Document and Entity Information
Document and Entity Information | 9 Months Ended |
Dec. 31, 2019 | |
Document And Entity Information | |
Entity Registrant Name | Questcorp Global Inc. |
Entity Central Index Key | 0001671930 |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 4 |
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, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
CURRENT ASSETS | |||
Accounts receivables | $ 72,141 | $ 85,873 | $ 21,708 |
Other receivables, prepayments and deposits | 12,818 | 35,270 | 84,994 |
Amount due from related parties | 73,918 | 288,056 | 382,384 |
Cash and cash equivalents | 14,572 | 36,304 | 303,796 |
Total Current Assets | 173,449 | 445,503 | 792,882 |
NON-CURRENT ASSETS | |||
Plant and equipment, net | 254,002 | 145,853 | 177,743 |
Operating lease right-of-use assets, net | 203,401 | ||
Investment, net | 12,718 | 12,741 | 677 |
Total Non-Current Assets | 470,121 | 158,594 | 178,420 |
TOTAL ASSETS | 643,570 | 604,097 | 971,302 |
CURRENT LIABILITIES | |||
Accounts payables | 179,555 | 82,887 | 755 |
Other payables and accrued liabilities | 268,513 | 210,468 | 81,872 |
Operating lease liabilities, current | 51,062 | ||
Deferred Income, net | 232,387 | 127,403 | 188,342 |
Amount due to director | 33,265 | 7,998 | 3,128 |
Amount due to related parties | 68,931 | 6,075 | 622 |
Total Current Liabilities | 833,713 | 434,831 | 274,719 |
NON-CURRENT LIABILITY | |||
Operating lease liabilities, non-current | 152,339 | ||
TOTAL LIABILITIES | 986,052 | 434,831 | 274,719 |
STOCKHOLDERS' EQUITY | |||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding | |||
Common stock, value | 11,209 | 11,209 | 11,209 |
Additional paid-in capital | 1,328,041 | 1,328,041 | 1,328,041 |
Accumulated other comprehensive loss | (62,270) | (52,401) | (26,761) |
Accumulated losses | (1,602,141) | (1,101,017) | (613,294) |
Non-controlling interest | (17,321) | (16,566) | (2,612) |
TOTAL STOCKHOLDERS' EQUITY | (342,482) | 169,266 | 696,583 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 643,570 | $ 604,097 | $ 971,302 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
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 | 112,085,000 |
Common stock, shares outstanding | 112,085,000 | 112,085,000 | 112,085,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||||||
REVENUE | $ 100,845 | $ 385,470 | $ 246,666 | $ 980,524 | $ 986,920 | $ 622,276 |
COST OF REVENUE | (57,646) | (163,550) | (209,113) | (422,399) | (475,412) | (405,256) |
GROSS PROFIT | 43,199 | 221,920 | 37,553 | 558,125 | 511,508 | 217,020 |
OTHER INCOME | 4,388 | 3,765 | 12,655 | 22,337 | 31,800 | 56,323 |
SELLING AND DISTRIBUTION EXPENSES | (80) | (130) | (291) | (452) | (855) | (1,398) |
ADMINISTRATIVE EXPENSES | (142,925) | (274,809) | (551,905) | (764,845) | (1,044,789) | (643,557) |
OTHER OPERATING EXPENSES | ||||||
LOSS BEFORE INCOME TAX | (95,418) | (49,254) | (501,988) | (184,835) | (502,336) | (371,612) |
INCOME TAX PROVISION | ||||||
NET LOSS | (95,418) | (49,254) | (501,988) | (184,835) | (502,336) | (371,612) |
Net loss (profit) attributable to non-controlling interest | 864 | 14,252 | 14,613 | 2,666 | ||
NET LOSS ATTRIBUTABLE TO COMPANY | (95,418) | (49,254) | (501,124) | (170,583) | (487,723) | (368,946) |
Other comprehensive expenses: | ||||||
- Foreign currency translation adjustment | (17,130) | (45,195) | (9,760) | (31,514) | (24,981) | (33,741) |
- attributable to non-controlling interest | 194 | (109) | (569) | (659) | (16) | |
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO THE COMPANY | $ (112,354) | $ (94,449) | $ (510,993) | $ (202,666) | $ (513,363) | $ (402,703) |
Per share- Basic and diluted | $ (0.001) | $ 0 | $ (0.004) | $ (0.002) | $ (0.005) | $ (0.004) |
Weighted average number of common shares outstanding - Basic and diluted | 112,085,000 | 112,085,000 | 112,085,000 | 112,085,000 | 112,085,000 | 110,534,326 |
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 Mar. 31, 2017 | $ 10,900 | $ 557,100 | $ 6,566 | $ (234,862) | $ 339,704 | |
Balance, shares at Mar. 31, 2017 | 109,000,000 | |||||
Restatement 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) | 339,704 | |
Balance, shares at Mar. 31, 2017 | 109,000,000 | |||||
Net loss | (371,612) | |||||
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 | |||||
Acquisition of subsidiary | 38 | 38 | ||||
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 | |||||
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) | (184,835) | |||
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 | |||||
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 | (487,723) | (14,613) | (502,336) | |||
Foreign currency translation adjustment | (25,640) | 659 | (24,981) | |||
Balance at Mar. 31, 2019 | $ 11,209 | 1,328,041 | (52,401) | (1,101,017) | (16,566) | 169,266 |
Balance, shares at Mar. 31, 2019 | 112,085,000 | |||||
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 | |||||
Net loss | (317,140) | (361) | (317,501) | |||
Foreign currency translation adjustment | 6,443 | 90 | 6,533 | |||
Balance at Mar. 31, 2019 | $ 11,209 | 1,328,041 | (52,401) | (1,101,017) | (16,566) | 169,266 |
Balance, shares at Mar. 31, 2019 | 112,085,000 | |||||
Net loss | (501,124) | (864) | (501,988) | |||
Foreign currency translation adjustment | (9,869) | 109 | (9,760) | |||
Balance at Dec. 31, 2019 | $ 11,209 | $ 1,328,041 | $ (62,270) | $ (1,602,141) | $ (17,321) | $ (342,482) |
Balance, shares at Dec. 31, 2019 | 112,085,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) | Mar. 31, 2018$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Shares issued price per share | $ 0.25 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (501,988) | $ (184,835) | $ (502,336) | $ (371,612) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 62,132 | 19,877 | 37,236 | 13,590 |
Investment written-off | 1,206 | |||
Asset written-off | 7,469 | |||
Unrealised foreign exchange loss | 888 | 888 | ||
Changes in operating assets and liabilities: | ||||
Accounts payables | 94,555 | 13,536 | 82,173 | (7,324) |
Accounts receivables | 13,668 | (86,612) | (66,235) | (19,204) |
Amount due from related parties | 213,610 | 16,700 | 73,547 | (245,574) |
Other receivables, prepayments and deposits | 13,198 | (3,922) | 41,651 | (77,940) |
Amount due to related parties | 62,867 | 2,894 | 5,487 | 622 |
Other payables and accrued liabilities | 67,408 | 132,826 | 135,802 | (16,265) |
Amount due to a director | 29,429 | |||
Deferred income | 105,218 | (105,642) | (50,703) | 112,979 |
Changes in operating lease liability | (36,265) | |||
Cash provided by/(used in) operating activities | 95,291 | (165,749) | (233,815) | (610,728) |
Taxation paid | ||||
Net cash provided by/(used in) operating activities | 95,291 | (165,749) | (233,815) | (610,728) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of Plant and equipment | (134,623) | (8,264) | (22,995) | (185,121) |
Sale proceeds from disposal of Plant and Equipment | 857 | |||
Investment | 244 | (12,647) | (13,306) | (677) |
Net cash used in investing activities | (134,379) | (20,911) | (35,444) | (185,798) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Issuance of share capital | 771,250 | |||
Advances from directors | 25,258 | 4,959 | 1,629 | |
Net cash provided by financing activities | 25,258 | 4,959 | 772,879 | |
Effect of exchange rate changes on cash and cash equivalent | (7,902) | (9,455) | (3,192) | (33,317) |
Net (decrease) / increase in cash and cash equivalents | (21,732) | (196,115) | (267,492) | (56,964) |
Cash and cash equivalents, beginning of period | 36,304 | 303,796 | 303,796 | 360,760 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 14,572 | 107,681 | 36,304 | 303,796 |
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, 2019 | Mar. 31, 2019 | |
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 in subsequent hold 100% equity interest in Quest Masteryasia Group Sdn. Bhd. On January 20, 2016, Questcorp Global Inc. was incorporated as 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. On November 18, 2019, the Company incorporated Morgan Capital Asset Management Ltd, a wholly owned subsidiary in Labuan, Malaysia, as an investment holding company. The Company, through its subsidiaries, mainly provide coaching, consultancy, training and mentorship services. Details of the Company’s subsidiaries: Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. Quest International Group Limited Seychelles 1 share of ordinary share of US$1 each Investment holding, coaching and consultancy 100% 2. Quest HK Limited Hong Kong, 1 share of ordinary share of HK$1 each Coaching, consultancy, training and mentorship 100% 3. Quest Masteryasia Group Malaysia, 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship 100% 4. Questcorp Australia Pty Ltd Australia, 100 shares of ordinary share of AU$1 each Providing Money Mastery Mentorship Program & Certified Professional Training Program 51% 5. Morgan Capital Asset Management Ltd Labuan 1,000 shares of ordinary share of RM1 each Investment holding 100% 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 in subsequent hold 100% equity interest in Quest Masteryasia Group Sdn. Bhd. On January 20, 2016, Questcorp Global Inc. was incorporated as 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 1 share of ordinary share of US$1 each Investment holding, coaching and consultancy 100% 2. Quest HK Limited Hong Kong, 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, 2019 | Mar. 31, 2019 | |
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. Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & fittings 10 years Office renovations Over lease term 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. Deferred income is classified on the consolidated balance sheet as current liability. 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. 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 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its customers. 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. Going Concern The accompanying financial statements have been prepared on a going concern basis of acounting, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. For the nine months period ended December 31, 2019, the Company has generated revenue of $246,666 and continuously incurred a net loss of $501,988. As of December 31, 2019, the Company suffered an accumulated deficit of $1,602,141. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and the classification of liabilities that may result in the Company not able to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. 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 period ended year ended December 31, 2019 March 31, 2019 Period-end RM : US$1 exchange rate 4.09250 4.08500 Period-average RM : US$1 exchange rate 4.16140 4.16140 Period-end US$ : HK$1 exchange rate 0.12813 0.12740 Period-average US$ : HK$1 exchange rate 0.12769 0.12752 Period-end US$ : AU$1 exchange rate 0.68874 0.70787 Period-average US$ : AU$1 exchange rate 0.61874 0.72939 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 Leases Prior to April 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective April 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods (see Note 13). Recent accounting pronouncements 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. The Company officially adopted ASC 842 for the period on and after April 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. | 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. Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & fittings 10 years Office renovations Over lease term 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. Deferred income is classified on the consolidated balance sheet as current liability. 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. 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 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its customers. 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. Going Concern The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. For the year ended March 31, 2019, the Company has generated revenue of $986,920 and continuously incurred a net loss of $502,336. As of March 31, 2019, the Company suffered an accumulated deficit of $1,101,017. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. 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, 2019 March 31, 2018 Period-end RM : US$1 exchange rate 4.08500 3.86300 Period-average RM : US$1 exchange rate 4.16140 4.14450 Period-end US$ : HK$1 exchange rate 0.12740 0.12754 Period-average US$ : HK$1 exchange rate 0.12752 0.12800 Period-end US$ : AU$1 exchange rate 0.70787 0.77581 Period-average US$ : AU$1 exchange rate 0.72939 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 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. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As required by the standard, the Company will adopt the provisions of the new standard effective April 1, 2019, using the required modified retrospective approach. We believe the adoption will not have a material impact on our financial statements. |
Plant and Equipment
Plant and Equipment | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Plant and Equipment | 3. PLANT AND EQUIPMENT Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Software development (Work-In-Progress) $ 137,881 $ 3,427 Computer $ 32,612 $ 32,607 Office equipment $ 89,270 $ 40,641 Furniture and fittings $ 14,982 $ 15,009 Office renovations $ 40,664 $ 89,434 Signage $ 3,479 $ 3,486 Platform $ 12,066 $ 11,977 Total plant and equipment $ 330,954 $ 196,601 Total accumulated depreciation $ (76,952 ) $ (50,748 ) Plant and equipment, net $ 254,002 $ 145,853 Depreciation expense for the nine months ended December 31, 2019 and year ended March 31, 2019 were $25,866 and $37,236 respectively. | 3. PLANT AND EQUIPMENT Plant and equipment as of March 31, 2019 are summarized below: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Software development (Work-In-Progress) $ 3,427 $ 9,707 Computer $ 32,607 $ 27,851 Office equipment $ 40,641 $ 40,643 Furniture and fittings $ 15,009 $ 15,872 Office renovations $ 89,434 $ 94,574 Signage $ 3,486 $ 3,686 Platform $ 11,997 $ - Total plant and equipment $ 196,601 $ 192,333 Total accumulated depreciation $ (50,748 ) $ (14,590 ) Plant and equipment, net $ 145,853 $ 177,743 Depreciation expense for the year ended March 31, 2019 and March 31, 2018 was $37,236 and $13,590 respectively. |
Investment
Investment | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Investments in and Advances to Affiliates [Abstract] | ||
Investment | 4. INVESTMENT Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Money Compass Media (M) Sdn Bhd $ 12,240 $ 12,240 Natural Health Farm Holdings Inc $ 501 $ 501 Effect of translation exchange $ (23 ) $ - $ 12,718 $ 12,741 During the year ended March 31, 2019, the Company acquire 3,401 shares in Money Compass Media (M) Sdn Bhd and 500,000 shares in Natural Health Farm Holdings Inc with equity interest less than 1%. | 4. INVESTMENT Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Amircorp Inc $ - $ 55 US VR Global.Com Inc, $ - $ 622 Money Compass Media (M) Sdn Bhd $ 12,240 $ - Natural Health Farm Holdings Inc $ 501 - $ 12,741 $ 677 During the year ended March 31, 2019, the Company acquire 3,401 shares in Money Compass Media (M) Sdn Bhd and 500,000 shares in Natural Health Farm Holdings Inc with equity interest less than 1%. |
Deferred Income
Deferred Income | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred Income | 5. DEFERRED INCOME Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Certified Professional Training (CPT) $ 127,775 $ 51,499 Money Mastery Mentorship Program (MMMP) $ 59,451 $ 72,877 Wealth Advisor Investors (ADAM KHOO) $ 43,905 $ 1,389 Building Smart Business $ - $ 379 Stocktrading Mentorship Program $ 1,256 $ 1,259 Total deferred income $ 232,387 $ 127,403 As of December 31, 2019 and March 31, 2019, total deferred income represent fee fully received in advance from participants during enrollment for respective courses and program amounted to $232,387 and $127,403 respectively. The following table set forth the duration for and services individuals received from each program. Program Name Description Duration Certified Professional Trainer (CPT) - A dynamic career development program designed to provide a range of skills needed to become a professional trainer. - Each CPT is able to reap the below benefits: · · · · · · · 6 days Money Mastery Mentorship - An online learning portal that is designed to help individuals to achieve financial independence through a unique, personalized wealth creation system, designed according to individual’s passion and strength. 3 days Wealth Academy Investor - A comprehensive and practical investment camp designed to help individual to achieve financial freedom through the power of investing to generate multiple income streams and increase their net worth. 3 days | 5. DEFERRED INCOME Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Certified Professional Training (CPT) $ 51,499 $ 64,844 Money Mastery Mentorship Program (MMMP) $ 72,877 $ 80,012 Wealth Advisor Investors (ADAM KHOO) $ 1,389 $ 41,755 Building Smart Business $ 379 $ 400 Stocktrading Mentorship Program $ 1,259 $ 1,331 Total deferred income, net $ 127,403 $ 188,342 As of March 31, 2019 and March 31, 2018, total deferred income represent fee fully received in advance from participants during enrollment for respective courses and program amounted to $127,403 and $188,342 respectively. The following table set forth the duration for and services individuals received from each program. Program Name Description Duration Certified Professional Trainer (CPT) - A dynamic career development program designed to provide a range of skills needed to become a professional trainer. - Each CPT is able to reap the below benefits: · · · · · · · 6 days Money Mastery Mentorship - An online learning portal that is designed to help individuals to achieve financial independence through a unique, personalized wealth creation system, designed according to individual’s passion and strength. 3 days Wealth Academy Investor - A comprehensive and practical investment camp designed to help individual to achieve financial freedom through the power of investing to generate multiple income streams and increase their net worth. 3 days |
Account Receivable
Account Receivable | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Account Receivable | 6. ACCOUNT RECEIVABLE Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Account receivable $ 72,141 $ 85,873 As of December 31, 2019 and March 31, 2019, account receivable represent outstanding payment from participants that have attended the workshops amounted to $72,141 and $85,873 respectively. | 6. ACCOUNT RECEIVABLE Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Account receivable $ 85,873 $ 21,708 As of March 31, 2019 and March 31, 2018, account receivable represent outstanding payment from participants that have attended the workshops amounted to $85,873 and $21,708 respectively. |
Other Receivables, Prepayments
Other Receivables, Prepayments and Deposits | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Other Receivables, Prepayments and Deposits | 7. OTHER RECEIVABLES, PREPAYMENTS & DEPOSITS Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Deposits $ - $ 2,260 Other receivables $ 12,818 $ 27,727 Prepayments $ - $ 5,283 Total other receivables, prepayments and deposits $ 12,818 $ 35,270 As of December 31, 2019 and March 31, 2019, other receivables represent outstanding payment from participants during enrolment for courses and program amounted to $12,818 and $27,727 respectively. | 7. OTHER RECEIVABLES, PREPAYMENTS & DEPOSITS Prepaid expenses and deposits consisted of the following as at March 31, 2019: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Deposits $ 2,260 $ 1,820 Other receivables $ 27,727 $ 79,206 Prepayments $ 5,283 $ 3,968 Total prepaid expenses and deposits $ 35,270 $ 84,994 As of March 31, 2019 and March 31, 2018, other receivable represent outstanding payment from participants during enrolment for courses and program amounted to $27,727 and $79,206 respectively. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Payables and Accruals [Abstract] | ||
Other Payables and Accrued Liabilities | 8. OTHER PAYABLES AND ACCRUED LIABILITIES Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Other payables $ 191,819 $ 120,970 Accruals $ 76,694 $ 89,498 Total payables and accrued liabilities $ 268,513 $ 210,468 As of December 31, 2019 and March 31, 2019, other payables consist of refundable deposits payables to participants amounted to $76,686 and $36,201 respectively. | 8 . OTHER PAYABLES AND ACCRUED LIABILITIES Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Other payables $ 120,970 $ 48,373 Accruals $ 89,498 $ 33,499 Total payables and accrued liabilities $ 210,468 $ 81,872 As of March 31, 2019 and March 31, 2018, other payables consist of refundable deposits payables to participants amounted to $36,201 and $35,166 respectively. |
Amount Due to Director
Amount Due to Director | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Amount Due to Directors | 9. AMOUNT DUE TO A DIRECTOR 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, 2019 March 31, 2018 (Audited) (Restated) Amount due to director $ 7,998 $ 3,128 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, 2019 | Mar. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Amount Due to Related Parties | 10. AMOUNT DUE TO RELATED PARTIES Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Due to related parties $ 68,931 $ 6,075 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, 2019 March 31, 2018 (Audited) (Restated) Due to related parties $ 6,075 $ 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, 2019 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income Tax | 11. INCOME TAX For the nine months ended December 31, 2019 and 2018, 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, 2019 December 31, 2018 Tax jurisdictions from: - Local $ (12,961 ) $ (25,334 ) - Foreign, representing: Labuan $ (2,115 ) $ - Seychelles $ (1,600 ) $ 213,305 Hong Kong $ (2,758 ) $ (15,061 ) Malaysia $ (480,792 ) $ (328,659 ) Australia $ (1,762 ) $ (29,086 ) Loss before income tax $ (501,988 ) $ (184,835 ) The provision for income taxes consisted of the following: Nine Months Ended Nine Months Ended December 31, 2019 December 31, 2018 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 period ended December 31, 2019 and 2018: Period Ended Year Ended Deferred tax assets: Net operating profit/(loss) carry forwards -United States of America $ (37,238 ) $ (34,516 ) -Labuan $ (63 ) - -Hong Kong $ (4,247 ) $ (3,792 ) -Malaysia $ (285,857 ) $ (198,315 ) -Australia $ (10,182 ) $ (9,698 ) (337,587 ) 246,321 Less: valuation allowance $ 337,587 $ (246,321 ) 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: Labuan, 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, 2019, the operations in the United States of America incurred $177,325 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 $37,238 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. Labuan Under the current laws of the Labuan, Morgan Capital Asset Management Ltd is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit. As of December 31, 2019, the operations in Labuan incurred $2,115 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 3%. The Company has provided for a full valuation allowance of $63 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, 2019, the operations in the Hong Kong incurred $25,740 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 $4,247 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, 2019, the operations in the Malaysia incurred $1,582,541 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 $284,857 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, 2019, the operations in the Australia incurred $37,026 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 $10,182 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, 2019 and 2018, the local (United States) and foreign components of loss before income tax were comprised of the following: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Tax jurisdictions from: - Local $ (31,885 ) $ (53,658 ) - Foreign, representing: Seychelles $ 214,905 $ (5,743 ) Hong Kong (16,844 ) (4,598 ) Malaysia (638,689 ) (302,173 ) Australia $ (29,823 ) $ (5,440 ) Loss before income tax $ (502,336 ) (371,612 ) The provision for income taxes consisted of the following: Year Ended Year Ended March 31, 2019 March 31, 2018 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, 2019 and 2018: Year Ended Year Ended Deferred tax assets: Net operating loss carry forward -United States of America $ (34,516 ) $ (27,821 ) -Hong Kong (3,792 ) (1,013 ) -Malaysia (198,315 ) (83,351 ) -Australia (9,698 ) (1,496 ) $ (246,321 ) $ (113,681 ) Less: valuation allowance 246,321 113,681 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, 2019, the operations in the United States of America incurred $164,364 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 $34,516 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, 2019, the operations in the Hong Kong incurred $22,982 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 $3,792 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, 2019, the operations in the Malaysia incurred $1,101,749 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 $198,315 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, 2019, the operations in the Australia incurred $35,264 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 $9,698 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future. |
Concentrations of Risk
Concentrations of Risk | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | ||
Concentrations of Risk | 12. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers The company did not have any major customers which constitute 100% of the Company’s revenues of accounts receivable for the nine months ended December 31, 2019. (b) Major vendors The company did not have any major suppliers which constitute 100% of the Company’s purchases of accounts payable for the nine months ended December 31, 2019. (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of profit and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM converted to US$, 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, 2019. (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, 2019. (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. |
Operating Leases
Operating Leases | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Operating Leases | 13. OPERATING LEASES The Company officially adopted ASC 842 for the period on and after April 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of April 1, 2019, the Company recognized approximately US$240,718, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of April 1, 2019, with discounted rate of 4.325% adopted, being the average of Malayan Banking (Maybank) Berhad’s (Maybank) effective lending rate of 4.20% and OCBC Bank Berhad’s (OCBC) effective lending rate of 4.45%, as a reference for discount rate, as Maybank and OCBC are the principal bankers of the Company. A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. The initial recognition of operating lease right and lease liability as follow: Gross lease payable $ 264,382 Less: imputed interest $ (23,664 ) Initial recognition as of April 1, 2019 $ 240,718 As of 31 December 2019, operating lease right of use asset as follow: Initial recognition as of April 1, 2019 $ 240,718 Effect of translation exchange $ (441 ) Accumulated amortisation $ (36,876 ) Balance as of December 31, 2019 $ 203,401 As of 31 December 2019, operating lease liability as follow: Initial recognition as of April 1, 2019 $ 240,718 Effect of translation exchange $ (441 ) Less: gross repayment $ (43,983 ) Add: imputed interest $ 7,107 Balance as of December 31, 2019 $ 203,401 Less: lease liability, current $ (51,062 ) Lease liability, non-current $ 152,339 For the three and nine months ended December 31, 2019, the amortization of the operating lease right of use asset are $12,219 and $36,265 respectively. As the Company adopt ASC 842 on and after April 1, 2019, the Company did not incur nor accrue any amortization of operating lease right of use asset for the three and nine months ended December 31, 2018. Maturities of operating lease obligation as follow: Year ending March 31, 2020 (3 months) $ 12,560 March 31, 2021 $ 51,616 March 31, 2022 $ 53,894 March 31, 2023 $ 56,271 March 31, 2024 $ 29,060 Total $ 203,401 Other information: Nine Months Ended Nine Months Ended December 31, 2019 December 31, 2018 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 36,265 $ - Right-of-use assets obtained in exchange for operating lease liabilities $ 203,401 $ - Remaining lease term for operating lease (years) 3.75 - Weighted average discount rate for operating lease 4.325 % - Lease expenses were $43,241 during the nine months ended December 31, 2019. As the Company adopted ASC 842 on and after April 1, 2019, the Company did not incur nor accrue any lease expenses for the nine months ended December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
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 at March 31, 2019 the company has future rental payment of $83,231 for office premises due under a non-cancellable operating lease in the next seventeen months. Period ending March 31: USD 2020 $ 58,751 2021 $ 24,480 $ 83,231 |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
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: Nine Months Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Accounting fees $ 537 $ 15,256 Secretary fees $ 163 $ 2,712 Payroll charges $ 3,715 $ 4.506 Management fees $ - $ 1,558 Trainer fees - See Kok Chong $ 3,605 $ 52,228 Director fees - See Kok Chong $ 15,573 $ 34,530 Office rental $ 43,241 $ 53,999 Professional fees $ 7,521 $ 15,741 $ 74,355 $ 180,530 The amount due from related parties are as follows: Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Masteryasia (M) Sdn Bhd $ - $ 209,859 Quest Consulting Ltd $ 10,711 $ 9,715 Castlefield Realty International Holdings Sdn Bhd $ 59,599 $ 66,348 Bluesky Oasis Sdn Bhd $ - $ 1,224 Quest Management Consulting (Shanghai) Co Ltd $ 350 $ 351 Castlefield Realty International Sdn Bhd $ 117 $ 118 Ilham Trading International Sdn Bhd $ - $ 215 BetterBlue Sdn Bhd $ 392 $ - Speedprop Global Sdn Bhd $ 2,522 $ - Others $ 227 $ 226 $ 73,918 $ 288,056 The amount due to related parties are as follows: Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) LifeChamp Sdn Bhd $ 508 $ 57 Masteryasia (M) Sdn Bhd $ 42,747 $ 994 Quest Services Sdn Bhd $ 626 $ 427 Quest Learning Sdn Bhd $ 20,931 $ 2,665 QSC Asia Sdn Bhd 1,932 Castlefield Global Sdn Bhd $ 139 $ - Speedprop Global Sdn Bhd $ 3,940 $ - Inpromastery Sdn Bhd $ 40 $ - $ 68,931 $ 6,075 | 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, 2019 March 31, 2018 (Audited) (Restated) Accounting fees $ 15,256 $ 14,723 Secretary fees $ 2,712 $ 1,344 Payroll charges $ 4,506 $ 2,147 Management fees $ 1,558 $ 51,924 Trainer fees - See Kok Chong $ 52,228 $ 37,109 Director fees - See Kok Chong $ 34,530 $ 28,954 Office rental $ 53,999 $ - Professional fees $ 15,741 $ 46,850 Licence fees $ - $ 2,200 Listing expenses $ - $ (30,000 ) $ 180,530 $ 155,251 The amount due from related parties are as follows: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Masteryasia (M) Sdn Bhd $ 209,859 $ 295,697 Quest Consulting Ltd $ 9,715 $ 21,991 Castlefield Realty International Holdings Sdn Bhd $ 66,348 $ 64,696 Bluesky Oasis Sdn Bhd $ 1,224 $ - Quest Management Consulting (Shanghai) Co Ltd $ 351 $ - Castlefield Realty International Sdn Bhd $ 118 $ - Ilham Trading International Sdn Bhd $ 215 $ - Others $ 226 $ - $ 288,056 $ 382,384 The amount due to related parties are as follows: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Audited) LifeChamp Sdn Bhd $ 57 $ - Masteryasia (M) Sdn Bhd $ 994 $ - Quest Services Sdn Bhd $ 427 $ 322 Quest Learning Sdn Bhd $ 2,665 $ 300 QSC Asia Sdn Bhd $ 1,932 $ - $ 6,075 $ 622 |
Restatement of March 31, 2018
Restatement of March 31, 2018 | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of March 31, 2018 | 16. 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 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 the financial year ended 31 March 2018, the Company have changed 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 payment received from participants as deferred income, under current liability, with the assumption that the participants will complete the workshop over 2 financial years. The Company will recognize Deferred Income to Revenue each time the participants attend the workshop. In the event the participants do not attend the workshop in full within 2 financial years, any balance Deferred Income will be forfeited and recognized as Other Income in the Income Statement. In the circumstances that there are partial payment received from participants during enrollment, the Company will reflect such advance partial payment as Refundable Deposits instead of Deferred Income, under current liability. These Refundable Deposits will remain refundable for 2 years. The Company will recognize Refundable Deposits to revenue each time the participants attend the workshop. 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. As a results of change of accounting policy, this has resulted in the restatement of other receivables, prepayments and deposits which shows a decrease from $137,091 to $84,994 (restated). On the other hand, other payables and accrued liabilities has increased from $64,207 to $81,872 due to the 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 change in recognition policy this has led to a decrease from $249,159 to $188,342. NOTE B Cash and cash equivalents was restated from $302,855 to $303,796 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 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, 2019 | Mar. 31, 2019 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 15. 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, 2019 up through the date March 16, 2020 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, 2019 up through the date March 16, 2020, was the Company presented these audited consolidated financial statements. On November 18, 2019, the Company incorporated Morgan Capital Asset Management Ltd, a wholly owned subsidiary in Labuan, Malaysia, as an investment holding company. Save for the above, during the period, the Company did not have any other material recognizable subsequent events. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
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. |
Plant and Equipment | Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & fittings 10 years Office renovations Over lease term Signage 10 years Expenditures for maintenance and repairs are expensed as incurred. | Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & fittings 10 years Office renovations Over lease term 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. Deferred income is classified on the consolidated balance sheet as current liability. 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 Deferred income represent fees received in full and in advance for services which have not yet been performed. Deferred income is classified on the consolidated balance sheet as current liability. 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. |
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 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its customers. 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 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its customers. 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. |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis of acounting, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. For the nine months period ended December 31, 2019, the Company has generated revenue of $246,666 and continuously incurred a net loss of $501,988. As of December 31, 2019, the Company suffered an accumulated deficit of $1,602,141. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and the classification of liabilities that may result in the Company not able to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. | Going Concern The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. For the year ended March 31, 2019, the Company has generated revenue of $986,920 and continuously incurred a net loss of $502,336. As of March 31, 2019, the Company suffered an accumulated deficit of $1,101,017. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. |
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 period ended year ended December 31, 2019 March 31, 2019 Period-end RM : US$1 exchange rate 4.09250 4.08500 Period-average RM : US$1 exchange rate 4.16140 4.16140 Period-end US$ : HK$1 exchange rate 0.12813 0.12740 Period-average US$ : HK$1 exchange rate 0.12769 0.12752 Period-end US$ : AU$1 exchange rate 0.68874 0.70787 Period-average US$ : AU$1 exchange rate 0.61874 0.72939 | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations and comprehensive income. The reporting currency of the Company is United States Dollars (“US$”) 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, 2019 March 31, 2018 Period-end RM : US$1 exchange rate 4.08500 3.86300 Period-average RM : US$1 exchange rate 4.16140 4.14450 Period-end US$ : HK$1 exchange rate 0.12740 0.12754 Period-average US$ : HK$1 exchange rate 0.12752 0.12800 Period-end US$ : AU$1 exchange rate 0.70787 0.77581 Period-average US$ : AU$1 exchange rate 0.72939 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 |
Leases | Leases Prior to April 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective April 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods (see Note 13). | |
Recent Accounting Pronouncements | Recent accounting pronouncements 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. The Company officially adopted ASC 842 for the period on and after April 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. | Recent accounting pronouncements 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. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As required by the standard, the Company will adopt the provisions of the new standard effective April 1, 2019, using the required modified retrospective approach. We believe the adoption will not have a material impact on our financial statements. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
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 1 share of ordinary share of US$1 each Investment holding, coaching and consultancy 100% 2. Quest HK Limited Hong Kong, 1 share of ordinary share of HK$1 each Coaching, consultancy, training and mentorship 100% 3. Quest Masteryasia Group Malaysia, 10 shares of ordinary share of RM 1 each Coaching, consultancy, training and mentorship 100% 4. Questcorp Australia Pty Ltd Australia, 100 shares of ordinary share of AU$1 each Providing Money Mastery Mentorship Program & Certified Professional Training Program 51% 5. Morgan Capital Asset Management Ltd Labuan 1,000 shares of ordinary share of RM1 each Investment holding 100% | 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 1 share of ordinary share of US$1 each Investment holding, coaching and consultancy 100% 2. Quest HK Limited Hong Kong, 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, 2019 | Mar. 31, 2019 | |
Accounting Policies [Abstract] | ||
Schedule of Useful Lives of Plant and Equipment | Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & fittings 10 years Office renovations Over lease term Signage 10 years | Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Estimated useful lives Computer 2.5 years Office equipment 10 years Furniture & fittings 10 years Office renovations Over lease term 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 period ended year ended December 31, 2019 March 31, 2019 Period-end RM : US$1 exchange rate 4.09250 4.08500 Period-average RM : US$1 exchange rate 4.16140 4.16140 Period-end US$ : HK$1 exchange rate 0.12813 0.12740 Period-average US$ : HK$1 exchange rate 0.12769 0.12752 Period-end US$ : AU$1 exchange rate 0.68874 0.70787 Period-average US$ : AU$1 exchange rate 0.61874 0.72939 | 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, 2019 March 31, 2018 Period-end RM : US$1 exchange rate 4.08500 3.86300 Period-average RM : US$1 exchange rate 4.16140 4.14450 Period-end US$ : HK$1 exchange rate 0.12740 0.12754 Period-average US$ : HK$1 exchange rate 0.12752 0.12800 Period-end US$ : AU$1 exchange rate 0.70787 0.77581 Period-average US$ : AU$1 exchange rate 0.72939 0.78034 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Plant and Equipment | Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Software development (Work-In-Progress) $ 137,881 $ 3,427 Computer $ 32,612 $ 32,607 Office equipment $ 89,270 $ 40,641 Furniture and fittings $ 14,982 $ 15,009 Office renovations $ 40,664 $ 89,434 Signage $ 3,479 $ 3,486 Platform $ 12,066 $ 11,977 Total plant and equipment $ 330,954 $ 196,601 Total accumulated depreciation $ (76,952 ) $ (50,748 ) Plant and equipment, net $ 254,002 $ 145,853 | Plant and equipment as of March 31, 2019 are summarized below: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Software development (Work-In-Progress) $ 3,427 $ 9,707 Computer $ 32,607 $ 27,851 Office equipment $ 40,641 $ 40,643 Furniture and fittings $ 15,009 $ 15,872 Office renovations $ 89,434 $ 94,574 Signage $ 3,486 $ 3,686 Platform $ 11,997 $ - Total plant and equipment $ 196,601 $ 192,333 Total accumulated depreciation $ (50,748 ) $ (14,590 ) Plant and equipment, net $ 145,853 $ 177,743 |
Investment (Tables)
Investment (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Investments in and Advances to Affiliates [Abstract] | ||
Schedule of Investments | Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Money Compass Media (M) Sdn Bhd $ 12,240 $ 12,240 Natural Health Farm Holdings Inc $ 501 $ 501 Effect of translation exchange $ (23 ) $ - $ 12,718 $ 12,741 | Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Amircorp Inc $ - $ 55 US VR Global.Com Inc, $ - $ 622 Money Compass Media (M) Sdn Bhd $ 12,240 $ - Natural Health Farm Holdings Inc $ 501 - $ 12,741 $ 677 |
Deferred Income (Tables)
Deferred Income (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Schedule of Deferred Income | Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Certified Professional Training (CPT) $ 127,775 $ 51,499 Money Mastery Mentorship Program (MMMP) $ 59,451 $ 72,877 Wealth Advisor Investors (ADAM KHOO) $ 43,905 $ 1,389 Building Smart Business $ - $ 379 Stocktrading Mentorship Program $ 1,256 $ 1,259 Total deferred income $ 232,387 $ 127,403 | Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Certified Professional Training (CPT) $ 51,499 $ 64,844 Money Mastery Mentorship Program (MMMP) $ 72,877 $ 80,012 Wealth Advisor Investors (ADAM KHOO) $ 1,389 $ 41,755 Building Smart Business $ 379 $ 400 Stocktrading Mentorship Program $ 1,259 $ 1,331 Total deferred income, net $ 127,403 $ 188,342 |
Schedule of Duration and Services For Individuals from Each Program | The following table set forth the duration for and services individuals received from each program. Program Name Description Duration Certified Professional Trainer (CPT) - A dynamic career development program designed to provide a range of skills needed to become a professional trainer. - Each CPT is able to reap the below benefits: · · · · · · · 6 days Money Mastery Mentorship - An online learning portal that is designed to help individuals to achieve financial independence through a unique, personalized wealth creation system, designed according to individual’s passion and strength. 3 days Wealth Academy Investor - A comprehensive and practical investment camp designed to help individual to achieve financial freedom through the power of investing to generate multiple income streams and increase their net worth. 3 days | The following table set forth the duration for and services individuals received from each program. Program Name Description Duration Certified Professional Trainer (CPT) - A dynamic career development program designed to provide a range of skills needed to become a professional trainer. - Each CPT is able to reap the below benefits: · · · · · · · 6 days Money Mastery Mentorship - An online learning portal that is designed to help individuals to achieve financial independence through a unique, personalized wealth creation system, designed according to individual’s passion and strength. 3 days Wealth Academy Investor - A comprehensive and practical investment camp designed to help individual to achieve financial freedom through the power of investing to generate multiple income streams and increase their net worth. 3 days |
Account Receivable (Tables)
Account Receivable (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Schedule of Accounts Receivable | Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Account receivable $ 72,141 $ 85,873 | Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Account receivable $ 85,873 $ 21,708 |
Other Receivables, Prepayment_2
Other Receivables, Prepayments and Deposits (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Schedule of Other Receivables, Prepayments, Prepaid Expenses and Deposits | Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Deposits $ - $ 2,260 Other receivables $ 12,818 $ 27,727 Prepayments $ - $ 5,283 Total other receivables, prepayments and deposits $ 12,818 $ 35,270 | Prepaid expenses and deposits consisted of the following as at March 31, 2019: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Deposits $ 2,260 $ 1,820 Other receivables $ 27,727 $ 79,206 Prepayments $ 5,283 $ 3,968 Total prepaid expenses and deposits $ 35,270 $ 84,994 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Payables and Accruals [Abstract] | ||
Schedule of Other Payables and Accrued Liabilities | Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Other payables $ 191,819 $ 120,970 Accruals $ 76,694 $ 89,498 Total payables and accrued liabilities $ 268,513 $ 210,468 | Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Other payables $ 120,970 $ 48,373 Accruals $ 89,498 $ 33,499 Total payables and accrued liabilities $ 210,468 $ 81,872 |
Amount Due to Director (Tables)
Amount Due to Director (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due to Directors | Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Amount due to director $ 7,998 $ 3,128 |
Amount Due to Related Parties (
Amount Due to Related Parties (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Schedule of Amount Due to Related Parties | Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Due to related parties $ 68,931 $ 6,075 | Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Due to related parties $ 6,075 $ 622 |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Income (Loss) Before Income Tax | For the nine months ended December 31, 2019 and 2018, 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, 2019 December 31, 2018 Tax jurisdictions from: - Local $ (12,961 ) $ (25,334 ) - Foreign, representing: Labuan $ (2,115 ) $ - Seychelles $ (1,600 ) $ 213,305 Hong Kong $ (2,758 ) $ (15,061 ) Malaysia $ (480,792 ) $ (328,659 ) Australia $ (1,762 ) $ (29,086 ) Loss before income tax $ (501,988 ) $ (184,835 ) | For the year ended March 31, 2019 and 2018, the local (United States) and foreign components of loss before income tax were comprised of the following: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Tax jurisdictions from: - Local $ (31,885 ) $ (53,658 ) - Foreign, representing: Seychelles $ 214,905 $ (5,743 ) Hong Kong (16,844 ) (4,598 ) Malaysia (638,689 ) (302,173 ) Australia $ (29,823 ) $ (5,440 ) Loss before income tax $ (502,336 ) (371,612 ) |
Schedule of Income Tax Expense | The provision for income taxes consisted of the following: Nine Months Ended Nine Months Ended December 31, 2019 December 31, 2018 Current: - Local $ - $ - - Foreign - - Deferred: - Local $ - $ - - Foreign - - Income tax expense $ - $ - | The provision for income taxes consisted of the following: Year Ended Year Ended March 31, 2019 March 31, 2018 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 period ended December 31, 2019 and 2018: Period Ended Year Ended Deferred tax assets: Net operating profit/(loss) carry forwards -United States of America $ (37,238 ) $ (34,516 ) -Labuan $ (63 ) - -Hong Kong $ (4,247 ) $ (3,792 ) -Malaysia $ (285,857 ) $ (198,315 ) -Australia $ (10,182 ) $ (9,698 ) (337,587 ) 246,321 Less: valuation allowance $ 337,587 $ (246,321 ) 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, 2019 and 2018: Year Ended Year Ended Deferred tax assets: Net operating loss carry forward -United States of America $ (34,516 ) $ (27,821 ) -Hong Kong (3,792 ) (1,013 ) -Malaysia (198,315 ) (83,351 ) -Australia (9,698 ) (1,496 ) $ (246,321 ) $ (113,681 ) Less: valuation allowance 246,321 113,681 Deferred tax assets $ - $ - |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Schedule of Operating Lease Right and Lease Liability | The initial recognition of operating lease right and lease liability as follow: Gross lease payable $ 264,382 Less: imputed interest $ (23,664 ) Initial recognition as of April 1, 2019 $ 240,718 As of 31 December 2019, operating lease right of use asset as follow: Initial recognition as of April 1, 2019 $ 240,718 Effect of translation exchange $ (441 ) Accumulated amortisation $ (36,876 ) Balance as of December 31, 2019 $ 203,401 As of 31 December 2019, operating lease liability as follow: Initial recognition as of April 1, 2019 $ 240,718 Effect of translation exchange $ (441 ) Less: gross repayment $ (43,983 ) Add: imputed interest $ 7,107 Balance as of December 31, 2019 $ 203,401 Less: lease liability, current $ (51,062 ) Lease liability, non-current $ 152,339 |
Schedule of Operating Lease Maturities | Maturities of operating lease obligation as follow: Year ending March 31, 2020 (3 months) $ 12,560 March 31, 2021 $ 51,616 March 31, 2022 $ 53,894 March 31, 2023 $ 56,271 March 31, 2024 $ 29,060 Total $ 203,401 |
Schedule of Operating Leases Other Information | Other information: Nine Months Ended Nine Months Ended December 31, 2019 December 31, 2018 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 36,265 $ - Right-of-use assets obtained in exchange for operating lease liabilities $ 203,401 $ - Remaining lease term for operating lease (years) 3.75 - Weighted average discount rate for operating lease 4.325 % - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Rental Payment Under Non-cancellable Operating Lease | As at March 31, 2019 the company has future rental payment of $83,231 for office premises due under a non-cancellable operating lease in the next seventeen months. Period ending March 31: USD 2020 $ 58,751 2021 $ 24,480 $ 83,231 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Schedule of Amount Charged by Related Parties | The amount charged by related parties are as follows: Nine Months Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Accounting fees $ 537 $ 15,256 Secretary fees $ 163 $ 2,712 Payroll charges $ 3,715 $ 4.506 Management fees $ - $ 1,558 Trainer fees - See Kok Chong $ 3,605 $ 52,228 Director fees - See Kok Chong $ 15,573 $ 34,530 Office rental $ 43,241 $ 53,999 Professional fees $ 7,521 $ 15,741 $ 74,355 $ 180,530 | The amount charged by related parties are as follows: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Accounting fees $ 15,256 $ 14,723 Secretary fees $ 2,712 $ 1,344 Payroll charges $ 4,506 $ 2,147 Management fees $ 1,558 $ 51,924 Trainer fees - See Kok Chong $ 52,228 $ 37,109 Director fees - See Kok Chong $ 34,530 $ 28,954 Office rental $ 53,999 $ - Professional fees $ 15,741 $ 46,850 Licence fees $ - $ 2,200 Listing expenses $ - $ (30,000 ) $ 180,530 $ 155,251 |
Schedule of Due From Related Parties | The amount due from related parties are as follows: Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) Masteryasia (M) Sdn Bhd $ - $ 209,859 Quest Consulting Ltd $ 10,711 $ 9,715 Castlefield Realty International Holdings Sdn Bhd $ 59,599 $ 66,348 Bluesky Oasis Sdn Bhd $ - $ 1,224 Quest Management Consulting (Shanghai) Co Ltd $ 350 $ 351 Castlefield Realty International Sdn Bhd $ 117 $ 118 Ilham Trading International Sdn Bhd $ - $ 215 BetterBlue Sdn Bhd $ 392 $ - Speedprop Global Sdn Bhd $ 2,522 $ - Others $ 227 $ 226 $ 73,918 $ 288,056 | The amount due from related parties are as follows: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Restated) Masteryasia (M) Sdn Bhd $ 209,859 $ 295,697 Quest Consulting Ltd $ 9,715 $ 21,991 Castlefield Realty International Holdings Sdn Bhd $ 66,348 $ 64,696 Bluesky Oasis Sdn Bhd $ 1,224 $ - Quest Management Consulting (Shanghai) Co Ltd $ 351 $ - Castlefield Realty International Sdn Bhd $ 118 $ - Ilham Trading International Sdn Bhd $ 215 $ - Others $ 226 $ - $ 288,056 $ 382,384 |
Schedule of Due to Related Parties | The amount due to related parties are as follows: Period Ended Year Ended December 31, 2019 March 31, 2019 (Unaudited) (Audited) LifeChamp Sdn Bhd $ 508 $ 57 Masteryasia (M) Sdn Bhd $ 42,747 $ 994 Quest Services Sdn Bhd $ 626 $ 427 Quest Learning Sdn Bhd $ 20,931 $ 2,665 QSC Asia Sdn Bhd 1,932 Castlefield Global Sdn Bhd $ 139 $ - Speedprop Global Sdn Bhd $ 3,940 $ - Inpromastery Sdn Bhd $ 40 $ - $ 68,931 $ 6,075 | The amount due to related parties are as follows: Year Ended Year Ended March 31, 2019 March 31, 2018 (Audited) (Audited) LifeChamp Sdn Bhd $ 57 $ - Masteryasia (M) Sdn Bhd $ 994 $ - Quest Services Sdn Bhd $ 427 $ 322 Quest Learning Sdn Bhd $ 2,665 $ 300 QSC Asia Sdn Bhd $ 1,932 $ - $ 6,075 $ 622 |
Restatement of March 31, 2018 (
Restatement of March 31, 2018 (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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 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) | Mar. 31, 2019 | Dec. 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) (10-K) | Mar. 31, 2019 | Dec. 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, 2019 | Mar. 31, 2019 | |
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 , coaching and 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. | 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$1 each |
Principal activities | Providing Money Mastery Mentorship Program & Certified Professional Training Program | Providing Money Mastery Mentorship Program & Certified Professional Training Program |
Proportional of ownership interest and voting power held | 51.00% | 51.00% |
Subsidiary Five [Member] | ||
Company name | Morgan Capital Asset Management Ltd | |
Place and date of incorporation | Labuan November 8, 2019 | |
Particulars of issued capital | 1,000 shares of ordinary share of RM1 each | |
Principal activities | Investment holding | |
Proportional of ownership interest and voting power held | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segments | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($)Segments | Mar. 31, 2018USD ($) | Mar. 31, 2018USD ($) | |
Net loss | $ (95,418) | $ (317,501) | $ (49,254) | $ (501,988) | $ (184,835) | $ (502,336) | $ (371,612) | $ (371,612) |
Revenue | 100,845 | $ 385,470 | 246,666 | $ 980,524 | 986,920 | 622,276 | ||
Accumulated deficit | $ (1,602,141) | $ (1,101,017) | $ (1,602,141) | $ (1,101,017) | $ (613,294) | $ (613,294) | ||
Malaysia [Member] | ||||||||
Number of segment | Segments | 1 | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) (10-K) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segments | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($)Segments | Mar. 31, 2018USD ($) | Mar. 31, 2018USD ($) | |
Net loss | $ (95,418) | $ (317,501) | $ (49,254) | $ (501,988) | $ (184,835) | $ (502,336) | $ (371,612) | $ (371,612) |
Revenue | 100,845 | $ 385,470 | 246,666 | $ 980,524 | 986,920 | 622,276 | ||
Accumulated deficit | $ (1,602,141) | $ (1,101,017) | $ (1,602,141) | $ (1,101,017) | $ (613,294) | $ (613,294) | ||
Malaysia [Member] | ||||||||
Number of segment | Segments | 1 | 1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Useful Lives of Plant and Equipment (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Computer [Member] | ||
Estimated useful life of plant and equipment | 2 years 6 months | 2 years 6 months |
Office Equipment [Member] | ||
Estimated useful life of plant and equipment | 10 years | 10 years |
Furniture and Fittings [Member] | ||
Estimated useful life of plant and equipment | 10 years | 10 years |
Office Renovations [Member] | ||
Estimated useful lives, description | Over lease term | Over lease term |
Signage [Member] | ||
Estimated useful life of plant and equipment | 10 years | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation Exchange Rate (Details) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Period-End RM : US$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 4.09250 | 4.08500 | 3.86300 |
Period-Average RM : US$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 4.16140 | 4.16140 | 4.14450 |
Period-End US$ : HK$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.12813 | 0.12740 | 0.12754 |
Period-Average US$ : HK$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.12769 | 0.12752 | 0.12800 |
Period-End US$ : AU$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.68874 | 0.70787 | 0.77581 |
Period-Average US$ : AU$1 Exchange Rate [Member] | |||
Foreign Currency Exchange Rate, Translation | 0.61874 | 0.72939 | 0.78034 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 25,866 | $ 37,236 | $ 13,590 |
Plant and Equipment (Details _2
Plant and Equipment (Details Narrative) (10-K) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 25,866 | $ 37,236 | $ 13,590 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Plant and Equipment (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Total plant and equipment | $ 330,954 | $ 196,601 | |
Total accumulated depreciation | (76,952) | (50,748) | |
Plant and equipment, net | 254,002 | 145,853 | $ 177,743 |
Restatement [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 | 137,881 | 3,427 | |
Software Development (Work-In-Progress) [Member] | Restatement [Member] | |||
Total plant and equipment | 9,707 | ||
Computer [Member] | |||
Total plant and equipment | 32,612 | 32,607 | |
Computer [Member] | Restatement [Member] | |||
Total plant and equipment | 27,851 | ||
Office Equipment [Member] | |||
Total plant and equipment | 89,270 | 40,641 | |
Office Equipment [Member] | Restatement [Member] | |||
Total plant and equipment | 40,643 | ||
Furniture and Fittings [Member] | |||
Total plant and equipment | 14,982 | 15,009 | |
Furniture and Fittings [Member] | Restatement [Member] | |||
Total plant and equipment | 15,872 | ||
Office Renovations [Member] | |||
Total plant and equipment | 40,664 | 89,434 | |
Office Renovations [Member] | Restatement [Member] | |||
Total plant and equipment | 94,574 | ||
Signage [Member] | |||
Total plant and equipment | 3,479 | 3,486 | |
Signage [Member] | Restatement [Member] | |||
Total plant and equipment | 3,686 | ||
Platform [Member] | |||
Total plant and equipment | $ 12,066 | $ 11,997 | |
Platform [Member] | Restatement [Member] | |||
Total plant and equipment |
Investment (Details Narrative)
Investment (Details Narrative) | 12 Months Ended |
Mar. 31, 2019shares | |
Money Compass Media (M) Sdn Bhd [Member] | |
Number of shares issued, acquisition | 3,401 |
Natural Health Farm Holdings Inc [Member] | |
Number of shares issued, acquisition | 500,000 |
Share capital, percentage | 1.00% |
Investment (Details Narrative)
Investment (Details Narrative) (10-K) | 12 Months Ended |
Mar. 31, 2019shares | |
Money Compass Media (M) Sdn Bhd [Member] | |
Number of shares issued, acquisition | 3,401 |
Natural Health Farm Holdings Inc [Member] | |
Number of shares issued, acquisition | 500,000 |
Share capital, percentage | 1.00% |
Investment - Schedule of Invest
Investment - Schedule of Investments (Details) - USD ($) | 9 Months Ended | ||
Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Investment | $ 12,718 | $ 12,741 | $ 677 |
Effect of translation exchange | (23) | ||
Restatement [Member] | |||
Investment | 677 | ||
Money Compass Media (M) Sdn Bhd [Member] | |||
Investment | 12,240 | 12,240 | |
Money Compass Media (M) Sdn Bhd [Member] | Restatement [Member] | |||
Investment | |||
Natural Health Farm Holdings Inc [Member] | |||
Investment | $ 501 | 501 | |
Natural Health Farm Holdings Inc [Member] | Restatement [Member] | |||
Investment | |||
Amircorp [Member] | |||
Investment | |||
Amircorp [Member] | Restatement [Member] | |||
Investment | 55 | ||
US VR Global.Inc [Member] | |||
Investment | |||
US VR Global.Inc [Member] | Restatement [Member] | |||
Investment | $ 622 |
Deferred Income (Details Narrat
Deferred Income (Details Narrative) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Total deferred income | $ 232,387 | $ 127,403 | $ 188,342 |
Deferred Income - Schedule of D
Deferred Income - Schedule of Deferred Income (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Total deferred income, net | $ 232,387 | $ 127,403 | $ 188,342 |
Restatement [Member] | |||
Total deferred income, net | 188,342 | ||
Certified Professional Training (CPT) [Member] | |||
Total deferred income, net | 127,775 | 51,499 | |
Certified Professional Training (CPT) [Member] | Restatement [Member] | |||
Total deferred income, net | 64,844 | ||
Money Mastery Mentorship Program (MMMP) [Member] | |||
Total deferred income, net | 59,451 | 72,877 | |
Money Mastery Mentorship Program (MMMP) [Member] | Restatement [Member] | |||
Total deferred income, net | 80,012 | ||
Wealth Advisor Investors (ADAM KHOO) [Member] | |||
Total deferred income, net | 43,905 | 1,389 | |
Wealth Advisor Investors (ADAM KHOO) [Member] | Restatement [Member] | |||
Total deferred income, net | 41,755 | ||
Building Smart Business [Member] | |||
Total deferred income, net | 379 | ||
Building Smart Business [Member] | Restatement [Member] | |||
Total deferred income, net | 400 | ||
Stocktrading Mentorship Program [Member] | |||
Total deferred income, net | $ 1,256 | $ 1,259 | |
Stocktrading Mentorship Program [Member] | Restatement [Member] | |||
Total deferred income, net | $ 1,331 |
Deferred Income - Schedule of_2
Deferred Income - Schedule of Deferred Income - Schedule of Duration for and Services Individuals from Each Program (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Certified Professional Trainer [Member] | ||
Program description | A dynamic career development program designed to provide a range of skills needed to become a professional trainer. Each CPT is able to reap the below benefits: Run training programs that would deliver measurable results. Able to choose the most appropriate and suitable training methods to achieve self-training and development objectives. Be more innovative in designing the training class to make it more interesting and captivating. Capable in handling sensitive issues and difficult situations when organizing future training. Map out a personal branding strategy that is unique and would position that person in a crowded market place. Create a niche position for the participant in the training market so that he or she can penetrate the market easily. Develop a personal marketing plan that will map out the strategies to be a successful professional trainer | A dynamic career development program designed to provide a range of skills needed to become a professional trainer. Each CPT is able to reap the below benefits: Run training programs that would deliver measurable results. Able to choose the most appropriate and suitable training methods to achieve self-training and development objectives. Be more innovative in designing the training class to make it more interesting and captivating. Capable in handling sensitive issues and difficult situations when organizing future training. Map out a personal branding strategy that is unique and would position that person in a crowded market place. Create a niche position for the participant in the training market so that he or she can penetrate the market easily. Develop a personal marketing plan that will map out the strategies to be a successful professional trainer |
Program duration | 6 days | 6 days |
Money Mastery Mentorship [Member] | ||
Program description | An online learning portal that is designed to help individuals to achieve financial independence through a unique, personalized wealth creation system, designed according to individual's passion and strength. Each individual will learn: I. Secrets To Create Multiple Sources Of Income. II. Money Mastery Income Acceleration Program. III. Live Session - Money Mastery Boot Camp | An online learning portal that is designed to help individuals to achieve financial independence through a unique, personalized wealth creation system, designed according to individual's passion and strength. Each individual will learn: I. Secrets To Create Multiple Sources Of Income. II. Money Mastery Income Acceleration Program. III. Live Session - Money Mastery Boot Camp |
Program duration | 3 days | 3 days |
Wealth Academy Investor [Member] | ||
Program description | A comprehensive and practical investment camp designed to help individual to achieve financial freedom through the power of investing to generate multiple income streams and increase their net worth. Each individual will learn: I. The Winning Psychology of Professional Investors. II. How To Turn News Into Explosive Profit Opportunities. III. Market & Sector Index Investing. IV. Value Investing: Warren Buffet's Strategy. V. Momentum Investing. VI. Essentials Of Technical Analysis | A comprehensive and practical investment camp designed to help individual to achieve financial freedom through the power of investing to generate multiple income streams and increase their net worth. Each individual will learn: I. The Winning Psychology of Professional Investors. II. How To Turn News Into Explosive Profit Opportunities. III. Market & Sector Index Investing. IV. Value Investing: Warren Buffet's Strategy. V. Momentum Investing. VI. Essentials Of Technical Analysis |
Program duration | 3 days | 3 days |
Account Receivable (Details Nar
Account Receivable (Details Narrative) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Receivables [Abstract] | |||
Accounts receivables | $ 72,141 | $ 85,873 | $ 21,708 |
Account Receivable - Schedule o
Account Receivable - Schedule of Accounts Receivable (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts receivables | $ 72,141 | $ 85,873 | $ 21,708 |
Restatement [Member] | |||
Accounts receivables | $ 21,708 |
Other Receivables, Prepayment_3
Other Receivables, Prepayments and Deposits (Details Narrative) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Receivables [Abstract] | |||
Other receivables | $ 12,818 | $ 27,727 | $ 79,206 |
Other Receivables, Prepayments,
Other Receivables, Prepayments, Prepaid Expenses and Deposits - Schedule of Other Receivables, Prepayments and Deposits (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Deposits | $ 2,260 | ||
Other receivables | 12,818 | 27,727 | $ 79,206 |
Prepayments | 5,283 | ||
Total other receivables, prepayments and deposits | $ 12,818 | $ 35,270 | 84,994 |
Restatement [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, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Payables and Accruals [Abstract] | |||
Refundable deposits payables to participants | $ 76,686 | $ 36,201 | $ 35,166 |
Other Payables and Accrued Li_4
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Other payables | $ 191,819 | $ 120,970 | |
Accruals | 76,694 | 89,498 | |
Total payables and accrued liabilities | $ 268,513 | $ 210,468 | $ 81,872 |
Restatement [Member] | |||
Other payables | 48,373 | ||
Accruals | 33,499 | ||
Total payables and accrued liabilities | $ 81,872 |
Amount Due to Director - Schedu
Amount Due to Director - Schedule of Amount Due to Directors (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Amount due to director | $ 33,265 | $ 7,998 | $ 3,128 |
Restatement [Member] | |||
Amount due to director | $ 3,128 |
Amount Due to Related Parties -
Amount Due to Related Parties - Schedule of Amount Due to Related Parties (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Due to related parties | $ 68,931 | $ 6,075 | $ 622 |
Restatement [Member] | |||
Due to related parties | $ 622 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Morgan Capital Asset Management Ltd [Member] | ||
Cumulative net operating loss | $ 2,115 | |
Offset future taxable income tax rate | 3.00% | |
Valuation allowance | $ 63 | |
Statutory income rate | 3.00% | |
United States of America [Member] | ||
Cumulative net operating loss | $ 177,325 | $ 164,364 |
Offset future taxable income tax rate | 21.00% | 21.00% |
Net operating loss expire date | 2038 | 2038 |
Valuation allowance | $ 37,238 | $ 34,516 |
Hong Kong [Member] | ||
Cumulative net operating loss | $ 25,740 | $ 22,982 |
Offset future taxable income tax rate | 16.50% | 16.50% |
Valuation allowance | $ 4,247 | $ 3,792 |
Statutory income rate | 16.50% | |
Malaysia [Member] | ||
Cumulative net operating loss | 1,582,541 | $ 1,101,749 |
Offset future taxable income tax rate | 18.00% | |
Valuation allowance | $ 284,857 | $ 198,315 |
Statutory income rate | 18.00% | |
Malaysia [Member] | Minimum [Member] | ||
Offset future taxable income tax rate | 18.00% | |
Statutory income rate | 18.00% | |
Malaysia [Member] | Maximum [Member] | ||
Offset future taxable income tax rate | 24.00% | |
Statutory income rate | 24.00% | |
Australia [Member] | ||
Cumulative net operating loss | $ 37,026 | $ 35,264 |
Offset future taxable income tax rate | 27.50% | 27.50% |
Valuation allowance | $ 10,182 | $ 9,698 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) (10-K) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
United States of America [Member] | ||
Cumulative net operating loss | $ 177,325 | $ 164,364 |
Net operating loss expire date | 2038 | 2038 |
Offset future taxable income tax rate | 21.00% | 21.00% |
Deferred tax assets valuation allowance | $ 37,238 | $ 34,516 |
Hong Kong [Member] | ||
Cumulative net operating loss | $ 25,740 | $ 22,982 |
Offset future taxable income tax rate | 16.50% | 16.50% |
Deferred tax assets valuation allowance | $ 4,247 | $ 3,792 |
Statutory income rate | 16.50% | |
Malaysia [Member] | ||
Cumulative net operating loss | 1,582,541 | $ 1,101,749 |
Offset future taxable income tax rate | 18.00% | |
Deferred tax assets valuation allowance | $ 284,857 | $ 198,315 |
Statutory income rate | 18.00% | |
Malaysia [Member] | Minimum [Member] | ||
Offset future taxable income tax rate | 18.00% | |
Statutory income rate | 18.00% | |
Malaysia [Member] | Maximum [Member] | ||
Offset future taxable income tax rate | 24.00% | |
Statutory income rate | 24.00% | |
Australia [Member] | ||
Cumulative net operating loss | $ 37,026 | $ 35,264 |
Offset future taxable income tax rate | 27.50% | 27.50% |
Deferred tax assets valuation allowance | $ 10,182 | $ 9,698 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Loss before income tax Local | $ (12,961) | $ (25,334) | $ (31,885) | |||
Loss before income tax | $ (95,418) | $ (49,254) | (501,988) | (184,835) | (502,336) | $ (371,612) |
Restatement [Member] | ||||||
Loss before income tax Local | (53,658) | |||||
Loss before income tax | (371,612) | |||||
Labuan [Member] | ||||||
Loss before income tax Foreign | (2,115) | |||||
Seychelles [Member] | ||||||
Loss before income tax Foreign | (1,600) | 213,305 | 214,905 | |||
Seychelles [Member] | Restatement [Member] | ||||||
Loss before income tax Foreign | (5,743) | |||||
Hong Kong [Member] | ||||||
Loss before income tax Foreign | (2,758) | (15,061) | (16,844) | |||
Hong Kong [Member] | Restatement [Member] | ||||||
Loss before income tax Foreign | (4,598) | |||||
Malaysia [Member] | ||||||
Loss before income tax Foreign | (480,792) | (328,659) | (638,689) | |||
Malaysia [Member] | Restatement [Member] | ||||||
Loss before income tax Foreign | (302,173) | |||||
Australia [Member] | ||||||
Loss before income tax Foreign | $ (1,762) | $ (29,086) | $ (29,823) | |||
Australia [Member] | Restatement [Member] | ||||||
Loss before income tax Foreign | $ (5,440) |
Income Tax - Schedule of Inco_2
Income Tax - Schedule of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||||
Current: Local | ||||||
Current: Foreign | ||||||
Deferred: Local | ||||||
Deferred: Foreign | ||||||
Income tax expense |
Income Tax - Schedule of Deferr
Income Tax - Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Net operating loss carryforwards | $ (337,587) | $ (246,321) | $ (113,681) |
Less: valuation allowance | 337,587 | 246,321 | 113,681 |
Deferred tax assets | |||
United States of America [Member] | |||
Net operating loss carryforwards | (37,238) | (34,516) | (27,821) |
Labuan [Member] | |||
Net operating loss carryforwards | (63) | ||
Hong Kong [Member] | |||
Net operating loss carryforwards | (4,247) | (3,792) | (1,013) |
Malaysia [Member] | |||
Net operating loss carryforwards | (285,857) | (198,315) | (83,351) |
Australia [Member] | |||
Net operating loss carryforwards | $ (10,182) | $ (9,698) | $ (1,496) |
Concentrations of Risk (Details
Concentrations of Risk (Details Narrative) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
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) (10-K) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
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% |
Operating Leases (Details Narra
Operating Leases (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Apr. 02, 2019 | Mar. 31, 2019 | |
Operating lease liablity | $ 203,401 | $ 203,401 | $ 240,718 | $ 240,718 |
Operating lease right of use asset, amortization | $ 12,219 | 36,265 | ||
Lease expenses | $ 43,241 | |||
Malayan Banking (Maybank) [Member] | ||||
Operating lease, discount rate | 4.325% | |||
Berhad's (Maybank) [Member] | ||||
Operating lease, effective lending rate, percentage | 4.20% | |||
OCBC Bank Berhad's (OCBC) [Member] | ||||
Operating lease, effective lending rate, percentage | 4.45% |
Operating Leases - Schedule of
Operating Leases - Schedule of Operating Lease Right and Lease Liability (Details) - USD ($) | 9 Months Ended | ||
Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Notes to Financial Statements | |||
Gross lease payable | $ 264,382 | ||
Less: imputed interest | (23,664) | ||
Initial recognition as of April 1, 2019 | 240,718 | ||
Initial recognition, operating lease right of use asset | |||
Effect of translation exchange | (441) | ||
Accumulated amortisation | (36,876) | ||
Ending balance, operating lease right of use asset | 203,401 | ||
Initial recognition, operating lease right and lease liability | 240,718 | ||
Effect of translation exchange | (441) | ||
Less: gross repayment | (43,983) | ||
less: imputed interest | 7,107 | ||
Ending balance, operating lease right and lease liability | 203,401 | ||
Less: lease liability, current | (51,062) | ||
Lease liability, non-current | $ 152,339 |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Operating Lease Maturities (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Notes to Financial Statements | ||
March 31, 2020 (3 months) | $ 12,560 | |
March 31, 2021 | 51,616 | $ 24,480 |
March 31, 2022 | 53,894 | |
March 31, 2023 | 56,271 | |
March 31, 2024 | 29,060 | |
Future payment of lease | $ 203,401 | $ 83,231 |
Operating Leases - Schedule o_3
Operating Leases - Schedule of Operating Leases Other Information (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Notes to Financial Statements | ||
Operating cash flow from operating lease | $ 36,265 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 203,401 | |
Remaining lease term for operating lease (years) | 3 years 9 months | 0 years |
Weighted average discount rate for operating lease | 4.325% |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) (10-K) - USD ($) | Aug. 21, 2017 | Dec. 31, 2019 | Mar. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease term | 3 years | ||
Extended lease term | 3 years | ||
Future payment of lease | $ 203,401 | $ 83,231 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Rental Payment Under Non-cancellable Operating Lease (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
2020 | $ 58,751 | |
2021 | $ 51,616 | 24,480 |
Future payment of lease | $ 203,401 | $ 83,231 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Charged by Related Parties (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting fees | $ 537 | $ 15,256 | |
Secretary fees | 163 | 2,712 | |
Payroll charges | 3,715 | 4,506 | |
Management fees | 1,558 | ||
Trainer fees - See Kok Chong | 3,605 | 52,228 | |
Director fees - See Kok Chong | 15,573 | 34,530 | |
Office rental | 43,241 | 53,999 | |
Professional fees | 7,521 | 15,741 | |
License fees | |||
Listing expenses | |||
Total | $ 74,355 | $ 180,530 | |
Restatement [Member] | |||
Accounting fees | $ 14,723 | ||
Secretary fees | 1,344 | ||
Payroll charges | 2,147 | ||
Management fees | 51,924 | ||
Trainer fees - See Kok Chong | 37,109 | ||
Director fees - See Kok Chong | 28,954 | ||
Office rental | |||
Professional fees | 46,850 | ||
License fees | 2,200 | ||
Listing expenses | (30,000) | ||
Total | $ 155,251 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Due From Related Parties (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Due from related parties | $ 73,918 | $ 288,056 | |
Restatement [Member] | |||
Due from related parties | $ 382,384 | ||
Masteryasia (M) Sdn Bhd [Member] | |||
Due from related parties | 209,859 | ||
Masteryasia (M) Sdn Bhd [Member] | Restatement [Member] | |||
Due from related parties | 295,697 | ||
Quest Consulting Ltd [Member] | |||
Due from related parties | 10,711 | 9,715 | |
Quest Consulting Ltd [Member] | Restatement [Member] | |||
Due from related parties | 21,991 | ||
Castlefield Realty International Holdings Sdn Bhd [Member] | |||
Due from related parties | 59,599 | 66,348 | |
Castlefield Realty International Holdings Sdn Bhd [Member] | Restatement [Member] | |||
Due from related parties | 64,696 | ||
Bluesky Oasis Sdn Bhd [Member] | |||
Due from related parties | 1,224 | ||
Bluesky Oasis Sdn Bhd [Member] | Restatement [Member] | |||
Due from related parties | |||
Quest Management Consulting (Shanghai) Co.Ltd. [Member] | |||
Due from related parties | 350 | 351 | |
Quest Management Consulting (Shanghai) Co.Ltd. [Member] | Restatement [Member] | |||
Due from related parties | |||
Castlefield Realty International Sdn Bhd [Member] | |||
Due from related parties | 117 | 118 | |
Castlefield Realty International Sdn Bhd [Member] | Restatement [Member] | |||
Due from related parties | |||
Ilham Trading International Sdn Bhd [Member] | |||
Due from related parties | 215 | ||
Ilham Trading International Sdn Bhd [Member] | Restatement [Member] | |||
Due from related parties | |||
BetterBlue Sdn Bhd [Member] | |||
Due from related parties | 392 | ||
Speedprop Gloabl Sdn Bhd [Member] | |||
Due from related parties | 2,522 | ||
Others [Member] | |||
Due from related parties | $ 227 | $ 226 | |
Others [Member] | Restatement [Member] | |||
Due from related parties |
Related Party Transactions - _3
Related Party Transactions - Schedule of Due to Related Parties (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Due to related parties, current | $ 68,931 | $ 6,075 | $ 622 |
LifeChamp [Member] | |||
Due to related parties, current | 508 | 57 | |
Masteryasia (M) Sdn Bhd [Member] | |||
Due to related parties, current | 42,747 | 994 | |
Quest Services Sdn Bhd [Member] | |||
Due to related parties, current | 626 | 427 | 322 |
Quest Learning Sdn Bhd [Member] | |||
Due to related parties, current | 20,931 | 2,665 | 300 |
QSC Asia Sdn Bhd [Member] | |||
Due to related parties, current | 1,932 | ||
Castlefield Global Sdn Bhd [Member] | |||
Due to related parties, current | 139 | ||
Speedprop Gloabl Sdn Bhd [Member] | |||
Due to related parties, current | 3,940 | ||
Impromastery Sdn Bhd [Member] | |||
Due to related parties, current | $ 40 |
Restatement of March 31, 2018_2
Restatement of March 31, 2018 (Details Narrative) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2017 | |
Other receivables, prepayments and deposits | $ 84,994 | $ 12,818 | $ 35,270 | ||
Other payables and accrued liabilities increased | 81,872 | 268,513 | 210,468 | ||
Deferred income, net | 188,342 | 232,387 | 127,403 | ||
Cash and cash equivalents | 303,796 | $ 14,572 | $ 36,304 | $ 107,681 | $ 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 | ||||
Other payables and accrued liabilities increased | 64,207 | ||||
Deferred income, net | 249,159 | ||||
Cash and cash equivalents | 302,855 | ||||
Accounts payables reduced | $ 860 |
Restatement of March 31, 2018 -
Restatement of March 31, 2018 - Schedule of Restatement (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts Receivables | $ 72,141 | $ 85,873 | $ 21,708 | ||
Other receivables, prepayments and deposits | 12,818 | 35,270 | 84,994 | ||
Amount due from related parties | 73,918 | 288,056 | 382,384 | ||
Cash and cash equivalents | 14,572 | 36,304 | $ 107,681 | 303,796 | $ 360,760 |
Plant and equipment, net | 254,002 | 145,853 | 177,743 | ||
Investment, net | 12,718 | 12,741 | 677 | ||
Accounts payables | 179,555 | 82,887 | 755 | ||
Other payables and accrued liabilities | 268,513 | 210,468 | 81,872 | ||
Deferred income, net | 232,387 | 127,403 | 188,342 | ||
Amount owing to Director | $ 33,265 | $ 7,998 | 3,128 | ||
Previously Reported [Member] | |||||
Accounts Receivables | 22,330 | ||||
Other receivables, prepayments and deposits | 137,091 | ||||
Amount due from related parties | 377,757 | ||||
Cash and cash equivalents | 302,855 | ||||
Plant and equipment, net | 177,621 | ||||
Investment, net | 55 | ||||
Accounts payables | 1,615 | ||||
Other payables and accrued liabilities | 64,207 | ||||
Deferred income, net | 249,159 | ||||
Amount owing to Director | 1,523 | ||||
Restatement Adjustment [Member] | |||||
Accounts Receivables | (622) | ||||
Other receivables, prepayments and deposits | (52,097) | ||||
Amount due from related parties | 4,627 | ||||
Cash and cash equivalents | 941 | ||||
Plant and equipment, net | 122 | ||||
Investment, net | 622 | ||||
Accounts payables | (860) | ||||
Other payables and accrued liabilities | 17,665 | ||||
Deferred income, net | (60,817) | ||||
Amount owing to Director | $ 1,605 |