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Expenses

12 Months Ended

Mar. 31, 2024

NOTE 4 — EXPENSES

Expenses consist of the following for the year ended March 31, 2024, and March 31, 2023:

	For the year ended March 31, 2024		For the year ended March 31, 2023
	(US$)		(US$)
Cost of revenue	$	16,762,580	$	13,884,291
Amortization of intangible assets		15,813		16,211
Depreciation		910,671		680,013
Legal and professional expenses		386,622		833,079
Staffing expense		844,098		633,979
Other operating expenses		2,643,948		2,267,265
Total expenses	$	21,563,732	$	18,314,838

	For the year ended March 31, 2024		For the year ended March 31, 2023
	(In USD)		(In USD)
Cost of revenue consists of :
Cost of materials consumed		—		—
Broadcaster/subscription Fees		15,454,840		12,715,217
Lease line/bandwidth charges		1,225,922		1,091,700
Carriage fees		1,658		—
Cable hardware & networking Exp.		78,157		28,129
Ham charges		—		3,156
Activation installation costs		—		37,217
Programming expenses		2,003		8,872
	$	16,762,580	$	13,884,291

During the year ending March 31, 2024, the Company has recorded costs of revenue of $16,762,580 relating to the business of Sri Sai, a licensed Multi System Operator in the business of telecasting/streaming of broadcast channels to subscribers for a subscription charge.

During the year ending March 31, 2023, the Company has recorded costs of revenue of $13,884,291 relating to the business of Sri Sai, a licensed Multi System Operator in the business of telecasting/streaming of broadcast channels to subscribers for a subscription charge.

	For the year ended March 31, 2024		For the year ended 31 March 2023
	(US$)		(US$)
Legal and professional expenses consist of :
Audit fees	$	119,525	$	144,747
Legal and professional fees		267,097		688,332
Total expenses	$	386,622	$	833,079

Staffing expenses consists of:

	For the year ended March 31, 2024		For the year ended March 31, 2023
	(US$)		(US$)
Salaries, wages and bonus	$	775,319	$	555,591
Contribution to a gratuity fund		29,774		30,606
EPF, ESIC and labour welfare fund		19,719		34,738
Staff welfare expenses		19,286		13,044
Total expenses	$	844,098	$	633,979

Staff costs include salary paid to the various operations and administrative persons and director of the subsidiaries.

The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. For the funded plan the group makes contributions to recognized funds in India. The group does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments.

Details of other operating expenses:

	For the year ended March 31, 2024		For the year ended March 31, 2023
	(US$)		(US$)
Electricity charges	$	59,821	$	59,036
Repair & maintenance expenses		179,592		129,987
Business promotion expenses		30,096		3,508
Operating lease rentals		17,579		15,327
Regulatory expenses		43,551		69,929
Conveyance & Traveling expenses		28,434		112,111
Security charges		12,653		5,150
Commission charges		1,621,014		1,465,012
Credit Loss allowances		72,698		(120,544	)
Loss on disposal of a subsidiary		1,000		192,776
Other operating expenses		577,510		334,973
Total other expenses	$	2,643,948	$	2,267,265

We had retained Skyline Corporate Communications Group, LLC for our capital markets, financial and public relations advisory services. The Company could not make payments under the contract, as the client did not comply with the mandatory regulatory requirements. The client has approach for arbitration. On April 11, 2023, the arbitrator has awarded final damages in favor of Skyline of $130,000 plus legal and other incidental expenses, aggregating to $260,000.

Details of Finance and other income

	For the year ended March 31, 2024		For the year ended March 31, 2023
	(US$)		(US$)
Interest on income tax refund	$	—	$	19,123
Total	$	—	$	19,123

Details of Finance and other costs

	For the year ended March 31, 2024		For the year ended March 31, 2023
	(US$)		(US$)
Interest on bank overdrafts, loans and other financial liabilities	$	346,465	$	328,449
Interest on lease liabilities	$	42,850	$	21,845
Commission and other borrowings		232,911		122,000
Collection charges		15,715		125,930
Foreign exchange losses on borrowings		—		—
Share warrant expenses		—		1,607,791
Other costs - interest on tax payables		1,016		4,389
		638,957		2,210,404

	For the year ended March 31, 2024		For the year ended March 31, 2023
	(US$)		(US$)
Total borrowing costs	$	638,957	$	2,210,404
Less: amounts included in the cost of qualifying assets	$	—	$	—
		638,957		2,210,404

The Company has reclassified the share warrant expenses as finance costs in respect of bridge financing obtained during the year ending March 31, 2023.