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Expenses
 12 Months Ended
Mar. 31, 2024
Expenses [Abstract]  
EXPENSES

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.