Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | ZIM CORP |
Entity Central Index Key | 1,124,160 |
Document Type | 20-F |
Document Period End Date | Mar. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --03-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 8,136,348 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,017 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | |||
Mobile | $ 108,485 | $ 188,654 | $ 140,889 |
Software | 34,435 | 90,452 | 40,821 |
Software maintenance and consulting | 360,322 | 391,795 | 437,581 |
Total revenue | 503,242 | 670,901 | 619,291 |
Operating expenses | |||
Cost of revenue | 15,774 | 18,600 | 67,137 |
Selling, general and administrative | 542,688 | 677,325 | 768,194 |
Research and development | 49,031 | 76,243 | 148,604 |
Amortization of intangible assets | |||
Total operating expenses | 607,493 | 772,168 | 987,878 |
Income (loss) from operations | (104,251) | (101,267) | (368,587) |
Other income: | |||
Gain on disposition of assets | 45,758 | 582 | |
Gain on settlement | 9,008 | 5,782 | |
Interest income , net | 15,591 | 22,229 | 51,273 |
Total other income | 61,349 | 31,819 | 57,055 |
Income tax benefit | (148) | ||
Income (loss) from continuing operations | (42,902) | (69,443) | (311,680) |
Loss from discontinued operations | |||
Net income (loss) | $ (42,902) | $ (69,448) | $ (311,680) |
Other comprehensive income, net of tax | |||
Foreign currency translation adjustment | $ (5,781) | $ (32,570) | $ (43,034) |
Comprehensive Income | $ (48,683) | $ (102,018) | $ (354,714) |
Basic and diluted income (loss) per share from continuing operations | $ (0.005) | $ (0.009) | $ (0.002) |
Basic and diluted loss per share from discontinued operations | $ (.000) | $ 0 | $ 0 |
Weighted average number of shares outstanding | 8,126,222 | 7,973,352 | 148,774,284 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 481,507 | $ 491,676 |
Accounts receivable, net | 38,463 | 81,688 |
Investment tax credits receivable | 131,220 | 168,963 |
Other tax credits | 82,997 | 117,658 |
Prepaid expenses | 25,595 | 12,819 |
Total Current Assets | 696,782 | 800,804 |
Investments | 117,109 | 114,200 |
Long term deposits | ||
Intangible assets | ||
Property and equipment, net | 24,334 | 23,758 |
Total Assets | 838,225 | 938,762 |
Current liabilities | ||
Accounts payable | 9,057 | 20,451 |
Accrued liabilities | 19,041 | 19,125 |
Deferred revenue | 60,224 | 92,770 |
Total current liabiliities | 838,225 | 132,346 |
Deferred rent | 8,173 | |
Shareholders' equity: | ||
Preferred shares, no par value, non-cumulative dividend at a rate to be determined by the Board of Directors redeemable by the holder for CDN $1 per share. Unlimited authorized shares; issued and outstanding NIL shares at March 31, 2018 and 2017. | ||
Common shares, no par value, Unlimited authorized shares; 8,136,348 shares issued and outstanding as at March 31, 2018 and 8,120,348 shares as at March 31, 2017. | 19,491,842 | 19,491,757 |
Additional paid-in capital | 2,962,105 | 2,961,848 |
Accumulated deficit | (21,325,620) | (21,282,718) |
Accumulated other comprehensive income | (378,425) | (372,644) |
Total shareholders' equity | 749,902 | 798,243 |
Total liability and equity | $ 838,225 | $ 938,762 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Dividend rate redeemable | $ 1 | $ 1 |
Common shares issued | 8,136,348 | 8,120,348 |
Common shares outstanding | 8,120,348 | 7,890,493 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | |||
Net income | $ (42,902) | $ (69,448) | |
Items not involving cash: | |||
Depreciation of property and equipment | 11,341 | 12,170 | $ 9,166 |
Amortization of intangible asset | |||
Gain on disposition of assets | (45,758) | (582) | |
Stock-based compensation | 342 | 8,334 | 55,063 |
Changes in operating working capital: | |||
Decrease (increase) in accounts receivable | 43,225 | (23,381) | 5,046 |
Decrease (increase) in investment tax credits | 37,743 | 112,681 | 18,760 |
Increase in other tax credits | 34,661 | (33,006) | (31,082) |
Decrease (increase) in prepaid expenses | (12,776) | 12,140 | (11,983) |
Increase (decrease) in accounts payable | (11,394) | 11,290 | (16,148) |
Increase (decrease) in accrued liabilities | (84) | (22,393) | (45,625) |
Increase (decrease) in deferred revenue | (32,546) | (18,199) | (75,065) |
Cash flows provided by operating activities | (18,147) | (10,394) | (399,605) |
INVESTING ACTIVITIES | |||
Purchase of property and equipment | (11,917) | (9,611) | (10,977) |
Proceeds on sale of assets | 45,758 | 582 | (115,626) |
Purchase of intangible asset | |||
Purchase of investment | |||
Cash flows used in investing activities | 33,841 | (9,029) | 126,603 |
FINANCING ACTIVITIES | |||
Effect of changes in exchange rates on cash | (16,863) | (33,218) | (29,856) |
Increase in cash and cash equivalents | (1,169) | (52,641) | (556,064) |
Cash and cash equivalents, beginning of year | 491,676 | 472,317 | 1,028,381 |
Cash and cash equivalents, end of year | $ 481,507 | $ 491,676 | $ 472,317 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common shares | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Total |
Beginning Balance, Shares at Mar. 31, 2017 | 8,120,348 | 8,120,348 | |||
Beginning Balance, Amount at Mar. 31, 2017 | $ 19,491,757 | $ 2,961,848 | $ (21,282,718) | $ 372,644 | $ 798,243 |
Shares issued, shares | 16,000 | ||||
Shares issued, amount | $ 85 | 85 | |||
Stock options granted | 257 | 257 | |||
Net income | (42,902) | (42,902) | |||
Cumulative translation adjustment | (5,781) | (5,781) | |||
Ending Balance, Shares at Mar. 30, 2018 | 8,136,348 | ||||
Ending Balance, Amount at Mar. 30, 2018 | $ 19,491,842 | 2,962,105 | (21,325,620) | (378,425) | $ 749,902 |
Beginning Balance, Shares at Mar. 31, 2017 | 8,120,348 | 8,120,348 | |||
Beginning Balance, Amount at Mar. 31, 2017 | $ 19,491,757 | $ 2,961,848 | $ (21,282,718) | $ 372,644 | $ 798,243 |
Shares issued, amount | 7,275 | ||||
Stock options granted | 1,059 | ||||
Net income | (42,902) | ||||
Cumulative translation adjustment | $ (32,570) | ||||
Ending Balance, Shares at Mar. 31, 2018 | 8,136,348 | ||||
Ending Balance, Amount at Mar. 31, 2018 | $ 749,902 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Nature of Operations | 1 - NATURE OF OPERATIONS COMPANY OVERVIEW ZIM Corporation (“ZIM” or the “Company”) is a provider of software products and services for the database and mobile markets. ZIM products and services are used by enterprises in the design, development and management of business, database and mobile applications. ZIM also provides mobile content to the consumer market. BUSINESS DEVELOPMENT ZIM was formed under the laws of Canada on October 17, 2002, in order to purchase ZIM Technologies International Inc. (“ZIM Technologies”), which was formed in 1997 to acquire the software technology now called the ZIM Integrated Development Environment (the “ZIM IDE software”). On February 10, 2004, ZIM purchased UK-based short messaging service (“SMS”) firms EPL Communications Limited and E-Promotions Limited (together referred to as “EPL”). During the fiscal year ended March 31, 2006, EPL was dissolved and all operations were transferred to ZIM Corporation in Canada. ZIM is also the sole shareholder of ZIM Technologies do Brazil Ltda., a company incorporated in Brazil that distributes the ZIM IDE Software, and PCI Merge, Inc., a Florida based holding company with no operations. Until March 31, 2004, ZIM was the sole shareholder of ZIM Technologies, a Canadian federal corporation and the chief operating company of the ZIM group of companies. On April 1, 2004, ZIM Corporation and ZIM Technologies amalgamated into ZIM Corporation. On April 1, 2006, ZIM purchased a US-based mobile content company called Advanced Internet Inc. (“AIS”). In April 2016, ZIM incorporated a wholly owned subsidiary called GeneSpans Corporation. GeneSpans is . Genespans name was changed to NuvoBio Corporation on August 25, 2016. BUSINESS OF THE COMPANY ZIM started operations as a developer and provider of database software known as ZIM IDE software. ZIM IDE software is used by companies in the design, development, and management of information databases and mission critical applications. The Company continues to provide this software and support services to its client base. Beginning in 2002, the Company expanded its business to include opportunities associated with mobile products. Prior to fiscal 2007, the Company focused on developing products and services for the wireless data network infrastructure known as “SMS” or “text messaging”. Although SMS will continue to provide a minimal amount of revenue within the mobile segment of ZIM’s operations, with the acquisition of AIS, the Company shifted its corporate focus to include offering mobile content directly to end users. In fiscal 2008, ZIM added the ZIM TV service and in partnership with the International Table Tennis Federation (“ITTF”) provided development and hosting services for IPTV to ITTF end users. However, due to low sales volumes ZIM exited this market in fiscal 2009. In fiscal 2018, ZIM continued to develop and sell enterprise database software to end users as well as maintain its SMS messaging business. At March 31, 2013 ZIM discontinued the sale of mobile content. Also, in 2017, NuvoBio signed strategic partnerships and exclusive global licensing agreements with leading drug research institutes and companies. The Company is currently funding research and development projects in the following areas: · New peptide-derived inhibitors for therapeutic intervention against breast cancer cell lines in the presence or absence of chemotherapeutics to characterize the in vivo effects of promising inhibitors; and · The development of immunology therapies for the treatment of kidney cancer. |
Going Concern
Going Concern | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Going Concern | 2 - GOING CONCERN These consolidated financial statements have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States ("US GAAP").The going concern basis of presentation assumes that the Company w il commitment T fro commitment is i I i y |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies | 3 - SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). PRINCIPLES OF CONSOLIDATION These consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. The results of operations for acquisitions are included in these consolidated financial statements from the date of acquisition. Inter-company transactions and balances are eliminated upon consolidation . USE OF ESTIMATES The preparation of consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the period. Estimates have been made by management in several areas, including, but not limited to, the realizability of accounts receivable and investments, the valuation allowance associated with deferred income tax assets, investment tax credits, expected useful life of equipment, the fair value calculation with respect to the stock options, and the accrued accounts receivable and accrued accounts payable related to our premium SMS business. Actual results may differ from those estimates. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The Company determines its allowance for doubtful accounts by considering a number of factors, including the age of the receivable, the financial stability of the customer, discussions that may have occurred with the customer and management's judgment as to the overall collectability of the receivable from that customer. The Company writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to selling, general and administration accounts in the period of recovery. REVENUE RECOGNITION The Company derives revenue from two sources: enterprise software, including maintenance and consulting services and mobile services and applications. Enterprise software involves providing enterprise software for designing, developing and manipulating database systems and applications. Mobile services involve providing SMS and other content applications and services. The Company presents revenues net of sales tax and other related taxes. ENTERPRISE SOFTWARE REVENUE RECOGNITION ZIM records revenues from the perpetual license of the Company's software products and the sale of related maintenance and consulting. The Company's standard license agreement provides a license to use the Company's products based on the number of licensed users. The Company may license its software in multiple element arrangements if the customer purchases any combination of maintenance, consulting or training services in conjunction with the license. The Company recognizes revenue pursuant to the requirements of the ASC 985-605 "Software Revenue Recognition". Revenue is recognized using the residual method when vendor-specific objective evidence of fair value exists for all of the undelivered elements in the arrangement, but does not exist for one or more delivered elements. The Company allocates revenue to each undelivered element based on its respective fair value determined by the price charged when that element is sold separately. The Company defers revenue for the undelivered elements and recognizes the residual amount of the arrangement fee, if any. The separate elements of the arrangements are considered to be separate units of accounting. Revenue is recognized when the following four criteria have been met: · Persuasive evidence of an arrangement exists; · Delivery has occurred; · The fee is fixed and determinable; and · Collectability is probable. The Company records revenue as earned as evidenced by contracts or invoices for its services at prices established by contract, price list and/or fee schedule less applicable discounts. If at the outset of an arrangement the Company determines that the arrangement fee is not fixed or determinable, revenue is deferred until the arrangement fee becomes due. If at the outset of an arrangement the Company determines that the collectability is not probable, revenue is deferred until payment is received. Collectability is assessed based on the collection history of the client, current economic trends, customer concentrations and customer credit worthiness. Delivery of the software has occurred once the customer has accepted the product or has been provided with permanent keys to the file transfer protocol ("FTP") site. If an arrangement allows for customer acceptance of the software or services, the Company defers revenue recognition until the earlier of customer acceptance or when the acceptance right lapses. MAINTENANCE AND CONSULTING REVENUE RECOGNITION Maintenance revenues are recognized equally over the term of the maintenance contract. The liability relating to the received but unearned portion of maintenance revenues is recognized as deferred revenues. Consulting revenue, which represents services provided on a per diem basis to customers, is recognized as the services are performed as there are no customer acceptance provisions involved in these types of arrangements. Consulting revenue, which represents services provided on a fixed price basis to customers, is recognized upon achieving the related milestone. In general, credit terms of 30 days are extended to customers with a small number of customers receiving longer payment terms based on the long-standing relationship with ZIM. MOBILE REVENUE RECOGNITION Revenues from the Company’s mobile segment are derived principally from providing aggregation services and from their mobile content portals. Aggregation services. Revenues are recorded on a net basis as the mobile content provider is the primary obligor in the transaction as they manage and market the content, which ZIM then distributes. ZIM’s role within the transaction is limited to providing transmission and a billing mechanism for the mobile content provider. Mobile content portals. Revenues from all sales are recorded on a gross basis as ZIM manages and markets the content ZIM distributes. Revenue on mobile content is recognized at the point of sale, when the customer purchases content from the websites. RESEARCH AND DEVELOPMENT EXPENSES Costs related to research, design and development of products and applications are charged to research and development expense as incurred. Software development costs are capitalized beginning when a product's technological feasibility has been established, which generally occurs upon completion of a working model, and ending when a product is available for general release to customers. All subsequent costs are expensed as incurred. To date, completing a working model of the Company's products and the general release of the products has substantially coincided. The Company has not capitalized any software development costs since such costs have not been significant. The Company qualifies for scientific research and experimental development refundable investment tax credits. These credits are recorded as a reduction of research and development expense when it is more likely than not that the credits will be realized. Other non-refundable investment tax credits not utilized in the current year can be used to offset income taxes in future years. TRANSLATION OF FOREIGN CURRENCIES The Company's reporting currency is the US dollar and the functional currency is the Canadian dollar for ZIM Corporation and NuvoBio, US Dollar for AIS and Brazilian Reals for ZIM do Brazil. The accounts of the Company's subsidiaries that are recorded in their respective functional currencies, remeasure their foreign currency transactions as follows: gains or losses from foreign currency transactions such as those resulting from the settlement of receivables or payables denominated in foreign currency, are remeasured at the weighted average exchange rates for the period and are included in the statement of comprehensive loss of the current period. For the years ended March 31, 2018, 2017, and 2016, the Company recognized a foreign exchange loss of $2,504, $1,246, and $592, respectively, in the accompanying consolidated statements of loss and comprehensive loss included in the selling, general and administrative expenses. The translation of the Company's consolidated financial statements from the functional currency to its reporting currency is performed as follows: all assets and liabilities are translated into US dollars at the rate of exchange in effect at the balance sheet date. Equity transactions are translated at the exchange rate in effect at the date of the transaction. Revenues, expenses and cash flow amounts are translated at the weighted average exchange rates for the period. The resulting translation adjustments are included in other comprehensive income in shareholders' equity. The translation adjustments did not result in a tax impact. INCOME TAXES Income taxes are accounted for 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 basis and operating loss and tax credit carry-forwards using tax rates and laws in effect in the year in which the differences are expected to reverse. When necessary, a valuation allowance is recorded to reduce the tax assets to an amount for which realization is more likely than not. The effect of changes in tax rates is recognized in the period in which the rate change occurs. The Company is subject to examination by taxing authorities in the jurisdictions of Canada, Brazil and the United States. Management does not believe that there are any uncertain tax positions that would result in an asset or liability for taxes being recognized in the accompanying consolidated financial statements. EARNINGS PER SHARE Basic earnings per share are computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share are calculated giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted to such shares at the later of the beginning of the period or the issuance date. This method is used to determine the dilutive effect of common shares. The treasury stock method is used to determine the dilutive effect of warrants and stock options. The treasury stock method assumes that proceeds received from the exercise of in-the-money share purchase warrants and stock options are used to repurchase common shares at the average market price during the period. STOCK OPTIONS AND GRANTS Compensation cost for all stock-based awards is measured at fair value on the date of grant and recognized as compensation expense over the service period for awards expected to vest. Stock-based awards granted to consultants are measured at fair value on the grant date and compensation expense is recognized on the date at which the consultant's performance is complete which, for the Company, is on the date of grant. The fair value of stock options is determined using the Black Scholes-Merton option pricing model. The expected dividend yield is based on historical dividend payouts, the expected volatility is based on historical volatilities of company stock (management believes that the historical volatility is an appropriate measure of expected volatility) for a period approximating the expected life; the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option; and the expected life represents the period of time the options are expected to be outstanding and is based on historical trends. The weighted average assumptions used in the computations are as follows: Year ended Year ended Year ended Risk-free interest rates 1.93% 1.36% 0.99% Expected volatility 433% 206% 161% Dividend yield - - - Expected life of options (years) 3.0 3.0 3.0 EQUIPMENT Equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the underlying assets using the following methods and rates: Computer equipment 40% Declining balance Software 40% Declining balance Office furniture and equipment 20% Declining balance Voice communications equipment 20% Declining balance Leasehold improvements 5 years Straight line over the IMPAIRMENT OF EQUIPMENT Equipment is tested for impairment when evidence of a decline in value exists, and adjustments to estimated fair value are made if the asset is impaired. Whenever events and circumstances indicate that the Company may not be able to recover the net book value of its productive assets, that the assets are deemed impaired and are to be written down to their estimated fair value through a charge to earnings. The guidance states that fair values may be estimated using discounted cash flow analysis or quoted market prices, together with other available information. The Company reviewed its property and equipment assets for impairment to determine if there were events or changes in circumstances that would indicate that the carrying amount of the assets may not be recoverable through future cash flows. It was determined that no impairment was evident. INTANGIBLE ASSETS Intangible assets, which consist of database migration methodologies and software, are determined to have finite lives and are amortized on the straight-line method over their estimated useful lives, which is 60 months. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company’s management believes that the impact of recently issued standards that are not yet effective will not have any significant impact on the consolidated financial statements upon adoption. In January, 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (the ASU). Changes to the current GAAP model primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. The classification and measurement guidance will be effective for public business entities in fiscal years beginning after December 15, 2017. We are currently evaluating the impact ASU 2016-01 will have on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718). The ASU provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The ASU will be effective for the annual reporting periods beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for (1) public business entities for reporting periods for which financial statements have not yet been issued and (2) all other entities for reporting periods for which financial statements have not yet been made available for issuance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash. This will require entities to show the changes in the total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for fiscal years beginning after December 15, 2018. We are currently evaluating the impact ASU 2016-18 will have on our consolidated financial statements. In August 2016 the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments. This provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for fiscal years beginning after December 15, 2018. We are currently evaluating the impact ASU 2016-15 will have on our consolidated financial statements. In March 2016, the FASB isued ASU 2016-09, Compensation - Stock Compensation (Topic 718). The ASU simplifies certain aspects related to income taxes, statement of cash flows, and forfeitures when accounting for share-based payment transactions. The ASU became effective for the annual reporting periods beginning after December 15, 2016, with earlier adoption permitted. Certain of the amendments related to timing of the recognition of tax benefits and tax withholding requirements should be applied using a modified retrospective transition method. Amendments related to the presentation of the statement of cash flows should be applied retrospectively. These changes did not have an impact on the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Codification (“ASC”) Topic 842, Leases through ASU No. 2016-02. ASC Topic 842 requires a lessee to recognize all leases, including operating leases, on balance sheet via a right-of-use asset and lease liability, unless the lease is a short-term lease. All (or a portion of) fixed payments by the lessee to cover lessor costs related to ownership of the underlying assets, or executory costs, that do not represent payments for a good or service will be considered lease payments and reflected in the measurement of lease assets and lease liabilities by lessees. The new standard does not substantially change lessor accounting from current U.S. GAAP. The new standard also requires lessees and lessors to disclose more qualitative and quantitative information about their leases than current U.S. GAAP does. The standard is applied retrospectively, with elective reliefs. The new standard is effective for annual and interim reporting periods beginning after December 15, 2018 for a public business entity. Early adoption is permitted. We are currently evaluating the impact ASU 2016-02 will have on its consolidated financial statements. |
Accounting for Uncertain Tax Po
Accounting for Uncertain Tax Positions | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accounting for Uncertain Tax Positions | 4 - ACCOUNTING FOR UNCERTAIN TAX POSITIONS The Company recognizes any interest accrued related to unrecognized tax benefits in interest and penalties in income tax benefit in the consolidated statement of loss and comprehensive loss. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accounts Receivable | 5 - ACCOUNTS RECEIVABLE March 31, 2018 March 31, 2017 $ $ Trade accounts receivable 45,832 80,140 Allowance for doubtful accounts (10,064) (10,192) Other 2,695 11,740 38,463 81,688 |
Investments
Investments | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments | 6 – INVESTMENTS Investments and long-term deposits Investment Date Value at Investment Date 2018 2017 Available For Sale Seregon October 1, 2009 95,147 - - No CP4H June 29, 2012 187,367 - - No LW Capital Pool May 31, 2010 10,290 - - No Hosted Bizz Dec. 31, 2013 1,005 - 751 No Equispheres Inc. August 26,2015 112,752 117,109 113,449 No Total 405,799 117,109 114,200 On April 30, 2016, ZIM Corporation made an equity investment in Equispheres Inc. The investment consisted of the purchase of 250,000 common shares at a price of $20,042. On August 26, 2015, ZIM Corporation made an equity investment in Equispheres Inc. The investment consisted of the purchase of 500,000 common shares at a price of $91,948. Equispheres Inc. is an advanced materials company developing new technologies for the production of metallic particles for use in additive manufacturing. On August 9, 2017, Connecting People for Health Co-operative Ltd. (CP4H) was acquired for an undisclosed amount. Various options to distribute the proceeds from the sale are being considered by the board of CP4H and will be finalized at a later date. ZIM has not recognized this transaction in its financial statements as of March 31, 2018. Once the distribution has been finalized ZIM will recognize its portion of the proceeds as a gain on the sale of assets. On February 9, 2018, ZIM sold 100,000 shares of HostedBizz to HostedBizz, for cancellation, for gross proceeds of $60,000 Canadian dollars ($45,758 United States dollars). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets | 7 – INTANGIBLE ASSETS On October 27th, 2010, ZIM purchased all of the technology assets of Torch Technologies for the sum of $50,000 Canadian dollars ($51,451 United States dollars). The assets include database migration methodologies and software assets. The Company recorded the acquired technology assets as intangible assets on the consolidated balance sheet. This asset was being amortized over 60 months on a straight-line basis. Amortization expense for fiscal 2018 was $NIL and the net book value as at March 31, 2018 was $NIL. Amortization expense for fiscal 2017 was $NIL and the net book value as at March 31, 2017 was $NIL. Amortization expense for fiscal 2016 was $3,943 and the net book value as at March 31, 2016 was $NIL. ZIM CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018 (EXPRESSED IN US DOLLARS) 8 - EQUIPMENT March 31, 2018 Cost Accumulated depreciation Net book value $ $ $ Computer equipment 865,864 850,561 15,303 Software 84,316 79,276 5,040 Office furniture and equipment 185,646 182,260 3,386 Voice communications equipment 4,810 4,520 290 Leasehold improvements 139,357 139,042 315 1,279,993 1,255,659 24,334 March 31, 2017 Cost Accumulated depreciation Net book value $ $ $ Computer equipment 829,921 818,802 11,119 Software 80,891 74,560 6,331 Office furniture and equipment 180,917 175,363 5,554 Voice communications equipment 4,683 4,331 352 Leasehold improvements 131,814 131,412 402 1,228,226 1,204,468 23,758 Depreciation expense for the year ended March 31, 2018 was $11,341 ($12,170 and $9,166 for the years ended March 31, 2017 and 2016 respectively). These expenses are included in the cost of revenue account, the selling, general, and administrative expenses and the research and development account. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property and Equipment | 8 - EQUIPMENT March 31, 2018 Cost Accumulated depreciation Net book value $ $ $ Computer equipment 865,864 850,561 15,303 Software 84,316 79,276 5,040 Office furniture and equipment 185,646 182,260 3,386 Voice communications equipment 4,810 4,520 290 Leasehold improvements 139,357 139,042 315 1,279,993 1,255,659 24,334 March 31, 2017 Cost Accumulated depreciation Net book value $ $ $ Computer equipment 829,921 818,802 11,119 Software 80,891 74,560 6,331 Office furniture and equipment 180,917 175,363 5,554 Voice communications equipment 4,683 4,331 352 Leasehold improvements 131,814 131,412 402 1,228,226 1,204,468 23,758 Depreciation expense for the year ended March 31, 2018 was $11,341 ($12,170 and $9,166 for the years ended March 31, 2017 and 2016 respectively). These expenses are included in the cost of revenue account, the selling, general, and administrative expenses and the research and development account. |
Line of Credit
Line of Credit | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Line of Credit | 9 – LINE OF CREDIT During fiscal 2018, a working capital line of credit, in the form of overdraft protection, was available at approximately $38,778 (equivalent to $50,000 Canadian, the Company’s functional currency) from the Company’s major financial institution. This credit facility is secured by the Company’s assets. Amounts drawn on this credit facility bear interest at the prime rate, as published by the Royal Bank of Canada, plus 2.15%. In order to maintain the working capital line of credit the Company must maintain a Tangible Net Worth of greater than $150,000 Canadian dollars (equivalent to $116,333 US dollars) and a ratio of current assets to current liabilities greater than 1.10:1. The Company has not been in violation of these covenants during the year. As at March 31, 2018 nothing was drawn down on this line of credit. The line of credit does not have defined expiration or renewal dates. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accrued Liabilities | 10 – ACCRUED LIABILITIES March 31, 2018 March 31, 2017 $ $ Employee related accruals 22,123 11,931 Trade (3,082) 7,194 19,041 19,125 |
Common Share Issue
Common Share Issue | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Common Share Issue | 11 – COMMON SHARE ISSUE The Company did not issue any common shares, except for those issued as compensation as described in notes 12 and 13, during the years ended March 31, 2018 or March 31, 2017 pursuant to the exercise of stock options by employees and the granting of stock for executive officers. On November 12, 2009, the Board of Directors approved a share repurchase plan. Shares may be repurchased by the Company to a maximum of $200 per day and $12,000 per quarter. The repurchase program has no expiration date. As of March 31, 2018, no shares have been repurchased as part of this program. On January 19, 2017, the Company undertook a corporate action to consolidate its outstanding common shares on the basis of one post-consolidation common share for every twenty pre-consolidation common shares. The share consolidation has been reflected retroactively in the consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions | 12 – RELATED PARTY TRANSACTIONS No remuneration has been recorded in these consolidated financial statements for the services of the Chief Executive Officer (CEO) for the fiscal year 2018, 2017 and 2016 except for the 11,000 post-consolidation shares of common stock, valued at $58 issued through the fiscal year 2018, 32,293 post-consolidation shares of common stock, valued at $1,085 issued through the fiscal year 2017, 477,298 post-consolidation shares of common stock, valued at $33,243 issued through the fiscal year 2016. The CEO is also a director and the controlling shareholder. A director of the Company is a director and principal owner of a company that provides hosting services to ZIM. During the fiscal year ending March 31, 2018 the Company paid $21,984 for these services (March 31, 2017 - $31,127, March 31, 2016 - $27,870). At March 31, 2018, included in accounts payable is $2,761 connected to these services as compared to $2,308 at March 31, 2017. ZIM also provided bookkeeping services to this company. During the fiscal year ending March 31, 2017, the related company paid $5,714 to ZIM for these services (March 31, 2016 - $Nil). An Officer of the Company is the principal owner of a company that provides finance, accounting and bookkeeping services to ZIM. During the fiscal year ending March 31, 2018 the Company paid $12,178 for these services (March 31, 2017 - $17,245, March 31, 2016 - $23,763). At March 31, 2018, included in accounts payable is $894 connected to these services as compared to $754 at March 31, 2017. |
Stock Options
Stock Options | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stock Options | 13 - STOCK BASED COMPENSATION During the year ended March 31, 2018 and March 31, 2017, the Company issued common shares and options to employees and non-employees, and as a result, common shares and additional paid in capital has been increased by $342 and $8,334 respectively. On November 22, 2017 Dr. Cowpland, Chief Executive Officer, was awarded a total of 11,000 post-consolidation shares of common stock in lieu of cash for services provided to the Company, valued at $58. On November 22, 2017 Company controlled by Mr. Stechyson, Chairman of the Board, received a total of 5,000 post-consolidation shares of common stock in lieu of cash for services provided to the Company, valued at $27. At various times through fiscal year 2017 Dr. Cowpland received a total of 32,293 post-consolidation shares of common stock in lieu of cash for services provided to the Company, valued at $1,085. At various times through fiscal year 2017 a Company controlled by Mr. Stechyson received a total of 156,500 post-consolidation shares of common stock in lieu of cash for services provided to the Company, valued at $5,321. At various times through fiscal year 2017 a Company controlled by Mr. Chapman received a total of 41,063 shares of common stock in lieu of cash for services provided to the Company, valued at $869. At various times through fiscal year 2016 Dr. Cowpland received a total of 477,298 post-consolidation shares of common stock in lieu of cash for services provided to the Company, valued at $33,243. At various times through fiscal year 2016 a Company controlled by Mr. Stechyson received a total of post-consolidation 68,500 shares of common stock in lieu of cash for services provided to the Company, valued at $5,634. The increase in additional paid in capital is the value associated with the common shares issued and the vesting of options, which is recorded as compensation expense in the statement of loss and comprehensive loss as a part of selling, general and administrative expense. Under ZIM’s Employee Stock Option Plan, the Company may grant options to its officers, directors and employees for up to 1,360,000 post consolidation common shares. As at March 31, 2018, 204,150 (March 31, 2017, 225,500) post consolidation options were outstanding under the Employee Stock Option Plan. Stock options are granted with an exercise price equal to the common share’s fair market value at the date of grant. Options are granted periodically, and both the maximum term of an option and the vesting period are set at the Board's discretion. All options granted in fiscal year 2018 vested on the day of the grant and have a three-year term. The expected life of the grants due to forfeitures and exercise of options is estimated based on recent history and is 3 years. The Company recognized the following expense relating to stock options and grants: Year ended Year ended Year ended March 31, 2016 $ $ $ Options compensation expense for employees 71 591 2,809 Options compensation expense for consultants 186 468 3,401 Stock grant compensation expense for consultants 27 869 3,986 Stock grant compensation expense for executive officers 58 6,406 44,867 Total expense 342 8,334 55,063 All options granted vested on the day of the grant resulting in the Company not having any non-vested awards as of March 31, 2018 or March 31, 2017. A summary of the status of the stock options is as follows: March 31, 2018 Number of options outstanding March 31, 2017 Number of options outstanding Options outstanding, beginning of year 225,500 462,105 Granted 48,500 42,500 Expired (69,850) (279,105) Options outstanding, end of year 204,150 225,500 The number of outstanding share options granted have been adjusted for the effect of the share consolidation. All share options outstanding at March 31, 2018 are exercisable. The following table represents a summary of the options outstanding as at March 31, 2018: Options outstanding and exercisable Range of exercise prices Number outstanding at Weighted average remaining contractual life $ Years 0.00-0.02 48,500 2.68 0.02-0.04 42,500 1.50 0.04-0.08 113,150 0.63 204,150 1.30 The weighted average grant-date fair value of options granted and vested in fiscal 2018 and 2017 were $0.00547 and $0.0329 respectively. As at March 31, 2018 there were NIL options in the money. EMPLOYEE AND NON-EMPLOYEE OPTIONS During the year ended March 31, 2018, 9,500 post-consolidation options were granted to employees. In the year ended March 31, 2017, 24,500 post-consolidation options were granted to employees. During the year ended March 31, 2018, 39,000 post-consolidation options were granted to non-employees. In the year ended March 31, 2017, 18,000 post-consolidation options were granted to non-employees. No options have been granted with exercise prices below the market price on the respective grant dates during the year ended March 31, 2018 or March 31, 2017. |
Interest
Interest | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Interest | 14 - INTEREST Year ended Year ended Year ended $ $ $ Interest income 18,526 25,892 55,436 Interest expense (2,934) (3,663) (4,163) Total 15,591 22,229 51,273 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Taxes | 15 - INCOME TAXES The Company recognizes in its consolidated financial statements the impact of a tax position if that position is more likely than not of not being sustained on an audit, based on the technical merits of the position. The Company and its subsidiaries file income tax returns in Canadian, Brazilian and U.S. federal jurisdictions, and various provincial jurisdictions. The Company’s federal income tax returns are generally subject to examination for a period of three years after filing of the respective return in the U.S. and Canada and five years in Brazil. Income tax expense varies from the amount that would be computed by applying the basic federal and provincial income tax rates to loss before taxes, as follows: Year ended March 31, 2018 Year ended March 31, 2017 Year ended March 31, 2016 $ $ $ Tax Rate, comprised of a federal rate of 11.00% and a provincial rate of 4.13% 15.13% 15.50% 15.50% Expected Canadian Income Tax (Recovery) (4,136) (10,764) (48,287) Change in valuation allowance (102,732) 107,243 25,102 Permanent differences (3,702) 6,940 21,958 Change in tax rates 110,694 (75,293) Difference between Canadian and foreign tax rates (12,690) (6,221) -(6,326) Other 12,566 (21,905) 7,701 - - 148 The change in valuation allowance for originating temporary differences and losses available for carry forward, is calculated using an expected deferred tax rate of 15.13%, based on the application of the Small Business Deduction. The rate at which such amounts may be realized as disclosed as part of a deferred tax asset and related valuation allowance takes into account the enacted tax rate decreases over the expected period of realization. Refundable investment tax credits for research and development in Canada of $124,234, $171,457 and $305,708, and for the years ended March 31, 2018, March 31, 2017 and March 31, 2016, respectively is netted against research and development expense. The investment tax credits are subject to review and approval by taxation authorities and it is possible that the amounts granted will be different from the amounts recorded by the Company. Deferred taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. The Company’s deferred tax assets are as follows: March 31, 2018 March 31, 2017 $ $ Losses available for carry forward 168,277 207,745 Property and equipment - differences in net book value and unamortized capital cost 116,545 122,774 Intangible assets - differences in net book value and tax basis 196,610 209,724 Unused scientific research and experimental development amounts deductible and investment tax credits available for carry forward 814,830 816,735 Other 117,215 125,925 Gross deferred tax asset 1,413,477 1,482,903 Valuation allowance (1,413,477) (1,482,903) Net deferred tax asset - - The Company has federal and provincial non-capital losses available to reduce taxable income in Canada, which expire in the following years: Federal & Provincial 2026 590,115 2027 318,898 2037 140,696 2038 2,403 1,052,111 The Company has capital losses of $255,815, which are available indefinitely to reduce capital gains in future years as of March 31, 2018. The losses in Brazil of $139,185 have an indefinite carryforward period. However, the losses can only be used to offset 30% of taxable income in any given year. As at March 31, 2018, the Company had accumulated unclaimed federal and provincial scientific research and experimental development deductions of approximately $4,073,657 ($3, 790,940 in 2017). This amount can be carried forward indefinitely to reduce income taxes payable in future years. The Company has federal scientific research and experimental development credits available to reduce income taxes in Canada, which expire in the following years: 2019 5,183 2021 14,097 2022 276,222 2023 1,773 2024 2,221 2025 to 2033 9,721 309,217 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings (Loss) Per Share | 16 - LOSS PER SHARE For the purposes of the loss per share computation, the weighted average number of common shares outstanding has been used. The number of common shares for the prior years have been adjusted to reflect the impact of the share consolidation. The basic and diluted loss per share have been adjusted to reflect the impact of the share consolidation, on the basis of one post-consolidation common share for every twenty pre-consolidation common shares, which was accounted for as a reverse stock split effective on January 19, 2017. The following securities are considered "in the money" and could potentially dilute the basic earnings per share in the future but have not been included in diluted earnings per share because their effect was negligible or antidilutive: March 31, 2018 March 31, 2017 March 31, 2016 Stock options - - - |
Financial Risks
Financial Risks | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Financial Risks | 17 - FINANCIAL RISKS FOREIGN EXCHANGE RISK The Company operates internationally, giving rise to significant exposure to market risks from changes in foreign exchange rates. The Company’s financial assets are in the form of cash and cash equivalents held at institutions with high quality credit ratings. A hypothetical 10% change in the value of one Brazilian real expressed in U.S. dollars during the year ended March 31, 2018 would have caused an approximate $21,830 change in the Company’s revenue for the fiscal year 2018. The Company is exposed to exchange risk due to the timing of the movement of funds between subsidiaries and the parent company related to the transfer pricing agreement and the pricing of contracts in non-functional currencies. Financial instruments denominated in foreign currencies that lead to foreign exchange risk when funds are moved include: ZIM CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018 (EXPRESSED IN US DOLLARS) March 31, 2018 March 31, 2017 Canadian dollars 210,939 231,785 US dollars 42,374 78,366 Brazilian reals 704,236 523,305 Accounts receivable include the following amounts receivable in their source currency: March 31, 2018 March 31, 2017 Canadian dollars 13,396 86,759 US dollars 210 - Brazilian reals 92,325 - Accounts payable include the following amounts payable in their source currency: March 31, 2018 March 31, 2017 Canadian dollars 11,029 20,288 US dollars - - Brazilian reals 1,670 16,399 Accrued liabilities include the following accruals in their source currency: March 31, 2018 March 31, 2017 Canadian dollars 14,992 41,674 Brazilian reals 24,567 33,333 The Company does not use derivative financial instruments to reduce its foreign exchange risk exposure. CREDIT RISK The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments. Credit exposure is minimized by dealing with only creditworthy counterparties in accordance with established credit approval policies. Concentration of credit risk in accounts receivable is indicated below by the percentage of the total balance receivable from customers in the specified geographic area: ZIM CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018 (EXPRESSED IN US DOLLARS) One customer accounted for approximately 21% for the year ended March 31, 2016, one customer accounted for approximately 28% of revenue for the year ended March 31, 2017 and one customer accounted for approximately 22% of revenue for the year ended March 31, 2018. March 31, 2018 March 31, 2017 Canada 27% 80% North America, excluding Canada 1% -% South America 72% 20% 100% 100% The carrying values of accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the relatively short periods to maturity of the instruments. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies | 18 – COMMITMENTS AND CONTINGENCIES OPERATING LEASE COMMITMENTS The Company has the following financial commitments related to minimum rent expenses for facilities: $ 2018 9,842 2019 13,122 2020 5,468 2021 - 2022 - Total 28,432 For the year ended March 31, 2018, facilities expense was $69,777 ($90,899 for the year ended March 31, 2017 and OTHER The Company is committed to pay an unrelated third party $75,000 upon the listing of ZIM Corporation’s common shares on a national securities exchange. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosure | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Supplemental Cash Flow Disclosure | 19 - SUPPLEMENTAL CASH FLOW DISCLOSURE Year ended Year ended $ $ Interest paid (2,934) (3,663) Income taxes paid - - Investment tax credit on research 131,220 281,644 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting | 20 - SEGMENT REPORTING The Company operates in two reportable segments based on product differentiation: mobile and enterprise software. Mobile applications involve providing SMS and other content applications and services for mobile devices. Enterprise software involves providing enterprise software for designing, developing and manipulating database systems and applications. The Company considers all revenues and expenses to be of an operating nature and accordingly, allocates them to the segments. Costs specific to a segment are charged directly to the segment. Company operating expenses are allocated to either of the segments based on gross revenues. Significant assets of the Company include working capital, an investment and property and equipment. The accounting policies of the reportable segments are the same as those described in the summary of the significant accounting policies. The following table sets forth external revenues, cost of revenues (including depreciation expense), operating expenses (including depreciation expense) and other amounts attributable to these product lines: Year ended March 31, 2018 Mobile Software, Maintenance and Consulting Total $ $ $ Revenue 108,485 394,757 503,242 Cost of revenue 2,886 12,888 15,774 Gross margin 105,599 381,869 487,468 Allocation of operating expenses 128,183 463,536 591,719 Allocation of interest income (3,377) (12,214) (15,591) Gain on investment (9,912) (35,846) (45,758) Income tax recovery - - - 114,893 415,477 530,370 Net loss (9,294) (33,608) (42,902) Year ended March 31, 2017 Mobile Software, Maintenance and Consulting Total $ $ $ Revenue 188,654 482,247 670,901 Cost of revenue 3,939 14,661 18,600 Gross margin 184,715 467,586 652,301 Allocation of operating expenses 213,391 541,177 753,568 Allocation of gain on sales of assets (165) (417) (582) Allocation of dividend income (2,551) (4,576) (9,008) Allocation of interest income, net (6,295) (15,934) (22,229) 204,381 517,368 721,749 Net loss (19,666) (49,782) (69,448) Year ended March 31, 2016 Mobile Software, Maintenance and Consulting Total $ $ $ Revenue 140,889 478,402 619,291 Cost of revenue 6,241 60,896 67,137 Gross margin 134,648 417,506 552,154 Allocation of operating expenses 224,532 696,209 920,741 Allocation of interest income, net (13,959) (43,096) (57,055) Income taxes - 148 148 210,573 653,261 863,834 Net loss (75,925) (235,755) (311,680) The following table sets forth total assets used by each segment: TOTAL ASSETS March 31, 2018 March 31, 2017 $ $ Mobile 180,698 263,975 Software 657,527 674,787 Total assets 838,225 938,762 The following tables set forth external revenues and long-lived assets attributable to geographic areas. External revenues are based on the location of the customer: March 31, 2018 March 31, 2017 $ $ Long-lived assets Canada 22,616 21,099 Brazil 1,718 2,659 Total long-lived assets 24,334 23,758 Total Revenue Year ended March Year ended March 31, 2017 Year ended March 31, 2016 $ $ United States 34,076 47,057 48,850 Europe - 5,885 15,605 Brazil 218,436 245,475 372,983 Canada 141,511 181,415 49,783 Singapore 108,485 188,596 136,612 Other 735 2,473 1,458 Total revenue 503,242 670,901 619,291 Management evaluates each segment’s performance based upon revenues and gross margins achieved. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events | 21 – SUBSEQUENT EVENTS None. |
Uncategorized Items - zimcf-201
Label | Element | Value |
Cumulative translation adjustment | us-gaap_CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease | $ (194,758) |
Stock options granted | us-gaap_ProceedsFromStockOptionsExercised | 11,899 |
Shares issued, amount | us-gaap_StockIssuedDuringPeriodValueNewIssues | 51,687 |
Accumulated deficit | ||
Net income | us-gaap_NetIncomeLoss | (69,448) |
Accumulated other comprehensive income | ||
Cumulative translation adjustment | us-gaap_CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease | (32,570) |
Additional paid-in capital | ||
Stock options granted | us-gaap_ProceedsFromStockOptionsExercised | 1,059 |
Common shares | ||
Shares issued, amount | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 7,275 |
Shares issued, shares | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 229,855 |