Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-56396 | |
Entity Registrant Name | KING RESOURCES, INC. | |
Entity Central Index Key | 0000774415 | |
Entity Tax Identification Number | 13-3784149 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | Unit 1813, 18/F | |
Entity Address, Address Line Two | Fo Tan Industrial Centre | |
Entity Address, Address Line Three | 26-28 Au Pui Wan Street | |
Entity Address, City or Town | Fo Tan | |
Entity Address, Country | HK | |
Entity Address, Postal Zip Code | 00000 | |
City Area Code | 852 | |
Local Phone Number | 3585 8905 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,484,167,213 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,456 | $ 4,911 |
Accounts receivables | 42,492 | 19,078 |
Deferred financing cost | 402,500 | 402,500 |
Deposits, prepayments and other receivables | 107,098 | 114,971 |
Amount due from a related party | 12,133 | 0 |
Total current assets | 565,679 | 541,460 |
Non-current assets: | ||
Property and equipment, net | 3,815 | 5,095 |
Right-of-use assets, net | 13,114 | 32,705 |
Intangible assets | 12,725 | 14,937 |
Deferred financing cost, net | 294,049 | 495,299 |
Total non-current assets | 323,703 | 548,036 |
TOTAL ASSETS | 889,382 | 1,089,496 |
Current liabilities: | ||
Accounts payables | 110,272 | 0 |
Accrued liabilities and other payables | 189,617 | 253,942 |
Accrued consulting and service fees | 300,000 | 300,000 |
Advances received from customer | 287,339 | 286,639 |
Amounts due to related parties | 2,077,347 | 1,848,612 |
Lease liabilities | 13,653 | 33,638 |
Total current liabilities | 2,978,228 | 2,722,831 |
TOTAL LIABILITIES | 2,978,228 | 2,722,831 |
Commitments and contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock, par value $0.001, 6,000,000,000 shares authorized, 5,484,167,213 shares issued and outstanding as of September 30, 2023 and March 31, 2023, respectively | 5,484,167 | 5,484,167 |
Additional paid-in capital | 731,135 | 731,135 |
Accumulated other comprehensive loss | 685 | 5,364 |
Accumulated deficit | (8,334,833) | (7,884,001) |
Stockholders’ deficit | (2,088,846) | (1,633,335) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 889,382 | 1,089,496 |
Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, Value | 0 | 0 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, Value | 0 | 0 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, Value | 0 | 0 |
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, Value | $ 30,000 | $ 30,000 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Mar. 31, 2023 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued | 5,484,167,213 | 5,484,167,213 |
Common stock, shares outstanding | 5,484,167,213 | 5,484,167,213 |
Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 85,000,000 | 85,000,000 |
Preferred stock, shares undesignated | 15,000,000 | 15,000,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 30,000,000 | 30,000,000 |
Preferred stock, shares outstanding | 30,000,000 | 30,000,000 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 19,166 | $ 2,872 | $ 31,923 | $ 162,189 |
Cost of revenue | (11,500) | (2,634) | (19,154) | (19,120) |
Gross profit | 7,666 | 238 | 12,769 | 143,069 |
Operating expenses: | ||||
Research and development expenses | 76,281 | 171,545 | 76,281 | 234,156 |
Sales and marketing expenses | 392 | 198,908 | 3,428 | 347,908 |
General and administrative expenses | 140,754 | 193,743 | 182,558 | 295,397 |
Total operating expenses | 217,427 | 564,196 | 262,267 | 877,461 |
Loss from operation | (209,761) | (563,958) | (249,498) | (734,392) |
Other income (expense): | ||||
Government subsidy | 0 | 5,199 | 0 | 8,258 |
Interest income | 2 | 0 | 4 | 0 |
Interest expense | (100,713) | (32,569) | (201,338) | (47,153) |
Loss on impairment of inventories | 0 | (750) | 0 | (750) |
Total other expense, net | (100,711) | (28,120) | (201,334) | (39,645) |
LOSS BEFORE INCOME TAXES | (310,472) | (592,078) | (450,832) | (774,037) |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS | (310,472) | (592,078) | (450,832) | (774,037) |
Other comprehensive (loss) income: | ||||
– Foreign currency adjustment (loss) gain | (1,193) | 2,113 | (4,679) | 6,944 |
COMPREHENSIVE LOSS | $ (311,665) | $ (589,965) | $ (455,511) | $ (767,093) |
Net loss per share – Basic and Diluted* | ||||
– Basic | $ 0 | $ 0 | $ 0 | $ 0 |
– Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average outstanding shares | ||||
– Basic | 5,484,167,213 | 5,413,500,348 | 5,484,167,213 | 5,129,519,233 |
– Diluted | 8,484,167,213 | 8,413,500,348 | 8,484,167,213 | 8,129,519,233 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (450,832) | $ (774,037) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation - Property and equipment | 1,293 | 1,027 |
Depreciation - Right-of-use assets | 19,669 | 19,630 |
Amortization | 2,247 | 2,243 |
Non-cash lease expenses | 621 | 1,573 |
Amortization of deferred financing cost | 201,250 | 47,153 |
Share issued for services rendered | 0 | 200,000 |
Change in operating assets and liabilities: | ||
Accounts receivable | (23,414) | (2,889) |
Inventories | 0 | (800) |
Deposit, prepayments and other receivables | 7,873 | (93,674) |
Accrued liabilities and other payables | (64,325) | 240,969 |
Accounts payables | 110,272 | 3,715 |
Accrued consulting and service fees | 0 | 300,000 |
Right-of-use assets and lease liabilities | (20,686) | (19,065) |
Net cash used in operating activities | (216,032) | (74,155) |
Cash flows from investing activity: | ||
Purchase of property and equipment | 0 | (2,216) |
Net cash used in investing activity | 0 | (2,216) |
Cash flows from financing activity: | ||
Advances from related parties | 216,602 | 100,399 |
Net cash provided by financing activity | 216,602 | 100,399 |
Foreign currency translation adjustment | (4,025) | 1,485 |
Net change in cash and cash equivalents | (3,455) | 25,513 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 4,911 | 14,864 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,456 | 40,377 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Preferred Stock Series C [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2022 | $ 30,000 | $ 4,807,802 | $ 0 | $ (2,107) | $ (6,568,493) | $ (1,732,798) |
Beginning balance, shares at Mar. 31, 2022 | 30,000,000 | 4,807,802,061 | ||||
Commitment shares issued for private placement | $ 525,000 | 525,000 | ||||
Commitment shares issued for private placement, shares | 525,000,000 | |||||
Foreign currency translation adjustment | 4,831 | 4,831 | ||||
Net loss for the period | (181,959) | (181,959) | ||||
Ending balance, value at Jun. 30, 2022 | $ 30,000 | $ 5,332,802 | 0 | 2,724 | (6,750,452) | (1,384,926) |
Ending balance, shares at Jun. 30, 2022 | 30,000,000 | 5,332,802,061 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 30,000 | $ 4,807,802 | 0 | (2,107) | (6,568,493) | (1,732,798) |
Beginning balance, shares at Mar. 31, 2022 | 30,000,000 | 4,807,802,061 | ||||
Foreign currency translation adjustment | 6,944 | |||||
Net loss for the period | (774,037) | |||||
Ending balance, value at Sep. 30, 2022 | $ 30,000 | $ 5,484,167 | 48,635 | 4,837 | (7,342,530) | (1,774,891) |
Ending balance, shares at Sep. 30, 2022 | 30,000,000 | 5,484,167,213 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 30,000 | $ 5,332,802 | 0 | 2,724 | (6,750,452) | (1,384,926) |
Beginning balance, shares at Jun. 30, 2022 | 30,000,000 | 5,332,802,061 | ||||
Share issued for services rendered | $ 151,515 | 48,485 | 200,000 | |||
Share issued for services rendered, shares | 151,515,152 | |||||
Cancellation of shares | $ (150) | (150) | ||||
Foreign currency translation adjustment | 2,113 | 2,113 | ||||
Net loss for the period | (592,078) | (592,078) | ||||
Cancellation of shares | $ 150 | 150 | ||||
Cancellation of shares, shares | (150,000) | |||||
Ending balance, value at Sep. 30, 2022 | $ 30,000 | $ 5,484,167 | 48,635 | 4,837 | (7,342,530) | (1,774,891) |
Ending balance, shares at Sep. 30, 2022 | 30,000,000 | 5,484,167,213 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 30,000 | $ 5,484,167 | 731,135 | 5,364 | (7,884,001) | (1,633,335) |
Beginning balance, shares at Mar. 31, 2023 | 30,000,000 | 5,484,167,213 | ||||
Foreign currency translation adjustment | (3,486) | (3,486) | ||||
Net loss for the period | (140,360) | (140,360) | ||||
Ending balance, value at Jun. 30, 2023 | $ 30,000 | $ 5,484,167 | 731,135 | 1,878 | (8,024,361) | (1,777,181) |
Ending balance, shares at Jun. 30, 2023 | 30,000,000 | 5,484,167,213 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 30,000 | $ 5,484,167 | 731,135 | 5,364 | (7,884,001) | (1,633,335) |
Beginning balance, shares at Mar. 31, 2023 | 30,000,000 | 5,484,167,213 | ||||
Foreign currency translation adjustment | (4,679) | |||||
Net loss for the period | (450,832) | |||||
Ending balance, value at Sep. 30, 2023 | $ 30,000 | $ 5,484,167 | 731,135 | 685 | (8,334,833) | (2,088,846) |
Ending balance, shares at Sep. 30, 2023 | 30,000,000 | 5,484,167,213 | ||||
Beginning balance, value at Jun. 30, 2023 | $ 30,000 | $ 5,484,167 | 731,135 | 1,878 | (8,024,361) | (1,777,181) |
Beginning balance, shares at Jun. 30, 2023 | 30,000,000 | 5,484,167,213 | ||||
Foreign currency translation adjustment | (1,193) | (1,193) | ||||
Net loss for the period | (310,472) | (310,472) | ||||
Ending balance, value at Sep. 30, 2023 | $ 30,000 | $ 5,484,167 | $ 731,135 | $ 685 | $ (8,334,833) | $ (2,088,846) |
Ending balance, shares at Sep. 30, 2023 | 30,000,000 | 5,484,167,213 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE-1 BASIS OF PRESENTATION These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the interim period ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis, and the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the SEC on July 14, 2023. |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | NOTE –2 DESCRIPTION OF BUSINESS AND ORGANIZATION King Resources, Inc. (the “Company”) was incorporated in the State of Delaware on September 8, 1995, under the name of ARXA International Energy, Inc. On June 4, 2001, the Company changed its name to King Resources, Inc. Currently, the Company through its subsidiaries, is engaged primarily in the rendering of smart power supply solutions and the related technical service as well as lifestyle products in Hong Kong. Description of subsidiaries Schedule of description of subsidiaries Name Place of incorporation and kind of legal entity Principal activities Particulars of registered/paid up share capital Effective interest Powertech Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 Powertech Corporation Limited Hong Kong Provision of information technology services 10,000 ordinary shares for HK$10,000 100 OneSolution Holdings Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Innotech Limited Hong Kong Product development and trading 10,000 ordinary shares for HK$10,000 100 The Company and its subsidiaries are hereinafter referred to as the “Company”. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE – 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying unaudited condensed consolidated financial statements and notes. · Basis of presentation These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). · Use of estimates and assumptions In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant estimates in the period include the valuation and useful lives of intangible assets and deferred tax valuation allowance. · Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of KRFG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Segment reporting ASC Topic 280, “ Segment Reporting · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · Accounts receivable Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer's financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make the required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2023 and March 31, 2023, there was no · Intangible assets Intangible assets consist of trademarks and trade names. The intangible assets are stated at the purchase cost and are amortized based on their economic benefits expected to be realized and assessed for impairment annually. There was no · Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Schedule of estimated useful lives Expected useful lives Office equipment 3 Furniture and fixtures 3 Computer equipment 3 Expenditures for repair and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the six months ended September 30, 2023 and 2022 were $ 1,293 1,027 · Website development costs The Company accounts for its website development costs in accordance with ASC 350-50, Website Development Costs · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, Impairment or Disposal of Long-Lived Assets no · Revenue recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company’s services revenue is derived from performing the research and development and technology development for the customers under fixed-price contracts. On fixed-price contracts that are expected to be not more than one year in duration, revenue is recognized pursuant to the proportional performance method based upon the proportion of actual costs incurred to the total estimated costs for the contract. The Company receives the periodic progress payments. The Company also generates revenue from the rendering of technical services to customers upon request. The Company considers customer service order confirmations to be a contract with the customer. Customer service order confirmations are executed at the time an order is placed. Revenue is recognized when the technical service is rendered to the customer (i.e., when the Company’s performance obligation is satisfied). As a result, the Company has a present and unconditional right to payment and record the amount due from the customer in accounts receivable. For each contract, the Company considers the promise to perform the technical service as the only identified performance obligation. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. The technical service revenue will be recognized at a point in time when the technical service is completed. Costs incurred in connection with research and development, are included in cost of revenue. Product development costs charged to billable projects are recorded as cost of revenue, which consist primarily of costs associated with personnel, supplies and materials. Costs incurred in connection with rendering of technical services, are included in cost of revenue, which consist primarily of costs associated with outsourced technical consultant fees. · Government subsidy A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. For the three months ended September 30, 2023 and 2022, the Company received government subsidies of $ 0 5,199 0 8,258 · Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the three and six months ended September 30, 2023 and 2022. · Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “ Earnings per Share · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is it’s a functional currency, being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the period ended September 30, 2023 and 2022: Schedule of translation rates September 30, 2023 September 30, 2022 Period-end HKD:US$ exchange rate 0.1277 0.1274 Annualized average HKD:US$ exchange rate 0.1277 0.1274 · Comprehensive income ASC Topic 220, “ Comprehensive Income · Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use assets may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC Topic 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component. · Deferred financing costs Costs related to the issuance of debt are deferred as an asset and amortized to interest expense over the life of the related debt. Amortization expense for the six months ended September 30, 2023 and 2022 were $ 201,250 47,153 · Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The unaudited condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of unaudited condensed consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. · Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s unaudited condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, accounts receivable, deposit, prepayments and other receivables approximate their fair values because of the short maturity of these instruments. · Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance ASU 2016-13 for recognition of credit losses on financial instruments, which is effective January 1, 2020, with early adoption permitted on January 1, 2019. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires measurement of expected credit losses not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information and will likely result in earlier recognition of credit reserves. In November 2019, the FASB issued ASU No. 2019-10, which is to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has adopted this update on April 1, 2023, and the adoption does not have material impact on Company’s consolidated financial statements and related disclosures. CECL adoption will have broad impact on the financial statements of financial services firms, which will affect key profitability and solvency measures. Some of the more notable expected changes include: – Higher allowance on financial guarantee reserve and finance lease receivable levels and related deferred tax assets. While different asset types will be impacted differently, the expectation is that reserve levels will generally increase across the board for all financial firms. – Increased reserve levels may lead to a reduction in capital levels. – As a result of higher reserving levels, the expectation is that CECL will reduce cyclicality in financial firms’ results, as higher reserving in “good times” will mean that less dramatic reserve increases will be loan related income (which will continue to be recognized on a periodic basis based on the effective interest method) and the related credit losses (which will be recognized up front at origination). This will make periods of loan expansion seem less profitable due to the immediate recognition of expected credit losses. Periods of stable or declining loan levels will look comparatively profitable as the income trickles in for loans, where losses had been previously recognized. In March 2023, the FASB issued new accounting guidance, ASU 2023-01, for leasehold improvements associated with common control leases, which is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. The new guidance introduced two issues: terms and conditions to be considered with leases between related parties under common control and accounting for leasehold improvements. The goals for the new issues are to reduce the cost associated with implementing and applying Topic 842 and to promote diversity in practice by entities within the scope when applying lease accounting requirements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and believe the future adoption of any such pronouncements may not be expected to cause a material impact on its financial condition or the results of its operations. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | NOTE – 4 GOING CONCERN UNCERTAINTIES The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred a recurring loss from prior years and suffered from an accumulated deficit of $ 8,334,833 These unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. |
DEFERRED FINANCING COST, NET
DEFERRED FINANCING COST, NET | 6 Months Ended |
Sep. 30, 2023 | |
Deferred Financing Cost Net | |
DEFERRED FINANCING COST, NET | NOTE – 5 DEFERRED FINANCING COST, NET Deferred financing cost, net is as follows: Schedule of deferred financing costs September, March 31, Deferred financing cost $ 1,207,500 $ 1,207,500 Less: amortization (510,951 ) (309,701 ) Deferred financing cost, net $ 696,549 $ 897,799 On June 24, 2022, the Company issued 525,000,000 Interest expense for the three months ended September 30, 2023 and 2022 were $ 100,625 32,569 Interest expense for the six months ended September 30, 2023 and 2022 were $ 201,250 47,513 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE – 6 PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: Schedule of property and equipment September 30, March 31, 2023 2023 Office equipment $ 12,007 $ 15,706 Furniture and fixtures 15,667 12,037 Computer equipment 26,939 26,999 Foreign translation difference 134 (129 ) 54,747 54,613 Less: accumulated depreciation (50,810 ) (49,637 ) Less: foreign translation difference (122 ) 119 $ 3,815 $ 5,095 Depreciation expense for the three months ended September 30, 2023 and 2022 were $ 647 567 Depreciation expense for the six months ended September 30, 2023 and 2022 were $ 1,293 1,027 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE – 7 INTANGIBLE ASSETS As of September 30, 2023 and March 31, 2023, intangible assets consisted of the following: Schedule of intangible assets Useful life September 30, 2023 March 31, 2023 At cost: Website development cost 5 $ 21,147 $ 21,200 Trademarks 10 2,545 2,552 Foreign translation adjustment 58 (59 ) 23,750 23,693 Less: accumulated amortization (11,004 ) (8,774 ) Foreign translation adjustment (21 ) 18 $ 12,725 $ 14,937 Amortization of intangible assets for the three months ended September 30, 2023 and 2022 were $ 1,124 1,121 Amortization of intangible assets for the six months ended September 30, 2023 and 2022 were $ 2,247 2,243 As of September 30, 2023, the estimated amortization expense for intangible assets for each of the succeeding five years and thereafter is as follows: Schedule of intangible assets future amortization expense Year ending September 30: Amount 2024 $ 2,248 2025 4,495 2026 4,495 2027 255 2028 255 Thereafter 978 Total $ 12,725 |
AMOUNTS DUE FROM (TO) RELATED P
AMOUNTS DUE FROM (TO) RELATED PARTIES | 6 Months Ended |
Sep. 30, 2023 | |
Amounts Due From To Related Parties | |
AMOUNTS DUE FROM (TO) RELATED PARTIES | NOTE – 8 AMOUNTS DUE FROM (TO) RELATED PARTIES The amount due from a related party represented temporary advances to the related party for research and development conducted. The amount due from a related party was $ 12,133 0 The amount due to related parties was $ 2,077,346 1,848,612 |
LEASE
LEASE | 6 Months Ended |
Sep. 30, 2023 | |
Lease | |
LEASE | NOTE – 9 LEASE As of September 30, 2023, the Company entered into an operating lease with a lease term of 2 years, commencing from February 22, 2022. Right of use assets and lease liability – right of use are as follows: Schedule of lease information September 30, March 31, 2023 2023 Right-of-use assets $ 13,114 $ 32,705 The lease liability – right of use is as follows: September 30, March 31, Current portion $ 13,653 $ 33,638 The weighted average discount rate for the operating lease is 5 As of September 30, 2023, the operating lease payment of $ 13,653 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE – 10 STOCKHOLDERS’ DEFICIT The Company is authorized to issue two classes of capital stock, up to 6,085,000,000 The Company is authorized to issue 85,000,000 15,000,000 The Company is authorized to issue 6,000,000,000 0.001 Series A Preferred Stock The Company has designated 10,000,000 As of September 30, 2023 and March 31, 2023, the Company had no Series B Convertible Preferred Stock The Company has designated 10,000,000 As of September 30, 2023 and March 31, 2023, the Company had no Series C Preferred Stock The Company has designated 50,000,000 As of September 30, 2023 and March 31, 2023, the Company had 30,000,000 Common Stock As of September 30, 2023 and March 31, 2023, the Company had a total of 5,484,167,213 |
NET LOSS PER SHARE
NET LOSS PER SHARE | 6 Months Ended |
Sep. 30, 2023 | |
Net loss per share – Basic and Diluted* | |
NET LOSS PER SHARE | NOTE – 11 NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share for the six months ended September 30, 2023 and 2022: Schedule of computation of basic and diluted net loss per share Six months ended September 30, 2023 2022 Net loss attributable to common shareholders $ (450,832 ) $ (774,037 ) Weighted average common shares outstanding: – Basic 5,484,167,213 5,129,519,233 – Diluted 8,484,167,213 8,129,519,233 Net loss per share: – Basic $ (0.00 ) $ (0.00 ) – Diluted $ (0.00 ) $ (0.00 ) ____________________ # Less than $0.001 For the six months ended September 30, 2023 and 2022, despite potential conversion of promissory notes, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. No |
INCOME TAX
INCOME TAX | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE – 12 INCOME TAX For the six months ended September 30, 2023 and 2022, the local (“United States of America”) and foreign components of loss before income taxes comprised of the following: Schedule of income before income tax, domestic and foreign Six months ended September 30, 2023 2022 Tax jurisdiction from: - Local $ (345,879 ) $ (205,304 ) - Foreign, including British Virgin Islands (7,679 ) (504,163 ) Hong Kong (97,090 ) (64,570 ) Loss before income taxes $ (450,832 ) $ (774,037 ) The provision for income taxes consisted of the following: Schedule of provision for income taxes Six months ended September 30, 2023 2022 Current tax: - Local $ – $ – - Foreign – – Deferred tax - Local – – - Foreign – – Income tax expense $ – $ – The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Hong Kong and is subject to taxes in the jurisdictions in which it operates, as follows: United States of America KRFG is registered in the State of Delaware and is subject to tax laws of the United States of America. The U.S. corporate income tax rate is 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued for interest or penalties as they were not material to its results of operations for the periods presented. As of September 30, 2023, the operations in the United States of America incurred $ 1,098,212 230,625 BVI Under the current BVI law, the Company is not subject to tax on income. Hong Kong The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current period after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the six months ended September 30, 2023 and 2022 is as follows: Schedule of reconciliation of tax effective rate Six months ended September 30, 2023 2022 Loss before income taxes $ (97,090 ) $ (64,570 ) Statutory income tax rate 16.5 16.5 Income tax expense at statutory rate (16,020 ) (10,654 ) Tax effect of non-deductible items 584 645 Tax effect of non-taxable items (415 ) (1,891 ) Tax loss 15,851 11,900 Tax loss carried forward (15,851 ) (11,900 ) Income tax expense $ – $ – As of September 30, 2023, the operations in Hong Kong incurred $ 1,893,461 312,425 The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of September 30, 2023 and March 31, 2023: Schedule of deferred income taxes September 30, March 31, 2023 2023 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 230,625 $ 157,990 Hong Kong tax regime 312,425 295,848 Less: valuation allowance (543,050 ) (453,838 ) Deferred tax assets, net $ – $ – The Company filed income tax returns in the United States federal tax jurisdiction and the Delaware state tax jurisdiction. Since the Company is in a loss carryforward position, it is generally subject to examination by federal and state tax authority for all tax years in which a loss carryforward is available. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE – 13 RELATED PARTY TRANSACTIONS From time to time, the Company’s related parties and director advanced working capital funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and repayable on demand as disclosed in Note 8. During the six months ended September 30, 2023 and 2022, the Company outsourced technical consultancy services of $ 19,154 0 Apart from the transactions and balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 6 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | NOTE – 14 CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the three months ended September 30, 2023, there was a single customer exceeding 10% of the Company’s revenue. This customer is located in Hong Kong, and accounted for 100 19,166 42,492 For the three months ended September 30, 2022, there was a single customer exceeding 10% of the Company’s revenue. This customer is located in Hong Kong, and accounted for 100 2,872 0 For the six months ended September 30, 2023, there was a single customer exceeding 10% of the Company’s revenue. This customer is located in Hong Kong, and accounted for 100 31,923 42,492 For the six months ended September 30, 2022, there was a single customer exceeding 10% of the Company’s revenue. This customer is located in Hong Kong, and accounted for 98 159,317 0 (b) Major vendors For the three months ended September 30, 2023, there was a single vendor exceeding 10% of the Company’s cost of revenue. This vendor is located in PRC, and accounted for 100 11,500 22,714 For the three months ended September 30, 2022, there was no single vendor exceeding 10% of the Company’s cost of revenue. For the six months ended September 30, 2023, there was a single vendor exceeding 10% of the Company’s cost of revenue. This vendor is located in Hong Kong, and accounted for 100 19,154 22,714 For the six months ended September 30, 2022, there was no single vendor exceeding 10% of the Company’s cost of revenue. (c) Economic and political risk The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. The Company may also be exposed to the broader global economic conditions. The present global economic climate with rising global tensions, rising costs and fuel shortage which potentially could escalate and result in global inflation may also impact the Company’s business, financial condition, and results of operations. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. (e) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. This is presently managed through shareholder financial support. If future cash flows are fairly uncertain, the liquidity risk increases. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE – 15 COMMITMENTS AND CONTINGENCIES As of September 30, 2023, the Company has no material commitments or contingencies. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE – 16 SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | · Basis of presentation These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Use of estimates and assumptions | · Use of estimates and assumptions In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant estimates in the period include the valuation and useful lives of intangible assets and deferred tax valuation allowance. |
Basis of consolidation | · Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of KRFG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Segment reporting | · Segment reporting ASC Topic 280, “ Segment Reporting |
Cash and cash equivalents | · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Accounts receivable | · Accounts receivable Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer's financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make the required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2023 and March 31, 2023, there was no |
Intangible assets | · Intangible assets Intangible assets consist of trademarks and trade names. The intangible assets are stated at the purchase cost and are amortized based on their economic benefits expected to be realized and assessed for impairment annually. There was no |
Property and equipment | · Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Schedule of estimated useful lives Expected useful lives Office equipment 3 Furniture and fixtures 3 Computer equipment 3 Expenditures for repair and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the six months ended September 30, 2023 and 2022 were $ 1,293 1,027 |
Website development costs | · Website development costs The Company accounts for its website development costs in accordance with ASC 350-50, Website Development Costs |
Impairment of long-lived assets | · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, Impairment or Disposal of Long-Lived Assets no |
Revenue recognition | · Revenue recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company’s services revenue is derived from performing the research and development and technology development for the customers under fixed-price contracts. On fixed-price contracts that are expected to be not more than one year in duration, revenue is recognized pursuant to the proportional performance method based upon the proportion of actual costs incurred to the total estimated costs for the contract. The Company receives the periodic progress payments. The Company also generates revenue from the rendering of technical services to customers upon request. The Company considers customer service order confirmations to be a contract with the customer. Customer service order confirmations are executed at the time an order is placed. Revenue is recognized when the technical service is rendered to the customer (i.e., when the Company’s performance obligation is satisfied). As a result, the Company has a present and unconditional right to payment and record the amount due from the customer in accounts receivable. For each contract, the Company considers the promise to perform the technical service as the only identified performance obligation. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. The technical service revenue will be recognized at a point in time when the technical service is completed. Costs incurred in connection with research and development, are included in cost of revenue. Product development costs charged to billable projects are recorded as cost of revenue, which consist primarily of costs associated with personnel, supplies and materials. Costs incurred in connection with rendering of technical services, are included in cost of revenue, which consist primarily of costs associated with outsourced technical consultant fees. |
Government subsidy | · Government subsidy A government subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. For the three months ended September 30, 2023 and 2022, the Company received government subsidies of $ 0 5,199 0 8,258 |
Income taxes | · Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. |
Uncertain tax positions | · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the three and six months ended September 30, 2023 and 2022. |
Net loss per share | · Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “ Earnings per Share |
Foreign currencies translation | · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is it’s a functional currency, being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the period ended September 30, 2023 and 2022: Schedule of translation rates September 30, 2023 September 30, 2022 Period-end HKD:US$ exchange rate 0.1277 0.1274 Annualized average HKD:US$ exchange rate 0.1277 0.1274 |
Comprehensive income | · Comprehensive income ASC Topic 220, “ Comprehensive Income |
Leases | · Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use assets may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC Topic 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component. |
Deferred financing costs | · Deferred financing costs Costs related to the issuance of debt are deferred as an asset and amortized to interest expense over the life of the related debt. Amortization expense for the six months ended September 30, 2023 and 2022 were $ 201,250 47,153 |
Related parties | · Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The unaudited condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of unaudited condensed consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and contingencies | · Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s unaudited condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair value of financial instruments | · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, accounts receivable, deposit, prepayments and other receivables approximate their fair values because of the short maturity of these instruments. |
Recent accounting pronouncements | · Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance ASU 2016-13 for recognition of credit losses on financial instruments, which is effective January 1, 2020, with early adoption permitted on January 1, 2019. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires measurement of expected credit losses not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information and will likely result in earlier recognition of credit reserves. In November 2019, the FASB issued ASU No. 2019-10, which is to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has adopted this update on April 1, 2023, and the adoption does not have material impact on Company’s consolidated financial statements and related disclosures. CECL adoption will have broad impact on the financial statements of financial services firms, which will affect key profitability and solvency measures. Some of the more notable expected changes include: – Higher allowance on financial guarantee reserve and finance lease receivable levels and related deferred tax assets. While different asset types will be impacted differently, the expectation is that reserve levels will generally increase across the board for all financial firms. – Increased reserve levels may lead to a reduction in capital levels. – As a result of higher reserving levels, the expectation is that CECL will reduce cyclicality in financial firms’ results, as higher reserving in “good times” will mean that less dramatic reserve increases will be loan related income (which will continue to be recognized on a periodic basis based on the effective interest method) and the related credit losses (which will be recognized up front at origination). This will make periods of loan expansion seem less profitable due to the immediate recognition of expected credit losses. Periods of stable or declining loan levels will look comparatively profitable as the income trickles in for loans, where losses had been previously recognized. In March 2023, the FASB issued new accounting guidance, ASU 2023-01, for leasehold improvements associated with common control leases, which is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. The new guidance introduced two issues: terms and conditions to be considered with leases between related parties under common control and accounting for leasehold improvements. The goals for the new issues are to reduce the cost associated with implementing and applying Topic 842 and to promote diversity in practice by entities within the scope when applying lease accounting requirements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and believe the future adoption of any such pronouncements may not be expected to cause a material impact on its financial condition or the results of its operations. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of description of subsidiaries | Schedule of description of subsidiaries Name Place of incorporation and kind of legal entity Principal activities Particulars of registered/paid up share capital Effective interest Powertech Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 Powertech Corporation Limited Hong Kong Provision of information technology services 10,000 ordinary shares for HK$10,000 100 OneSolution Holdings Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Management Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 OneSolution Innotech Limited Hong Kong Product development and trading 10,000 ordinary shares for HK$10,000 100 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives | Schedule of estimated useful lives Expected useful lives Office equipment 3 Furniture and fixtures 3 Computer equipment 3 |
Schedule of translation rates | Schedule of translation rates September 30, 2023 September 30, 2022 Period-end HKD:US$ exchange rate 0.1277 0.1274 Annualized average HKD:US$ exchange rate 0.1277 0.1274 |
DEFERRED FINANCING COST, NET (T
DEFERRED FINANCING COST, NET (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Deferred Financing Cost Net | |
Schedule of deferred financing costs | Schedule of deferred financing costs September, March 31, Deferred financing cost $ 1,207,500 $ 1,207,500 Less: amortization (510,951 ) (309,701 ) Deferred financing cost, net $ 696,549 $ 897,799 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment September 30, March 31, 2023 2023 Office equipment $ 12,007 $ 15,706 Furniture and fixtures 15,667 12,037 Computer equipment 26,939 26,999 Foreign translation difference 134 (129 ) 54,747 54,613 Less: accumulated depreciation (50,810 ) (49,637 ) Less: foreign translation difference (122 ) 119 $ 3,815 $ 5,095 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Schedule of intangible assets Useful life September 30, 2023 March 31, 2023 At cost: Website development cost 5 $ 21,147 $ 21,200 Trademarks 10 2,545 2,552 Foreign translation adjustment 58 (59 ) 23,750 23,693 Less: accumulated amortization (11,004 ) (8,774 ) Foreign translation adjustment (21 ) 18 $ 12,725 $ 14,937 |
Schedule of intangible assets future amortization expense | Schedule of intangible assets future amortization expense Year ending September 30: Amount 2024 $ 2,248 2025 4,495 2026 4,495 2027 255 2028 255 Thereafter 978 Total $ 12,725 |
LEASE (Tables)
LEASE (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Lease | |
Schedule of lease information | Schedule of lease information September 30, March 31, 2023 2023 Right-of-use assets $ 13,114 $ 32,705 The lease liability – right of use is as follows: September 30, March 31, Current portion $ 13,653 $ 33,638 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Net loss per share – Basic and Diluted* | |
Schedule of computation of basic and diluted net loss per share | Schedule of computation of basic and diluted net loss per share Six months ended September 30, 2023 2022 Net loss attributable to common shareholders $ (450,832 ) $ (774,037 ) Weighted average common shares outstanding: – Basic 5,484,167,213 5,129,519,233 – Diluted 8,484,167,213 8,129,519,233 Net loss per share: – Basic $ (0.00 ) $ (0.00 ) – Diluted $ (0.00 ) $ (0.00 ) |
INCOME TAX (Tables)
INCOME TAX (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax, domestic and foreign | Schedule of income before income tax, domestic and foreign Six months ended September 30, 2023 2022 Tax jurisdiction from: - Local $ (345,879 ) $ (205,304 ) - Foreign, including British Virgin Islands (7,679 ) (504,163 ) Hong Kong (97,090 ) (64,570 ) Loss before income taxes $ (450,832 ) $ (774,037 ) |
Schedule of provision for income taxes | Schedule of provision for income taxes Six months ended September 30, 2023 2022 Current tax: - Local $ – $ – - Foreign – – Deferred tax - Local – – - Foreign – – Income tax expense $ – $ – |
Schedule of reconciliation of tax effective rate | Schedule of reconciliation of tax effective rate Six months ended September 30, 2023 2022 Loss before income taxes $ (97,090 ) $ (64,570 ) Statutory income tax rate 16.5 16.5 Income tax expense at statutory rate (16,020 ) (10,654 ) Tax effect of non-deductible items 584 645 Tax effect of non-taxable items (415 ) (1,891 ) Tax loss 15,851 11,900 Tax loss carried forward (15,851 ) (11,900 ) Income tax expense $ – $ – |
Schedule of deferred income taxes | Schedule of deferred income taxes September 30, March 31, 2023 2023 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 230,625 $ 157,990 Hong Kong tax regime 312,425 295,848 Less: valuation allowance (543,050 ) (453,838 ) Deferred tax assets, net $ – $ – |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details- Subsidiaries) | 6 Months Ended |
Sep. 30, 2023 | |
Powertech Management Limited [Member] | |
Equity method investment, ownership percentage | 100% |
Powertech Corporation Limited [Member] | |
Equity method investment, ownership percentage | 100% |
One Solution Holdings Limited [Member] | |
Equity method investment, ownership percentage | 100% |
One Solution Management Limited [Member] | |
Equity method investment, ownership percentage | 100% |
One Solution Innotech Limited [Member] | |
Equity method investment, ownership percentage | 100% |
Powertech Management Limited [Member] | |
Name of Subsidiary | Powertech Management Limited |
Place of incorporation | British Virgin Islands |
Principal activities | Investment holding |
Share capital | 50,000 ordinary shares at par value of US$1 |
Powertech Corporation Limited [Member] | |
Name of Subsidiary | Powertech Corporation Limited |
Place of incorporation | Hong Kong |
Principal activities | Provision of information technology services |
Share capital | 10,000 ordinary shares for HK$10,000 |
One Solution Holdings Limited [Member] | |
Name of Subsidiary | OneSolution Holdings Limited |
Place of incorporation | British Virgin Islands |
Principal activities | Investment holding |
Share capital | 50,000 ordinary shares at par value of US$1 |
One Solution Management Limited [Member] | |
Name of Subsidiary | OneSolution Management Limited |
Place of incorporation | British Virgin Islands |
Principal activities | Investment holding |
Share capital | 50,000 ordinary shares at par value of US$1 |
One Solution Innotech Limited [Member] | |
Name of Subsidiary | OneSolution Innotech Limited |
Place of incorporation | Hong Kong |
Principal activities | Product development and trading |
Share capital | 10,000 ordinary shares for HK$10,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Useful lives) | Sep. 30, 2023 |
Office Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Translation rates) - HONG KONG | Sep. 30, 2023 | Sep. 30, 2022 |
Period End [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.1277 | 0.1274 |
Annualized Average [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.1277 | 0.1274 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | |||||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 0 | ||
Impairment of intangible assets | 0 | $ 0 | |||
Depreciation expense | 647 | $ 567 | 1,293 | 1,027 | |
Impairment charge | 0 | 0 | 0 | 0 | |
Other nonoperating income | $ 0 | $ 5,199 | 0 | 8,258 | |
Amortization expense | $ 201,250 | $ 47,153 |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
accumulated deficit | $ 8,334,833 | $ 7,884,001 |
DEFERRED FINANCING COST (Detail
DEFERRED FINANCING COST (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Deferred Financing Cost Net | ||
Deferred financing cost | $ 1,207,500 | $ 1,207,500 |
Less: amortization | (510,951) | (309,701) |
Deferred financing cost, net | $ 696,549 | $ 897,799 |
DEFERRED FINANCING COST, NET (D
DEFERRED FINANCING COST, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 24, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Interest Expense | $ 100,625 | $ 32,569 | $ 201,250 | $ 47,513 | |
Williamsburg Venture Holdings [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 525,000,000 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | $ 54,747 | $ 54,613 |
Less: Accumulated depreciation and amortization | (50,810) | (49,637) |
Less: foreign translation difference | (122) | 119 |
Total property and equipment, net | 3,815 | 5,095 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | 12,007 | 15,706 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | 15,667 | 12,037 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | 26,939 | 26,999 |
Foreign Translation Difference [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment plus construction in progress | $ 134 | $ (129) |
PROPERTY AND EQUIPMENT, NET (_2
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 647 | $ 567 | $ 1,293 | $ 1,027 |
INTANGIBLE ASSETS (Details - Sc
INTANGIBLE ASSETS (Details - Schedule of intangible assets) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset | $ 23,750 | $ 23,693 |
Less: accumulated depreciation | (11,004) | (8,774) |
Foreign translation adjustment | (21) | 18 |
Intangible assets net | $ 12,725 | 14,937 |
Website Development Cost [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 5 years | |
Intangible asset | $ 21,147 | 21,200 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 10 years | |
Intangible asset | $ 2,545 | 2,552 |
Foreign Translation Adjustment [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset | $ 58 | $ (59) |
INTANGIBLE ASSETS (Details - Fu
INTANGIBLE ASSETS (Details - Future amortization expense) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 2,248 | |
2025 | 4,495 | |
2026 | 4,495 | |
2027 | 255 | |
2028 | 255 | |
Thereafter | 978 | |
Total | $ 12,725 | $ 14,937 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 1,124 | $ 1,121 | $ 2,247 | $ 2,243 |
AMOUNTS DUE FROM (TO) RELATED_2
AMOUNTS DUE FROM (TO) RELATED PARTIES (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Amounts Due From To Related Parties | ||
Due from a related party | $ 12,133 | $ 0 |
Due to a related party | $ 2,077,346 | $ 1,848,612 |
LEASE (Details)
LEASE (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Lease | ||
Right-of-use assets | $ 13,114 | $ 32,705 |
Current portion | $ 13,653 | $ 33,638 |
LEASE (Details Narrative)
LEASE (Details Narrative) | Sep. 30, 2023 USD ($) |
Lease | |
Weighted average discount rate for the operating lease | 5% |
Operating lease payment | $ 13,653 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares | Sep. 30, 2023 | Mar. 31, 2023 |
Class of Stock [Line Items] | ||
Capital stock, shares authorized | 6,085,000,000 | |
Common stock, shares undesignated | 15,000,000 | |
Common Stock, Shares Authorized | 6,000,000,000 | 6,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common stock, shares, issued | 5,484,167,213 | 5,484,167,213 |
Common stock, shares outstanding | 5,484,167,213 | 5,484,167,213 |
Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authourized | 85,000,000 | 85,000,000 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authourized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authourized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authourized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 30,000,000 | 30,000,000 |
Preferred stock, shares outstanding | 30,000,000 | 30,000,000 |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss per share – Basic and Diluted* | ||||
Net loss attributable to common shareholders | $ (450,832) | $ (774,037) | ||
Weighted average common shares outstanding: | ||||
– Basic | 5,484,167,213 | 5,413,500,348 | 5,484,167,213 | 5,129,519,233 |
– Diluted | 8,484,167,213 | 8,413,500,348 | 8,484,167,213 | 8,129,519,233 |
Net loss per share: | ||||
– Basic | $ 0 | $ 0 | $ 0 | $ 0 |
– Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
NET LOSS PER SHARE (Details Nar
NET LOSS PER SHARE (Details Narrative) - shares | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss per share – Basic and Diluted* | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
INCOME TAX (Details - Loss befo
INCOME TAX (Details - Loss before income taxes) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | $ (450,832) | $ (774,037) |
VIRGIN ISLANDS, BRITISH | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | (7,679) | (504,163) |
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | (97,090) | (64,570) |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes | $ (345,879) | $ (205,304) |
INCOME TAX (Details - Provision
INCOME TAX (Details - Provision for income taxes) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Current tax: | ||||
- Local | $ 0 | $ 0 | ||
- Foreign | 0 | 0 | ||
Deferred tax | ||||
- Local | 0 | 0 | ||
- Foreign | 0 | 0 | ||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAX (Details - Tax effec
INCOME TAX (Details - Tax effective rate) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
(Loss) Income before income taxes | $ (450,832) | $ (774,037) |
Income tax expense (benefit) | 0 | 0 |
HONG KONG | ||
(Loss) Income before income taxes | $ (97,090) | $ (64,570) |
Statutory income tax rate | 16.50% | 16.50% |
Income tax expense at statutory rate | $ (16,020) | $ (10,654) |
Tax effect of non-deductible items | 584 | 645 |
Tax effect of non-taxable items | (415) | (1,891) |
Net operating (loss) income | 15,851 | 11,900 |
Net operating loss carried forward (utilized) | (15,851) | (11,900) |
Income tax expense (benefit) | $ 0 | $ 0 |
INCOME TAX (Details - Deferred
INCOME TAX (Details - Deferred taxes) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Net operating loss carryforward, from | ||
US tax regime | $ 230,625 | $ 157,990 |
Hong Kong tax regime | 312,425 | 295,848 |
Less: valuation allowance | (543,050) | (453,838) |
Deferred tax assets, net | $ 0 | $ 0 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) | Sep. 30, 2023 USD ($) |
UNITED STATES | |
Operating loss carryforwards | $ 1,098,212 |
Deferred tax assets | 230,625 |
HONG KONG | |
Operating loss carryforwards | 1,893,461 |
Deferred tax assets | $ 312,425 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Marvel Digital Group Limited [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Professional and Contract Services Expense | $ 19,154 | $ 0 |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Concentration Risk [Line Items] | |||||
Revenues | $ 19,166 | $ 2,872 | $ 31,923 | $ 162,189 | |
Cost of Revenue | 11,500 | $ 2,634 | 19,154 | $ 19,120 | |
Accounts Payable, Current | $ 110,272 | $ 110,272 | $ 0 | ||
One Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 100% | 100% | 100% | 98% | |
Revenues | $ 19,166 | $ 2,872 | $ 31,923 | $ 159,317 | |
Accounts receivable, after allowance for credit loss | $ 42,492 | $ 0 | $ 42,492 | $ 0 | |
One Vendor [Member] | Cost Of Revenue [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 100% | 100% | |||
Cost of Revenue | $ 11,500 | $ 19,154 | |||
Accounts Payable, Current | $ 22,714 | $ 22,714 |