Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 16, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 0-55698 | |
Entity Registrant Name | DUO WORLD, INC. | |
Entity Central Index Key | 0001635136 | |
Entity Tax Identification Number | 35-2517572 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | c/o Duo Software (Pvt.) Ltd. | |
Entity Address, Address Line Two | No. 6, Charles Terrace | |
Entity Address, Address Line Three | Off Alfred Place | |
Entity Address, City or Town | Colombo 03 | |
Entity Address, Country | LK | |
Entity Address, Postal Zip Code | Not applicable | |
City Area Code | 870 | |
Local Phone Number | 505-6540 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,754,296 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 37,362 | $ 21,571 |
Accounts receivable - trade | 70,088 | 135,872 |
Prepaid expenses and other current assets | 115,804 | 24,723 |
Accrued revenue | 1,083 | 1,076 |
Total Current Assets | 224,337 | 183,242 |
Non Current Assets | ||
Property and equipment, net of accumulated depreciation of $223,066 and $220,918 respectively | 5,813 | 8,974 |
Intangible assets, net | 380,558 | 428,070 |
Total Non Current Assets | 386,371 | 437,044 |
Total Assets | 610,708 | 620,286 |
Current Liabilities | ||
Accounts payable | 607,524 | 541,766 |
Payroll, employee benefits, severance | 512,251 | 530,394 |
Short term borrowings | 445 | 430,993 |
Due to related parties | 1,129,885 | 1,063,397 |
Payable for acquisition | 185,762 | 185,762 |
Taxes payable | 165,186 | 165,924 |
Accruals and other payables | 589,656 | 88,380 |
Deferred revenue | 11,665 | 2,898 |
Total Current liabilities | 3,202,374 | 3,009,514 |
Long Term Liabilities | ||
Due to related parties | 1,346,143 | 1,345,915 |
Employee benefit obligation | 25,207 | 30,039 |
Long term loan | 13,916 | |
Total Long Term liabilities | 1,371,350 | 1,389,870 |
Total liabilities | 4,573,723 | 4,399,384 |
Commitments and contingencies (Note 18) | ||
Shareholders’ Deficit | ||
Ordinary shares: $0.001 par value per share; 400,000,000 shares authorized; 67,754,296 and 67,754,296 shares issued and outstanding, respectively | 67,754 | 67,754 |
Convertible series “A” preferred shares: $0.001 par value per share; 10,000,000 shares authorized; 5,000,000 and 5,000,000 shares issued and outstanding, respectively | 5,000 | 5,000 |
Additional paid in capital | 11,678,086 | 11,641,336 |
Promissory notes discount | (2,812) | |
Accumulated deficit | (16,270,987) | (16,041,727) |
Accumulated other comprehensive income | 559,943 | 548,539 |
Total shareholders’ deficit | (3,963,015) | (3,779,098) |
Total Liabilities and Shareholders´ Deficit | $ 610,708 | $ 620,286 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 223,066 | $ 220,918 |
Ordinary stock, par value | $ 0.001 | $ 0.001 |
Ordinary stock, shares authorized | 400,000,000 | 400,000,000 |
Ordinary stock, shares issued | 67,754,296 | 67,754,296 |
Ordinary stock, shares outstanding | 67,754,296 | 67,754,296 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 20,146 | $ 64,842 | $ 74,852 | $ 338,812 |
Cost of revenue (exclusive of depreciation presented below) | (19,386) | (33,763) | (70,424) | (116,384) |
Gross Income | 760 | 31,079 | 4,428 | 222,428 |
Operating Expenses | ||||
General and administrative | 32,891 | 62,032 | 98,352 | 194,205 |
Salaries and casual wages | 6,438 | 19,048 | 19,930 | 59,463 |
Selling and distribution | 52 | 1,310 | 240 | 3,983 |
Depreciation | 265 | 653 | 847 | 2,674 |
Amortization of web site development | 736 | 809 | 2,230 | 2,587 |
Allowance for bad debts | 1,250 | 51,470 | 1,250 | |
Employee benefit obligation | 1,486 | 8,985 | ||
Total operating expenses | 40,382 | 86,588 | 173,069 | 273,147 |
Profit (Loss) from operations | (39,622) | (55,509) | (168,641) | (50,720) |
Other income (expenses): | ||||
Interest expense | (5,890) | (40,013) | (25,735) | (122,179) |
Other income | 2,616 | 2 | 5,292 | 2,644 |
Bank charges | (250) | (941) | (949) | (1,879) |
Exchange (loss) / gain | 3,503 | 8,777 | (5,288) | 47,615 |
Promissory notes discount | (18,475) | (33,939) | ||
Total other income (expenses) | (18,496) | (32,175) | (60,617) | (73,799) |
Loss before provision for income taxes: | (58,118) | (87,683) | (229,259) | (124,518) |
Tax Expense : | ||||
Provision for income taxes | ||||
Foreign taxes – withheld | (8,301) | (29,381) | ||
Net loss | $ (58,118) | $ (95,984) | $ (229,259) | $ (153,900) |
Basic and Diluted Loss per Share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and Diluted Weighted Average Number of Shares Outstanding | 117,754,296 | 117,754,296 | 117,754,296 | 117,754,296 |
Comprehensive Income (Loss): | ||||
Unrealized foreign currency translation (loss) gain | $ (7,938) | $ (11,253) | $ 11,404 | $ (110,321) |
Comprehensive loss | $ (66,056) | $ (107,238) | $ (217,855) | $ (264,221) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||
Loss before provision for income taxes | $ (229,259) | $ (153,900) |
Adjustments to reconcile loss before provision for income taxes to cash provided by operating activities: | ||
Depreciation and amortization | 3,077 | 5,261 |
Bad debts | 51,470 | 1,250 |
Product development cost written off | 44,978 | 53,003 |
Changes in assets and liabilities: | ||
Accounts receivable - trade | 14,314 | 62,382 |
Prepayments | (91,088) | (1,109) |
Lease right to use asset | 10,330 | |
Accounts Payable | 65,758 | 8,485 |
Payroll, employee benefits, severance | (18,142) | (1,312) |
Short term overdraft | (430,547) | (1,035) |
Due to related parties | 66,488 | 146,903 |
Taxes payable | (738) | 12,311 |
Lease Creditor | (2,126) | |
Retirement Benefit | (4,832) | 7,301 |
Lease liability | (10,333) | |
Accruals and other payables | 3,027 | (41,730) |
Net cash provided by operating activities | (525,496) | 95,684 |
Investing activities: | ||
Intangible assets | (9,050) | |
Net cash used in investing activities | (9,050) | |
Financing activities: | ||
Long term loan | (13,916) | 16,294 |
Promissory notes discount | (2,812) | |
Additional paid in capital | 36,750 | |
Share application | 507,016 | |
Net cash provided by financing activities | 527,038 | 16,294 |
Effect of exchange rate changes on cash | 14,248 | (121,970) |
Net decrease in cash | 15,790 | (19,042) |
Cash, beginning of period | 21,571 | 50,703 |
Cash, end of period | 37,362 | 31,661 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 25,735 | 42,350 |
Cash paid for income taxes | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Common shares issued for services |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Promissory Notes Discount [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance at Mar. 31, 2021 | $ 67,754 | $ 5,000 | $ 11,641,336 | $ (16,041,727) | $ 548,539 | $ (3,779,098) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 67,754,296 | 5,000,000 | |||||
Net loss | (64,865) | (64,865) | |||||
Other comprehensive income | (7,087) | (7,087) | |||||
Ending balance at Jun. 30, 2021 | $ 67,754 | $ 5,000 | 11,641,336 | (16,106,592) | 541,452 | (3,851,050) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 67,754,296 | 5,000,000 | |||||
Beginning balance at Mar. 31, 2021 | $ 67,754 | $ 5,000 | 11,641,336 | (16,041,727) | 548,539 | (3,779,098) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 67,754,296 | 5,000,000 | |||||
Net loss | (229,259) | ||||||
Ending balance at Dec. 31, 2021 | $ 67,754 | $ 5,000 | 11,678,086 | (2,812) | (16,270,987) | 559,943 | (3,963,015) |
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 67,754,296 | 5,000,000 | |||||
Beginning balance at Jun. 30, 2021 | $ 67,754 | $ 5,000 | 11,641,336 | (16,106,592) | 541,452 | (3,851,050) | |
Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 67,754,296 | 5,000,000 | |||||
Net loss | (106,276) | (106,276) | |||||
Other comprehensive income | 26,428 | 26,428 | |||||
Promissory notes Discount | 36,750 | (21,287) | 15,463 | ||||
Ending balance at Sep. 30, 2021 | $ 67,754 | $ 5,000 | 11,678,086 | (21,287) | (16,212,868) | 567,881 | (3,915,434) |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 67,754,296 | 5,000,000 | |||||
Net loss | (58,118) | (58,118) | |||||
Other comprehensive income | (7,938) | (7,938) | |||||
Promissory notes Discount | 18,475 | 18,475 | |||||
Ending balance at Dec. 31, 2021 | $ 67,754 | $ 5,000 | $ 11,678,086 | $ (2,812) | $ (16,270,987) | $ 559,943 | $ (3,963,015) |
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 67,754,296 | 5,000,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1 - Organization and Nature of Operations Duo World Inc. (hereinafter referred to as “Successor” or “Duo”) a reporting company since September 26, 2016, 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 05, 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 and the Company and is under the process of Striking off. On December 3, 2014, Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte. Limited (DSS) executed a reverse recapitalization with Duo World Inc. (Duo). See Note 4. Duo (Successor) is a holding company that conducts operations through its wholly owned subsidiaries DSSL and DSS (Predecessors) in Sri Lanka, Singapore and India. The consolidated entity is referred to as “the Company”. The Company, having its development center in Colombo, has been in the space of developing products and services for the subscription-based industry. The Company’s applications (“Duo Subscribe”, “Facetone”, and “SmoothFlow”) provide solutions in the space of Customer Life Cycle Management, Subscriber Billing and Work Flow. Further the Duo World Inc. has its wholly owned subsidiary which is Duo World Canada Inc, incorporated under the laws of Canada (Canada Business Corporations Act.) on June 8, 2020. Duo World Canada has not yet started its operations due to the pandemic and the prevailing travel restrictions and expecting to start its operations in the year 2022. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2 - Basis of Presentation The Company has prepared the accompanying consolidated financial statements and accompanying notes in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP”). All amounts in the consolidated financial statements are stated in U.S. dollars. We have recast certain prior period amounts to conform to the current period presentation, with no impact on consolidated net income or cash flows. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. As reflected in the accompanying consolidated financial statements, the Company had a net loss of $ 229,259 153,900 (525,496) 95,684 2,978,037 2,826,272 369,637 373,142 3,963,015 3,779,098 The revenue for the nine months ended December 31, 2021 has decreased when compared to the nine months ended December 31, 2020. The Company has launch Facetone cloud version and expecting more revenue from the product. Further, the Company was able to reduce its operating cost in the current quarter and it resulted in reducing the net loss. Considering these trends, the management is confident that the Company shall generate sufficient profits to offset the operating losses in the recent future. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated Financial Statements include the accounts and transactions of DSSL and DSS (Predecessors) and Duo (Successor). Duo World Inc. is the parent company of its 100 100 Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates and assumptions requires management to exercise significant judgment. It is least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates and assumptions. The most significant estimates relate to the timing and amounts of revenue recognition, the recognition and disclosure of contingent liabilities and the collectability of accounts receivable. Risks and Uncertainties The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. Product revenues are concentrated in the application software industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies could adversely affect operating results. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various high quality financial institutions and we monitor the credit ratings of those institutions. The Company’s sales are primarily to the companies located in Sri Lanka, Singapore Indonesia and India. The Company performs ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. Accounts receivable are due principally from the companies understated contract terms. Provisions A provision is recognized when the company has present obligations because of past event and when 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. Accounts Receivable and Provision for Doubtful Accounts The Company recognizes accounts receivable in connection with the products sold and services provided and has strong policies and procedures for the collection receivables from its clients. However, there are inevitably occasions when the receivables due to the Company cannot be collected and, therefore, have to be written off as bad debts. While the debt collection process is being pursued, an assessment is made of the likelihood of the receivable being collectable. A provision is therefore, made against the outstanding receivable to reflect that component that may not become collectable. The Company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following: Schedule of Provision for Doubtful Debts Based on Period Outstanding Trade receivables outstanding: Provision Over 24 months 100 % Over 18 months 50 % Over 15 months 25 % Over 12 months 10 % Over 9 months 5 % Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2021 and March 31, 2021, there were no Foreign Currency Translation The functional currencies of the Company’s foreign subsidiaries are their local currencies. For financial reporting purposes, these currencies have been converted into United States Dollars ($) and/or USD as the reporting currency. All assets and liabilities denominated in foreign functional currencies are converted into U.S. dollars at the closing exchange rate on the balance sheet date and equity balances are converted at historical rates. Revenues, costs and expenses in foreign functional currencies are converted at the average rate of exchange during the period. Conversion adjustments arising from the use of different exchange rates from period to period are included as a component of shareholders’ deficit as “accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive income /(loss) as other income (expense). Property and Equipment Fixed assets (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets. The estimated salvage value is considered as NIL. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 15 Useful lives of the fixed assets are as follows: Schedule of Estimated Useful Lives of Fixed Assets Furniture & fittings 5 Improvements to lease hold assets Lease term Office equipment 5 Computer equipment (Data processing equipment) 3 Website development 4 Impairment of Long-Lived Assets The Company reviews long-lived assets, such as property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. Fair Value Measurements and Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. Post Retirement Benefit Plan The Company has gratuity as post-employment plan for all the eligible employees. The recognition for the gratuity plan is as below:- The expected postretirement benefit obligation (“EPBO”) is the actuarial present value (“APV”) as of a specific date of the benefits expected to be paid to the employee, beneficiaries, and covered dependents. Measurement of the EPBO is based on the following: 1. Expected amount and timing of future benefits 2. Expected future costs 3. Extent of cost sharing The EPBO includes an assumed salary progression for a pay-related plan. Future compensation levels represent the best estimate after considering the individual employees involved, general price levels, seniority, productivity, promotions, indirect effects, and the like. The Accumulated postretirement benefit obligation (“APBO”) is the APV as of a specific date of all future benefits attributable to service by an employee to that date. It represents the portion of the EPBO earned to date. After full eligibility is attained, the APBO equals the EPBO. The APBO also includes an assumed salary progression for a pay-related plan. Revenue Recognition, Deferred & Accrued Revenue The Company recognizes revenue from the sale of software licenses and related services. The Company revenue recognition policy follows guidance from Accounting Standards 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: ● Identify the Contract(s) with the customer; ● Identify the performance obligation of the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract and; ● Recognize revenue when or as the company satisfies a performance obligation. The consideration for the transaction [performance obligation(s)] is determined as per the agreement, contract or invoice for the services and products. 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 Enterprise software solutions Cloud services AMC Services For the nine months ended December 31, 2021 and 2020, the Company received only cash as consideration for sale of licenses and related services rendered. For the nine months ended December 31, 2021 and 2020, the Company had following concentrations of revenues with customers: Schedule of Concentrations of Revenue Customer December 31, 2021 December 31, 2020 A 31.51 % 3.69 % B 27.83 % 4.89 % C 22.42 % 2.68 % D 11.38 % 3.04 % E 0.00 % 76.74 % F 0.00 % 6.95 % Other misc. customers 6.86 % 2.01 % 100.00 % 100.00 % For the nine months ended December 31, 2021 and 2020, the company had following sales by products: Schedule of Sales by Products Product December 31, 2021 December 31, 2020 FaceTone $ 63,920 $ 42,632 Software hosting and reselling 10,932 12,619 DuoSubscribe - 283,562 $ 74,852 $ 338,812 Significant Judgments The Company’s contracts with customers includes multiple Software products and services to deliver and in most of the contracts, the price of the separately identifiable features are stated separately. In the event the price of the multiple product and services are not mentioned in the agreement, the Company allocates transaction prices by estimating the standalone selling price of the promised products and the services. The determination of standalone selling price for each performance obligation requires judgments. The Company determines standalone selling price for performance obligations based on overall pricing strategies, which consider market in which the company operates, historical data analysis, number of users of the product or services, size of the customer and the market price of the hardware used. Contract Balances When the timing of revenue recognition differs from the timing of invoicing for contract with customers, differed revenue and accrued revenue/ unbilled accounts receivables are recognized by the Company. Revenue under Software Implementation contracts are invoiced on stages of completion as stipulates in the agreement and the revenue recognized when the performance obligations are met and customer sign the user acceptance test (UAT). The Company invoices software license fee and royalty fee at the end of the period according to the customer agreement and accrued revenue/ unbilled revenue is recognized for the relevant period. The maintenance fee is invoiced beginning of the period and the Company recognizes as deferred revenue in the financial statements and is ratable recognized over a period of service. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Refer Note- 5 for “Accounts receivables and Provision for doubtful debts” Segment Information The Company has determined that its Chief Executive Officer is its Chief Operating Decision Maker. The Company’s executive reviews financial information presented on a consolidated basis for the purposes of assessing the performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. Deferred Revenue 11,665 2,898 Accrued Revenue/Unbilled Accounts Receivable 1,083 1,076 The Company had no contract liabilities and assets recognized for cost to fulfill a requirement of a customer as at December 31, 2021. Cost of Revenue Cost of revenue mainly includes purchases, product implementation costs, amortization of product development, developer support and implementation, and consultancy fees related to the products offered by the Company. The aggregate cost related to the software implementations, including support and consulting services pertaining to the revenue recognized during the reporting period, is recognized as cost of revenue. Product research and development Product research and development expenses consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the enhancements of existing products and services and development of new products and services. Costs incurred for software development prior to technological feasibility are expensed as product research and development costs in the period incurred. Once the point of technological feasibility is reached, which is generally upon the completion of a working prototype that has no critical bugs and is a release candidate; development costs are capitalized until the product is ready for general release and are classified within “Intangibles assets” in the accompanying consolidated balance sheets. The Company amortizes capitalized software development costs using the greater of the ratio of the products’ current gross revenues to the total of current gross revenues and expected gross revenues or on a straight-line basis over the estimated economic life of the related product, which is typically four years. During the nine months ended December 31, 2020, product research and development cost of $ 9,050 no Advertising Costs The Company expenses advertising costs as incurred. No 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. Deferred tax assets and liabilities are not recognized in the current financials due to recurring tax losses and the uncertainty of the realization of the tax allowances. Withholding taxes deducted from the source of income from foreign operations are debited to profit and loss account due to non-refundable status. Comprehensive Income The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from April 1, 2015 through December 31, 2021, includes only foreign currency conversion gains (losses), and is presented in the Company’s consolidated statements of comprehensive income. Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on December 31, 2021 and March 31, 2021 were as follows: Schedule of Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation gains (losses) Balance, March 31, 2021 $ 548,539 Translation rate gain (loss) (7,087 ) Balance, June 30, 2021 $ 541,452 Translation rate gain (loss) 26,428 Balance, September 30, 2021 $ 567,881 Translation rate gain (loss) (7,938 ) Balance, December 31, 2021 $ 559,943 Leases Lessor There are no significant changes in recognizing the Lessor under ASC 842 compared to the previous model. Changes were made to the accounting guidance of lessor and lessee, and the key aspect of the introduced model is to align the recognition criteria with new revenue recognition standard ASC 606. Under the new guidance, contract consideration is allocated to its lease components and non-lease components (such as maintenance). For the Company as a lessor, non-lease components of the contract will be accounted under ASC Topic 606, Revenue from Contracts with Customers, unless the Company elects a lessor practical expedient to not separate the non-lease components from the associated lease component. The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component. To elect the practical expedient, the timing and pattern of transfer of the lease and non-lease components must be the same and the lease component must meet the criteria to be classified as an operating lease. If these criteria’s are met, the single component can be accounted either ASC 842 or ASC 606, depending on the predominant component(s). The lessor practical expedient to not separate non-lease components from the associated component must be elected for all existing and new leases. As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the lessor’s practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. For the leases that are accounted as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being on nonaccrual and the Company has to stops recognizing leasing income on that date. Payments received from leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less) and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. The Company categorizes leases at their inception as either operating or capital leases. On certain lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without considering the deferred payment terms, such as rent holidays, that defer the commencement date of required payments. Recent Accounting Pronouncements The Company has reviewed the recent accounting pronouncements and believes that they will not have material impact on the Company’s financial position and results of operations. |
Reverse Recapitalization
Reverse Recapitalization | 9 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Reverse Recapitalization | Note 4 – Reverse Recapitalization Duo (Successor) merged with DSSL (Predecessors) on December 3, 2014, and merged with DSS (Predecessors) on December 3, 2014 (Predecessors), and DSSL and DSS became the surviving corporations, in a transaction treated as a reverse recapitalization. Duo did not have any material operations and majority-voting control was transferred to DSSL. In the recapitalization, Duo issued 28,000,000 5,000,000 310,000 5,000,000 2,000,000 of common stock in exchange for all of DSS’s 10,000 100 The transaction also required a recapitalization of DSSL and DSS. Since DSSL and DSS acquired a controlling voting interest, they were deemed the accounting acquirer, while Duo was deemed the legal acquirer. The historical financial statements of the Company are those of combined financial statements of DSSL & DSS and of the consolidated entities from the date of recapitalization and subsequent. Since the transaction is considered a reverse recapitalization, the presentation of pro-forma financial information was not required. All share and per share amounts have been retroactively restated to the earliest periods presented to reflect the transaction. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Note 5 – Accounts Receivable Following is a summary of accounts receivable as at December 31, 2021 and March 31, 2021: Schedule of Accounts Receivables December 31, 2021 March 31, 2021 Accounts receivable – Trade $ 198,185 $ 213,452 Less: Provision for doubtful debts (128,097 ) (77,580 ) Accounts receivable net $ 70,088 $ 135,872 As at December 31, 2021 and March 31, 2021, the Company had following concentrations of accounts receivables with customers: Schedule of Concentrations of Accounts Receivables Customer December 31, 2021 March 31, 2021 A 96.99 % 89.64 % B 2.18 % 3.02 % C 0.00 % 3.46 % Other receivables 0.83 % 3.88 % Concentrations of accounts receivable 100.00 % 100.00 % |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Dec. 31, 2021 | |
Prepaid Expenses And Other Current Assets | |
Prepaid Expenses and Other Current Assets | Note 6 – Prepaid Expenses and Other Current Assets Following is a summary of prepaid expenses and other current assets as at December 31, 2021 and March 31, 2021: Schedule of Prepaid Expenses and Other Current Assets December 31, 2021 March 31, 2021 David E. Wise IOLTA account $ 49,250 $ - Dial Desk Pvt Ltd 44,884 - Security deposits 13,604 17,509 Supplier advance 5,410 5,411 Prepayments 2,198 1,646 Other receivables 458 157 Prepaid expenses and other current assets $ 115,804 $ 24,723 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 7– Property and Equipment Following table illustrates net book value of property and equipment as at December 31, 2021 and March 31, 2021: Schedule of Property and Equipment December 31, 2021 March 31, 2021 Office equipment $ 1,590 $ 1,597 Furniture & fittings 106,702 107,177 Computer equipment (data processing equipment) 81,387 81,749 Improvements to lease hold assets 16,433 16,506 Website development 22,767 22,862 Fixed assets gross 228,879 229,891 Accumulated depreciation and amortization (223,066 ) (220,918 ) Net fixed assets $ 5,813 $ 8,974 Depreciation and amortization expense for the nine months ended December 31, 2021 and 2020 was $ 3,077 and $ 5,261 , respectively. |
Intangible assets
Intangible assets | 9 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Note 8 – Intangible assets Intangible assets comprise of capitalization of certain costs pertaining to products development which meets the criteria as set forth above under Note 3. Following table illustrates the movement in intangible assets as at December 31, 2021 and March 31, 2021: Schedule of Intangible Assets December 31, 2021 March 31, 2021 Opening balance $ 428,070 $ 644,586 Add: Costs capitalized during the year - 12,657 Less: Amount written-off (44,978 ) (206,433 ) Translational gain/ (loss) (2,534 ) (22,740 ) Net Intangible Assets $ 380,558 $ 428,070 |
Accounts Payable
Accounts Payable | 9 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable | Note 9 – Accounts Payable Following is a summary of accounts payable as at December 31, 2021 and March 31, 2021: Schedule of Accounts Payable December 31, 2021 March 31, 2021 Accounts payable- employees $ 256,236 $ 247,111 Supplier payable 116,626 113,051 Promissory notes 65,000 - Canagey Capital (Pvt) Ltd 64,772 65,061 Other supplier payable 61,092 61,364 EPSI Computers (Pvt) Ltd 29,462 29,593 Due to Guha Takurta 13,957 25,207 Rent deposit 379 380 Accounts payable current $ 607,524 $ 541,766 On July 14, 2021, the Company has issued promissory notes for the sum of $ 65,000 to Geneva Roth Remark Holdings Inc., a New York corporation. The said promissory notes bear an interest rate of 10 % per annum and default interest of 22 % on any unpaid capital or interest which is not paid when due on July 14, 2022. Conversion right on promissory notes: The holder has right to convert the outstanding amount in to Common shares at any time during the period beginning on the date which is one hundred eighty (180) days following the date of issue and ending either on the maturity date or the date of the payment of the default amount. Conversion price: The conversion price shall equal the variable conversion price. The “variable conversion price” shall mean 65 35 |
Short-term borrowings
Short-term borrowings | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-term borrowings | Note 10 – Short-term borrowings Following is a summary of short-term borrowings as at December 31, 2021 and March 31, 2021: Schedule of Short-term Borrowings December 31, 2021 March 31, 2021 OCBC- SGD- short term overdraft $ 445 $ - PAN Asia Bank – short term overdraft - 372,291 PAN Asia Bank – loan - 56,214 Commercial Bank - 2,488 $ 445 $ 430,993 Bank overdraft facility, obtained from Pan Asia Banking Corporation PLC, contains an interest rate of 9 105,793 11.25 110,327 12.75 149,118 28 365,239 |
Due to Related Parties
Due to Related Parties | 9 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Due to Related Parties | Note 11 – Due to Related Parties Due to Related Parties – Short term From time to time, the Company receives advances from related parties such as management, directors or principal shareholders in the normal course of business. Loans and advances received from related parties are unsecured and non-interest bearing. Balances outstanding to these persons for less than 12 months are presented under current liabilities in the accompanying consolidated financial statements. As of December 31, 2021 and March 31, 2021, the Company owed directors $ 1,129,885 1,063,397 Due to Related Parties – Long term Balances outstanding to related parties for more than 12 months are presented under long-term liabilities in the accompanying consolidated financial statements. As of December 31, 2021, and March 31, 2021, the Company owed directors $ 1,346,143 1,345,915 |
Taxes Payables
Taxes Payables | 9 Months Ended |
Dec. 31, 2021 | |
Taxes Payables | |
Taxes Payables | Note 12 – Taxes Payables Taxes payable comprised of items listed below as at December 31, 2021 and March 31, 2021: Schedule of Taxes Payables December 31, 2021 March 31, 2021 PAYE $ 161,825 $ 162,546 WHT payable 3,358 3,373 Stamp duty payable 3 5 $ 165,186 $ 165,924 |
Accruals and Other Payables
Accruals and Other Payables | 9 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accruals and Other Payables | Note 13 – Accruals and Other Payables Following is a summary of accruals and other payables as at December 31, 2021 and March 31, 2021: Schedule of Accruals and Other Payables December 31, 2021 March 31, 2021 Share Application Account $ 507,016 $ - Accruals 52,773 60,242 Other payables 17,000 17,000 Accrued interest 9,661 8,763 Audit fee payable 3,206 2,375 Accruals and other payables $ 589,656 $ 88,380 |
Cost of Revenue
Cost of Revenue | 9 Months Ended |
Dec. 31, 2021 | |
Cost Of Revenue | |
Cost of Revenue | Note 14 – Cost of Revenue Following is the summary of cost of revenue for the nine months ending December 31, 2021 and 2020: Schedule of Cost of Revenue December 31, 2021 December 31, 2020 Product development cost written off $ 44,978 $ 53,003 Support services 19,191 42,031 Purchases 5,278 9,405 Implementation cost - 9,154 Consultancy, contract basis employee cost 822 1,311 Other external services 155 1,480 Cost of revenue $ 70,424 $ 116,384 |
General and Administrative Expe
General and Administrative Expenses | 9 Months Ended |
Dec. 31, 2021 | |
General And Administrative Expenses | |
General and Administrative Expenses | Note 15 – General and Administrative Expenses Following is the summary of general and administrative expenses for the nine months ending December 31, 2021 and 2020: Schedule of General and Administrative Expenses December 31, 2021 December 31, 2020 Consulting fee $ 42,887 $ 10,318 Legal fee 16,500 13,699 Other professional services 9,620 4,377 Audit fee 7,904 7,836 Office rent 5,660 1,161 Internet charges 2,635 3,519 Telephone charges 2,301 3,242 Filling fee and subscription 1,483 858 Penalties / late payment charges 1,262 9,504 Transfer agent fees 1,150 1,200 OTC Market fees 1,086 9,748 Computer maintenance 928 334 Software rentals 701 581 Staff welfare 700 233 Office maintenance 802 548 Electricity charges 651 1,005 Professional fees 615 4,800 Secretarial fees 534 493 Other expenses 515 367 Stamp duty expenses 215 228 Vehicle allowance 133 7,313 Courier and postage 42 189 Printing and stationery 28 78 Directors remuneration - 95,307 EPF - 6,698 ETF - 1,674 Lease expenses - 8,247 Investor relations - 329 Travelling expense - 319 General and administrative expense $ 98,352 $ 194,205 |
Selling and Distribution Expens
Selling and Distribution Expenses | 9 Months Ended |
Dec. 31, 2021 | |
Selling And Distribution Expenses | |
Selling and Distribution Expenses | Note 16 – Selling and Distribution Expenses Following is the summery of selling and distribution expenses for the nine months ending December 31, 2020 and 2019: Schedule of Selling and Distribution Expenses December 31, 2021 December 31, 2020 Vehicle running expense $ 240 $ - Vehicle hire charges - 3,901 Marketing expenses - 82 Selling and distribution expenses $ 240 $ 3,983 |
Equity
Equity | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | Note 17 - Equity (A) Common Stock As at December 31, 2021, the Company had 400,000,000 0.001 ● Voting rights: ● Right to elect board of directors: ● Right to share income and assets: During the nine months ended December 31, 2021, the Company did not issue common shares: (B) Preferred Stock As at December 31, 2021, the Company had 10,000,000 authorized series “A” preferred shares having a par value of $ 0.001 per share. The preferred shares have been designated with the following conversion rights: ● One preferred share will convert into ten ( 10 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18 - Commitments and Contingencies The Company consults with legal counsel on matters related to litigation and other experts both within and outside the Company with respect to matters in the ordinary course of business. The Company does not have any contingent liabilities in respect of legal claims arising in the ordinary course of business. Guarantees and security deposits provided by the company existed on the balance sheet date are as follows: Schedule of Guarantee Provided by Existed Company Date Description Amount 7/31/2014 Guarantee for SLT $ 428 8/10/2015 Guarantee for LOLC 1,209 10/9/2018 Rent deposit for office space 8,312 10/14/2019 Security deposit for CEB 756 10/21/2019 Security deposit for CEB 302 11/18/2020 Guarantee for HDFC bank 126 $ 11,134 |
General
General | 9 Months Ended |
Dec. 31, 2021 | |
General | |
General | Note 19 - General Figures have been rounded off to the nearest dollar and the comparative figures have been re-arranged / reclassified, wherever necessary, to facilitate comparison. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The accompanying consolidated Financial Statements include the accounts and transactions of DSSL and DSS (Predecessors) and Duo (Successor). Duo World Inc. is the parent company of its 100 100 |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates and assumptions requires management to exercise significant judgment. It is least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates and assumptions. The most significant estimates relate to the timing and amounts of revenue recognition, the recognition and disclosure of contingent liabilities and the collectability of accounts receivable. |
Risks and Uncertainties | Risks and Uncertainties The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. Product revenues are concentrated in the application software industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies could adversely affect operating results. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various high quality financial institutions and we monitor the credit ratings of those institutions. The Company’s sales are primarily to the companies located in Sri Lanka, Singapore Indonesia and India. The Company performs ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. Accounts receivable are due principally from the companies understated contract terms. |
Provisions | Provisions A provision is recognized when the company has present obligations because of past event and when 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. |
Accounts Receivable and Provision for Doubtful Accounts | Accounts Receivable and Provision for Doubtful Accounts The Company recognizes accounts receivable in connection with the products sold and services provided and has strong policies and procedures for the collection receivables from its clients. However, there are inevitably occasions when the receivables due to the Company cannot be collected and, therefore, have to be written off as bad debts. While the debt collection process is being pursued, an assessment is made of the likelihood of the receivable being collectable. A provision is therefore, made against the outstanding receivable to reflect that component that may not become collectable. The Company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following: Schedule of Provision for Doubtful Debts Based on Period Outstanding Trade receivables outstanding: Provision Over 24 months 100 % Over 18 months 50 % Over 15 months 25 % Over 12 months 10 % Over 9 months 5 % |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2021 and March 31, 2021, there were no |
Foreign Currency Translation | Foreign Currency Translation The functional currencies of the Company’s foreign subsidiaries are their local currencies. For financial reporting purposes, these currencies have been converted into United States Dollars ($) and/or USD as the reporting currency. All assets and liabilities denominated in foreign functional currencies are converted into U.S. dollars at the closing exchange rate on the balance sheet date and equity balances are converted at historical rates. Revenues, costs and expenses in foreign functional currencies are converted at the average rate of exchange during the period. Conversion adjustments arising from the use of different exchange rates from period to period are included as a component of shareholders’ deficit as “accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive income /(loss) as other income (expense). |
Property and Equipment | Property and Equipment Fixed assets (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets. The estimated salvage value is considered as NIL. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 15 Useful lives of the fixed assets are as follows: Schedule of Estimated Useful Lives of Fixed Assets Furniture & fittings 5 Improvements to lease hold assets Lease term Office equipment 5 Computer equipment (Data processing equipment) 3 Website development 4 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets, such as property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. |
Fair Value Measurements and Fair Value of Financial Instruments | Fair Value Measurements and Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. |
Post Retirement Benefit Plan | Post Retirement Benefit Plan The Company has gratuity as post-employment plan for all the eligible employees. The recognition for the gratuity plan is as below:- The expected postretirement benefit obligation (“EPBO”) is the actuarial present value (“APV”) as of a specific date of the benefits expected to be paid to the employee, beneficiaries, and covered dependents. Measurement of the EPBO is based on the following: 1. Expected amount and timing of future benefits 2. Expected future costs 3. Extent of cost sharing The EPBO includes an assumed salary progression for a pay-related plan. Future compensation levels represent the best estimate after considering the individual employees involved, general price levels, seniority, productivity, promotions, indirect effects, and the like. The Accumulated postretirement benefit obligation (“APBO”) is the APV as of a specific date of all future benefits attributable to service by an employee to that date. It represents the portion of the EPBO earned to date. After full eligibility is attained, the APBO equals the EPBO. The APBO also includes an assumed salary progression for a pay-related plan. |
Revenue Recognition, Deferred & Accrued Revenue | Revenue Recognition, Deferred & Accrued Revenue The Company recognizes revenue from the sale of software licenses and related services. The Company revenue recognition policy follows guidance from Accounting Standards 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: ● Identify the Contract(s) with the customer; ● Identify the performance obligation of the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract and; ● Recognize revenue when or as the company satisfies a performance obligation. The consideration for the transaction [performance obligation(s)] is determined as per the agreement, contract or invoice for the services and products. 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 Enterprise software solutions Cloud services AMC Services For the nine months ended December 31, 2021 and 2020, the Company received only cash as consideration for sale of licenses and related services rendered. For the nine months ended December 31, 2021 and 2020, the Company had following concentrations of revenues with customers: Schedule of Concentrations of Revenue Customer December 31, 2021 December 31, 2020 A 31.51 % 3.69 % B 27.83 % 4.89 % C 22.42 % 2.68 % D 11.38 % 3.04 % E 0.00 % 76.74 % F 0.00 % 6.95 % Other misc. customers 6.86 % 2.01 % 100.00 % 100.00 % For the nine months ended December 31, 2021 and 2020, the company had following sales by products: Schedule of Sales by Products Product December 31, 2021 December 31, 2020 FaceTone $ 63,920 $ 42,632 Software hosting and reselling 10,932 12,619 DuoSubscribe - 283,562 $ 74,852 $ 338,812 |
Significant Judgments | Significant Judgments The Company’s contracts with customers includes multiple Software products and services to deliver and in most of the contracts, the price of the separately identifiable features are stated separately. In the event the price of the multiple product and services are not mentioned in the agreement, the Company allocates transaction prices by estimating the standalone selling price of the promised products and the services. The determination of standalone selling price for each performance obligation requires judgments. The Company determines standalone selling price for performance obligations based on overall pricing strategies, which consider market in which the company operates, historical data analysis, number of users of the product or services, size of the customer and the market price of the hardware used. |
Contract Balances | Contract Balances When the timing of revenue recognition differs from the timing of invoicing for contract with customers, differed revenue and accrued revenue/ unbilled accounts receivables are recognized by the Company. Revenue under Software Implementation contracts are invoiced on stages of completion as stipulates in the agreement and the revenue recognized when the performance obligations are met and customer sign the user acceptance test (UAT). The Company invoices software license fee and royalty fee at the end of the period according to the customer agreement and accrued revenue/ unbilled revenue is recognized for the relevant period. The maintenance fee is invoiced beginning of the period and the Company recognizes as deferred revenue in the financial statements and is ratable recognized over a period of service. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Refer Note- 5 for “Accounts receivables and Provision for doubtful debts” |
Segment Information | Segment Information The Company has determined that its Chief Executive Officer is its Chief Operating Decision Maker. The Company’s executive reviews financial information presented on a consolidated basis for the purposes of assessing the performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. |
Deferred Revenue | Deferred Revenue 11,665 2,898 |
Accrued Revenue/Unbilled Accounts Receivable | Accrued Revenue/Unbilled Accounts Receivable 1,083 1,076 The Company had no contract liabilities and assets recognized for cost to fulfill a requirement of a customer as at December 31, 2021. |
Cost of Revenue | Cost of Revenue Cost of revenue mainly includes purchases, product implementation costs, amortization of product development, developer support and implementation, and consultancy fees related to the products offered by the Company. The aggregate cost related to the software implementations, including support and consulting services pertaining to the revenue recognized during the reporting period, is recognized as cost of revenue. |
Product research and development | Product research and development Product research and development expenses consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the enhancements of existing products and services and development of new products and services. Costs incurred for software development prior to technological feasibility are expensed as product research and development costs in the period incurred. Once the point of technological feasibility is reached, which is generally upon the completion of a working prototype that has no critical bugs and is a release candidate; development costs are capitalized until the product is ready for general release and are classified within “Intangibles assets” in the accompanying consolidated balance sheets. The Company amortizes capitalized software development costs using the greater of the ratio of the products’ current gross revenues to the total of current gross revenues and expected gross revenues or on a straight-line basis over the estimated economic life of the related product, which is typically four years. During the nine months ended December 31, 2020, product research and development cost of $ 9,050 no |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. No |
Income Taxes | 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. Deferred tax assets and liabilities are not recognized in the current financials due to recurring tax losses and the uncertainty of the realization of the tax allowances. Withholding taxes deducted from the source of income from foreign operations are debited to profit and loss account due to non-refundable status. |
Comprehensive Income | Comprehensive Income The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from April 1, 2015 through December 31, 2021, includes only foreign currency conversion gains (losses), and is presented in the Company’s consolidated statements of comprehensive income. Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on December 31, 2021 and March 31, 2021 were as follows: Schedule of Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation gains (losses) Balance, March 31, 2021 $ 548,539 Translation rate gain (loss) (7,087 ) Balance, June 30, 2021 $ 541,452 Translation rate gain (loss) 26,428 Balance, September 30, 2021 $ 567,881 Translation rate gain (loss) (7,938 ) Balance, December 31, 2021 $ 559,943 |
Leases | Leases Lessor There are no significant changes in recognizing the Lessor under ASC 842 compared to the previous model. Changes were made to the accounting guidance of lessor and lessee, and the key aspect of the introduced model is to align the recognition criteria with new revenue recognition standard ASC 606. Under the new guidance, contract consideration is allocated to its lease components and non-lease components (such as maintenance). For the Company as a lessor, non-lease components of the contract will be accounted under ASC Topic 606, Revenue from Contracts with Customers, unless the Company elects a lessor practical expedient to not separate the non-lease components from the associated lease component. The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component. To elect the practical expedient, the timing and pattern of transfer of the lease and non-lease components must be the same and the lease component must meet the criteria to be classified as an operating lease. If these criteria’s are met, the single component can be accounted either ASC 842 or ASC 606, depending on the predominant component(s). The lessor practical expedient to not separate non-lease components from the associated component must be elected for all existing and new leases. As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the lessor’s practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. For the leases that are accounted as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being on nonaccrual and the Company has to stops recognizing leasing income on that date. Payments received from leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less) and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. The Company categorizes leases at their inception as either operating or capital leases. On certain lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without considering the deferred payment terms, such as rent holidays, that defer the commencement date of required payments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed the recent accounting pronouncements and believes that they will not have material impact on the Company’s financial position and results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Provision for Doubtful Debts Based on Period Outstanding | Schedule of Provision for Doubtful Debts Based on Period Outstanding Trade receivables outstanding: Provision Over 24 months 100 % Over 18 months 50 % Over 15 months 25 % Over 12 months 10 % Over 9 months 5 % |
Schedule of Estimated Useful Lives of Fixed Assets | Useful lives of the fixed assets are as follows: Schedule of Estimated Useful Lives of Fixed Assets Furniture & fittings 5 Improvements to lease hold assets Lease term Office equipment 5 Computer equipment (Data processing equipment) 3 Website development 4 |
Schedule of Concentrations of Revenue | For the nine months ended December 31, 2021 and 2020, the Company had following concentrations of revenues with customers: Schedule of Concentrations of Revenue Customer December 31, 2021 December 31, 2020 A 31.51 % 3.69 % B 27.83 % 4.89 % C 22.42 % 2.68 % D 11.38 % 3.04 % E 0.00 % 76.74 % F 0.00 % 6.95 % Other misc. customers 6.86 % 2.01 % 100.00 % 100.00 % |
Schedule of Sales by Products | For the nine months ended December 31, 2021 and 2020, the company had following sales by products: Schedule of Sales by Products Product December 31, 2021 December 31, 2020 FaceTone $ 63,920 $ 42,632 Software hosting and reselling 10,932 12,619 DuoSubscribe - 283,562 $ 74,852 $ 338,812 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on December 31, 2021 and March 31, 2021 were as follows: Schedule of Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation gains (losses) Balance, March 31, 2021 $ 548,539 Translation rate gain (loss) (7,087 ) Balance, June 30, 2021 $ 541,452 Translation rate gain (loss) 26,428 Balance, September 30, 2021 $ 567,881 Translation rate gain (loss) (7,938 ) Balance, December 31, 2021 $ 559,943 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivables | Following is a summary of accounts receivable as at December 31, 2021 and March 31, 2021: Schedule of Accounts Receivables December 31, 2021 March 31, 2021 Accounts receivable – Trade $ 198,185 $ 213,452 Less: Provision for doubtful debts (128,097 ) (77,580 ) Accounts receivable net $ 70,088 $ 135,872 |
Schedule of Concentrations of Accounts Receivables | As at December 31, 2021 and March 31, 2021, the Company had following concentrations of accounts receivables with customers: Schedule of Concentrations of Accounts Receivables Customer December 31, 2021 March 31, 2021 A 96.99 % 89.64 % B 2.18 % 3.02 % C 0.00 % 3.46 % Other receivables 0.83 % 3.88 % Concentrations of accounts receivable 100.00 % 100.00 % |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Prepaid Expenses And Other Current Assets | |
Schedule of Prepaid Expenses and Other Current Assets | Following is a summary of prepaid expenses and other current assets as at December 31, 2021 and March 31, 2021: Schedule of Prepaid Expenses and Other Current Assets December 31, 2021 March 31, 2021 David E. Wise IOLTA account $ 49,250 $ - Dial Desk Pvt Ltd 44,884 - Security deposits 13,604 17,509 Supplier advance 5,410 5,411 Prepayments 2,198 1,646 Other receivables 458 157 Prepaid expenses and other current assets $ 115,804 $ 24,723 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Following table illustrates net book value of property and equipment as at December 31, 2021 and March 31, 2021: Schedule of Property and Equipment December 31, 2021 March 31, 2021 Office equipment $ 1,590 $ 1,597 Furniture & fittings 106,702 107,177 Computer equipment (data processing equipment) 81,387 81,749 Improvements to lease hold assets 16,433 16,506 Website development 22,767 22,862 Fixed assets gross 228,879 229,891 Accumulated depreciation and amortization (223,066 ) (220,918 ) Net fixed assets $ 5,813 $ 8,974 |
Intangible assets (Tables)
Intangible assets (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Schedule of Intangible Assets December 31, 2021 March 31, 2021 Opening balance $ 428,070 $ 644,586 Add: Costs capitalized during the year - 12,657 Less: Amount written-off (44,978 ) (206,433 ) Translational gain/ (loss) (2,534 ) (22,740 ) Net Intangible Assets $ 380,558 $ 428,070 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable | Following is a summary of accounts payable as at December 31, 2021 and March 31, 2021: Schedule of Accounts Payable December 31, 2021 March 31, 2021 Accounts payable- employees $ 256,236 $ 247,111 Supplier payable 116,626 113,051 Promissory notes 65,000 - Canagey Capital (Pvt) Ltd 64,772 65,061 Other supplier payable 61,092 61,364 EPSI Computers (Pvt) Ltd 29,462 29,593 Due to Guha Takurta 13,957 25,207 Rent deposit 379 380 Accounts payable current $ 607,524 $ 541,766 |
Short-term borrowings (Tables)
Short-term borrowings (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Borrowings | Following is a summary of short-term borrowings as at December 31, 2021 and March 31, 2021: Schedule of Short-term Borrowings December 31, 2021 March 31, 2021 OCBC- SGD- short term overdraft $ 445 $ - PAN Asia Bank – short term overdraft - 372,291 PAN Asia Bank – loan - 56,214 Commercial Bank - 2,488 $ 445 $ 430,993 |
Taxes Payables (Tables)
Taxes Payables (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Taxes Payables | |
Schedule of Taxes Payables | Taxes payable comprised of items listed below as at December 31, 2021 and March 31, 2021: Schedule of Taxes Payables December 31, 2021 March 31, 2021 PAYE $ 161,825 $ 162,546 WHT payable 3,358 3,373 Stamp duty payable 3 5 $ 165,186 $ 165,924 |
Accruals and Other Payables (Ta
Accruals and Other Payables (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accruals and Other Payables | Following is a summary of accruals and other payables as at December 31, 2021 and March 31, 2021: Schedule of Accruals and Other Payables December 31, 2021 March 31, 2021 Share Application Account $ 507,016 $ - Accruals 52,773 60,242 Other payables 17,000 17,000 Accrued interest 9,661 8,763 Audit fee payable 3,206 2,375 Accruals and other payables $ 589,656 $ 88,380 |
Cost of Revenue (Tables)
Cost of Revenue (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Cost Of Revenue | |
Schedule of Cost of Revenue | Following is the summary of cost of revenue for the nine months ending December 31, 2021 and 2020: Schedule of Cost of Revenue December 31, 2021 December 31, 2020 Product development cost written off $ 44,978 $ 53,003 Support services 19,191 42,031 Purchases 5,278 9,405 Implementation cost - 9,154 Consultancy, contract basis employee cost 822 1,311 Other external services 155 1,480 Cost of revenue $ 70,424 $ 116,384 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
General And Administrative Expenses | |
Schedule of General and Administrative Expenses | Following is the summary of general and administrative expenses for the nine months ending December 31, 2021 and 2020: Schedule of General and Administrative Expenses December 31, 2021 December 31, 2020 Consulting fee $ 42,887 $ 10,318 Legal fee 16,500 13,699 Other professional services 9,620 4,377 Audit fee 7,904 7,836 Office rent 5,660 1,161 Internet charges 2,635 3,519 Telephone charges 2,301 3,242 Filling fee and subscription 1,483 858 Penalties / late payment charges 1,262 9,504 Transfer agent fees 1,150 1,200 OTC Market fees 1,086 9,748 Computer maintenance 928 334 Software rentals 701 581 Staff welfare 700 233 Office maintenance 802 548 Electricity charges 651 1,005 Professional fees 615 4,800 Secretarial fees 534 493 Other expenses 515 367 Stamp duty expenses 215 228 Vehicle allowance 133 7,313 Courier and postage 42 189 Printing and stationery 28 78 Directors remuneration - 95,307 EPF - 6,698 ETF - 1,674 Lease expenses - 8,247 Investor relations - 329 Travelling expense - 319 General and administrative expense $ 98,352 $ 194,205 |
Selling and Distribution Expe_2
Selling and Distribution Expenses (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Selling And Distribution Expenses | |
Schedule of Selling and Distribution Expenses | Following is the summery of selling and distribution expenses for the nine months ending December 31, 2020 and 2019: Schedule of Selling and Distribution Expenses December 31, 2021 December 31, 2020 Vehicle running expense $ 240 $ - Vehicle hire charges - 3,901 Marketing expenses - 82 Selling and distribution expenses $ 240 $ 3,983 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantee Provided by Existed Company | Guarantees and security deposits provided by the company existed on the balance sheet date are as follows: Schedule of Guarantee Provided by Existed Company Date Description Amount 7/31/2014 Guarantee for SLT $ 428 8/10/2015 Guarantee for LOLC 1,209 10/9/2018 Rent deposit for office space 8,312 10/14/2019 Security deposit for CEB 756 10/21/2019 Security deposit for CEB 302 11/18/2020 Guarantee for HDFC bank 126 $ 11,134 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 9 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 229,259 | $ 153,900 | |||
Net cash provided by operations | (525,496) | $ 95,684 | |||
Working capital | 2,978,037 | $ 2,826,272 | |||
Employee provident fund and employee trust fund | 369,637 | 373,142 | |||
Stockholders' deficit | $ 3,963,015 | $ 3,915,434 | $ 3,851,050 | $ 3,779,098 |
Schedule of Provision for Doubt
Schedule of Provision for Doubtful Debts Based on Period Outstanding (Details) - Trade Receivables Outstanding [Member] | 9 Months Ended |
Dec. 31, 2021 | |
Over 24 Months [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Provisioning for trade receivables outstanding percentage over period | 100.00% |
Over 18 Months [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Provisioning for trade receivables outstanding percentage over period | 50.00% |
Over 15 Months [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Provisioning for trade receivables outstanding percentage over period | 25.00% |
Over 12 Months [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Provisioning for trade receivables outstanding percentage over period | 10.00% |
Over 9 Months [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Provisioning for trade receivables outstanding percentage over period | 5.00% |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives of Fixed Assets (Details) | 9 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Lives of property and equipment | 15 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Lives of property and equipment | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Lives of property and equipment, description | Lease term |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Lives of property and equipment | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Lives of property and equipment | 3 years |
Website Development [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Lives of property and equipment | 4 years |
Schedule of Concentrations of R
Schedule of Concentrations of Revenue (Details) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Product Information [Line Items] | |||
Concentrations of revenue percentage | 100.00% | 100.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 100.00% | 100.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 31.51% | 3.69% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 27.83% | 4.89% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 22.42% | 2.68% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 11.38% | 3.04% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer E [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 0.00% | 76.74% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer F [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 0.00% | 6.95% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Other Misc Customers [Member] | |||
Product Information [Line Items] | |||
Concentrations of revenue percentage | 6.86% | 2.01% |
Schedule of Sales by Products (
Schedule of Sales by Products (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | ||||
Revenue | $ 20,146 | $ 64,842 | $ 74,852 | $ 338,812 |
Face Tone [Member] | ||||
Product Information [Line Items] | ||||
Revenue | 63,920 | 42,632 | ||
Software Hosting and Reselling [Member] | ||||
Product Information [Line Items] | ||||
Revenue | 10,932 | 12,619 | ||
Duo Subscribe [Member] | ||||
Product Information [Line Items] | ||||
Revenue | $ 283,562 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||||||
Foreign currency translation gain (loss), beginning | $ 567,881 | $ 541,452 | $ 548,539 | $ 548,539 | ||
Translation rate gain (loss) | (7,938) | 26,428 | (7,087) | $ (11,253) | 11,404 | $ (110,321) |
Foreign currency translation gain (loss), ending | $ 559,943 | $ 567,881 | $ 541,452 | $ 559,943 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Cash equivalents | $ 0 | $ 0 | |
Estimated useful life | 15 years | ||
Deferred Revenue, Current | $ 11,665 | 2,898 | |
Unbilled/accrued revenues | 1,083 | $ 1,076 | |
Product research and development cost | 0 | $ 9,050 | |
Advertising expense | $ 0 | $ 0 | |
Duo Software Pvt Limited And Duo Software Pte Limited [Member] | |||
Ownership interest | 100.00% | ||
Duo Software India Private Limited [Member] | |||
Ownership interest | 100.00% |
Reverse Recapitalization (Detai
Reverse Recapitalization (Details Narrative) - USD ($) | Dec. 03, 2014 | Dec. 31, 2021 | Mar. 31, 2021 |
Common stock, shares issued | 67,754,296 | 67,754,296 | |
Common stock, shares outstanding | 67,754,296 | 67,754,296 | |
Duo Software Pte Limited DSSL [Member] | |||
Cash consideration on exchange of DSSL's | $ 310,000 | ||
Common stock, shares issued | 5,000,000 | ||
Common stock, shares outstanding | 5,000,000 | ||
Duo Software Pte Limited DSSL [Member] | Series A Preferred Stock [Member] | |||
Number of stock issued during period, shares | 5,000,000 | ||
Duo Software Pte Limited DSSL [Member] | Common Stock [Member] | |||
Number of stock issued during period, shares | 28,000,000 | ||
Duo Software Pte Limited DSS [Member] | |||
Common stock, shares issued | 10,000 | ||
Common stock, shares outstanding | 10,000 | ||
Duo Software Pte Limited DSS [Member] | Common Stock [Member] | |||
Number of stock issued during period, shares | 2,000,000 | ||
Duo Software Pvt Limited DSSL and Duo Software Pte Limited DSS [Member] | |||
Shareholder acquisition, percent | 100.00% |
Schedule of Accounts Receivable
Schedule of Accounts Receivables (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable – Trade | $ 198,185 | $ 213,452 |
Less: Provision for doubtful debts | (128,097) | (77,580) |
Accounts receivable net | $ 70,088 | $ 135,872 |
Schedule of Concentrations of A
Schedule of Concentrations of Accounts Receivables (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentrations of accounts receivable | 100.00% | 100.00% |
Accounts Receivable [Member] | Customer A [Member] | Customer Concentration Risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentrations of accounts receivable | 96.99% | 89.64% |
Accounts Receivable [Member] | Customer B [Member] | Customer Concentration Risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentrations of accounts receivable | 2.18% | 3.02% |
Accounts Receivable [Member] | Customer C [Member] | Customer Concentration Risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentrations of accounts receivable | 0.00% | 3.46% |
Accounts Receivable [Member] | Other Receivables [Member] | Customer Concentration Risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentrations of accounts receivable | 0.83% | 3.88% |
Schedule of Prepaid Expenses an
Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Prepaid Expenses And Other Current Assets | ||
David E. Wise IOLTA account | $ 49,250 | |
Dial Desk Pvt Ltd | 44,884 | |
Security deposits | 13,604 | 17,509 |
Supplier advance | 5,410 | 5,411 |
Prepayments | 2,198 | 1,646 |
Other receivables | 458 | 157 |
Prepaid expenses and other current assets | $ 115,804 | $ 24,723 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | $ 228,879 | $ 229,891 |
Accumulated depreciation and amortization | (223,066) | (220,918) |
Net fixed assets | 5,813 | 8,974 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 1,590 | 1,597 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 106,702 | 107,177 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 81,387 | 81,749 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 16,433 | 16,506 |
Software Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | $ 22,767 | $ 22,862 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 3,077 | $ 5,261 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Opening balance | $ 428,070 | $ 644,586 |
Add: Costs capitalized during the year | 12,657 | |
Less: Amount written-off | (44,978) | (206,433) |
Translational gain/ (loss) | (2,534) | (22,740) |
Net Intangible Assets | $ 380,558 | $ 428,070 |
Schedule of Accounts Payable (D
Schedule of Accounts Payable (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable- employees | $ 256,236 | $ 247,111 |
Supplier payable | 116,626 | 113,051 |
Promissory notes | 65,000 | |
Canagey Capital (Pvt) Ltd | 64,772 | 65,061 |
Other supplier payable | 61,092 | 61,364 |
EPSI Computers (Pvt) Ltd | 29,462 | 29,593 |
Due to Guha Takurta | 13,957 | 25,207 |
Rent deposit | 379 | 380 |
Accounts payable current | $ 607,524 | $ 541,766 |
Accounts Payable (Details Narra
Accounts Payable (Details Narrative) - USD ($) | Jul. 14, 2021 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Proceeds from Issuance of Debt | $ 65,000 | |
Promissory notes bear interest rate | 10.00% | |
Promissory notes interest rate | 22.00% | |
Debt Conversion, Description | The “variable conversion price” shall mean 65% of the market price (representing a discount rate of 35%) | |
Debt Conversion, Original Debt, Interest Rate of Debt | 65.00% | |
Debt Conversion, Converted Instrument, Rate | 35.00% |
Schedule of Short-term Borrowin
Schedule of Short-term Borrowings (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Short-Term Borrowings | $ 445 | $ 430,993 |
OCBCSGD Short Term Overdraft [Member] | ||
Short-Term Borrowings | 445 | |
PAN Asia Bank Short Term Overdraft [Member] | ||
Short-Term Borrowings | 372,291 | |
PAN Asia Bank Loan [Member] | ||
Short-Term Borrowings | 56,214 | |
Commercial Bank [Member] | ||
Short-Term Borrowings | $ 2,488 |
Short-term borrowings (Details
Short-term borrowings (Details Narrative) - Pan Asia Banking Corporation PLC [Member] | Dec. 31, 2021USD ($) |
Interest Rate One [Member] | |
Line of Credit Facility [Line Items] | |
Bank overdraft facility interest rate | 9.00% |
Bank overdrafts | $ 105,793 |
Interest Rate Two [Member] | |
Line of Credit Facility [Line Items] | |
Bank overdraft facility interest rate | 11.25% |
Bank overdrafts | $ 110,327 |
Interest Rate Three [Member] | |
Line of Credit Facility [Line Items] | |
Bank overdraft facility interest rate | 12.75% |
Bank overdrafts | $ 149,118 |
Interest Rate Four [Member] | |
Line of Credit Facility [Line Items] | |
Bank overdraft facility interest rate | 28.00% |
Bank overdrafts | $ 365,239 |
Due to Related Parties (Details
Due to Related Parties (Details Narrative) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Related Party Transactions [Abstract] | ||
Due to related parties, short term | $ 1,129,885 | $ 1,063,397 |
Due to related parties, long term | $ 1,346,143 | $ 1,345,915 |
Schedule of Taxes Payables (Det
Schedule of Taxes Payables (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Taxes payable | $ 165,186 | $ 165,924 |
PAYE [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Taxes payable | 161,825 | 162,546 |
W H T Payable [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Taxes payable | 3,358 | 3,373 |
Stamp Duty Payable [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Taxes payable | $ 3 | $ 5 |
Schedule of Accruals and Other
Schedule of Accruals and Other Payables (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Share Application Account | $ 507,016 | |
Accruals | 52,773 | 60,242 |
Other payables | 17,000 | 17,000 |
Accrued interest | 9,661 | 8,763 |
Audit fee payable | 3,206 | 2,375 |
Accruals and other payables | $ 589,656 | $ 88,380 |
Schedule of Cost of Revenue (De
Schedule of Cost of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cost Of Revenue | ||||
Product development cost written off | $ 44,978 | $ 53,003 | ||
Support services | 19,191 | 42,031 | ||
Purchases | 5,278 | 9,405 | ||
Implementation cost | 9,154 | |||
Consultancy, contract basis employee cost | 822 | 1,311 | ||
Other external services | 155 | 1,480 | ||
Cost of revenue | $ 19,386 | $ 33,763 | $ 70,424 | $ 116,384 |
Schedule of General and Adminis
Schedule of General and Administrative Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
General And Administrative Expenses | ||||
Consulting fee | $ 42,887 | $ 10,318 | ||
Legal fee | 16,500 | 13,699 | ||
Other professional services | 9,620 | 4,377 | ||
Audit fee | 7,904 | 7,836 | ||
Office rent | 5,660 | 1,161 | ||
Internet charges | 2,635 | 3,519 | ||
Telephone charges | 2,301 | 3,242 | ||
Filling fee and subscription | 1,483 | 858 | ||
Penalties / late payment charges | 1,262 | 9,504 | ||
Transfer agent fees | 1,150 | 1,200 | ||
OTC Market fees | 1,086 | 9,748 | ||
Computer maintenance | 928 | 334 | ||
Software rentals | 701 | 581 | ||
Staff welfare | 700 | 233 | ||
Office maintenance | 802 | 548 | ||
Electricity charges | 651 | 1,005 | ||
Professional fees | 615 | 4,800 | ||
Secretarial fees | 534 | 493 | ||
Other expenses | 515 | 367 | ||
Stamp duty expenses | 215 | 228 | ||
Vehicle allowance | 133 | 7,313 | ||
Courier and postage | 42 | 189 | ||
Printing and stationery | 28 | 78 | ||
Directors remuneration | 95,307 | |||
EPF | 6,698 | |||
ETF | 1,674 | |||
Lease expenses | 8,247 | |||
Investor relations | 329 | |||
Travelling expense | 319 | |||
General and administrative expense | $ 32,891 | $ 62,032 | $ 98,352 | $ 194,205 |
Schedule of Selling and Distrib
Schedule of Selling and Distribution Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Selling And Distribution Expenses | ||||
Vehicle running expense | $ 240 | |||
Vehicle hire charges | 3,901 | |||
Marketing expenses | 82 | |||
Selling and distribution expenses | $ 52 | $ 1,310 | $ 240 | $ 3,983 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred stock conversion description | One preferred share will convert into ten (10) common shares no earlier than 24 months and 1 day after the issuance | |
Preferred stock conversion shares | 10 |
Schedule of Guarantee Provided
Schedule of Guarantee Provided by Existed Company (Details) - USD ($) | Nov. 18, 2020 | Oct. 21, 2019 | Oct. 14, 2019 | Oct. 09, 2018 | Aug. 10, 2015 | Jul. 31, 2014 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Guarantee Description | Guarantee for HDFC bank | Security deposit for CEB | Security deposit for CEB | Rent deposit for office space | Guarantee for LOLC | Guarantee for SLT | |
Guarantee Amount | $ 126 | $ 302 | $ 756 | $ 8,312 | $ 1,209 | $ 428 | $ 11,134 |