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Basis of Presentation
9 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 2 - Basis of Presentation

 

The Company has prepared the accompanying consolidated financial statements and accompanying notes in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP”). All amounts in the consolidated financial statements are stated in U.S. dollars.

 

We have recast certain prior period amounts to conform to the current period presentation, with no impact on consolidated net income or cash flows.

 

Going Concern

 

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

 

As reflected in the accompanying consolidated financial statements, the Company had a net loss of $229,259 and $153,900 for the nine months ended December 31, 2021 and 2020, respectively; net cash provided by operations of $(525,496) and $95,684 for the nine months ended December 31, 2021 and 2020, respectively; working capital deficit of $2,978,037 and $2,826,272 as of December 31, 2021 and March 31, 2021, respectively; outstanding statutory dues towards employee provident fund and employee trust fund of $369,637 and $373,142, as of December 31, 2021 and March 31, 2021, respectively; and a stockholders´ deficit of $3,963,015 and $3,779,098 as of December 31, 2021 and March 31, 2021, respectively.

 

The revenue for the nine months ended December 31, 2021 has decreased when compared to the nine months ended December 31, 2020. The Company has launch Facetone cloud version and expecting more revenue from the product. Further, the Company was able to reduce its operating cost in the current quarter and it resulted in reducing the net loss. Considering these trends, the management is confident that the Company shall generate sufficient profits to offset the operating losses in the recent future.