EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

SCHEDULE OF EMPLOYEE GRATUITY PLANS

	Year Ended
	December 31, 2021
Change in projected benefit obligation:
Projected benefit obligation as of January 1, 2021	$	104,573
Obligation related to acquired companies upon acquisition		15,906
Service cost		25,227
Interest cost		6,518
Benefits paid		(14,326	)
Actuarial gain (loss) on the Obligation		(3,517	)
Effect of exchange rate changes		(2,136	)
	$	132,245
Projected benefit obligation as of December 31, 2021
Unfunded amount – non-current	$	117,012
Unfunded amount - current		15,233
Total accrued liability	$	132,245
Components of net period benefit costs:
Service cost	$	25,227
Interest cost		6,518
Actuarial gain (loss) on the Obligation		(3,517	)
	$	28,228
The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
Discount rate		6.30% per annum
Rate of increase in compensation levels		10.00% per annum

The benefit obligation has been measured as of December 31, 2020. The gratuity plan is unfunded. The following table sets forth the activity of the Gratuity Plans and the amounts recognized in the Company’s financial statements for the year ended December 31, 2020:

	Year Ended
	December 31, 2020
Change in projected benefit obligation:
Projected benefit obligation as of January 1, 2020	$	85,594
Service cost		10,746
Interest cost		5,595
Benefits paid		(19,033	)
Actuarial gain (loss) on the Obligation		23,761
Effect of exchange rate changes		(2,090	)
	$	104,573
Projected benefit obligation as of December 31, 2020
Unfunded amount – non-current	$	94,023
Unfunded amount - current		10,550
Total accrued liability	$	104,573
Components of net period benefit costs:
Service cost	$	10,746
Interest cost		5,595
Actuarial gain (loss) on the Obligation		23,761
	$	40,102
The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
Discount rate		5.55% per annum
Rate of increase in compensation levels		10.00 % per annum

Leave Encashment:

The other long-term employee benefits has been measured as of December 31, 2021. The following table sets forth the activity of the leave encashment and the amounts recognized in the Company’s financial statements at December 31, 2021:

	Year Ended
	December 31, 2021
Change in projected benefit obligation:
Projected benefit obligation as of January 1, 2021	$	42,424
Obligation related to acquired companies upon acquisition		13,133
Service cost		14,517
Interest cost		2,295
Benefits paid		(3,258	)
Actuarial gain (loss) on the Obligation		(6,688	)
Effect of exchange rate changes		(982	)
	$	61,441
Projected benefit obligation as of December 31, 2021
Unfunded amount – non-current	$	51,686
Unfunded amount - current		9,755
Total accrued liability	$	61,441
Components of net period benefit costs:
Service cost	$	14,517
Interest cost		2,295
Actuarial gain (loss) on the Obligation		(6,688	)
	$	10,124
The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
Discount rate		6.30% per annum
Rate of increase in compensation levels		10.00 % per annum

The other long-term employee benefits has been measured as of December 31, 2020. The following table sets forth the activity of the leave encashment and the amounts recognized in TRAQ Pvt Ltd.’s financial statements at December 31, 2020:

	Year Ended
	December 31, 2020
Change in projected benefit obligation:
Projected benefit obligation as of January 1, 2020	$	33,070
Service cost		10,746
Interest cost		5,595
Benefits paid		(2,212	)
Actuarial gain (loss) on the Obligation		(3,969	)
Effect of exchange rate changes		(806	)
	$	42,424
Projected benefit obligation as of December 31, 2020
Unfunded amount – non-current	$	37,306
Unfunded amount - current		5,118
Total accrued liability	$	42,424
Components of net period benefit costs:
Service cost	$	10,746
Interest cost		5,595
Actuarial gain (loss) on the Obligation		(3,969	)
	$	12,372
The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
Discount rate		5.55% per annum
Rate of increase in compensation levels		10.00 % per annum