange rate 0.12753 0.12800 Period-end US$ : AU$1 exchange rate 0.71601 0.77581 Period-average US$ : AU$1 exchange rate 0.73502 0.78034 | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations and comprehensive income. The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary in Malaysia maintains its books and record in its local currency, Ringgit Malaysia (“RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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 has been made at the following exchange rates for the respective periods: As of and for the As of and for the year ended year ended March 31, 2018 March 31, 2017 Period-end RM : US$1 exchange rate 3.86300 4.42300 Period-average RM : US$1 exchange rate 4.14450 4.23000 Period-end US$ : HK$1 exchange rate 0.12754 0.12877 Period-average US$ : HK$1 exchange rate 0.12800 0.12889 Period-end US$ : AU$1 exchange rate 0.77581 - Period-average US$ : AU$1 exchange rate 0.78034 - |
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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: 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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3 |
Related Parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Segment Reporting | Segment reporting ASC Topic 280, “ Segment Reporting | Segment reporting ASC Topic 280, “ Segment Reporting |
Recent Accounting Pronouncements | Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “ Revenue from Contracts with Customers 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 recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. Management also considers the remeasurement of the deferred tax assets and liabilities due to the reduction in the corporate tax rate to be a significant item impacting earnings. 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. We recognized the income tax effects of the net deferred tax asset revaluation in our 2017 financial statements. We believe adjusting for this tax change gives supplemental comparative data from the prior years’ presentation. 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 The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the threshold for reporting discontinued operations and adds new disclosures. The new guidance defines a discontinued operation as a disposal that “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Entities may “early adopt” the guidance for new disposals. The Company does not expect that the adoption will have a material impact on its financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” which clarifies and improves the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) that among other things, improves comparability of revenue recognition practices and provides more useful information to users of financial statements through improved disclosure requirements. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods with that reporting period. The Company is currently reviewing the effect of this guidance on its 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 when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact of the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. In June 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect that the adoption will have a material impact on its financial statements. In November 2014, FASB issued Accounting Standards Update No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force).The amendments permit the use of the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate, or OIS) as a benchmark interest rate for hedge accounting purposes. Public business entities are required to implement the new requirements in fiscal years (and interim periods within those fiscal years) beginning after December 15, 2015. All other types of entities are required to implement the new requirements in fiscal years beginning after December 15, 2015, and interim periods beginning after December 15, 2016. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its financial statements. In February 2015, the FASB issued ASU 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on its financial statements. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, which changes the presentation of debt issuance costs in the financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The guidance will be applied retrospectively to each period presented. The adoption of this standard update is not expected to have any impact on the Company’s financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its financial statements. 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 recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
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 / Consultancy 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 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 04, 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 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, coaching and consultancy 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, 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship 100% 4. Questcorp Australia Pty Ltd Australia, September 04, 2017 100 shares of ordinary share of AU$1 each Providing Money Mastery Mentorship Program & Certified Professional Training Program 51% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
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 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 Signage 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 As of and for the nine months ended year ended December 31, 2018 March 31, 2018 Period-end RM : US$1 exchange rate 4.13600 3.86300 Period-average RM : US$1 exchange rate 4.08410 4.14450 Period-end US$ : HK$1 exchange rate 0.12785 0.12753 Period-average US$ : HK$1 exchange rate 0.12753 0.12800 Period-end US$ : AU$1 exchange rate 0.71601 0.77581 Period-average US$ : AU$1 exchange rate 0.73502 0.78034 | Translation of amounts from RM into US$1 and HK$1 into US$1 has been made at the following exchange rates for the respective periods: As of and for the As of and for the year ended year ended March 31, 2018 March 31, 2017 Period-end RM : US$1 exchange rate 3.86300 4.42300 Period-average RM : US$1 exchange rate 4.14450 4.23000 Period-end US$ : HK$1 exchange rate 0.12754 0.12877 Period-average US$ : HK$1 exchange rate 0.12800 0.12889 Period-end US$ : AU$1 exchange rate 0.77581 - Period-average US$ : AU$1 exchange rate 0.78034 - |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property, Plant and Equipment | Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Software development (Work-In-Progress) $ 10,759 $ 9,707 Computer $ 30,504 $ 27,851 Office equipment $ 40,040 $ 40,643 Furniture and fittings $ 14,824 $ 15,872 Office renovations $ 91,774 $ 98,260 Total property, plant and equipment $ 187,901 $ 192,333 Total accumulated depreciation $ (33,254 ) $ (14,590 ) Property, plant and equipment, net $ 154,647 $ 177,743 | Plant and equipment as of March 31, 2018 are summarized below: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Software development (Work-In-Progress) $ 9,707 $ 6,896 Computer $ 27,851 $ - Office equipment $ 40,643 $ 316 Furniture and fittings $ 15,872 $ - Office renovations $ 94,574 $ - Signage $ 3,686 $ - Total property, plant and equipment $ 192,333 $ 7,212 Total accumulated depreciation $ (14,590 ) $ (8 ) Property, plant and equipment, net $ 177,743 $ 7,204 |
Investment (Tables)
Investment (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Investments Schedule [Abstract] | ||
Schedule of Investments | Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Amircorp Inc $ 55 $ 55 US VR Global.Com Inc, $ 622 $ 622 Money Compass Media (M) Sdn Bhd $ 12,603 - $ 13,280 $ 677 | Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Amircorp Inc $ 55 $ - US VR Global.Com Inc, $ 622 $ - $ 677 $ - |
Deferred Income (Tables)
Deferred Income (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Schedule of Deferred Income | Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Money Mastery Mentorship Program (MMMP) $ 22,923 $ 80,012 Certified Professional Training (CPT) $ 43,521 $ 64,844 Wealth Advisor Investors (ADAM KHOO) $ 2,207 $ 41,755 Multiple Source of Income Virtual Summit 2018 $ - $ - Building Smart Business $ 374 $ 400 Stocktrading Mentorship Program $ 1,243 $ 1,331 Total deferred income $ 70,268 $ 188,342 | Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Money Mastery Mentorship Program (MMMP) $ 80,012 $ 55,389 Certified Professional Training (CPT) $ 64,844 $ 9,155 Wealth Advisor Investors (ADAM KHOO) $ 41,755 $ 1,277 Building Smart Business $ 400 $ - Stocktrading Mentorship Program $ 1,331 $ - Total deferred income, net $ 188,342 $ 65,821 |
Account Receivable (Tables)
Account Receivable (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Schedule of Accounts Receivable | Period Ended Year Ended December 31, 2018 March 31, 201 (Unaudited ) (Restated) Account receivable $ 108,492 $ 21,708 | Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Account receivable $ 21,708 $ 2,187 |
Other Receivables, Prepayment_2
Other Receivables, Prepayments, Prepaid Expenses and Deposits (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Schedule of Other Receivables, Prepayments, Prepaid Expenses and Deposits | Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Deposits $ 2,232 $ 1,820 Other receivables $ 77,979 $ 79,206 Prepayments $ 4,844 $ 3,968 Total other receivables, prepayments and deposits $ 85,055 $ 84,994 | Prepaid expenses and deposits consisted of the following as at March 31, 2018: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Deposits $ 1,820 $ - Other receivables $ 79,206 $ 6,160 Prepayments $ 3,968 $ - Total prepaid expenses and deposits $ 84,994 $ 6,160 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Payables and Accruals [Abstract] | ||
Schedule of Other Payables and Accrued Liabilities | Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Other payables $ 122,474 $ 48,373 Accruals $ 84,847 $ 33,499 Total payables and accrued liabilities $ 207,321 $ 81,872 | Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Other payables $ 48,373 $ 25,978 Accruals $ 33,499 $ 64,798 Total payables and accrued liabilities $ 81,872 $ 90,776 |
Amount Due to Directors (Tables
Amount Due to Directors (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due to Directors | Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Amount due to director $ 3,128 $ 1,499 |
Amount Due to Related Parties (
Amount Due to Related Parties (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Schedule of Amount Due to Related Parties | Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Due to related parties $ 3,475 $ 622 | Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Due to related parties $ 622 $ - |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Income (Loss) Before Income Tax | For the nine months ended December 31, 2018 and 2017, 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, 2018 December 31, 2017 Tax jurisdictions from: - Local $ (25,334 ) $ (11,908 ) - Foreign, representing: Seychelles $ 213,305 $ - Hong Kong $ (15,061 ) $ (1,921 ) Malaysia $ (328,659 ) $ (149,322 ) Australia $ (29,086 ) $ (2,504 ) Loss before income tax $ (184,835 ) (165,655 ) | For the year ended March 31, 2018 and 2017, the local (United States) and foreign components of loss before income tax were comprised of the following: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Tax jurisdictions from: - Local $ (53,658 ) $ (78,821 ) - Foreign, representing: Seychelles $ (5,743 ) $ (3,100 ) Hong Kong (4,598 ) (1,539 ) Malaysia (302,173 ) (160,888 ) Australia $ (5,440 ) $ - Loss before income tax $ (371,612 ) (244,348 ) |
Schedule of Income Tax Expense | The provision for income taxes consisted of the following: Nine months Ended Nine Months Ended December 31, 2018 December 31, 2017 Current: - Local $ - $ - - Foreign - - Deferred: - Local $ - $ - - Foreign - - Income tax expense $ - $ - | The provision for income taxes consisted of the following: Year Ended Year Ended March 31, 2018 March 31, 2017 Current: - Local $ - $ - - Foreign - - Deferred: - Local $ - $ - - Foreign - - Income tax expense $ - $ - |
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, 2018 and 2017: Period ended December 31, 2018 Period ended December 31, 2017 Deferred tax assets: Net operating profit/(loss) carry forwards -United States of America $ (5,320 ) $ (4,168 ) -Hong Kong $ (3,498 ) $ (1,013 ) -Malaysia $ (160,013 ) $ (83,351 ) -Australia $ (4,843 ) $ (1,496 ) $ (173,674 ) $ (90,028 ) Less: valuation allowance $ 173,674 $ 90,028 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, 2018 and 2017: Year Ended March 31, 2018 Year Ended March 31, 2017 Deferred tax assets: Net operating loss carry forward -United States of America $ (11,268 ) $ (27,587 ) -Hong Kong (1,013 ) (254 ) -Malaysia (83,351 ) (28,960 ) -Australia (1,496 ) - $ (97,128 ) $ (56,801 ) Less: valuation allowance 97,128 56,801 Deferred tax assets $ - $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Future Rental Payment Under Non-cancellable Operating Lease | Year ending March 31 US$ 2019 $ 14,507 2020 $ 58,027 2021 $ 24,178 $ 96,712 | Period ending March 31: USD 2019 $ 62,128 2020 $ 62,128 2021 $ 25,887 $ 150,143 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
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, 2018 March 31, 2018 (Unaudited) (Restated) Accounting fees $ 9,794 $ 14,723 Secretary fees $ 158 $ 1,344 Payroll charges $ 2,482 $ 2,147 Management fees $ - $ 51,924 Trainer fees - See Kok Chong $ 43,172 $ 37,109 Director fees - See Kok Chong $ 26,077 $ 28,954 Office rental $ 39,299 $ - Professional fees $ - $ 46,850 Licence fees $ - $ 2,200 Listing expenses $ - $ (30,000 ) $ 120,982 $ 155,251 | The amount charged by related parties are as follows: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Accounting fees $ 14,723 $ 9,455 Secretary fees $ 1,344 $ 215 Payroll charges $ 2,147 $ 1,217 Management fees $ 51,924 $ 29,499 Trainer fees - See Kok Chong $ 37,109 $ - Director fees - See Kok Chong $ 28,954 $ 14,182 Incorporation fees $ - 5,490 Professional fees $ 46,850 $ 42,200 Licence fees $ 2,200 $ 2,200 Listing expenses $ (30,000 ) $ 30,000 $ 155,251 $ 134,458 |
Schedule of Amount Owing To Related Parties | The amount due to a director is as follows: Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited ) (Restated) Training fees $ 29,429 - Other 3,026 $ 3,128 $ 32,455 $ 3,128 | |
Schedule of Due From Related Parties | The amount due from related parties are as follows: Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) Masteryasia (M) Sdn Bhd $ 255,194 $ 295,697 Quest Consulting Ltd $ 19,315 $ 21,991 Castlefield Realty International Holdings Sdn Bhd $ 65,762 $ 64,696 Human Resource Development Sdn Bhd $ 365 $ - Quest Promotion Sdn Bhd $ (537 ) $ - Quest Management Consulting (Shanghai) Co. Ltd $ 346 $ $ 340,445 $ 382,384 | The amount due from related parties are as follows: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) Masteryasia (M) Sdn Bhd 295,697 114,932 Quest Consulting Ltd 21,991 34 Castlefield Realty International Holdings Sdn Bhd 64,696 4,522 382,384 119,488 |
Schedule of Due from Related Parties Included in Accounts Receivables | The amount due from related parties, included in account receivables, is as follow: Year Ended Year Ended March 31, 2018 March 31, 2017 (Restated) (Restated) US VR Global Inc 13,878 - Quest Consulting Ltd - 2,187 13,878 2,187 | |
Schedule of Due to Related Parties | The amount due to related parties are as follows: Period Ended Year Ended December 31, 2018 March 31, 2018 (Unaudited) (Restated) LifeChamp $ 114 $ - Masteryasia (M) Sdn Bhd $ 982 $ - Quest Services Sdn Bhd $ 57 $ 322 Quest Learning Sdn Bhd $ 2,322 $ 300 $ 3,475 $ 622 |
Restatement of Prior Year Acc_2
Restatement of Prior Year Account (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | ||
Schedule of Restatement of Prior Year Account | For the year ended March 31, 2018 As previously reported Adjustments Notes As restated $ $ $ $ Accounts Receivables 22,330 (622 ) D 21,708 Other receivables, Prepayments and Deposits 137,091 (52,097 ) A 84,994 Amount due from related parties 377,757 4,627 A 382,384 Cash and cash equivalents 302,855 941 B 303,796 Property, plant and equipment, net 177,621 122 C 177,743 Investment, net 55 622 D 677 Accounts payables 1,615 (860 ) E 755 Other payables and accrued liabilities 64,207 17,665 A 81,872 Deferred income, net 249,159 (60,817 ) A 188,342 Amount owing to Director 1,523 1,605 E 3,128 | For the year ended March 31, 2017 As previously reported Adjustments Notes As restated $ $ $ $ Accounts Receivables 24,174 (21,987 ) A 2,187 Other receivables, Prepayments and Deposits 4,873 1,288 A 6,161 Amount due from related parties 116,021 3,467 A 119,488 Cash and cash equivalents 360,806 (46 ) B 360,760 Accounts payables 7,774 (718 ) A 7,056 Other payables and accrued liabilities 80,971 9,805 A 90,776 Deferred income, net 83,130 (17,309 ) A 65,821 |
Restatement of March 31, 2018 (
Restatement of March 31, 2018 (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Restatement | For the year ended March 31, 2018 As previously reported Adjustments Notes As restated $ $ $ $ Accounts Receivables 22,330 (622 ) D 21,708 Other receivables, Prepayments and Deposits 137,091 (52,097 ) A 84,994 Amount due from related parties 377,757 4,627 A 382,384 Cash and cash equivalents 302,855 941 B 303,796 Property, plant and equipment, net 177,621 122 C 177,743 Investment, net 55 622 D 677 Accounts payables 1,615 (860 ) E 755 Other payables and accrued liabilities 64,207 17,665 A 81,872 Deferred income, net 249,159 (60,817 ) A 188,342 Amount owing to Director 1,523 1,605 E 3,128 |
Organization and Business Bac_3
Organization and Business Background (Details Narrative) (10-Q) | Dec. 31, 2018 | Mar. 31, 2018 | Sep. 04, 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 Bac_4
Organization and Business Background (Details Narrative) | Dec. 31, 2018 | Mar. 31, 2018 | Sep. 04, 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 Bac_5
Organization and Business Background - Schedule of Identities of Company's Subsidiaries (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
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 / Consultancy | Investment holding, coaching and consultancy |
Proportional of ownership interest and voting power held | 100.00% | 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% | 100.00% |
Subsidiary Three [Member] | ||
Company name | Quest Masteryasia Group Sdn Bhd 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% | 100.00% |
Subsidiary Four [Member] | ||
Company name | Questcorp Australia Pty Ltd | Questcorp Australia Pty Ltd |
Place and date of incorporation | Australia, September 04, 2017 | Australia, September 04, 2017 |
Particulars of issued capital | 100 shares of ordinary share of AU$1 each | 100 shares of ordinary share of AU$1 each |
Principal activities | Providing Money Mastery Mentorship Program & Certified Professional Training Program | Providing Money Mastery Mentorship Program & Certified Professional Training Program |
Proportional of ownership interest and voting power held | 51.00% | 51.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) (10-Q) - Segments | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Malaysia [Member] | ||
Number of segment | 1 | 1 |
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 Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - Segments | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Malaysia [Member] | ||
Number of segment | 1 | 1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property, Plant and Equipment (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Computer [Member] | ||
Estimated useful life of property plant and equipment | 2 years 6 months | 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 | 10 years |
Office Renovations [Member] | ||
Estimated useful life of property plant and equipment | 10 years | 10 years |
Signage [Member] | ||
Estimated useful life of property plant and equipment | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation Exchange Rate (Details) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Period-End RM : US$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 4.13600 | 3.86300 | 4.42300 |
Period-Average RM : US$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 4.08410 | 4.14450 | 4.23000 |
Period-End US$ : HK$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.12785 | 0.12753 | 0.12877 |
Period-Average US$ : HK$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.12753 | 0.12800 | 0.12889 |
Period-End US$ : AU$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.71601 | 0.77581 | |
Period-Average US$ : AU$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.73502 | 0.78034 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) (10 Q) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 19,877 | $ 13,590 |
Plant and Equipment (Details _2
Plant and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 13,590 | $ 8 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Total plant and equipment | $ 187,901 | $ 192,333 | $ 7,212 |
Total accumulated depreciation | (33,254) | (14,590) | (8) |
Plant and equipment, net | 154,647 | 177,743 | 7,204 |
Restatement Adjustment [Member] | |||
Total plant and equipment | 192,333 | ||
Total accumulated depreciation | (14,590) | ||
Plant and equipment, net | 177,743 | ||
Software Development (Work-In-Progress) [Member] | |||
Total plant and equipment | 10,759 | 9,707 | 6,896 |
Software Development (Work-In-Progress) [Member] | Restatement Adjustment [Member] | |||
Total plant and equipment | 9,707 | ||
Computer [Member] | |||
Total plant and equipment | 30,504 | 27,851 | |
Computer [Member] | Restatement Adjustment [Member] | |||
Total plant and equipment | 27,851 | ||
Office Equipment [Member] | |||
Total plant and equipment | 40,040 | 40,643 | 316 |
Office Equipment [Member] | Restatement Adjustment [Member] | |||
Total plant and equipment | 40,643 | ||
Furniture and Fittings [Member] | |||
Total plant and equipment | 14,824 | 15,872 | |
Furniture and Fittings [Member] | Restatement Adjustment [Member] | |||
Total plant and equipment | 15,872 | ||
Office Renovations [Member] | |||
Total plant and equipment | $ 91,774 | 94,574 | |
Office Renovations [Member] | Restatement Adjustment [Member] | |||
Total plant and equipment | 98,260 | ||
Signage [Member] | |||
Total plant and equipment | $ 3,686 |
Investment (Details Narrative)
Investment (Details Narrative) (10-Q) - shares | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2018 | |
Money Compass Media (M) Sdn Bhd [Member] | ||
Share capital, percentage | 5.00% | |
Amircorp [Member] | ||
Number of shares issued, acquisition | 500,000 | |
Share capital, percentage | 1.00% | |
US VR Global.Inc [Member] | ||
Number of shares issued, acquisition | 2,000 |
Investment (Details Narrative)
Investment (Details Narrative) | 12 Months Ended |
Mar. 31, 2018shares | |
Amircorp [Member] | |
Number of shares issued, acquisition | 500,000 |
Share capital, percentage | 1.00% |
US VR Global.Inc [Member] | |
Number of shares issued, acquisition | 2,000 |
Investment - Schedule of Invest
Investment - Schedule of Investments (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Investment | $ 13,280 | $ 677 | |
Amircorp [Member] | |||
Investment | 55 | 55 | |
US VR Global.Inc [Member] | |||
Investment | 622 | 622 | |
Money Compass Media (M) Sdn Bhd [Member] | |||
Investment | $ 12,603 |
Deferred Income - Schedule of D
Deferred Income - Schedule of Deferred Income (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Total deferred income, net | $ 70,268 | $ 188,342 | $ 65,821 |
Restatement Adjustment [Member] | |||
Total deferred income, net | 188,342 | ||
Money Mastery Mentorship Program (MMMP) [Member] | |||
Total deferred income | 22,923 | 80,012 | 55,389 |
Money Mastery Mentorship Program (MMMP) [Member] | Restatement Adjustment [Member] | |||
Total deferred income | 80,012 | ||
Certified Professional Training (CPT) [Member] | |||
Total deferred income | 43,521 | 64,844 | 9,155 |
Certified Professional Training (CPT) [Member] | Restatement Adjustment [Member] | |||
Total deferred income | 64,844 | ||
Wealth Advisor Investors (ADAM KHOO) [Member] | |||
Total deferred income | 2,207 | 41,755 | 1,277 |
Wealth Advisor Investors (ADAM KHOO) [Member] | Restatement Adjustment [Member] | |||
Total deferred income | 41,755 | ||
Multiple Source of Income Virtual Summit 2018 [Member] | |||
Total deferred income | |||
Multiple Source of Income Virtual Summit 2018 [Member] | Restatement Adjustment [Member] | |||
Total deferred income | |||
Building Smart Business [Member] | |||
Total deferred income | 374 | 400 | |
Building Smart Business [Member] | Restatement Adjustment [Member] | |||
Total deferred income | 400 | ||
Stocktrading Mentorship Program [Member] | |||
Total deferred income | $ 1,243 | 1,331 | |
Stocktrading Mentorship Program [Member] | Restatement Adjustment [Member] | |||
Total deferred income | $ 1,331 |
Account Receivable (Details Nar
Account Receivable (Details Narrative) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Receivables [Abstract] | |||
Accounts receivables | $ 108,492 | $ 21,708 | $ 2,187 |
Account Receivable - Schedule o
Account Receivable - Schedule of Accounts Receivable (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts receivables | $ 108,492 | $ 21,708 | $ 2,187 |
Restatement Adjustment [Member] | |||
Accounts receivables | $ 21,708 |
Other Receivables, Prepayment_3
Other Receivables, Prepayments, Prepaid Expenses and Deposits (Details Narrative) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Receivables [Abstract] | |||
Other receivables | $ 77,979 | $ 79,206 | $ 6,160 |
Other Receivables, Prepayment_4
Other Receivables, Prepayments, Prepaid Expenses and Deposits - Schedule of Other Receivables, Prepayments, Prepaid Expenses and Deposits (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Deposits | $ 2,232 | $ 1,820 | |
Other receivables | 77,979 | 79,206 | 6,160 |
Prepayments | 4,844 | 3,968 | |
Total other receivables, prepayments and deposits | $ 85,055 | 84,994 | $ 6,161 |
Restatement Adjustment [Member] | |||
Deposits | 1,820 | ||
Other receivables | 79,206 | ||
Prepayments | 3,968 | ||
Total other receivables, prepayments and deposits | $ 84,994 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities (Details Narrative) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Payables and Accruals [Abstract] | |||
Refundable deposits payables to participants | $ 40,360 | $ 35,166 | $ 22,498 |
Other Payables and Accrued Li_4
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Other payables | $ 122,474 | $ 48,373 | $ 25,978 |
Accruals | 84,847 | 33,499 | 64,798 |
Total payables and accrued liabilities | $ 207,322 | 81,872 | $ 90,776 |
Restatement Adjustment [Member] | |||
Other payables | 48,373 | ||
Accruals | 33,499 | ||
Total payables and accrued liabilities | $ 81,872 |
Amount Due to Directors - Sched
Amount Due to Directors - Schedule of Amount Due to Directors (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Related Party Transactions [Abstract] | |||
Amount due to director | $ 32,455 | $ 3,128 | $ 1,499 |
Amount Due to Related Parties -
Amount Due to Related Parties - Schedule of Amount Due to Related Parties (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Related Party Transactions [Abstract] | |||
Due to related parties | $ 3,475 | $ 622 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) (10 Q) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
United States of America [Member] | ||
Cumulative net operating loss | $ 25,334 | $ 53,628 |
Offset future taxable income tax rate | 21.00% | 21.00% |
Net operating loss expire date | 2038 | 2038 |
Valuation allowance | $ 5,320 | $ 11,268 |
Hong Kong [Member] | ||
Cumulative net operating loss | $ 21,198 | $ 6,137 |
Offset future taxable income tax rate | 16.50% | 16.50% |
Valuation allowance | $ 3,498 | $ 1,013 |
Statutory income rate | 16.50% | 16.50% |
Malaysia [Member] | ||
Cumulative net operating loss | $ 791,720 | $ 463,060 |
Offset future taxable income tax rate | 18.00% | |
Valuation allowance | $ 160,013 | $ 83,351 |
Malaysia [Member] | Minimum [Member] | ||
Offset future taxable income tax rate | 18.00% | |
Statutory income rate | 18.00% | 18.00% |
Malaysia [Member] | Maximum [Member] | ||
Offset future taxable income tax rate | 24.00% | |
Statutory income rate | 24.00% | 24.00% |
Australia [Member] | ||
Cumulative net operating loss | $ 17,609 | $ 5,440 |
Offset future taxable income tax rate | 27.50% | 27.50% |
Valuation allowance | $ 4,843 | $ 1,496 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
United States of America [Member] | ||
Cumulative net operating loss | $ 25,334 | $ 53,628 |
Net operating loss expire date | 2038 | 2038 |
Offset future taxable income tax rate | 21.00% | 21.00% |
Deferred tax assets valuation allowance | $ 5,320 | $ 11,268 |
Hong Kong [Member] | ||
Cumulative net operating loss | $ 21,198 | $ 6,137 |
Offset future taxable income tax rate | 16.50% | 16.50% |
Deferred tax assets valuation allowance | $ 3,498 | $ 1,013 |
Statutory income rate | 16.50% | 16.50% |
Malaysia [Member] | ||
Cumulative net operating loss | $ 791,720 | $ 463,060 |
Offset future taxable income tax rate | 18.00% | |
Deferred tax assets valuation allowance | $ 160,013 | $ 83,351 |
Malaysia [Member] | Minimum [Member] | ||
Offset future taxable income tax rate | 18.00% | |
Statutory income rate | 18.00% | 18.00% |
Malaysia [Member] | Maximum [Member] | ||
Offset future taxable income tax rate | 24.00% | |
Statutory income rate | 24.00% | 24.00% |
Australia [Member] | ||
Cumulative net operating loss | $ 17,609 | $ 5,440 |
Offset future taxable income tax rate | 27.50% | 27.50% |
Deferred tax assets valuation allowance | $ 4,843 | $ 1,496 |
Income Tax - Schedule of Income
Income Tax - Schedule of Income (Loss) Before Income Tax (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Loss before income tax Local | $ (25,334) | $ (11,908) | $ (53,658) | $ (78,821) | ||
Loss before income tax | $ (49,254) | $ 36,619 | (184,835) | (165,655) | (371,612) | (244,348) |
Seychelles [Member] | ||||||
Loss before income tax Foreign | 213,305 | (5,743) | (3,100) | |||
Hong Kong [Member] | ||||||
Loss before income tax Foreign | (15,061) | (1,921) | (4,598) | (1,539) | ||
Malaysia [Member] | ||||||
Loss before income tax Foreign | (328,659) | (149,322) | (302,173) | (160,888) | ||
Australia [Member] | ||||||
Loss before income tax Foreign | $ (29,086) | $ (2,504) | $ (5,440) |
Income Tax - Schedule of Inco_2
Income Tax - Schedule of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
Current: Local | ||||||
Current: Foreign | ||||||
Deferred: Local | ||||||
Deferred: Foreign | ||||||
Income tax expense |
Income Tax - Schedule of Deferr
Income Tax - Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Net operating loss carryforwards | $ (173,674) | $ (97,128) | $ (90,028) | $ (56,801) |
Less: valuation allowance | 173,674 | 97,128 | 90,028 | 56,801 |
Deferred tax assets | ||||
United States of America [Member] | ||||
Net operating loss carryforwards | (5,320) | (11,268) | (4,168) | (27,587) |
Hong Kong [Member] | ||||
Net operating loss carryforwards | (3,498) | (1,013) | (1,013) | (254) |
Malaysia [Member] | ||||
Net operating loss carryforwards | (160,013) | (83,351) | (83,351) | (28,960) |
Australia [Member] | ||||
Net operating loss carryforwards | $ (4,843) | $ (1,496) | $ (1,496) |
Concentrations of Risk (Details
Concentrations of Risk (Details Narrative) (10 Q) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Major Customers [Member] | Accounts Receivable [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Major Vendors [Member] | Accounts Payable [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Concentrations of Risk (Detai_2
Concentrations of Risk (Details Narrative) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Major Customers [Member] | Accounts Receivable [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Major Vendors [Member] | Accounts Payable [Member] | ||
Concentration risk percentage | 100.00% | 100.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) (10 Q) - USD ($) | Aug. 21, 2017 | Dec. 31, 2018 | Mar. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease term | 3 years | ||
Extended lease term | 3 years | ||
Future rental payments | $ 96,712 | $ 150,143 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) - USD ($) | Aug. 21, 2017 | Dec. 31, 2018 | Mar. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease term | 3 years | ||
Extended lease term | 3 years | ||
Future rental payments | $ 96,712 | $ 150,143 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Rental Payment Under Non-cancellable Operating Lease (Details) (10 Q) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
2019 | $ 62,128 | |
2020 | 25,887 | |
Future payment of lease | $ 96,712 | 150,143 |
Restatement Adjustment [Member] | ||
2019 | 14,507 | |
2020 | 58,027 | |
2021 | 24,178 | |
Future payment of lease | $ 96,712 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Future Rental Payment Under Non-cancellable Operating Lease (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
2019 | $ 62,128 | |
2020 | 62,128 | |
2021 | 25,887 | |
Future payment of lease | $ 96,712 | $ 150,143 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Charged by Related Parties (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting fees | $ 9,794 | $ 14,723 | $ 9,455 |
Secretary fees | 158 | 1,344 | 215 |
Payroll charges | 2,482 | 2,147 | 1,217 |
Management fees | 51,924 | 29,499 | |
Trainer fees - See Kok Chong | 43,172 | 37,109 | |
Director fees - See Kok Chong | 26,077 | 28,954 | 14,182 |
Office rental | 39,299 | ||
Incorporation fees | 5,490 | ||
Professional fees | 46,850 | 42,200 | |
License fees | 2,200 | 2,200 | |
Listing expenses | (30,000) | 30,000 | |
Total | $ 120,982 | 155,251 | $ 134,458 |
Restatement Adjustment [Member] | |||
Accounting fees | 14,723 | ||
Secretary fees | 246 | ||
Payroll charges | 2,147 | ||
Management fees | 3,185 | ||
Trainer fees - See Kok Chong | 37,109 | ||
Director fees - See Kok Chong | 28,954 | ||
Office rental | 13,029 | ||
Professional fees | |||
License fees | |||
Listing expenses | |||
Total | $ 99,393 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Amount Owing To Related Parties (10 Q) (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Due to related parties | $ 32,455 | $ 3,128 |
Training Fees [Member] | ||
Due to related parties | 29,429 | |
Other [Member] | ||
Due to related parties | $ 3,026 | $ 3,128 |
Related Party Transactions - _3
Related Party Transactions - Schedule of Due From Related Parties (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Due from related parties | $ 340,445 | $ 382,384 | $ 119,488 |
Restatement Adjustment [Member] | |||
Due from related parties | 382,384 | ||
Masteryasia (M) Sdn Bhd [Member] | |||
Due from related parties | 255,194 | 295,697 | 114,932 |
Masteryasia (M) Sdn Bhd [Member] | Restatement Adjustment [Member] | |||
Due from related parties | 295,697 | ||
Quest Consulting Ltd [Member] | |||
Due from related parties | 19,315 | 21,991 | 34 |
Quest Consulting Ltd [Member] | Restatement Adjustment [Member] | |||
Due from related parties | 21,991 | ||
Castlefield Realty International Holdings Sdn Bhd [Member] | |||
Due from related parties | 65,762 | 64,696 | $ 4,522 |
Castlefield Realty International Holdings Sdn Bhd [Member] | Restatement Adjustment [Member] | |||
Due from related parties | 64,696 | ||
Human Resource Development Sdn Bhd [Member] | |||
Due from related parties | 365 | ||
Human Resource Development Sdn Bhd [Member] | Restatement Adjustment [Member] | |||
Due from related parties | |||
Quest Promotion Sdn Bhd [Member] | |||
Due from related parties | (537) | ||
Quest Promotion Sdn Bhd [Member] | Restatement Adjustment [Member] | |||
Due from related parties | |||
Quest Management Consulting (Shanghai) Co. Ltd [Member] | |||
Due from related parties | $ 346 | ||
Quest Management Consulting (Shanghai) Co. Ltd [Member] | Restatement Adjustment [Member] | |||
Due from related parties |
Related Party Transactions - _4
Related Party Transactions - Schedule of Due from Related Parties Included in Accounts Receivables (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Due from related parties | $ 340,445 | $ 382,384 | $ 119,488 |
Accounts Receivable [Member] | |||
Due from related parties | 13,878 | 2,187 | |
Accounts Receivable [Member] | US VR Global.Inc [Member] | |||
Due from related parties | 13,878 | ||
Accounts Receivable [Member] | Quest Consulting Ltd [Member] | |||
Due from related parties | $ 2,187 |
Related Party Transactions - _5
Related Party Transactions - Schedule of Due to Related Parties (Details) (10 Q) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Due to related parties, current | $ 3,475 | $ 622 | |
LifeChamp [Member] | |||
Due to related parties, current | 114 | ||
Masteryasia (M) Sdn Bhd [Member] | |||
Due to related parties, current | 982 | ||
Quest Services Sdn Bhd [Member] | |||
Due to related parties, current | 57 | 322 | |
Quest Learning Sdn Bhd [Member] | |||
Due to related parties, current | $ 2,322 | $ 300 |
Restatement of Prior Year Acc_3
Restatement of Prior Year Account (Details Narrative) (10 Q) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Other receivables, prepayments and deposits | $ 84,994 | $ 85,055 | $ 6,161 | ||
Other payables and accrued liabilities increased | 81,872 | 207,322 | 90,776 | ||
Deferred income decreased | 188,342 | 70,268 | 65,821 | ||
Cash and cash equivalents | 303,796 | $ 107,681 | $ 623,234 | 360,760 | |
Accounts payables reduced | 755 | ||||
Accrued commission | 745 | ||||
Amounts due to a director | 1,605 | ||||
US VR Global.Inc [Member] | |||||
Partial payment from trade receivable | 622 | ||||
US VR Global.Inc [Member] | Understated [Member] | |||||
Ommission, investment | 622 | ||||
US VR Global.Inc [Member] | Overstated [Member] | |||||
Trade receivables | 622 | ||||
Staff Advance [Member] | |||||
Purchase of equipment | 122 | ||||
Previously Reported [Member] | |||||
Other receivables, prepayments and deposits | 137,091 | 4,873 | |||
Other payables and accrued liabilities increased | 64,207 | 80,971 | |||
Deferred income decreased | 249,159 | 83,130 | |||
Cash and cash equivalents | 302,855 | $ 360,806 | |||
Accounts payables reduced | $ 860 |
Restatement of Prior Year Acc_4
Restatement of Prior Year Account (Details Narrative) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Trade receivables | $ 108,492 | $ 21,708 | $ 2,187 | ||
Other receivables, prepayments and deposits | 85,055 | 84,994 | 6,161 | ||
Accounts payable decreased | 15,846 | 755 | 7,056 | ||
Other payables and accrued liabilities increased | 207,322 | 81,872 | 90,776 | ||
Deferred income decreased | 70,268 | 188,342 | 65,821 | ||
Cash and cash equivalents | $ 107,681 | 303,796 | $ 623,234 | 360,760 | |
Previously Reported [Member] | |||||
Trade receivables | 22,330 | 24,174 | |||
Other receivables, prepayments and deposits | 137,091 | 4,873 | |||
Accounts payable decreased | 1,615 | 7,774 | |||
Other payables and accrued liabilities increased | 64,207 | 80,971 | |||
Deferred income decreased | 249,159 | 83,130 | |||
Cash and cash equivalents | $ 302,855 | $ 360,806 |
Restatement of Prior Year Acc_5
Restatement of Prior Year Account - Schedule of Restatement of Prior Year Account (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Accounts receivables | $ 108,492 | $ 21,708 | $ 2,187 | ||
Other receivables, Prepayments and Deposits | 85,055 | 84,994 | 6,161 | ||
Amount due from related parties | 340,445 | 382,384 | 119,488 | ||
Cash and cash equivalents | 107,681 | 303,796 | $ 623,234 | 360,760 | |
Property, plant and equipment, net | 154,647 | 177,743 | 7,204 | ||
Investment, net | 13,280 | 677 | |||
Accounts payables | 15,846 | 755 | 7,056 | ||
Other payables and accrued liabilities | 207,322 | 81,872 | 90,776 | ||
Deferred income, net | 70,268 | 188,342 | 65,821 | ||
Amount owing to Director | $ 32,455 | 3,128 | 1,499 | ||
Previously Reported [Member] | |||||
Accounts receivables | 22,330 | 24,174 | |||
Other receivables, Prepayments and Deposits | 137,091 | 4,873 | |||
Amount due from related parties | 377,757 | 116,021 | |||
Cash and cash equivalents | 302,855 | 360,806 | |||
Property, plant and equipment, net | 177,621 | ||||
Investment, net | 55 | ||||
Accounts payables | 1,615 | 7,774 | |||
Other payables and accrued liabilities | 64,207 | 80,971 | |||
Deferred income, net | 249,159 | 83,130 | |||
Amount owing to Director | 1,523 | ||||
Restatement Adjustment [Member] | |||||
Accounts receivables | (622) | (21,987) | |||
Other receivables, Prepayments and Deposits | (52,097) | 1,288 | |||
Amount due from related parties | 4,627 | 3,467 | |||
Cash and cash equivalents | 941 | (46) | |||
Property, plant and equipment, net | 122 | ||||
Investment, net | 622 | ||||
Accounts payables | (860) | (718) | |||
Other payables and accrued liabilities | 17,665 | 9,805 | |||
Deferred income, net | (60,817) | $ (17,309) | |||
Amount owing to Director | $ 1,605 |
Restatement of March 31, 2018_2
Restatement of March 31, 2018 (Details Narrative) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Other receivables, prepayments and deposits | $ 84,994 | $ 85,055 | $ 6,161 | ||
Other payables and accrued liabilities increased | 81,872 | 207,322 | 90,776 | ||
Deferred income decreased | 188,342 | 70,268 | 65,821 | ||
Cash and cash equivalents | 303,796 | $ 107,681 | $ 623,234 | 360,760 | |
Accounts payables reduced | 755 | ||||
Accrued commission | 745 | ||||
Amounts due to a director | 1,605 | ||||
US VR Global.Inc [Member] | |||||
Partial payment from trade receivable | 622 | ||||
US VR Global.Inc [Member] | Understated [Member] | |||||
Ommission, investment | 622 | ||||
US VR Global.Inc [Member] | Overstated [Member] | |||||
Trade receivables | 622 | ||||
Staff Advance [Member] | |||||
Purchase of equipment | 122 | ||||
Previously Reported [Member] | |||||
Other receivables, prepayments and deposits | 137,091 | 4,873 | |||
Other payables and accrued liabilities increased | 64,207 | 80,971 | |||
Deferred income decreased | 249,159 | 83,130 | |||
Cash and cash equivalents | 302,855 | $ 360,806 | |||
Accounts payables reduced | $ 860 |
Restatement of March 31, 2018 -
Restatement of March 31, 2018 - Schedule of Restatement (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Accounts Receivables | $ 108,492 | $ 21,708 | $ 2,187 | ||
Other receivables, prepayments and deposits | 85,055 | 84,994 | 6,161 | ||
Amount due from related parties | 340,445 | 382,384 | 119,488 | ||
Cash and cash equivalents | 107,681 | 303,796 | $ 623,234 | 360,760 | |
Property, plant and equipment, net | 154,647 | 177,743 | 7,204 | ||
Investment, net | 13,280 | 677 | |||
Accounts payables | 15,846 | 755 | 7,056 | ||
Other payables and accrued liabilities | 207,322 | 81,872 | 90,776 | ||
Deferred income, net | 70,268 | 188,342 | 65,821 | ||
Amount owing to Director | $ 32,455 | 3,128 | 1,499 | ||
Previously Reported [Member] | |||||
Accounts Receivables | 22,330 | 24,174 | |||
Other receivables, prepayments and deposits | 137,091 | 4,873 | |||
Amount due from related parties | 377,757 | 116,021 | |||
Cash and cash equivalents | 302,855 | 360,806 | |||
Property, plant and equipment, net | 177,621 | ||||
Investment, net | 55 | ||||
Accounts payables | 1,615 | 7,774 | |||
Other payables and accrued liabilities | 64,207 | 80,971 | |||
Deferred income, net | 249,159 | 83,130 | |||
Amount owing to Director | 1,523 | ||||
Restatement Adjustment [Member] | |||||
Accounts Receivables | (622) | (21,987) | |||
Other receivables, prepayments and deposits | (52,097) | 1,288 | |||
Amount due from related parties | 4,627 | 3,467 | |||
Cash and cash equivalents | 941 | (46) | |||
Property, plant and equipment, net | 122 | ||||
Investment, net | 622 | ||||
Accounts payables | (860) | (718) | |||
Other payables and accrued liabilities | 17,665 | 9,805 | |||
Deferred income, net | (60,817) | $ (17,309) | |||
Amount owing to Director | $ 1,605 |