UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 20182021

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission File Number 000-55698

DUO WORLD, INC.

(Exact name of registrant as specified in its charter)

c/o Duo Software (Pvt.) Ltd.,

No. 403 Galle Road, 6, Charles Terrace, Off Alfred Place

Colombo 03, Sri Lanka

(Address of principal executive offices)

Registrant’s telephone number, including area code:(870) 505-6540

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class

Common Stock, $.001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes [  ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [  ] No [X]

Indicate by check mark whether the registrant: (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that he registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit or post such files). Yes [X] No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [  ] No [X]

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the Registrant’s most recently completed second fiscal quarter (September 29, 2017)30, 2020) was approximately $28,925,600.$3,056,680.

As of June 29, 2018,2020, there were 65,738,32067,754,296 shares of our common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE: None

TABLE OF CONTENTS

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (“Annual Report”), in particular the Management’s Discussion and Analysis of Financial Condition and Results of Operations appearing in Item 7 herein (“MD&A”), contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give expectations or forecasts of future events. The reader can identify these forward-looking statements by the fact that they do not relate strictly to historical or current facts. They use words such as “believe(s),” “goal(s),” “target(s),” “estimate(s),” “anticipate(s),” “forecast(s),” “project(s),” plan(s),” “intend(s),” “expect(s),” “might,” may” and other words and terms of similar meaning in connection with a discussion of future operations, financial performance or financial condition. Forward-looking statements, in particular, include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends of operations and financial results.

Any or all forward-looking statements may turn out to be wrong, and, accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the Company’s actual results and financial condition. The reader should consider the following list of general factors that could affect the Company’s future results and financial condition.

Among the general factors that could cause actual results and financial condition to differ materially from estimated results and financial condition are:

No assurances can be given that the results contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable. We assume no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this Annual Report. The reader is advised, however, to consult any further disclosures we make on related subjects in our filings with the SEC.

CAUTIONARY NOTE CONCERNING THE IMPACT OF THE COVID-19 CORONOVIRUS ON OUR BUSINESS

In March 2020, the outbreak of the COVID-19 Coronavirus caused by a novel strain of the coronavirus was recognized as a Global Pandemic by the World Health Organization, and the outbreak has become increasingly widespread all over the World, including the geographical locations in which our Company and our subsidiaries operate and sell our products and services. The COVID-19 Coronavirus Pandemic has and will continue affecting economies and businesses around the World. The Company continues to closely monitor the impact of the COVID-19 Coronavirus outbreak. The impacts of the Pandemic could be material, but, due to the evolving nature of this situation, we are not able at this time to estimate the impact on our current financial, operational or future financial results. Among the factors that could impact our results are: effectiveness of COVID-19 Coronavirus mitigation measures, potential development of effective vaccines and boosters (if deemed necessary), development of effective therapeutics, global and regional economic conditions, reduced business and consumer spending due to both job losses and reduced investment activity, and other factors beyond our control.

PART I

ITEM 1. BUSINESS.

BUSINESS DEVELOPMENT

BACKGROUND

Duo World, Inc. (“we,” the “Company” or “Duo World”) is an information technology and software solutions company, focused on bringing value to its clients through customer interactions.

Duo World has its registered office in Nevada, United States, and its development center in Colombo, Sri Lanka. Duo World specializes in communication and collaboration platforms for customers who require any form of engagement with their clients, including, but not limited to, customer life cycle management, customer care, and contact center management. The Company also provides cloud-based subscription management and billing systems and a business intelligence and data visualization tool. Duo World has served its customers in many ways, including improved efficiency, cost reduction, revenue optimization and value added product and service offerings.

Duo World’s communications and collaboration platform is used by some of the largest banks, retail chains, Pay-TV operators, financial conglomerates and taxi hailing startups in Sri Lanka. India’s largest digital cable TV operator and Indonesia’s growing direct-to-home (“DTH”) operators benefit by implementing Duo World’s Subscriber Management and Billing System for their operations.

Duo World, Inc. was formed as a Nevada corporation in 2014 for the purpose of acquiring three operating entities: (i) Duo Software (Pvt.) Limited, a Sri Lankan company (“Duo Software Sri Lanka”), from Mr. Muhunthan Canagasooryam, Duo World’s President and founder, in exchange for 28,000,000 shares of our common stock and 5,000,000 shares of our Series A Preferred Stock; (ii) Duo Software (Pte.) Limited, a Singaporean company (“Duo Software Singapore”), from Ms. Koshala Nishaharan, in exchange for 2,000,000 shares of our common stock; and (iii) Duo Software India (Private) Limited, an India company (“Duo Software India”). Duo Software India is a wholly-owned subsidiary of Duo Software Singapore. These acquisitions were accomplished as of December 3, 2014.

Duo Software Sri Lanka was incorporated on September 22, 2004 in the Democratic Socialist Republic of Sri Lanka, as a limited liability company under the Sri Lanka Companies Act No. 17 of 1982, and was subsequently reregistered under the Sri Lanka Companies Act No. 7 of 2007, in compliance with the New Companies Act, which came into effect in 2007.

Duo Software Singapore was incorporated on June 5, 2007 in the Republic of Singapore under the Companies Act (Cap 50. 1994 Rev. Ed).

Duo Software India was incorporated on August 30, 2007, under the Companies Act of 1956 in the Republic of India and became a wholly-owned subsidiary of Duo Software Singapore. Currently, the Company is under the process of winding up.

Duo World maintains an internet website at www.duoworld.com.www.duoworld.com. Information about us is available on the website, free of charge. We are a publicly held company and are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (“Exchange Act”). We have available on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, which will be posted or linked on our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The Company’s website and the information contained therein are not considered as being incorporated into this Annual Report.

Duo World has a Code of Business Conduct and Ethics that applies to all employees, as well as our Board of Directors and officers. The Code of Business Conduct and Ethics is posted on our website at www.duoworld.com.www.duoworld.com. We will post on our website any amendments to, or waivers of, the Code of Business Conduct and Ethics.

Our Business and Products

Duo World is a software product development company focused on providing enterprise solutions simplified through our cloud offering and by use of cutting edge technology.

The experience and market insight gained by Duo World through its more than a decade of existence in the software industry caused us to think globally and futuristically to focus on new product development to cater to ever evolving and growing business needs.

Eventually, our Customer Life Cycle Management and Contact Center solution transformed into a futuristic cloud Communication and Collaboration Platform. Our Subscription Management and Billing System, which was primarily catering to the large digital Pay-TV operators, transformed into an Application Program Interface (“API”) driven cloud Subscription Management and Billing System.

“FaceTone” is a cloud communications and collaborations platform which is being offered through public/private cloud and on site implementations as per business preferences.

Our FaceTone enterprise version was launched in October 2016 and the product has gained momentum in the market by acquiring the largest home grown taxi hailing start up, the largest private bank, one of the largest financial conglomerate which became the most profitable listed company in 2017, and the largest private telecommunication service provider in Sri Lanka to its client portfolio.

FaceTone has also been implemented at some of the existing clients of Duo World, which include the largest government bank, some of the medium size private banks, the largest fixed telecommunication providers and the largest retail chain in Sri Lanka.

FaceTone showcased its excellence by winning the Gold Award under the “Communications Applications” category in The National Best Quality ICT Awards 2016 (NBQSA), an annual event organized by the BCS, The Chartered Institute for IT Sri Lanka, qualifying to participate in Asia Pacific ICT Awards (APICTA) hosted by Asia Pacific ICT Alliance Awards 2016 held in Taipei, Taiwan where FaceTone won a merit award in reinforcing itself as an innovative solution once again.

“CloudCharge” is an API driven Cloud Subscription Management and Billing System that caters to any business that operates in the space of subscription economy. CloudCharge is to be commercially launched by the fourth quarter of 2018

Duo World commercially launched the enterprise version of DigIn in Sri Lanka in June 2017, and the SaaS version of DigIn is to be launched during the fourth quarter of 2018.

Other ancillary product of Duo World that is in completion, and to be launched is, Smoothflow. We plan to launch Smoothflow in the fourth quarter of 2018.

All of the products are initially launched in Sri Lanka (as a test bed) and then taken to other countries

Most of our product development, research and development, global support center, project management, business process and implementation, finance and treasury and human resource management functions are conducted and managed through Duo Software Sri Lanka.

Duo Software Singapore was established primarily for the purpose of marketing of our enterprise versions DuoSubscribe and DuoCLM when they were launched in 2008. Duo Software Singapore has been highly instrumental in generating successful sales leads through its presence at trade exhibitions and in following up sales leads in the region.

Duo Software India was established for the purposes of having a dedicated team in India to promote and support the enterprise versions of DuoSubscribe and DuoCLM when it was launched in 2008. India is the world’s second most populated country and has a large number of Pay TV operators in the subscription economy in India.

Duo Software India has been successful in penetrating the Pay TV industry, and enterprise versions of DuoSubscribe and DuoCLM are being employed as the operation platform by some of the dominant Pay TV operators in New Delhi, and Kolkata, India, such as DEN Networks Limited, India’s largest cable TV distribution company serving 13 million homes in over 200 cities.

At present, Duo Software India has curtailed promoting DuoSubscribe and DuoCLM, and is at the verge of launching FaceTone in India, primarily to the Telecommunication industry.

Industry and Market

While Duo World initially developed its software for use by clients as an enterprise or on premises model, the information technology climate is changing in dramatic fashion as a result of cloud based, SaaS solutions and technology. Duo World fully grasps these changing dynamics and market forces, and intends to use its technical expertise, technology and other resources to exploit cloud based, SaaS solutions in order to compete within our industry.

The communication and collaboration software is where the solution facilitates hosted applications via private/public clouds or through an on premise implementation model.

While Duo World would primarily focus on the cloud model to acquire the market influencers and startups where the revenue will be on a monthly/annually subscription model, the on premise solution will be made available for brick and mortar companies, who have their own infrastructure to implement the system in house. For the on premise version, our pricing would be based on either a one-time investment pricing with annual support fee or a monthly/annual user license subscription basis as preferred by the customer.

Communication and Collaboration will facilitate running a comprehensive modern age customer support system featuring omni-channel delivery. It provides sales teams the convenience of contacting their customers from anywhere and on any device, add their own task and manage a customer’s profile. FaceTone would also enable efficient internal communication between teams through its voice, messaging and collaboration platform.

FaceTone proves to be a solution for any industry and organization to uplift their communication with external stakeholders such as clients and internal communication within teams; hence, the market size promises to be significantly large and unfolds bigger opportunities for Duo World to achieve market leadership with the right product at the right time.

The subscription based software industry is an industry where software applications are hosted on a public or private cloud platform and services are provided on a monthly subscription model known as “Software as a Service” or “SaaS.” SaaS is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted on the cloud by independent software vendors or application service providers. Unlike traditional software applications which are conventionally sold as a perpetual license with an up-front fee and an annual fee charged for support, SaaS providers price their applications using a subscription fee, payable monthly or on a transaction basis. The subscription model allows organizations to access the applications without having to pay a large upfront fee, thereby increasing the potential user base.

The subscription industry has recently experienced phenomenal growth and is forecasted to continue to grow in the future. Subscriptions are no longer limited to cable TV, newspapers and magazines. During the past ten years, there has been a dramatic shift in the way both consumers and companies do business and more companies are using the subscription model to offer everything from music, movies and textbooks to even automobiles for a monthly fee. Many traditional organizations are joining the subscription economy in response to changing consumer habits, as many consumers today value the convenience and flexibility of subscribing for services or access to products more than having to purchase products or services.

Our Products and Our Transformation to Cloud Based, SaaS Solutions

In response to the changing dynamics discussed under“Industry and Market,” above, weOverview

We have been diligently transformingrecently transformed our business model byfrom on premise/enterprise solutions to developing new products and enhancing our current products for the cloud-based, Software-as-a-Service (“SaaS”)SaaS market. Duo World now provides a complete cloud system to deliver great customer service experience.

With Duo World transforming itsAs we have now moved our business toward cloud-based, SaaS, product deployments, we are employingplan to employ a strategic market approach focused on creating and distributing valuable, relevant and consistent online content to attract new and retain a clearly defined clientele with the goal of ultimately driving profitable customer action viacustomers through content marketing.

While we move toward cloud-based solutions, Duo World will continue to cater allThe enterprise version of each of our new SaaS products to the profitable enterprise segments, as well. And, as is the case with most of our products, the enterprise version will be launched first in Sri Lanka and the region (asas a test bed),bed prior to being launched in other countries and as a SaaS.

In addition,countries. We expect that our cloud-basedSaaS solutions will reduce implementation and change request costs, while improving product profitability. Duo WorldWe believe the transition to cloud-based SaaS product will allow us to focus more on product innovation than on deploying our resources and efforts on solving customer specific issues and accepting additional development requests from individual customers.to solve customer-specific issues.

Instead ofRather than catering our products to limited industries in a particular region or country, our new SaaS products will allow us to cater toserve a more diversified audienceglobal customer base that can be reached through our cloud presence, which can be accessed by any user via the internet regardless of where they are located. We believe that our transformation from on premises/on-premise/enterprise solutions to cloud based,cloud-based, SaaS solutions will exposehas commenced exposing us to a greater number of potential customers and reduce our reliance on a few large enterprise customers.

Our transformationProducts

The following is a summary of our primary product offerings, which are fully developed and expected to launch to a cloud-based, SaaS business is not without some small degree of risk,broader customer base as we could lose some of the personal interaction with our customers, as all of our services will be offered via digital communications (e.g., email, blogs, service tickets and telephone), which could impact customer loyalty. In order to overcome this risk, we are investingoutlined in improving our global support operation and ensuring that proper attention and very professional services are provided to our customers as and when the need arises to provide additional customer support. However, our management does not believe that such risk is material.more detail below.

FaceToneDuoSubscribe

DuoSubscribe is a solution for Subscriber Management and Billing. With over a decade of experience in developing applications for these sectors and having vast amount of domain knowledge on how these sectors operate, Duo Subscribe is eminently capable of meeting the complex and rigorous demands of businesses around the world.

During fiscal 2021 and fiscal 2020, we have recognized $286,216 and $558,169 in revenue, respectively, from DuoSubscribe.

Facetone

In

In the past, we offered DuoCLM as an enterprise or on-premise solution to large organizations that have dedicated customer support call centers to maintain their customer relationships. It was designed to manage the entire customer life cycle from the initial contact point with a customer to ongoing support.

We launched FaceToneFacetone in October 2016 to offer a significantly enhanced model of DuoCLM. As a result, we no longer market DuoCLM. FaceTone2016. Facetone is a communication and collaboration platform that provides the capability of efficiently operating on-premise or cloud-based PABX, IVR or call center, efficiently.center. A PABX is a private automatic branch exchange and automatic telephone switching system. An IVR is an interactive voice response system that interacts with callers, gathers information and routes calls to the appropriate recipients.

FaceToneFacetone for PABX provides advanced features such as call conferencing, call parking, call forwarding, voicemail and more. FaceToneFacetone for call centers provides the capability to run a fully functional contact center with added features such as call routing and chat-based collaboration like Facebook, Viber and Skype. FaceToneFacetone also uses artificial intelligence to facilitate automated customer communication.

The on-premise and Partner versions of FaceToneFacetone were launched in 2016. The Partner solution is a hosted solution that operates similarly to a SaaS product from the client’s perspective. Under the Partner solution, we partner with leading telecom operators who host our FaceToneFacetone solution in their data centercenters and offer the solution to their enterprise customers as a value added subscription service, with sales and support then provided by the telecom partner on an ongoing basis.

We expect to launch the separate SaaS version of FaceTone by the first quarter ofDuring fiscal 2019. We are also currently developing an add-on feature for FaceTone, which will utilize blockchain technology to ensure the integrityyear 2021 and authenticity of contracts entered intofiscal year 2020, we have recognized $44,115 and maintained by our customers.

CloudCharge

Our DuoSubscribe product, offered as an enterprise or on-premise solution, specialized$191,233 in invoicing customers on a monthly, recurring basis and managing the services of the customer. We no longer market DuoSubscribe. Instead, we plan to commercially market CloudCharge, our enhanced SaaS solution beginning in the first quarter of fiscal 2019. Currently the Beta version of CloudCharge is available.revenue, respectively, from Facetone.

CloudCharge offers a range of features that would help organizations improve their operations and maximize their revenues. CloudCharge’s key features are:

CloudCharge can also be used for one-time billing by supermarkets, gas stations and other retailers where bills will be generated one time for one or more products and services. CloudCharge also provides tools to manage inventory and multiple stores or sales outlets. CloudCharge is targeted toward small (including sole proprietors) and medium-sized businesses.

DigInSmoothflow

DigInSmoothflow is an end-to-end data visualization and analytics platform that allows the user to analyze structured and unstructured data in one place.

DigIn has two business models: cloud-based and on-premise. DigIn supports social media analytics, real time dashboard, data modeling, forecasting, and “what if” analysis, which is a highly valued feature in the present industries. The analysis can be made for several data sources and attributes, such as determining the products that experienced highest sales in a particular season or selling period. This data can be used to predict future sales of the products during specific seasons or time periods. By using social media analytics, a company can analyze its reach in social media and review the comments received about its products, both positive and negative.

Our DigIn enterprise version was launched in June 2017, and we expect to market the SaaS version by the third quarter of fiscal 2019.

SmoothFlow

SmoothFlow is a workflow designing tool that allows the userbusinesses to create, edit, savedevelop and publish workflows, and is similardeploy conversational automation to Microsoft Workflow Designer, which we previously usedbe conducted by machines without human intervention. Its Studio interface allows users to build workflows. If a user needs to build a web-based system, such as an online point of sale, the user can design the processes of the system using SmoothFlow and integrate the process with the interface the user has already designed.

SmoothFlow is targeted toward developers who require a workflow designing tool for their development. SmoothFlow’s simple and intuitive drag and drop interfaceactivities to build conversation. To further enhance the conversation to be more like humans, Smoothflow has inbuilt artificial intelligence (“AI”) and Natural Language Processing (“NLP”).

Smoothflow uses the power of artificial intelligence to keep improving the conversational flow and user experience. Organizations can deliver great customer service by automating the multi-channel communication.

Businesses will learn more about their customers than ever before and the Bots can be usedeasily trained to answer questions that most people would find it difficult to answer themselves.

Smoothflow is integrated with WebChats, Social Media and messaging platforms such as Messenger by both newFacebook, Skype and experienced users with ease. SmoothFlow is expectedSlack to launchenhance the Omni-channel customer user experience.

Smoothflow went live in January 2019 and acquired the first quarter ofcustomer in March 2019. During fiscal 2019 primarily by integrating with JIRA, an issue tracking and project management tool developed by Atlassian. SmoothFlow is available on the Atlassian marketplace providing access to the users of over 75,000 organizations using Atlassian tools.

New Product Marketing

We intend to take our message to as many of the prospective customers as possible by conducting a robust marketing campaign for our new products. Having products that our potential customers would be excited about and willing to pay for,year 2020 we will pursue a mixed approach of digital and traditional marketing channel to lure customers.

We intend to market our new products in various ways and through various channels, including press releases in international online and print media about product development, release dates for new and updated versions of our software and products, new personnel hiring and other news about our company, our achievements and our products.

We also intend to advertise via entrepreneur magazines and Gartner publications, and product placement with other leading products. Gartner, Inc., based in Stanford, CT, in the United States, is one of the world’s leading information technology and advisory companies.

We also intend to actively market our products via online/social media marketing, such as content marketing via Google and LinkedIn, blogs, forums and video tutorials.

We have attended and participated in tradeshows and exhibitions in the past and we intend to participate in the Gartner Business Intelligence & Analytics Summit, and developer conferences, as a sponsor and exhibitor.

Duo World will conduct promotional activities jointly with the partners who would be reselling the on premise model of the products and these promotions will be localized based on the country and target market.recognized $2,529 revenue from Smoothflow.

Dependence on One or a Few Major Customers

The Company does business with a few major customers. Major customers are defined as those customers whose annual revenue contributions to the Company are greater to or equal to 10% of the Company’s annual revenue. Net sales for the fiscal years ended March 31, 20182021, 2020 and 2017,2019 include sales to the following major customers:

Our Intellectual Property

We have no patents. Our trademarks are registered in Sri Lanka and will be registered in the United States shortly.in the future. Our trade secrets, copyrights and our other intellectual property rights are important assets for us. We enter into confidentiality agreements with our employees and consultants and we generally control access to and distribution of proprietary information. These agreements generally provide that any confidential information developed by us or on our behalf be kept confidential. Further, we require all employees to execute written agreements assigning to us all rights in all inventions, developments, technologies and other intellectual property created by our employees.

There are events that are outside of our control that pose a threat to our intellectual property rights. For example, effective intellectual property protection may not be available in every country in which our services are made available through the Internet. Also, the efforts we have taken to protect our propriety rights may not be sufficient or effective. Any significant impairment of our intellectual property rights could harm our business or our ability to compete. Also, protecting our intellectual property rights could be expensive and time consuming.

Employees

The Company currently has approximately seventy (70)twenty (20) employees. We have employment agreements with our employees, and our officers. We do not anticipate any of our employees being union members.

Legal Proceedings

We are not involved in any legal proceedings.

Competitive Conditions

The subscription management and billing and customer lifecycle management businesses are intensely competitive. We have numerous competitors in the United States and abroad, many of whom have greater financial and human resources than we have. If we are unable to compete effectively and efficiently with our competitors, then we may not generate sufficient revenues and profits to stay in business, in which case investors in our common stockCommon Stock could lose part or all of their investments in the Company.

Business and Legal Developments Regarding Climate Change

We do not believe our business will be affected by business and legal developments regarding climate change.

Where You Can Find Us

Our principal executive offices in the United States are located at 170 S. Green Valley Parkway, Suite 300, Henderson, Nevada 89012. Our U.S. telephone number is (870) 505-6540. Our primary overseas offices are located at c/o Duo Software (Pvt.) Ltd., No. 403 Galle Road,6, Charles Terrace, Off Alfred Place, Colombo 03, Sri Lanka. Our overseas telephone number is + (94) 112 375 000.

Implications of Being an Emerging Growth Company

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 or “JOBS Act.” We will remain an emerging growth company until the earlier of (1) March 31, 2022 (2) the last day of the fiscal year in which we have total annual gross revenue of at least $1.0 billion, (3) the last day of the fiscal year in which we are deemed to be a “large accelerated filer,” as defined in the Securities Exchange Act of 1934, and (4) the date on which we have issued more than $1.0 billion in nonconvertible debt during the prior three-year period.

As an emerging growth company, we may take advantage of reduced or “scaled” disclosure requirements that are otherwise applicable to public companies. These reduced or scaled disclosure requirements include, but are not limited to:

We have elected to take advantage of certain of the reduced disclosure obligations in this Annual Report and may elect to take advantage of other reduced reporting requirements in our future filings with the SEC. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies that are not emerging growth companies.

The JOBS Act also provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards. We have irrevocably elected to not avail ourselves of this exemption and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

Compliance after Termination of Emerging Growth Company Status

After our emerging growth company status is terminated, we will not be able to take advantage of the reduced or scaled disclosure requirements described in subparagraphs 1. and 4., above. However, in the event we are a “smaller reporting company,” as that term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, after our emerging growth company status has terminated, we will still be able to take advantage of the reduced or scaled disclosure requirements described in subparagraphs 2. and 3., above, for as long as we continue to have smaller reporting company status.

ITEM 1A. RISK FACTORS.

An investment in our Common Stock involves a high degree of risk. Prospective investors should carefully consider the following risk factors and the other information in this Annual Report and in our other filings with the SEC before investing in our Common Stock. Our business and results of operations could be seriously harmed by any of the following risks. You should carefully consider the risks described below, the other information in this Annual Report and the documents incorporated by reference herein when evaluating our Company and our business. If any of the following risks actually occurs, our business could be harmed. In such case, the trading price of our Common Stock could decline and investors could lose all or a part of the money paid for our Common Stock.

INVESTING IN OUR COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. IF ANY OF THE FOLLOWING RISKS ACTUALLY MATERIALIZES, OUR BUSINESS, FINANCIAL CONDITION AND RESULTS OF OPERATIONS WOULD SUFFER AND OUR SHAREHOLDERS COULD LOSE ALL OR PART OF THEIR INVESTMENT IN OUR SHARES.

Risks Related to Ourour Business

We do not have an independent audit or compensation committee. The absence of an independent audit and compensation committee could lead to conflicts of interest of our officers and directors, which could work as a detriment to our shareholders.Industry

There is substantial doubt about our ability to continue asThe markets in which we operate include a going concern.large number of service providers and are highly competitive.

Our auditors have issued a going concern opinion. This means that there is substantial doubt that we can continue as an ongoing business for the next twelve months. Our financial statements do not include any adjustments that might result from the uncertainty about our ability to continue in business. As such, we may have to cease operations and you could lose your investment in our common stock.

We face intense competition inon all aspects of our business. The nature of the IT industry creates a competitive landscape that is constantly evolving as firms emerge, expand or are acquired, as technology evolves and as delivery models change. Many of our competitors are expanding the services they offer in an attempt to gain additional business. In addition, new competitors, alliances among competitors or competitors’ mergers could result in significant market share gain.gain by such competitors. Some of our competitors may have or develop a lower cost structure, adopt more aggressive pricing policies or provide services that gain greater market acceptance than the services that we offer or develop. Large and well-capitalized competitors may be able to better respond to the need for technological changes faster, price their services more aggressively, compete for skilled professionals, finance acquisitions, fund internal growth and compete for market share. We could lose customers if our competitors introduce new competitive products, add new functionality, acquire competitive products, reduce prices, better execute on their sales and marketing strategies or form strategic alliances with other companies.

We are an “emerging growth company,” as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised financial accounting standards until such time as those standards apply to private companies. However, we have irrevocably elected not to avail ourselves of this extended transition period and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

For as long as we continue to be an emerging growth company, we may also take advantage of other exemptions from certain reporting requirements that are applicable to other public companies, including not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, exemption from any rules that may be adopted by the PCAOB requiring mandatory audit firm rotations or a supplement to the auditor’s report on financial statements, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved, and reduced financial reporting requirements. Investors may find our common stock less attractive if we rely on these exemptions, which could result in a less active market for our common stock, increased price fluctuations and a decrease in the trading price of our common stock.

We may need to change our pricing models to compete successfully.

The intense competition we face in the sales of our products and services and general economic and business conditions can put pressure on us to change our prices. If our competitors offer deep discounts on certain products or services or develop products that the marketplace considers more valuable, we may need to lower prices or offer other favorable terms in order to compete successfully. Any such changes may reduce margins and could adversely affect operating results. Our clients routinely negotiate for better pricing, and in order to respond to increased competition and pricing pressure, we may be required to lower our pricing structure, which would have an adverse effect on our revenues and profit margin.

Our ability to achieve significant revenue will depend on our ability to establish effective sales and marketing capabilities.

Our success is dependent upon our ability to effectively and profitably market and sell our services. If we fail to establish sufficient marketing and sales forces, our ability to enter new or existing markets will be impaired. Our inability to effectively enter these markets would materially and adversely affect our ability to generate significant revenues.

We may not receive significant revenues from our current research and development efforts for several years, if at all.

Developing cloud and software offerings is expensive and the investment in the development of these offerings often involves a long return on investment cycle. An important element of our corporate strategy is to continue to make significant investments in research and development and related product and service opportunities both through internal investments and the acquisition of intellectual property from companies that we have acquired. Accelerated product and service introductions and short software life cycles require high levels of expenditures for research and development that could adversely affect our operating results if not offset by revenue increases. We believe that we must continue to dedicate a significant amount of resources to our research and development efforts to maintain our competitive position. However, we may not receive significant revenues from these investments for several years, if at all.

If we are unable to hire or retain qualified personnel in certain areas of our business, then our ability to execute our business plans in those areas could be impaired and revenues could decrease.

We employ approximately 7020 permanent employees worldwide.worldwide, and outsource all of the non-core activities and tasks to third party or contract employees. At times, we have experienced difficulties in hiring personnel with the desired levels of training and experience. In the technology industry, there is substantial and continuous competition for highly skilled business, product development, technical and other personnel. Since wages in India and Sri Lanka continue to increase at a faster rate than in the United States, we may also experience increased compensation costs that are not offset by either improved productivity or higher sales. We may not be successful in recruiting new personnel and in retaining and motivating existing personnel. We have been outsourcing certain non-core activities to third party suppliers. Additionally, quality service depends on our ability to retain employees and control personnel turnover. Any increase in the employee turnover rate could increase recruiting and training costs and could decrease operating effectiveness and productivity. We may not be able to continue to hire, train and retain a significant number of qualified personnel to adequately staff new client projects or expand existing ones.

We depend heavily on our management team and the loss of any of our executive officers or key members of our management team could significantly weaken our management expertise and our ability to run our business.

Our business strategy and success is dependent on the skills and knowledge of our management team and consultants. As of the date of this Annual Report,Memorandum, Muhunthan Canagasooryam is our President and Chief Executive Officer, Suzannah Jennifer Samuel Perera is our Chief Financial Officer and Riad Ameen is our Legal Director. The loss of services of Muhunthan Canagasooryam, Suzannah Jennifer Samuel Perera, Riad Ameen or any member of our management team, including Anjana Chandrathilaka, Ajeewan Arumugam Rangika Perera and Sudarshini Rajaratnam could weaken significantly our management expertise and our ability to efficiently run our business. We do not maintain key man life insurance policies on any of our officers.

NoneA large portion of our officersrevenue is generated from a limited number of clients, and the loss of significant work from one or directors is a resident of the United States. Therefore, it may be difficult for our United States shareholders to (i) enforce any right or claim based on United States federal securities laws or state securities laws against the Company and/or anymore of our officers or directors, (ii) effect service of process on any ofclients could adversely affect our officers or directors in the United States or in foreign countries in which we maintain assets and/or in which any of our officers or directors reside or may be found, (iii) enforce any judgment rendered by a court in the United States against the Company or any of our officers or directors; or (iv) bring an original action in foreign courts such as India, Singapore and Sri Lanka, where our assets, officers and directors are located, to enforce liabilities based on the United States or state securities laws against the Company or any of our officers or directors. As a result, it may be difficult or impossible for an investor to bring an action against our officers or directors in the event that an investor believes that such investor’s rights have been infringed upon under the securities laws of the United States or under any state securities laws, or otherwise. Even if an investor is successful in bringing an action of this kind, the courts of other countries may rule that the investor is unable to enforce a judgment against the assets of the Company located outside the territorial limits of the United States or the assets of the officers or directors located outside the territorial limits of the United States. As a result, our shareholders may have more difficulty in protecting their interests and investments in the Company through actions against our management, directors or officers, compared to shareholders of a corporation doing business in, and a corporation and its officers and directors maintaining assets in, and residing in the United States.business.

Although we are a Nevada corporation, subject to suit in the United States and other courts in the United States, most of our assets are located in India, Singapore and Sri Lanka and our officers and directors and their assets are located outside the United States. Judgments obtained in the United States or in other foreign courts, including those with respect to United States federal or state securities laws claims, may not be enforceable in India, Singapore, Sri Lanka or any other country in which we or our officers or directors maintain assets. Therefore, it may be difficult or impossible to enforce any U.S. or other foreign judgment obtained against us or our officers or directors or any of our operating subsidiaries in India, Singapore, Sri Lanka or any other country in which we maintain assets.

Our revenues depend on the success of our clients. If ourthree largest clients, or their specific programs are not successful, then the amount of business that they outsource may be diminished. There can be no assurance that the level of revenues generated by such clients will meet expectations. A reduction in the amount of business we receive from our clients could result in stranded capacityDen Networks, LOLC and costs. In addition, we may face pricing pressure from our clients, which could negatively affect our operating results.

GrowthDFCC, collectively represented 85% of our revenues depends, in large part, onfor the trend toward outsourcing. Outsourcing involves companies contracting with a third party, such as Duo World, to provide customer management services, customer lifecycle management solutionsyear ended March 31, 2021 and subscription management and billing solutions rather than performing such services in-house. There can be no assurance that this trend will continue, as organizations may elect to perform such services in-house. A significant change in this trend could have a material adverse effect on our financial condition and results of operations.

Our five (5)three largest clients, collectivelyDen Networks, LOLC, and DFCC represented 80%92% of our revenues for the fiscal year ended March 31, 2018 and our four (4) largest clients represented 84% of our revenues for the fiscal year ended March 31, 2017.2020. While we typically have multiple work orders and/or contracts with our largest customers, which would not all terminate at the same time, the loss of one or more of the larger work orders or contracts with one of our largest customers could adversely affect our business, results of operations and financial condition, if the lost revenues were not replaced with profitable revenues from that client or other clients.

We process, transmit and store personally identifiable information and unauthorized access to, or the unintended release of, this information could result in a claim for damages or loss of business and create unfavorable publicity.

We process, transmit and store personally identifiable information, both in our role as a service provider and as an employer. This information may include social security numbers or other foreign tax identification numbers, financial and health information, as well as personal information. As a result, we are subject to certain contractual terms, as well as federal, state and foreign laws and regulations designed to protect personally identifiable information. While we take measures to protect the security and privacy of this information and to prevent unauthorized access, it is possible that our security controls over personal data and other practices we follow may not prevent the improper access to or disclosure of personally identifiable information. If any person, including any of our employees, negligently disregards or intentionally breaches our established controls with respect to such data or otherwise mismanages or misappropriates that data, we could be subject to monetary damages, fines and/or criminal prosecution.

We could suffer significant damage to our brand and reputation if a cyber-attack or other security incident were to allow unauthorized access to or modification of our customers’ or employees’ data, other external data, or our own data or our IT systems or if the services we provide to our customers were disrupted, or if our products or services are perceived as having security vulnerabilities. if:

Customers could lose confidence in the security and reliability of our products and services, including our cloud offerings, and perceive them to not be secure. This could lead to fewer customers using our products and services and result in reduced revenue and earnings. The costs we would incur to address and fix these security incidents would increase our expenses. These types of security incidents could also lead to lawsuits, regulatory investigations and claims and increased legal liability, including, in some cases contractual costs related to customer notification and fraud monitoring.

Interruption of our data centers and contact centers could have a materially adverse effect on our business.

In the event that we experience a temporary or permanent interruption at one or more of our data centers, or contact centers or to cloud storage where we also store data and codes, through natural disaster, casualty, operating malfunction, cyber-attack, sabotage or other causes, we may be unable to provide the data services we are contractually obligated to deliver. This could result in us being required to pay contractual damages to some clients or to allow some clients to terminate or renegotiate their contracts. Notwithstanding disaster recovery and business continuity plans and precautions instituted to protect our clients and us from events that could interrupt delivery of services (including property and business interruption insurance that we may maintain or procure in the future), there is no guarantee that such interruptions would not result in a prolonged interruption in our ability to provide support services to our clients or that such precautions would adequately compensate us for any losses we may incur as a result of such interruptions.

Technology is a critical foundation in our service delivery. We utilize and deploy internally developed and third party software solutions across various hardware environments. We operate an extensive internal voice and data network that links our global sites together in a multi-hub model that enables the rerouting of traffic. Also, we rely on multiple public communication channels for connectivity to our clients. Our clients are highly dependent upon the high availability and uncompromised security of our systems. These systems are subject to risk of an extended interruption or outage due to many factors, such as system failures, acts of nature and intentional unauthorized attacks from third parties. Accordingly, maintenance of, and investment in, these foundational components are critical to our success. If the reliability of our technology or network operations falls below required service levels, or a systemic fault affects the organization broadly, we may be obligated to pay performance penalties to our clients, and our business from existing and potential clients may be jeopardized and cause our revenue and cash flow to decrease.

DueOur business performance and growth plans may be negatively affected if we are unable to effectively anticipate and respond to developments in the international natureapplication and use of our operations, we are subject to the complex and varying tax laws and rules of several foreign jurisdictions. We may not be able to predict the amount of future tax liabilities to which we may become subject due to some of these complexities if our positions are challenged by local tax authorities. Any increase in the amount of taxation incurred as a result of challenges to our tax filing positions or due to legislative or regulatory changes could result in a material adverse effect on our business, results of operations and financial condition. We are subject to tax audits, including issues related to transfer pricing, in the United States and other jurisdictions. We have material tax-related contingent liabilities that are difficult to predict or quantify. While we believe that our current tax provisions are reasonable and appropriate, we cannot be assured that these items will be settled for the amounts accrued or that additional exposures will not be identified in the future or that additional tax reserves will not be provided for any such exposure.technology.

The use of technology in our industry has and will continue to rapidly increase. Our future success depends, in part, upon our ability to develop and implement technology solutions that anticipate and keep pace with continuing changes in technology, industry standards and client preferences. We may not be successful in anticipating or responding to these developments on a timely and cost-effective basis, and our ideas may not be accepted in the marketplace. Additionally, the effort to gain technological expertise and develop new technologies in our business requires us to incur significant expenses. If we cannot offer new technologies as quickly as our competitors or if our competitors develop more cost-effective technologies, it could have a material adverse effect on our ability to obtain and complete customer engagements. Also, if customer preferences for technology disproportionately outpace other interaction preferences, it could have a material adverse impact on our revenue profile and growth plans.

Our success depends upon our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services.

Rapid technological advances, changing delivery models and evolving standards in computer software development and communications infrastructure, changing and increasingly sophisticated customer needs and frequent new product introductions and enhancements characterize the industries in which we compete. If we are unable to develop new or sufficiently differentiated products and services, enhance and improve our product offerings and support services in a timely manner or position and price our products and services to meet demand, customers may not purchase or subscribe to our software or cloud offerings or renew software support or cloud subscriptions contracts. Renewals of these contracts are important to the growth of our business. In addition, we cannot provide any assurance that the standards on which we choose to develop new products will allow us to compete effectively for business opportunities in emerging areas.

We have continued to refresh and release new offerings of software products and services, including Facetone and Smooth Flow. Our business may be adversely affected if:

Our success depends upon our ability to sell products and services in new, international markets.

We derive the majority of our sales from customers based within Sri Lanka and the surrounding region. A material portion of our planned, future growth is dependent on our ability to sell products and services to customers based outside the geographical area of our existing sales. We have limited experience selling in many or all of the international markets we have targeted as part of our business plan. If we fail to sell in new, international markets there can be no assurance of our ability to continue as a going concern.

Defects or errors with our software could adversely affect our business.

Design defects or software errors may delay software introductions or reduce the satisfaction level of clients and may have a materially adverse effect on our business and results of operations. Our software is highly complex and may, from time to time, contain design defects or software errors that may be difficult, time consuming and costly to detect and/or correct. Because both our clients and we use our software to perform critical business functions, design defects, software errors or other potential problems within or outside of our control may arise from the use of our software. It may also result in financial or other damages to our clients, for which we may be held responsible. Although our license and other agreements with our clients may often contain provisions designed to limit our exposure to potential claims and liabilities arising from client problems, these provisions may not effectively protect us against such claims in all cases and in all jurisdictions. Claims and liabilities arising from client problems could result in monetary damages to us and could cause damage to our reputation, adversely affecting our business, results of operations and financial condition.

If we do not effectively manage our contact center capacity, our results of operations could be adversely affected.

Our ability to profit from the global trend toward outsourcing depends largely on how effectively we manage our contact center capacity. In order to create the additional capacity necessary to accommodate new or expanded outsourcing projects, we may need to open new contact centers. The opening or expansion of a contact center may result, at least in the short-term, in idle capacity until we fully implement the new or expanded program. We may also experience short-term and/or long-term fluctuations in client demand for services performed in one or more of our contact centers. Short-term downward fluctuations may result in less than optimal site utilization for a period of time. Longer-term downward fluctuations may result in site closures. As a result, we may not achieve or maintain targeted site utilization levels, or site utilization levels may decrease over certain periods and our revenues and profitability may suffersuffer.

We do not have an independent audit or compensation committee, the absence of which could lead to conflicts of interest of our officers and directors and work as a resultdetriment to our shareholders.

We serve clients in industries thatdo not have experienced a significant level of consolidation. We cannot assure investors that additional consolidations will not incur in which our clients acquire additional businessesan independent audit or are acquired themselves. Such consolidations may result in the terminationcompensation committee. The absence of an existing client contract,independent audit and compensation committee could lead to conflicts of interest of our officers and directors, which could havework as a detriment to our shareholders.

If we fail to maintain an adverse effect oneffective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential shareholders could lose confidence in our financial reporting, which could harm our business resultsand the trading price of operations and financial condition.our Common Stock.

Effective internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud. If we cannot provide reliable financial reports or prevent fraud, our brand and operating results could be harmed. We will strive to adopt and implement effective internal controls and maintain the effectiveness of our internal controls in the future; however, we cannot guarantee that our internal controls will be effective. As a result, current and potential shareholders could lose confidence in our financial reporting, which could harm our business and the trading price of our common stock.Common Stock.

Our compliance and risk management methods might not be effective and may result in outcomes that could adversely affect our reputation, financial condition and operating results.

Our ability to comply with applicable complex and changing laws and rules, including anti-corruption laws, is largely dependent on our establishment and maintenance of compliance, surveillance, audit and reporting systems, as well as our ability to attract and retain qualified compliance and other risk management personnel. While we have policies and procedures to identify, monitor and manage our risks, we cannot assure that our policies and procedures will always be effective or that we will always be successful in monitoring or evaluating the risks to which we are or may be exposed or detecting if our employees and agents are engaging in misconduct, fraud or other errors. In addition, some of our risk management methods depend upon evaluation of information regarding markets, customers or other matters that are publicly available or otherwise accessible by us. That information may not in all cases be accurate, complete, up-to-date or properly evaluated. In case of non-compliance or alleged non-compliance with applicable laws or regulations by us or our employees or agents, we could be subject to investigations and proceedings that may be very expensive to defend and may result in substantial penalties or civil lawsuits, including by customers, for damages which can be significant. Any of these outcomes would adversely affect our reputation, financial condition and operating results. Further, the implementation of new legislation or regulations, or changes in or unfavorable interpretations of existing regulations by courts or regulatory bodies, could require us to incur significant compliance costs and impede our ability to operate, expand and enhance our products and services as necessary to remain competitive and grow our business, which could materially and adversely affect our business, financial condition and results of operations.

We may not be able to predict our future tax liabilities. If we become subject to increased levels of taxation or if tax contingencies are resolved adversely, our results of operations and financial condition could be adversely affected.

Due to the international nature of our operations, we are subject to the complex and varying tax laws and rules of several foreign jurisdictions. We may not be able to predict the amount of future tax liabilities to which we may become subject due to some of these complexities if our positions are challenged by local tax authorities. Any increase in the amount of taxation incurred as a result of challenges to our tax filing positions or due to legislative or regulatory changes could result in a material adverse effect on our business, results of operations and financial condition. We are subject to tax audits, including issues related to transfer pricing, in the United States and other jurisdictions. We have material tax-related contingent liabilities that are difficult to predict or quantify. While we believe that our current tax provisions are reasonable and appropriate, we assure you that these items will be settled for the amounts accrued or that additional exposures will not be identified in the future or that additional tax reserves will not be provided for any such exposure.

Our intellectual property rights are valuable and any inability to protect them could reduce the value of our brand and our business.

Our trade secrets, copyrights and our other intellectual property rights are important assets for us. There are events that are outside of our control that pose a threatWe rely on copyright, trademark, patent and trade secret laws, confidentiality procedures, controls and contractual commitments to protect our intellectual property rights. Also, theDespite our efforts, we have takenthese protections may be limited and could be expensive and time consuming to protectenforce. Unauthorized third parties may try to copy or reverse engineer portions of our propriety rightsproducts or otherwise obtain and use our intellectual property. Any patents owned by us may be invalidated, circumvented or challenged. Any of our pending or future patent applications, whether or not being currently challenged, may not be sufficientissued with the scope of the claims we seek, if at all. In addition, the laws of some countries, including India and Sri Lanka, do not provide the same level of protection of our intellectual property rights as do the laws and courts of the United States. If we cannot protect our intellectual property rights against unauthorized copying or effective.use, or other misappropriation, we may not remain competitive. Any significant impairment of our intellectual property rights could harm our business or our ability to compete. Also, protecting our intellectual property rights could be expensive and time consuming.

Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on the success of our business.

We may have lawsuits filed against us by others claiming infringement or other misuse of their intellectual property rights and/or breach of our agreements with them. These third parties include entities that do not have the capabilities to design, manufacture, or distribute products or services or that acquire intellectual property like patents for the sole purpose of monetizing their acquired intellectual property through asserting claims of infringement and misuse. Responding to any such claim, regardless of its validity, could:

In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of our Common Stock

Our shareholders may be diluted significantly through our efforts to obtain financing, fund our operations and satisfy our obligations through issuance of additional shares of our Common Stock.

We have no committed source of financing. We will likely have to issue additional shares of our common stockCommon Stock to fund our operations and to implement our plan of operation. Wherever possible, our board of directors will attempt to use non-cash consideration to satisfy obligations. Our board of directors has authority, without action or vote of the shareholders, to issue all or part of the 334,261,680our authorized, but unissued, shares of our common stock.Common Stock. Future issuances of shares of our common stockCommon Stock will result in dilution of the ownership interests of existing shareholders, may further dilute common stockCommon Stock book value and that dilution may be material.

The marketability and profitability of our services is subject to unknown economic, political and market conditions, which could adversely impact our business, financial condition, the marketability of our services and our profitability.

Our business is influenced by a range of factors that are beyond our control and that we have no comparative advantage in forecasting. These include general economic and business conditions; overall demand for enterprise cloud or software products and services; governmental budgetary constraints or shifts in government spending priorities; and general political developments.include:

Any general weakening of, and related declining corporate confidence in, the global economy or the curtailment of government or corporate spending could cause current or potential customers to reduce or eliminate their IT budgets and spending, which could cause customers to delay, decrease or cancel purchases of our products and services or cause customers not to pay us or to delay paying us for previously purchased products and services.

In addition, political unrest and the related potential impact on global stability, terrorist attacks and the potential for other hostilities in various parts of the world, potential public health crises and natural disasters continue to contribute to a climate of economic and political uncertainty that could adversely affect our results of operations and financial condition, including our revenue growth and profitability.

Our international sales and operations subject us to additional risks that couldcan adversely affect our operating results.

We derive a substantial portion of our revenues from, and have significant operations, outside of the United States. Compliance with international and U.S. laws and regulations that apply to our international operations increases our cost of doing business in foreign jurisdictions. These laws and regulations include U.S. laws and local laws which include data privacy requirements, labor relations laws, tax laws, anti-competition regulations, anti-corruption laws, prohibitions on payments to governmental officials, import and trade restrictions and export requirements. Violations of these laws and regulations could result in fines, criminal sanctions against us, our officers or our employees, and prohibitions on the conduct of our business. Any such violations could result in prohibitions on our ability to offer our products and services in one or more countries, could delay or prevent potential acquisitions and could also materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, and our business and our operating results. Compliance with these laws requires a significant amount of management attention and effort, which may divert management’s attention from running our business operations and could harm our ability to grow our business, or may increase our expenses as we engage specialized or other additional resources to assist us with our compliance efforts. Our success depends, in part, on our ability to anticipate these risks and manage these difficulties. We monitor our operations and investigate allegations of improprieties relating to transactions and the way in which such transactions are recorded. Where circumstances warrant, we provide information and report our findings to government authorities, but no assurance can be given that action will not be taken by such authorities.

We are also subject to a variety of other risks and challenges in managing an organization operating in various countries, including those related to:

TheAmong other things, the variety of risks and challenges listed above could also disrupt or otherwise negatively impact the supply chain operations for our hardware business and the sales of our products and services in affected countries or regions.

Regional conflicts or terrorist attacks and other acts of violence or war in the United States, India, Sri Lanka, or other regions could adversely affect financial markets, resulting in loss of client confidence and our ability to serve our clients which, in turn, could adversely affect our business, results of operations and financial condition.

The Asian region has from time to time experienced instances of civil unrest and hostilities among neighboring countries. Civil or political unrest and military hostilities in Sri Lanka and other acts of violence or war, including those involving India, Sri Lanka, the United States, or other countries, may adversely affect U.S. and worldwide financial markets. Prospective clients may wish to visit our facilities, including our development centers in Sri Lanka, prior to reaching a decision on vendor selection. Terrorist threats, attacks and international conflicts could make travel more difficult and cause potential clients to delay, postpone or cancel decisions to use our services.

In addition, such attacks may have an adverse impact on our ability to operate effectively and may interrupt lines of communication and restrict our offshore resources from traveling onsite to client locations, effectively curtailing our ability to deliver our services to our clients. These obstacles may increase our expenses and negatively affect our operating results. In addition, military activity, terrorist attacks, political tensions between India and Pakistan, political and military tensions between India and China, and, historically, conflicts within Sri Lanka, despite the current cessation of hostilities, could create a greater perception that the acquisition of services from companies with significant Indian or Sri Lankan operations involves a higher degree of risk that could adversely affect client confidence in India or Sri Lanka as a software development center, each of which would have a material adverse effect on our business.

Fluctuations in currency exchange rates could materially adversely affect our financial condition and results of operations.

Our operations are primarily international and we earn our revenues and incur our expenses in multiple currencies. Doing business in different foreign currencies exposes us to foreign currency risks, including risks related to revenues and receivables, compensation of personnel, purchases and capital expenditures. The majority of our revenues are in U.S. dollars and Sri Lankan rupees. However, some of our expenses are denominated in Singapore dollars, Indian rupees and other local currencies. To the extent that we increase our business and revenues which are denominated in currencies other than U.S. dollars and Sri Lankan rupees, we will also increase our receivables denominated in those other currencies and, therefore, also increase our exposure to fluctuations in their exchange rates against the U.S. dollar (our reporting currency) or the Sri Lankan rupee. Similarly, any capital expenditures, such as for computer equipment, which are payable in the local currencies of the countries in which we operate, but are imported to such countries, and any deposits we hold in local currencies, can be materially affected by depreciation of the local currencies against the U.S. dollar or Sri Lankan rupee, and the effect of such depreciation on the local economy. Certain foreign currency exposures, to some extent, are naturally offset on a consolidated basis. However, if our international operations continue to grow, fluctuations in foreign currency exchange rates could materially impact our results of operations and financial condition.

Because our officers and directors reside outside of the United States, it may be difficult for an investor to enforce any right based on U.S. federal or state securities laws against the Company and/or any of our officers or directors, or to enforce a judgment rendered by a court in the United States against the Company or any of our officers or directors.

None of our officers or directors is a resident of the United States. Therefore, it may be difficult for our U.S. shareholders to (i) enforce any right or claim based on U.S. federal or state securities laws against the Company and/or any of our officers or directors, (ii) effect service of process on any of our officers or directors in the United States or in foreign countries in which we maintain assets and/or in which any of our officers or directors reside or may be found, (iii) enforce any judgment rendered by a court in the United States against the Company or any of our officers or directors; or (iv) bring an original action in foreign courts such as India, Singapore and Sri Lanka, where our assets, officers and directors are located, to enforce liabilities based on U.S. federal or state securities laws against the Company or any of our officers or directors. As a result, it may be difficult or impossible for an investor to bring an action against our officers or directors in the event that an investor believes that such investor’s rights have been infringed upon under the federal or state securities laws of the United States or otherwise. Even if an investor is successful in bringing an action of this kind, the courts of other countries may rule that the investor is unable to enforce a judgment against the assets of the Company located outside the territorial limits of the United States or the assets of the officers or directors located outside the territorial limits of the United States. As a result, our shareholders may have more difficulty in protecting their interests and investments in the Company through actions against our management, directors or officers, compared to shareholders of a corporation doing business in, and a corporation and its officers and directors maintaining assets in, and residing in the United States.

Any U.S. or foreign judgment that may be obtained against us may be difficult or impossible to enforce in the United States, India, Singapore or Sri Lanka.

Although we are a Nevada corporation, subject to suit in the United States and other courts in the United States, most of our assets are located in India, Singapore and Sri Lanka and our officers and directors and their assets are located outside the United States. Judgments obtained in the United States or in other foreign courts, including those with respect to U.S. federal or state securities laws claims, may not be enforceable in India, Singapore, Sri Lanka or any other country in which we or our officers or directors maintain assets. Therefore, it may be difficult or impossible to enforce any U.S. or other foreign judgment obtained against us or our officers or directors or any of our operating subsidiaries in India, Singapore, Sri Lanka or any other country in which we maintain assets.

The Asian region has from timeWe are an emerging growth company and the reduced disclosure requirements applicable to time experienced instances of civil unrest and hostilities among neighboring countries. Civil or political unrest and military hostilities in Sri Lanka and other acts of violence or war, including those involving India, Sri Lanka, the United States, or other countries, may adversely affect U.S. and worldwide financial markets. Prospective clients may wish to visit our facilities, including our development centers in Sri Lanka, prior to reaching a decision on vendor selection. Terrorist threats, attacks and international conflictsemerging growth companies could make travel more difficult and cause potential clientsour Common Stock less attractive to delay, postpone or cancel decisions to use our services.investors.

In addition,We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act. Pursuant to that law, emerging growth companies can delay adopting new or revised financial accounting standards until such attackstime as those standards apply to private companies. However, we have irrevocably elected not to avail ourselves of this extended transition period and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

For as long as we continue to be an emerging growth company, we may have an adverse impactalso take advantage of other exemptions from certain reporting requirements that are applicable to other public companies, including not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, exemption from any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotations or a supplement to the auditor’s report on financial statements, reduced disclosure obligations regarding executive compensation in our ability to operate effectivelyperiodic reports and interrupt linesproxy statements, exemptions from the requirements of communicationholding a nonbinding advisory vote on executive compensation and restrictshareholder approval of any golden parachute payments not previously approved, and reduced financial reporting requirements. Investors may find our offshore resources from traveling onsite to client locations, effectively curtailingCommon Stock less attractive if we rely on these exemptions, which could result in a less active market for our ability to deliverCommon Stock, increased price fluctuations and a decrease in the trading price of our services to our clients. These obstacles may increase our expenses and negatively affect our operating results. In addition, military activity, terrorist attacks, political tensions between India and Pakistan and, historically, conflicts within Sri Lanka, despite the current cessation of hostilities, could create a greater perception that the acquisition of services from companies with significant Indian or Sri Lankan operations involves a higher degree of risk that could adversely affect client confidence in India or Sri Lanka as a software development center, each of which would have a material adverse effect on our business.Common Stock.

Risks Related to an Investment in Ourour Securities

Because one of our shareholders owns a majority of the shares of our Common Stock and 5,000,000 shares of our Series “A” Preferred Stock, he will be able to exert significant influence over our corporate decisions that may be disadvantageous to our minority shareholders.

Our President and Chief Executive Officer, Muhunthan Canagasooryam, currently owns 35,000,000a majority of the shares of our common stockCommon Stock and 5,000,000 shares of our Series “A” Preferred Stock, which allows him to cast controlling votes on any and all matters submitted to our shareholders for a vote. As a result of his ownership position, Mr. Canagasooryam will be able to elect all of our directors and control the vote on any matter brought before a meeting of our shareholders. The interests of Mr. Canagasooryam may differ from the interests of our minority shareholders. Such control by Mr. Canagasooryam could be disadvantageous to our minority shareholders, who would have little say in the election of our directors, and inany amendment of our certificate of incorporation or by-laws, any acquisition or merger transaction in which we may become involved,. and any other matter submitted to our shareholders for vote.

Our compliance with changing laws and rules regarding corporate governance and public disclosure may result in additional expenses to us which, in turn, may have an adverse effect on our operations.

Keeping abreast of, and in compliance with, changing laws, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act of 2002, new SEC regulations and in the event we are ever approved for listing on either anrules of the OTCQB or any other automated quotation system or a registered exchange, any system or stock exchange rules,upon which our shares of Common Stock are listed will require an increased amount of management attention and external resources. We intend to continue to invest all reasonably necessary resources to comply with evolving standards, which may result in increased general and administrative expenses estimated to be between $60,000 and $75,000 per year and a diversion of management time and attention from revenue-generating activities to compliance and disclosure activities. This could have an adverse impact on our operations.

Trading in our securities could be subject to extreme price fluctuations that could adversely affect your investment.

Historically speaking, the market prices for securities of small publicly traded companies have been highly volatile. Publicized events and announcements may have a significant impact on the market price of our common stock.Common Stock.

In addition, the stock market from time to time experiences extreme price and volume fluctuations that particularly affect the market prices for small publicly traded companies and which are often unrelated to the operating performance of the affected companies.

We will use any earnings generated from our operations to finance our business and will not payhave never declared or paid any cash dividends on our capital stock. We currently intend to retain our future earnings, if any, to support our operations and to finance expansion and therefore we do not anticipate paying any cash dividends on our Common Stock in the foreseeable future. As a result, capital appreciation, if any, of our Common Stock will be the sole source of gain for our shareholders infor the foreseeable future.

We may be exposed to potential risks resulting from new requirements under Section 404 of the Sarbanes-Oxley Act of 2002.

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, we will be required, beginning with our second Annual Report on Form 10-K (that will be due on or about June 29, 2018), to include in our annual report our assessment of the effectiveness of our internal control over financial reporting as of the end of such fiscal years.

We do not have a sufficient number of employees to segregate responsibilities and may be unable to afford increasing our staff or engaging outside consultants or professionals to overcome our lack of employees. We have not yet begun our assessment of the effectiveness of our internal control over financial reporting and expect to incur additional expenses and diversion of management’s time as a result of performing the system and process evaluation, testing and remediation required in order to comply with the management certification and auditor attestation requirements. Further, implementing any appropriate changes to our internal controls may distract our officers and employees, entail substantial costs to modify our existing processes and take a significant amount of time to complete. Also, during the course of our testing, we may identify other deficiencies that we may not be able to remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of Section 404.

In addition, if we fail to achieve and maintain the adequacy of our internal controls, as such standards are modified, supplemented or amended from time to time, we may not be able to insure that we can conclude on an ongoing basis that we have effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act. Moreover, effective internal controls, particularly those related to revenue recognition, are necessary for us to produce reliable financial reports and are important to help prevent financial fraud. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information and the trading price of our common stock, if a market ever develops,Common Stock could drop significantly.

Our amended articles of incorporation provide for indemnification of officers and directors at our expense and limit their liability, which may result in a major cost to us and hurt the interests of our shareholders because corporate resources may be expended for the benefits of officers and/or directors.

Our articles of incorporation and applicable Nevada laws provide for the indemnification of our directors, officers, employees and agents under certain circumstances, against attorney’s fees and other expenses incurred by them in any litigation to which they become a party arising from their association with or activities on our behalf. We will also bear the expenses of such litigation for any of our directors, officers, employees or agents, upon such person’s written promise to repay us, therefore, even if it is ultimately determined that any such person shall not have been entitled to indemnification. This indemnification policy could result in substantial expenditures by us that we may be unable to recoup.

We have been advised that, in the opinion of the Securities and Exchange Commission,SEC, indemnification for liabilities arising under federal securities laws is against public policy and is, therefore, unenforceable. In the event that a claim for indemnification for liabilities arising under federal securities laws, other than the payment by us of expenses incurred or paid by a director, officer or controlling person in the successful defense of any action, suit or proceeding, is asserted by a director, officer or controlling person in connection with the securities being registered, we will (unless in the opinion of our counsel, the matter has been settled by controlling precedent) submit to a court of appropriate jurisdiction, the question of whether indemnification by us is against public policy as expressed by the Securities and Exchange CommissionSEC and will be governed by the final adjudication of such issue. The legal process relating to this matter, if it were to occur, is likely to be very costly and may result is us receiving negative publicity, either of which factors is likely to materially reduce the market price for our shares, if such a market ever develops.shares.

There currently is a limited public trading market for our securities, and we cannot predict the future prices or the amount of liquidity of our Common Stock.

Currently, there is a limited public market for our Common Stock. Our Common Stock is quoted on the OTCPink, operated by the OTC Markets Group, Inc. under the symbol “DUUO.” The OTCPink is not a liquid market in contrast to the major stock exchanges. The quotation of our Common Stock on the OTCPink does not guarantee that a meaningful, consistent and liquid trading market exist or will develop.

If an active market for our Common Stock does not develop, the fair market value of our Common Stock could be materially adversely affected. We cannot predict the future prices of our Common Stock. Further, there can be no assurance that we will ever consummate a public offering of any of our securities, list or trade our securities on a national exchange, or have sufficient funds available to redeem our securities if desired. Accordingly, investors must bear the economic risk of an investment in the securities for an indefinite period of time. Even if an active market develops for our securities, Rule 144 promulgated under the Securities Act, which provides for an exemption from the registration requirements under the Securities Act under certain conditions, requires, among other conditions, for resales of securities acquired in a non-public offering without having to satisfy such registration requirements, a six-month holding period following acquisition of and payment in full for such securities assuming the issuer of such securities has filed periodic reports with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a period of 90 days prior to the proposed sale. If the issuer of such securities has not made such filings, such securities will be subject to a one year holding period before they can be resold under Rule 144. There can be no assurance that we will fulfill any reporting requirements in the future under the Exchange Act or disseminate to the public any current financial or other information concerning us, as is required by Rule 144 as part of the conditions of its availability.

Our Common Stock may be subject to the penny stock rules which may make it more difficult to sell our Common Stock.

The SEC has adopted regulations which generally define a “penny stock” to be any equity security that has a market price, as defined, less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities may be covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors, such as institutions with assets in excess of $5,000,000 or an individual with net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with his or her spouse. For transactions covered by this rule, the broker-dealers must make a special suitability determination for the purchase and receive the purchaser’s written agreement of the transaction prior to the sale. Consequently, the rule may affect the ability of broker-dealers to sell our securities and also affect the ability of our shareholders to sell their shares in the secondary market.

FINRA sales practice requirements may also limit a shareholder’s ability to buy and sell our Common Stock.

In addition to the “penny stock” rules described above, the Financial Industry Regulatory Authority (“FINRA”) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative, low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives, and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative, low-priced securities will not be suitable for at least some customers. The FINRA requirements may make it more difficult for broker-dealers to recommend that their customers buy our Common Stock, which may limit your ability to buy and sell our Common Stock and have an adverse effect on the market for our shares of Common Stock.

There are risks associated with forward-looking statements

This Annual Report contains certain forward-looking statements regarding management’s plans and objectives for future operations including plans and objectives relating to our planned marketing efforts and future economic performance. The forward-looking statements and associated risks set forth in this Annual Report include or relate to, among other things, (a) our projected sales and profitability, (b) our growth strategies, (c) anticipated trends in our industry, (d) our ability to obtain and retain sufficient capital for future operations and (e)I our anticipated needs for working capital. These statements may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Description of Business,” in this Annual Report, as well as in this Annual Report, generally. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks outlined under “Risk Factors” and matters described in this Annual Report, generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this Annual Report will, in fact, occur.

For all of the foregoing reasons and other reasons set forth herein, an investment in our securities in any market that may develop in the future will involve a high degree of risk.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report contains forward-looking statements. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause Duo World’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of this Annual Report to confirm our prior statements to actual results.

Further, this Annual Report contains forward-looking statements that involve substantial risks and uncertainties. Such statements include, without limitation, all statements as to expectation or belief and statements as to our future results of operations, the progress of any product development, the need for, and timing of, additional capital and capital expenditures, partnering prospects, the protection of and the need for additional intellectual property rights, effects of regulations, the need for additional facilities and potential market opportunities.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

Not applicable.

ITEM 2. PROPERTIES.

Description of Property

Duo World Inc. is currently using office facilities at the Regus Centre in Nevada and is located at 170 S Green Valley Parkway, Suite 300, Henderson, NV 89012.

The subsidiary in Sri Lanka is located at No. 403, Galle6, Charles Terrace, Off Alfred Road, 00300, Colombo 03, Sri Lanka on a rented office property. The company occupies two floors, with 3,8002,400 square feet on each floor (total of 7,6004,800 square feet) at a monthly rental of U.S. $4,988$533 per month.

Duo Software India (Private) Limited uses the Regus Centre in New Delhi for all its office facility requirements. The address is 15/F, Eros Corporate Tower, Nehru Place, New Delhi.

Our board of directors must approve any rental arrangement and ensure that it is fair to the Company.

ITEM 3. LEGAL PROCEEDINGS.

We are not subject to any other pending or threatened litigation.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

PART II

During the fiscal year ended March 31, 2017, the Company’s Common Stock was not traded.

During February 2017, the Company’s Common Stock started being quoted on the Over-the-Counter Bulletin Board under the symbol “DUUO.OB.” However, no shares of our Common Stock were sold in February or March 2017. The market for the Company’s Common Stock is limited, volatile and sporadic and the price of the Company’s Common Stock could be subject to wide fluctuations in response to quarterly variations in operating results, news announcements, trading volume, sales of Common Stock by officers, directors and principal shareholders of the Company, general market trends, changes in the supply and demand for the Company’s shares, and other factors. The following table sets forth the high and low sales prices for each quarter relating to the Company’s Common Stock for the last two fiscal years. These quotations reflect inter-dealer prices without retail mark-up, markdown, or commissions, and may not reflect actual transactions.

The Securities and Exchange Commission has adopted Rule 15g-9 which establishes the definition of a “penny stock,” for purposes relevant to us, as any equity security that has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require: (i) that a broker or dealer approve a person’s account for transactions in penny stocks and (ii) the broker or dealer receive from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased. In order to approve a person’s account for transactions in penny stocks, the broker or dealer must (i) obtain financial information and investment experience and objectives of the person; and (ii) make a reasonable determination that the transactions in penny stocks are suitable for that person and that person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks. The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prepared by the Commission relating to the penny stock market, which, in highlight form, (i) sets forth the basis on which the broker or dealer made the suitability determination and (ii) that the broker or dealer received a signed, written agreement from the investor prior to the transaction. Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading, and about commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.

Shareholders should be aware that, according to SEC Release No. 34-29093 dated April 17, 1991, the market for penny stocks has suffered in recent years from patterns of fraud and abuse. Such patterns include (1) control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer; (2) manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases; (3) boiler room practices involving high-pressure sales tactics and unrealistic price projections by inexperienced sales persons; (4) excessive and undisclosed bid-ask differential and markups by selling broker dealers; and (5) the wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, along with the resulting inevitable collapse of those prices and with consequent investor losses. The occurrence of these patterns or practices could increase the volatility of our share price.

Our management is aware of the abuses that have occurred historically in the penny stock market.

HOLDERS. As of the date of this filing, there were 2827 record holders of the shares of the Company’s issued and outstanding Common Stock, and one record holder of the shares of the Company’s Series A Preferred Stock.

DIVIDENDS. The Company has not paid any cash dividends to date and does not anticipate or contemplate paying dividends in the foreseeable future. It is the present intention of management to utilize all available funds for the development of the Company’s business.

RECENT ISSUANCES OF UNREGISTERED SECURITIES

On May 30, 2018, the Company issued an aggregate of 13,147,666 shares of its Common Stock as a stock dividend. Pursuant to Section 2(a)(3) of the Securities Act, the issuance of the dividend shares is not deemed to be a “sale” and, therefore, such shares are not required to be registered under the Securities Act.None

ISSUER REPURCHASES OF EQUITY SECURITIES

None.

ITEM 6. SELECTED FINANCIAL DATA.

Not applicable.

CAUTIONARY FORWARD - LOOKING STATEMENT

The following discussion and analysis of the results of operations and financial condition of Duo World, Inc. should be read in conjunction with our financial statements and related notes. References to “we,” “our,” or “us” in this section refers to the Company and its subsidiaries. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements.

Certain matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:

Should one or more of these risks or uncertainties materialize or should any of the underlying assumptions prove incorrect, actual results of current and future operations may vary materially from those anticipated.

Our MD&A is comprised of the following sections:

A. Business Overview

B. Critical Accounting Policies

C. Results of operations for the years ended March 31, 20182021 and March 31, 20172020

D. Financial condition as at March 31, 20182021 and March 31, 20172020

E. Liquidity and capital reserves

F. Milestones for next twelve months

A.Business overview:overview

Duo World Inc. (hereinafter referred to as “Successor” or “Duo”) a private company, was organized under the laws of the state of Nevada on September 19, 2014. Duo Software (Pvt.) Limited (hereinafter referred to as “DSSL” or “Predecessor”), a Sri Lanka based company, was incorporated on September 22, 2004, in the Democratic Socialist Republic of Sri Lanka, as a limited liability company. Duo Software (Pte.) Limited (hereinafter referred to as “DSS” or “Predecessor”), a Singapore based company, was incorporated on June 5, 2007 in the Republic of Singapore as a limited liability company. DSS also includes its wholly-owned subsidiary, Duo Software India (Private) Limited (India) which was incorporated on August 30, 2007, under the laws of India.

Effective December 3, 2014, DSSL and DSS executed a reverse recapitalization with Duo. Duo (Successor) is a holding company that conducts operations through its wholly owned subsidiaries DSSL and DSS (Predecessors) in Sri Lanka, Singapore and India.

Duo World has its registered office in Nevada, United States, and its development center in Colombo, Sri Lanka. Duo World specializes in the space of Customer Life Cycle Management & Contact Center solutions and Subscriber Management System and Billing for Pay-TVPay-Tv operators in the Asia Pacific Region. Driven by innovation, Duo World has served the enterprises in many ways, including efficiency, cost reduction, revenue optimization and continuous value addition to their product or service offerings.

Duo World’s Customer Life Cycle and Contact Center solution is being used by some of the largest banks, largest retail chains and largest financial conglomerate, and largest taxi hailing startupsconglomerates in Sri Lanka. India’s largest digital cable TV operator and Indonesia’s growing DTH operators largely benefitbenefits by implementing Duo World’s Subscriber Management and Billing System for the operation.

Our authorized capital consists of 400,000,000 shares of common stock having a par value of $0.001 per share and 10,000,000 shares of preferred stock having a par value of $0.001.

B.Critical Accounting Policies:

We prepare our consolidated financial statements in accordance with GAAP. The preparation of consolidated financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by our management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected. We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management’s judgments and estimates.

Critical accounting policies and estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of the matters that are inherently uncertain.

Revenue Recognition

The Company recognizes revenue from the sale of software licenses and related services. The Company’s revenue recognition policy follows guidance from Accounting Standards Codification(ASC)Codification (ASC) 606, Revenue from contract with customers. Revenue is recognized when the Company transferred promised goods and services to the customer and in the amount that reflect the consideration to which the company expected to be entitled in exchange for those goods and services.

The following five steps are followed in recognizing revenue from contracts:

The consideration for the transaction (performance obligation(s) is determined as per the agreement or contract or invoice for the services and products.

DuoSubscribe

Duo Subscribe is a solution for Subscriber Management and Billing. With over a decade of experience in developing applications for these sectors and having vast amount of domain knowledge on how these sectors operate, Duo Subscribe is eminently capable of meeting the complex and rigorous demands of businesses around the world.

Facetone

‘Facetone’ is a communication and collaboration platform, which provides users the capability of operating and running a high performance contact center operation efficiently while saving cost and maximizing revenue opportunities. In-built FaceTone CRM feature provides the opportunity for contact centers to deliver a superior customer experience and build a better relationship by linking customers and data in real time.

Smoothflow

Smoothflow automates customer engagements, including building ChatBots, VoiceBots and IoTBots to deliver an Omni channel customer service experience. The product uses the power of artificial intelligence to keep improving the conversational flow and user experience.

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

Nature of Products and Services

Licenses for on premise software licenses. The Company typically licensessells a perpetual nonexclusive license to the customer and enable customer to install and use the software and its products on a per server, per user basis with the pricedocumentation. Price per customer varyingvaries based on the selection of the products licensed, the number of site installations and the number of authorized users. Currently, Duo is offering twoThe products from which it generates its revenue theyoffered on this basis are “DuoSubscribe” and “FaceTone”“Facetone-enterprise.”

Hosted and reseller solutions. DuoCompany distributes its software product ‘Facetone-hosted version” with third party telecommunication companies. It is a revenue model where the Tele-communication provider hosts DUO’s software applications on its platform, and makes it available to its customers over the Internet for a monthly subscription fee. Company charge telecommunication service provider a monthly license fee calculated according to the number of licenses sold.

Cloud Services. Company sells its software license along with software implementationproduct Smoothflow as a “SaaS” product (Software-as-a-Service) and annual maintenance services under an agreement with various clients. The Company raises invoice on key milestone basis, as defined in the agreement and recognizes revenue after satisfying the performance obligations. Revenues from consulting and training services are typically recognized as the services are performed.provided for a monthly subscription.

Annual maintenance contracts. The Company offers annual maintenance programs on itsfor the ‘on premises solution’ licenses that providesold and this provides for technical support and updates to the Company’s software products. Maintenancesolutions. Initial annual maintenance fees are bundled with license fees in the initial licensing period and charged separately for renewalsrecognized when the performance obligation of annual maintenance in subsequent years. Fair value for maintenancelicense fee is based upon either renewal rates stated in the contracts or separate sales of renewals to customers.met. Revenue is recognized ratably, or daily, over the term of the maintenance period, which is typically one year.

Provisions

A provision is recognized when the companyCompany has present obligations as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Quantitative and Qualitative Disclosure about Market Risk

We are exposed to financial market risks, primarily changes in interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices.

Foreign Currency Exchange Risk

Our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. All of our revenues are normally generated in U.S. dollars or Sri Lankan rupees. Our expenses are generally denominated in the currencies in which our operations are located, which are primarily in Asia and to a lesser extent in the U.S. Our results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates. To date, we have not engaged in any foreign currency hedging strategies. As our international operations grow, we plan to generate revenues in foreign currencies and we will continue to reassess our approach to manage our risk relating to fluctuations in currency rates.

Inflation

We do not believe that inflation had a material effect on our business, financial condition or results of operations in the last three fiscal years. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.

C. Results of operations for the years ended March 31, 20182021 and March 31, 2017:2020:

In March 2020, the outbreak of the COVID-19 Coronavirus caused by a novel strain of the coronavirus was recognized as a Global Pandemic by the World Health Organization, and the outbreak has become increasingly widespread all over the World, including the geographical locations in which our Company and our subsidiaries operate and sell our products and services. The COVID-19 Coronavirus Pandemic has and will continue affecting economies and businesses around the World. The Company continues to closely monitor the impact of the COVID-19 Coronavirus outbreak. The impacts of the Pandemic could be material, but, due to the evolving nature of this situation, we are not able at this time to estimate the impact on our current financial, operational or future financial results. Among the factors that could impact our results are: effectiveness of COVID-19 Coronavirus mitigation measures, development of effective vaccines and boosters (if deemed necessary), development of effective therapeutics, global and regional economic conditions, reduced business and consumer spending due to both job losses and reduced investment activity, and other factors beyond our control.

The Company had revenues amounting to $ 791,876$346,478 and $1,116,324,$771,905, respectively, for the year ended March 31, 20182021 and March 31, 2017.2020. Following is a breakdown of revenue for both years:

Total revenue for the fiscal year ended March 31, 20182021 decreased by 29%$425,427 when compared to fiscal year ended March 31, 2017.2020. The decrease is mainly due to the drop in revenue generated by the product DuoCLM and DuoSubscribe in the fiscal year ended March 31, 2018.

During the fiscal year 2018, the company curtailed marketing the legacy software products DuoCLM and DuoSubscribe, as the Company was in preparation to introduce the newly developed software products, FaceTone, and CloudCharge and its ancillary products DigIn and SmoothFlowadverse economic condition due to the market.pandemic.

FaceTone, the advanced version of DuoCLM generated revenue of $203,739 during the year ended March 31, 2018, thought it was recently introduced to the market. This signifies favorable market acceptance of FaceTone due to its innovative features. During the year ended March 31, 2018, the company entered into two significant software license agreements to implement FaceTone.

Even though the revenue for the year ended March 31, 2018 has decreased when compared to year ended 31, 2017, there is a growth in the revenue of last three quarters as illustrated below. The company is confident that this trend will continue, and revenue will increase in greater percentages in the subsequent periods.

For the years ended March 31, 20182021 and March 31, 2017,2020, the Company had the following concentrations of revenuesrevenue with customers:

The total cost of sales amounted to $311,292$285,805 and $344,927$255,387 for the years ended March 31, 20182021 and March 31, 2017,2020, respectively. The following table presents the Company’s cost of sales breakdown for both years:

Cost of sales marginally decreasedincreased by $33,635$30,418 in the year ended March 31, 20182021 when compared to the year ended March 31, 2017.

When analyzed as a percentage to revenue,2020. Major component of decrease in cost of sales increased from 31%is due to increase in the fiscal year ended March 31, 2017 to a 39% in the fiscal year ended March 31, 2018. Increase in Implementation and support fees relating to the new customer agreements were the main contributors to the increase the percentage ofproduct development cost of sales comparing with revenue. However, the revenue from new contracts has only been recognized in part, keeping in line with the stage (milestone) of the project.written off.

The gross income for the years ended March 31, 20182021 and March 31, 20172020 amounted to $480,584$60,673 and $771,397,$516,518, respectively.

The total operating expendituresexpenditure amounted to $5,961,880$391,396 and $1,580,120$559,182 for the years ended March 31, 20182021 and March 31 2017,2020, respectively. Total operating expenditure increaseddecreased significantly for the year ended March 31, 20182021 when compared to March 31, 2017 mainly due to Stock based compensation, Professional services- Investment advisory2020. The Company recorded reductions in general and recording Employee benefit obligation.administrative, salaries and casual wages and depreciation in 2021. The following table sets forth the Company’s operating expenditure analysis for both years:

Following are the main reasons for the variances in operating expenses of the Company:

Research and Development

Research and development expenses were not incurred during the year ended March 31, 2018 when compared with the year ended March 31, 2017, as most of the products have completed the research and development phase and reached the product development phase.

General and Administrative Cost

During the year ended March 31, 2018,2021, general and administrative costs increaseddecreased by 15%27% when compared to the year ended March 31, 2017 mainly due to the write- off of WHT receivables and Deferred tax asset totaling to S218,755.2020.

Salaries and benefits

Salaries and benefits decreased by 12%43% during the year ended March 31, 2018,2021, when compared with the same period in 2017 mainly due to2020, in line with the reduction in total number of permanent staff during the year.

The Company moved towards outsourcing of non-core activities during the year ended March 31, 2018. Thisand shifting towards contract employment lead to a general decrease in the number of permanent staff.

Stock based compensation

The Company awarded 6,474,000 common stock to various employees, including 1,750,000 common stock to twostaff, and increase in the overall efficiency in the operations of the Company’s executive officers, 1,500,000 shares to Suzannah Jennifer Samuel Perera, Chief Finance Officer, and 250,000 shares to Mahmud Riad Ameen, Legal Director. The aggregate value of the 6,542,500 shares awarded was $3,010,410 in non-cash compensation.company.

Professional services – Investment advisory

Company incurred a cost of $1,352,113 for the year ended March 31, 2018, 23% of the total operating cost on account of agreement signed in July 2017, for investment advisory services.

Selling and distribution

There iswas a decrease of 16% on account of expenditure incurred for$2,789 in selling and distribution activities duringin the year ended March 31, 2018 when compared to the year ended March 31, 2017. Reduction in overseas travel related expenses were the main reason for the decrease in Selling and distribution expenses.2021.

Depreciation and amortization of web site development cost

Depreciation and amortization expense has decreased by 50%$11,480 during the year ended March 31, 2018,2021, when compared to the year ended March 31, 2017, mainly due to change in accounting policies adopted by2020, as the Company duringmajority of the fiscal year ending March 31, 2017.assets have been fully depreciated.

Allowance for bad debts

Allowance for bad debts has increased by $97,296$4,153 in the fiscal year ended March 31, 2018,2021, when compared to the fiscal year ended March 31, 2017.2020.

The loss from operations for the year ended March 31, 20182021 and March 31, 20172020 amounted to $5,481,296$330,723 and $808,723,$42,664, respectively.

The Company’s other income and (expenses) for the year ended March 31, 20182021 and March 31, 20172020 amounted to ($92,524)167,682) and $7,463,($276,398), respectively. The following table sets forth the Company’s other income and (expenses) analysis for both years:

Other expenses has increaseddecreased by $99,987$108.716 during the year ended March 31, 20182021 as compared to the other income of the year ended March 31, 2017.2020. This increase was primarily due to increase in interest expense and reductiondecrease in exchange gainloss during the reporting period.

The loss before provision for income taxes for the years ended March 31, 20182021 and March 31, 20172020 amounted to $5,573,819$498,405 and $801,260,$319,062, respectively.

The net loss for the years ended March 31, 20182021 and March 31, 20172020 amounted to $5,573,819$532,856 and $789,326,$373,330, respectively.

The Company’s comprehensive loss for the years ended March 31, 20182021 and March 31, 20172020 amounted to $5,616,599$452,101 and $753,394,$171,780, respectively.

For the years ended March 31, 20182021 and March 31, 2017,2020, the Company had 52,590,65467,754,296 and 38,567,46767,754,296 common shares issued and outstanding, respectively. The weighted average number of shares for the years ended March 31, 20182021 and March 31, 20172020 was 42,987,98567,754,296 and 38,528,539,66,737,903, respectively. The loss per share for both years was $(0.13)$(0.00) per share and $(0.02)$(0.00) per share, respectively.

D. Financial condition as at March 31, 2021 and March 31, 2020:

Assets:

The Company reported total assets of $1,843,177$620,286 and $1,634,154$1,074,178 as onat March 31, 20182021 and March 31, 2017,2020, respectively. 40%69% of total assets compriseare comprised of intangible assets, 28%22% of these total assets include prepaid expenses and other current assets, and 20% of total assets include net accounts receivables and 3% of the Company.total assets include Cash and cash equivalents. Our property and equipment include office equipment, computer equipment (Data Processing Equipment), furniture and fittings, web site developments and improvement to lease- hold assets having a total net book value of $43,494$8,974 and $48,087$15,915 as at March 31, 20182021 and March 31, 2017,2020, respectively. We also had a deferred tax asset of $30,864 as at March 31, 2017 and Company decided to write-off the balance as the subsidiary company made losses in recent financials and it is uncertain the recoverability of the tax asset.. Furthermore, our current assets at March 31, 20172020 totaled $974,304$403,347 and as at March 31, 2018,2021, these current assets amounted to $1,066,744$183,242 comprised of cash of $25,798,$21,571, accounts receivable of $369,232,$135,872, prepaid and other current assets of $523,000$24,723 and accrued revenue of $148,714.$1,076.

Liabilities:

The Company had total liabilities of $4,007,509$4,399,384 and $3,050,987$4,401,174 as at March 31, 20182021 and March 31, 2017,2020, respectively. Long term liabilities include balances owed to related parties which are outstanding for more than 12 months. Our current liabilities at March 31, 20172020 totaled $1,882,121.$2,968,055. We have seen a 33%1% increase in current liabilities amounting to $613,034,$41,459, making total current liabilities of $2,495,155$3,009,514 as at March 31, 2018.2021. These mainly include short term third party debt, payroll liabilities, payable to related parties, taxes payable, accrued liabilities and our day to day operational creditors.

Shareholder’s Deficit:

At March 31, 2017,2020, the Company had shareholders´ deficit of $1,416,833.$3,326,996. At March 31, 2018,2021, the Company had shareholders´ deficit of $2,164,332,$3,779,098, which represents an increase of 53%.$452,102.

The Company had 52,590,65467,754,296 and 38,567,46767,754,296 common shares issued and outstanding at March 31, 20182021 and March 31, 2017,2020, respectively and had 5,000,000 and 5,500,000 preferred shares issued and outstanding at March 31, 20182021 and March 31, 2017,2020, respectively.

E. Liquidity and capital reserves:

The Company had loss from operations of $5,481,296$330,723 and $808,723$42,664 for the years ended March 31, 20182021 and March 31, 2017,2020, respectively; a total other income/ Expenseexpense amounting to ($92,524)167,682) and $7,463($276,398) for the year ended March 31, 2018,2021, and March 31, 2017,2020, respectively; and a net loss of $5,573,819$532,856 and $789,326$373,330 for the year ended March 31, 20182021 and March 31, 2017,2020, respectively.

In summary, our cash flows for the years ended March 31, 20182021 and March 31, 20172020 were as follows:

Since inception, we have financed our operations primarily through internally generated funds and the use of our lines of credit with financial institutions. We had $25,798$21,571 in cash; net cash provided by operations of $156,297($130,613) for the year ended March 31, 2018;2021; working capital deficit of $1,428,411$2,826,272 and shareholders´ deficit of $2,164,332$3,779,098 as of March 31, 2018.2021.

F. Milestones for next twelve months (2021-2022):

Our specific plan of operations and milestones through March 20192022 are as follows:

We intend to be environmentally friendly, and continue with the carbon foot print audit and Carbon Neutral Certification in future.

We intend to be environmentally friendly, and continue with the carbon foot print audit and Carbon Neutral Certification in 2018.

g) Strategic Partnerships

We hope to get in to strategic partnerships that will enhance the value of the Company and create market opportunities

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

Not applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Our financial statements and supplementary data may be found beginning at page F-1.

Not applicable.

ITEM 9A. CONTROLS AND PROCEDURES.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934) were effective.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of our internal control over financial reporting as of March 31, 2018.2021. In making this assessment, management used the framework set forth in the report entitled Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. The COSO framework summarizes each of the components of a company’s internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permits us to provide only management’s report in this Annual Report.

IDENTIFIED MATERIAL WEAKNESSES AND SIGNIFICANT DEFICIENCIES

A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected. Management identified the following internal control deficiency which we had assessed as a material weakness as of March 31, 2018,2021, during our assessment of our internal control over financial reporting as follows:

CONCLUSION

Our management concluded that our internal control over financial reporting was effective.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.

We did not change our internal control over financial reporting during our last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

Not applicable.

PART III

Executive Officers

Our executive officers are elected by the board of directors and serve at the discretion of the board. The following table sets forth certain information regarding our current directors and executive officers:

Certain biographical information of our Directors and Officers is set forth below.

Muhunthan Canagasooryam - Founder, President, Chief Architect, CEO and Director

Muhunthan Canagasooryam is also known as Muhunthan Canagey. Mr. Canagasooryam formed Duo Software (Pvt) Ltd.DSSL in 2004.2004 and has served as Chief Executive Officer since January 2007. Mr. Canagasooryam became the founder, President, Chief Architect, Chief Executive Officer and a Director of Duo World, Inc.the Company in October 2014. Since January 2007, he has served as Chief Executive Officer of Duo Software (Pvt) Ltd.

From March 2015 to August 2017, Mr. Canagasooryam served as the Managing Director and Chief Executive Officer of the Information Communication Technology Agency of Sri Lanka (ICTA), the apex information and communication technologies (“ICT”) institution of the Sri Lankan Government that was mandated to implement the Government’s policy and action plan in relation to ICT. The Sri Lankan Government has begun transforming Sri Lanka’s ICT to create a knowledge-based society by digitally empowering its citizens, and Mr. Canagasooryam, together with ICTA, was instrumental in providing free internet to every Sri Lankan citizen and also launching the Google Loon Project in Sri Lanka. Mr. Canagasooryam stepped into the field of IT at a very young age of 16, and was one of the country’s youngest entrepreneurs. He holds a Master’s Degree in Information and Communication Technology from the University of Keele (UK).

Suzannah Jennifer Samuel Perera - Chief Financial Officer and Director

Since October 2014, Suzannah Jennifer Samuel PeraraPerera has served as Chief Financial Officer and Director of Duo World, Inc.the Company. Since September 2008, Ms. PeraraPerera has been employed by Duo Software (Pvt) Ltd.DSSL as its Chief Financial Officer. In 2011, she was appointed as the Chief Carbon Officer for Duo Software (Pvt) Ltd.DSSL as part of its efforts to obtain certification as the Asia’s first software development company to become Carbon Neutral. Prior to joining Duo World,DSSL, Ms. Perera served as Chief Finance Officer at EPSI Computers (Pvt.) Ltd. From January 2007 to September 2008, and as Manager of Finance at Dialog TV (formally CBN Sat), one of the largest IT equipment resellers and a DTH satellite media company, from May 2005 to January 2007.

Ms. Perera is a Management Accountant by profession, and a Fellow Member of the Chartered Institute of Management Accountants (FCMA-UK) and a Chartered Global Management Accountant (CGMA). She also holds a Masters in Business Administration from the Postgraduate Institute of Management (PIM), affiliated with the University of Sri Jayewardenepura, Sri Lanka.

Mahmud Riad Ameen - Director Legal and Director

Mr. Ameen has overall responsibility for Duo World’sthe Company’s legal function through the provision of legal advisory services and ensuring effective management of legal and contractual risks. Mr. Ameen was elected to the Company’s Boardboard of Directorsdirectors in February 2015. Since February 2006, he has served as a Legal Consultant to Hemas Holdings PLC, a diversified conglomerate that offers products and services in specialized sectors of consumer goods, pharmaceutical, transportation and leisure, and whose stock is quoted on the Colombo Stock Exchange in Sri Lanka. Since April 2013, Mr. Ameen has served as a Director of Pan Asian Power PLC, a public company quoted in the Colombo Stock Exchange, which is a provider of green energy solutions to help meet the demand for clean, renewable and low cost energy. Since March 2009, Mr. Ameen has served as a Director of ECI Tax Chamber (Private) Limited, which is a company incorporated in Sri Lanka that provides tax advisory services. Since June 1, 2014, he has also served as a Legal Consultant to D.L. & F. De Sarams, a 125 -year125-year old law firm in Sri Lanka.

Mr. Ameen holds a Bachelor’s Degree in Law (LL.B) from the University of London and a Master of Laws Degree (LL.M) from the University of Colombo Sri Lanka. He is a Barrister of the Lincoln’s Inn, United Kingdom, and an Attorney-at-Law of the Supreme Court of Sri Lanka. He was called to the bar in 1998. He was a Junior Counsel in the chambers of Mr. Faisz Musthapha, President’s Counsel. In 1999, he joined the official bar as a State Counsel in the Attorney General’s Department of Sri Lanka. While at the official bar, he has advised the Government of Sri Lanka and several of its departments and statutory corporations and represented them in litigation. He was also a Consultant to the Public Enterprise and Reform Commission (PERC), which overlooked government privatization. In 2006, Mr. Ameen returned to the unofficial bar.

Other Significant Employees - Management Team

The following table sets forth certain information regarding additional key members of our management team:

Certain biographical information of our Management Teamthese significant employees is set forth below.

Anjana Chandrathilaka - Chief Operations Officer

Mr. Chandrathilaka has served as the Chief Operations Officer of the Company since April 2015, and he joined the CompanyDSSL in October 2009. Mr. Chandrathilaka brings in a decade of work experience from healthcare, BPO,business process outsourcing (“BPO”), website and web solution development and service industries, which includes working with U.S. clients. He served at Woxzone (Pvt) Ltd from 2004 to 2006 as a Manager and Medigain (Pvt) Ltd from 2007 to 2008 as a Senior Executive –Management IS & IT planning prior joining Duo Software. He holds a B.Sc. Information Technology (Special) from Sri Lanka Institute of Information Technology (SLIIT) and a B.Sc. Finance (Special) from University of Sri Jayewardenepura. He excels in project management, business development and operations.

Sudarshini Rajaratnam - Head of Human Resources Management

Ms. Rajaratnam joined the CompanyDSSL in January 2008 and since November 2015 she has served as the Head of Human Resources.Resources since November 2015. Ms. Rajaratnam was previously employed by ActionAid InternaitonalInternational from 2005 to 2007 as HR Organizational Development Officer/Manager. She worked for Danzas AEI (Sri Lanka) from 2003 to 2005 as a Coordinator ISO/Human Resources Development. Ms. Rajaratnam holds a Master’s in Business Administration from the University of Lincoln (UK). Sudarshini also possesses expertise in ISO Internal Audit and has the ability to handle administration and operations of organizations.

Ajeewan Arumugam - Senior Manager – Head of Product and Market Development

Mr. Arumugam joined the CompanyDSSL in November 2007 and became a Senior Manager and Head of Product and Market Development in April 2017. He was appointed as the Team Lead for Duo World’s Green Team in 2011 and was directly reporting to the Chief Carbon Officer to lead the organization to become the first Carbon Neutral software development company Asia. Mr. Arumugam has substantial experience in the telecommunication industry, BPO sector and IT sector. He joined the Company in 2008 after having worked for Dialog Telekom PLC from 2005 to 2007 as a Contact Center Officer, and Cocoon (Pvt) Ltd from 2007 to 2008 as a Team Lead – Operations. He holds a degree BA (Hons) in Leadership Management from North Umbria University (UK).

Rangika Perera - Senior Manager (Projects and Products Incubation)

Mr. Perera leads the Projects and Products Incubation of Duo World. He joined the Company in June 2010. He worked for Brumby’s International (Pvt) Ltd from 2005 to 2009, as an Assistant Flow Manager, and worked Wakensys (Pvt) Ltd. from 2009 to 2010, as a SEO Consultant. Mr. Perera holds a B.Sc. in Computing and Information Systems from London Metropolitan University (UK). As a Product Incubator, his key responsibilities include managing a product portfolio in multiple industries and domains, managing the business requirements and updating all stakeholders from initiation to planning, execution, monitoring and controlling, and the closure phase of the product. He directly reports to the Chief Architect of Duo World and ensures product development objectives are achieved according to the organization’s roadmap.

Iroshan Kumarasinghe, Senior Manager – Technical

Mr. Kumarasinghe joined the Company in 2008 and he currently leads the technical team of Duo World as the Senior Manager – Technical. He earned a B.Sc. in Information Technology (Special) from the Sri Lanka Institute of Information Technology (SLIIT) and is currently reading for his Master’s in Business Administration, specializing in Management at the Management of Technology, University of Moratuwa.

Directorships

None of our directors or persons nominated or chosen to become directors hold any other directorship in any company with a class of securities registered pursuant to Section 12 of the 1934 Act or subject to the requirements of Section 15(d) of such Act or any other company registered as an investment company under the Investment Company Act of 1940.

Independent Directors

We do not currently have any independent directors. We are unlikely to be able to recruit and retain any additional independent directors due to our small size and limited financial resources until our revenues are sufficient to compensate such persons for board service.

Director Qualifications

We do not have a formal policy regarding director qualifications. In the opinion of Muhunthan Canagasooryam, our President and majority shareholder, the Company’s Directors have sufficient business experience and integrity to carry out the Company’s plan of operations. Since none of the Company’s Directors or officers has any experience in running a publicly held company, our Board of Directors recognizes that the Company will have to rely on professional advisors, such as attorneys and accountants with public company experience to assist with compliance with Exchange Act reporting and corporate governance matters.

Family Relationships

No family relationship exists between or among any of our officers and directors.

INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

Except as described below, during the past ten years, no present director, executive officer or person nominated to become a director or an executive officer of the Company:

AUDIT COMMITTEE

The Board of Directors acts as the Audit Committee and the Board has no separate committees. The Company has no qualified financial expert at this time because it has not been able to hire a qualified candidate. Further, the Company believes that it has inadequate financial resources at this time to hire such an expert. The Company intends to continue to search for a qualified individual for hire.

CODE OF BUSINESS CONDUCT AND ETHICS

In September 2014, we adopted a Code of Business Conduct and Ethics applicable to our officers, including our principal executive officer, principal financial officer, principal accounting officer or controller and any other persons performing similar functions. Our Code of Business Conduct and Ethics was designed to deter wrongdoing and promote honest and ethical conduct, full, fair and accurate disclosure, compliance with laws, prompt internal reporting and accountability to adherence to our Code of Business Conduct and Ethics. Our Code of Business Conduct and Ethics is posted on our website:www.duoworld.com. Our Code of Business Conduct and Ethics will be provided free of charge by us to interested parties upon request. Requests should be made in writing and directed to the Company at the following address: 170 S. Green Valley Parkway, Suite 300, Henderson, Nevada 89012.

ABSENCE OF INDEPENDENT DIRECTORS

We do not have any independent directors and are unlikely to be able to recruit and retain any independent directors due to our small size and limited financial resources.

DIRECTORSHIPS

Not applicable.

The following table sets forth the aggregate compensation paid by the Company and/or its subsidiaries to our executive officers and directors of the Company for services rendered during the periods indicated.

SUMMARY COMPENSATION TABLE