0001214659-18-007169.txt : 20181114 0001214659-18-007169.hdr.sgml : 20181114 20181114171146 ACCESSION NUMBER: 0001214659-18-007169 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TripBorn, Inc. CENTRAL INDEX KEY: 0001498232 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 272447426 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-210821 FILM NUMBER: 181185045 BUSINESS ADDRESS: STREET 1: 812 VENUS ATLANTIS CORPORATE PARK STREET 2: NEAR PRAHALAD NAGAR GARDEN, SATELLITE CITY: AHMEDABAD STATE: K7 ZIP: 380 015 BUSINESS PHONE: (91) 79 40191914 MAIL ADDRESS: STREET 1: 812 VENUS ATLANTIS CORPORATE PARK STREET 2: NEAR PRAHALAD NAGAR GARDEN, SATELLITE CITY: AHMEDABAD STATE: K7 ZIP: 380 015 FORMER COMPANY: FORMER CONFORMED NAME: PinstripesNYC, Inc. DATE OF NAME CHANGE: 20100804 10-Q 1 r11718010q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

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

For the transition period from to

Commission File Number: 333-210821

TripBorn, Inc.

(Exact name of registrant as specified in its charter)

Delaware

27-2447426

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

812, Venus Atlantis Corporate Park

Near Prahalad Nagar Garden, Satellite

Ahmedabad, Gujarat, India 380 015

(Address of principal executive office) (Zip Code)

(91) 79 40191914

(Registrant’s telephone number, including area code)

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

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

Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	¨	Smaller reporting company	x
		Emerging growth company	x

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

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

No market value has been computed based upon the fact that no active trading market existed as of the last business day of the registrant’s most recently completed second fiscal quarter.

As of November 13, 2018, there were outstanding 95,711,874 shares of common stock, par value $0.0001 per share.

TripBorn, Inc.

Form 10-Q

For the Second Quarter and Six Months Ended September 30, 2018

Contents


Part I	Financial Information

Item 1	Unaudited Condensed Consolidated Financial Statements

	Statements of Operations for the Three and Six Months Ended September 30, 2018 and 2017	3

	Statements of Comprehensive Income (Loss) for the Three and Six Months Ended September 30, 2018 and 2017	4

	Balance Sheets as of September 30, 2018 and March 31, 2018	5

	Statements of Stockholders Equity (Deficit) for the Six Months Ended September 30, 2018	6
	Statements of Cash Flows for the First Six Months Ended September 30, 2018 and 2017	7

	Notes to Consolidated Financial Statements	8

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16


Item 4	Controls and Procedures	21

Part II	Other Information	22

Item 1	Legal Proceedings	22

Item 1A	Risk Factors	22

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 5	Other Information	22

Item 6	Exhibits	22
Signature		22
Index to Exhibits		23

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

TRIPBORN, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Second Quarter Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017
Net revenue	$	90,974		$	70,090		$	192,757		$	178,632

Cost of revenue		260			6,987			2,897			26,873

Gross profit		90,714			63,103			189,860			151,759

Operating expenses
Selling, general, and administrative expenses		235,327			143,488			476,029			319,665
Legal and consulting expenses		33,790			50,024			82,703			97,647

Income (loss) from operations		(178,403	)		(130,409	)		(368,872	)		(265,553	)

Other income (expense)
Depreciation and amortization		(84,185	)		(80,643	)		(167,751	)		(199,547	)
Interest income		62			164			144			164
Interest expense		(47,709	)		(9,095	)		(95,034	)		(69,589	)
Total other income (expense)		(131,832	)		(89,574	)		(262,641	)		(268,972	)

Income (loss) before income tax expense		(310,235	)		(219,983	)		(631,513	)		(534,525	)
Income tax benefit (expense)		65,149			78,529			132,617			170,529

Net income (loss)	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)

Basic income (loss) per share	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Diluted income (loss) per share	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Basic weighted average number of shares		91,287,934			86,888,168			91,287,934			86,888,168
Diluted weighted average number of shares		91,287,934			86,888,168			91,287,934			86,888,168

See accompanying notes to unaudited condensed consolidated financial statements.

TRIPBORN, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Second Quarter Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017
Net income (loss)	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)
Other comprehensive income (loss), net of tax
Unrealized foreign currency translation income / (loss)		4,136			227			7,796			27
Other comprehensive income (loss), net of tax		4,136			227			7,796			27
Comprehensive loss	$	(240,950	)	$	(141,227	)	$	(491,100	)	$	(363,969	)

See accompanying notes to unaudited condensed consolidated financial statements.

TRIPBORN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	September 30,			March 31,
	2018			2018
		(Unaudited)		(Audited)
ASSETS
Current assets:
Cash and cash equivalents	$	891,370		$	1,148,741
Accounts receivable		304,758			172,625
Other current assets		168,299			334,961
Total current assets		1,364,427			1,656,327

Property and equipment, net		10,523			12,159
Intangible assets, net		1,018,063			1,189,499
Deferred income taxes		438,533			348,098
TOTAL ASSETS	$	2,831,546		$	3,206,083
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	482,721		$	390,201
Other current liabilities		544,455			520,412
Total current liabilities		1,027,176			910,613

Long term liabilities
Convertible notes		1,840,668			1,840,668
Total current and long term liabilities		2,867,844			2,751,281
Stockholders’ equity (deficit):
Preferred stock $.0001 par value		--			--
Authorized shares: 10,000,000
Common stock $.0001 par value		9,572			9,572
Authorized shares: 200,000,000
Shares issued and outstanding: 80,794,914 and 78,971,581
Additional paid-in capital		2,321,818			2,321,818
Accumulated other comprehensive income (loss)		23,452			15,656
Retained earnings (deficit)		(2,391,140	)		(1,892,244	)
Total stockholders’ equity		(36,298	)		454,802
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,831,546		$	3,206,083

See accompanying notes to unaudited condensed consolidated financial statements.

TRIPBORN, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDER’S EQUITY (DEFICIT)

	Common Stock
	Shares		Amount		Additional paid-in capital		Accumulated other comprehensive income		Retained earnings (deficit)			Total stockholder’s equity (deficit)
Balance at March 31, 2018	95,711,874	$	9,572	$	2,321,818	$	15,656	$	(1,892,244	)	$	454,802

Issuance of common stock

Other comprehensive income (loss)							7,796					7,796

Net income (loss)									(498,896	)		(498,896	)

Balance at September 30, 2018	95,711,844		9,572		2,321,818		23,452		(2,391,140	)		(36,298	)

See accompanying notes to unaudited condensed consolidated financial statements.

TRIPBORN, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended September 30
	2018			2017
Cash flows from operating activities
Net income (loss)	$	(498,896	)	$	(222,542	)
Adjustment to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization		167,751			118,904
Changes in operating assets and liabilities:
(Increase) decrease in:
Accounts receivable		(132,131	)		38,824
Other current assets		166,660			(12,813	)
Deferred tax asset		(90,435	)		(92,478	)
Increase (decrease) in:
Accounts payable and accrued expenses		92,520			(53,185	)
Other current liabilities		27,728			142,366
Net cash provided by (used in) operating activities		(266,803	)		(80,924	)

Cash flows from investing activities
Purchase of property and equipment		1,636			368
Increase in intangible assets		0			569
Net cash used in investing activities		1,636			937

Cash flows from financing activities
Increase in common stock					182
Increase in additional paid-in capital					546,818
Net cash provided by financing activities					547,000

Effect of exchange rates changes on cash		7,796			(200	)

Net change in cash		(257,371	)		466,813

Cash
Beginning of the year		1,148,741			516,707
End of the year	$	891,370		$	983,520

Supplementary disclosure of cash flows information
Cash paid during the period for:
Interest	$	—		$	—
Income taxes	$	—		$	—

See accompanying notes to unaudited condensed consolidated financial statements.

Notes to Consolidated Financial Statements

September 30, 2018

(Unaudited)

Organization and the Nature of Business

TripBorn, Inc. (“TripBorn” or the “Company”) is a business to business online travel agency (“OTA”) that offers travel reservations and related travel services and products to travel agents in India through its proprietary internet-based platform at www.tripborn.com. TripBorn is a holding company that was incorporated in Delaware in January 2010 and operated as a shell company with nominal or no assets or operations until December 2015 when it acquired substantially all of the outstanding common stock of its operating subsidiary, Sunalpha Green Technologies Private Limited (“Sunalpha”). The Company has selected March 31 as its fiscal year end.

TripBorn was known as PinstripesNYC, Inc. until January 2016. TripBorn filed reports as PinstripesNYC, Inc. with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (“Exchange Act”) from August 2010 until it terminated its registration under the Exchange Act in May 2013.

On December 14, 2015, the Company acquired all of the outstanding shares of Sunalpha, which was incorporated under the laws of the Republic of India on November 4, 2010. The transaction was accounted for as a reverse recapitalization. Sunalpha was the acquirer for financial reporting purposes, and TripBorn was the acquired company.

Summary of Significant Accounting Policies

Accounting Policies

These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”).

Basis of Presentation

The acquisition of all of the outstanding shares of common stock of Sunalpha by TripBorn on December 14, 2015 was accounted for as a reverse recapitalization. Sunalpha was the acquirer for financial reporting purposes, and TripBorn was the acquired company. Consequently, the assets, liabilities and results of operations that are reflected in the Company’s consolidated financial statements prior to the December 14, 2015 transaction are those of Sunalpha and are recorded using the historical cost basis. The consolidated financial statements after completion of the December 14, 2015 transaction include the assets, liabilities and results of operations of Sunalpha up to the day prior to the closing of the transaction, and the assets, liabilities and results of operations of the Company and Sunalpha from and after the closing of the transaction on December 14, 2015. All significant related party accounts and transactions between the Company and Sunalpha have been eliminated upon consolidation.

Revenue Recognition

In May 2014, the FASB issued guidance on revenue from contracts with customers that superseded most current revenue recognition guidance, including industry-specific guidance. The underlying principle of the guidance is to recognize revenue to depict the transfer of goods or services to customers at an amount to which the company expects to be entitled in exchange for those goods or services. The new guidance requires an evaluation of revenue arrangements with customers following a five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) the company satisfies each performance obligation. Revenues are recognized when control of the promised services are transferred to the customers in an amount that reflects the expected consideration in exchange for those services. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the services. Other major provisions of the guidance include capitalization of certain contract costs, consideration of the time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the provisions of this guidance effective January 1, 2018 as required under the guidance. The adoption of this guidance did not have any material impact on the Company’s consolidated condensed financial statements.

Cost of Revenue

Cost of revenue primarily consists of costs paid to hotel and vacation package suppliers for the acquisition of relevant services and products for sale to customers and includes the procurement cost of hotel rooms and other services.

Cost of revenue is the amount paid or accrued to procure these services and products from the respective suppliers and do not include any other operating cost to provide these services or products. Cost of revenue is recognized when incurred, which coincides with the recognition of the corresponding revenue.

Operating Expenses

Operating expenses include costs such as advertising and business promotion costs, utilities, rent, payroll and consultants fees and charges, which are recognized on an accrual basis. Depreciation and amortization costs are amortized over the estimated useful lives of the assets.

Use of Estimates

The preparation of financial statements in US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could differ significantly from those estimates. The estimates underlying the Company’s Financial Statements relate to, accruals for travel transactions, valuation of accounts receivable, useful life of long-lived assets and income taxes.

Cash and Cash Equivalents

The Company considers all highly-liquid investments (including money market funds) with an original maturity at acquisition of three months or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not believe that this results in any significant credit risk.

Sunalpha has fourteen accounts denominated in Indian Rupees. As of September 30, 2018 and 2017, the cash balance in financial institutions in India was USD $466,744 and $168,901, respectively. The transactions are undertaken in Indian Rupees and requires a foreign currency translation adjustment. The Company’s cash deposits in India are not insured against loss. The Company does not believe that this results in any significant credit risk.

Receivables and Credit Policies

Accounts receivable are uncollateralized customer obligations due under normal trade terms which generally range from 24 hours to seven to ten days from the time and date of transaction. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices exceeding credit terms are considered delinquent. Payments of accounts receivable are allocated to specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. The Company charges repairs and maintenance costs that do not extend the lives of the assets to expenses as incurred.

Intangible Assets

Intangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets that have limited useful lives are amortized on a straight line basis over the shorter of their useful or legal lives.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

The Company maintains its cash in bank deposit accounts, which are not insured. The Company has not experienced any losses in such accounts. The Company believes that it is not exposed to any significant credit risk related to its cash holdings.

Income Taxes

The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled. TripBorn, Inc. was incorporated in the State of Delaware and is subject to Federal income tax in the United States of America. Sunalpha was incorporated under the laws of the Republic of India and has no operating profit for current tax liabilities. The Indian corporate income tax rate is 30% for domestic companies.

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”, which requires the Company to use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized.

ASC 740 clarifies the accounting for uncertainty in tax positions. This interpretation requires that an entity recognizes in its financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of income and comprehensive income. No significant uncertainty in tax positions relating to income taxes have been incurred during the quarters ended September 30, 2018 and 2017.

The Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits. We are still evaluating the impacts of the GILTI tax.

Foreign Currency Translation

The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of ASC subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit).

	September 30, 2018	March 31, 2018	September 30, 2017
Period-end spot rate	US$1=INR 73.3652	US$1=INR 65.0792	US$1=INR 65.2850
Average rate	US$1=INR 71.0376	US$1=INR 66.6880	US$1=INR 65.0729

Fair Value of Financial Instruments

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 - Quoted prices in active markets for identical assets and liabilities.

Level 2 - Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company considers the recorded value of its financial assets and liabilities, which consist primarily of cash, accounts receivable, other current assets, and other current liabilities to approximate the fair value of the respective assets and liabilities at September 30, 2018 and March 31, 2018 based upon the short-term nature of these assets and liabilities.

Change in Control Transaction

On December 8, 2015, the Company issued 71,428,570 shares of common stock to Arna Global LLC (“Arna”) for cash consideration of $95,500. Arna is wholly-owned by the Company’s President and director, Deepak Sharma. The Company accounted for the change in control transaction with Arna using the acquisition method of accounting. Arna obtained control of 93% of the outstanding shares of common stock of PinstripesNYC, Inc. in connection with the Stock Purchase Agreement among PinstripesNYC, Inc., Arna, and Maxim Kelyfos, LLC dated December 8, 2015, and was the acquirer. This transaction resulted in (1) no identifiable assets being acquired, (2) no liabilities being assumed, (3) no goodwill being recognized and (4) no gains being recognized from a bargain purchase.

Acquisition of Sunalpha Green Technologies Private Limited

On December 14, 2015, the Company acquired substantially all of the outstanding shares of Sunalpha which was incorporated under the laws of the Republic of India in November 2010. The transaction was accounted for as a reverse recapitalization. Sunalpha was the acquirer for financial reporting purposes, and TripBorn was the acquired company. Consequently, the assets, liabilities and results of operations that are reflected in the Company’s consolidated financial statements prior to the December 14, 2015 transaction are those of Sunalpha and are recorded using the historical cost basis. The consolidated financial statements after completion of the December 14, 2015 transaction include the assets, liabilities and results of operations of Sunalpha up to the day prior to the closing of the transaction, and the assets, liabilities and results of operations of the Company and Sunalpha from and after the closing date of the transaction.

Increase in Authorized Shares

The Company amended its certificate of incorporation on January 13, 2016 to (1) increase the authorized number of shares of common stock from 100,000,000 to 200,000,000 and (2) change its name from PinstripesNYC. Inc. to TripBorn, Inc.

Property and Equipment

Property and Equipment consists of the following as of September 30 and March 31, 2018. The property and equipment listed below are recorded in the books of Sunalpha.

	September 30, 2018			March 31, 2018
Computer	$	13,443		$	13,443
Furniture and Fixture		5,864			5,468
Office Equipment		6,537			6,537
Software License		768			768
Total		26,612			26,216
Accumulated depreciation		(16,523	)		(14,057	)
Fixed assets, net	$	10,523		$	12,159

Depreciation expense for the quarters ended September 30, 2018 and 2017 is $1,636 and ($1,901), respectively.

Intangible Assets

Intangible assets consist of the following as of June 30 and March 31, 2018:

	September 30, 2018			March 31, 2018
API Access	$	133,763		$	133,763
Software		1,651,000			1,651,000
Total		1,784,763			1,784,763
Accumulated amortization		(766,700	)		(595,264	)
Intangible assets, net	$	1,018,063		$	1,189,499

Amortization expense for the quarters ended June 30, 2018 and 2017 was $82,550 and $82,550, respectively.

Intangible assets consist of Application Programming Interface (API) access with major travel companies and a customized online transaction platform called Travelcord for use on the Company’s website, www.tripborn.com. Application Programming Interface components are used to send/receive/retrieve various data to and from supplier systems for tickets availability, pricing, aggregation and booking information. The API specifies how software components or applications should interact with each other using graphical user interfaces (GUI). These components are automated software components or set of routines, protocols and tools for building and communicating various software applications.

Following the Company’s acquisition of Sunalpha, the Company acquired ownership and development rights to the Travelcord software from Arna for a fee of $956,000 pursuant to a Software Agreement dated December 16, 2015. The Company paid the $956,000 fee to Arna in the form of a convertible promissory note. The Travelcord software was recognized as an intangible asset at historical cost pursuant to ASC 350-40 Intangibles – Goodwill and Other, Internal Use Software, and no goodwill was recognized. Arna acquired the Travelcord software from Takniki Communications, which is wholly-owned by our Vice President and director, Sachin Mandloi pursuant to a Software Development Agreement, dated January 26, 2015.

Tax Recovery Charges

The Company, through its internet-based platform, facilitates the purchase of travel products and services from third party travel service providers. The Company incurs service taxes at specified rates on the services it acquires from the travel service providers. The Company charges service taxes at specified rates on sales of travel and travel related products to clients. The net difference of the amount paid while acquiring services and the amount collected while selling the services is remitted to taxing authorities ("tax recovery charge"). As of September 30, 2018, the Company has a balance with the tax authority to offset future service tax dues.

Related Party Transactions

Convertible Notes

Mr. Sharma loaned the Company $156,407, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an underwritten public offering of its common stock in connection with a listing on a national securities exchange (an “Uplist Transaction”) prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 3,432,234 shares of common stock (the “Sharma Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Mr. Sharma will have the option to receive full payment of the outstanding principal balance or the Sharma Note Shares, each together with accrued unpaid interest paid in cash. Mr. Sharma also will have the option to receive full payment of the outstanding principal or the Sharma Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.

Mr. Mandloi loaned the Company $38,076, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an Uplist Transaction prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 835,552 shares of common stock (the “Mandloi Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Mr. Mandloi will have the option to receive full payment of the outstanding principal balance or the Mandloi Note Shares, each together with accrued unpaid interest paid in cash. Mr. Mandloi also will have the option to receive full payment of the outstanding principal or the Mandloi Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.

In connection with the Software Agreement described in Note 7 above, Arna, wholly owned by the Company’s president, loaned the Company $956,000, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an Uplist Transaction prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 21,194,381 shares of common stock (the “Arna Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Arna will have the option to receive full payment of the outstanding principal balance or the Arna Note Shares, each together with accrued unpaid interest paid in cash. Arna also will have the option to receive full payment of the outstanding principal or the Arna Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.

On September 23, 2016, we entered into a software development agreement with Takniki Communications to further develop and enhance our online transaction platform, Travelcord. Pursuant to this software development agreement, we agreed to pay a fee of $695,000 upon delivery of enhanced software, which occurred on December 31, 2016. The Company paid for the software development by issuing a convertible promissory note in the principal amount of $695,000 to Takniki Communications with a maturity date of December 31, 2019, and bearing interest at a rate of 10%. The principal amount of this note is convertible into 10,303,070 shares of our common stock at the noteholder’s option at maturity. In the event that the Company completes an Uplist Transaction prior to the December 31, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 10,303,070 shares of common stock (the “Takniki Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Takniki will have the option to receive full payment of the outstanding principal balance or the Takniki Note Shares, each together with accrued unpaid interest paid in cash. Takniki also will have the option to receive full payment of the outstanding principal or the Takniki Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.

iii. Guarantee

Deposits of the Company’s President and Managing Director with IndusInd Bank Ltd. serve as collateral for a guarantee in the amount of $50,000 in favor of the International Air Transport Association (“IATA”) on behalf of Sunalpha. IndusInd Bank Ltd. will pay the guaranteed amount for claims through September 30, 2018.

10.

Income Tax

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax assets at September 30, 2018 and March 31, 2018 were $373,384 and $348,098, respectively.

The Company files its income tax returns on a fiscal year basis.

The future effective income tax rate depends on various factors, such as the Company’s income (loss) before taxes, tax legislation and the geographic composition of pre-tax income.

The Company files income tax returns in the U.S. Federal jurisdiction and various State jurisdictions. Sunalpha files tax returns in India. The Company is generally subject to U.S. Federal, State and local examinations by tax authorities for the past three years.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). The Tax Act included a broad range of complex provisions impacting the taxation of multi-national companies. The Tax Act makes broad and complex changes to the U.S. corporate income tax system and includes a Transition Toll Tax (the “Transition Tax”), which is a one-time mandatory deemed repatriation tax on accumulated foreign subsidiaries’ previously untaxed foreign earnings. The Toll Charge will be paid over an eight-year period, starting in 2018, and will not accrue interest. The Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits. Generally, accounting for the impacts of newly enacted tax legislation is required to be completed in the period of enactment, however in response to the complexities and ambiguity surrounding the Tax Act, the SEC released Staff Accounting Bulletin No. 118 (“SAB 118”) to provide companies with relief around the initial accounting for the Tax Act. Pursuant to SAB 118, the SEC has provided a one-year measurement period for companies to analyze and finalize accounting for the Tax Act. During the one-year measurement period, SAB 118 allows companies to recognize provisional amounts when reasonable estimates can be made for the impacts resulting from the Tax Act. TripBorn will finalize accounting for the Tax Act during the one-year measurement period, and any adjustments to the provisional amounts will be included in income tax expense or benefit in the appropriate period, and disclosed if material, in accordance with guidance provided by SAB 118.

While our accounting for the Tax Act is not complete, we do not believe we are subject to the Transition Tax. The Transition Tax is a tax on previously untaxed accumulated earnings and profits (“E&P”) of our foreign subsidiaries and our foreign subsidiary has historically generated operating losses. To determine the amount of the Transition Tax, we must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings, if any.

The Tax Act has significant complexity and our final tax liability may materially differ from provisional estimates due to additional guidance and regulations that may be issued by the U.S. Treasury Department, the Internal Revenue Service (“IRS”) and state and local tax authorities, and for TripBorn’s finalization of the relevant calculations required by the new tax legislation.

TripBorn continues to analyze the provisions of the Tax Act which are effective after December 30, 2017, including but not limited to certain global intangible low-tax income (“GILTI”) from foreign operations.

Under GAAP, companies are allowed to make an accounting policy election to either treat taxes resulting from GILTI as a current-period expense when they are incurred or factor such amounts into the measurement of deferred taxes. The Company has not completed its analysis of the effects of the GILTI provisions and will further consider the accounting policy election within the measurement period as provided under SAB 118.

11.

New Accounting Pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

New Accounting Pronouncements Recently Adopted

As disclosed in Revenue Recognition above, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) effective April 1, 2018 using the retrospective transition method. This new accounting standard outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. This standard supersedes existing revenue recognition requirements and eliminates most industry-specific guidance from US GAAP. The core principle of the new accounting standard is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the adoption of this new accounting standard resulted in increased disclosure, including qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on the Company’s financial position, results of operations and cash flows or related disclosures. As such, prior period financial statements were not recast.

New Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, "Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet with a corresponding liability and disclosing key information about leasing arrangements. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim reporting periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is evaluating the impact of the adoption of this revised guidance on its consolidated financial statements and related disclosures.

12.

Net Income (Loss) Per Share

A reconciliation of net loss and weighted average shares used in computing basic and diluted net income per share is as follows:

	Second Quarter Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017
Basic net income (loss) per share:
Net income (loss) applicable to common shares	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)
Weighted average common shares outstanding		91,287,934			86,888,168			91,287,934			86,888,168
Basic net income (loss) per share of common stock	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Diluted net income (loss) per share:
Net income (loss) applicable to common shares	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)
Weighted average common shares outstanding		91,287,934			86,888,168			91,287,934			86,888,168
Dilutive effects of convertible debt	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average common shares, assuming dilutive effect of convertible debt		91,287,934			86,888,168			91,287,934			86,888,168
Diluted net income (loss) per share of common stock	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Due to net loss, the shares of common stock underlying the convertible notes described in Notes 9 and 10 were not included in the calculation of diluted net loss per share, as they would have had an antidilutive effect.

13.

Commitments

The Company is the B2B Principal Agent of the Indian Railway Catering and Tourism Corporation, or IRCTC, which is a government entity that allows the Company to offer reservations through Indian Railways’ passenger reservation system on the Company’s webpage. Indian Railways is India’s state-owned railway, which owns and operates most of India’s rail transportation. The Company has integrated its online portal with IRCTC’s to provide a seamless booking process. Pursuant to an Application Programming Interface (API) agreement, dated October 5, 2015, the Company is required to pay a minimum annual maintenance fee of $7,500 to IRCTC. In the event the agreement is renewed, the amount based on the number of active railway agents that use the Company rail booking services on the Company’s platform will be payable annually. On September 30, 2018, the Company renewed its agreement with the IRCTC and paid an annual maintenance fee of $8,600 based on the number of active railway agents it has enrolled to book rail tickets.

Through Sunalpha, the Company currently occupies approximately 2,455 square feet of office space owned by a director of the Company on a rent free basis. As of September 30, 2018 and 2017, the Company has not paid any rent. The Company is expected to pay market rate rent once the Company is profitable.

The Company has leased office space in Ahmedabad, India effective from March 1, 2016 for a term of five years. The operations of the Company are being undertaken from the new premises. The Company will pay approximately $1,260 per month pursuant to the lease agreement.

The Company entered into a consulting agreement effective May 24, 2016 with LogiCore Strategies, LLC (“LogiCore”), pursuant to which Richard J. Shaw serves as the Company’s Chief Financial Officer. The Company compensates LogiCore for Mr. Shaw’s time at an annual rate of $60,000. Effective November 12, 2018 Mr. Shaw’s resigned as Chief Financial Officer of the Company but will continue to provide services to the Company as a consultant.

The Company has leased 3,400 square feet of office space in Bangalore, India effective from October 9, 2017 for an initial term of three years and an option to renew the lease for an additional three years. The Bangalore operations of the Company are being undertaken from these premises. The Company will pay approximately $2,918 per month pursuant to the lease agreement.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including: any projections of earnings, revenues or other financial items; any statements regarding the adequacy, availability and sources of capital, any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “plan” or “anticipate” and other similar words. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in this Quarterly Report, particularly under the headings, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations" and subsequent reports that we file with the Securities and Exchange Commission.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed in this prospectus. We do not intend, and undertake no obligation, to update any forward-looking statement, except as required by law.

Notwithstanding the above, Section 21E of the Securities Exchange Act of 1934, as amended, expressly states that the safe harbor for forward looking statements under the PSLRA does not apply to companies that issue penny stocks. Accordingly, the safe harbor for forward looking statements under the PSLRA is not currently available to us because we may be considered to be an issuer of penny stock.

The information included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and the notes included in this Quarterly Report, and the audited consolidated financial statements and notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K filed on June 28, 2018.

Overview

We are an online travel agency, sometimes referred to as an OTA, that offers travel reservations and related travel services and products to travel agents in India through our website, www.tripborn.com. Currently, we operate as a business to business, or B2B, online travel agency that serves travel agents and travel companies based in India in booking travel services and products for their customers. Through our internet-based platform, our travel agent customers can search and book domestic and international air tickets, hotels, vacation packages, rail tickets and bus tickets, as well as ancillary travel-related services, and e-commerce money transfer products. We serve over 7,613 agents across Indian states.

We are a holding company incorporated in Delaware in 2010. Deepak Sharma, our president and director, formed our operating subsidiary, Sunalpha Green Technologies Private Limited, under the laws of the Republic of India in 2010. Sunalpha commenced operations as an OTA in India in February 2014.

Prior to acquiring Sunalpha in December 2015, we operated as a shell company with nominal or no assets or operations. We were known as PinstripesNYC, Inc. until January 2016. We filed reports as PinstripesNYC, Inc. with the SEC under the Exchange Act from August 2010 until we terminated our registration under the Exchange Act in May 2013. Our fiscal year ends on March 31. We refer to the fiscal year ended March 31, 2019 as fiscal 2019 and the fiscal year ended March 31, 2018 as fiscal 2018.

We manage our OTA business through Travelcord, our proprietary internet-based online transaction platform. Through our website, www.tripborn.com, we offer a wide inventory of travel services and products to travel agents who serve the growing middle class of largely offline travelers in semi-urban and rural regions of India. Through our proprietary technology, we consolidate and provide our travel agent customers with access to travel bookings and hotel reservations that otherwise would be costly and time-consuming to obtain for their customers in an often-fragmented marketplace. While some of our more established competitors have focused on selling directly to consumers in urban areas, our travel agent partners tend to be small, brick and mortar establishments that serve travelers who rely on more personalized transactions for their travel booking needs due to language barriers and lack of access to the internet or credit cards. We have grown our operations through referrals and a focus on addressing our travel agent customers’ needs through technology. As internet penetration in India continues to increase, we anticipate that we will be in a position to use our established platform to offer travel services and products directly to consumers.

We generate revenue through our ticketing business, which includes rail ticketing, bus ticketing and air ticketing, and our hotel reservations and vacation and business packages business. We also generate revenue by providing online payment services and access to visa processing services.

In our ticketing business, our main sources of revenue are (1) commissions and incentive payments from airline suppliers for tickets booked by our travel agent customers through our distribution channels and (2) service fees we charge our customers.

Historical Operations and Outlook

Since commencing operations as an OTA in February 2014, we have grown our business by initially processing a few transactions a day to processing approximately 9,000+ transactions per day in September 2018. In our fiscal year ended March 31, 2018 we processed 1,035,206 transactions and 16.9 million searches have been performed on our platform compared to 373,651 and 7.6 million as of March 31, 2017. During fiscal 2018, we experienced increased traffic on our website due to our efforts in marketing and branding. Our agent customers conducted more than 301,983 sessions with an average session time of more than 21 minutes. We have steadily worked to add suppliers in order to provide additional services and better pricing for our travel agent customers. In the development stages, we have relied on user feedback to enhance our core technology. As internet penetration in India continues to increase, we anticipate that we will be in a position to use our established platform to offer travel services and related services directly to consumers. We believe our online platform is capable of managing hundreds of suppliers and millions of transactions in furtherance of our growth strategies.

In November 2015, we integrated the Indian Railway reservation system into our online platform using complex and scalable technology tools. Previously, we provided rail ticketing through a third-party supplier. Becoming a principle agent has resulted in and will continue to result in an increase in rail ticketing revenue associated with an increase in fees associated with enrolling our travel agent customers and usage fees for ticketing. We have also experienced, and anticipate that we will continue to see, an increase in selling, general and administrative expenses associated with hiring additional personnel and expanding our marketing activities in connection with the expanded rail ticketing services as well as an increase in legal and consulting expenses associated with becoming a reporting company with the SEC.

Assuming we are successful in enrolling new travel agents while retaining our existing travel agents, we anticipate that we will achieve sustainable and predictable cash flow and revenue growth, year-over-year. However, there is no assurance that we will be successful in implementing our business model and achieving our operational and financial objectives.

We expect to see an increase in bookings through our website and a corresponding increase in revenue in fiscal 2019 due to the recent expansion of our sales force and our expansion into the states of Maharashtra, Karnataka and Madya Pradesh. In fiscal 2019 we expect to expand into other neighboring states in India.

India remains a largely unbanked country with cash transactions typical. The Indian government’s decision to demonetize their two largest bank notes in circulation on November 8, 2016 caused a disruption throughout India’s economy, slowing growth and forcing customers to focus on day to day expenses. This move slowed India’s GDP during the fourth quarter of fiscal 2017 to 6.1% causing India to lose its status as being the world’s fastest growing economy. Growth in some of our travel products slowed during the quarter, while our money transfer product grew during this period. We believe that the slowdown in growth will be short lived as the impacts of re-monetization have begun to be felt and GDP growth is projected to be 7.3% and 7.5% in 2018 and 2019.

India’s biggest indirect tax reform in the form of Goods and Services Tax (GST) was completed and a comprehensive dual GST was introduced in India on July 1, 2017. These reforms were approved by the Parliament after they were introduced as part of the Money Bill. Following the passage of the GST Acts, the GST Council decided the rates for the Goods and Services to be taxed under the GST regime. GST is considered to be the biggest tax reform in India since independence. It will help realize the goal of “One Nation-One Tax-One Market.” GST is expected to benefit all the stakeholders – industry, government and consumer.

The GST for travel industry and hotels also comes with its share of adverse impacts in short to medium term, were final prices for customers will increase.

Tripborn looks at GST for hotels and tourism as a mixture of simpler, smoother rules and seemingly higher costs & compliance. The process to claim and avail ITC (input tax credit) is simple and clear. Earlier, adjusting the tax paid on inputs against the output was complex and error-prone. This is believed to have become easy with GST. Also, under GST, tourists have a clearer idea about the tax they are paying, and we believe in the longer run that GST will help Tripborn grow faster and efficiently.

The Supreme Court has declared the India’s flagship Aadhaar Act, 2016 scheme as constitutionally is valid but struck down some of its provisions including its linking with bank accounts, mobile phones and other commercial use. The Supreme Court had in a landmark verdict in September restricted the use of Aadhaar authentication by private entities in the absence of a legal provision and has ensured stronger safeguards which will accelerate India’s digital journey. Certain technology solutions that is built around Aadhaar id now have to include additional documents for customer verification following the Supreme Court’s ruling on Aadhaar, which will force a jump in operational costs. This supreme court decision will have impact on number of transaction in the short term to mid term.

RESULTS OF OPERATIONS

During the second quarter of fiscal year 2019, we continued to add new markets and add an increasing number of sales agents that offer our services. These changes drove an increase in our net revenues. Our costs of revenue and operating expenses increased as we expanded our market reach and drove the increase in net loss from operations.

	Second Quarter Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017
Net revenue	$	90,974		$	70,090		$	192,757		$	178,632

Cost of revenue		260			6,987			2,897			26,873

Gross profit		90,714			63,101			189,860			151,759

Operating expenses
Selling, general, and administrative expenses		235,327			143,488			476,029			319,665
Legal and consulting expenses		33,790			50,024			82,703			97,647

Income (loss) from operations		(178,403	)		(130,409	)		(368,872	)		(265,553	)

Other income (expense)
Depreciation and amortization		(84,185	)		(80,643	)		(167,751	)		(199,547	)
Interest income		62			164			144			164
Interest expense		(47,709	)		(9,095	)		(95,034	)		(69,589	)
Total other income (expense)		(131,832	)		(89,574	)		(262,641	)		(268,972	)

Income (loss) before income tax expense		(310,235	)		(219,983	)		(631,513	)		(534,525	)
Income tax benefit (expense)		65,149			78,529			132,617			170,529

Net income (loss)	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)

SECOND QUARTER ENDED SEPTEMBER 30, 2018 COMPARED TO SECOND QUARTER ENDED SEPTEMBER 30, 2017

Revenue

Net revenues for the quarter ended September 30, 2018 were $90,974 compared to $70,090 for the quarter ended September 30, 2017. Revenue for the quarter ended September 30, 2018 consisted of $11,255 from air ticketing compared to $18,070 in the prior year quarter, $4,814 from rail ticketing compared to $4,467 in the prior year quarter, $282 from vacation packages compared to $7,121 in the prior year quarter, $6,392 from payment services compared to $5,962 in the prior year quarter, and $68,232 from incentives from our aggregators and suppliers and fees, penalty income and surcharges from our travel agent customers compared to $34,470 in the prior year. Revenue increased by $20,884 in the current year quarter compared to the prior year quarter. The primary driver was the increase in incentives from our aggregators and suppliers, which was fueled by an increase in the number of transactions that were processed. This increase was offset by declines in air vacation packages which declines resulted from increased competition for these services.

Cost of Revenues and Gross Profit

The cost of revenue for the second quarter ended September 30, 2018 was $260 compared to $6,987 for the prior year quarter. The cost of revenue represents fees charged by our suppliers. The decrease in cost of revenue from the second quarter ended September 30, 2018 compared to the prior year quarter was primarily driven by the increase in incentives from our aggregators and suppliers as no costs are associated with these incentives. We are continuing to manage our cost of revenue by optimizing pricing from our suppliers and aggregators to increase our profitability and by implementing pricing algorithms and profitability calculations.

Gross profit from revenues for the quarter ended September 30, 2018 was $90,714 compared to $63,101 for the quarter ended September 30, 2017. The $27,613 increase is driven primarily by an increase in revenue and decrease in costs to provide revenue.

Operating Expenses

Total operating expenses for the quarter ended September 30, 2018 were $269,117 compared to $193,512 for the prior year quarter. Our operating expenses include our sales and marketing, payroll and general and administrative costs, and the increase in these costs was driven by our increased headcount as we ramp up our operations. Included in our operating expenses is $33,790 in legal and consulting expenses associated with our operating as an Exchange Act reporting company, down from $50,024 in the prior year quarter.

We expect our sales and marketing expenses to increase as we continue to grow the business and hire experienced personnel to support our growing business and operations. Our general and administrative expenses are expected to continue to increase as we incur expenses associated with being an Exchange Act reporting company and developing an active trading market for our stock on the OTCQB Market.

SIX MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO SIX MONTHS ENDED SEPTEMBER 30, 2017

Revenue

Net revenues for the six months ended September 30, 2018 were $192,757 compared to $178,632 for the six months ended September 30, 2017. Revenue for the six months ended September 30, 2018 consisted of $19,479 from air ticketing compared to $39,970 in the six months ended September 30, 2017, $9,111 from rail ticketing compared to $13,363 in the six months ended September 30, 2017, $0 from hotel booking compared to $819 in six months ended September 30, 2017, $3,010 from vacation packages compared to $25,994 in the six months ended September 30, 2017, $12,535 from payment services compared to $12,600 in the six months ended September 30, 2017, and $148,622 from incentives from our aggregators and suppliers and fees, penalty income and surcharges from our travel agent customers compared to $85,724 in the six months ended September 30, 2017. Revenue increased by $14,033 in the six months ended September 30, 2018 compared to the six months ended September 30, 2017. The primary driver was the increase in incentives from our aggregators and suppliers, which was fueled by an increase in the number of transaction that were processed. This increase was offset by declines in air and rail ticketing, hotel booking, and vacation packages which declines resulted from increased competition for these services.

Cost of Revenues and Gross Profit

The cost of revenue for the six months ended September 30, 2018 was $2,897 compared to $26,873 for the six months ended September 30, 2017. The cost of revenue represents fees charged by our suppliers. The decrease in cost of revenue from the six months ended September 30, 2018 compared to the six months ended September 30, 2017 was primarily driven by the increase in incentives from our aggregators and suppliers as no costs are associated with these incentives. We are continuing to manage our cost of revenue by optimizing pricing from our suppliers and aggregators to increase our profitability and by implementing pricing algorithms and profitability calculations.

Gross profit from revenues for the six months ended September 30, 2018 was $189,860 compared to $151,759 for the six months ended September 30, 2017. The $38,101 increase is driven primarily by an increase in revenue and a decrease in costs to provide revenue.

Operating Expenses

Total operating expenses for the six months ended September 30, 2018 were $558,732 compared to $417,312 for the six months ended September 30, 2017. Our operating expenses include our sales and marketing, payroll and general and administrative costs, and the increase in these costs was driven by our increased headcount as we ramp up our operations. Included in our operating expenses is $82,703 in legal and consulting expenses associated with our operating as an Exchange Act reporting company, down from $97,647 in the prior year period.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2018, we had $891,370 in cash and cash equivalents, compared to $1,148,741 as of March 31, 2018. The $257,371 decrease in cash was driven by our operating loss and a use of working capital. As of September 30, 2018, we had a stockholders’ equity deficit of $36,298 compared to stockholder’s equity of $454,802 at March 31, 2018, which resulted from an increase in operating losses during the six months ended September 30, 2018.

Our primary source of working capital to date has been through the sale of common stock and the sale and issuance of convertible notes. Our focus remains on deriving net cash flow from operations.

Cash Flows: The following table is a summary of our Consolidated Statements of Cash Flows:

	Six Months Ended
	September 30,			September 30,
	2018			2017
Cash Provided by (Used in):
Operating Activities	$	(266,803	)	$	(201,857	)
Investing Activities		1,636			7,688
Financing Activities		0			1,098,000

Operating Activities: Net cash used by operations was $266,803 during the six months ended September 30, 2018 compared to a cash use from operating activities of $201,857 during the same period in fiscal 2018.

The cash used by operations in each year is primarily the result of an increase in operating losses plus negative changes in net working capital (defined as current assets less current liabilities).

Investing Activities: During the six months ended September 30, 2018, there was a cash provision of $1,636 from investing activities compared to a cash provision of $7,688 in the same period in fiscal 2018. These cash uses represent net changes in property, plant, and equipment and intangible assets.

Financing Activities: During the six months ended September 30, 2018, there was zero cash provided or used by financing activities compared to a $1,098,000 cash provision in the same period in fiscal 2018. Cash generated during the six months ended September 30, 2018 resulted from the sale of common stock pursuant to a private placement.

We presently do not have a senior credit or revolving credit facility and do not expect to obtain one in the foreseeable future.

We will require additional capital to continue to fund our operations and will look to raise funds through public and private offerings of our securities. We estimate that we will require approximately $3.0 million and $5.0 million in the next 12 and 24 months to support our continued operations.

We took the following steps during fiscal years 2017 and 2018 to manage our liquidity and to avoid default on any material third-party obligations:

· We continue to employ “on demand” procurement processes for travel products that we sell to our customers. We also continue our attempts to collect customer payments promptly based on their payment terms, which has helped us manage our working capital needs.

· We raised $150,000 in the first quarter of fiscal 2017 pursuant to the Company’s issuance of a convertible note. The note had a three-year term and accrued interest at the rate of six percent payable at maturity. The principal amount of the note was convertible into shares of the Company’s common stock at the noteholder’s option at maturity. This note was converted into 3,924,088 shares of common stock on July 15 and 16, 2017.

· We issued a convertible note to Takniki Communications, an affiliate owned by Sachin Mandloi, our Vice President and a director, totaling $695,000 in the third quarter of fiscal 2017. This note was issued pursuant to a Software Development Agreement dated September 23, 2016 between Takniki Communications and the Company to finance the upgrade of our Travelcord operating software. The note has a three-year term and bears interest at the rate of ten percent payable at maturity. The principal amount of this note is convertible into shares of the Company’s common stock at the noteholder’s option at maturity.

· We sold $460,000 of the Company’s common stock during the third quarter of fiscal 2017 and another $190,000 during the fourth quarter of fiscal 2017.

· We sold $547,000 of the Company’s common stock during the first quarter of fiscal 2018 and another $551,000 during the second quarter of fiscal 2018.

There are no assurances that these steps will generate sufficient cash flow from operations or that we will be able to obtain sufficient financing necessary to support our working capital requirements. We can also give no assurance that additional capital financing will be available, or if available, will be on terms acceptable to us. If adequate working capital is not available, we may not be able to continue our operations or execute our business plan.

OPERATING METRICS

In evaluating our business, we use operating metrics, including gross bookings and revenue margin. Gross bookings is a measure of total dollar volume of transactions that we process. This metric is an operating metric used by management, the investor community, and analysts who follow the travel industry to measure our market share and to measure our scale and growth. We calculate revenue margin as revenue as a percentage of gross bookings.

	Quarter Ended September 30,		Six Months Ended September 30,
	2018	2017	2018	2017

Gross Bookings¹	26,692,459	$6,320,230	40,412,988	$15,223,309

Revenue Margin²	0.34%	1.1%	0.48%	1.2%

¹Gross bookings represent the total retail value of transactions booked through us, generally including taxes, fees and other charges, and are generally reduced for cancellations and refunds.

²Revenue margin is defined as revenue as a percentage of gross bookings

The increase in gross bookings is driven primarily by increases in incentives, fees, penalty income, and surcharges paid by our travel agent customers. Revenue margin declined quarter over quarter due to price pressure on air ticketing and low margin rail ticketing outpacing higher margin vacation and hotel package offerings.

OFF BALANCE SHEET ARRANGEMENTS

As of September 30, 2018, we had no off-balance sheet arrangements.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Disclosure controls and procedures (as defined in Exchange Act Rule 15d-15(e)) are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Securities Act of 1934, as amended, such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer, based on their evaluation of TripBorn’s disclosure controls and procedures as of September 30, 2018, have concluded that TripBorn’s disclosure controls and procedures are effective as of that date.

Changes in Internal Control Over Financial Reporting

During the quarter ended September 30, 2018, there were no changes in TripBorn’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, TripBorn’s internal control over financial reporting.

PART II.

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended March 31, 2018 filed with the SEC on June 28, 2018.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 5. OTHER INFORMATION

Effective November 12, 2018, Richard J. Shaw, Chief Financial Officer of the Company, resigned from his position as the Company’s Chief Financial Officer. Deepak Sharma, the Company’s President and Chief Executive Officer, assumed the additional role of Chief Financial Officer, and as such will become the Company’s principal financial and accounting officer, effective November 12, 2018. Mr. Sharma will not receive any additional compensation in connection with his additional role as Chief Financial Officer. Mr. Shaw has agreed to provide consulting services to the Company for a quarterly fee equal to $2,500.

Mr. Sharma has served as the Company’s President, Chief Executive Officer and a director since December 2015. He served as our Chief Financial Officer from December 2015 to May 2016. Mr. Sharma’s biographical and other information required to be disclosed hereunder is included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018, filed with the Securities and Exchange Commission on June 29, 2018 and is incorporated herein by reference.

ITEM 6. EXHIBITS

The exhibits listed below are filed as part of this Quarterly Report on Form 10-Q.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: November 14, 2018	TripBorn, Inc.

	By:	/s/ DEEPAK SHARMA
		Deepak Sharma
		President, Chief Executive Officer, Treasurer and Chief Financial Officer (Principal Executive, Financial and Accounting Officer

Index to Exhibits

Exhibit Number		Description
31	.1	Certification of TripBorn, Inc. Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31	.2	Certification of TripBorn, Inc. Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32	.1	Certification of TripBorn, Inc. Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32	.2	Certification of TripBorn, Inc. Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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* Indicates a management contract or compensatory plan, contract or arrangement.

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Deepak Sharma, certify that:

I have reviewed this quarterly report on Form 10-Q of TripBorn, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 14, 2018	/s/ Deepak Sharma
	Deepak Sharma
	President and Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 ex31_2.htm EXHIBIT 31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Deepak Sharma, certify that:

I have reviewed this quarterly report on Form 10-Q of TripBorn, Inc.;

(a)

(b)

(c)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 14, 2018	/s/ Deepak Sharma
	Deepak Sharma
	Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32.1 4 ex32_1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of TripBorn, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2018, (the “Report”), I, Deepak Sharma, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Deepak Sharma
Deepak Sharma
President and Chief Executive Officer (Principal Executive Officer)
November 14, 2018

EX-32.2 5 ex32_2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of TripBorn, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2018, (the "Report"), I, Deepak Sharma, Treasurer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Deepak Sharma
Deepak Sharma
Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer)
November 14, 2018

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-38824

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; background-color: white; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in">6.</td> <td>Property and Equipment</td></tr> </table>   Property and Equipment consists of the following as of September 30 and March 31, 2018. The property and equipment listed below are recorded in the books of Sunalpha.    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">September 30, 2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Computer</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">13,443</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">13,443</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Furniture and Fixture</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,864</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,468</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office Equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,537</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,537</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Software License</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">768</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">768</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">26,612</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">26,216</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.25in">Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(16,523</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(14,057</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left">Fixed assets, net</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">10,523</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">12,159</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td></tr> </table>    Depreciation expense for the quarters ended September 30, 2018 and 2017 is $1,636 and ($1,901), respectively.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; background-color: white; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in">7.</td> <td>Intangible Assets</td></tr> </table>   Intangible assets consist of the following as of June 30 and March 31, 2018:    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">September 30, 2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left">API Access</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">133,763</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">133,763</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Software</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,651,000</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,651,000</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,784,763</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,784,763</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(766,700</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(595,264</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left">Intangible assets, net</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,018,063</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,189,499</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td></tr> </table>    Amortization expense for the quarters ended June 30, 2018 and 2017 was $82,550 and $82,550, respectively.   Intangible assets consist of Application Programming Interface (API) access with major travel companies and a customized online transaction platform called Travelcord for use on the Company’s website, www.tripborn.com. Application Programming Interface components are used to send/receive/retrieve various data to and from supplier systems for tickets availability, pricing, aggregation and booking information. The API specifies how software components or applications should interact with each other using graphical user interfaces (GUI). These components are automated software components or set of routines, protocols and tools for building and communicating various software applications.   Following the Company’s acquisition of Sunalpha, the Company acquired ownership and development rights to the Travelcord software from Arna for a fee of $956,000 pursuant to a Software Agreement dated December 16, 2015. The Company paid the $956,000 fee to Arna in the form of a convertible promissory note. The Travelcord software was recognized as an intangible asset at historical cost pursuant to ASC 350-40 Intangibles – Goodwill and Other, Internal Use Software, and no goodwill was recognized. Arna acquired the Travelcord software from Takniki Communications, which is wholly-owned by our Vice President and director, Sachin Mandloi pursuant to a Software Development Agreement, dated January 26, 2015.    On September 23, 2016, we entered into a software development agreement with Takniki Communications to further develop and enhance our online transaction platform, Travelcord. Pursuant to this software development agreement, we agreed to pay a fee of $695,000 upon delivery of enhanced software, which occurred on December 31, 2016. The Company paid for the software development by issuing a convertible promissory note in the principal amount of $695,000 to Takniki Communications.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman; margin-top: 0pt; background-color: white; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in">9.</td> <td>Related Party Transactions</td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 27.5pt"> </td> <td style="width: 26.5pt">i.</td> <td>Convertible Notes</td></tr> </table>    Mr. Sharma loaned the Company $156,407, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an underwritten public offering of its common stock in connection with a listing on a national securities exchange (an “Uplist Transaction”) prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 3,432,234 shares of common stock (the “Sharma Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Mr. Sharma will have the option to receive full payment of the outstanding principal balance or the Sharma Note Shares, each together with accrued unpaid interest paid in cash. Mr. Sharma also will have the option to receive full payment of the outstanding principal or the Sharma Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.    Mr. Mandloi loaned the Company $38,076, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an Uplist Transaction prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 835,552 shares of common stock (the “Mandloi Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Mr. Mandloi will have the option to receive full payment of the outstanding principal balance or the Mandloi Note Shares, each together with accrued unpaid interest paid in cash. Mr. Mandloi also will have the option to receive full payment of the outstanding principal or the Mandloi Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.    In connection with the Software Agreement described in Note 7 above, Arna, wholly owned by the Company’s president, loaned the Company $956,000, which is evidenced by a convertible promissory note, dated March 8, 2016, which bears interest at an annual rate of 10%. The principal amount together with accrued and unpaid interest thereon becomes due and payable on March 7, 2019. In the event that the Company completes an Uplist Transaction prior to the March 7, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 21,194,381 shares of common stock (the “Arna Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Arna will have the option to receive full payment of the outstanding principal balance or the Arna Note Shares, each together with accrued unpaid interest paid in cash. Arna also will have the option to receive full payment of the outstanding principal or the Arna Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.    On September 23, 2016, we entered into a software development agreement with Takniki Communications to further develop and enhance our online transaction platform, Travelcord. Pursuant to this software development agreement, we agreed to pay a fee of $695,000 upon delivery of enhanced software, which occurred on December 31, 2016. The Company paid for the software development by issuing a convertible promissory note in the principal amount of $695,000 to Takniki Communications with a maturity date of December 31, 2019, and bearing interest at a rate of 10%. The principal amount of this note is convertible into 10,303,070 shares of our common stock at the noteholder’s option at maturity. In the event that the Company completes an Uplist Transaction prior to the December 31, 2019 maturity date, the outstanding principal balance of the note will automatically convert into 10,303,070 shares of common stock (the “Takniki Note Shares”). If the Uplist Transaction does not occur prior to the maturity date, Takniki will have the option to receive full payment of the outstanding principal balance or the Takniki Note Shares, each together with accrued unpaid interest paid in cash. Takniki also will have the option to receive full payment of the outstanding principal or the Takniki Note Shares, each together with accrued unpaid interest paid in cash, in connection with a “sale of the company” as such term is defined in the convertible promissory note.    iii.       Guarantee    Deposits of the Company’s President and Managing Director with IndusInd Bank Ltd. serve as collateral for a guarantee in the amount of $50,000 in favor of the International Air Transport Association (“IATA”) on behalf of Sunalpha. IndusInd Bank Ltd. will pay the guaranteed amount for claims through September 30, 2018.

Accounting Policies    These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”).

Basis of Presentation    The acquisition of all of the outstanding shares of common stock of Sunalpha by TripBorn on December 14, 2015 was accounted for as a reverse recapitalization. Sunalpha was the acquirer for financial reporting purposes, and TripBorn was the acquired company. Consequently, the assets, liabilities and results of operations that are reflected in the Company’s consolidated financial statements prior to the December 14, 2015 transaction are those of Sunalpha and are recorded using the historical cost basis. The consolidated financial statements after completion of the December 14, 2015 transaction include the assets, liabilities and results of operations of Sunalpha up to the day prior to the closing of the transaction, and the assets, liabilities and results of operations of the Company and Sunalpha from and after the closing of the transaction on December 14, 2015. All significant related party accounts and transactions between the Company and Sunalpha have been eliminated upon consolidation.

Revenue Recognition    In May 2014, the FASB issued guidance on revenue from contracts with customers that superseded most current revenue recognition guidance, including industry-specific guidance. The underlying principle of the guidance is to recognize revenue to depict the transfer of goods or services to customers at an amount to which the company expects to be entitled in exchange for those goods or services. The new guidance requires an evaluation of revenue arrangements with customers following a five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) the company satisfies each performance obligation. Revenues are recognized when control of the promised services are transferred to the customers in an amount that reflects the expected consideration in exchange for those services. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the services. Other major provisions of the guidance include capitalization of certain contract costs, consideration of the time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the provisions of this guidance effective January 1, 2018 as required under the guidance. The adoption of this guidance did not have any material impact on the Company’s consolidated condensed financial statements.

Cost of Revenue   Cost of revenue primarily consists of costs paid to hotel and vacation package suppliers for the acquisition of relevant services and products for sale to customers and includes the procurement cost of hotel rooms and other services.    Cost of revenue is the amount paid or accrued to procure these services and products from the respective suppliers and do not include any other operating cost to provide these services or products. Cost of revenue is recognized when incurred, which coincides with the recognition of the corresponding revenue.

Operating Expenses    Operating expenses include costs such as advertising and business promotion costs, utilities, rent, payroll and consultants fees and charges, which are recognized on an accrual basis. Depreciation and amortization costs are amortized over the estimated useful lives of the assets.

Use of Estimates    The preparation of financial statements in US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could differ significantly from those estimates. The estimates underlying the Company’s Financial Statements relate to, accruals for travel transactions, valuation of accounts receivable, useful life of long-lived assets and income taxes.

Cash and Cash Equivalents    The Company considers all highly-liquid investments (including money market funds) with an original maturity at acquisition of three months or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not believe that this results in any significant credit risk.   Sunalpha has fourteen accounts denominated in Indian Rupees. As of September 30, 2018 and 2017, the cash balance in financial institutions in India was USD $466,744 and $168,901, respectively. The transactions are undertaken in Indian Rupees and requires a foreign currency translation adjustment. The Company’s cash deposits in India are not insured against loss. The Company does not believe that this results in any significant credit risk.

Receivables and Credit Policies    Accounts receivable are uncollateralized customer obligations due under normal trade terms which generally range from 24 hours to seven to ten days from the time and date of transaction. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices exceeding credit terms are considered delinquent. Payments of accounts receivable are allocated to specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.

Property and Equipment    Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. The Company charges repairs and maintenance costs that do not extend the lives of the assets to expenses as incurred.

Intangible Assets    ntangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets that have limited useful lives are amortized on a straight line basis over the shorter of their useful or legal lives.

Concentration of Credit Risk    Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.    The Company maintains its cash in bank deposit accounts, which are not insured. The Company has not experienced any losses in such accounts. The Company believes that it is not exposed to any significant credit risk related to its cash holdings.

Income Taxes    The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled. TripBorn, Inc. was incorporated in the State of Delaware and is subject to Federal income tax in the United States of America. Sunalpha was incorporated under the laws of the Republic of India and has no operating profit for current tax liabilities. The Indian corporate income tax rate is 30% for domestic companies.    The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”, which requires the Company to use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized.    ASC 740 clarifies the accounting for uncertainty in tax positions. This interpretation requires that an entity recognizes in its financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of income and comprehensive income. No significant uncertainty in tax positions relating to income taxes have been incurred during the quarters ended September 30, 2018 and 2017.    On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). The Tax Act included a broad range of complex provisions impacting the taxation of multi-national companies. The Tax Act makes broad and complex changes to the U.S. corporate income tax system and includes a Transition Toll Tax (the “Transition Tax”), which is a one-time mandatory deemed repatriation tax on accumulated foreign subsidiaries’ previously untaxed foreign earnings. Since the Company’s foreign subsidiary has historically realized net losses, we believe that the Company is not subject to the Transition Tax.   The Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits. We are still evaluating the impacts of the GILTI tax.

Foreign Currency Translation    The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of ASC subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit).    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 23%; text-align: justify"> </td> <td style="width: 31%">September 30, 2018</td> <td style="width: 23%">March 31, 2018</td> <td style="width: 23%">September 30, 2017</td></tr> <tr style="vertical-align: top; background-color: #cceeff"> <td style="white-space: nowrap; text-align: left">Period-end spot rate                                </td> <td>US$1=INR 73.3652</td> <td>US$1=INR 65.0792</td> <td>US$1=INR 65.2850</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Average rate</td> <td>US$1=INR 71.0376</td> <td>US$1=INR 66.6880</td> <td>US$1=INR 65.0729</td></tr> </table>

The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit).    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 23%; text-align: justify"> </td> <td style="width: 31%">September 30, 2018</td> <td style="width: 23%">March 31, 2018</td> <td style="width: 23%">September 30, 2017</td></tr> <tr style="vertical-align: top; background-color: #cceeff"> <td style="white-space: nowrap; text-align: left">Period-end spot rate                                </td> <td>US$1=INR 73.3652</td> <td>US$1=INR 65.0792</td> <td>US$1=INR 65.2850</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Average rate</td> <td>US$1=INR 71.0376</td> <td>US$1=INR 66.6880</td> <td>US$1=INR 65.0729</td></tr> </table>

Property and Equipment consists of the following as of September 30 and March 31, 2018. The property and equipment listed below are recorded in the books of Sunalpha.    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">September 30, 2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Computer</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">13,443</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">13,443</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Furniture and Fixture</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,864</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,468</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office Equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,537</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,537</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Software License</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">768</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">768</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">26,612</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">26,216</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.25in">Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(16,523</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(14,057</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left">Fixed assets, net</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">10,523</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">12,159</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td></tr> </table>

Intangible assets consist of the following as of June 30 and March 31, 2018:    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">September 30, 2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left">API Access</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">133,763</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">133,763</td> <td style="width: 1%; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Software</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,651,000</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,651,000</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,784,763</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,784,763</td> <td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(766,700</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(595,264</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left">Intangible assets, net</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,018,063</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,189,499</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left"> </td></tr> </table>

A reconciliation of net loss and weighted average shares used in computing basic and diluted net income per share is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">Second Quarter Ended September 30,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">Six Months Ended September 30,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; white-space: nowrap; font-weight: bold">Basic net income (loss) per share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%; white-space: nowrap">Net income (loss) applicable to common shares</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(245,086</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(141,454</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(498,896</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(363,996</td> <td style="text-align: left; width: 1%">)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="white-space: nowrap">Weighted average common shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Basic net income (loss) per share of common stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; white-space: nowrap; font-weight: bold">Diluted net income (loss) per share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Net income (loss) applicable to common shares</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(245,086</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(141,454</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(498,896</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(363,996</td> <td style="text-align: left">)</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="white-space: nowrap">Weighted average common shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Dilutive effects of convertible debt</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Weighted average common shares, assuming dilutive effect of convertible debt</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Diluted net income (loss) per share of common stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td></tr></table>

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<table cellspacing="0" cellpadding="0" style="background-color: white; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in">12.</td> <td>Net Income (Loss) Per Share</td></tr> </table>   A reconciliation of net loss and weighted average shares used in computing basic and diluted net income per share is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">Second Quarter Ended September 30,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">Six Months Ended September 30,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; white-space: nowrap; font-weight: bold">Basic net income (loss) per share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%; white-space: nowrap">Net income (loss) applicable to common shares</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(245,086</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(141,454</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(498,896</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">(363,996</td> <td style="text-align: left; width: 1%">)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="white-space: nowrap">Weighted average common shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Basic net income (loss) per share of common stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; white-space: nowrap; font-weight: bold">Diluted net income (loss) per share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Net income (loss) applicable to common shares</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(245,086</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(141,454</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(498,896</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(363,996</td> <td style="text-align: left">)</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="white-space: nowrap">Weighted average common shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Dilutive effects of convertible debt</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Weighted average common shares, assuming dilutive effect of convertible debt</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">91,287,934</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86,888,168</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; white-space: nowrap">Diluted net income (loss) per share of common stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(0.00</td> <td style="text-align: left">)</td></tr> </table>   Due to net loss, the shares of common stock underlying the convertible notes described in Notes 9 and 10 were not included in the calculation of diluted net loss per share, as they would have had an antidilutive effect.

<table cellspacing="0" cellpadding="0" style="background-color: white; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in">2.</td> <td>Summary of Significant Accounting Policies</td></tr> </table>    Accounting Policies    These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”).    Basis of Presentation    The acquisition of all of the outstanding shares of common stock of Sunalpha by TripBorn on December 14, 2015 was accounted for as a reverse recapitalization. Sunalpha was the acquirer for financial reporting purposes, and TripBorn was the acquired company. Consequently, the assets, liabilities and results of operations that are reflected in the Company’s consolidated financial statements prior to the December 14, 2015 transaction are those of Sunalpha and are recorded using the historical cost basis. The consolidated financial statements after completion of the December 14, 2015 transaction include the assets, liabilities and results of operations of Sunalpha up to the day prior to the closing of the transaction, and the assets, liabilities and results of operations of the Company and Sunalpha from and after the closing of the transaction on December 14, 2015. All significant related party accounts and transactions between the Company and Sunalpha have been eliminated upon consolidation.    Revenue Recognition    In May 2014, the FASB issued guidance on revenue from contracts with customers that superseded most current revenue recognition guidance, including industry-specific guidance. The underlying principle of the guidance is to recognize revenue to depict the transfer of goods or services to customers at an amount to which the company expects to be entitled in exchange for those goods or services. The new guidance requires an evaluation of revenue arrangements with customers following a five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) the company satisfies each performance obligation. Revenues are recognized when control of the promised services are transferred to the customers in an amount that reflects the expected consideration in exchange for those services. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the services. Other major provisions of the guidance include capitalization of certain contract costs, consideration of the time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the provisions of this guidance effective January 1, 2018 as required under the guidance. The adoption of this guidance did not have any material impact on the Company’s consolidated condensed financial statements.   Cost of Revenue   Cost of revenue primarily consists of costs paid to hotel and vacation package suppliers for the acquisition of relevant services and products for sale to customers and includes the procurement cost of hotel rooms and other services.    Cost of revenue is the amount paid or accrued to procure these services and products from the respective suppliers and do not include any other operating cost to provide these services or products. Cost of revenue is recognized when incurred, which coincides with the recognition of the corresponding revenue.    Operating Expenses    Operating expenses include costs such as advertising and business promotion costs, utilities, rent, payroll and consultants fees and charges, which are recognized on an accrual basis. Depreciation and amortization costs are amortized over the estimated useful lives of the assets.    Use of Estimates    The preparation of financial statements in US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could differ significantly from those estimates. The estimates underlying the Company’s Financial Statements relate to, accruals for travel transactions, valuation of accounts receivable, useful life of long-lived assets and income taxes.    Cash and Cash Equivalents    The Company considers all highly-liquid investments (including money market funds) with an original maturity at acquisition of three months or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not believe that this results in any significant credit risk.   Sunalpha has fourteen accounts denominated in Indian Rupees. As of September 30, 2018 and 2017, the cash balance in financial institutions in India was USD $466,744 and $168,901, respectively. The transactions are undertaken in Indian Rupees and requires a foreign currency translation adjustment. The Company’s cash deposits in India are not insured against loss. The Company does not believe that this results in any significant credit risk.    Receivables and Credit Policies    Accounts receivable are uncollateralized customer obligations due under normal trade terms which generally range from 24 hours to seven to ten days from the time and date of transaction. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices exceeding credit terms are considered delinquent. Payments of accounts receivable are allocated to specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.    Property and Equipment    Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. The Company charges repairs and maintenance costs that do not extend the lives of the assets to expenses as incurred.    Intangible Assets    Intangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets that have limited useful lives are amortized on a straight line basis over the shorter of their useful or legal lives.    Concentration of Credit Risk    Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.    The Company maintains its cash in bank deposit accounts, which are not insured. The Company has not experienced any losses in such accounts. The Company believes that it is not exposed to any significant credit risk related to its cash holdings.    Income Taxes    The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled. TripBorn, Inc. was incorporated in the State of Delaware and is subject to Federal income tax in the United States of America. Sunalpha was incorporated under the laws of the Republic of India and has no operating profit for current tax liabilities. The Indian corporate income tax rate is 30% for domestic companies.    The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”, which requires the Company to use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized.    ASC 740 clarifies the accounting for uncertainty in tax positions. This interpretation requires that an entity recognizes in its financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of income and comprehensive income. No significant uncertainty in tax positions relating to income taxes have been incurred during the quarters ended September 30, 2018 and 2017.    On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). The Tax Act included a broad range of complex provisions impacting the taxation of multi-national companies. The Tax Act makes broad and complex changes to the U.S. corporate income tax system and includes a Transition Toll Tax (the “Transition Tax”), which is a one-time mandatory deemed repatriation tax on accumulated foreign subsidiaries’ previously untaxed foreign earnings. Since the Company’s foreign subsidiary has historically realized net losses, we believe that the Company is not subject to the Transition Tax.    The Tax Act also imposed a global intangible low-taxed income tax (“GILTI”), which is a new tax on certain off-shore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits. We are still evaluating the impacts of the GILTI tax.    Foreign Currency Translation    The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of ASC subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit).    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 23%"> </td> <td style="width: 31%">September 30, 2018</td> <td style="width: 23%">March 31, 2018</td> <td style="width: 23%">September 30, 2017</td></tr> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: left; white-space: nowrap">Period-end spot rate                                </td> <td>US$1=INR 73.3652</td> <td>US$1=INR 65.0792</td> <td>US$1=INR 65.2850</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Average rate</td> <td>US$1=INR 71.0376</td> <td>US$1=INR 66.6880</td> <td>US$1=INR 65.0729</td></tr> </table>    Fair Value of Financial Instruments    ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.3pt"> </td> <td style="width: 18pt"></td> <td>Level 1 - Quoted prices in active markets for identical assets and liabilities.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 0pt"> </td><td style="text-align: justify"></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.3pt"> </td> <td style="width: 18pt"></td> <td>Level 2 - Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.3pt"> </td> <td style="width: 18pt"></td> <td>Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</td></tr> </table>   The Company considers the recorded value of its financial assets and liabilities, which consist primarily of cash, accounts receivable, other current assets, and other current liabilities to approximate the fair value of the respective assets and liabilities at September 30, 2018 and March 31, 2018 based upon the short-term nature of these assets and liabilities.

Fair Value of Financial Instruments    ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.3pt"> </td> <td style="width: 18pt"></td> <td>Level 1 - Quoted prices in active markets for identical assets and liabilities.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 0pt"> </td><td style="text-align: justify"></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.3pt"> </td> <td style="width: 18pt"></td> <td>Level 2 - Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 0pt"> </td><td style="text-align: justify"></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.3pt"> </td> <td style="width: 18pt"></td> <td>Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</td></tr> </table>   The Company considers the recorded value of its financial assets and liabilities, which consist primarily of cash, accounts receivable, other current assets, and other current liabilities to approximate the fair value of the respective assets and liabilities at September 30, 2018 and March 31, 2018 based upon the short-term nature of these assets and liabilities.

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Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Change in Control Transaction (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Increase in Authorized Shares (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Income Tax (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Net Income (Loss) Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Commitments (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 cik0001498232-20180930_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 cik0001498232-20180930_def.xml XBRL DEFINITION FILE EX-101.LAB 10 cik0001498232-20180930_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock [Member] Additional Paid-in Capital [Member] Accumulated Other Comprehensive Income [Member] Retained Earnings (Deficit) [Member] Currency [Axis] India, Rupees Legal Entity [Axis] Sunalpha Green Technologies Private Limited [Member] Property, Plant and Equipment, Type [Axis] Computer [Member] Furniture and Fixture [Member] Office Equipment [Member] Software License [Member] Finite-Lived Intangible Assets by Major Class [Axis] Application Programming Interface (API) Access [Member] Software [Member] Related Party [Axis] Arna Global LLC ("Arna") [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Software Agreement [Member] Ownership And Development Rights [Member] Products and Services [Axis] Travelcord [Member] Debt Instrument [Axis] Convertible Promissory Notes [Member] 2016 Software Development Agreement [Member] Takniki Communications [Member] 10% Convertible Promissory Notes Due December 31, 2019 [Member] 10% Convertible Promissory Notes Due March 7, 2019 [Member] Mr. Deepak Sharma [Member] 10% Convertible Promissory Notes Due March 7, 2019 [Member] Mr. Mandloi [Member] 10% Convertible Promissory Notes Due March 7, 2019 [Member] President and Managing Director [Member] IndusInd Bank Ltd [Member] Application Programming Interface (API) Agreement [Member] Indian Railway Catering and Tourism Corporation [Member] Maxim Group LLC [Member] Director [Member] Geographical [Axis] INDIA (Ahmedabad City) [Member] Richard J. Shaw [Member] LogiCore Strategies, LLC ("LogiCore") [Member] Stock Purchase Agreement [Member] INDIA (Bangalore City) Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity's Reporting Status Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Entity Ex Transition Period Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Income Statement [Abstract] Net revenue Cost of revenue Gross profit Operating expenses Selling, general, and administrative expenses Legal and consulting expenses Income (loss) from operations Other income (expense) Depreciation and amortization Interest income Interest expense Total other income (expense) Income (loss) before income tax expense Income tax benefit (expense) Net income (loss) Basic income (loss) per share (in dollars per share) Diluted income (loss) per share (in dollars per share) Basic weighted average number of shares (in shares) Diluted weighted average number of shares (in shares) Net income (loss) Other comprehensive income (loss), net of tax Unrealized foreign currency translation income / (loss) Other comprehensive income (loss), net of tax Comprehensive loss Statement of Financial Position [Abstract] Assets Current assets: Cash and cash equivalents Accounts receivable Other current assets Total current assets Property and equipment, net Intangible assets, net Deferred income taxes TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Other current liabilities Total current liabilities Long term liabilities Convertible notes Total current and long term liabilities Stockholders' equity (deficit): Preferred stock $.0001 par value Authorized shares: 10,000,000 Common stock $.0001 par value Authorized shares: 200,000,000 Shares issued and outstanding: 80,794,914 and 78,971,581 Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings (deficit) Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred stock, par value (in dollars per share) Preferred stock, authorized Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common stock, outstanding Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance beginning Balance beginning (in shares) Issuance of common shares Issuance of common shares (in shares) Other comprehensive income (loss) Balance ending Balance ending (in shares) Statement of Cash Flows [Abstract] Cash flows from operating activities Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization Changes in operating assets and liabilities: (Increase) decrease in: Accounts receivable Other current assets Deferred tax asset Increase (decrease) in: Accounts payable and accrued expenses Other current liabilities Net cash provided by (used in) operating activities Cash flows from investing activities Purchase of property and equipment Increase in intangible assets Net cash used in investing activities Cash flows from financing activities Increase in common stock Increase in additional paid-in capital Net cash provided by financing activities Effect of exchange rates changes on cash Net change in cash Cash Beginning of the year End of the year Supplementary disclosure of cash flows information Cash paid during the period for: Interest Income taxes Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and the Nature of Business Accounting Policies [Abstract] Summary of Significant Accounting Policies Change In Control Transaction Change in Control Transaction Business Combinations [Abstract] Acquisition of Sunalpha Green Technologies Private Limited Stockholders' Equity Note [Abstract] Increase in Authorized Shares Property, Plant and Equipment [Abstract] Property and Equipment Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Tax Recovery Charges Tax Recovery Charges Related Party Transactions [Abstract] Related Party Transactions Income Tax Disclosure [Abstract] Income Tax Accounting Changes and Error Corrections [Abstract] New Accounting Pronouncements Earnings Per Share [Abstract] Net Income (Loss) Per Share Commitments and Contingencies Disclosure [Abstract] Commitments Accounting Policies Basis of Presentation Revenue Recognition Cost of Revenue Operating Expenses Use of Estimates Cash and Cash Equivalents Receivables and Credit Policies Property and Equipment Intangible Assets EX-101.PRE 11 cik0001498232-20180930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 13, 2018
Document And Entity Information
Entity Registrant Name	TripBorn, Inc.
Entity Central Index Key	0001498232
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		95,711,874
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019

XML 13 R2.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Net revenue	$ 90,974	$ 70,090	$ 192,757	$ 178,632
Cost of revenue	260	6,987	2,897	26,873
Gross profit	90,714	63,103	189,860	151,759
Operating expenses
Selling, general, and administrative expenses	235,327	143,488	476,029	319,665
Legal and consulting expenses	33,790	50,024	82,703	97,647
Income (loss) from operations	(178,403)	(130,409)	(368,872)	(265,553)
Other income (expense)
Depreciation and amortization	(84,185)	(80,643)	(167,751)	(199,547)
Interest income	62	164	144	164
Interest expense	(47,709)	(9,095)	(95,034)	(69,589)
Total other income (expense)	(131,832)	(89,574)	(262,641)	(268,972)
Income (loss) before income tax expense	(310,235)	(219,983)	(631,513)	(534,525)
Income tax benefit (expense)	65,149	78,529	132,617	170,529
Net income (loss)	$ (245,086)	$ (141,454)	$ (498,896)	$ (363,996)
Basic income (loss) per share (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Diluted income (loss) per share (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Basic weighted average number of shares (in shares)	91,287,934	86,888,168	91,287,934	86,888,168
Diluted weighted average number of shares (in shares)	91,287,934	86,888,168	91,287,934	86,888,168

XML 14 R3.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Net income (loss)	$ (245,086)	$ (141,454)	$ (498,896)	$ (363,996)
Other comprehensive income (loss), net of tax
Unrealized foreign currency translation income / (loss)	4,136	227	7,796	27
Other comprehensive income (loss), net of tax	4,136	227	7,796	27
Comprehensive loss	$ (240,950)	$ (141,227)	$ (491,100)	$ (363,969)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 891,370	$ 1,148,741
Accounts receivable	304,758	172,625
Other current assets	168,299	334,961
Total current assets	1,364,427	1,656,327
Property and equipment, net	10,523	12,159
Intangible assets, net	1,018,063	1,189,499
Deferred income taxes	438,533	348,098
TOTAL ASSETS	2,831,546	3,206,083
Current liabilities:
Accounts payable	482,721	390,201
Other current liabilities	544,455	520,412
Total current liabilities	1,027,176	910,613
Long term liabilities
Convertible notes	1,840,668	1,840,668
Total current and long term liabilities	2,867,844	2,751,281
Stockholders' equity (deficit):
Preferred stock $.0001 par value Authorized shares: 10,000,000
Common stock $.0001 par value Authorized shares: 200,000,000 Shares issued and outstanding: 80,794,914 and 78,971,581	9,572	9,572
Additional paid-in capital	2,321,818	2,321,818
Accumulated other comprehensive income (loss)	23,452	15,656
Retained earnings (deficit)	(2,391,140)	(1,892,244)
Total stockholders' equity	(36,298)	454,802
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,831,546	$ 3,206,083

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	80,794,914	78,971,581
Common stock, outstanding	80,794,914	78,971,581

XML 17 R6.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDER'S EQUITY (DEFICIT) - 6 months ended Sep. 30, 2018 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings (Deficit) [Member]	Total
Balance beginning at Mar. 31, 2018	$ 9,572	$ 2,321,818	$ 15,656	$ (1,892,244)	$ 454,802
Balance beginning (in shares) at Mar. 31, 2018	95,711,874				78,971,581
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)			7,796		$ 7,796
Net income (loss)				(498,896)	(498,896)
Balance ending at Sep. 30, 2018	$ 9,572	$ 2,321,818	$ 23,452	$ (2,391,140)	$ (36,298)
Balance ending (in shares) at Sep. 30, 2018	95,711,844				80,794,914

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 18 R7.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net income (loss)	$ (498,896)	$ (363,996)
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	167,751	199,547
(Increase) decrease in:
Accounts receivable	(132,131)	38,824
Other current assets	166,660	(12,813)
Deferred tax asset	(90,435)	(92,478)
Increase (decrease) in:
Accounts payable and accrued expenses	92,520	(53,185)
Other current liabilities	27,728	142,366
Net cash provided by (used in) operating activities	(266,803)	(80,924)
Cash flows from investing activities
Purchase of property and equipment	1,636	368
Increase in intangible assets	0	569
Net cash used in investing activities	1,636	937
Cash flows from financing activities
Increase in common stock		182
Increase in additional paid-in capital		546,818
Net cash provided by financing activities		547,000
Effect of exchange rates changes on cash	7,796	(200)
Net change in cash	(257,371)	466,813
Cash
Beginning of the year	1,148,741	516,707
End of the year	891,370	983,520
Cash paid during the period for:
Interest
Income taxes

XML 19 R8.htm IDEA: XBRL DOCUMENT

Organization and the Nature of Business

6 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and the Nature of Business

1.	Organization and the Nature of Business

XML 20 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Accounting Policies

Basis of Presentation

Revenue Recognition

Cost of Revenue

Operating Expenses

Use of Estimates

Cash and Cash Equivalents

Receivables and Credit Policies

Property and Equipment

Intangible Assets

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

Income Taxes

Foreign Currency Translation

	September 30, 2018	March 31, 2018	September 30, 2017
Period-end spot rate	US$1=INR 73.3652	US$1=INR 65.0792	US$1=INR 65.2850
Average rate	US$1=INR 71.0376	US$1=INR 66.6880	US$1=INR 65.0729

Fair Value of Financial Instruments

•

Level 1 - Quoted prices in active markets for identical assets and liabilities.

•

XML 21 R10.htm IDEA: XBRL DOCUMENT

Change in Control Transaction

6 Months Ended

Sep. 30, 2018

Change In Control Transaction

Change in Control Transaction

3.	Change in Control Transaction

XML 22 R11.htm IDEA: XBRL DOCUMENT

Acquisition of Sunalpha Green Technologies Private Limited

6 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

Acquisition of Sunalpha Green Technologies Private Limited

4.	Acquisition of Sunalpha Green Technologies Private Limited

XML 23 R12.htm IDEA: XBRL DOCUMENT

Increase in Authorized Shares

6 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

Increase in Authorized Shares

5.	Increase in Authorized Shares

XML 24 R13.htm IDEA: XBRL DOCUMENT

Property and Equipment

6 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

6.	Property and Equipment

Property and Equipment consists of the following as of September 30 and March 31, 2018. The property and equipment listed below are recorded in the books of Sunalpha.

	September 30, 2018			March 31, 2018
Computer	$	13,443		$	13,443
Furniture and Fixture		5,864			5,468
Office Equipment		6,537			6,537
Software License		768			768
Total		26,612			26,216
Accumulated depreciation		(16,523	)		(14,057	)
Fixed assets, net	$	10,523		$	12,159

Depreciation expense for the quarters ended September 30, 2018 and 2017 is $1,636 and ($1,901), respectively.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Intangible Assets

6 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7.	Intangible Assets

Intangible assets consist of the following as of June 30 and March 31, 2018:

	September 30, 2018			March 31, 2018
API Access	$	133,763		$	133,763
Software		1,651,000			1,651,000
Total		1,784,763			1,784,763
Accumulated amortization		(766,700	)		(595,264	)
Intangible assets, net	$	1,018,063		$	1,189,499

Amortization expense for the quarters ended June 30, 2018 and 2017 was $82,550 and $82,550, respectively.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Tax Recovery Charges

6 Months Ended

Sep. 30, 2018

Tax Recovery Charges

Tax Recovery Charges

8.	Tax Recovery Charges

XML 27 R16.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Sep. 30, 2018

Related Party Transactions

9.	Related Party Transactions

Convertible Notes

iii. Guarantee

XML 28 R17.htm IDEA: XBRL DOCUMENT

Income Tax

6 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax

10.	Income Tax

The Company files its income tax returns on a fiscal year basis.

The future effective income tax rate depends on various factors, such as the Company’s income (loss) before taxes, tax legislation and the geographic composition of pre-tax income.

XML 29 R18.htm IDEA: XBRL DOCUMENT

New Accounting Pronouncements

6 Months Ended

Sep. 30, 2018

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

11.	New Accounting Pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

New Accounting Pronouncements Recently Adopted

New Accounting Pronouncements Not Yet Adopted

XML 30 R19.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share

6 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

12.	Net Income (Loss) Per Share

A reconciliation of net loss and weighted average shares used in computing basic and diluted net income per share is as follows:

	Second Quarter Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017
Basic net income (loss) per share:
Net income (loss) applicable to common shares	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)
Weighted average common shares outstanding		91,287,934			86,888,168			91,287,934			86,888,168
Basic net income (loss) per share of common stock	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Diluted net income (loss) per share:
Net income (loss) applicable to common shares	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)
Weighted average common shares outstanding		91,287,934			86,888,168			91,287,934			86,888,168
Dilutive effects of convertible debt	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average common shares, assuming dilutive effect of convertible debt		91,287,934			86,888,168			91,287,934			86,888,168
Diluted net income (loss) per share of common stock	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

XML 31 R20.htm IDEA: XBRL DOCUMENT

Commitments

6 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments

13.	Commitments

XML 32 R21.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Accounting Policies

Accounting Policies

Basis of Presentation

Basis of Presentation

Revenue Recognition

Revenue Recognition

Cost of Revenue

Cost of Revenue

Operating Expenses

Operating Expenses

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Receivables and Credit Policies

Receivables and Credit Policies

Property and Equipment

Property and Equipment

Intangible Assets

Intangible Assets

ntangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets that have limited useful lives are amortized on a straight line basis over the shorter of their useful or legal lives.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

Income Taxes

Income Taxes

Foreign Currency Translation

Foreign Currency Translation

	September 30, 2018	March 31, 2018	September 30, 2017
Period-end spot rate	US$1=INR 73.3652	US$1=INR 65.0792	US$1=INR 65.2850
Average rate	US$1=INR 71.0376	US$1=INR 66.6880	US$1=INR 65.0729

Fair Value of Financial Instruments

Fair Value of Financial Instruments

•

Level 1 - Quoted prices in active markets for identical assets and liabilities.

•

XML 33 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Schedule of currency exchange rates

The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit).

	September 30, 2018	March 31, 2018	September 30, 2017
Period-end spot rate	US$1=INR 73.3652	US$1=INR 65.0792	US$1=INR 65.2850
Average rate	US$1=INR 71.0376	US$1=INR 66.6880	US$1=INR 65.0729

XML 34 R23.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

6 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and Equipment consists of the following as of September 30 and March 31, 2018. The property and equipment listed below are recorded in the books of Sunalpha.

	September 30, 2018			March 31, 2018
Computer	$	13,443		$	13,443
Furniture and Fixture		5,864			5,468
Office Equipment		6,537			6,537
Software License		768			768
Total		26,612			26,216
Accumulated depreciation		(16,523	)		(14,057	)
Fixed assets, net	$	10,523		$	12,159

XML 35 R24.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Intangible assets consist of the following as of June 30 and March 31, 2018:

	September 30, 2018			March 31, 2018
API Access	$	133,763		$	133,763
Software		1,651,000			1,651,000
Total		1,784,763			1,784,763
Accumulated amortization		(766,700	)		(595,264	)
Intangible assets, net	$	1,018,063		$	1,189,499

XML 36 R25.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share (Tables)

6 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per share

A reconciliation of net loss and weighted average shares used in computing basic and diluted net income per share is as follows:

	Second Quarter Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017
Basic net income (loss) per share:
Net income (loss) applicable to common shares	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)
Weighted average common shares outstanding		91,287,934			86,888,168			91,287,934			86,888,168
Basic net income (loss) per share of common stock	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Diluted net income (loss) per share:
Net income (loss) applicable to common shares	$	(245,086	)	$	(141,454	)	$	(498,896	)	$	(363,996	)
Weighted average common shares outstanding		91,287,934			86,888,168			91,287,934			86,888,168
Dilutive effects of convertible debt	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average common shares, assuming dilutive effect of convertible debt		91,287,934			86,888,168			91,287,934			86,888,168
Diluted net income (loss) per share of common stock	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

XML 37 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) - India, Rupees	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017
Period-end spot rate	73.3652	65.0792	65.2850
Average rate	71.0376	66.6880	65.0729

XML 38 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Corporate income tax rate	30.00%
Effective tax rate	10.50%
Increase in effective income tax	13.125%
Sunalpha Green Technologies Private Limited [Member]
Cash	$ 466,744	$ 168,901

XML 39 R28.htm IDEA: XBRL DOCUMENT

Change in Control Transaction (Details Narrative) - Arna Global LLC ("Arna") [Member] - Stock Purchase Agreement [Member] - USD ($)	36 Months Ended
	Dec. 08, 2018	Dec. 08, 2015
Number of shares issued	71,428,570
Number of shares issued, value	$ 95,500
Ownership percentage		93.00%

XML 40 R29.htm IDEA: XBRL DOCUMENT

Increase in Authorized Shares (Details Narrative) - shares	Jan. 13, 2016	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Common stock, authorized	100,000,000	200,000,000	200,000,000	200,000,000
Former entity registered name	<p><font style="font: 10pt Times New Roman, Times, Serif">PinstripesNYC. Inc. </font></p>

XML 41 R30.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Total	$ 26,612	$ 26,216
Accumulated depreciation	(16,523)	(14,057)
Fixed Assets, net	10,523	12,159
Computer [Member]
Property, Plant and Equipment [Line Items]
Total	13,443	13,443
Furniture and Fixture [Member]
Property, Plant and Equipment [Line Items]
Total	5,864	5,468
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	6,537	6,537
Software License [Member]
Property, Plant and Equipment [Line Items]
Total	$ 768	$ 768

XML 42 R31.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - USD ($)	6 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,636	$ (1,901)

XML 43 R32.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Total	$ 1,784,763	$ 1,784,763
Accumulated amortization	(766,700)	(595,264)
Intangible assets, net	1,018,063	1,189,499
Application Programming Interface (API) Access [Member]
Finite-Lived Intangible Assets [Line Items]
Total	133,763	133,763
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Total	$ 1,651,000	$ 1,651,000

XML 44 R33.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details Narrative) - USD ($)		6 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Dec. 16, 2015	Sep. 30, 2018	Sep. 30, 2017	Sep. 23, 2016
Amortization expense		$ 82,550	$ 82,550
2016 Software Development Agreement [Member] \| Takniki Communications [Member]
Due to related party			$ 695,000
2016 Software Development Agreement [Member] \| 10% Convertible Promissory Notes Due December 31, 2019 [Member] \| Takniki Communications [Member]
Due to related party				$ 695,000
Debt principal amount				$ 695,000
Arna Global LLC ("Arna") [Member] \| Convertible Promissory Notes [Member]
Payment to acquire intangible asset		$ 956,000
Arna Global LLC ("Arna") [Member] \| Software Agreement [Member] \| Ownership And Development Rights [Member] \| Travelcord [Member]
Payment to acquire intangible asset	$ 956,000

XML 45 R34.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)	Sep. 23, 2016	Mar. 08, 2016	Sep. 30, 2017	Jul. 11, 2016
2016 Software Development Agreement [Member] \| Takniki Communications [Member]
Due to related party			$ 695,000
Mr. Deepak Sharma [Member]
Loans payable - related party				$ 2,501
Arna Global LLC ("Arna") [Member]
Loans payable - related party				$ 21,457
President and Managing Director [Member] \| IndusInd Bank Ltd [Member]
Guaranteed claim amount		$ 50,000
10% Convertible Promissory Notes Due March 7, 2019 [Member] \| Mr. Deepak Sharma [Member]
Debt principal amount		$ 156,407
Number of shares issued upon debt conversion		3,432,234
10% Convertible Promissory Notes Due March 7, 2019 [Member] \| Mr. Mandloi [Member]
Debt principal amount		$ 38,076
Number of shares issued upon debt conversion		835,552
10% Convertible Promissory Notes Due March 7, 2019 [Member] \| Arna Global LLC ("Arna") [Member] \| Software Agreement [Member]
Debt principal amount		$ 956,000
Number of shares issued upon debt conversion		21,194,381
10% Convertible Promissory Notes Due December 31, 2019 [Member] \| 2016 Software Development Agreement [Member] \| Takniki Communications [Member]
Due to related party	$ 695,000
Debt principal amount	$ 695,000
Number of shares issued upon debt conversion	10,303,070

XML 46 R35.htm IDEA: XBRL DOCUMENT

Income Tax (Details Narrative) - USD ($)	6 Months Ended
Income Tax (Details Narrative) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Corporate income tax rate	30.00%
Effective tax rate	10.50%
Increase in effective income tax	13.125%
Deferred income taxes, net	$ 373,384	$ 348,098

XML 47 R36.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
Net Income (Loss) Per Share (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic net income (loss) per share:
Net income (loss) applicable to common shares	$ (245,086)	$ (141,454)	$ (498,896)	$ (363,996)
Weighted average common shares outstanding	91,287,934	86,888,168	91,287,934	86,888,168
Basic net income (loss) per share of common stock	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Diluted net income (loss) per share:
Net income (loss) applicable to common shares	$ (245,086)	$ (141,454)	$ (498,896)	$ (363,996)
Weighted average common shares outstanding	91,287,934	86,888,168	91,287,934	86,888,168
Dilutive effects of convertible debt	0.00	0.00	0.00	0.00
Weighted average common shares, assuming dilutive effect of convertible debt	91,287,934	86,888,168	91,287,934	86,888,168
Diluted net income (loss) per share of common stock	$ 0.00	$ 0.00	$ 0.00	$ 0.00

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 48 R37.htm IDEA: XBRL DOCUMENT

Commitments (Details Narrative)					12 Months Ended
Commitments (Details Narrative)	Sep. 30, 2017 USD ($)	May 24, 2016 USD ($)	Mar. 01, 2016 USD ($)	Oct. 05, 2015 USD ($)	Oct. 09, 2018 USD ($)	Jun. 30, 2018 ft²	Oct. 09, 2017 ft²	Dec. 08, 2015
INDIA (Ahmedabad City) [Member]
Term of leases			5 years
Rent expense per month			$ 1,260
INDIA (Bangalore City)
Office space \| ft²							3,400
Rent expense per month					$ 2,918
Initial term of land					3 years
Additional term of land					3 years
Maxim Group LLC [Member]
Ownership percentage								93.00%
Director [Member]
Office space \| ft²						2,455
Indian Railway Catering and Tourism Corporation [Member]
Maintenance fee	$ 8,600
LogiCore Strategies, LLC ("LogiCore") [Member] \| Richard J. Shaw [Member]
Compensation		$ 60,000
Application Programming Interface (API) Agreement [Member] \| Indian Railway Catering and Tourism Corporation [Member]
Maintenance fee				$ 7,500

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