Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Mar. 31, 2023 | Aug. 18, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | LYTUS TECHNOLOGIES HOLDINGS PTV. LTD. | |
Trading Symbol | LYT | |
Document Type | 20-F | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 40,126,449 | |
Amendment Flag | false | |
Entity Central Index Key | 0001816319 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-41418 | |
Entity Incorporation, State or Country Code | D8 | |
Entity Address, Address Line One | Business Center 1, M Floor | |
Entity Address, Address Line Two | The Meydan Hotel | |
Entity Address, Address Line Three | Nad Al Sheba | |
Entity Address, City or Town | Dubai | |
Entity Address, Country | AE | |
Title of 12(b) Security | Common Shares | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Accounting Standard | International Financial Reporting Standards | |
Auditor Name | Pipara & Co LLP | |
Auditor Firm ID | 6841 | |
Auditor Location | Ahmedabad, India | |
Entity Address, Postal Zip Code | 00000 | |
Business Contact | ||
Document Information Line Items | ||
Entity Address, Address Line One | Business Center 1, M Floor | |
Entity Address, Address Line Two | The Meydan Hotel | |
Entity Address, Address Line Three | Nad Al Sheba | |
Entity Address, City or Town | Dubai | |
Entity Address, Country | AE | |
Contact Personnel Email Address | info@lytuscorp.com | |
Contact Personnel Name | Shreyas Shah | |
Entity Address, Postal Zip Code | 00000 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 311,810 | $ 8,758 |
Other financial assets | 2,529,576 | 330 |
Trade receivables | 1,831,724 | |
Other receivables | 50,939,090 | |
Other current assets | 1,652,936 | 328,024 |
Total current assets | 6,326,046 | 51,276,202 |
Non-current assets | ||
Property and equipment, net | 9,600,526 | |
Capital work-in-process | 794,271 | |
Intangible assets and goodwill, net | 1,060,228 | 35,259,504 |
Intangible assets under development | 11,051 | 166,587 |
Other non-current financial assets | 275,049 | |
Other non-current assets | 8,714,907 | |
Deferred tax assets | 103,746 | 126,624 |
Total non-current assets | 20,559,778 | 35,552,715 |
Total assets | 26,885,824 | 86,828,917 |
Current Liabilities | ||
Borrowings | 3,889,131 | 1,038,155 |
Trade payables | 6,802,780 | 941,162 |
Other financial liabilities | 1,715,060 | 1,510,240 |
Employee benefits obligation | 212 | |
Other current liabilities | 2,452,190 | 7,998,305 |
Customers acquisition payable | 29,146,665 | |
Current tax liability | 399,174 | 3,305,308 |
Total current liabilities | 15,258,547 | 43,939,835 |
Non-current liabilities | ||
Borrowings | 10,185 | |
Other financial liabilities | 321,749 | |
Employee benefits obligations | 72,456 | |
Customer acquisition payable, net of current portion | 29,146,665 | |
Deferred tax liability | 478,359 | 1,533,643 |
Total non-current liabilities | 882,749 | 30,680,308 |
Total liabilities | 16,141,296 | 74,620,143 |
Commitments and contingencies | 8,911,022 | 730,000 |
EQUITY | ||
Equity share capital | 375,766 | 341,541 |
Other equity | 7,830,284 | 11,865,325 |
Equity attributable to equity holders of the Company | 8,206,050 | 12,206,866 |
Non-controlling interest | 2,538,478 | 1,908 |
Total equity | 10,744,528 | 12,208,774 |
Total liabilities and equity | $ 26,885,824 | $ 86,828,917 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Revenue from contracts with customer | $ 19,008,184 | $ 50,630 |
Other income | 385,145 | 16,305,533 |
Total income | 19,393,329 | 16,356,163 |
Expenses: | ||
Costs of revenue | 13,884,291 | 17,722 |
Amortization of intangible assets | 16,211 | 11,894,518 |
Depreciation | 680,013 | |
Legal and professional expenses | 833,079 | 832,319 |
Staffing expenses | 633,979 | 310,894 |
Other operating expenses | 2,267,265 | 473,403 |
Total expenses | 18,314,838 | 13,528,856 |
Finance Income | 19,123 | |
Finance Cost | 2,210,404 | 2,650,396 |
Profit before income tax | (1,112,790) | 176,911 |
Income tax expense | 523,047 | 579,946 |
(Loss)/profit for the year | (1,635,837) | (403,035) |
(Loss)/profit attributable to: | ||
Controlling interest | (2,348,103) | (390,067) |
Non-controlling interest | 712,266 | (12,968) |
Items that will not be reclassified to profit or loss | ||
Reclassification of defined benefit obligation, net of tax | (1,400) | |
Items that may be reclassified subsequently to profit or loss | ||
Exchange difference on foreign currency translation of subsidiaries, net of tax | 216,022 | 753,427 |
Total comprehensive income/(Loss) for the year | (1,421,215) | 350,392 |
Total comprehensive income/(Loss) attributable to: | ||
Controlling interest | (2,190,732) | 363,360 |
Non-controlling interest | $ 769,517 | $ (12,968) |
Basic and diluted earnings per share | ||
Basic (loss)/earning per common share (in Dollars per share) | $ (0.04) | $ (0.01) |
Basic weighted average number of shares outstanding (in Shares) | 36,808,689 | 34,154,062 |
Diluted (loss)/earning per common share (in Dollars per share) | $ (0.04) | $ (0.01) |
Diluted weighted average number of common shares outstanding (in Shares) | 36,808,689 | 34,154,062 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Share Capital | Translation of Foreign Subsidiaries | Retained Earnings | Total | Non-Controlling Interest | Employee Benefits Reclassification | Securities Premium Reserve | Total |
Balance at Mar. 31, 2021 | $ 341,541 | $ (1,049,440) | $ 12,538,469 | $ 11,830,570 | $ (77,975) | $ 11,752,595 | ||
Balance (in Shares) at Mar. 31, 2021 | 34,154,062 | |||||||
Adjustment for deconsolidation of subsidiary (refer note 24) | 12,936 | 12,936 | 92,851 | 105,787 | ||||
Profit/(Loss) for the year | (390,067) | (390,067) | (12,968) | (403,035) | ||||
Foreign currency translation of subsidiaries, net of tax | 753,427 | 753,427 | 753,427 | |||||
Balance at Mar. 31, 2022 | $ 341,541 | (283,077) | 12,148,402 | 12,206,866 | 1,908 | 12,208,774 | ||
Balance (in Shares) at Mar. 31, 2022 | 34,154,062 | |||||||
Adjustments for Modification of Reachnet Agreement (refer note 23) | (14,319,254) | (14,319,254) | (14,319,254) | |||||
Restated Balance | $ 341,541 | (283,077) | (2,170,851) | (2,112,387) | 1,908 | (2,110,480) | ||
Restated Balance (in Shares) | 34,154,062 | |||||||
Derecognition on disposal of a subsidiary - GHSI | (1,908) | (1,908) | ||||||
Issue of shares | $ 30,010 | 14,254,250 | $ 14,224,240 | 14,254,250 | ||||
Share warrants exercised | $ 4,215 | 75,323 | 71,108 | 75,323 | ||||
Share warrants exercised (in Shares) | 421,492 | |||||||
Cost of IPO | (1,820,404) | (1,820,404) | (1,820,404) | |||||
Acquired in the business combination (Refer Note 35) | 1,768,961 | 1,768,961 | ||||||
Other comprehensive income for the year | 158,085 | (157,371) | 57,251 | (714) | 214,622 | |||
Profit/(Loss) for the year | (2,348,103) | (2,348,103) | 712,266 | (1,635,837) | ||||
Balance at Mar. 31, 2023 | $ 375,766 | $ (124,992) | $ (4,518,954) | $ 8,206,050 | $ 2,538,478 | $ (714) | $ 12,474,944 | $ 10,744,528 |
Balance (in Shares) at Mar. 31, 2023 | 37,576,449 | |||||||
Issue of shares (in Shares) | 3,000,895 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
(Loss)/profit for the year | $ (1,635,837) | $ (403,035) |
Adjustment to reconcile (loss)/profit to net cash used in operating activities: | ||
Deferred tax (benefit) / expense | 135,640 | (537,915) |
Income tax expense | 387,407 | 1,117,861 |
Amortization of intangible assets | 696,224 | 11,894,518 |
Loss on deconsolidation of subsidiary (refer note 24) | 192,776 | 225,098 |
Fair value gain on remeasurement of warrant liability | (22,766) | (1,487,589) |
Remeasurements of the net defined benefit plans | 30,606 | |
Expected credit loss on trade receivables | (120,544) | |
Finance Cost | 2,210,404 | 2,650,396 |
Sundry balances written off during the year | 5,571 | |
Liabilities no longer required written back | (360,878) | (425,853) |
Finance income | (19,123) | |
Change in operating assets and liabilities: | ||
Inventories | ||
Trade receivable | 381,946 | 85,358 |
Other receivable | (16,970,571) | |
Other financial assets | 102,242 | |
Other assets | (730,555) | (120,600) |
Trade payable | 132,056 | 456,528 |
Other financial liabilities | (566,378) | 227,670 |
Other current liabilities | 255,511 | 2,705,196 |
Security Deposits | ||
Cash flow used in operating activities after working capital changes | 1,068,731 | (577,367) |
Income tax (paid)/refund, net | 84,604 | |
Net cash used in operating activities | 1,153,335 | (577,367) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment and intangible assets (including intangible assets under development) | (10,820,099) | (166,721) |
Sale of property, plant and equipment and intangible assets | ||
Interest received | 19,123 | |
Advances for acquisition of network | (2,119,038) | |
Purchase of shares of GHSI | ||
Net cash used in investing activities | (12,920,014) | (166,721) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from short term borrowings from directors | (1,000,000) | 292,904 |
Proceeds from 7% secured promissory notes, net | 880,000 | |
Repayment of short term borrowings - Directors Loans | 518,125 | (304,500) |
Proceeds on issuance of shares | 12,509,169 | |
Proceeds from financial institutions (net) | 10,449 | |
Interest, commission and other charges paid | (382,341) | (88,000) |
Deferred IPO costs paid | (34,164) | |
Net cash provided by financing activities | 11,655,402 | 746,240 |
Net increase (decrease) in cash and cash equivalents | (111,277) | 2,152 |
CASH AND CASH EQUIVALENTS – beginning of period | 8,758 | 26,142 |
CASH AND CASH EQUIVALENTS – end of period | 311,810 | 8,758 |
Acquired in Business Combination (refer note 23) | 432,138 | |
Adjustment for deconsolidation of subsidiary (refer note 24) | (7,608) | (19,538) |
Effects of exchange rate changes on cash and cash equivalents | $ (10,201) | $ 2 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of cash flows [abstract] | ||
Secured promissory notes percentage | 7% | 7% |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Nature of operations and summary of significant accounting and reporting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | NOTE 1 — NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Nature of Operations Lytus Technologies Holdings PTV. Ltd. (Reg. No. 2033207) (“Lytus Tech” or the “Company”) was incorporated on March 16, 2020 (date of inception) under the laws of the British Virgin Islands (BVI). On March 19, 2020, Lytus Tech acquired a wholly owned subsidiary in India, Lytus Technologies Private Limited (CIN U22100MH2008PTC182085) (“Lytus India”), on April 1, 2022, it acquired a majority shareholding (51%) in an Indian company, Sri Sai cable and Broadband Private Limited (CIN U74999TG2018PTC124509) (“Sri Sai” or “SSC”) and on January 1, 2023, it acquired a wholly owned subsidiary in United States, Lytus Technologies Inc 3 The Company’s registered office is at 116 Main Street, P.O. Box 3342, Road Town, Tortola British Virgin Islands. The consolidated financial statements comprise financial statements of the Company and its subsidiaries (together referred to as “the Group”). On June 17, 2022, the Company consummated its initial public offering (“IPO”) on NASDAQ Capital Markets. The Company has listed common shares on the NASDAQ Capital Market under the trading symbol “LYT”. The Company has raised gross proceeds of $12.40 million from initial public offering of 2,609,474 shares at $4.75 per common shares and has raised gross proceeds of $1.86 million from overallotment of 391,421 shares at $4.75 per common shares. Basis of preparation The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB). The accounting policies used for the preparation of these consolidated financial statements are based upon the application of IFRS 1.D17, which results in assets and liabilities being measured at the same carrying amount as in the standalone financial statements of subsidiaries for the year ended March 31, 2023 and for the year ended March 31, 2022 after adjusting for consolidation and equity accounting adjustments and for the effects of the business combination in which the entity acquired the subsidiary. The functional and reporting currency of the Company and Group is “INR” and “USD”, respectively and all amounts, are rounded with two decimals, unless otherwise stated. The consolidated financial statements have been prepared under the historical cost convention. 3 “The Company has deconsolidated two companies – DDC CATV during the period ending March 31, 2022 and GHSI during the period ending March 31, 2023. Refer to note 24. Basis of Consolidation The subsidiaries considered in the preparation of these consolidated financial statements are: % Shareholding and Name of Subsidiary Country of As of As of Lytus Technologies Private Limited India 100 % 100 % Sri Sai Cable and Broadband Private Limited India 51 % — Lytus Technologies Inc. United States 100 % — DDC CATV Network Private Limited (Deconsolidated on April 1, 2021) India — — Global Health Sciences, Inc. (Deconsolidated on March 1, 2023) (Refer to Note 24) United States — 75 % These consolidated financial statements are prepared in accordance with IFRS 10 “Consolidated Financial Statements”. Subsidiaries are entities controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the relevant activities that affect the Company’s returns and exposure or rights to variable returns from the entity. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, and continue to be consolidated until the date that such control ceases. The consolidated financial statements of the Company and its subsidiaries are combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses. Intra-group balances and transactions and any unrealized profits or losses arising from intra group transaction, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Non-controlling interests (NCI) in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Non-controlling interests consist of the amount of those interests at the date of the acquisition and the non-controlling shareholders’ share of changes in equity since the date of the acquisition. Critical accounting estimates The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2. New, revised or amended Accounting Standards and Interpretations adopted for the year ended March 31, 2023. New, revised or amended Accounting Standards and Interpretations not yet Adopted The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective. ● Amendments to IAS 1 Classification of Liabilities ● Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies ● Amendments to IAS 8 Definition of Accounting Estimates ● Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction IAS 1 – Classification of Liabilities The IASB has issued ‘Classification of Liabilities as Current or Non-current (Amendments to IAS 1)’ providing a more general approach to the classification of liabilities under IAS 1 based on the contractual agreements in place at the reporting date. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and are to be applied retrospectively with application permitted. The Group does not expect the amendments to have any significant impact on its presentation of liabilities in its statement of financial position. IAS 1 – Disclosure of Accounting Policies In February 2021, IASB issued ‘Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)’ which is intended to help entities in deciding which accounting policies to disclose in their financial statements. The amendments to IAS 1 require entities to disclose their material accounting policies rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The Group does not expect this amendment to have any significant impact in its financial statements. IAS 8 – Definition of Accounting Estimates In February 2021, IASB issued ‘Definition of Accounting Estimates (Amendments to IAS 8)’ to help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The Group does not expect this amendment to have any significant impact in its financial statements. IAS 12 – Income Taxes In May 2021, IASB issued ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12), which clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The Group does not expect this amendment to have any significant impact in its financial statements. The IASB has issued the amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. The effective date of the amendments has yet to be set by the Board. The Group does not expect the amendment to have any impact on its consolidated financial statements. Amendments to IAS 16 for the proceeds before intended use. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use. The amendments are effective for annual periods beginning on or after 1 January 2022. The Group does not expect the amendment to have any impact on its consolidated financial statements. Amendments to IAS 37 for cost of fulfilling a contract. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. The amendments are effective for annual periods beginning on or after 1 January 2022. The Group does not expect the amendment to have any impact on its consolidated financial statements. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realized or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle. Basis of Deconsolidation When events or transactions results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in the consolidated statements of comprehensive income within “other comprehensive income” in respect of that entity are also reclassified to the consolidated statements of comprehensive income or transferred directly to retained earnings if required by a specific Standard. Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in the consolidated statements of comprehensive income. Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of India (INR) which is the primary economic environment in which the Company operates (‘the functional currency’). The financial statements are presented in United States dollars. Transactions and balances Foreign currency transactions are translated into the presentation currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as of fair value through other comprehensive income are recognized in other comprehensive income. The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing exchange rates at the reporting date; (ii) income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and (iii) all resulting currency translation differences are recognised in the consolidated statements of profit or loss and other comprehensive income within “other comprehensive income” and accumulated in translation reserve. These currency translation differences are reclassified to the consolidated statements of profit or loss and other comprehensive income on disposal or partial disposal with loss of control of the foreign operation. Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign subsidiaries and translated at the closing rates at the reporting date. Financial Instruments Financial Assets Classification The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments: Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the statement of profit or loss. FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Group right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Impairment The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the Company measures the expected credit loss associated with its trade receivables based on historical trend, industry practices and the business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Financial Liabilities Initial Recognition and Measurement All financial liabilities are recognized initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group financial liabilities include trade and other payables, loans, and borrowings including bank overdrafts and derivative financial instruments. Subsequent measurement Financial liabilities at amortized cost: After initial measurement, such financial liabilities are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance costs in the Statement of Profit and Loss. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Profit and Loss over the period of the borrowings using the EIR method. Trade and Other Payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the period which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. Financial Guarantee Obligations The fair value of financial guarantees is determined as the present value of the difference in net cash flows between the contractual payments under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations. Where guarantees in relation to loans or other payables of subsidiaries, joint ventures or associates are provided for no compensation, the fair values as of the date of transition are accounted for as contributions and recognized as part of the cost of the equity investment. Share Warrant Liability The share warrants can be accounted as either equity instruments, derivative liabilities, or liabilities in accordance with IAS 32 - Financial Instruments: Disclosure and Presentation, depending on the specific terms of the warrant agreement. Share warrants are accounted for as a derivative in accordance with IFRS 9 – Financial Instruments if the share warrants contain terms that could potentially require “net cash settlement” and therefore, do not meet the scope exception for treatment as a derivative. Share Warrant instruments that could potentially require “net cash settlement” in the absence of express language precluding such settlement are initially classified as financial liabilities at their fair values, regardless of the likelihood that such instruments will ever be settled in cash. The Company will continue to classify the fair value of the warrants that contain “net cash settlement” as a liability until the share warrants are exercised, expire or are amended in a way that would no longer require these warrants to be classified as a liability. The outstanding warrants are recognized as a warrant liability on the balance sheet and measured at their inceptions date fair value and subsequently re-measured at each reporting period with change being recognised in the consolidated statements of profit or loss and other comprehensive income. Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Financial Liability The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Income tax The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognized for prior periods, where applicable. Deferred tax assets and liabilities are recognized for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. As of March 31, 2023 and March 31, 2022, the Group had no significant uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The Group recognizes interest and penalties related to significant uncertain income tax positions in other expense. There were no such interest and penalties incurred for the period ended March 31, 2023 and for the year ended March 31, 2022. Under section 115-O of the Indian Income Tax Act, 1961, distribution of dividends, paid by Indian company until March 31, 2020 is subject to dividend distribution tax (DDT) at an effective rate of 20.56% (inclusive of the applicable surcharge of 12% and health and education cess of 4%). Repatriation of dividend will not require Reserve Bank of India approval, subject to compliance and certain other conditions met per the Indian Income Tax Act, 1961. The said provisions of Section 115-O shall not be applicable if the dividend is distributed on or after April 1, 2020. From April 1, 2020, the dividend distributed would now be taxable in the hands of the investors, the domestic companies shall not be liable to pay DDT. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Property and Equipment Property and Equipment assets are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the Statement of Profit or Loss during the reporting period in which they are incurred. Capital work in progress (CWIP) includes cost of property and equipment under installation/under development, as of balance sheet date. All project related expenditures related to civil works, machinery under erection, construction and erection materials, preoperative expenditure incidental/attributable to the construction of projects, borrowing cost incurred prior to the date of commercial operations and trial run expenditure are shown under CWIP. Property and Equipment are derecognized from the financial statements, either on disposal or when retired from active use. Gains and losses on disposal or retirement of Property and Equipment are determined by comparing proceeds with carrying amount. These are recognized in the Statement of Profit or Loss. Depreciation methods, estimated useful lives and residual value Depreciation is calculated to write off the cost of items of property and equipment less their estimated residual values using the written down method over their estimated useful lives and is generally recognized in profit or loss. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives of property and equipment for current and comparative periods are as follows: Buildings 40 years Property and equipment 3-15 years Fixtures and fittings 5-10 years Office equipments 5-10 years Plant and Machinery 5-10 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Subsequent expenditure Subsequent expenditure relating to property, plant and equipment is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in the consolidated statements of profit or loss and other comprehensive income when incurred. Disposal On disposal of an item of property, plant and equipment, the difference between the disposal proceeds and its carrying amount is recognised in the consolidated statements of profit or loss and other comprehensive income. Intangible Assets Separately purchased intangible assets are initially measured at cost. Intangible assets acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are amortized on a written down basis over the period of their expe |
Critical Accounting Judgements,
Critical Accounting Judgements, Assessments, and Assumptions | 12 Months Ended |
Mar. 31, 2023 | |
Critical Accounting Judgements, Assessments, and Assumptions [Abstract] | |
CRITICAL ACCOUNTING JUDGEMENTS, ASSESSMENTS, AND ASSUMPTIONS | NOTE 2 — CRITICAL ACCOUNTING JUDGEMENTS, ASSESSMENTS, AND ASSUMPTIONS Under IFRS 1, the Group is required to make estimates and assumptions in presentation and preparation of the financial statements for the year ended March 31, 2023 and March 31, 2022. Key estimates considered in preparation of the financial statement that were not required under the previous GAAP are listed below: Fair Valuation of financial instruments carried at Fair Value Through Profit or Loss (“FVTPL”) and/or Fair Value Through Other Comprehensive Income (“FVOCI”). See Note 1 on Financial Instruments on page F-11 – F-13 for additional discussion on FVTPL and FVOCI. Impairment of financial assets based on the expected credit loss model. Determination of the discounted value for financial instruments carried at amortized cost. Fair value estimation of share warrants. Critical judgement over capitalisation of internally developed intangible assets and development cost in progress. Assessment as to whether the trade receivables are impaired When measuring Expected Credit Loss (ECL) of receivables the Group uses reasonable and supportable information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions. A widespread health crisis could adversely affect the global economy, resulting in an economic downturn that could impact demand for our services. The future impact of the outbreak is highly uncertain and cannot be predicted and there is no assurance that the outbreak will not have a material adverse impact on the future results of the Company. The extent of the impact, if any, will depend on future developments, including actions taken to contain the coronavirus. ● Impairment of property and equipment and intangible assets excluding goodwill At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with an indefinite useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognized in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years. Any increase in excess of this amount is treated as a revaluation increase. |
Revenue from Contract with Cust
Revenue from Contract with Customers | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customers [Abstract] | |
REVENUE FROM CONTRACT WITH CUSTOMERS | NOTE 3 — REVENUE FROM CONTRACT WITH CUSTOMERS Revenue from contract with customers consist of the following for the year ended March 31, 2023 and for the year ended March 31, 2022: Disaggregated revenue information For the For the (US$) (US$) Types of services: Subscription Income $ 13,930,887 $ - Carriage/Placement fees 3,406,204 - Advertisement Income 1,413,553 - Telemedicine service charges - 50,630 Activation Installation Fees 257,540 - Total Revenue from customers $ 19,008,184 $ 50,630 Timing of revenue recognition Product transferred at point in time — — Services transferred over time $ 19,008,184 $ 50,630 Total $ 19,008,184 $ 50,630 Contract balances: The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.: As of As of (US$) (US$) Receivables, which are included in ‘trade receivables $ 1,831,724 $ — Performance obligations: Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control over a good or service to a customer. The Company has modified its earlier arrangement with its erstwhile partner and has simultaneously acquired controlling stake in Sri Sai, vide the modification agreement and the share purchase agreement. The modification effective date is April 1, 2022 and the acquisition effective date is also April 1, 2022. Refer to Page 23 for details on the modification. In pursuant with the modification agreement, the Company has acquire Sri Sai, an active MSO licensed company performing obligations as provided in the customer contracts and providing distinct telecast/streaming services to its subscribers. For the year ended March 31, 2023, the revenue from Sri Sai operational activity is recorded as Revenue from Contract with Customers, as per the IFRS 15. The five steps mentioned in the IFRS 15 is met and satisfied by Sri Sai in respect of its business operation of providing streaming cable services to its subscriber base (five steps in IFRS are as under: (i)identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognise revenue when the entity satisfies a performance obligation). |
Other Income
Other Income | 12 Months Ended |
Mar. 31, 2023 | |
Other Income [Abstract] | |
OTHER INCOME | NOTE 3A — OTHER INCOME Other income For the For the Income from revenue entitlement rights * - 14,392,091 Fair value gain on warrant liability 22,766 1,487,589 Miscellaneous Income 1,501 - Sundry Balances written back 360,878 425,853 385,145 16,305,533 Income from revenue entitlement rights: The Company has modified its earlier arrangement with its erstwhile partner and has simultaneously acquired controlling stake in Sri Sai, vide the modification agreement and the share purchase agreement. The modification effective date is April 1, 2022 and the acquisition effective date is also April 1, 2022. During the year, the Company has no “other income” in pursuant with the modification agreement. Accordingly, the Group has reversed the accounting for the other income in respect of contract with the erstwhile partner for the period April 1, 2022 to September 30, 2022. Refer to Page 23 for details on the modification. Other income for the year ended March 31, 2022 includes Income from revenue entitlement rights of $14,392,091, and relates to the arrangement as valid and applicable for the year ended March 31, 2022. The income is regarded as “Other Income” in compliance with the AP21B and AP21C of the IFRS 15. Since there was no change in the status of the agreement, during the period ended March 31, 2022, the Group continued to apply IFRS 15 and continued to consistently report the income as “Other Income”. However, for the year ended March 31, 2023, the revenue from operations is recorded as Revenue from Contract with Customers, as per the IFRS 15. Fair value gain on remeasurement of share warrant liability Other Income of $22,766 is presented for the year ended March 31, 2023 and $1,487,589 million is presented for the year ended March 31, 2022. The outstanding warrants as referred in Note 13A are recognized as a warrant liability on the balance sheet and measured at their inceptions date fair value and subsequently re-measured at each reporting period with change being recorded as a component of other income in the statement of operations. Liabilities no longer required written back Other income of $360,878 includes provision for staff costs of Lytus India no longer required for the year ended March 31, 2023. Other income of $425,853 includes amount no longer payable to owners of DDC on deconsolidation (refer note 24) for the year ended March 31, 2022. |
Expenses
Expenses | 12 Months Ended |
Mar. 31, 2023 | |
Expenses [Abstract] | |
EXPENSES | NOTE 4 — EXPENSES Expenses consist of the following for the year ended March 31, 2023 and March 31, 2022: For the For the (US$) (US$) Cost of revenue $ 13,884,291 $ 17,722 Amortization of intangible assets 16,211 11,894,518 Depreciation 680,013 — Legal and professional expenses 833,079 832,319 Staffing expense 633,979 310,894 Other operating expenses 2,267,265 473,402 Total expenses $ 18,314,838 $ 13,528,855 For the For the (In USD) (In USD) Cost of revenue consists of : Cost of materials consumed — 17,722 Broadcaster/Subscription Fees 12,715,217 Lease Line/Bandwidth charges 1,091,700 Cable Hardware & Networking Exp. 28,129 Ham Charges 3,156 Activation installation costs 37,217 — Programming expenses 8,872 — 13,884,291 17,722 During the year ending March 31, 2023, the Company has recorded costs of revenue of $13,884,291 relating to the business of Sri Sai, a licensed Multi System Operator in the business of telecasting/streaming of broadcast channels to subscribers for a subscription charge. During the year ending March 31, 2022, the Company has recorded costs of material consumed of $17,722 relating to earlier arrangement with the erstwhile partner. For the For the (US$) (US$) Legal and professional expenses consist of : Audit fees $ 144,747 $ 331,633 Legal and professional fees 688,332 500,686 Total expenses $ 833,079 $ 832,319 Staffing expenses consists of : Salaries, wages and bonus $ 555,591 $ 310,894 Director remuneration — — Contribution to a gratuity fund 30,606 EPF, ESIC and Labour welfare fund 34,738 — Staff welfare expenses 13,044 Total expenses $ 633,979 $ 310,894 Staff costs includes salary paid to the various operations and administrative persons and director of the subsidiaries. The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. For the funded plan the group makes contributions to recognised funds in India. The group does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments. Details of other operating expenses: For the For the (US$) (US$) Electricity charges 59,036 — Repair & Maintainence expenses 129,987 — Business promotion expenses 3,508 — Operating lease rentals 15,327 339 Regulatory expenses 69,929 — Conveyance & Traveling expenses 112,111 13,819 Security charges 5,150 — Commission charges 1,465,012 16,340 Credit Loss allowances (120,544 ) — CSR expenses — 112,287 Loss on disposal of a subsidary 192,776 225,098 Other operating expenses (refer note below) 334,973 105,520 Total other expenses $ 2,267,265 $ 473,403 We had retained Skyline Corporate Communications Group, LLC for our capital markets, financial and public relations advisory services. The Company could not make payments under the contract, as the client did not comply with the mandatory regulatory requirements. The client has approach for arbitration. On April 11, 2023, the arbitrator has awarded final damages in favor of Skyline of $130,000. Details of Finance and other income For the For the (US$) (US$) Interest on income tax refund $ 19,123.00 $ Total $ 19,123.00 $ - Details of Finance and other costs For the For the (US$) (US$) Interest on bank overdrafts, loans and other financial liabilities $ 328,449 $ 427,745 Interest on lease liabilities $ 21,845 $ Commission and other borrowings 122,000 66,000 Collection charges 125,930 Foreign exchange losses on borrowings - - Share warrant expenses 1,607,791 1,562,911 Other costs - interest on tax payables 4,389 593,740 2,210,404 2,650,396 For the For the (US$) (US$) Total borrowing costs $ 2,210,404 $ 2,650,396 Less: amounts included in the cost of qualifying assets $ - $ - 2,210,404 2,650,396 The Company has reclassified the share warrant expenses as finance costs in respect of bridge financing obtained during the year ending March 31, 2023 and March 31, 2022. |
Income Tax
Income Tax | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax [Abstract] | |
INCOME TAX | NOTE 5 — INCOME TAX Income tax consist of the following for the year ended March 31, 2023: For the For the (US$) (US$) Current tax expenses $ 387,407.00 $ 1,117,861 Deferred tax (benefit) / expense 135,640.00 (537,915 ) Income tax expense $ 523,047.00 $ 579,946 Consolidated statement of comprehensive income For the For the (US$) (US$) Deferred tax related to item charged directly to equity: Net loss/(gain) on translations of foreign subsidiaries $ (72,663 ) $ (253,425 ) Total $ (72,663 ) $ (253,425 ) Deferred tax related to the translations of foreign operations consists of Lytus Technologies Private Limited and Sri Sai from INR to USD have been calculated at the rate of the jurisdiction in which a subsidiary situated i.e. in India (at the rate of 25.17% for the years ended March 31, 2023 and 2022, respectively). Accounting for Income Taxes British Virgin Islands Under the current laws of BVI, Lytus Technology Holdings Ptv. Ltd. is not subject to tax on income or capital gains. In addition, payments of dividends by the Company to their shareholders are not subject to withholding tax in the BVI. India (subsidiary in India) Income tax expense represents the sum of the current tax and deferred tax. The charge for current tax is based on the result for the period adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Current and deferred tax is recognized in the income statement unless the item to which the tax relates was recognized outside the income statement being other comprehensive income or equity. The tax associated with such an item is also recognized in other comprehensive income or equity respectively. As of As of (US$) (US$) Accounting profit before tax $ (1,112,790 ) $ 176,911 Less: Net loss of the Lytus BVI (3,134,953 ) (1,421,362 ) Net Accounting profit 2,022,163 1,598,273 At Indian statutory income tax rate of 25.17% 508,979 402,286 Accelerated tax depreciation (139,328 ) 537,958 ) Others mainly timing differences 8,038 - Non-deductible expenses net - 177,708 Exchange differences 9,718 (91 ) Current income tax expense reported on consolidated statements of profit or loss and other comprehensive income $ 387,407 1,117,861 Reflected in the financial statement of financial position as follows: As of As of (US$) (US$) Opening balance $ 3,305,308 2,313,098 Acquired in business combination (Refer Note 23) 121,319 - Current income tax accrual 387,407 $ 1,117,861 Adjustment on account of modification (3,399,850 ) Exchange rate difference (15,010 ) (103,837 ) Taxes paid/adjustments — — Reversed on deconsolidation of a subsidiary - (21,814 ) Closing balance of current income taxes payables $ 399,174 $ 3,305,308 Deferred tax Deferred tax relates to the following temporary differences: As of As of (US$) (US$) Deferred tax assets Acquired in business combination $ — $ — Accelerated depreciation on tangible and intangible assets — — Temporary timing differences (22,878 ) 22,878 Foreign currency translations of foreign subsidiary 126,624 103,746 Exchange rate difference — — On change of rates from 22.88% to 25.17% — — Total deferred tax assets $ 103,746 $ 126,624 Deferred tax liabilities Accelerated depreciation on tangible and intangible assets $ 1,625,271 $ 1,599,108 Acquired in business combination 295,177 — Temporary differences 9,929 — On translations of foreign subsidiary operations 72,663 — Reversed in deconsolidation/Modification of contracts (1,533,644 ) — Exchange rate difference 8,963 (65,465 ) Total deferred tax liabilities $ 478,359 $ 1,533,643 Reconciliation of deferred tax (liabilities)/asset net: As of As of (US$) (US$) Opening balance $ (1,407,020 ) $ (1,689,279 ) Tax expense during the period recognised in profit & loss (135,640) 537,958 Exchange rate difference (37,613 ) 73,149 Tax expenses during the period recognised in other comprehensive income 72,663 (253,425 ) Temporary timing differences (9,929 ) — Reversed on deconsolidation of a subsidiary 1,510,767 (75,423 ) Acquired in business combination (295,177 ) — Total deferred tax (liabilities)/assets net $ (374,613 ) $ (1,407,020 ) |
Trade Receivables
Trade Receivables | 12 Months Ended |
Mar. 31, 2023 | |
Trade Receivables [Abstract] | |
Trade Receivables | NOTE 6 — TRADE RECEIVABLES Trade receivables consist of the following: As of As of (US$) (US$) Receivable from related parties 352,424 Receivable from others 1,537,132 — Less: allowance for doubtful debts (expected credit loss) (57,832 ) Total receivables $ 1,831,724 $ — The average credit period on sales of services is 30 days. No interest is charged on outstanding trade receivables. The Group always measures the loss allowance for trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The Group has recognised a loss allowance of 100% against all receivables over 365 days past due because historical experience has indicated that these receivables are generally not recoverable. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over two years past due, whichever occurs earlier. None of the trade receivables that have been written off is subject to enforcement activities The following table details the risk profile of trade receivables based on The Group’s provision matrix. As The Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between The Group’s different customer base. As at March 31, 2023 Ageing Not past 31 - 90 90 - 180 180 - 365 >365 Total Gross carrying amount - - - - - - Expected loss rate 0.00 % 0.00 % 0.03 % 5.82 % 50.00 % Estimated total gross carrying amount at default 1,259,489 239,522 220,966 59,573 110,006 1,889,556 Lifetime ECL 0.01 0.10 73.16 3,641.53 54,116.20 57,831 As at March 31, 2022 Ageing Not past due &<30 31 - 90 90 - 180 180 - 365 >365 Total Gross carrying amount - - - - - - Expected loss rate Estimated total gross carrying amount at default - Lifetime ECL - The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9. Collectively assessed Individually assesse Balance as at 31 March 2023 1,889,554 57,831 Balance as at 31 March 2022 - - |
Other Receivables
Other Receivables | 12 Months Ended |
Mar. 31, 2023 | |
Other Receivables [Abstract] | |
OTHER RECEIVABLES | NOTE 7 — OTHER RECEIVABLES Other receivables consist of the following: As of As of March 31, (US$) (US$) Net Receivable from Reachnet Cable Service Pvt. Ltd. $ - $ 43,168,720 GST and other taxes - 7,770,370 $ - $ 50,939,090 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Mar. 31, 2023 | |
Other Current Assets [Abstract] | |
OTHER CURRENT ASSETS | NOTE 8 — OTHER CURRENT ASSETS Other current assets consist of the following: As of As of (US$) (US$) Balances with government authorities $ 507,696 $ 27,400 Advance to suppliers 295,601 — Advance to staff 2,972 — TDS Receivables 297,764 — Advance payment of interest on loans 194,445 30,000 Advance payment of commission on loans 140,000 22,002 Deferred IPO costs - 34,164 Other receivables - Balance with Director 214,458 214,458 Prepaid expenses — — $ 1,652,936 $ 328,024 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2023 | |
Property and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 9 — PROPERTY AND EQUIPMENT Property and equipment consist of the following: Description ROU-office premises Building Plant and equipment Furniture and fittings Vehicles Office equipment Computer equipment Total Gross carrying value As at March 31, 2021 - - 1,160,772 337 754 17,419 1,113 1,180,395 Derecognised on ‘Disposals (1,160,772 ) (337 ) (754 ) (17,419 ) (1,113 ) (1,180,395 ) As at 31 March , 2022 - - - - - - - - Additions 461,420 2,326,888 11,802 24,396 796 26,856 2,852,158 Acquisition through business combination 25,111 32,006 7,349,465 17,600 4,199 7,428,381 As at 31 March , 2023 486,531 32,006 9,676,353 11,802 41,996 796 31,055 10,280,539 Accumulated depreciation and impairment loss As at March 31, 2021 - - 232,822 89 139 6,887 227 240,164 Derecognised on ‘Disposals (232,822 ) (89 ) (139 ) (6,887 ) (227 ) (240,164 ) As at 31 March , 2022 - - - - - - - - Charge for the year 50,845 462 616,304 421 7,307 61 4,613 680,013 As at 31 March , 2023 50,845 462 616,304 421 7,307 61 4,613 680,013 Net block as at 31 March, 2022 - - - - - - - - Net block as at 31 March, 2023 435,686 31,544 9,060,049 11,381 34,689 735 26,442 9,600,526 Vehicle of $41,996 as at March 31, 2023 is pledged as security for borrowings * Refer to Note 23 for acquisition of subsidiary and Note 24_______ for deconsolidation of a subsidiary. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets and Goodwill [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | NOTE 10 — INTANGIBLE ASSETS AND GOODWILL Intangible assets and Goodwill consist of the following: Description Customer Goodwill Commercial rights Softwares Total Intangible asset under development Gross carrying value As at March 31, 2021 59,216,654 390,927 377 59,607,958 - Additions - 166,587 Derecognised on ‘Disposals of a subsidary (317,752 ) (377 ) (318,129 ) Exchange differences 167 167 As at 31 March, 2022 59,216,654 73,008 - 59,289,662 166,587 Additions - 4,464 Derecognised on ‘Disposals of a subsidary (68,500 ) - (68,500 ) Write off (59,216,654 ) (59,216,654 ) 160,000 Exchange differences 60,886 60,886 Acquisation through business combination 793,324 339,277 216 1,132,817 As at 31 March, 2023 - 736,946 339,277 216 1,076,439 11,051 Accumulated amortisation As at March 31, 2021 12,135,640 - 114 12,135,754 - Charge for the year 11,894,518 - - 11,894,518 Derecognised on ‘Disposals of a subsidary (114 ) (114 ) As at 31 March, 2022 24,030,158 - - 24,030,158 - Charge for the year - - 16,157 54 16,211 Write off (24,030,158 ) (24,030,158 ) As at 31 March, 2023 - - 16,157 54 16,211 - Net block as at 31 March, 2022 35,186,496 73,008 - 35,259,504 166,587 Net block as at 31 March, 2023 - 736,946 323,120 162 1,060,228 11,051 Refer to Note 23 for acquisition of subsidiary and Note 24_______ for deconsolidation of a subsidiary. |
Borrowings (Current)
Borrowings (Current) | 12 Months Ended |
Mar. 31, 2023 | |
Borrowings Current [Abstract] | |
BORROWINGS (CURRENT) | NOTE 11A — BORROWINGS (CURRENT) Borrowings consist of the following: As of As of (US$) (US$) Secured Borrowings 7% Senior secured promissory note $ - 1,000,000 Vehicle loan from financial institution 10,946 Unsecured Borrowings 0% Senior Convertible Notes 3,333,333 Loan from directors $ 532,960 $ 36,851 Loan from a related party $ 1,304 $ 1,304 Loan from others 10,587 3,889,131 1,038,155 0% Senior unsecured convertible notes On November 9, 2022, we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with a certain accredited investor as purchaser (the “Investor”). Pursuant to the Securities Purchase Agreement, we sold, and the Investor purchased, $3,333,333.33 in principal amount of unsecured senior convertible notes (the “Convertible Notes”) and warrants (the “Warrants”). Refer to note 13A. 7% Senior secured promissory note The Secured Promissory Notes amount is $1,000,000 at a 7% original issue discount. The securities of the note are senior guaranteed by Global Health Sciences, Inc., a Delaware corporation, and secured by a security interest in the assets of Global Health Sciences, Inc. In addition, the Company’s performance of its obligations hereunder is secured by a pledge of the Company’s shares of the common stock of Global Health Sciences, Inc. but are not convertible into the Company’s stock. The senior secured note also contains certain default provisions and is subject to standard covenants such as restrictions on issuing new debt. In conjunction with the note, the Company issued a warrant exercisable into 0.5 million shares with a term of three years and strike price of $10. The Warrants also contain certain antidilution provisions that apply in connection with any stock split, stock dividend, stock combination, recapitalization or similar transactions as well as a potential adjustment to the exercise price based on certain events. The outstanding warrants are recognized as a warrant liability on the balance sheet and measured at their inceptions date at fair value and subsequently re-measured at each reporting period with change being recorded as a component of other income in the statement of profit or loss and other comprehensive income (refer note 13A) Loan from directors is interest free and is repayable on demand. Loans from financial institutions is towards purchased of vehicles which has been kept as security with them. The borrowings is repayable in 36 equal installments and rate of borrowigs is 8.5 % p.a. |
Borrowings (Non-Current)
Borrowings (Non-Current) | 12 Months Ended |
Mar. 31, 2023 | |
Borrowings (Non-Current) [Abstract] | |
BORROWINGS (NON-CURRENT) | Borrowings consist of the following: As of As of (US$) (US$) Secured Borrowings Vehicles Loans from Financial Institutions $ 10,185 - |
Trade Payables
Trade Payables | 12 Months Ended |
Mar. 31, 2023 | |
Trade Payables [Abstract] | |
TRADE PAYABLES | NOTE 12 — TRADE PAYABLES Trade payables consist of the following: As of As of (US$) (US$) Trade payables due to related parties 2,716,238 Trade payables – Others $ 4,038,790 $ 571,773 Employee related payables 47,752 369,389 $ 6,802,780 $ 941,162 |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Liabilities [Abstract] | |
OTHER FINANCIAL LIABILITIES | NOTE 13A — OTHER FINANCIAL LIABILITIES Other financial liabilities consist of the following: As of As of (US$) (US$) Lease liabilities $ 120,981 $ — Interest on tax payable - 845,792 Interest accrued on 7% senior secured promissory note - 337,745 Share warrants liability 1,585,025 75,322 Professional fees payable 9,054 251,381 $ 1,715,060 $ 1,510,240 Share Warrants Liability For the year ending March 31, 2023 On November 9, 2022, we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with a certain accredited investor as purchaser (the “Investor”). Pursuant to the Securities Purchase Agreement, we sold, and the Investor purchased, $3,333,333.33 in principal amount of unsecured senior convertible notes (the “Convertible Notes”) and warrants (the “Warrants”). The Warrants are exercisable for five years to purchase an aggregate of up to 1,754,386 Common Shares at an exercise price of $0.957, subject to adjustment under certain circumstances described in the Warrants. In accordance with IFRS, a contract that will or may be settled other than by the exchange of a fixed amount of cash for a fixed number of the entity’s own equity fails to meet the definition of equity and must instead be classified as a liability and measured at fair value with changes in fair value recognized in the consolidated statements of profit or loss and other comprehensive income loss at each reporting date. The liabilities will ultimately be converted into the Company’s equity (common shares) when the warrants are exercised, or will be extinguished on the expiry of the outstanding warrants. The fair value of warrant liability was measured using a Black Scholes Model. The Warrants outstanding and fair value at each of the respective valuation dates are summarized below: Share Warrant Liability Warrants Outstanding Fair Value per shares Fair Value ($) ($) Fair value at initial measurement date Nov 9, 2022 1,754,386 0.62 1,607,791 (Gain) on remeasurement of warrant liability at fair value (22,766 ) Fair value as of March 31, 2023 1,754,386 0.53 1,585,025 During the year ended March 31, 2023 the Company recorded a gain on change in fair value of warrant liability of 22,766. The Warrant Liabilities are considered Level 3 liabilities on the fair value hierarchy as the determination of fair value includes various assumptions about of future activities and the Company’s stock price and historical volatility as inputs. The fair value of warrant liability was measured using a Black Schole Model. Significant inputs in to the model at the inceptions and reporting period measurement date are follows: BSM Assumptions As of As of Current Stock Price (1) 0.95 0.94 Strike Price (1) 0.95 0.94 Time to Maturity (1) 5 years 4.66 years Dividend Yield (2) - - Historical Volatility (3) 1.85 1.87 Risk Free interest Rate (4) 4.00 % 4.42 % 1. Based on the agreement dated July 1, 2021 2. No dividend is declared or paid since inception of the Company 3. Based on the Volatility research carried out 4. Based on Interest rate for US treasury bonds For the year ending March 31, 2022 On July 1, 2021, the Company entered into a subscription agreement (the “Subscription Agreement”) with an institutional investor (the “Investor”), pursuant to which it sold to the Investor 100 units (each, a “Unit” and collectively, the “Units”) at a price of $8,800 per Unit, consists of (i) a six-month, 7% Senior Secured Promissory Note in the aggregate principal amount of $10,000 per Unit purchased, reflecting an original issue discount of 12% (the “Note”), and (ii) one half of a three-year warrant (each, a “Warrant” and collectively, the “Warrants”) to purchase 10,000 shares of the Company’s common shares (the transaction, the “Bridge Financing”). In accordance with IFRS, a contract that will or may be settled other than by the exchange of a fixed amount of cash for a fixed number of the entity’s own equity fails to meet the definition of equity and must instead be classified as a liability and measured at fair value with changes in fair value recognized in the consolidated statements of profit or loss and other comprehensive income loss at each reporting date. The liabilities will ultimately be converted into the Company’s equity (common shares) when the warrants are exercised, or will be extinguished on the expiry of the outstanding warrants. The fair value of warrant liability was measured using a Black Scholes Model. The Warrants outstanding and fair value at each of the respective valuation dates are summarized below: Share Warrant Liability Warrants Outstanding Fair Value per shares Fair Value ($) ($) Fair value at initial measurement date July 1, 2021 500,000 3.13 1,562,911 (Gain) on remeasurement of warrant liability at fair value (1,487,589 ) Fair value as of March 31, 2022 500,000 0.15 75,322 During the year ended March 31, 2022 the Company recorded a gain on change in fair value of warrant liability of 1,487,589. During the year ended March 31, 2021 there were no warrant liabilities or corresponding changes in valuation. The Warrant Liabilities are considered Level 3 liabilities on the fair value hierarchy as the determination of fair value includes various assumptions about of future activities and the Company’s stock price and historical volatility as inputs. The fair value of warrant liability was measured using a Black Schole Model. Significant inputs in to the model at the inceptions and reporting period measurement date are follows: BSM Assumptions As of As of Current Stock Price (1) 11 4.75 Strike Price (1) 10 10 Time to Maturity (1) 3 years 2.25 years Dividend Yield (2) - - Historical Volatility (3) 35.49 % 34.90 % Risk Free interest Rate (4) 0.47 % 2.45 % 1. Based on the agreement dated July 1, 2021 2. No dividend is declared or paid since inception of the Company 3. Based on the Volatility research carried out 4. Based on Interest rate for US treasury bonds Lease In case of assets taken on lease The Group has elected not to recognise right to use assets and lease liabilities for short term leases that have lease term of 12 months or less and lease of low value asssets. The Group recognise the lease payments associated with these leases as an expenses on straight line basis over the lease term. The groupy has taken various residential, office and godown premises under operating lease agreements. These are generally cancellable and are renewable by mutual consent on mutually agreed terms. There are no sublease payments expected to be received under non-cancellable subleases at the balance sheet date and no restriction is imposed by lease arrangements. Lease payments for the year recognised in the Statement of Profit and Loss : 2023 $ 15,327 and in 2022 $ 339. Rights of use of assets – Office premises The Group recognised a right to use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismentale and remove the undelying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received. The right to use asset is subsequently depreciated using the straight line method. The estimated useful lives of right of use assets are determined on the same basis as those of property plant and equipment. In addition, the right of use asset is perodically reduced by the impairment losses, if any, adjusted for certain remesurements of the lease liability. The lease liability is initially measured at the present value of the lease paymentsthat are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if the rate cannot be readily determined, the Group’s incremental borrowing rate. Generally Group uses incremental borrowing rate as the discount rate. The lease liability is measured at amortisd cost using the effective interest method. The Group present right of use asset that do not meet the definaition of investment property in ‘property, plan and equipment and lease liabilities in ‘loans and borrowings’ in the statement of financial position. For Rights of Use of Office premises movements and amortization refer note 9 |
Employee Benefits Obligations
Employee Benefits Obligations | 12 Months Ended |
Mar. 31, 2023 | |
Employee Benefits Obligations [Abstract] | |
EMPLOYEE BENEFITS OBLIGATIONS | NOTE 13B — EMPLOYEE BENEFITS OBLIGATIONS The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. For the funded plan the group makes contributions to recognised funds in India. The group does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments. The weighted average duration of the defined benefit obligation as of March 31, 2022 is 14 years (March 31, 2021: 15 years; March 31, 2020: 16 years). The amounts recognised in the Statement of Financial Position and the movements in the net defined benefit obligation over the year are as follows: (a) The liabilities recognised in the standalone statement of financial position are: As at As at ( In USD) ( In USD) Funded Plans Net value of defined benefit obligations Current 212 119 Non current 72,456 44,657 (b) The movement in defined benefit obligations for funded and unfunded plans is as follows: Particluars Defined benefit obligation Fair value As at April 1, 2021 27,551 - Included in profit and loss Service cost 23,542 Past service credit Interest cost (income) 1,841 52,936 - Included in OCI Actuarial gain/(loss) (6,809 ) Remeasurements Benefits paid Gain and loss on settlement Exchange difference -1,350 Employer’s contribution Benefits payment As at March 31, 2022 44,776 - Particluars Defined benefit obligation Fair value of plant assets As at April 1, 2022 44,776 - Included in profit and loss Service cost 27,549 Past service credit Interest cost (income) 3,056 75,382 - Included in OCI Actuarial gain/(loss) - Remeasurements Benefits paid Gain and loss on settlement Exchange difference (2,715 ) Employer’s contribution Benefits payment As at March 31, 2023 72,666 - (c) Plan assets for funded plan are comprised as follows: Plan assets comprise the following. Particulars As at As at Debt instruments - unquoted Cash and cash equivalents - - Investment property - - Fixed assets - - Other assets - - - - (d) Actuarial assumptions (i) The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages). Particulars As at As at Discount rate 7.50 % 7.25 % Attrition rate 5.00 % 5.00 % Future salary growth rate 10.00 % 10.00 % (ii) Assumptions regarding future longevity have been based on published statistics and mortality tables. The current longevities underlying the values of the defined benefit obligation at the reporting date were as follows. Particulars As at As at Longetivity at age of 65 for current members aged above 45 Males 0.258% -2.406% 0.258% -2.406% Females 0.258% -2.406% 0.258% -2.406% Longetivity at age of 65 for current members aged above 45 or below Males 0.092% -0.168% 0.092% -0.168% Females 0.092% -0.168% 0.092% -0.168% (e) Sensitivity Analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below. Particulars As at As at Discount rate (1% movement) 18,925 (12,252 ) Attrition rate (1% movement) 12,324 (10,742 ) Future salary growth rate (1% movement) (15,884 ) 11,923 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Other Current Liabilities [Abstract] | |
OTHER CURRENT LIABILITIES | NOTE 14 — OTHER CURRENT LIABILITIES Other current liabilities consist of the following: As of As of (US$) (US$) GST and other tax liabilities $ 73,248 $ 7,790,790 CSR expenses liabilities - 206,619 Cheques receivables / payables (net) 1,437,245 — Capital creditors 799,501 896 Advances from customers 142,196 — $ 2,452,190 $ 7,998,305 |
Customer Acquisition Payable
Customer Acquisition Payable | 12 Months Ended |
Mar. 31, 2023 | |
Customer Acquisition Payable [Abstract] | |
CUSTOMER ACQUISITION PAYABLE | NOTE 15 — CUSTOMER ACQUISITION PAYABLE Customer Acquisition Payable consist of the following: As of As of (US$) (US$) Customer acquisition payable to Reachnet* $ - $ 58,293,330 Customer acquisition payable to Reachnet, current portion - (29,146,665 ) Customer acquisition payable to Reachnet, non-current portion $ - $ 29,146,665 * The Company has modified its arrangement with Reachnet and accordingly, the customer acquisition amount would no longer be payable for the year ended March 31, 2023. The effective modification date is at the closing hours of April 1, 2022. Refer to 23A for further details. Under the earlier arrangement, the Company intended to settle 50% of the payment obligation of Reachnet under the contract on or before March 31, 2023 and the remaining 50% on or before March 31, 2024. Refer to Note 23 on Acquisition of Customers. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16 — COMMITMENTS AND CONTINGENCIES Commitments and contingencies consist of the following: As of As of (US$) (US$) Commitment for capital investment in Sri Sai $ 7,500,000 - Other capital commitment 1,411,022 - Financially support the investment in research organizations – GHSI $ - 730,000 8,911,022 730,000 Upon modification, the Company has acquired 51% Sri Sai for a consideration of $10 million, out of which, $7.5 million would be payable in phases as capital investment in Sri Sai. The Board has deconsolidated GHSI from March 1, 2023. Accordingly, for the year ending March 31, 2023, the commitment to invest in GHSI is no longer payable for the Company. For the year ending March 31, 2022, in pursuant to the earlier share purchase agreement of GHSI dated October 30, 2021, the company had committed to invest an aggregate of USD 800,000; out of which, USD 70,000 was paid against 75% shareholding and the balance is payable as required by the research organization. This as of March 31, 2023 is no longer payable and under our commitment. |
Equity
Equity | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
EQUITY | NOTE 17 — EQUITY Common shares: The total number of shares of common shares issued: As of As of (US$) (US$) Common shares – par value $ 0.01/0.10 each 37,576,449 34,154,062 Movements in Common Shares: Shares Amount (US$) Balance as of April 1, 2020 30,000 $ 3,000 Shares split from $ 0.10 to $ 0.01 300,000 300,000 Shares issued 33,854,062 338,541 Balance as of March 31, 2021 34,154,062 $ 341,541 Shares issued — — Balance as of March 31, 2022 34,154,062 $ 341,541 Issued during the year 3,000,895 30,008 Share warrants exercised 421,492 4,215 Balance as of March 31, 2023 37,576,449 375,764 On June 17, 2022, the Company consummated its initial public offering (“IPO”) on NASDAQ Capital Markets. The Company has listed common shares on the NASDAQ Capital Market under the trading symbol “LYT”. The Company has raised gross proceeds of $12.40 million from initial public offering of 2,609,474 shares at $4.75 per common shares and has raised gross proceeds of $1.86 million from overallotment of 391,421 shares at $4.75 per common shares. On November 9, 2022, we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with a certain accredited investor as purchaser (the “Investor”). Pursuant to the Securities Purchase Agreement, we sold, and the Investor purchased, $3,333,333.33 in principal amount of unsecured senior convertible notes (the “Convertible Notes”) and warrants (the “Warrants”). Mr. Dharmesh Pandya, the then sole shareholder of the Company, has subscribed to these shares and held 33,854,062 common shares of the Company. Mr. Pandya has later transferred unconditionally an aggregate of 7,932,855 common shares to various persons (including 2,621,371 shares to Lytus Trust, resulting in his current holding of 28,483,678 common shares of the Company (i.e. 26,221,207 held in his individual capacity and 2,262,471 shares held by Lytus Trust). Common Stock Common stock entitles the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. As of 31 March 2020, the Company had an authorized share capital of 50,000 shares of $0.10 par value per share and on March 17, 2020, the Board of Directors passed the resolution to change the originally authorized shares from 50,000 common shares to 30,000 common shares, of $0.10 par value each. On 15 May 2020, the Company passed a resolution to increase the authorized share capital to 230,000,000 shares of $0.01 par value per share. Equity consists of the following as of 31 March 2023: As of ($US) Common stock – par value $0.01, 34,154,062 shares issued and outstanding $ 375,766 Net income available to common shareholders (4,518,954 ) Securities Premium 12,474,944 Translation of foreign subsidiaries, net of tax (124,992 ) Employee benefits reclassification (714 ) Non-controlling interest 2,538,478 $ 10,368,762 Equity consists of the following as of 31 March 2022: As of ($US) Common stock – par value $0.01, 34,154,062 shares issued and outstanding $ 341,541 Net income available to common shareholders 12,148,403 Translation of foreign subsidiaries, net of tax (283,077 ) Non-controlling interest (1,908 ) $ 11,867,233 Capital risk management The Group’s capital management objectives are to ensure the Group’s ability to continue as a going concern as well as to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group monitors capital based on the carrying amount of equity plus its subordinated loan, less cash and cash equivalents as presented on the face of the statement of financial position recognized in other comprehensive income. The Group manages its capital structure and adjusts it in the light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. The amounts managed as capital by the Group are summarized as follows: As of As of ($US) ($US) Current borrowings $ (3,889,131 ) $ (1,038,155 ) Cash and cash equivalents 311,810 8,758 Net debt $ 3,577,321 $ (1,029,397 ) Total equity $ 10,744,528 $ 12,208,774 Net debt to equity ratio 33.29 % 8.43 % |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 18 — EARNINGS PER SHARE Earnings per share consist of the following for the year ended March 31, 2023 and March 31, 2022: March 31, March 31, ($US) ($US) (Loss)/Profit for the year available to common shareholders $ (1,635,837 ) $ (403,035 ) Weighted average number of common shares 36,808,689 34,154,062 Par value $ 0.01 $ 0.01 Earnings/(loss) per common share: Basic earnings/(loss) per common share $ (0.04 ) $ (0.01 ) Diluted earnings/(loss) per common share $ (0.04 ) $ (0.01 ) Basic earnings per share (EPS) are computed by dividing net loss applicable to common stock by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss applicable to common stock by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of share warrants, convertible debt instruments or other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. On November 9, 2022, we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with a certain accredited investor as purchaser (the “Investor”). Pursuant to the Securities Purchase Agreement, we sold, and the Investor purchased, $3,333,333.33 in principal amount of unsecured senior convertible notes (the “Convertible Notes”) and warrants (the “Warrants”). |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Mar. 31, 2023 | |
Financial Risk Management [Abstract] | |
FINANCIAL RISK MANAGEMENT | NOTE 19 — FINANCIAL RISK MANAGEMENT Risk management framework The Group’s activities expose it to market risk, liquidity risk and credit risk. The management has the overall responsibility for the establishment and oversight of the Group’s risk management framework. This note explains the sources of risk which the Group is exposed to and how the Group manages the risk and the related impact in the consolidated financial statements. Credit risk Credit risk is the risk that a counterparty fails to discharge its obligation to the Group. The Group’s exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets. Credit risk management The Group assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each class of financial instruments with different characteristics. The Group assigns the following credit ratings to each class of financial assets based on the assumptions, inputs, and factors specific to the class of financial assets. The Group provides for expected credit loss based on the following: Credit rating Basis of categorization Provision for expected credit loss Low credit risk Cash and cash equivalents, trade receivables, and other financial assets 12 month expected credit loss Moderate credit risk Trade receivables and other financial assets Lifetime expected credit loss, or 12 month expected credit loss High credit risk Trade receivables and other financial assets Lifetime expected credit loss, or fully provided for With respect of trade receivables, the Company recognizes a provision for lifetime expected credit losses. Based on business environment in which the Group operates, a default on a financial asset is considered when the counterparty fails to make payments within the agreed time period as per the contract. Loss rates reflecting defaults are based on actual credit loss experience and consideration of differences between current and historical economic conditions. Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy, or a litigation decision against the Group. The Group continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognized in the consolidated statement of profit and loss and other comprehensive income. Credit rating Basis of categorization As of As of Low credit risk Cash and cash equivalents $ 311,810.00 $ 8,758 Low credit risk Other financial assets $ 2,529,576.00 $ 330 Moderate credit risk Trade receivables $ 1,831,724 $ - Moderate credit risk Other receivables $ - $ 50,939,090 Cash & cash equivalents and bank deposits Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks across the country. Trade receivables Credit risk related to trade receivables are mitigated by taking bank guarantees or letters of credit, from customers where credit risk is high. The Group closely monitors the creditworthiness of the debtors through internal systems that are configured to define credit limits of customers, thereby, limiting the credit risk to pre-calculated amounts. The Group assesses increases in credit risk on an ongoing basis for amounts receivable that become past due and default is considered to have occurred when amounts receivable become two year past due. The trade receivable relates to our acquired subsidiary – Sri Sai. Other receivables This is aggregate receivable for the year ended March 31, 2022, pursuant to the Acquisition of Customers from the erstwhile partner. The Group closely monitors the creditworthiness of the debtors. Refer to Note 23 for further discussion on Acquisition of Customers. However, for the year ending March 31, 2023, there are no pending other receivable from the erstwhile partner, in pursuant to our modification agreement. Refer to note 23 for further details. Other financial assets measured at amortized cost Other financial assets measured at amortized cost includes loans and advances to related parties and employees, security deposits and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously. The other financial assets (current asset) relates to advances for network acquisition. Expected credit losses for financial assets other than trade receivables The Group provides for expected credit losses on loans and advances other than trade receivables by assessing individual financial instruments for expectation of any credit losses. Since the Group deals with only high-rated banks and financial institutions, credit risk in respect of cash and cash equivalents, other bank balances and bank deposits is evaluated as very low. With respect to loans, comprising of security deposits, credit risk is considered low because the Group is in possession of the underlying asset. However, with respect to related parties, credit risk is evaluated based on credit worthiness of those parties and loss allowance is measured as lifetime expected credit losses. With respect to other financial assets, credit risk is evaluated based on the Group’s knowledge of the credit worthiness of those parties and loss allowance is measured as lifetime expected credit losses. The Group does not have any expected loss-based impairment recognized on such assets considering their low credit risk nature, though incurred loss provisions are disclosed under each sub-category of such financial assets. Asset class Estimated gross Expected Expected As of Cash and cash equivalents $ 311,810 0.00 % — $ 311,810 Other financial assets $ 2,529,576 0.00 % — $ 2,529,576 Asset class Estimated gross Expected Expected As of Cash and cash equivalents $ 8,758 0.00 % — $ 8,758 Other financial assets $ 330 0.00 % — $ 330 Expected credit loss for trade receivables under simplified approach The Group recognizes lifetime expected credit losses on trade and other receivables using a simplified approach, wherein the Group has defined percentage of provision by analyzing historical trend of default relevant to each category of customer based on the criteria defined above and such provision percentage determined have been considered to recognize lifetime expected credit losses on trade receivables (other than those where default criteria are met). As at March 31, 2023 Ageing Not past 31– 90 90 – 180 180 – 365 >365 Total Gross carrying amount - - - - - - Expected loss rate 0.00 % 0.00 % 0.03 % 5.82 % 50.00 % Estimated total gross carrying amount at default 1,259,489 239,522 220,966 59,573 110,006 1,889,556 Lifetime ECL 0.01 0.10 73.16 3,641.53 54,116.20 57,831 As at March 31, 2022 Ageing Not past 31 – 90 90 – 180 180 – 365 >365 Total Gross carrying amount - - - - - - Expected loss rate Estimated total gross carrying amount at default - Lifetime ECL - Movement of allowance for trade receivables (USD) As at March 31, 2022 Acquired in business combination 190,549.00 Gain recognised/(reversed) during the year (120,544.00 ) Exchange gain 12,174.00 Amounts written off As at March 31, 2023 57,831.00 Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due. The Group manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as well as cash-outflows due in day-to-day business. Long-term liquidity needs for a 180-day and a 360-day lookout period are identified monthly. Management monitors rolling forecasts of the liquidity position and cash and cash equivalents based on expected cash flows. The Group considers the liquidity of the market in which the entity operates. Contractual Maturities of financial liabilities The tables below analyze the Group’s financial liabilities based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. As at March 31, 2023 Liability class Less than 1 – 2 years 2 – 3 years More than Total Borrowings $ 3,889,131 — — — $ 3,889,131 Trade payables 6,802,780 — — — 6,802,780 Other financial liabilities 1,715,060 — — — 1,715,060 Other current liabilities 2,452,190 2,452,190 Customer Acquisition Payable - - — — - Total $ 14,859,161 $ - $ — $ — $ 14,859,161 As at March 31, 2022 Liability class Less than 1 – 2 years 2 – 3 years More than Total Borrowings $ 1,038,155 — — — $ 1,038,155 Trade payables 941,162 — — — 941,162 Other financial liabilities 1,510,240 — — — 1,510,240 Other current liabilities 7,998,305 7,998,305 Customer Acquisition Payable 29,146,665 29,146,665 — — 58,293,330 Total $ 40,634,527 $ 29,146,665 $ — $ — $ 69,781,192 Interest rate risk The Group’s policy is to minimize interest rate cash flow risk exposures on long-term financing. As at March 31, 2023, the Group is exposed to changes in market interest rates through bank borrowings at variable interest rates. Other borrowings are at fixed interest rates. As such Group does not has any borrowings from outsiders except 0% Senior Convertible Notes which is short term in the nature. The other borrowings are from Directors who are also shareholders. The borrowings from them are short term in the nature interest free and repayable on demand. The Group’s policy is to minimize interest rate cash flow risk exposures on long-term financing. At 31 March 2022, the Group is exposed to changes in market interest rates through bank borrowings at variable interest rates. Other borrowings are at fixed interest rates. As such Group does not have any borrowings from outsiders except overdraft facility and 7 % Secured Promissory Notes which is short term in the nature. The other borrowings are from Directors who are also shareholders. The borrowings from them are short term in the nature interest free and repayable on demand. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 20 — FAIR VALUE MEASUREMENTS Financial assets and liabilities as at March 31, 2023 is as follows: The carrying amounts and fair values of financial instruments by class are as follows: As at March 31, 2023 Fair value Fair value (In USD) Financial Assets (i) Investments - (ii) Trade receivables 1,831,724 (iii) Others financial assets 2,529,576 Total 4,361,300 - - Financial Liabilities (i) Borrowings 3,899,316 (ii) Trade payables 6,802,780 (iii) Other financial liabilities 1,715,060 Total 8,517,840 - 3,899,316 Financial assets and liabilities as at March 31, 2022 is as follows: As at March 31, 2022 Fair value Fair value Amortised Financial Assets Trade receivable - Other receivables 50,939,090 Other financial assets 330 Total 50,939,420 - - Financial Liabilities (i) Borrowings - (ii) Trade payables 941,162 (iii) Other financial liabilities 1,510,240 Total 2,451,402 - - Fair value hierarchy Financial assets and financial liabilities measured at fair value on the balance sheet are categorized into the three levels of fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows: The different levels of fair value have been defined below: Level 1: Quoted prices for identical instruments in an active market; Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and Level 3: Inputs which are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a net asset value or valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. The share warrants liabilities which are included in other financial liabilities and disclosed at Note No. ___ are carried at fair value and are classified as Level 3 fair value measurements due to the use of significant inputs. There are no financial instruments for which Level 1 or Level 2 fair value measurements were applied. There were no share warrant liabilities as of March 31, 2023. Fair value of instruments measured at amortized cost Financial liabilities Carrying Fair value Borrowings $ 3,899,316.00 $ 3,899,316.00 Fair value of instruments measured at amortized cost Financial liabilities Carrying Fair value Borrowings $ 1,038,155 $ 1,038,155 Management assessed that fair value of cash and cash equivalents, trade receivables, security deposits, loan to related parties, other financial assets, short term borrowings, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: Long-term fixed-rate receivables are evaluated by the Group based on parameters such as interest rates, individual creditworthiness of the customer and other market risk factors. Based on this evaluation, allowances are considered for the expected credit losses of these receivables. The fair values of the Group’s fixed interest-bearing borrowings are determined by applying discounted cash flows (‘DCF’) method, using discount rate that reflects the issuer’s borrowing rate as at the end of the reporting period. All the other long-term borrowing facilities availed by the Company are variable rate facilities which are subject to changes in underlying Interest rate indices. Further, the credit spread on these facilities are subject to change with changes in Group’s creditworthiness. The management believes that the current rate of interest on these loans are in close approximation from market rates applicable to the Group. Therefore, the management estimates that the fair value of these borrowings are approximate to their respective carrying values. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 21 — RELATED PARTY TRANSACTIONS Names of related parties and related party relationships : 30 Related party disclosures A. Names of related parties and related party relationships i) Parties where control exists Subsidiaries Lytus Technologies Pvt. Ltd – Wholly owned DDC CATV Network Pvt. Ltd (deconsolidated on April 1, 2021) Globa Health Sciences, Inc (deconsolidated on March 1, 2023) Lytus Inc (acquired on January 1, 2023) Sri Sai Cable and Boradand Private Limited (acquired on April 1, 2022) B Key Management Personnel (KMP): Dharmesh Pandya Chief Executie Offier & Director Shreyas Shah Chief Financial Officer & Director Jagjit Singh Kohli Director (resigned on January 19. 2023) Robert M. Damante Independent Director Gurdial Singh Khandpur Independent Director (Resigned on June 14, 2022) Rajeev Kheror Independent Director (appointed on July 27, 2022) Dr. Sanjeiiv Geeta Chaudhary Independent Director (Removed on July 19, 2023) Palle Srinivas Director (related to Sri Sai) Palle Sunitha Director (related to Sri Sai) Pawan Singhal CFO – Lytus India C Enterprise over which KMP has significant influences Digicable Network (India) Limited Till June 19, 2019 Achalaa Comunication Networks Partner in the firm (related to Sri Sai) Ayyappa Digital Communications Partner in the firm (related to Sri Sai) Bhuvanagiri Digital Communications Partner in the firm (related to Sri Sai) Godavarikhani Digital Communications Partner in the firm (related to Sri Sai) Husnabad Digital Communications Partner in the firm (related to Sri Sai) Jammikunta Digital Communications Partner in the firm (related to Sri Sai) Marriguda Digital Communications Partner in the firm (related to Sri Sai) Sangareddy Digital Communications Partner in the firm (related to Sri Sai) Sircilla Digital Communications Partner in the firm (related to Sri Sai) Sri Sai Communications (KNR) Partner in the firm (related to Sri Sai) Sri Sai Digital Communications Partner in the firm (related to Sri Sai) SSC Kamareddy Communications Partner in the firm (related to Sri Sai) Thandpur Digital Communications Partner in the firm (related to Sri Sai) TS Communications Partner in the firm (related to Sri Sai) Vemulawada Digital Comunications Partner in the firm (related to Sri Sai) Gayathri Digital Communications Partner in the firm (related to Sri Sai) Sri Sai Communication & Internet Pvt Ltd Partner in the firm (related to Sri Sai) SSC Fiber Home Networks Pvt. Ltd Partner in the firm (related to Sri Sai) Achala Media Television Pvt Ltd Director (related to Sri Sai) Sri Sai Cable and Digital Networks Pvt Ltd Partner in the firm (related to Sri Sai) Kings Broadband Pvt Ltd Director (related to Sri Sai) Inygo Digital Networks Private Limited Director (related to Sri Sai) D Relatives of KMP: Palle Vikas Relative of KMP (related to Sri Sai) Palle Vivek Relative of KMP (related to Sri Sai) Nimish Pandya Relative of KMP (brother of Mr. Dharmesh Pandya) B. Transactions with Subsidiaries and Key Management Personnel: Subsidiaries KMP Significant influenc Relatives of KMP S. No. Particulars March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, 1 Transactions made during the year 2 Subscription income 107,322.00 - 3 Installation charges 125,071.00 - 4 Loan taken 3,853,017 * - 311.00 292,904.00 5 Loan write bck 10.00 6 Loan Repayment (19,000.00 ) (304,500.00 ) 7 Commisiio expenses 696,746.00 8 Bawith charges 25,245.00 9 Purchase of materails 5,111.00 12 Remuneration 95,644.00 - 20,507.00 - 13 Rent paid/ provided - 6,703.00 16 Interest on loans 218.00 Issue of Shares 2,501,000 * Investment in CCD of Subsidary 3,853,017 * 17 Investments in shares of subsidaries 2,501,000 * - 18 Reimursement of expenss 31,155.00 - 19 Loans and Advances given 3,853,017 * - 97,355.00 - 1 Trade receivable 352,424.00 2 Trade payable 3,555.00 - 2,712,683.00 2,953,720.00 3 Outstanding loan payable 3,853,017 * 544,851.00 38,155.00 - 4 Outstanding loan receivable 3,853,017 * 35,598.00 - 95,443.00 7 Outstanding receivable 214,458.00 214,458.00 1,083,034.00 - 9 IPO amount with Lytus Inc Receivable 118,728 IPO amount of Lytus BVI Payable 118,728 Transactions in consolidated financials eliminated as inter company transactions Compensation and benefits to Key Management Personnel would commence upon confirmation by independent compensation committee. The compensation committee is expected to be held in August 30, 2023. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2023 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | NOTE 22 — SEGMENT INFORMATION The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Based on the management approach as defined in IFRS 8, the Chief Operating Decision Maker evaluates the Group’s performance based on two segments i.e. Cable Services and Telemedicine Services. The Group has only two reportable segments: a. Cable Business b. Telemedicine Services A. Information about Primary Segments (In USD) Cable business Telemedicine Services Total Particulars For the For the For the For the For the For the Revenue Extrenal revenue 19,008,184 — — 50,630 19,008,184 50,630 Other income 385,145 14,392,821 — 159,712 385,145 14,552,533 Intersegment revenue Total 19,393,329 14,392,821 — 210,342 19,393,329 14,603,163 Segment result 3,615,219 3,754,916 — (51,868 ) 3,615,219 3,703,048 Unallocated corporate expenses — — — — (2,964,942 ) (3,122,485 ) Less: Interest and finance charges (1,612,180 ) (2,156,651 ) — — (1,612,180 ) (2,156,651 ) Less: Loss on deconsolidation of subsidary — — — — (192,776 ) — Add : Interest income 19,123 — — — 19,123 — Add: Unallocated exceptional items gain/ (loss) — — — — — — Add: Unallocated other income — — — — 22,766 1,753,000 Profit from continuing operations 2,022,162 1,598,265 — (51,868 ) (1,112,790 ) 176,911 Profit from discontinuing operations — — — — — — Profit for the year 2,022,162 1,598,265 — (51,868 ) (1,112,790 ) 176,911 Cable business Telemedicine services Total Other Information For the For the For the For the For the For the Segment assets 13,283,246 86,291,186 236,109 236,109 13,519,355 86,527,295 Unallocated corporate assets — — — — 13,427,986 301,622 Total assets 13,283,246 86,291,186 236,109 236,109 26,947,341 86,828,917 Segment liabilities 10,643,047 72,523,353 — — 10,643,047 72,523,353 Unallocated corporate liabilities — — — 5,465,357 2,096,790 Total liabilities 10,643,047 72,523,353 — — 16,108,404 74,620,143 Cable business Telemedicine Services Total For the For the For the For the For the For the Capital expenditure on: Tangible assets 11,074,810 — — — 11,074,810 — Intangible assets 1,087,490 59,227,749 — 228,500 1,087,490 59,456,249 Depreciation expense* 680,013 — — — 680,013 — Amortisation expense* 16,211 11,894,518 — — 16,211 11,894,518 * Note: Excluding unallocated depreciation and amortisation. B. Additional information by geographies a) Revenue as per Geographical Markets: Domestic Overseas Segment For the For the For the For the Cable business 19,393,329 14,392,091 — — Telemedicine Services — 210,342 — — Total 19,393,329 14,602,433 — — b) Long Lived Assets (non-current assets) as per geographical markets: Domestic Overseas Segment For the For the For the For the Cable business 20,456,032 35,197,591 — — Telemedicine Services — 228,500 — — Unallocated — — — — Total 20,456,032 35,426,091 — — c) Revenue as per Customers (more than 10% of revenue): Domestic Overseas Segment For the For the For the For the Cable business — 14,392,091 — — Telemedicine Services — — — — Total — 14,392,091 — — |
Modification of Earlier Arrange
Modification of Earlier Arrangement and Acquisition of Sri Sai | 12 Months Ended |
Mar. 31, 2023 | |
Modification of Earlier Arrangement and Acquisition of Sri Sai [Abstract] | |
MODIFICATION OF EARLIER ARRANGEMENT AND ACQUISITION OF SRI SAI | NOTE 23 — MODIFICATION OF EARLIER ARRANGEMENT AND ACQUISITION OF SRI SAI The Company has acquired 51% of Sri Sai, as part of the earlier arrangement and has correspondingly modified its earlier arrangement with the erstwhile partner, in terms of the residuary transaction. Based on the consultation with the accounting expert and the legal counsel, the Board has concluded that the effective date for acquisition of Sri Sai and the modification effects of the earlier arrangement would take place on April 1, 2022. A modification in contract is regarded as a revision to the existing contract: ● The management discussed the terms and conditions of the new arrangement, (a) that is in continuation of the earlier arrangement, and (b) that has arisen on account of new circumstances, new conditions or new events that differ in substance from those previously occurring. ● The modification in contract (a) is with the same erstwhile partner, (b) is part of the same arrangement (future subscriber base), (c) adjusts the consideration already paid in the earlier arrangement and (d) the erstwhile partner was instrumental in the acquisition of Sri Sai. The relevant facts and the agreements are provided as under: ● On December 6, 2019, the Company purchased the right to subscriber’s connection (present and future) along with the revenue entitlement rights, for a consideration of $59 million from Reachnet (the erstwhile partner). The implementation of the operational system and operational activity were still pending. ● On July 27, 2022, the Board discussed the independent reviewer report. The independent reviewer observed that the current network requires significant additional investment to maintain and grow the cable subscribers, to match Lytus’s business plan, approximately $18 million to upgrade the infrastructure assets and $4 million to maintain at optimum levels, as per the engineer’s opinion on technology readiness report. The additional investment of $22 million in addition to the initial commitment of $59 million, would make the project unviable and there it was decided by the Board to modify the arrangement. ● The Board reviewed the modification plan as submitted by the management. On January 17, 2023, our Board approved the Modification Agreement that was signed and executed on December 11, 2022, with the erstwhile partner. The initial term was to acquire subscribers’ connection (present as well as future subscribers’ connections) from the erstwhile partner, whereas under the modified term, the Company would now acquire only the future subscriber’s connection from the erstwhile partner for a consideration of $10 million. ● Accordingly, the Board approved the Deed of Assignment, executed on December 12, 2022, in respect of investment in Sri Sai, that originally was with the erstwhile partner, based on the earlier Memorandum of Understanding dated April 1, 2022 and the Agreement to Invest in Sri Sai dated August 11, 2022. Both these agreements were linked to the Company’s Agreement to Acquire Customers and it was agreed between the then parties (Sellers of Sri Sai and the erstwhile partner) that the subscriber base of Sri Sai when acquired would be for the benefit of Lytus as required under the original Agreement to Acquire Customers dated December 6, 2019. ● On March 7, 2023, the Board of Sri Sai approved the Deed of Assignment and executed the Share Purchase Agreement dated March 27, 2023 for the acquisition of 51% equity share of Sri Sai for a consideration of $10 million. Due to regulatory requirements 3 ● Our Board has observed the significant advantage from the above modification with the erstwhile partner, assignment of rights from the erstwhile partner and the last step of acquisition of Sri Sai business. O We have extended the original Agreement to Acquire Customers, to acquire nearly 1 million subscribers, with greater control on operational matters. This acquisition of nearly 1 million subscribers would be acquired through the acquisition of the controlling stake in Sri Sai, upon executing in our favor the Deed of Assignment with the erstwhile partner and the Share Purchase Agreement with the sellers of Sri Sai. O The Company’s earlier commitment and liability to pay $58.3 million to the erstwhile partner is now modified and suspended. Presently, the Company’s commitment and liability to pay Sri Sai is $7.5 million. O The Company’s accounting policy under earlier arrangement had “other income” for the period ended March 31, 2022. Presently, the Company’s accounting policy under modified arrangement has “Revenue from Contract with Customers” for the year ended March 31, 2023. 3 The foreign exchange regulatory policy on foreign direct investment provides that an overseas entity can purchase 100% of the equity of a cable company under automatic route, however, “Government approval will be required if infusion of fresh foreign investment beyond 49% in a company not seeking license or permission from sectoral ministry, resulting in change in the ownership pattern or transfer of stake by existing investor to new foreign investor”. The restriction is also applicable to downstream investments (investment by Indian company utilising Foreign Direct Investments received from an overseas entity). The shares are reserved with the Indian resident lawyer in a fiduciary capacity until the regulatory approvals are obtained or the matter is clarified. O The Company has greater control of the business affairs of the Sri Sai business. Earlier, the Company had control over the subscribers and its revenue entitlement rights only. O The acquisition of the Sri Sai business includes IPTV business. It has higher technology readiness in integration with the Lytus platform services. It is to be noted that Lytus India would directly bill subscribers for any services through Lytus platform. ● As per IFRS 10.20, a parent shall consolidate financial statements of an investee from the date the investor obtains or gains control of the investee. Upon advice received from the accounting and legal consultant, our Board has determined the effective modification date and the effective acquisition date would be April 1, 2022. On date April 1, 2022, the Company is stated to have obtained control of the business affairs of Sri Sai, by controlling the Board and the management activities of Sri Sai, with the non-binding purpose and object to acquire Sri Sai at a subsequent date. On 27 March 2023, through multiple agreements between the Company, the erstwhile partner and the sellers of Sri Sai, the Company acquired 51% equity shares of Sri Sai. The Company obtained control of the business affairs of Sri Sai on April 1, 2022. Hence, the effective date of acquisition shall be determined to be April 1, 2022. The erstwhile partner has mandated the modification of the terms should be on April 1, 2022. Hence, the effective date of modification shall be determined to be April 1, 2022 The adoption of new accounting policy does not constitute a change in accounting policy but an application of the accounting policy to changing facts, circumstances and conditions that differ in substance from those previously occurring. The summarized financial statements as of March 31, 2023 and March 31, 2022, applying the new accounting policy to the contract modification prospectively. Extract from Financial Statements As at Adjustments As at As at 2023 Assets items Non-current assets Intangible (Customer Acquisition, net of amortisation) 35,186,496 (35,186,496 ) - - Deferred tax assets 537,915 (537,915 ) - - Current assets Other receivables 50,939,090 (50,939,090 ) - - Total of assets 86,663,501 (86,663,501 ) - - Liabilities Items Non-current liabilities Customer Acquisition List Payable, net of current portion (29,146,665 ) - - Less: Part Payment made towards Customer Acquisition (395,209 ) - - Net of payments (28,751,456 ) 28,751,456 - - Deferred tax liability (2,297,717 ) 2,297,717 Current liabilities Other financial liabilities Interest on tax payable (845,791 ) 845,791 Other current liabilities: CSR expenses payable (206,619 ) - - Statutory liabilities (7,790,691 ) 7,997,310 - - Customer acquisition payable (29,146,665 ) 29,146,665 Current tax liability (3,305,308 ) 3,305,308 Total of liabilities (72,344,247 ) 72,344,247 - - Net balances adjusted (14,319,254 ) - - Retained earnings (refer to Consolidated Statement of Changes in Equity)) 12,148,403 (14,319,254 ) (2,170,851 ) 4,518,954 |
Acquisition of Sri Sai Cable an
Acquisition of Sri Sai Cable and Broadband Private Limieted | 12 Months Ended |
Mar. 31, 2023 | |
Acquisition of Sri Sai Cable and Broadband Private Limieted [Abstract] | |
Acquisition of Sri Sai Cable and Broadband Private Limieted | NOTE 23B — ACQUISITION OF SRI SAI CABLE AND BROADBAND PRIVATE LIMIETED The Group has acquired 51% of Sri Sai (Refer Note 23A), as part of the earlier arrangement and has correspondingly modified its earlier arrangement with the erstwhile partner, in terms of the residuary transaction. Based on the consultation with the accounting expert and the legal counsel, the Board has concluded that the effective date for acquisition of Sri Sai and the modification effects of the earlier arrangement would take place on April 1, 2022. On March 7, 2023, the Board of Sri Sai approved the Deed of Assignment and executed the Share Purchase Agreement dated March 27, 2023 for the acquisition of 51% equity share of Sri Sai for a consideration of $10 million. Due to regulatory requirements, the Group has directly acquired 49% and has, in a fiduciary capacity, reserved 2% equity shares of Sri Sai with Mr. Nimish Pandya, an Indian resident from regulatory perspective and brother of Dharmesh Pandya. The control that the company has obtained and gained remains unaffected. The Group assumed control in Sri Sai from 1 April 2022 (Refer Note 23). The purchase costs paid under the terms of the executed agreements. Calculation of Goodwill upon Acquisition (USD) Consideration transferred $ 2,500,000 Add: Non-controlling interest – 49% 1,768,961 Less: Sri Sai Net Assets 3,610,124 Goodwill $ 658,837 With this acquisition, the Group expects to increase its market share in India in Media and Internet Services market. Details of the business combination are as follows: INR INR (USD) Amount settled in cash 200,000,000 $ 2,500,000 Proportionate value of Non-controlling interest in Sri Sai 134,297,885 1,768,961 Total 334,297,885 4,268,961 Recognized amounts of identifiable net assets: Property and equipment 85,157,452 Intangible assets 28,423 Deposits 2,904,765 Non-current loans and advances 4,520,003 Trade and other receivables 29,388,105 Cash and cash equivalents 3,056,613 Deferred tax assets 3,976,181 Other current assets 8,065,917 Borrowings (123,204,097 ) Other liabilities (765,860 ) Trade and other payables 19,536,399 ) Net identifiable assets and liabilities 274,077,316 3,610,124 Goodwill 60,220,569 $ 658,837 Non-controlling interest in Sri Sai The non-controlling interest in Sri Sai is measured at the proportionate value of net assets at the acquisition date. Goodwill Goodwill recognized on the acquisition relates to the expected growth, cost synergies and the value of Sri Sai’s workforce which cannot be separately recognized as an intangible asset. This goodwill has been allocated to the Group’s wholesale segment and is not expected to be deductible for tax purposes. Changes in Goodwill (Gross Carrying Amount) (USD) Balance at 31 March 2022 $ — Acquired through business combination 658,837 Net exchange differences 73,945 Balance at 31 March 2023 $ 732,782 Sri Sai has contributed to the Group’s revenues by $ 19,008,182 and profit by 1,908,260, since acquisition. The Company has also agreed to infuse capital investment of $7.5 mn, by subscribing to Compulsorily Convertible Debentures issued by Sri Sai. The amount would be utilized for expansion of the Sri Sai business and for development of IPTV business. |
Deconsolidation of Subsidiary
Deconsolidation of Subsidiary | 12 Months Ended |
Mar. 31, 2023 | |
Deconsolidation of Subsidiary [Abstract] | |
DECONSOLIDATION OF SUBSIDIARY | NOTE 24 — DECONSOLIDATION OF SUBSIDIARY The consolidated financial statements have been prepared based on the books and records maintained by the Group. However, due to non-alignment of the management with respect to the business plan and strategy, due to non-transfer of shares of GHSI (the “Deconsolidated Subsidiary”), the directors of the Company had been unable to obtain control of the business affairs of the Deconsolidated Subsidiary and resolved that the Group no longer had the controlling power to govern the financial and operating policies of the Deconsolidated Subsidiary so as to benefit from their activities, and accordingly the control over the Deconsolidated Subsidiary was deemed to have lost since March 1, 2023. Loss attributable to the Company on deconsolidation of a Subsidiary: Calculation of resulting gain or loss in profit or loss attributable to parent in a consolidated accountsof Lytus BVI Fair Value Consideration receivable/received - Less ; Lytus BVI (Groups) share of net assets at disposal GHSI share capital at disposal 162,000.00 Add : Retained earnings at disposal date 3,701.00 Total of Net assets at disposal 165,701.00 Group Share - 75% 124,276.00 Less Goodwill at acquisition date 68,500.00 Total Loss on deconsolidation date (192,776.00 ) Due to above reasons, the Board has been unable to access control of the business affairs of the Deconsolidated Subsidiary even though the Board has taken all reasonable steps and has used its best endeavors to resolve the matter. The Board is of the view that the Group does not have the records to prepare accurate and complete financial statements for Deconsolidated Subsidiary for the financial year ended March 31, 2023. Given these circumstances, the Directors have not consolidated the financial statements of the Deconsolidated Subsidiary in the consolidated financial statements of the Company for the year ended March 31, 2023. As such, the results of the Deconsolidated Subsidiary for the year ended March 31, 2023, and the assets and liabilities of the Deconsolidated Subsidiary as of March 31, 2023, have not been included into the consolidated financial statements of the Group. Considering above the liability of $ 730,000 payable to the GHSI is no longer required to be settled. Therefore, the Company has reversed this commitment in the consolidated statements of profit & loss account. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 25 — SUBSEQUENT EVENTS Management has evaluated subsequent events to determine if events or transactions occurring through, except for the disclosures related to subsequent events described below, as to which the date is September 27, 2022, the dates the financial statements were available for issuance, require potential adjustment to or disclosure in the financial statement and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed. On November 9, 2022, we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with a certain accredited investor as purchaser (the “Investor”). Pursuant to the Securities Purchase Agreement, we sold, and the Investor purchased, $3,333,333.33 in principal amount of unsecured senior convertible notes (the “Convertible Notes”) and warrants (the “Warrants”). Out of the above Common Shares Conversion, the following Principle has been converted to common shares as under: Date of conversion Principle amount converted No. of Common Shares issued June 23, 2023 22,445 50,000 July 20, 2023 383,300 1,000,000 July 20, 2023 383,300 1,000,000 July 28, 2023 181,050 500,000 On July 19, 2023, the Board of Directors (the “ Board Company Secured Business Loan: On July 14, 2023, the Company has obtained secured loan of $350,000, by pledging shares held by Dharmesh Pandya of 1,500,000, with Vstock Transfer LLC as Escrow Agent on August 7, 2023. The total repayment amount is $472,500 (including interest expense of $122,500). The repayment term is $19,687.50 weekly (average monthly payment of $78,750). On July 24, 2023, the Board unanimously resolved to issue common shares to independent directors and to provide for a pool of 30,000,000 shares for key employees and acquisition partners. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Lytus Technologies Holdings PTV. Ltd. (Reg. No. 2033207) (“Lytus Tech” or the “Company”) was incorporated on March 16, 2020 (date of inception) under the laws of the British Virgin Islands (BVI). On March 19, 2020, Lytus Tech acquired a wholly owned subsidiary in India, Lytus Technologies Private Limited (CIN U22100MH2008PTC182085) (“Lytus India”), on April 1, 2022, it acquired a majority shareholding (51%) in an Indian company, Sri Sai cable and Broadband Private Limited (CIN U74999TG2018PTC124509) (“Sri Sai” or “SSC”) and on January 1, 2023, it acquired a wholly owned subsidiary in United States, Lytus Technologies Inc 3 The Company’s registered office is at 116 Main Street, P.O. Box 3342, Road Town, Tortola British Virgin Islands. The consolidated financial statements comprise financial statements of the Company and its subsidiaries (together referred to as “the Group”). On June 17, 2022, the Company consummated its initial public offering (“IPO”) on NASDAQ Capital Markets. The Company has listed common shares on the NASDAQ Capital Market under the trading symbol “LYT”. The Company has raised gross proceeds of $12.40 million from initial public offering of 2,609,474 shares at $4.75 per common shares and has raised gross proceeds of $1.86 million from overallotment of 391,421 shares at $4.75 per common shares. |
Basis of preparation | Basis of preparation The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB). The accounting policies used for the preparation of these consolidated financial statements are based upon the application of IFRS 1.D17, which results in assets and liabilities being measured at the same carrying amount as in the standalone financial statements of subsidiaries for the year ended March 31, 2023 and for the year ended March 31, 2022 after adjusting for consolidation and equity accounting adjustments and for the effects of the business combination in which the entity acquired the subsidiary. The functional and reporting currency of the Company and Group is “INR” and “USD”, respectively and all amounts, are rounded with two decimals, unless otherwise stated. The consolidated financial statements have been prepared under the historical cost convention. |
Basis of Consolidation | Basis of Consolidation The subsidiaries considered in the preparation of these consolidated financial statements are: % Shareholding and Name of Subsidiary Country of As of As of Lytus Technologies Private Limited India 100 % 100 % Sri Sai Cable and Broadband Private Limited India 51 % — Lytus Technologies Inc. United States 100 % — DDC CATV Network Private Limited (Deconsolidated on April 1, 2021) India — — Global Health Sciences, Inc. (Deconsolidated on March 1, 2023) (Refer to Note 24) United States — 75 % These consolidated financial statements are prepared in accordance with IFRS 10 “Consolidated Financial Statements”. Subsidiaries are entities controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the relevant activities that affect the Company’s returns and exposure or rights to variable returns from the entity. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, and continue to be consolidated until the date that such control ceases. The consolidated financial statements of the Company and its subsidiaries are combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses. Intra-group balances and transactions and any unrealized profits or losses arising from intra group transaction, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Non-controlling interests (NCI) in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Non-controlling interests consist of the amount of those interests at the date of the acquisition and the non-controlling shareholders’ share of changes in equity since the date of the acquisition. |
Critical accounting estimates | Critical accounting estimates The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2. New, revised or amended Accounting Standards and Interpretations adopted for the year ended March 31, 2023. New, revised or amended Accounting Standards and Interpretations not yet Adopted The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective. ● Amendments to IAS 1 Classification of Liabilities ● Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies ● Amendments to IAS 8 Definition of Accounting Estimates ● Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction IAS 1 – Classification of Liabilities The IASB has issued ‘Classification of Liabilities as Current or Non-current (Amendments to IAS 1)’ providing a more general approach to the classification of liabilities under IAS 1 based on the contractual agreements in place at the reporting date. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and are to be applied retrospectively with application permitted. The Group does not expect the amendments to have any significant impact on its presentation of liabilities in its statement of financial position. IAS 1 – Disclosure of Accounting Policies In February 2021, IASB issued ‘Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)’ which is intended to help entities in deciding which accounting policies to disclose in their financial statements. The amendments to IAS 1 require entities to disclose their material accounting policies rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The Group does not expect this amendment to have any significant impact in its financial statements. IAS 8 – Definition of Accounting Estimates In February 2021, IASB issued ‘Definition of Accounting Estimates (Amendments to IAS 8)’ to help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The Group does not expect this amendment to have any significant impact in its financial statements. IAS 12 – Income Taxes In May 2021, IASB issued ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12), which clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The Group does not expect this amendment to have any significant impact in its financial statements. The IASB has issued the amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. The effective date of the amendments has yet to be set by the Board. The Group does not expect the amendment to have any impact on its consolidated financial statements. Amendments to IAS 16 for the proceeds before intended use. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use. The amendments are effective for annual periods beginning on or after 1 January 2022. The Group does not expect the amendment to have any impact on its consolidated financial statements. |
Current and non-current classification | Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realized or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle. |
Basis of Deconsolidation | Basis of Deconsolidation When events or transactions results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in the consolidated statements of comprehensive income within “other comprehensive income” in respect of that entity are also reclassified to the consolidated statements of comprehensive income or transferred directly to retained earnings if required by a specific Standard. Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in the consolidated statements of comprehensive income. |
Functional and presentation currency | Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of India (INR) which is the primary economic environment in which the Company operates (‘the functional currency’). The financial statements are presented in United States dollars. |
Transactions and balances | Transactions and balances Foreign currency transactions are translated into the presentation currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as of fair value through other comprehensive income are recognized in other comprehensive income. The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing exchange rates at the reporting date; (ii) income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and (iii) all resulting currency translation differences are recognised in the consolidated statements of profit or loss and other comprehensive income within “other comprehensive income” and accumulated in translation reserve. These currency translation differences are reclassified to the consolidated statements of profit or loss and other comprehensive income on disposal or partial disposal with loss of control of the foreign operation. Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign subsidiaries and translated at the closing rates at the reporting date. |
Financial Instruments | Financial Instruments Financial Assets Classification The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments: Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the statement of profit or loss. FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Group right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Impairment The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. |
Financial Liabilities | Financial Liabilities Initial Recognition and Measurement All financial liabilities are recognized initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group financial liabilities include trade and other payables, loans, and borrowings including bank overdrafts and derivative financial instruments. Subsequent measurement Financial liabilities at amortized cost: After initial measurement, such financial liabilities are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance costs in the Statement of Profit and Loss. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Profit and Loss over the period of the borrowings using the EIR method. Trade and Other Payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the period which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. Financial Guarantee Obligations The fair value of financial guarantees is determined as the present value of the difference in net cash flows between the contractual payments under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations. Where guarantees in relation to loans or other payables of subsidiaries, joint ventures or associates are provided for no compensation, the fair values as of the date of transition are accounted for as contributions and recognized as part of the cost of the equity investment. Share Warrant Liability The share warrants can be accounted as either equity instruments, derivative liabilities, or liabilities in accordance with IAS 32 - Financial Instruments: Disclosure and Presentation, depending on the specific terms of the warrant agreement. Share warrants are accounted for as a derivative in accordance with IFRS 9 – Financial Instruments if the share warrants contain terms that could potentially require “net cash settlement” and therefore, do not meet the scope exception for treatment as a derivative. Share Warrant instruments that could potentially require “net cash settlement” in the absence of express language precluding such settlement are initially classified as financial liabilities at their fair values, regardless of the likelihood that such instruments will ever be settled in cash. The Company will continue to classify the fair value of the warrants that contain “net cash settlement” as a liability until the share warrants are exercised, expire or are amended in a way that would no longer require these warrants to be classified as a liability. The outstanding warrants are recognized as a warrant liability on the balance sheet and measured at their inceptions date fair value and subsequently re-measured at each reporting period with change being recognised in the consolidated statements of profit or loss and other comprehensive income. |
Derecognition | Derecognition Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Financial Liability The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. |
Income tax | Income tax The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognized for prior periods, where applicable. Deferred tax assets and liabilities are recognized for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. As of March 31, 2023 and March 31, 2022, the Group had no significant uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The Group recognizes interest and penalties related to significant uncertain income tax positions in other expense. There were no such interest and penalties incurred for the period ended March 31, 2023 and for the year ended March 31, 2022. Under section 115-O of the Indian Income Tax Act, 1961, distribution of dividends, paid by Indian company until March 31, 2020 is subject to dividend distribution tax (DDT) at an effective rate of 20.56% (inclusive of the applicable surcharge of 12% and health and education cess of 4%). Repatriation of dividend will not require Reserve Bank of India approval, subject to compliance and certain other conditions met per the Indian Income Tax Act, 1961. The said provisions of Section 115-O shall not be applicable if the dividend is distributed on or after April 1, 2020. From April 1, 2020, the dividend distributed would now be taxable in the hands of the investors, the domestic companies shall not be liable to pay DDT. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
Property and Equipment | Property and Equipment Property and Equipment assets are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the Statement of Profit or Loss during the reporting period in which they are incurred. Capital work in progress (CWIP) includes cost of property and equipment under installation/under development, as of balance sheet date. All project related expenditures related to civil works, machinery under erection, construction and erection materials, preoperative expenditure incidental/attributable to the construction of projects, borrowing cost incurred prior to the date of commercial operations and trial run expenditure are shown under CWIP. Property and Equipment are derecognized from the financial statements, either on disposal or when retired from active use. Gains and losses on disposal or retirement of Property and Equipment are determined by comparing proceeds with carrying amount. These are recognized in the Statement of Profit or Loss. |
Depreciation methods, estimated useful lives and residual value | Depreciation methods, estimated useful lives and residual value Depreciation is calculated to write off the cost of items of property and equipment less their estimated residual values using the written down method over their estimated useful lives and is generally recognized in profit or loss. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives of property and equipment for current and comparative periods are as follows: Buildings 40 years Property and equipment 3-15 years Fixtures and fittings 5-10 years Office equipments 5-10 years Plant and Machinery 5-10 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Fair value measurement | Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. |
Subsequent expenditure | Subsequent expenditure Subsequent expenditure relating to property, plant and equipment is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in the consolidated statements of profit or loss and other comprehensive income when incurred. |
Disposal | Disposal On disposal of an item of property, plant and equipment, the difference between the disposal proceeds and its carrying amount is recognised in the consolidated statements of profit or loss and other comprehensive income. |
Intangible Assets | Intangible Assets Separately purchased intangible assets are initially measured at cost. Intangible assets acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are amortized on a written down basis over the period of their expected useful lives. Estimated useful lives by major class of finite-life intangible assets are as follow: Customers acquisition 5 Years Trademark/Copy rights 5 Years Computer Software 5 Years Commercial Rights 5-10 years The amortization period and the amortization method for definite life intangible assets is reviewed annually. For indefinite life intangible assets, the assessment of indefinite life is reviewed annually to determine whether it continues, if not, it is impaired or changed prospectively basis revised estimates. Goodwill on acquisitions of subsidiaries represents the excess of (i) the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over (ii) the fair value of the identifiable net assets acquired. Goodwill on subsidiaries is recognised separately as intangible assets and carried at cost less accumulated impairment losses. These assets are not amortized but are tested for impairment annually. Gains and losses on the disposal of subsidiaries include the carrying amount of goodwill relating to the entity sold. IAS 38 requires an entity to recognize an intangible asset, whether purchased or self-created (at cost) if, and only if: [IAS 38.21] a. it is probable that the future economic benefits that are attributable to the asset will flow to the entity; and b. the cost of the asset can be measured reliably. The probability of future economic benefits must be based on reasonable and supportable assumptions about conditions that will exist over the life of the asset. [IAS 38.22] The probability recognition criterion is always considered to be satisfied for intangible assets that are acquired separately or in a business combination. [IAS 38.33] Para 25 of IAS 38 provides that the price an entity pays to acquire separately an intangible asset will reflect expectations about the probability that the expected future economic benefits embodied in the asset will flow to the entity. In other words, the entity expects there to be an inflow of economic benefits, even if there is uncertainty about the timing or the amount of the inflow. Therefore, the probability recognition criteria in Para 21(a) is always considered to be satisfied for separately acquired intangible assets. Para 26 of IAS 38 provides that the costs of a separately acquired intangible asset can usually be measured reliably. This is particularly so when the purchase consideration is in the form of cash or other monetary assets. Development costs mainly relate to developed computer software programmes. Such computer software programmes that do not form an integral part of other related hardware is treated as an intangible asset. Development costs that are directly associated with development and acquisition of computer software programmes by the Group are capitalised as intangible assets when the following criteria are met: ● it is technically feasible to complete the computer software programme so that it will be available for use; ● management intends to complete the computer software programme and use or sell it; ● there is an ability to use or sell the computer software programme; ● it can be demonstrated how the computer software programme will generate probable future economic benefits; ● adequate technical, financial and other resources to complete the development and to use or sell the computer software programme are available; and ● the expenditure attributable to the computer software programme during its development can be reliably measured. Direct costs include salaries and benefits for employees on engineering and technical teams who are responsible for building new computer software programmes. Expenditure that enhances or extends the performance of computer software programmes beyond their original specifications and which can be reliably measured is added to the original cost of the software. Costs associated with maintaining computer software programmes are recognised as an expense when incurred. Completed development costs in progress are reclassified to internally developed intangible assets. These internally developed intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of profit or loss and other comprehensive income using a straight-line method over their estimated useful lives. Development cost in progress is not amortised. |
Revenue | Revenue Revenue is recognized based on the transfer of services to a customer for an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is measured at the fair value of consideration received or receivable taking into account the amount of discounts, rebates, outgoing taxes on sales. To determine whether to recognize revenue, the Group follows a 5-step process: 1. Identifying the contract with a customer 2. Identifying the performance obligations 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations 5. Recognizing revenue when/as performance obligation(s) are satisfied Further information about each source of revenue from contracts with customers and the criteria for recognition follows. Subscription revenues Subscription income includes subscription from subscribers. Revenue is recognized upon completion of services based on underlying subscription plan or agreements with the subscribers. Invoice for subscription revenue is raised on a monthly basis. These services are consumed by the client and their members in accordance with the service programs selected by the client included in the client services agreements. Client service agreements are renewed on an annual bass and can be terminated based upon terms specified in the agreements. Carriage/Placement/Marketing Incentive revenues Carriage/Placement/Marketing Incentive fees are recognized upon completion of services based on agreements with the broadcasters. Advertising revenues Advertisement income is recognized when relevant advertisements are telecasted. Telemedicine revenues Telemedicine revenue is derived from monthly invoiced services fees that are recognized as services that are rendered and earned under agreements with clients. Clients are business entities, such as physicians offices, medical care groups, hospitals and other healthcare institutions that have contracted with us to offer telemedicine services to their covered lives. Clients are our customers and the patients of these clients who are enrolled in the telemedicine services programs are referred to as members. We provide services to assist care providers to improve member health results and reduce healthcare costs by providing an overall health management solution through the integration of our devices, supplies, access to our web-based platform, electronic data records, and clinical services. For the most part services costs to the client are primarily fees for services rendered to each member on a per month basis for each eligible and active member based upon accessibility and usage of services by each client and member. These services are consumed by the client and their members in accordance with the service programs selected by the client included in the client services agreements. Client service agreements are renewable on an annual basis and can be terminated based upon terms specified in the agreements. Goods and Service Tax on all income The Company collects Goods and Service Tax (GST) on behalf of the government and, therefore, it is not an economic benefit flowing to the Company. Hence, it is excluded from revenue. |
Cost recognition | Cost recognition Costs and expenses are recognized when incurred and have been classified according to their primary functions in the following categories: Cost of revenue Cost of revenue consists primarily of cost of materials consumed, broadcaster/subscription fees and leaseline charges. Costs of revenue are recognized when incurred and have been classified according to their primary function. Other operating expenses Other operating expenses consist primarily of general and administrative expenses like electricity, software running expenses, repairs and maintenance, travelling expenses etc. |
Borrowing Costs | Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. |
Provisions | Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as finance cost. |
Deferred Offering Costs | Deferred Offering Costs Deferred Offering Costs consists of legal, accounting, underwriter’s fees, and other costs incurred through the balance date that are directly related to the proposed Initial Public Offering (IPO) and that would be charged to stockholder equity upon completion of the proposed IPO. Should the proposed IPO prove unsuccessful, deferred costs and additional expenses to be incurred would be charged to operations. As of March 31, 2023 and March 31, 2022, the Company had deferred offering costs of $0 and $34,164, respectively. |
Issued Capital | Issued Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Dividends | Dividends Dividend distributions to the Group’s shareholders are recognized as a liability in the financial statements in the period in which the dividends are approved. |
Earnings per share | Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the controlling interest, excluding any costs of servicing equity other than common shares, by the weighted average number of common shares outstanding during the financial year, adjusted for bonus elements in common shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential common shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential common shares. |
Trade and other receivable | Trade and other receivable Assessment as to whether the trade receivables: When measuring Expected Credit Loss (ECL) of receivables the Group uses reasonable and supportable information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions. The payment protocols with respect to the Telecast and OTT services are very closely regulated by the Ministry of Telecommunications along with other departments of the Government of India. The payment gateways reporting protocols for the cable industry are very robust, with most of the transactional interactions with the customers in this industry being subject to independent audits by the government. Payments processed online by customers electronically are reported promptly. |
Segment Reporting | Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the executive committee whose members are responsible for allocating resources and assessing performance of the operating segments. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Nature of operations and summary of significant accounting and reporting Policies [Abstract] | |
Schedule of Consolidated Financial Statements | The subsidiaries considered in the preparation of these consolidated financial statements are: % Shareholding and Name of Subsidiary Country of As of As of Lytus Technologies Private Limited India 100 % 100 % Sri Sai Cable and Broadband Private Limited India 51 % — Lytus Technologies Inc. United States 100 % — DDC CATV Network Private Limited (Deconsolidated on April 1, 2021) India — — Global Health Sciences, Inc. (Deconsolidated on March 1, 2023) (Refer to Note 24) United States — 75 % |
Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods | The estimated useful lives of property and equipment for current and comparative periods are as follows: Buildings 40 years Property and equipment 3-15 years Fixtures and fittings 5-10 years Office equipments 5-10 years Plant and Machinery 5-10 years |
Schedule of Estimated Useful Lives by Major Class of Finite-Life Intangible Assets | The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are amortized on a written down basis over the period of their expected useful lives. Estimated useful lives by major class of finite-life intangible assets are as follow: Customers acquisition 5 Years Trademark/Copy rights 5 Years Computer Software 5 Years Commercial Rights 5-10 years |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customers [Abstract] | |
Schedule of Revenue from Contract with Customers | Revenue from contract with customers consist of the following for the year ended March 31, 2023 and for the year ended March 31, 2022: Disaggregated revenue information For the For the (US$) (US$) Types of services: Subscription Income $ 13,930,887 $ - Carriage/Placement fees 3,406,204 - Advertisement Income 1,413,553 - Telemedicine service charges - 50,630 Activation Installation Fees 257,540 - Total Revenue from customers $ 19,008,184 $ 50,630 Timing of revenue recognition Product transferred at point in time — — Services transferred over time $ 19,008,184 $ 50,630 Total $ 19,008,184 $ 50,630 |
Schedule of Information about Receivables, Contract Assets and Contract Liabilities | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.: As of As of (US$) (US$) Receivables, which are included in ‘trade receivables $ 1,831,724 $ — |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Income [Abstract] | |
Schedule of Other Income | Other income For the For the Income from revenue entitlement rights * - 14,392,091 Fair value gain on warrant liability 22,766 1,487,589 Miscellaneous Income 1,501 - Sundry Balances written back 360,878 425,853 385,145 16,305,533 |
Expenses (Tables)
Expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Expenses [Abstract] | |
Schedule of Expenses | Expenses consist of the following for the year ended March 31, 2023 and March 31, 2022: For the For the (US$) (US$) Cost of revenue $ 13,884,291 $ 17,722 Amortization of intangible assets 16,211 11,894,518 Depreciation 680,013 — Legal and professional expenses 833,079 832,319 Staffing expense 633,979 310,894 Other operating expenses 2,267,265 473,402 Total expenses $ 18,314,838 $ 13,528,855 |
Schedule of Cost of Revenue Consists | During the year ending March 31, 2023, the Company has recorded costs of revenue of $13,884,291 relating to the business of Sri Sai, a licensed Multi System Operator in the business of telecasting/streaming of broadcast channels to subscribers for a subscription charge. For the For the (In USD) (In USD) Cost of revenue consists of : Cost of materials consumed — 17,722 Broadcaster/Subscription Fees 12,715,217 Lease Line/Bandwidth charges 1,091,700 Cable Hardware & Networking Exp. 28,129 Ham Charges 3,156 Activation installation costs 37,217 — Programming expenses 8,872 — 13,884,291 17,722 |
Scheule of Expenses Consist of Legal and Professional Fees Consist | During the year ending March 31, 2022, the Company has recorded costs of material consumed of $17,722 relating to earlier arrangement with the erstwhile partner. For the For the (US$) (US$) Legal and professional expenses consist of : Audit fees $ 144,747 $ 331,633 Legal and professional fees 688,332 500,686 Total expenses $ 833,079 $ 832,319 |
Schedule of Staffing Expenses Consists | Staffing expenses consists of : Salaries, wages and bonus $ 555,591 $ 310,894 Director remuneration — — Contribution to a gratuity fund 30,606 EPF, ESIC and Labour welfare fund 34,738 — Staff welfare expenses 13,044 Total expenses $ 633,979 $ 310,894 |
Schedule of Other Operating Expenses | Details of other operating expenses: For the For the (US$) (US$) Electricity charges 59,036 — Repair & Maintainence expenses 129,987 — Business promotion expenses 3,508 — Operating lease rentals 15,327 339 Regulatory expenses 69,929 — Conveyance & Traveling expenses 112,111 13,819 Security charges 5,150 — Commission charges 1,465,012 16,340 Credit Loss allowances (120,544 ) — CSR expenses — 112,287 Loss on disposal of a subsidary 192,776 225,098 Other operating expenses (refer note below) 334,973 105,520 Total other expenses $ 2,267,265 $ 473,403 |
Schedule of Finance and Other Income | Details of Finance and other income For the For the (US$) (US$) Interest on income tax refund $ 19,123.00 $ Total $ 19,123.00 $ - |
Schedule of Finance and Other Costs | Details of Finance and other costs For the For the (US$) (US$) Interest on bank overdrafts, loans and other financial liabilities $ 328,449 $ 427,745 Interest on lease liabilities $ 21,845 $ Commission and other borrowings 122,000 66,000 Collection charges 125,930 Foreign exchange losses on borrowings - - Share warrant expenses 1,607,791 1,562,911 Other costs - interest on tax payables 4,389 593,740 2,210,404 2,650,396 |
Schedule of Borrowing Costs | For the For the (US$) (US$) Total borrowing costs $ 2,210,404 $ 2,650,396 Less: amounts included in the cost of qualifying assets $ - $ - 2,210,404 2,650,396 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax [Abstract] | |
Schedule of Income Tax | Income tax consist of the following for the year ended March 31, 2023: For the For the (US$) (US$) Current tax expenses $ 387,407.00 $ 1,117,861 Deferred tax (benefit) / expense 135,640.00 (537,915 ) Income tax expense $ 523,047.00 $ 579,946 |
Schedule of Consolidated Statement of Comprehensive Income | Consolidated statement of comprehensive income For the For the (US$) (US$) Deferred tax related to item charged directly to equity: Net loss/(gain) on translations of foreign subsidiaries $ (72,663 ) $ (253,425 ) Total $ (72,663 ) $ (253,425 ) |
Schedule of Current and Deferred Tax | Current and deferred tax is recognized in the income statement unless the item to which the tax relates was recognized outside the income statement being other comprehensive income or equity. The tax associated with such an item is also recognized in other comprehensive income or equity respectively. As of As of (US$) (US$) Accounting profit before tax $ (1,112,790 ) $ 176,911 Less: Net loss of the Lytus BVI (3,134,953 ) (1,421,362 ) Net Accounting profit 2,022,163 1,598,273 At Indian statutory income tax rate of 25.17% 508,979 402,286 Accelerated tax depreciation (139,328 ) 537,958 ) Others mainly timing differences 8,038 - Non-deductible expenses net - 177,708 Exchange differences 9,718 (91 ) Current income tax expense reported on consolidated statements of profit or loss and other comprehensive income $ 387,407 1,117,861 |
Schedule of Financial Statement | Reflected in the financial statement of financial position as follows: As of As of (US$) (US$) Opening balance $ 3,305,308 2,313,098 Acquired in business combination (Refer Note 23) 121,319 - Current income tax accrual 387,407 $ 1,117,861 Adjustment on account of modification (3,399,850 ) Exchange rate difference (15,010 ) (103,837 ) Taxes paid/adjustments — — Reversed on deconsolidation of a subsidiary - (21,814 ) Closing balance of current income taxes payables $ 399,174 $ 3,305,308 |
Schedule of Deferred Tax | Deferred tax relates to the following temporary differences: As of As of (US$) (US$) Deferred tax assets Acquired in business combination $ — $ — Accelerated depreciation on tangible and intangible assets — — Temporary timing differences (22,878 ) 22,878 Foreign currency translations of foreign subsidiary 126,624 103,746 Exchange rate difference — — On change of rates from 22.88% to 25.17% — — Total deferred tax assets $ 103,746 $ 126,624 Deferred tax liabilities Accelerated depreciation on tangible and intangible assets $ 1,625,271 $ 1,599,108 Acquired in business combination 295,177 — Temporary differences 9,929 — On translations of foreign subsidiary operations 72,663 — Reversed in deconsolidation/Modification of contracts (1,533,644 ) — Exchange rate difference 8,963 (65,465 ) Total deferred tax liabilities $ 478,359 $ 1,533,643 |
Schedule of Reconciliation of Deferred Tax (Liabilities)/Asset Net | Reconciliation of deferred tax (liabilities)/asset net: As of As of (US$) (US$) Opening balance $ (1,407,020 ) $ (1,689,279 ) Tax expense during the period recognised in profit & loss (135,640) 537,958 Exchange rate difference (37,613 ) 73,149 Tax expenses during the period recognised in other comprehensive income 72,663 (253,425 ) Temporary timing differences (9,929 ) — Reversed on deconsolidation of a subsidiary 1,510,767 (75,423 ) Acquired in business combination (295,177 ) — Total deferred tax (liabilities)/assets net $ (374,613 ) $ (1,407,020 ) |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Trade Receivables [Abstract] | |
Schedule of Trade Receivables | Trade receivables consist of the following: As of As of (US$) (US$) Receivable from related parties 352,424 Receivable from others 1,537,132 — Less: allowance for doubtful debts (expected credit loss) (57,832 ) Total receivables $ 1,831,724 $ — |
Schedule of Provision for Loss Allowance Based on Past Due | As The Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between The Group’s different customer base. As at March 31, 2023 Ageing Not past 31 - 90 90 - 180 180 - 365 >365 Total Gross carrying amount - - - - - - Expected loss rate 0.00 % 0.00 % 0.03 % 5.82 % 50.00 % Estimated total gross carrying amount at default 1,259,489 239,522 220,966 59,573 110,006 1,889,556 Lifetime ECL 0.01 0.10 73.16 3,641.53 54,116.20 57,831 As at March 31, 2022 Ageing Not past due &<30 31 - 90 90 - 180 180 - 365 >365 Total Gross carrying amount - - - - - - Expected loss rate Estimated total gross carrying amount at default - Lifetime ECL - |
Schedule of Trade Receivables | The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9. Collectively assessed Individually assesse Balance as at 31 March 2023 1,889,554 57,831 Balance as at 31 March 2022 - - |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Receivables Table [Abstract] | |
Schedule of Other Receivables | Other receivables consist of the following: As of As of March 31, (US$) (US$) Net Receivable from Reachnet Cable Service Pvt. Ltd. $ - $ 43,168,720 GST and other taxes - 7,770,370 $ - $ 50,939,090 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Current Assets Tabel [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following: As of As of (US$) (US$) Balances with government authorities $ 507,696 $ 27,400 Advance to suppliers 295,601 — Advance to staff 2,972 — TDS Receivables 297,764 — Advance payment of interest on loans 194,445 30,000 Advance payment of commission on loans 140,000 22,002 Deferred IPO costs - 34,164 Other receivables - Balance with Director 214,458 214,458 Prepaid expenses — — $ 1,652,936 $ 328,024 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following: Description ROU-office premises Building Plant and equipment Furniture and fittings Vehicles Office equipment Computer equipment Total Gross carrying value As at March 31, 2021 - - 1,160,772 337 754 17,419 1,113 1,180,395 Derecognised on ‘Disposals (1,160,772 ) (337 ) (754 ) (17,419 ) (1,113 ) (1,180,395 ) As at 31 March , 2022 - - - - - - - - Additions 461,420 2,326,888 11,802 24,396 796 26,856 2,852,158 Acquisition through business combination 25,111 32,006 7,349,465 17,600 4,199 7,428,381 As at 31 March , 2023 486,531 32,006 9,676,353 11,802 41,996 796 31,055 10,280,539 Accumulated depreciation and impairment loss As at March 31, 2021 - - 232,822 89 139 6,887 227 240,164 Derecognised on ‘Disposals (232,822 ) (89 ) (139 ) (6,887 ) (227 ) (240,164 ) As at 31 March , 2022 - - - - - - - - Charge for the year 50,845 462 616,304 421 7,307 61 4,613 680,013 As at 31 March , 2023 50,845 462 616,304 421 7,307 61 4,613 680,013 Net block as at 31 March, 2022 - - - - - - - - Net block as at 31 March, 2023 435,686 31,544 9,060,049 11,381 34,689 735 26,442 9,600,526 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets and Goodwill [Abstract] | |
Schedule of Intangible Assets and Goodwill | Intangible assets and Goodwill consist of the following: Description Customer Goodwill Commercial rights Softwares Total Intangible asset under development Gross carrying value As at March 31, 2021 59,216,654 390,927 377 59,607,958 - Additions - 166,587 Derecognised on ‘Disposals of a subsidary (317,752 ) (377 ) (318,129 ) Exchange differences 167 167 As at 31 March, 2022 59,216,654 73,008 - 59,289,662 166,587 Additions - 4,464 Derecognised on ‘Disposals of a subsidary (68,500 ) - (68,500 ) Write off (59,216,654 ) (59,216,654 ) 160,000 Exchange differences 60,886 60,886 Acquisation through business combination 793,324 339,277 216 1,132,817 As at 31 March, 2023 - 736,946 339,277 216 1,076,439 11,051 Accumulated amortisation As at March 31, 2021 12,135,640 - 114 12,135,754 - Charge for the year 11,894,518 - - 11,894,518 Derecognised on ‘Disposals of a subsidary (114 ) (114 ) As at 31 March, 2022 24,030,158 - - 24,030,158 - Charge for the year - - 16,157 54 16,211 Write off (24,030,158 ) (24,030,158 ) As at 31 March, 2023 - - 16,157 54 16,211 - Net block as at 31 March, 2022 35,186,496 73,008 - 35,259,504 166,587 Net block as at 31 March, 2023 - 736,946 323,120 162 1,060,228 11,051 |
Borrowings (Current) (Tables)
Borrowings (Current) (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Borrowings Current [Abstract] | |
Schedule of Borrowings Consist | Borrowings consist of the following: As of As of (US$) (US$) Secured Borrowings 7% Senior secured promissory note $ - 1,000,000 Vehicle loan from financial institution 10,946 Unsecured Borrowings 0% Senior Convertible Notes 3,333,333 Loan from directors $ 532,960 $ 36,851 Loan from a related party $ 1,304 $ 1,304 Loan from others 10,587 3,889,131 1,038,155 |
Borrowings (Non-Current) (Table
Borrowings (Non-Current) (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Borrowings (Non-Current) [Abstract] | |
Schedule of Borrowings consist Non Current | Borrowings consist of the following: As of As of (US$) (US$) Secured Borrowings Vehicles Loans from Financial Institutions $ 10,185 - |
Trade Payables (Tables)
Trade Payables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Trade Payables [Abstract] | |
Schedule of Trade Payables | Trade payables consist of the following: As of As of (US$) (US$) Trade payables due to related parties 2,716,238 Trade payables – Others $ 4,038,790 $ 571,773 Employee related payables 47,752 369,389 $ 6,802,780 $ 941,162 |
Other Financial Liabilities (Ta
Other Financial Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Liabilities [Abstract] | |
Schedule of Other Financial Liabilities | Other financial liabilities consist of the following: As of As of (US$) (US$) Lease liabilities $ 120,981 $ — Interest on tax payable - 845,792 Interest accrued on 7% senior secured promissory note - 337,745 Share warrants liability 1,585,025 75,322 Professional fees payable 9,054 251,381 $ 1,715,060 $ 1,510,240 |
Schedule of Fair Value of Warrant Liability was Measured Using a Black Schole Model | The fair value of warrant liability was measured using a Black Scholes Model. The Warrants outstanding and fair value at each of the respective valuation dates are summarized below: Share Warrant Liability Warrants Outstanding Fair Value per shares Fair Value ($) ($) Fair value at initial measurement date Nov 9, 2022 1,754,386 0.62 1,607,791 (Gain) on remeasurement of warrant liability at fair value (22,766 ) Fair value as of March 31, 2023 1,754,386 0.53 1,585,025 Share Warrant Liability Warrants Outstanding Fair Value per shares Fair Value ($) ($) Fair value at initial measurement date July 1, 2021 500,000 3.13 1,562,911 (Gain) on remeasurement of warrant liability at fair value (1,487,589 ) Fair value as of March 31, 2022 500,000 0.15 75,322 |
Schedule of Fair Value of Warrant Liability was Measured Using a Black Schole Model | The fair value of warrant liability was measured using a Black Schole Model. Significant inputs in to the model at the inceptions and reporting period measurement date are follows: BSM Assumptions As of As of Current Stock Price (1) 0.95 0.94 Strike Price (1) 0.95 0.94 Time to Maturity (1) 5 years 4.66 years Dividend Yield (2) - - Historical Volatility (3) 1.85 1.87 Risk Free interest Rate (4) 4.00 % 4.42 % 1. Based on the agreement dated July 1, 2021 2. No dividend is declared or paid since inception of the Company 3. Based on the Volatility research carried out 4. Based on Interest rate for US treasury bonds BSM Assumptions As of As of Current Stock Price (1) 11 4.75 Strike Price (1) 10 10 Time to Maturity (1) 3 years 2.25 years Dividend Yield (2) - - Historical Volatility (3) 35.49 % 34.90 % Risk Free interest Rate (4) 0.47 % 2.45 % |
Employee Benefits Obligations (
Employee Benefits Obligations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Employee Benefits Obligations [Abstract] | |
Schedule of Standalone Statement of Financial Position | The liabilities recognised in the standalone statement of financial position are: As at As at ( In USD) ( In USD) Funded Plans Net value of defined benefit obligations Current 212 119 Non current 72,456 44,657 |
Schedule of Movement in Defined Benefit Obligations | The movement in defined benefit obligations for funded and unfunded plans is as follows: Particluars Defined benefit obligation Fair value As at April 1, 2021 27,551 - Included in profit and loss Service cost 23,542 Past service credit Interest cost (income) 1,841 52,936 - Included in OCI Actuarial gain/(loss) (6,809 ) Remeasurements Benefits paid Gain and loss on settlement Exchange difference -1,350 Employer’s contribution Benefits payment As at March 31, 2022 44,776 - Particluars Defined benefit obligation Fair value of plant assets As at April 1, 2022 44,776 - Included in profit and loss Service cost 27,549 Past service credit Interest cost (income) 3,056 75,382 - Included in OCI Actuarial gain/(loss) - Remeasurements Benefits paid Gain and loss on settlement Exchange difference (2,715 ) Employer’s contribution Benefits payment As at March 31, 2023 72,666 - |
Schedule of Net Defined Benefit Asset | Plan assets comprise the following. Particulars As at As at Debt instruments - unquoted Cash and cash equivalents - - Investment property - - Fixed assets - - Other assets - - - - |
Schedule of Actuarial Assumptions | Particulars As at As at Discount rate 7.50 % 7.25 % Attrition rate 5.00 % 5.00 % Future salary growth rate 10.00 % 10.00 % |
Schedule of Benefits Obligations | Assumptions regarding future longevity have been based on published statistics and mortality tables. The current longevities underlying the values of the defined benefit obligation at the reporting date were as follows. Particulars As at As at Longetivity at age of 65 for current members aged above 45 Males 0.258% -2.406% 0.258% -2.406% Females 0.258% -2.406% 0.258% -2.406% Longetivity at age of 65 for current members aged above 45 or below Males 0.092% -0.168% 0.092% -0.168% Females 0.092% -0.168% 0.092% -0.168% |
Schedule of the Defined Benefit Obligation by the Amounts | Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below. Particulars As at As at Discount rate (1% movement) 18,925 (12,252 ) Attrition rate (1% movement) 12,324 (10,742 ) Future salary growth rate (1% movement) (15,884 ) 11,923 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consist of the following: As of As of (US$) (US$) GST and other tax liabilities $ 73,248 $ 7,790,790 CSR expenses liabilities - 206,619 Cheques receivables / payables (net) 1,437,245 — Capital creditors 799,501 896 Advances from customers 142,196 — $ 2,452,190 $ 7,998,305 |
Customer Acquisition Payable (T
Customer Acquisition Payable (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Customer Acquisition Payable [Abstract] | |
Schedule of Customer Acquisition Payable | Customer Acquisition Payable consist of the following: As of As of (US$) (US$) Customer acquisition payable to Reachnet* $ - $ 58,293,330 Customer acquisition payable to Reachnet, current portion - (29,146,665 ) Customer acquisition payable to Reachnet, non-current portion $ - $ 29,146,665 * The Company has modified its arrangement with Reachnet and accordingly, the customer acquisition amount would no longer be payable for the year ended March 31, 2023. The effective modification date is at the closing hours of April 1, 2022. Refer to 23A for further details. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Commitments and Contingencies | Commitments and contingencies consist of the following: As of As of (US$) (US$) Commitment for capital investment in Sri Sai $ 7,500,000 - Other capital commitment 1,411,022 - Financially support the investment in research organizations – GHSI $ - 730,000 8,911,022 730,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Shares | Common shares: The total number of shares of common shares issued: As of As of (US$) (US$) Common shares – par value $ 0.01/0.10 each 37,576,449 34,154,062 |
Schedule of Movements in Common Shares | Movements in Common Shares: Shares Amount (US$) Balance as of April 1, 2020 30,000 $ 3,000 Shares split from $ 0.10 to $ 0.01 300,000 300,000 Shares issued 33,854,062 338,541 Balance as of March 31, 2021 34,154,062 $ 341,541 Shares issued — — Balance as of March 31, 2022 34,154,062 $ 341,541 Issued during the year 3,000,895 30,008 Share warrants exercised 421,492 4,215 Balance as of March 31, 2023 37,576,449 375,764 |
Schedule of Equity | Equity consists of the following as of 31 March 2023: As of ($US) Common stock – par value $0.01, 34,154,062 shares issued and outstanding $ 375,766 Net income available to common shareholders (4,518,954 ) Securities Premium 12,474,944 Translation of foreign subsidiaries, net of tax (124,992 ) Employee benefits reclassification (714 ) Non-controlling interest 2,538,478 $ 10,368,762 As of ($US) Common stock – par value $0.01, 34,154,062 shares issued and outstanding $ 341,541 Net income available to common shareholders 12,148,403 Translation of foreign subsidiaries, net of tax (283,077 ) Non-controlling interest (1,908 ) $ 11,867,233 |
Schedule of Amounts Managed as Capital | The Group manages its capital structure and adjusts it in the light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. The amounts managed as capital by the Group are summarized as follows: As of As of ($US) ($US) Current borrowings $ (3,889,131 ) $ (1,038,155 ) Cash and cash equivalents 311,810 8,758 Net debt $ 3,577,321 $ (1,029,397 ) Total equity $ 10,744,528 $ 12,208,774 Net debt to equity ratio 33.29 % 8.43 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Earnings per share consist of the following for the year ended March 31, 2023 and March 31, 2022: March 31, March 31, ($US) ($US) (Loss)/Profit for the year available to common shareholders $ (1,635,837 ) $ (403,035 ) Weighted average number of common shares 36,808,689 34,154,062 Par value $ 0.01 $ 0.01 Earnings/(loss) per common share: Basic earnings/(loss) per common share $ (0.04 ) $ (0.01 ) Diluted earnings/(loss) per common share $ (0.04 ) $ (0.01 ) |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Financial Risk Management [Abstract] | |
Schedule of Expected Credit Loss | The Group provides for expected credit loss based on the following: Credit rating Basis of categorization Provision for expected credit loss Low credit risk Cash and cash equivalents, trade receivables, and other financial assets 12 month expected credit loss Moderate credit risk Trade receivables and other financial assets Lifetime expected credit loss, or 12 month expected credit loss High credit risk Trade receivables and other financial assets Lifetime expected credit loss, or fully provided for |
Schedule of Profit and Loss and Other Comprehensive Income | The Group continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognized in the consolidated statement of profit and loss and other comprehensive income. Credit rating Basis of categorization As of As of Low credit risk Cash and cash equivalents $ 311,810.00 $ 8,758 Low credit risk Other financial assets $ 2,529,576.00 $ 330 Moderate credit risk Trade receivables $ 1,831,724 $ - Moderate credit risk Other receivables $ - $ 50,939,090 |
Schedule of Expected Credit Losses for Financial Assets Other than Trade Receivables | The Group does not have any expected loss-based impairment recognized on such assets considering their low credit risk nature, though incurred loss provisions are disclosed under each sub-category of such financial assets. Asset class Estimated gross Expected Expected As of Cash and cash equivalents $ 311,810 0.00 % — $ 311,810 Other financial assets $ 2,529,576 0.00 % — $ 2,529,576 Asset class Estimated gross Expected Expected As of Cash and cash equivalents $ 8,758 0.00 % — $ 8,758 Other financial assets $ 330 0.00 % — $ 330 |
Schedule of Expected Credit Losses on Trade Receivables | The Group recognizes lifetime expected credit losses on trade and other receivables using a simplified approach, wherein the Group has defined percentage of provision by analyzing historical trend of default relevant to each category of customer based on the criteria defined above and such provision percentage determined have been considered to recognize lifetime expected credit losses on trade receivables (other than those where default criteria are met). Ageing Not past 31– 90 90 – 180 180 – 365 >365 Total Gross carrying amount - - - - - - Expected loss rate 0.00 % 0.00 % 0.03 % 5.82 % 50.00 % Estimated total gross carrying amount at default 1,259,489 239,522 220,966 59,573 110,006 1,889,556 Lifetime ECL 0.01 0.10 73.16 3,641.53 54,116.20 57,831 Ageing Not past 31 – 90 90 – 180 180 – 365 >365 Total Gross carrying amount - - - - - - Expected loss rate Estimated total gross carrying amount at default - Lifetime ECL - |
Schedule of Movement of allowance for trade receivables | Movement of allowance for trade receivables (USD) As at March 31, 2022 Acquired in business combination 190,549.00 Gain recognised/(reversed) during the year (120,544.00 ) Exchange gain 12,174.00 Amounts written off As at March 31, 2023 57,831.00 |
Schedule of Financial Liabilities Based on their Contractual Maturities | The tables below analyze the Group’s financial liabilities based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Liability class Less than 1 – 2 years 2 – 3 years More than Total Borrowings $ 3,889,131 — — — $ 3,889,131 Trade payables 6,802,780 — — — 6,802,780 Other financial liabilities 1,715,060 — — — 1,715,060 Other current liabilities 2,452,190 2,452,190 Customer Acquisition Payable - - — — - Total $ 14,859,161 $ - $ — $ — $ 14,859,161 Liability class Less than 1 – 2 years 2 – 3 years More than Total Borrowings $ 1,038,155 — — — $ 1,038,155 Trade payables 941,162 — — — 941,162 Other financial liabilities 1,510,240 — — — 1,510,240 Other current liabilities 7,998,305 7,998,305 Customer Acquisition Payable 29,146,665 29,146,665 — — 58,293,330 Total $ 40,634,527 $ 29,146,665 $ — $ — $ 69,781,192 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Financial Assets and Liabilities | The carrying amounts and fair values of financial instruments by class are as follows: As at March 31, 2023 Fair value Fair value (In USD) Financial Assets (i) Investments - (ii) Trade receivables 1,831,724 (iii) Others financial assets 2,529,576 Total 4,361,300 - - Financial Liabilities (i) Borrowings 3,899,316 (ii) Trade payables 6,802,780 (iii) Other financial liabilities 1,715,060 Total 8,517,840 - 3,899,316 As at March 31, 2022 Fair value Fair value Amortised Financial Assets Trade receivable - Other receivables 50,939,090 Other financial assets 330 Total 50,939,420 - - Financial Liabilities (i) Borrowings - (ii) Trade payables 941,162 (iii) Other financial liabilities 1,510,240 Total 2,451,402 - - |
Schedule of Fair Value of Instruments Measured at Amortized Cost | Fair value of instruments measured at amortized cost Financial liabilities Carrying Fair value Borrowings $ 3,899,316.00 $ 3,899,316.00 Fair value of instruments measured at amortized cost Financial liabilities Carrying Fair value Borrowings $ 1,038,155 $ 1,038,155 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of transactions with relative parties | B. Transactions with Subsidiaries and Key Management Personnel: Subsidiaries KMP Significant influenc Relatives of KMP S. No. Particulars March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, 1 Transactions made during the year 2 Subscription income 107,322.00 - 3 Installation charges 125,071.00 - 4 Loan taken 3,853,017 * - 311.00 292,904.00 5 Loan write bck 10.00 6 Loan Repayment (19,000.00 ) (304,500.00 ) 7 Commisiio expenses 696,746.00 8 Bawith charges 25,245.00 9 Purchase of materails 5,111.00 12 Remuneration 95,644.00 - 20,507.00 - 13 Rent paid/ provided - 6,703.00 16 Interest on loans 218.00 Issue of Shares 2,501,000 * Investment in CCD of Subsidary 3,853,017 * 17 Investments in shares of subsidaries 2,501,000 * - 18 Reimursement of expenss 31,155.00 - 19 Loans and Advances given 3,853,017 * - 97,355.00 - 1 Trade receivable 352,424.00 2 Trade payable 3,555.00 - 2,712,683.00 2,953,720.00 3 Outstanding loan payable 3,853,017 * 544,851.00 38,155.00 - 4 Outstanding loan receivable 3,853,017 * 35,598.00 - 95,443.00 7 Outstanding receivable 214,458.00 214,458.00 1,083,034.00 - 9 IPO amount with Lytus Inc Receivable 118,728 IPO amount of Lytus BVI Payable 118,728 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Information [Abstract] | |
Schedule of Information About Primary Segments | Information about Primary Segments A. Information about Primary Segments (In USD) Cable business Telemedicine Services Total Particulars For the For the For the For the For the For the Revenue Extrenal revenue 19,008,184 — — 50,630 19,008,184 50,630 Other income 385,145 14,392,821 — 159,712 385,145 14,552,533 Intersegment revenue Total 19,393,329 14,392,821 — 210,342 19,393,329 14,603,163 Segment result 3,615,219 3,754,916 — (51,868 ) 3,615,219 3,703,048 Unallocated corporate expenses — — — — (2,964,942 ) (3,122,485 ) Less: Interest and finance charges (1,612,180 ) (2,156,651 ) — — (1,612,180 ) (2,156,651 ) Less: Loss on deconsolidation of subsidary — — — — (192,776 ) — Add : Interest income 19,123 — — — 19,123 — Add: Unallocated exceptional items gain/ (loss) — — — — — — Add: Unallocated other income — — — — 22,766 1,753,000 Profit from continuing operations 2,022,162 1,598,265 — (51,868 ) (1,112,790 ) 176,911 Profit from discontinuing operations — — — — — — Profit for the year 2,022,162 1,598,265 — (51,868 ) (1,112,790 ) 176,911 Cable business Telemedicine services Total Other Information For the For the For the For the For the For the Segment assets 13,283,246 86,291,186 236,109 236,109 13,519,355 86,527,295 Unallocated corporate assets — — — — 13,427,986 301,622 Total assets 13,283,246 86,291,186 236,109 236,109 26,947,341 86,828,917 Segment liabilities 10,643,047 72,523,353 — — 10,643,047 72,523,353 Unallocated corporate liabilities — — — 5,465,357 2,096,790 Total liabilities 10,643,047 72,523,353 — — 16,108,404 74,620,143 Cable business Telemedicine Services Total For the For the For the For the For the For the Capital expenditure on: Tangible assets 11,074,810 — — — 11,074,810 — Intangible assets 1,087,490 59,227,749 — 228,500 1,087,490 59,456,249 Depreciation expense* 680,013 — — — 680,013 — Amortisation expense* 16,211 11,894,518 — — 16,211 11,894,518 * Note: Excluding unallocated depreciation and amortisation. |
Schedule of Additional Information by Geographies | Revenue as per Geographical Markets: Domestic Overseas Segment For the For the For the For the Cable business 19,393,329 14,392,091 — — Telemedicine Services — 210,342 — — Total 19,393,329 14,602,433 — — Domestic Overseas Segment For the For the For the For the Cable business 20,456,032 35,197,591 — — Telemedicine Services — 228,500 — — Unallocated — — — — Total 20,456,032 35,426,091 — — Domestic Overseas Segment For the For the For the For the Cable business — 14,392,091 — — Telemedicine Services — — — — Total — 14,392,091 — — |
Modification of Earlier Arran_2
Modification of Earlier Arrangement and Acquisition of Sri Sai (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Modification of Earlier Arrangement and Acquisition of Sri Sai [Abstract] | |
Schedule of Financial Statements of New Accounting Policy | The summarized financial statements as of March 31, 2023 and March 31, 2022, applying the new accounting policy to the contract modification prospectively. Extract from Financial Statements As at Adjustments As at As at 2023 Assets items Non-current assets Intangible (Customer Acquisition, net of amortisation) 35,186,496 (35,186,496 ) - - Deferred tax assets 537,915 (537,915 ) - - Current assets Other receivables 50,939,090 (50,939,090 ) - - Total of assets 86,663,501 (86,663,501 ) - - Liabilities Items Non-current liabilities Customer Acquisition List Payable, net of current portion (29,146,665 ) - - Less: Part Payment made towards Customer Acquisition (395,209 ) - - Net of payments (28,751,456 ) 28,751,456 - - Deferred tax liability (2,297,717 ) 2,297,717 Current liabilities Other financial liabilities Interest on tax payable (845,791 ) 845,791 Other current liabilities: CSR expenses payable (206,619 ) - - Statutory liabilities (7,790,691 ) 7,997,310 - - Customer acquisition payable (29,146,665 ) 29,146,665 Current tax liability (3,305,308 ) 3,305,308 Total of liabilities (72,344,247 ) 72,344,247 - - Net balances adjusted (14,319,254 ) - - Retained earnings (refer to Consolidated Statement of Changes in Equity)) 12,148,403 (14,319,254 ) (2,170,851 ) 4,518,954 |
Acquisition of Sri Sai Cable _2
Acquisition of Sri Sai Cable and Broadband Private Limieted (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Acquisition of Sri Sai Cable and Broadband Private Limieted [Abstract] | |
Schedule of the Purchase Costs Paid Under the Terms of the Executed Agreements | The purchase costs paid under the terms of the executed agreements. Calculation of Goodwill upon Acquisition (USD) Consideration transferred $ 2,500,000 Add: Non-controlling interest – 49% 1,768,961 Less: Sri Sai Net Assets 3,610,124 Goodwill $ 658,837 |
Schedule of Business combination | With this acquisition, the Group expects to increase its market share in India in Media and Internet Services market. Details of the business combination are as follows: INR INR (USD) Amount settled in cash 200,000,000 $ 2,500,000 Proportionate value of Non-controlling interest in Sri Sai 134,297,885 1,768,961 Total 334,297,885 4,268,961 Recognized amounts of identifiable net assets: Property and equipment 85,157,452 Intangible assets 28,423 Deposits 2,904,765 Non-current loans and advances 4,520,003 Trade and other receivables 29,388,105 Cash and cash equivalents 3,056,613 Deferred tax assets 3,976,181 Other current assets 8,065,917 Borrowings (123,204,097 ) Other liabilities (765,860 ) Trade and other payables 19,536,399 ) Net identifiable assets and liabilities 274,077,316 3,610,124 Goodwill 60,220,569 $ 658,837 |
Schedule of Wholesale Segment and is not Expected to Be Deductible for Tax Purposes | This goodwill has been allocated to the Group’s wholesale segment and is not expected to be deductible for tax purposes. Changes in Goodwill (Gross Carrying Amount) (USD) Balance at 31 March 2022 $ — Acquired through business combination 658,837 Net exchange differences 73,945 Balance at 31 March 2023 $ 732,782 |
Deconsolidation of Subsidiary (
Deconsolidation of Subsidiary (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deconsolidation of Subsidiary (Tables) [Line Items] | |
Schedule of Loss Attributable to the Company on Deconsolidation of a Subsidiary | Loss attributable to the Company on deconsolidation of a Subsidiary: Fair Value Consideration receivable/received - Less ; Lytus BVI (Groups) share of net assets at disposal GHSI share capital at disposal 162,000.00 Add : Retained earnings at disposal date 3,701.00 Total of Net assets at disposal 165,701.00 Group Share - 75% 124,276.00 Less Goodwill at acquisition date 68,500.00 Total Loss on deconsolidation date (192,776.00 ) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Proceeds | Out of the above Common Shares Conversion, the following Principle has been converted to common shares as under: Date of conversion Principle amount converted No. of Common Shares issued June 23, 2023 22,445 50,000 July 20, 2023 383,300 1,000,000 July 20, 2023 383,300 1,000,000 July 28, 2023 181,050 500,000 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 17, 2022 | Jun. 17, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2020 | Apr. 01, 2022 | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | ||||||
Gross proceeds | $ 1,860,000 | |||||
Effective rate | 20.56% | |||||
Applicable surcharge, percentage | 12% | |||||
Education, percentage | 4% | |||||
Deferred offering costs | $ 0 | $ 34,164 | ||||
IPO [Member] | ||||||
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | ||||||
Gross proceeds | $ 12,400,000 | |||||
Number of shares | 2,609,474 | |||||
Common shares price per share | $ 4.75 | |||||
Over-Allotment Option [Member] | ||||||
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | ||||||
Gross proceeds | $ 1,860,000 | |||||
Number of shares | 391,421 | |||||
Common shares price per share | $ 4.75 | |||||
Sri Sai cable and Broadband Private Limited [Member] | ||||||
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | ||||||
Shareholding percentage | 51% |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Consolidated Financial Statements | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lytus Technologies Private Limited [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Country of Incorporation | India | |
Shareholding and Voting Power | 100% | 100% |
Sri Sai cable and Broadband Private Limited [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Country of Incorporation | India | |
Shareholding and Voting Power | 51% | |
Lytus Technologies Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Country of Incorporation | United States | |
Shareholding and Voting Power | 100% | |
DDC CATV Network Private Limited [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Country of Incorporation | India | |
Shareholding and Voting Power | ||
Global Health Sciences, Inc.[Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Country of Incorporation | United States | |
Shareholding and Voting Power | 75% |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods | 12 Months Ended |
Mar. 31, 2023 | |
Buildings [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 40 years |
Bottom of range [member] | Property and equipment [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 3 years |
Bottom of range [member] | Fixtures and fittings [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 5 years |
Bottom of range [member] | Office equipments [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 5 years |
Bottom of range [member] | Plant and Machinery [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 5 years |
Top of range [member] | Property and equipment [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 15 years |
Top of range [member] | Fixtures and fittings [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 10 years |
Top of range [member] | Office equipments [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 10 years |
Top of range [member] | Plant and Machinery [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives of Property and Equipment for Current and Comparative Periods [Line Items] | |
Estimated useful lives | 10 years |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives by Major Class of Finite-Life Intangible Assets | 12 Months Ended |
Mar. 31, 2023 | |
Customers acquisition [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives by Major Class of Finite-Life Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Trademark/Copy rights [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives by Major Class of Finite-Life Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Computer software [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives by Major Class of Finite-Life Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Bottom of range [member] | Commercial Rights [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives by Major Class of Finite-Life Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Top of range [member] | Commercial Rights [Member] | |
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Schedule of Estimated Useful Lives by Major Class of Finite-Life Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Revenue from Contract with Cu_3
Revenue from Contract with Customers (Details) - Schedule of Revenue from Contract with Customers - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Types of services: | ||
Subscription Income | $ 13,930,887 | |
Carriage/Placement fees | 3,406,204 | |
Advertisement Income | 1,413,553 | |
Telemedicine service charges | 50,630 | |
Activation Installation Fees | 257,540 | |
Total Revenue from customers | 19,008,184 | 50,630 |
Timing of revenue recognition | ||
Product transferred at point in time | ||
Services transferred over time | 19,008,184 | 50,630 |
Total | $ 19,008,184 | $ 50,630 |
Revenue from Contract with Cu_4
Revenue from Contract with Customers (Details) - Schedule of Information about Receivables, Contract Assets and Contract Liabilities - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Information about Receivables, Contract Assets and Contract Liabilities [Abstract] | ||
Receivables, which are included in ‘trade receivables | $ 1,831,724 |
Other Income (Details)
Other Income (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income [Abstract] | ||
Income from revenue | $ 14,392,091 | |
Other income presented | $ 22,766 | 1,487,589 |
Other income | $ 360,878 | $ 425,853 |
Other Income (Details) - Schedu
Other Income (Details) - Schedule of Other Income - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Other Income [Abstract] | ||
Income from revenue entitlement rights | $ 14,392,091 | |
Fair value gain on warrant liability | 22,766 | 1,487,589 |
Miscellaneous Income | 1,501 | |
Sundry Balances written back | 360,878 | 425,853 |
Total | $ 385,145 | $ 16,305,533 |
Expenses (Details)
Expenses (Details) - USD ($) | 12 Months Ended | ||
Apr. 11, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Expenses [Abstract] | |||
Cost of revenue | $ 13,884,291 | $ 17,722 | |
Costs of material | $ 17,722 | ||
Employees service gratuity | 5 years | ||
Gratuity payable on retirement | 15 days | ||
Final damages of Skyline | $ 130,000 |
Expenses (Details) - Schedule o
Expenses (Details) - Schedule of Expenses - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Expenses [Abstract] | ||
Cost of revenue | $ 13,884,291 | $ 17,722 |
Amortization of intangible assets | 16,211 | 11,894,518 |
Depreciation | 680,013 | |
Legal and professional expenses | 833,079 | 832,319 |
Staffing expense | 633,979 | 310,894 |
Other operating expenses | 2,267,265 | 473,402 |
Total expenses | $ 18,314,838 | $ 13,528,855 |
Expenses (Details) - Schedule_2
Expenses (Details) - Schedule of Cost of Revenue Consists - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cost of revenue consists of : | ||
Cost of materials consumed | $ 17,722 | |
Broadcaster/Subscription Fees | 12,715,217 | |
Lease Line/Bandwidth charges | 1,091,700 | |
Cable Hardware & Networking Exp. | 28,129 | |
Ham Charges | 3,156 | |
Activation installation costs | 37,217 | |
Programming expenses | 8,872 | |
Cost of revenue | $ 13,884,291 | $ 17,722 |
Expenses (Details) - Scheule of
Expenses (Details) - Scheule of Expenses Consist of Legal and Professional Fees Consist - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Legal and professional expenses consist of : | ||
Audit fees | $ 144,747 | $ 331,633 |
Legal and professional fees | 688,332 | 500,686 |
Total expenses | $ 833,079 | $ 832,319 |
Expenses (Details) - Schedule_3
Expenses (Details) - Schedule of Staffing Expenses Consists - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Staffing Expenses Consists [Abstract] | ||
Salaries, wages and bonus | $ 555,591 | $ 310,894 |
Director remuneration | ||
Contribution to a gratuity fund | 30,606 | |
EPF, ESIC and Labour welfare fund | 34,738 | |
Staff welfare expenses | 13,044 | |
Total expenses | $ 633,979 | $ 310,894 |
Expenses (Details) - Schedule_4
Expenses (Details) - Schedule of Other Operating Expenses - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Other Operating Expenses [Abstract] | ||
Electricity charges | $ 59,036 | |
Repair & Maintainence expenses | 129,987 | |
Business promotion expenses | 3,508 | |
Operating lease rentals | 15,327 | 339 |
Regulatory expenses | 69,929 | |
Conveyance & Traveling expenses | 112,111 | 13,819 |
Security charges | 5,150 | |
Commission charges | 1,465,012 | 16,340 |
Credit Loss allowances | (120,544) | |
CSR expenses | 112,287 | |
Loss on disposal of a subsidary | 192,776 | 225,098 |
Other operating expenses (refer note below) | 334,973 | 105,520 |
Total other expenses | $ 2,267,265 | $ 473,403 |
Expenses (Details) - Schedule_5
Expenses (Details) - Schedule of Finance and Other Income - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Finance and Other Income [Abstract] | ||
Interest on income tax refund | $ 19,123 | |
Total | $ 19,123 |
Expenses (Details) - Schedule_6
Expenses (Details) - Schedule of Finance and Other Costs - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Finance and Other Costs [Abstract] | ||
Interest on bank overdrafts, loans and other financial liabilities | $ 328,449 | $ 427,745 |
Interest on lease liabilities | 21,845 | |
Commission and other borrowings | 122,000 | 66,000 |
Collection charges | 125,930 | |
Foreign exchange losses on borrowings | ||
Share warrant expenses | 1,607,791 | 1,562,911 |
Other costs - interest on tax payables | 4,389 | 593,740 |
Finance and other costs, Total | $ 2,210,404 | $ 2,650,396 |
Expenses (Details) - Schedule_7
Expenses (Details) - Schedule of Borrowing Costs - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Borrowing Costs [Abstract] | ||
Total borrowing costs | $ 2,210,404 | $ 2,650,396 |
Less: amounts included in the cost of qualifying assets | ||
Total | $ 2,210,404 | $ 2,650,396 |
Income Tax (Details)
Income Tax (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax [Abstract] | ||
Deferred tax rate percent | 25.17% | 25.17% |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of Income Tax - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Income Tax [Abstract] | ||
Current tax expenses | $ 387,407 | $ 1,117,861 |
Deferred tax (benefit) / expense | 135,640 | (537,915) |
Income tax expense | $ 523,047 | $ 579,946 |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of Consolidated Statement of Comprehensive Income - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Consolidated Statement of Comprehensive Income [Abstract] | ||
Net loss/(gain) on translations of foreign subsidiaries | $ (72,663) | $ (253,425) |
Total | $ (72,663) | $ (253,425) |
Income Tax (Details) - Schedu_3
Income Tax (Details) - Schedule of Current and Deferred Tax - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Current and Deferred Tax [Abstract] | ||
Accounting profit before tax | $ (1,112,790) | $ 176,911 |
Less: Net loss of the Lytus BVI and non-taxable loss / (profit) of GHSI | (3,134,953) | (1,421,362) |
Net Accounting profit | 2,022,163 | 1,598,273 |
At Indian statutory income tax rate of 25.17% | 508,979 | 402,286 |
Accelerated tax depreciation | (139,328) | 537,958 |
Others mainly timing differences | 8,038 | |
Non-deductible expenses net | 177,708 | |
Exchange differences | 9,718 | (91) |
Current income tax expense reported on consolidated statements of profit or loss and other comprehensive income | $ 387,407 | $ 1,117,861 |
Income Tax (Details) - Schedu_4
Income Tax (Details) - Schedule of Current and Deferred Tax (Parentheticals) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Current and Deferred Tax [Abstract] | ||
Income tax rate | 25.17% | 25.17% |
Income Tax (Details) - Schedu_5
Income Tax (Details) - Schedule of Financial Statement - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Financial Statement [Abstract] | ||
Opening balance | $ 3,305,308 | $ 2,313,098 |
Acquired in business combination (Refer Note 23) | 121,319 | |
Current income tax accrual | 387,407 | 1,117,861 |
Adjustment on account of modification | (3,399,850) | |
Exchange rate difference | (15,010) | (103,837) |
Taxes paid/adjustments | ||
Reversed on deconsolidation of a subsidiary | (21,814) | |
Closing balance of current income taxes payables | $ 399,174 | $ 3,305,308 |
Income Tax (Details) - Schedu_6
Income Tax (Details) - Schedule of Deferred Tax - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred tax assets | ||
Total deferred tax assets | $ 103,746 | $ 126,624 |
Deferred tax liabilities | ||
Total deferred tax liabilities | 478,359 | 1,533,643 |
Deferred taxs asset [Member] | ||
Deferred tax assets | ||
Acquired in business combination | ||
Accelerated depreciation on tangible and intangible assets | ||
Temporary timing differences | (22,878) | 22,878 |
Foreign currency translations of foreign subsidiary | 126,624 | 103,746 |
Exchange rate difference | ||
On change of rates from 22.88% to 25.17% | ||
Deferred tax liabilities [Member] | ||
Deferred tax liabilities | ||
Accelerated depreciation on tangible and intangible assets | 1,625,271 | 1,599,108 |
Acquired in business combination | 295,177 | |
Temporary differences | 9,929 | |
On translations of foreign subsidiary operations | 72,663 | |
Reversed in deconsolidation/Modification of contracts | (1,533,644) | |
Exchange rate difference | $ 8,963 | $ (65,465) |
Income Tax (Details) - Schedu_7
Income Tax (Details) - Schedule of Deferred Tax (Parentheticals) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred taxs asset [Member] | ||
Income Tax (Details) - Schedule of Deferred Tax (Parentheticals) [Line Items] | ||
Change of rates | 22.88% | 25.17% |
Income Tax (Details) - Schedu_8
Income Tax (Details) - Schedule of Reconciliation of Deferred Tax (Liabilities)/Asset Net - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Reconciliation of Deferred Tax (Liabilities)/Asset Net [Abstract] | ||
Opening balance | $ (1,407,020) | $ (1,689,279) |
Tax expense during the period recognised in profit & loss | (135,640) | 537,958 |
Exchange rate difference | (37,613) | 73,149 |
Tax expenses during the period recognised in other comprehensive income | 72,663 | (253,425) |
Temporary timing differences | (9,929) | |
Reversed on deconsolidation of a subsidiary | 1,510,767 | (75,423) |
Acquired in business combination | (295,177) | |
Total deferred tax (liabilities)/assets net | $ (374,613) | $ (1,407,020) |
Trade Receivables (Details)
Trade Receivables (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Trade Receivables [Abstract] | |
Description of trade receivable | The Group has recognised a loss allowance of 100% against all receivables over 365 days past due because historical experience has indicated that these receivables are generally not recoverable. |
Trade Receivables (Details) - S
Trade Receivables (Details) - Schedule of Trade Receivables - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Trade Receivables [Abstract] | ||
Receivable from related parties | $ 352,424 | |
Receivable from others | 1,537,132 | |
Less: allowance for doubtful debts (expected credit loss) | (57,832) | |
Total receivables | $ 1,831,724 |
Trade Receivables (Details) -_2
Trade Receivables (Details) - Schedule of Provision for Loss Allowance Based on Past Due - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 30, 2023 | |
Trade Receivables (Details) - Schedule of Provision for Loss Allowance Based on Past Due [Line Items] | ||
Gross carrying amount | ||
Estimated total gross carrying amount at default | 1,889,556 | |
Lifetime ECL | 57,831 | |
Not past due &30 [Member] | ||
Trade Receivables (Details) - Schedule of Provision for Loss Allowance Based on Past Due [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 0% | |
Estimated total gross carrying amount at default | $ 1,259,489 | |
Lifetime ECL | $ 0.01 | |
31 - 90 [Member] | ||
Trade Receivables (Details) - Schedule of Provision for Loss Allowance Based on Past Due [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 0% | |
Estimated total gross carrying amount at default | $ 239,522 | |
Lifetime ECL | 0.1 | |
90 - 180 [Member] | ||
Trade Receivables (Details) - Schedule of Provision for Loss Allowance Based on Past Due [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 0.03% | |
Estimated total gross carrying amount at default | $ 220,966 | |
Lifetime ECL | 73.16 | |
180 - 365 [Member] | ||
Trade Receivables (Details) - Schedule of Provision for Loss Allowance Based on Past Due [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 5.82% | |
Estimated total gross carrying amount at default | $ 59,573 | |
Lifetime ECL | 3,641.53 | |
>365 [Member] | ||
Trade Receivables (Details) - Schedule of Provision for Loss Allowance Based on Past Due [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 50% | |
Estimated total gross carrying amount at default | $ 110,006 | |
Lifetime ECL | $ 54,116.2 |
Trade Receivables (Details) -_3
Trade Receivables (Details) - Schedule of Trade Receivables - shares | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Trade Receivables [Abstract] | ||
Collectively assessed | 1,889,554 | |
Individually assessed | 57,831 |
Other Receivables (Details) - S
Other Receivables (Details) - Schedule of Other Receivables - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Other Receivables [Abstract] | ||
Net Receivable from Reachnet Cable Service Pvt. Ltd. | $ 43,168,720 | |
GST and other taxes | 7,770,370 | |
Total | $ 50,939,090 |
Other Current Assets (Details)
Other Current Assets (Details) - Schedule of Other Current Assets - Other Current Asset [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Current Assets (Details) - Schedule of Other Current Assets [Line Items] | ||
Balances with government authorities | $ 507,696 | $ 27,400 |
Advance to suppliers | 295,601 | |
Advance to staff | 2,972 | |
TDS Receivables | 297,764 | |
Advance payment of interest on loans | 194,445 | 30,000 |
Advance payment of commission on loans | 140,000 | 22,002 |
Deferred IPO costs | 34,164 | |
Other receivables - Balance with Director | 214,458 | 214,458 |
Prepaid expenses | ||
Total | $ 1,652,936 | $ 328,024 |
Property and Equipment (Details
Property and Equipment (Details) | Mar. 31, 2023 USD ($) |
Property and Equipment [Abstract] | |
Property, pledged as security | $ 41,996 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gross carrying value | ||
Beginning balance | $ 1,180,395 | |
Derecognised on ‘Disposals | (1,180,395) | |
Ending balance | 10,280,539 | |
Additions | 2,852,158 | |
Acquisition through business combination | 7,428,381 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | 240,164 | |
Derecognised on ‘Disposals | (240,164) | |
Ending balance | 680,013 | |
Net block | 9,600,526 | |
Charge for the year | 680,013 | |
ROU-office premises [Member] | ||
Gross carrying value | ||
Beginning balance | ||
Ending balance | 486,531 | |
Additions | 461,420 | |
Acquisition through business combination | 25,111 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | ||
Ending balance | 50,845 | |
Net block | 435,686 | |
Charge for the year | 50,845 | |
Building [Member] | ||
Gross carrying value | ||
Beginning balance | ||
Ending balance | 32,006 | |
Additions | ||
Acquisition through business combination | 32,006 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | ||
Ending balance | 462 | |
Net block | 31,544 | |
Charge for the year | 462 | |
Plant and equipment [Member] | ||
Gross carrying value | ||
Beginning balance | 1,160,772 | |
Derecognised on ‘Disposals | (1,160,772) | |
Ending balance | 9,676,353 | |
Additions | 2,326,888 | |
Acquisition through business combination | 7,349,465 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | 232,822 | |
Derecognised on ‘Disposals | (232,822) | |
Ending balance | 616,304 | |
Net block | 9,060,049 | |
Charge for the year | 616,304 | |
Furniture and fittings [Member] | ||
Gross carrying value | ||
Beginning balance | 337 | |
Derecognised on ‘Disposals | (337) | |
Ending balance | 11,802 | |
Additions | 11,802 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | 89 | |
Derecognised on ‘Disposals | (89) | |
Ending balance | 421 | |
Net block | 11,381 | |
Charge for the year | 421 | |
Vehicles [Member] | ||
Gross carrying value | ||
Beginning balance | 754 | |
Derecognised on ‘Disposals | (754) | |
Ending balance | 41,996 | |
Additions | 24,396 | |
Acquisition through business combination | 17,600 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | 139 | |
Derecognised on ‘Disposals | (139) | |
Ending balance | 7,307 | |
Net block | 34,689 | |
Charge for the year | 7,307 | |
Office equipment [Member] | ||
Gross carrying value | ||
Beginning balance | 17,419 | |
Derecognised on ‘Disposals | (17,419) | |
Ending balance | 796 | |
Additions | 796 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | 6,887 | |
Derecognised on ‘Disposals | (6,887) | |
Ending balance | 61 | |
Net block | 735 | |
Charge for the year | 61 | |
Computer equipment [Member] | ||
Gross carrying value | ||
Beginning balance | 1,113 | |
Derecognised on ‘Disposals | (1,113) | |
Ending balance | 31,055 | |
Additions | 26,856 | |
Acquisition through business combination | 4,199 | |
Accumulated depreciation and impairment loss | ||
Beginning balance | 227 | |
Derecognised on ‘Disposals | (227) | |
Ending balance | 4,613 | |
Net block | 26,442 | |
Charge for the year | $ 4,613 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details) - Schedule of Intangible Assets and Goodwill - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gross carrying value | ||
Gross carrying value at beginning | $ 59,289,662 | $ 59,607,958 |
Gross carrying value at ending | 1,076,439 | 59,289,662 |
Gross carrying value, Additions | ||
Gross carrying value, Derecognised on ‘Disposals of a subsidary | (68,500) | (318,129) |
Gross carrying value, Write off | (59,216,654) | |
Gross carrying value, Exchange differences | 60,886 | 167 |
Gross carrying value, Acquisation through business combination | 1,132,817 | |
Accumulated amortisation | ||
Accumulated amortisation at beginning | 24,030,158 | 12,135,754 |
Accumulated amortisation at ending | 16,211 | 24,030,158 |
Net block | 1,060,228 | 35,259,504 |
Accumulated amortisation, Charge for the year | 16,211 | 11,894,518 |
Accumulated amortisation, Write off | (24,030,158) | |
Accumulated amortisation, Derecognised on ‘Disposals of a subsidary | (114) | |
Customer [Member] | ||
Gross carrying value | ||
Gross carrying value at beginning | 59,216,654 | 59,216,654 |
Gross carrying value at ending | 59,216,654 | |
Gross carrying value, Write off | (59,216,654) | |
Accumulated amortisation | ||
Accumulated amortisation at beginning | 24,030,158 | 12,135,640 |
Accumulated amortisation at ending | 24,030,158 | |
Net block | 35,186,496 | |
Accumulated amortisation, Charge for the year | 11,894,518 | |
Accumulated amortisation, Write off | (24,030,158) | |
Goodwill [Member] | ||
Gross carrying value | ||
Gross carrying value at beginning | 73,008 | 390,927 |
Gross carrying value at ending | 736,946 | 73,008 |
Gross carrying value, Derecognised on ‘Disposals of a subsidary | (68,500) | (317,752) |
Gross carrying value, Exchange differences | 60,886 | 167 |
Gross carrying value, Acquisation through business combination | 793,324 | |
Accumulated amortisation | ||
Accumulated amortisation at beginning | ||
Accumulated amortisation at ending | ||
Net block | 736,946 | 73,008 |
Accumulated amortisation, Charge for the year | ||
Softwares [Member] | ||
Gross carrying value | ||
Gross carrying value at beginning | 377 | |
Gross carrying value at ending | 216 | |
Gross carrying value, Derecognised on ‘Disposals of a subsidary | (377) | |
Gross carrying value, Acquisation through business combination | 216 | |
Accumulated amortisation | ||
Accumulated amortisation at beginning | 114 | |
Accumulated amortisation at ending | 54 | |
Net block | 162 | |
Accumulated amortisation, Charge for the year | 54 | |
Accumulated amortisation, Derecognised on ‘Disposals of a subsidary | (114) | |
Intangible asset under development [Member] | ||
Gross carrying value | ||
Gross carrying value at beginning | 166,587 | |
Gross carrying value at ending | 11,051 | 166,587 |
Gross carrying value, Additions | 4,464 | 166,587 |
Gross carrying value, Write off | 160,000 | |
Accumulated amortisation | ||
Accumulated amortisation at beginning | ||
Accumulated amortisation at ending | ||
Net block | 11,051 | $ 166,587 |
Commercial Rights [Member] | ||
Gross carrying value | ||
Gross carrying value at ending | 339,277 | |
Gross carrying value, Acquisation through business combination | 339,277 | |
Accumulated amortisation | ||
Accumulated amortisation at ending | 16,157 | |
Net block | 323,120 | |
Accumulated amortisation, Charge for the year | $ 16,157 |
Borrowings (Current) (Details)
Borrowings (Current) (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | |
Mar. 31, 2023 | Nov. 09, 2022 | |
Borrowings Current [Abstract] | ||
Percentage of unsecured convertible notes | 0% | |
Principal amount (in Dollars) | $ 3,333,333.33 | |
Percenatge of secured promissory note | 7% | |
Secured promissory notes (in Dollars) | $ 1,000,000 | |
Issue discount percent | 7% | |
Warrant exercisable (in Shares) | 0.5 | |
Strike price (in Dollars per share) | $ 10 | |
Borrowings interest rate | 8.50% |
Borrowings (Current) (Details)
Borrowings (Current) (Details) - Schedule of Borrowings Consist - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Secured Borrowings | ||
7% Senior secured promissory note | $ 1,000,000 | |
Vehicle loan from financial institution | 10,946 | |
Unsecured Borrowings | ||
0% Senior Convertible Notes | 3,333,333 | |
Loan from directors | 532,960 | 36,851 |
Loan from a related party | 1,304 | 1,304 |
Loan from others | 10,587 | |
Total | $ 3,889,131 | $ 1,038,155 |
Borrowings (Current) (Details_2
Borrowings (Current) (Details) - Schedule of Borrowings Consist (Parentheticals) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule Of Borrowings Consist Abstract | |
Senior secured promissory note | 7% |
Senior convertible notes | 0% |
Borrowings (Non-Current) (Detai
Borrowings (Non-Current) (Details) - Schedule of Borrowings consist Non Current - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Secured Borrowings [Member] | ||
Secured Borrowings | ||
Vehicles Loans from Financial Institutions | $ 10,185 |
Trade Payables (Details) - Sche
Trade Payables (Details) - Schedule of Trade Payables - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Trade Payables [Abstract] | ||
Trade payables due to related parties | $ 2,716,238 | |
Trade payables – Others | 4,038,790 | $ 571,773 |
Employee related payables | 47,752 | 369,389 |
Total trade payables | $ 6,802,780 | $ 941,162 |
Other Financial Liabilities (De
Other Financial Liabilities (Details) - USD ($) | 12 Months Ended | |||
Nov. 09, 2022 | Jul. 01, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Other Financial Liabilities [Abstract] | ||||
Investor purchased | $ 3,333,333.33 | |||
Common shares | 1,754,386 | |||
Exercise price | $ 0.957 | |||
Warrant liability | 22,766 | |||
Warrants liability, description | On July 1, 2021, the Company entered into a subscription agreement (the “Subscription Agreement”) with an institutional investor (the “Investor”), pursuant to which it sold to the Investor 100 units (each, a “Unit” and collectively, the “Units”) at a price of $8,800 per Unit, consists of (i) a six-month, 7% Senior Secured Promissory Note in the aggregate principal amount of $10,000 per Unit purchased, reflecting an original issue discount of 12% (the “Note”), and (ii) one half of a three-year warrant (each, a “Warrant” and collectively, the “Warrants”) to purchase 10,000 shares of the Company’s common shares (the transaction, the “Bridge Financing”). | |||
Warrant liability | 1,487,589 | |||
Lease payments | $ 15,327 | $ 339 |
Other Financial Liabilities (_2
Other Financial Liabilities (Details) - Schedule of Other Financial Liabilities - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Other Financial Liabilities [Abstract] | ||
Lease liabilities | $ 120,981 | |
Interest on tax payable | 845,792 | |
Interest accrued on 7% senior secured promissory note | 337,745 | |
Share warrants liability | 1,585,025 | 75,322 |
Professional fees payable | 9,054 | 251,381 |
Total | $ 1,715,060 | $ 1,510,240 |
Other Financial Liabilities (_3
Other Financial Liabilities (Details) - Schedule of Other Financial Liabilities (Parentheticals) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Other Financial Liabilities [Abstract] | ||
Interest accrued | 7% | 7% |
Other Financial Liabilities (_4
Other Financial Liabilities (Details) - Schedule of Warrant Liability was Measured Using a Black Scholes Model - USD ($) | 5 Months Ended | 9 Months Ended |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Warrant Liability was Measured Using a Black Scholes Model [Abstract] | ||
Fair value at initial measurement date, Warrants Outstanding | $ 1,754,386 | $ 500,000 |
Fair value at initial measurement date, Fair Value per shares (in Dollars per share) | $ 0.62 | $ 3.13 |
Fair value at initial measurement date, Fair Value | $ 1,607,791 | $ 1,562,911 |
(Gain) on remeasurement of warrant liability at fair value | (22,766) | (1,487,589) |
Fair value as of March 31, Warrants Outstanding | $ 1,754,386 | $ 500,000 |
Fair value as of March 31, Fair Value per shares (in Dollars per share) | $ 0.53 | $ 0.15 |
Fair value as of March 31,Fair Value | $ 1,585,025 | $ 75,322 |
Other Financial Liabilities (_5
Other Financial Liabilities (Details) - Schedule of Fair Value of Warrant Liability was Measured Using a Black Schole Model - USD ($) | 12 Months Ended | ||||
Nov. 09, 2022 | Jul. 01, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Schedule Of Fair Value Of Warrant Liability Was Measured Using ABlack Schole Model Abstract | |||||
Current Stock Price | [1] | $ 0.95 | $ 11 | $ 0.94 | $ 4.75 |
Strike Price | [1] | $ 0.95 | $ 10 | $ 0.94 | $ 10 |
Time to Maturity | [1] | 5 years | 3 years | 4 years 7 months 28 days | 2 years 3 months |
Dividend Yield (in Dollars) | [2] | ||||
Historical Volatility | [3] | $ 1.85 | $ 35.49 | $ 1.87 | $ 34.9 |
Risk Free interest Rate | [4] | 4% | 0.47% | 4.42% | 2.45% |
[1] Based on the agreement dated July 1, 2021 No dividend is declared or paid since inception of the Company |
Employee Benefits Obligations_2
Employee Benefits Obligations (Details) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Benefits Obligations [Abstract] | |||
Gratuity payable description | The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. | ||
Weighted average duration of defined benefit obligation | 14 years | 15 years | 16 years |
Employee Benefits Obligations_3
Employee Benefits Obligations (Details) - Schedule of Standalone Statement of Financial Position - Funded Plans [Member] - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Funded Plans | ||
Current | $ 212 | $ 119 |
Non current | $ 72,456 | $ 44,657 |
Employee Benefits Obligations_4
Employee Benefits Obligations (Details) - Schedule of Movement in Defined Benefit Obligations - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Included in OCI | ||
Exchange difference | $ 177,708 | |
At fair value [member] | ||
Employee Benefits Obligations (Details) - Schedule of Movement in Defined Benefit Obligations [Line Items] | ||
As at beginning balance | ||
Included in profit and loss | ||
Total profit and loss | ||
Included in OCI | ||
As at ending balance | ||
Present value of defined benefit obligation [member] | ||
Employee Benefits Obligations (Details) - Schedule of Movement in Defined Benefit Obligations [Line Items] | ||
As at beginning balance | 44,776 | 27,551 |
Included in profit and loss | ||
Service cost | 27,549 | 23,542 |
Interest cost (income) | 3,056 | 1,841 |
Total profit and loss | 75,382 | 52,936 |
Included in OCI | ||
Actuarial gain/(loss) | (6,809) | |
Exchange difference | (2,715) | (1,350) |
As at ending balance | $ 72,666 | $ 44,776 |
Employee Benefits Obligations_5
Employee Benefits Obligations (Details) - Schedule of Net Defined Benefit Asset - Plan assets [Member] - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Employee Benefits Obligations (Details) - Schedule of Net Defined Benefit Asset [Line Items] | ||
Cash and cash equivalents | ||
Investment property | ||
Fixed assets | ||
Other assets | ||
Total |
Employee Benefits Obligations_6
Employee Benefits Obligations (Details) - Schedule of Actuarial Assumptions | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Actuarial Assumptions [Abstract] | ||
Discount rate | 7.50% | 7.25% |
Attrition rate | 5% | 5% |
Future salary growth rate | 10% | 10% |
Employee Benefits Obligations_7
Employee Benefits Obligations (Details) - Schedule of Benefits Obligations | Mar. 31, 2023 | Mar. 31, 2022 |
Longetivity at age of 65 for current members aged above 45 [Member] | Bottom of range [member] | Males [Member] | ||
Employee Benefits Obligations (Details) - Schedule of Benefits Obligations [Line Items] | ||
Employee longevity percentage | 0.258% | 0.258% |
Longetivity at age of 65 for current members aged above 45 [Member] | Bottom of range [member] | Females [Member] | ||
Employee Benefits Obligations (Details) - Schedule of Benefits Obligations [Line Items] | ||
Employee longevity percentage | 0.258% | 0.258% |
Longetivity at age of 65 for current members aged above 45 [Member] | Top of range [member] | Males [Member] | ||
Employee Benefits Obligations (Details) - Schedule of Benefits Obligations [Line Items] | ||
Employee longevity percentage | 2.406% | 2.406% |
Longetivity at age of 65 for current members aged above 45 [Member] | Top of range [member] | Females [Member] | ||
Employee Benefits Obligations (Details) - Schedule of Benefits Obligations [Line Items] | ||
Employee longevity percentage | 2.406% | 2.406% |
Longetivity at age of 65 for current members aged above 45 or below [Member] | Bottom of range [member] | Males [Member] | ||
Employee Benefits Obligations (Details) - Schedule of Benefits Obligations [Line Items] | ||
Employee longevity percentage | 0.092% | 0.092% |
Longetivity at age of 65 for current members aged above 45 or below [Member] | Top of range [member] | Males [Member] | ||
Employee Benefits Obligations (Details) - Schedule of Benefits Obligations [Line Items] | ||
Employee longevity percentage | 0.168% | 0.168% |
Employee Benefits Obligations_8
Employee Benefits Obligations (Details) - Schedule of the Defined Benefit Obligation by the Amounts - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Discount rate (1% movement) [Member] | ||
Employee Benefits Obligations (Details) - Schedule of the Defined Benefit Obligation by the Amounts [Line Items] | ||
Defined benefit obligation | $ 18,925 | $ (12,252) |
Attrition rate (1% movement) [Member] | ||
Employee Benefits Obligations (Details) - Schedule of the Defined Benefit Obligation by the Amounts [Line Items] | ||
Defined benefit obligation | 12,324 | (10,742) |
Future salary growth rate (1% movement) [Member] | ||
Employee Benefits Obligations (Details) - Schedule of the Defined Benefit Obligation by the Amounts [Line Items] | ||
Defined benefit obligation | $ (15,884) | $ 11,923 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Other Current Liabilities [Abstract] | ||
GST and other tax liabilities | $ 73,248 | $ 7,790,790 |
CSR expenses liabilities | 206,619 | |
Cheques receivables / payables (net) | 1,437,245 | |
Capital creditors | 799,501 | 896 |
Advances from customers | 142,196 | |
Total other current liabilities | $ 2,452,190 | $ 7,998,305 |
Customer Acquisition Payable (D
Customer Acquisition Payable (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Customer Acquisition Payable [Abstract] | |
Percentage of payment obligation | 50% |
Remaining percentage | 50% |
Customer Acquisition Payable _2
Customer Acquisition Payable (Details) - Schedule of Customer Acquisition Payable - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Customer Acquisition Payable [Abstract] | |||
Customer acquisition payable to Reachnet | [1] | $ 58,293,330 | |
Customer acquisition payable to Reachnet, current portion | (29,146,665) | ||
Customer acquisition payable to Reachnet, non-current portion | $ 29,146,665 | ||
[1]The Company has modified its arrangement with Reachnet and accordingly, the customer acquisition amount would no longer be payable for the year ended March 31, 2023. The effective modification date is at the closing hours of April 1, 2022. Refer to 23A for further details. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Oct. 30, 2021 | Mar. 31, 2023 | |
Commitments and Contingencies [Abstract] | ||
Acquired percentage | 51% | |
Commitment consideration | $ 10,000,000 | |
Commitment for capital investment | 7,500,000 | |
Capital commitment aggregate amount | $ 800,000 | |
Aggregate amount paid | $ 70,000 | |
Shareholding percentage | 75% |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Commitments and Contingencies - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Commitments and Contingencies [Abstract] | ||
Commitment for capital investment in Sri Sai | $ 7,500,000 | |
Other capital commitment | 1,411,022 | |
Financially support the investment in research organizations – GHSI | 730,000 | |
Total | $ 8,911,022 | $ 730,000 |
Equity (Details)
Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 17, 2022 | May 15, 2020 | Mar. 17, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Nov. 09, 2022 | |
Equity (Details) [Line Items] | ||||||
Gross proceeds (in Dollars) | $ 1,860,000 | |||||
Public offering shares | 391,421 | |||||
Price per share (in Dollars per share) | $ 4.75 | |||||
Principal amount of unsecured senior (in Dollars) | $ 3,333,333.33 | |||||
Issuance of shares | 20,911,474 | |||||
Description of common shares | Mr. Dharmesh Pandya, the then sole shareholder of the Company, has subscribed to these shares and held 33,854,062 common shares of the Company. Mr. Pandya has later transferred unconditionally an aggregate of 7,932,855 common shares to various persons (including 2,621,371 shares to Lytus Trust, resulting in his current holding of 28,483,678 common shares of the Company (i.e. 26,221,207 held in his individual capacity and 2,262,471 shares held by Lytus Trust). | |||||
Authorized share capital | 230,000,000 | 50,000 | ||||
Par value per share (in Dollars per share) | $ 0.01 | $ 0.1 | $ 0.1 | |||
Initial Public Offering [member] | ||||||
Equity (Details) [Line Items] | ||||||
Gross proceeds (in Dollars) | $ 12,400,000 | |||||
Public offering shares | 2,609,474 | |||||
Price per share (in Dollars per share) | $ 4.75 | |||||
Common Share Conversion [Member] | ||||||
Equity (Details) [Line Items] | ||||||
Number of common shares | 19,157,088 | |||||
Warrant Conversion [Member] | ||||||
Equity (Details) [Line Items] | ||||||
Number of common shares | 1,754,386 | |||||
Top of range [member] | ||||||
Equity (Details) [Line Items] | ||||||
Authorized share capital | 50,000 | |||||
Bottom of range [member] | ||||||
Equity (Details) [Line Items] | ||||||
Authorized share capital | 30,000 |
Equity (Details) - Schedule of
Equity (Details) - Schedule of Common Shares - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Common Shares [Abstract] | ||
Common shares – par value $ 0.01/0.10 each | $ 37,576,449 | $ 34,154,062 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of Common Shares (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Common Shares [Abstract] | ||
Common shares par value | $ 0.01 | $ 0.1 |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of Movements in Common Shares - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Movements in Common Shares [Abstract] | |||
Balance | 34,154,062 | 34,154,062 | 30,000 |
Balance | $ 341,541 | $ 341,541 | $ 3,000 |
Shares split from $ 0.10 to $ 0.01 | 300,000 | ||
Shares split from $ 0.10 to $ 0.01 | $ 300,000 | ||
Shares issued | 33,854,062 | ||
Shares issued | $ 338,541 | ||
Balance | 37,576,449 | 34,154,062 | 34,154,062 |
Balance | $ 375,764 | $ 341,541 | $ 341,541 |
Share warrants exercised | 421,492 | ||
Share warrants exercised | $ 4,215 | ||
Issued during the year | 3,000,895 | ||
Issued during the year | $ 30,008 |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of Movements in Common Shares (Parentheticals) | 12 Months Ended |
Mar. 31, 2021 $ / shares | |
Top of range [member] | |
Equity (Details) - Schedule of Movements in Common Shares (Parentheticals) [Line Items] | |
Shares split, maximum | $ 0.1 |
Bottom of range [member] | |
Equity (Details) - Schedule of Movements in Common Shares (Parentheticals) [Line Items] | |
Shares split, minimum | $ 0.01 |
Equity (Details) - Schedule o_5
Equity (Details) - Schedule of Equity - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Equity [Abstract] | ||
Common stock – par value $0.01, 34,154,062 shares issued and outstanding (in Shares) | 375,766 | 341,541 |
Net income available to common shareholders | $ (4,518,954) | $ 12,148,403 |
Securities Premium | 12,474,944 | |
Translation of foreign subsidiaries, net of tax | (124,992) | (283,077) |
Employee benefits reclassification | (714) | |
Non-controlling interest | 2,538,478 | (1,908) |
Total | $ 10,368,762 | $ 11,867,233 |
Equity (Details) - Schedule o_6
Equity (Details) - Schedule of Equity (Parentheticals) - Ordinary shares [member] - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Equity (Details) - Schedule of Equity (Parentheticals) [Line Items] | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 34,154,062 | 34,154,062 |
Common stock, shares outstanding | 34,154,062 | 34,154,062 |
Equity (Details) - Schedule o_7
Equity (Details) - Schedule of Amounts Managed as Capital - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Amounts Managed as Capital [Abstract] | ||
Current borrowings | $ (3,889,131) | $ (1,038,155) |
Cash and cash equivalents | 311,810 | 8,758 |
Net debt | 3,577,321 | (1,029,397) |
Total equity | $ 10,744,528 | $ 12,208,774 |
Net debt to equity ratio | 33.29% | 8.43% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | Nov. 09, 2022 | Nov. 09, 2022 |
Earnings Per Share [Abstract] | ||
Principle Amount (in Dollars) | $ 3,333,333.33 | |
Number of Common Stock Reserved Issuance | 20,911,474 | |
Conversion of stock | 19,157,088 | |
Warrant Conversion | 1,754,386 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Earnings Per Share - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
(Loss)/Profit for the year available to common shareholders (in Dollars) | $ (1,635,837) | $ (403,035) |
Weighted average number of common shares (in Shares) | 36,808,689 | 34,154,062 |
Par value | $ 0.01 | $ 0.01 |
Earnings/(loss) per common share: | ||
Basic earnings/(loss) per common share | (0.04) | (0.01) |
Diluted earnings/(loss) per common share | $ (0.04) | $ (0.01) |
Financial Risk Management (Deta
Financial Risk Management (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Financial Risk Management [Abstract] | |
Secured promissory notes, percentage | 0% |
Borrowings interest rate | 7% |
Financial Risk Management (De_2
Financial Risk Management (Details) - Schedule of Expected Credit Loss | 12 Months Ended |
Mar. 31, 2023 | |
Low credit risk [Member] | |
Financial Risk Management (Details) - Schedule of Expected Credit Loss [Line Items] | |
Credit rating | Low credit risk |
Basis of categorization | Cash and cash equivalents, trade receivables, and other financial assets |
Provision for expected credit loss | 12 month expected credit loss |
Moderate credit risk [Member] | |
Financial Risk Management (Details) - Schedule of Expected Credit Loss [Line Items] | |
Credit rating | Moderate credit risk |
Basis of categorization | Trade receivables and other financial assets |
Provision for expected credit loss | Lifetime expected credit loss, or 12 month expected credit loss |
High credit risk [Member] | |
Financial Risk Management (Details) - Schedule of Expected Credit Loss [Line Items] | |
Credit rating | High credit risk |
Basis of categorization | Trade receivables and other financial assets |
Provision for expected credit loss | Lifetime expected credit loss, or fully provided for |
Financial Risk Management (De_3
Financial Risk Management (Details) - Schedule of Profit and Loss and Other Comprehensive Income - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Low credit risk [Member] | ||
Financial Risk Management (Details) - Schedule of Profit and Loss and Other Comprehensive Income [Line Items] | ||
Cash and cash equivalents | $ 311,810 | $ 8,758 |
Other financial assets | 2,529,576 | 330 |
Moderate credit risk [Member] | ||
Financial Risk Management (Details) - Schedule of Profit and Loss and Other Comprehensive Income [Line Items] | ||
Trade receivables | 1,831,724 | |
Other receivables | $ 50,939,090 |
Financial Risk Management (De_4
Financial Risk Management (Details) - Schedule of Expected Credit Losses for Financial Assets Other than Trade Receivables - Financial Assets [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financial Risk Management (Details) - Schedule of Expected Credit Losses for Financial Assets Other than Trade Receivables [Line Items] | ||
Estimated gross carrying amount at default Cash and cash equivalents | $ 311,810 | $ 8,758 |
Expected probability of defaul Cash and cash equivalents | 0% | 0% |
Expected credit losses Cash and cash equivalents | ||
Cash and cash equivalents | 311,810 | 8,758 |
Estimated gross carrying amount at default Other financial assets | $ 2,529,576 | $ 330 |
Expected probability of default Other financial assets | 0% | 0% |
Expected credit losses Other financial assets | ||
Other financial assets | $ 2,529,576 | $ 330 |
Financial Risk Management (De_5
Financial Risk Management (Details) - Schedule of Expected Credit Losses on Trade Receivables - Asset Class [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financial Risk Management (Details) - Schedule of Expected Credit Losses on Trade Receivables [Line Items] | ||
Gross carrying amount | ||
Estimated total gross carrying amount at default | 1,889,556 | |
Lifetime ECL | 57,831 | |
31 - 90 [Member] | ||
Financial Risk Management (Details) - Schedule of Expected Credit Losses on Trade Receivables [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 0% | |
Estimated total gross carrying amount at default | $ 239,522 | |
Lifetime ECL | 0.1 | |
90 - 180 [Member] | ||
Financial Risk Management (Details) - Schedule of Expected Credit Losses on Trade Receivables [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 0.03% | |
Estimated total gross carrying amount at default | $ 220,966 | |
Lifetime ECL | 73.16 | |
180 - 365 [Member] | ||
Financial Risk Management (Details) - Schedule of Expected Credit Losses on Trade Receivables [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 5.82% | |
Estimated total gross carrying amount at default | $ 59,573 | |
Lifetime ECL | 3,641.53 | |
>365 [Member] | ||
Financial Risk Management (Details) - Schedule of Expected Credit Losses on Trade Receivables [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 50% | |
Estimated total gross carrying amount at default | $ 110,006 | |
Lifetime ECL | $ 54,116.2 | |
Not past due &30 [Member] | ||
Financial Risk Management (Details) - Schedule of Expected Credit Losses on Trade Receivables [Line Items] | ||
Gross carrying amount | ||
Expected loss rate | 0% | |
Estimated total gross carrying amount at default | $ 1,259,489 | |
Lifetime ECL | $ 0.01 |
Financial Risk Management (De_6
Financial Risk Management (Details) - Schedule of Movement of Allowance for Trade Receivables | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule of Movement of Allowance for Trade Receivables [Abstract] | |
Acquired in business combination | $ 190,549 |
Gain recognised/(reversed) during the year | (120,544) |
Exchange gain | 12,174 |
As at March 31, 2023 | $ 57,831 |
Financial Risk Management (De_7
Financial Risk Management (Details) - Schedule of Financial Liabilities Based on their Contractual Maturities - Financial Liabilities [Member] - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Financial Risk Management (Details) - Schedule of Financial Liabilities Based on their Contractual Maturities [Line Items] | ||
Borrowings | $ 3,889,131 | $ 1,038,155 |
Trade payables | 6,802,780 | 941,162 |
Other financial liabilities | 1,715,060 | 1,510,240 |
Other current liabilities | 2,452,190 | 7,998,305 |
Customer Acquisition Payable | 58,293,330 | |
Total | 14,859,161 | 69,781,192 |
Less than 1 year [Member] | ||
Financial Risk Management (Details) - Schedule of Financial Liabilities Based on their Contractual Maturities [Line Items] | ||
Borrowings | 3,889,131 | 1,038,155 |
Trade payables | 6,802,780 | 941,162 |
Other financial liabilities | 1,715,060 | 1,510,240 |
Other current liabilities | 2,452,190 | 7,998,305 |
Customer Acquisition Payable | 29,146,665 | |
Total | 14,859,161 | 40,634,527 |
1 – 2 years [Member] | ||
Financial Risk Management (Details) - Schedule of Financial Liabilities Based on their Contractual Maturities [Line Items] | ||
Borrowings | ||
Trade payables | ||
Other financial liabilities | ||
Customer Acquisition Payable | 29,146,665 | |
Total | 29,146,665 | |
2 – 3 years [Member] | ||
Financial Risk Management (Details) - Schedule of Financial Liabilities Based on their Contractual Maturities [Line Items] | ||
Borrowings | ||
Trade payables | ||
Other financial liabilities | ||
Customer Acquisition Payable | ||
Total | ||
More than 3 years [Member] | ||
Financial Risk Management (Details) - Schedule of Financial Liabilities Based on their Contractual Maturities [Line Items] | ||
Borrowings | ||
Trade payables | ||
Other financial liabilities | ||
Customer Acquisition Payable | ||
Total |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of Financial Assets and Liabilities - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Fair value through profit & loss [Member] | ||
Financial Assets | ||
Investments | ||
Trade receivable | 1,831,724 | |
Other receivables | 50,939,090 | |
Other financial assets | 2,529,576 | 330 |
Total assets | 4,361,300 | 50,939,420 |
Financial Liabilities | ||
Trade payables | 6,802,780 | 941,162 |
Other financial liabilities | 1,715,060 | 1,510,240 |
Total liabilities | 8,517,840 | $ 2,451,402 |
Fair value through other comprehensive income [Member] | ||
Financial Assets | ||
Total assets | ||
Financial Liabilities | ||
Total liabilities | ||
Amortized cost [Member] | ||
Financial Assets | ||
Total assets | ||
Financial Liabilities | ||
Borrowings | 3,899,316 | |
Total liabilities | $ 3,899,316 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of Fair Value of Instruments Measured at Amortized Cost - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Carrying Value [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value of Instruments Measured at Amortized Cost [Line Items] | ||
Borrowings | $ 3,899,316 | $ 3,899,316 |
Fair value [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value of Instruments Measured at Amortized Cost [Line Items] | ||
Borrowings | $ 1,038,155 | $ 1,038,155 |
Related Party Transactions (Det
Related Party Transactions (Details) - Schedule of Transactions with Relative Parties - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Significant influenc Entity-KMP [Member] | ||
Related Party Transactions (Details) - Schedule of Transactions with Relative Parties [Line Items] | ||
Subscription income | $ 107,322 | |
Installation charges | 125,071 | |
Loan taken | ||
Loan Repayment | ||
Commisiio expenses | 696,746 | |
Bawith charges | 25,245 | |
Purchase of materails | 5,111 | |
Rent paid/ provided | ||
Interest on loans | 218 | |
Trade receivable | 352,424 | |
Trade payable | 2,712,683 | 2,953,720 |
Outstanding loan payable | ||
Outstanding loan receivable | 35,598 | |
Outstanding receivable | 1,083,034 | |
Subsidiaries [Member] | ||
Related Party Transactions (Details) - Schedule of Transactions with Relative Parties [Line Items] | ||
Loan taken | 3,853,017 | |
Loan Repayment | ||
Rent paid/ provided | ||
Issue of Shares | 2,501,000 | |
Investment in CCD of Subsidary | 3,853,017 | |
Investments in shares of subsidaries | 2,501,000 | |
Loans and Advances given | 3,853,017 | |
Outstanding loan payable | 3,853,017 | |
Outstanding loan receivable | 3,853,017 | |
IPO amount with Lytus Inc Receivable | 118,728 | |
IPO amount of Lytus BVI Payable | 118,728 | |
KMP [Member] | ||
Related Party Transactions (Details) - Schedule of Transactions with Relative Parties [Line Items] | ||
Loan taken | 311 | 292,904 |
Loan write bck | 10 | |
Loan Repayment | (19,000) | (304,500) |
Remuneration | 95,644 | |
Rent paid/ provided | ||
Reimursement of expenss | 31,155 | |
Trade payable | 3,555 | |
Outstanding loan payable | 544,851 | 38,155 |
Outstanding receivable | 214,458 | 214,458 |
Relatives of KMP [Member] | ||
Related Party Transactions (Details) - Schedule of Transactions with Relative Parties [Line Items] | ||
Remuneration | 20,507 | |
Rent paid/ provided | 6,703 | |
Loans and Advances given | 97,355 | |
Outstanding loan receivable | $ 95,443 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Information [Abstract] | |
Number of segments | 2 |
Number of reportable segments | 2 |
Revenue percentage | 10% |
Segment Information (Details) -
Segment Information (Details) - Schedule of Information About Primary Segments - Segments [Member] - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Revenue | ||||
Extrenal revenue | $ 19,008,184 | $ 50,630 | ||
Other income | 385,145 | 14,552,533 | ||
Total | 19,393,329 | 14,603,163 | ||
Segment result | 3,615,219 | 3,703,048 | ||
Unallocated corporate expenses | (2,964,942) | (3,122,485) | ||
Less: Interest and finance charges | (1,612,180) | (2,156,651) | ||
Less: Loss on deconsolidation of subsidary | (192,776) | |||
Add : Interest income | 19,123 | |||
Add: Unallocated exceptional items gain/ (loss) | ||||
Add: Unallocated other income | 22,766 | 1,753,000 | ||
Profit from continuing operations | (1,112,790) | 176,911 | ||
Profit from discontinuing operations | ||||
Profit for the year | (1,112,790) | 176,911 | ||
Segment assets | 13,519,355 | 86,527,295 | ||
Unallocated corporate assets | 13,427,986 | 301,622 | ||
Total assets | 26,947,341 | 86,828,917 | ||
Segment liabilities | 10,643,047 | 72,523,353 | ||
Unallocated corporate liabilities | 5,465,357 | 2,096,790 | ||
Total liabilities | 16,108,404 | 74,620,143 | ||
Tangible assets | 11,074,810 | |||
Intangible assets | 1,087,490 | 59,456,249 | ||
Depreciation expense | 680,013 | |||
Amortisation expense | 16,211 | [1] | 11,894,518 | |
Cable business [Member] | ||||
Revenue | ||||
Extrenal revenue | 19,008,184 | |||
Other income | 385,145 | 14,392,821 | ||
Total | 19,393,329 | 14,392,821 | ||
Segment result | 3,615,219 | 3,754,916 | ||
Unallocated corporate expenses | ||||
Less: Interest and finance charges | (1,612,180) | (2,156,651) | ||
Less: Loss on deconsolidation of subsidary | ||||
Add : Interest income | 19,123 | |||
Add: Unallocated exceptional items gain/ (loss) | ||||
Add: Unallocated other income | ||||
Profit from continuing operations | 2,022,162 | 1,598,265 | ||
Profit from discontinuing operations | ||||
Profit for the year | 2,022,162 | 1,598,265 | ||
Segment assets | 13,283,246 | 86,291,186 | ||
Unallocated corporate assets | ||||
Total assets | 13,283,246 | 86,291,186 | ||
Segment liabilities | 10,643,047 | 72,523,353 | ||
Unallocated corporate liabilities | ||||
Total liabilities | 10,643,047 | 72,523,353 | ||
Tangible assets | 11,074,810 | |||
Intangible assets | 1,087,490 | 59,227,749 | ||
Depreciation expense | [1] | 680,013 | ||
Amortisation expense | [1] | 16,211 | 11,894,518 | |
Telemedicine Services [Member] | ||||
Revenue | ||||
Extrenal revenue | 50,630 | |||
Other income | 159,712 | |||
Total | 210,342 | |||
Segment result | (51,868) | |||
Unallocated corporate expenses | ||||
Less: Interest and finance charges | ||||
Less: Loss on deconsolidation of subsidary | ||||
Add : Interest income | ||||
Add: Unallocated exceptional items gain/ (loss) | ||||
Add: Unallocated other income | ||||
Profit from continuing operations | (51,868) | |||
Profit from discontinuing operations | ||||
Profit for the year | (51,868) | |||
Segment assets | 236,109 | 236,109 | ||
Unallocated corporate assets | ||||
Total assets | 236,109 | 236,109 | ||
Segment liabilities | ||||
Unallocated corporate liabilities | ||||
Total liabilities | ||||
Tangible assets | ||||
Intangible assets | 228,500 | |||
Depreciation expense | [1] | |||
Amortisation expense | [1] | |||
[1] Note: Excluding unallocated depreciation and amortisation. |
Segment Information (Details)_2
Segment Information (Details) - Schedule of Additional Information by Geographies - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Domestic [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Revenue as per Geographical Markets | $ 19,393,329 | $ 14,602,433 |
Long Lived Assets (non-current assets) as per geographical markets | 20,456,032 | 35,426,091 |
Revenue as per Customers | 14,392,091 | |
Domestic [Member] | Cable business [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Revenue as per Geographical Markets | 19,393,329 | 14,392,091 |
Long Lived Assets (non-current assets) as per geographical markets | 20,456,032 | 35,197,591 |
Revenue as per Customers | 14,392,091 | |
Domestic [Member] | Telemedicine Services [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Revenue as per Geographical Markets | 210,342 | |
Long Lived Assets (non-current assets) as per geographical markets | 228,500 | |
Revenue as per Customers | ||
Domestic [Member] | Unallocated [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Long Lived Assets (non-current assets) as per geographical markets | ||
Overseas [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Revenue as per Geographical Markets | ||
Long Lived Assets (non-current assets) as per geographical markets | ||
Revenue as per Customers | ||
Overseas [Member] | Cable business [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Revenue as per Geographical Markets | ||
Long Lived Assets (non-current assets) as per geographical markets | ||
Revenue as per Customers | ||
Overseas [Member] | Telemedicine Services [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Revenue as per Geographical Markets | ||
Long Lived Assets (non-current assets) as per geographical markets | ||
Revenue as per Customers | ||
Overseas [Member] | Unallocated [Member] | ||
Segment Information (Details) - Schedule of Additional Information by Geographies [Line Items] | ||
Long Lived Assets (non-current assets) as per geographical markets |
Modification of Earlier Arran_3
Modification of Earlier Arrangement and Acquisition of Sri Sai (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Apr. 01, 2022 | Dec. 06, 2019 | Jan. 17, 2023 | Jul. 27, 2022 | Mar. 31, 2023 | Mar. 07, 2023 | |
Modification of Earlier Arrangement and Acquisition of Sri Sai (Details) [Line Items] | ||||||
Business acquisition, percentage | 51% | |||||
Purchase acquisition | $ 59 | |||||
Infrastructure assets | $ 18 | |||||
Optimum level charge | 4 | |||||
Investment additional amount | 22 | |||||
Commitment investment | $ 59 | |||||
Partner acquisition | $ 10 | |||||
Acquisition percentage | 49% | |||||
Cash transferred for acquisition | $ 10 | |||||
Reserved equity shares percentage | 2% | |||||
Acquired amount | $ 1 | |||||
Commitment liability pay | $ 58.3 | |||||
Foreign exchange investment percentage | 100% | |||||
Foreign investment percenatage | 49% | |||||
Sri Sai Ltd [Member] | ||||||
Modification of Earlier Arrangement and Acquisition of Sri Sai (Details) [Line Items] | ||||||
Acquisition percentage | 51% | |||||
Acquired amount | $ 1 | |||||
Commitment liability pay | $ 7.5 | |||||
Acquired percentage | 51% |
Modification of Earlier Arran_4
Modification of Earlier Arrangement and Acquisition of Sri Sai (Details) - Schedule of Financial Statements of New Accounting Policy - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Non-current assets | ||
Intangible (Customer Acquisition, net of amortisation) | $ 35,186,496 | |
Deferred tax assets | 537,915 | |
Other receivables | 50,939,090 | |
Total of assets | 86,663,501 | |
Liabilities Items | ||
Customer Acquisition List Payable, net of current portion | (29,146,665) | |
Less: Part Payment made towards Customer Acquisition | (395,209) | |
Net of payments | (28,751,456) | |
Deferred tax liability | (2,297,717) | |
Other financial liabilities | ||
Interest on tax payable | (845,791) | |
CSR expenses payable | (206,619) | |
Statutory liabilities | (7,790,691) | |
Customer acquisition payable | (29,146,665) | |
Current tax liability | (3,305,308) | |
Total of liabilities | (72,344,247) | |
Net balances adjusted | ||
Retained earnings (refer to Consolidated Statement of Changes in Equity)) | 4,518,954 | 12,148,403 |
Adjustment [Member] | ||
Non-current assets | ||
Intangible (Customer Acquisition, net of amortisation) | (35,186,496) | |
Deferred tax assets | (537,915) | |
Other receivables | (50,939,090) | |
Total of assets | (86,663,501) | |
Liabilities Items | ||
Net of payments | 28,751,456 | |
Deferred tax liability | 2,297,717 | |
Other financial liabilities | ||
Interest on tax payable | 845,791 | |
Statutory liabilities | 7,997,310 | |
Customer acquisition payable | 29,146,665 | |
Current tax liability | 3,305,308 | |
Total of liabilities | 72,344,247 | |
Net balances adjusted | (14,319,254) | |
Retained earnings (refer to Consolidated Statement of Changes in Equity)) | $ (14,319,254) | |
Post Adjustment [Member] | ||
Non-current assets | ||
Intangible (Customer Acquisition, net of amortisation) | ||
Deferred tax assets | ||
Other receivables | ||
Total of assets | ||
Liabilities Items | ||
Customer Acquisition List Payable, net of current portion | ||
Less: Part Payment made towards Customer Acquisition | ||
Net of payments | ||
Other financial liabilities | ||
CSR expenses payable | ||
Statutory liabilities | ||
Current tax liability | ||
Total of liabilities | ||
Net balances adjusted | ||
Retained earnings (refer to Consolidated Statement of Changes in Equity)) | $ (2,170,851) |
Acquisition of Sri Sai Cable _3
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - USD ($) | 12 Months Ended | ||
Mar. 07, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) [Line Items] | |||
Ownership percentage | 51% | ||
Equity shares percentage | 51% | ||
Consideration amount | $ 10,000,000 | ||
Revenues | $ 385,145 | $ 16,305,533 | |
Sri Sai Cable and Broadband Private Limieted [Member] | |||
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) [Line Items] | |||
Revenues | 19,008,182 | ||
Profit | 1,908,260 | ||
Capital investment | $ 7,500,000 | ||
Mr. Nimish Pandya [Member] | |||
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) [Line Items] | |||
Ownership percentage | 49% | ||
Equity shares percentage | 2% |
Acquisition of Sri Sai Cable _4
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of the Purchase Costs Paid Under the Terms of the Executed Agreements - Goodwill upon Acquisition [Member] | Mar. 31, 2023 USD ($) |
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of the Purchase Costs Paid Under the Terms of the Executed Agreements [Line Items] | |
Consideration transferred | $ 2,500,000 |
Add: Non-controlling interest – 49% | 1,768,961 |
Less: Sri Sai Net Assets | 3,610,124 |
Goodwill | $ 658,837 |
Acquisition of Sri Sai Cable _5
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of the Purchase Costs Paid Under the Terms of the Executed Agreements (Parentheticals) | Mar. 31, 2023 |
Goodwill upon Acquisition [Member] | |
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of the Purchase Costs Paid Under the Terms of the Executed Agreements (Parentheticals) [Line Items] | |
Non-controlling interest | 49% |
Acquisition of Sri Sai Cable _6
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of Business combination - 12 months ended Mar. 31, 2023 - Business combinations [member] | USD ($) | INR (₨) | INR (₨) |
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of Business combination [Line Items] | |||
Amount settled in cash | $ 2,500,000 | ₨ 200,000,000 | |
Proportionate value of Non-controlling interest in Sri Sai | 1,768,961 | ₨ 134,297,885 | |
Total | 4,268,961 | 334,297,885 | |
Property and equipment | 85,157,452 | ||
Intangible assets | 28,423 | ||
Deposits | 2,904,765 | ||
Non-current loans and advances | 4,520,003 | ||
Trade and other receivables | 29,388,105 | ||
Cash and cash equivalents | 3,056,613 | ||
Deferred tax assets | 3,976,181 | ||
Other current assets | 8,065,917 | ||
Borrowings | (123,204,097) | ||
Other liabilities | (765,860) | ||
Trade and other payables | 19,536,399 | ||
Net identifiable assets and liabilities | 3,610,124 | 274,077,316 | |
Goodwill | $ 658,837 | ₨ 60,220,569 |
Acquisition of Sri Sai Cable _7
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of Wholesale Segment and is not Expected to Be Deductible for Tax Purposes - Gross carrying amount [member] | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Acquisition of Sri Sai Cable and Broadband Private Limieted (Details) - Schedule of Wholesale Segment and is not Expected to Be Deductible for Tax Purposes [Line Items] | |
Beginning Balance | |
Acquired through business combination | 658,837 |
Net exchange differences | 73,945 |
Ending Balance | $ 732,782 |
Deconsolidation of Subsidiary_2
Deconsolidation of Subsidiary (Details) | Mar. 31, 2023 USD ($) |
Deconsolidation of Subsidiary [Abstract] | |
Payable | $ 730,000 |
Deconsolidation of Subsidiary
Deconsolidation of Subsidiary (Details) - Schedule of Loss Attributable to the Company on Deconsolidation of a Subsidiary - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Oct. 30, 2021 | |
Schedule Of Loss Attributable To The Company On Deconsolidation Of ASubsidiary Abstract | ||
Fair Value Consideration receivable/received | $ 70,000 | |
GHSI share capital at disposal | 162,000 | |
Add : Retained earnings at disposal date | 3,701 | |
Total of Net assets at disposal | 165,701 | |
Group Share - 75% | 124,276 | |
Less Goodwill at acquisition date | 68,500 | |
Total Loss on deconsolidation date | $ (192,776) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 14, 2023 | Nov. 09, 2022 | Jun. 24, 2023 | Mar. 31, 2023 |
Subsequent Events (Details) [Line Items] | ||||
Purchased principal amount | $ 3,333,333.33 | |||
Subscription agreement description | The Company has reserved 20,911,474 for issuance of no less than the sum of 1) maximum number of common shares issuable upon conversion of all the notes then outstanding (number of 19,157,088 common shares, referred to “Common Share Conversion”), and 2) the maximum number of warrants shares issuable upon exercise of all the warrants then outstanding (number of 1,754,386 common shares, referred to as “Warrant Conversion”). | |||
Secured loan | $ 1,000,000 | |||
Average monthly payment | $ 78,750 | |||
Non-adjusting events after reporting period [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Secured loan | $ 350,000 | |||
shares held (in Shares) | 1,500,000 | |||
Total repayment amount | $ 472,500 | |||
Interest expense | 122,500 | |||
Repayment term, amount | $ 19,687.5 | |||
Subsequent Events [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Issue common shares | $ 30,000,000 |
Subsequent Events (Details) - S
Subsequent Events (Details) - Schedule of Proceeds | 12 Months Ended |
Mar. 31, 2023 shares | |
June 23, 2023 [Member] | |
Subsequent Events (Details) - Schedule of Proceeds [Line Items] | |
Principle amount converted | 22,445 |
No. of Common Shares issued | 50,000 |
July 20, 2023 [Member] | |
Subsequent Events (Details) - Schedule of Proceeds [Line Items] | |
Principle amount converted | 383,300 |
No. of Common Shares issued | 1,000,000 |
July 20, 2023 [Member] | |
Subsequent Events (Details) - Schedule of Proceeds [Line Items] | |
Principle amount converted | 383,300 |
No. of Common Shares issued | 1,000,000 |
July 28, 2023 [Member] | |
Subsequent Events (Details) - Schedule of Proceeds [Line Items] | |
Principle amount converted | 181,050 |
No. of Common Shares issued | 500,000 |