10-Q

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, 2016

or

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION FROM ______  TO  ______.

Commission File Number: 0-55698

DUO WORLD, INC.

(Exact name of registrant as specified in its charter)

Nevada	35-2517572
(State or other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

c/o Duo Software (Pvt.) Ltd.
No. 403 Galle Road
Colombo 03, Sri Lanka	Not applicable
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number: (870) 505-6540

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 [  ] No [X]

Indicate by check mark whether the registrant has submitted electronically and posted on its Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) 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, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [  ]	Accelerated filer [  ]
Non-accelerated filer [  ]	Smaller reporting company [X]

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes [  ] No [  ]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of November 7, 2016, there were 38,567,467 outstanding shares of the Registrant's Common Stock, $.001 par value.

INDEX

	Page
PART I – FINANCIAL INFORMATION	F-2
Item 1. Financial Statements	F-2
Notes to Financial Statements (Unaudited)	F-5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3. Quantitative and Qualitative Disclosures about Market Risk	14
Item 4. Controls and Procedures	14
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	14
Item 1A. Risk Factors	14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 3. Defaults Upon Senior Securities	15
Item 4. Mine Safety Disclosure	15
Item 5. Other Information	15
Item 6. Exhibits	15
SIGNATURES	16

2

Duo World, Inc. and Subsidiaries
Consolidated Financial Statements
September 30, 2016
(Unaudited)

CONTENTS

	Page(s)
Consolidated Balance Sheets - September 30, 2016 (unaudited) and March 31, 2016	F-2
Consolidated Statements of Operations and Comprehensive Income / (Loss) for the three and six months ended September 30, 2016 and September 30, 2015 (unaudited)	F-3
Consolidated Statements of Cash Flows for the six months ended September 30, 2016 and September 30, 2015 (unaudited)	F-4
Notes to the Consolidated Financial Statements (unaudited)	F-5 – F-15

F-1

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Duo World, Inc. and Subsidiaries

Consolidated Balance Sheets

	September 30, 2016			March 31, 2016
	(Un-audited)			(Audited)
ASSETS
Current Assets
Cash and cash equivalents	$	28,875		$	91,106
Accounts receivable - trade		666,748			512,685
Prepaid expenses and other current assets		262,868			249,745
Accrued Revenue		738			31,154
Total Current Assets		959,229			884,690
Non Current Assets
Property and equipment, net of accumulated depreciation		62,563			105,790
Intangible assets, net		501,467			382,352
Deferred taxes		17,999			18,070
Total Non Current Assets		582,029			506,212
Total Assets	$	1,541,258		$	1,390,902
LIABILITIES and SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts Payable	$	266,873		$	377,376
Payroll, employee benefits, severance		197,474			121,395
Short Term Borrowings		354,323			227,578
Due to related parties		181,616			163,738
Payable for acquisition		185,762			185,762
Taxes payable		57,400			38,978
Accruals and other payables		82,580			83,441
Deferred revenue		5,762			9,954
Total Current liabilities		1,331,790			1,208,222
Long Term Liabilities
Due to related parties		1,206,221			1,194,668
Total Long Term liabilities		1,206,221			1,194,668
Total liabilities	$	2,538,011		$	2,402,890
Commitments and contingencies (Note xx)
Shareholders’ Deficit
Ordinary shares: $0.001 par value per share; 90,000,000 shares authorized; 38,567,467 and 38,060,000 shares issued and outstanding, respectively	$	38,567		$	38,060
Convertible series “A” preferred shares: $0.001 par value per share; 10,000,000 shares authorized; 5,500,000 and 5,500,000 shares issued and outstanding, respectively		5,500			5,500
Additional Paid in Capital		907,456			601,560
Accumulated deficit		(2,040,109	)		(1,733,937	)
Accumulated other comprehensive income		91,833			76,829
Total shareholders’ deficit		(996,753	)		(1,011,988	)
Total Liabilities and Shareholders´ Deficit	$	1,541,258		$	1,390,902

The accompanying notes are an integral part of these consolidated financial statements.

F-2

Duo World, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

	For the three months ended,						For the six months ended,
	September 30, 2016			September 30, 2015			September 30, 2016			September 30, 2015
Revenue	$	312,390		$	351,781		$	641,117		$	668,131
Cost of revenue (exclusive of depreciation presented below)		(66,095	)		(100,198	)		(142,324	)		(169,510	)
Gross Income		246,295			251,582			498,793			498,621
Operating Expenses
Research and Development		12,615			14,550			19,626			45,303
General and Administrative		128,714			160,313			514,226			651,094
Salaries and casual wages		113,360			92,227			208,860			186,688
Selling and distribution		3,317			8,488			6,631			15,352
Depreciation		8,701			9,160			48,424			16,786
Amortization of Web Site Development		480			330			1,226			737
Allowance for bad debts		44,820			-			44,820			-
Total operating expenses		312,006			285,068			843,813			915,960
Loss before other income (expenses)	$	(65,711	)	$	(33,486	)	$	(345,020	)	$	(417,339	)
Other income (expenses):
Interest expense	$	(5,484	)	$	(8,288	)	$	(10,476	)	$	(16,294	)
Gain on debt extinguishment		-			-			-			13,247
Other income		21			27			245			47
Bank charges		(524	)		(525	)		(1,728	)		(1,052	)
Exchange gain / (loss)		6,008			8,886			8,660			6,794
Total other (income) and expenses		21			101			(3,299	)		2,743
Loss before provision for income taxes:	$	(65,691	)	$	(33,385	)	$	(348,319	)	$	(414,596	)
Provision for income taxes		-			(548	)		-			(1,112	)
Net loss	$	(65,691	)	$	(33,934	)	$	(348,319	)	$	(415,708	)
Basic and Diluted Loss per Share	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)
Basic and Diluted Weighted Average Number of Shares Outstanding		38,567,467			38,060,000			38,498,096			37,530,601
Comprehensive Income (Loss):
Unrealized foreign currency translation gain	$	5,577		$	38,279		$	15,004		$	25,217
Net loss		(65,691	)		(33,934	)		(348,319	)		(415,708	)
Comprehensive Income (Loss)	$	(60,114	)	$	4,345		$	(333,315	)	$	(390,492	)

The accompanying notes are an integral part of these consolidated financial statements.

F-3

Duo World, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	For the six months ended,
	September 30, 2016			September 30, 2015
Operating activities:
Loss before provision for income taxes	$	(348,319	)	$	(414,596	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation		49,650			17,523
Bad debts		44,820			-
(Gain) / loss on disposals		-			-
Interest on loan		-			6,678
Previous period adjustments		42,146			-
Stock issued as payment for accrued interest		15,000			-
Stock issued for services		223,600			-
Product development cost written off		70,067			89,589
Changes in assets and liabilities:
Accounts receivable - trade		(198,883	)		(18,978	)
Prepayments		17,293			189,322
Deferred taxes		-			603
Accounts Payable		(110,503	)		69,134
Payroll, employee benefits, severance		76,079			39,748
Payments received in advance - Customers		-			-
Short term overdraft		126,745			14,399
Due to relates parties		17,878			6,420
Payable for acquisition		-			(124,238	)
Taxes payable		18,422			(14,455	)
Accruals and other payables		(5,053	)		(3,454	)
Taxes Paid		-			-
Net cash provided by / (used in) operating activities	$	38,943		$	(142,304	)
Investing activities:
Acquisition of Property and Equipment		(9,357	)		(43,214	)
Sale proceeds of disposal of Property and Equipment		-			-
Intangible assets		(196,595	)		(116,131	)
Sale proceeds of disposal of Property and Equipment		-			-
Net cash used in investing activities	$	(205,952	)	$	(159,345	)
Financing activities:
Long term - Due to related parties		-			(56,594	)
Common Stock		142,001			3,460
Preferred Stock		-			500
Additional Paid in Capital		(74,197	)		342,540
Net cash provided by financing activities	$	67,804		$	289,906
Effect of exchange rate changes on cash		36,975			45,583
Net (decrease) / increase in cash	$	(62,231	)	$	33,839
Cash, beginning of period		91,106			10,530
Cash, end of period	$	28,875		$	44,369

The accompanying notes are an integral part of these consolidated financial statements.

F-4

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Note 1 - Organization and Nature of Operations

Duo World Inc. (hereinafter referred to as “Successor” or “Duo”) a private company, was organized under the laws of the state of Nevada on September 19, 2014. Duo Software (Pvt.) Limited (hereinafter referred to as “DSSL” or “Predecessor”), a Sri Lanka based company, was incorporated on 22nd September 2004, in the Democratic Socialist Republic of Sri Lanka, as a limited liability company. Duo Software (Pte.) Limited (hereinafter referred to as “DSS” or “Predecessor”), a Singapore based company, was incorporated on 5th June 2007 in the Republic of Singapore as a limited liability company. DSS also includes its wholly owned subsidiary, Duo Software India (Private) Limited (India) which was incorporated on 30th August 2007, under the laws of India.

On November 12, 2014, Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte. Limited (DSS) executed a reverse recapitalization with Duo World Inc. (Duo). Duo (Successor) is a holding company that conducts operations through its wholly owned subsidiaries DSSL and DSS (Predecessors) in Sri Lanka, Singapore and India. The consolidated entity is referred to as “the Company”. The Company, having its development center in Colombo, has been in the space of developing products and services for the subscription-based industry. The Company’s application (“Duo Subscribe”, “Duo Contact”, “Digin”, “Facetone” and SmoothFlow) run on its core platform “DuoWorld” and is a provider of solutions in the space of Customer Life Cycle Management, Subscriber Billing, Data analytics and Work Flow.

Note 2 - Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and disclosures necessary for a comprehensive presentation of consolidated financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair consolidated financial statements presentation.

The unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report, which contains the audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2016. The interim results for the period ended September 30, 2016 are not necessarily indicative of results for the full fiscal year.

Note 3 - Summary of Significant Accounting Policies

Basis of Consolidation

Duo World Inc. is the parent company of its 100% subsidiaries Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte Limited (DSS). Duo Software Pte Limited is the parent company of its 100% subsidiary Duo Software India (Private) Limited (India). All significant inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates. The most significant estimates relate to the timing and amounts of revenue recognition, the recognition and disclosure of contingent liabilities and the collectability of accounts receivable.

F-5

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Risks and Uncertainties

The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. Product revenues are concentrated in the application software industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies could adversely affect operating results

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various high quality financial institutions and we monitor the credit ratings of those institutions. The Company’s sales are primarily to the companies located in Sri Lanka, Singapore, Indonesia and India. The Company performs ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. Accounts receivable are due principally from the companies understated contract terms.

Provisions

A provision is recognized when the company has present obligations as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Accounts Receivable and Provision for Doubtful Accounts

The Company recognizes accounts receivable in connection with the products sold and services provided and have strong policies and procedures for the collection receivables from its clients. However, there are inevitably occasions when the receivables due to the company, cannot be collected and therefore has to be written off as bad debts. While the debt collection process is being pursued, an assessment is made of the likelihood of the receivable being collectable. A provision is therefore made against the outstanding receivable to reflect that component that may not become collectable. The company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following:

Trade receivables outstanding:	Provision
Over 24 months		100	%
Over 18 months		50	%
Over 15 months		25	%
Over 12 months		10	%
Over 9 months		5	%

Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2016 and March 31, 2016, there were no cash equivalents.

F-6

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Foreign Currency Translation

The functional currencies of the Company’s foreign subsidiaries are their local currencies. For financial reporting purposes, these currencies have been translated into United States Dollars ($) and/or USD as the reporting currency. All assets and liabilities denominated in foreign functional currencies are translated into U.S. dollars at the closing exchange rate on the balance sheet date and equity balances are translated at historical rates. Revenues, costs and expenses in foreign functional currencies are translated at the average rate of exchange during the period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of shareholders’ deficit as “accumulated other comprehensive income (loss)”. Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive income / (loss) as other income (expense).

Fixed assets

Fixed assets (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets. The estimated salvage value is considered as NIL. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 15 years, or the lease term, if shorter. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of the property and equipment, are expensed as incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements.

Useful lives of the fixed assets are as follows:

Furniture & Fittings	5 years
Improvements to lease hold assets	Lease term
Office equipment	5 years
Computer equipment (Data Processing Equipment)	3 years
Website development	4 years

For the financial year ending March 31, 2016, the useful life of Computer Equipment and Website development were assumed to be 5 years.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, such as property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs related to the sale, and are no longer depreciated. The assets and liabilities of a group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.

Fair Value Measurements and Fair Value of Financial Instruments

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value maybe based on assumptions that market participants would use in pricing an asset or liability.

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

F-7

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Revenue Recognition, Deferred& Accrued Revenue

The Company recognizes revenue from the sale of software licenses and related services in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally, when all of the following criteria are met:

● Persuasive evidence of an arrangement exists. Evidence of an arrangement generally consists of a contract or purchase order signed by the customer.

● Delivery has occurred or services have been performed. Services are considered delivered as the work is performed or, in the case of maintenance, over the contractual service period. The Company uses written evidence of customer acceptance to verify delivery or completion of any performance terms.

● The seller’s price to the buyer is fixed or determinable. The Company assesses whether the sales price is fixed or determinable based on payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.

● Collectability is reasonably assured. The Company assesses collectability primarily based on the creditworthiness of the customer as determined by credit checks and related analysis, as well as the Customer’s payment history, economic conditions in the customer’s industry and geographic location and general economic conditions. If we do not consider collection of a fee to be probable, we defer the revenue until the fees are collected, provided all other conditions for revenue recognition have been met.

The Company typically licenses its products on a per server, per user basis with the price per customer varying based on the selection of the products licensed, the number of site installations and the number of authorized users. Currently, Duo is offering two major products from which it generates its revenue they are “Duo Contact” & “Duo Subscribe”. In the case of “Duo Contact”, Duo offers license to use software to its clients under an agreement. Invoices are raised monthly over the term of agreement, and it recognizes revenue monthly over the term of the underlying arrangement. In the case of “Duo Subscribe”, Duo sells its software license along with software implementation and annual maintenance services under an agreement with various clients. The Company raises invoice on key milestone basis as defined in the agreement. Revenue recognition is based on stage of completion basis. Revenues from consulting and training services are typically recognized as the services are performed.

The Company offers annual maintenance programs on its licenses that provide for technical support and updates to the Company’s software products. Maintenance fees are bundled with license fees in the initial licensing period and charged separately for renewals of annual maintenance in subsequent years. Fair value for maintenance is based upon either renewal rates stated in the contracts or separate sales of renewals to customers. Revenue is recognized ratably, or daily, over the term of the maintenance period, which is typically one year.

For the quarters ended September 30, 2016 and 2015, the Company received only cash as consideration for sale of licenses and related services rendered.

For the six months ended September 30, 2016 and September 30, 2015, the Company had following concentrations of revenue with customers:

Customer	September 30, 2016			September 30, 2015
Megamedia		37.00	%		32.40	%
DEN Networks		25.41	%		26.54	%
Hutchison		13.09	%		13.54	%
Topaz TV		7.94	%		-
HelloCorp		3.28	%		3.68	%
BOC		2.88	%		-
Mediatama		2.04	%		8.61	%
Dish Media		1.05	%		6.13	%
Singer Sri Lanka		0.80	%		0.76	%
DFCC Vardana		0.25	%		1.44	%
Medianet		-			2.62	%
Other misc. customers		6.27	%		4.27	%
		100	%		100	%

F-8

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Deferred Revenue - Deferred revenue represents advance payments for software licenses, services, and maintenance billed in advance of the time revenue is recognized. As at September 30, 2016 and March 31, 2016, deferred revenue was $5,762 and $9,954 respectively.

Accrued Revenue/Unbilled Accounts Receivable - Accrued revenue/Unbilled accounts receivable primarily occur due to the timing of the respective billings, which occur subsequent to the end of each reporting period. As at September 30, 2016 and March 31, 2016, unbilled/accrued revenues were $738 and $31,154 respectively.

Cost of Revenue

Cost of revenue mainly includes purchases, product implementation costs, amortization of product development, Developer support and implementation, and consultancy fees related to the products offered by Duo. The aggregate cost related to the software implementations including support and consulting services pertaining to the revenue recognized during the reporting period, is recognized as Cost of Revenue.

Product research and development

Product research and development expenses consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the enhancements of existing products and services and development of new products and services. Costs incurred for software development prior to technological feasibility are expensed as product research and development costs in the period incurred. Once the point of technological feasibility is reached, which is generally the completion of a working prototype that has no critical bugs and is a release candidate; development costs are capitalized until the product is ready for general release and are classified within “Intangibles assets” in the accompanying consolidated balance sheets. The Company amortizes capitalized software development costs using the greater of the ratio of the products’ current gross revenues to the total of current gross revenues and expected gross revenues or on a straight-line basis over the estimated economic life of the related product, which is typically four years.

During the quarters ending on September 30, 2016 and 2015, product research and development cost of $105,803 and $65,600, respectively, was capitalized as “Intangible assets”.

Advertising Costs

The Company expenses advertising costs as incurred. No advertising expenses were incurred during the three months ended September 30, 2016 and 2015.

Comprehensive Income

The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from April 1, 2013 through September 30, 2016, includes only foreign currency translation gains (losses), and is presented in the Company’s consolidated statements of comprehensive income.

F-9

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on September 30, 2016 and March 31, 2016 were as follows:

Foreign Currency Translation gains (losses)
Balance, March 31, 2016	$	76,829
Translation rate gain during the period		9,427
Balance, June 30, 2016	$	86,256
Translation rate gain during the period		5,577
Balance, September 30, 2016	$	91,833

Recent Accounting Pronouncements

The Company has reviewed accounting pronouncements that were issued as of September 30, 2016 and believes that these pronouncements are not applicable to the Company, or that they will not have a material impact on the Company’s financial position or results of operations.

Note 4 – Accounts Receivable

Following is a summary of accounts receivable as at September 30, 2016 and March 31, 2016;

	September 30, 2016			March 31, 2016
Accounts receivable – Trade	$	872,810		$	674,823
Less: Provision for doubtful debts		(206,062	)		(162,138	)
	$	666,748		$	512,685

At September 30, 2016 and March 31, 2016, the Company had following concentrations of accounts receivable with customers:

Customer	September 30, 2016			March 31, 2016
Megamedia		51.65	%		28.92	%
Digicable		10.19	%		23.68	%
DEN Networks		16.59	%		11.97	%
Dish Media		6.50	%		5.55	%
Topas		5.25	%		1.62	%
MediaNet		2.38	%		3.54	%
Mediatama		1.52	%		1.86	%
Hutchison		1.24	%		2.45	%
Fastway		-			5.54	%
Pentavision		-			4.51	%
Technosat		-			3.15	%
Other Misc. receivables		4.70	%		7.22	%
		100	%		100	%

F-10

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Note 5 – Prepaid Expenses and Other Current Assets

Following is a summary of prepaid expenses and other current assets as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Security deposits	$	23,537	$	24,132
WHT receivable		202,689		205,632
Staff loan and advances		518		1,052
Travel advance		163		-
Supplier advance		7,147		1,786
ESC receivable		6,044		6,131
Insurance prepayment		402		1,632
Prepayments		472		1,526
Other receivables		21,896		7,854
	$	262,868	$	249,745

Note 6 – Property and Equipment

Following table illustrates net book value of property and equipment as at September 30, 2016 and March 31, 2016;

	September 30, 2016			March 31, 2016
Office equipment	$	19,519		$	19,802
Furniture & fittings		217,371			220,526
Computer equipment (Data Processing Equipment)		477,417			479,273
Improvements to lease hold assets		1,965			1,993
Website Development		14,228			10,487
		730,500			732,082
Less: Accumulated depreciation and amortization		(667,937	)		(626,292	)
Net fixed assets	$	62,563		$	105,790

Depreciation and amortization expense for the six months ended September 30, 2016 and 2015 was $49,650 and $17,523 respectively.

Note 7 – Intangible Assets

Intangible assets comprise of capitalization of certain costs pertaining to product development, which meet the criteria as set forth above under Note 3. Following table illustrates the movement in intangible assets as at September 30, 2016 and March 31, 2016:

	September 30, 2016			March 31, 2016
Opening Balance	$	382,352		$	327,542
Add: Costs capitalized during the period		196,595			276,197
Less: Amount written –off during the period		(70,067	)		(202,311	)
Translational loss		(7,413	)		(19,076	)
Net Intangible Assets	$	501,467		$	382,352

F-11

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Note 8 – Short-term Borrowings

Following is a summary of short-term borrowings as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Yenom (Pvt.) Limited	$	-	$	13,636
PAN Asia Bank – Short term overdraft		212,624		213,804
Commercial Bank		3,444		138
Other Borrowings		138,255		-
	$	354,323	$	227,578

Bank overdraft facility, obtained from Pan Asia Banking Corporation PLC, contains an interest rate of 9.61% per annum up to $ 101,846 and 11.35% per annum up to $ 207,383.

Note 9 – Due to Related Parties

Due to Related Parties – Short term

From time to time, the Company receives advances from related parties such as officers, directors or principal shareholders in the normal course of business. Loans and advances received from related parties are unsecured and non-interest bearing. Balances outstanding to these persons for less than 12 months are presented under current liabilities in the accompanying consolidated financial statements. As of September 30, 2016 and March 31, 2016, the Company owed directors $181,616 and $163,738 respectively.

Due to Related Parties – Long term

Balances outstanding to related parties for more than 12 months are presented under long-term liabilities in the accompanying consolidated financial statements. Related party loan in the Balance sheet of Duo software Pte. Ltd was recognized at cost as of September 30, 2016, and at amortized cost as of March 31, 2016. As of September 30, 2016 and March 31, 2016, the Company owed directors $1,206,221 and $1,194,668 respectively.

Note 10 – Taxes Payable

The taxes payable comprise of items listed below as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Stamp Duty Payable	$	54	$	51
PAYE		51,783		33,718
Tax payable		5,563		5,209
	$	57,400	$	38,978

Note 11 – Accruals and Other Payables

Following is a summary of accruals and other payables as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Audit fee payable	$	-	$	4,715
Accrued expenses		7,028		7,860
Other payables		75,552		70,866
	$	82,580	$	83,441

F-12

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Note 12 – Cost of Revenue

Following is the summary of cost of revenue for the six months ending September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Purchases	$	19,696	$	52,680
Implementation and onsite support cost		22,904		6,522
Product development cost written off		69,996		89,857
Consultancy, contract basis employee cost		19,007		12,895
Developer support and implementation		10,721		7,556
	$	142,324	$	169,510

Note 13 – General and Administrative Expenses

Following is the summary of general and administrative expenses for the six months ending September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Directors remuneration	$	52,741	$	55,806
EPF		23,607		21,165
ETF		5,902		5,292
Bonus		24,961		15,410
Vehicle allowance		28,614		25,329
Staff welfare		8,748		7,026
Penalties / Late payment charges		2,951		2,092
Office rent		35,892		32,653
Electricity charges		8,214		10,596
Office maintenance		8,164		12,088
Telephone charges		6,793		7,119
Travelling expense		1,718		29,056
Printing and stationery		886		1,301
Office expenses		1,252		1,115
Computer maintenance		3,697		10,313
Internet charges		6,634		5,214
Courier and postage		418		276
Security charges		1,696		2,026
Training and development		130		288
Insurance expense		1,172		771
Professional fees		25,372		1,380
Secretarial fees		411		24
Un-claimable VAT input/ Irrecoverable tax		23,249		19,248
Software Rentals		12,993		10,931
Other professional services		219,650		350,327
Audit fee		2,564		20,000
Transfer agent fees		1,235		1,710
Filling fee and subscription		2,756		-
Stamp duty expenses		451		-
Legal fee		1,005		-
Gratuity		-		2,538
Other expenses		350		-
	$	514,226	$	651,094

F-13

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

Note 14 – Selling and Distribution Expenses

Following is the summary of selling and distribution expenses for the six months ending on September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Marketing Expenses	$	570	$	9,568
Vehicle hire charges		3,221		3,408
Vehicle running expense		2,416		700
Foreign Travel		424		1,400
Advertisement		-		194
Visa expenses		-		82
	$	6,631	$	15,352

Note 15 - Equity

(A) Common Stock

As at September 30, 2016, the Company had 90,000,000 authorized common shares having a par value of $0.001. The ordinary shares are designated with the following rights:

● Voting rights: Common shareholders can attend at annual general meeting to cast vote or use a proxy.

● Right to elect board of directors: Common shareholders control the Company through their right to elect the company’s board of directors.

● Right to share income and assets: Common shareholders have the right to share company’s earnings equally on a per-share basis in the form of dividend. Similarly, in the event of liquidation, shareholders have claim on assets that remain after meeting the obligation to accrued taxes, accrued salary and wages, creditors including bondholders (if any) and preferred shareholders. Thus, common shareholders are residual claimants of the company’s income and assets.

During the six months ended September 30, 2016, the Company issued following common shares:

Date	Type	No. of Shares		Valuation
04/22/2016	Stock issued to PPM-2 investor		188,000	$	141,000
04/22/2016	Stock issued to PPM-2 investor		13,334		10,001
04/27/2016	Stock issued for services		46,133		34,600
04/27/2016	Stock issued for services		240,000		180,000
04/27/2016	Stock issued as payment for accrued interest		20,000		15,000
			507,467	$	380,600

F-14

Duo World Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

September 30, 2016

(Unaudited)

(B) Preferred Stock

As at September 30, 2016, the Company had 10,000,000 authorized series “A” preferred shares having a par value of $0.001 per share. The preferred shares are designated with the following conversion rights:

● One preferred share will convert into ten (10) common shares no earlier than 24 months and 1 day after the issuance.

During the six months ended September 30, 2016, the Company has not issued any new preferred shares.

Note 16 - Commitments and Contingencies

The Company consults with legal counsel on matters related to litigation and other experts both within and outside the Company with respect to matters in the ordinary course of business. The Company does not have any contingent liabilities in respect of legal claims arising in the ordinary course of business.

Duo entered into a lease commitment for its Sri Lanka office amounting to $186,645 with Happy Building Management Company for a period of 3 years in 2016. Duo entered into another lease commitment for its Indian office amounting to $1,224 on April 1, 2016 with Regus Office Center Services Pvt. Limited for a period of 1 year.

Guarantee provided by the company existed on the balance sheet date are as follows:

Date	Description	Amount
9/23/2011	Performance Bond for BOC Tender	$	10,383
10/31/2011	Advance payment Bond for BOC Tender		2,076
5/15/2013	Guarantee for Lanka Clear		2,182
10/9/2012	Guarantee for CEB		346
7/31/2014	Guarantee for SLT		587
8/10/2015	Guarantee for LOLC		1,659
		$	17,233

The company has not provided any guarantees other than those mentioned above.

Note 17 - General

Figures have been rounded off to the nearest dollar and the comparative figures have been re-arranged / reclassified, wherever necessary, to facilitate comparison.

F-15

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

Cautionary Forward - Looking Statement

The following discussion and analysis of the results of operations and financial condition of Duo World, Inc. should be read in conjunction with the unaudited financial statements, and the related notes. References to “we,” “our,” or “us” in this section refers to the Company and its subsidiaries. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions.. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements.

Certain matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:

● the volatile and competitive nature of our industry,

● the uncertainties surrounding the rapidly evolving markets in which we compete,

● the uncertainties surrounding technological change of the industry,

● our dependence on its intellectual property rights,

● the success of marketing efforts by third parties,

● the changing demands of customers and

● the arrangements with present and future customers and third parties.

Should one or more of these risks or uncertainties materialize or should any of the underlying assumptions prove incorrect, actual results of current and future operations may vary materially from those anticipated.

Our MD&A is comprised of the following sections:

A.	Business Overview
B.	Critical Accounting Policies
C.	Results of operations for the three months ended September 30, 2016 and September 30, 2015
D.	Results of operations for the six months ended September 30, 2016 and September 30, 2015
E.	Financial condition as at September 30, 2016 and March 31, 2016
F.	Liquidity and capital reserves
G.	Milestones for next twelve months (2016-2017)

3

A. Business overview:

Duo World Inc. (hereinafter referred to as “Successor” or “Duo”) a private company, was organized under the laws of the state of Nevada on September 19, 2014. Duo Software (Pvt.) Limited (hereinafter referred to as “DSSL” or “Predecessor”), a Sri Lanka based company, was incorporated on September 22, 2004, in the Democratic Socialist Republic of Sri Lanka, as a limited liability company. Duo Software (Pte.) Limited (hereinafter referred to as “DSS” or “Predecessor”), a Singapore based company, was incorporated on June 5, 2007 in the Republic of Singapore as a limited liability company. DSS also includes its wholly-owned subsidiary, Duo Software India (Private) Limited (India) which was incorporated on August 30, 2007, under the laws of India.

Effective December 3, 2014, DSSL and DSS executed a reverse recapitalization with Duo. Duo (Successor) is a holding company that conducts operations through its wholly owned subsidiaries DSSL and DSS (Predecessors) in Sri Lanka, Singapore and India. The consolidated entity is referred to as “the Company”. The Company, having its development center in Colombo, Sri Lanka, has been in the business of developing products and services for the subscription based industry. The Company’s applications (“DuoSubscribe” & “DuoCLM”) run on its core platform “Duo World” and is a provider of solutions for its customers for Customer Life Cycle Management, Subscriber Management, Customer Care, Billing and Contact Center Management.

Our authorized capital consists of 100,000,000 shares of common stock, $0.001 par value, of which 10,000,000 shares of preferred stock, $0.001 par value.

B. Critical Accounting Policies:

We prepare our consolidated financial statements in accordance with GAAP. The preparation of consolidated financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by our management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected. We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management’s judgments and estimates.

Critical accounting policies and estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of the matters that are inherently uncertain.

Revenue Recognition

The Company recognizes revenue from the sales of software licenses and related services in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally when all of the following criteria are met:

● Persuasive evidence of an arrangement exists. Evidence of an arrangement generally consists of a contract or purchase order signed by the customer.

● Delivery has occurred or services have been performed. Services are considered delivered as the work is performed or, in the case of maintenance, over the contractual service period. The Company uses written evidence of customer acceptance to verify delivery or completion of any performance terms.

● The seller’s price to the buyer is fixed or determinable. The Company assesses whether the sales price is fixed or determinable based on payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.

● Collectability is reasonably assured. The Company assesses collectability primarily based on the creditworthiness of the customer as determined by credit checks and related analysis, as well as the Customer’s payment history, economic conditions in the customer’s industry and geographic location and general economic conditions. If we do not consider collection of a fee to be probable, we defer the revenue until the fees are collected, provided all other conditions for revenue recognition have been met.

4

Duo typically licenses its products on a per server, per user basis with the price per customer varying based on the selection of the products licensed, the number of site installations and the number of authorized users. Currently, Duo is offering two major products from which it generates its revenue: “DuoCLM” and “DuoSubscribe.” In the case of “DuoCLM,” Duo offers licenses to use software to its clients under an End-User License Agreement. Invoices are issued monthly over the term of agreement. Then we recognize revenue monthly over the term of the underlying arrangement. In the case of “DuoSubscribe,” Duo sells its software license along with software implementation and annual maintenance services under an agreement with various clients. Duo invoices on key milestone basis as defined in the agreement. Then we recognize revenue on the basis of stage of completion. Revenues from consulting and training services are typically recognized as the services are performed.

Duo offers annual maintenance programs on its licenses that provide for technical support and updates to Duo’s software products. Maintenance fees are bundled with license fees in the initial licensing period and charged separately for renewals of annual maintenance in subsequent years. Fair value for maintenance is based upon either renewal rates stated in the contracts or separate sales of renewals to customers. Revenue is recognized ratably, or daily, over the term of the maintenance period, which is typically one year.

Provisions

A provision is recognized when the company has present obligations as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Quantitative and Qualitative Disclosure about Market Risk

We are exposed to financial market risks, primarily changes in interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices.

Foreign Currency Exchange Risk

Our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. All of our revenues are normally generated in U.S. dollars or Sri Lankan rupees. Our expenses are generally denominated in the currencies in which our operations are located, which are primarily in Asia and to a lesser extent in the U.S. Our results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates. To date, we have not engaged in any foreign currency hedging strategies. As our international operations grow, we plan to generate revenues in foreign currencies and we will continue to reassess our approach to manage our risk relating to fluctuations in currency rates.

5

Inflation

We do not believe that inflation had a material effect on our business, financial condition or results of operations in the last three fiscal years. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.

C. Results of operations for the three months ended September 30, 2016 and September 30, 2015:

The Company had revenues amounting to $312,390 and $351,781, respectively, for three months ended September 30, 2016 and September 30, 2015. Following is a breakdown of revenues for both periods:

	September 30, 2016		September 30, 2015		Changes
DuoSubscribe	$	230,805	$	274,215	$	(43,410	)
DuoCLM		74,032		72,175		1,857
Software hosting and reselling - FaceTone (Beta/testing version)		2,762		5,391		(2,629	)
Facetone		4,791		-		4,791
Total Revenue	$	312,390	$	351,781	$	(39,391	)

Total revenue for the three months ended September 30, 2016 has decreased by 11% when compared to September 30, 2015. This small decrease was due to a slight drop in revenue generated by the product DuoSubscribe.

For the three months ended September 30, 2016 and September 30, 2015, the Company had the following concentrations of revenues with customers:

Customer	September 30, 2016			September 30, 2015
A		39.08	%		31.01	%
B		24.53	%		20.40	%
C		11.31	%		13.83	%
D		3.12	%		12.31	%
Other misc. customers		21.96	%		22.45	%
		100	%		100	%

The total cost of sales amounted to $66,095 and $100,198 for the three months ended September 30, 2016 and 2015, respectively. The following table sets forth the Company’s cost of sales breakdown for both periods:

	September 30, 2016		September 30, 2015		Change
Purchases	$	12,174	$	42,687	$	(30,513	)
Implementation and onsite support cost		12,150		581		11,568
Product development cost written off		23,975		46,316		(22,341	)
Consultancy, contract basis employee cost		7,495		3,716		3,779
Developer support and implementation		10,301		6,898		3,403
Total cost of sales	$	66,095	$	100,198	$	(34,103	)

6

Cost of sales as a percentage to revenue decreased from 28% in September 30, 2015 to 21% in September 30, 2016. Reduction in purchases (outsourced components) was the biggest contributor for the decrease in cost of sales.

The gross income for the three months ended September 30, 2016 and 2015 amounted to $246,295 and $251,582, respectively.

The total operating expenditures amounted to $312,006 and $285,068 for the three months ended September 30, 2016 and 2015, respectively. The following table sets forth the Company’s operating expenditure analysis for both periods:

	September 30, 2016		September 30, 2015		Change
Research and development	$	12,615	$	14,550	$	(1,935	)
General and administrative		128,714		160,313		(31,599	)
Salaries and benefits		113,360		92,227		21,133
Selling and distribution		3,317		8,488		(5,172	)
Depreciation		8,701		9,160		(459	)
Amortization of web site development		480		330		150
Allowance for bad debts		44,820		-		44,820
Total operating expenses	$	312,006	$	285,068	$	26,938

Following are the main reasons for the variances in operating expenses of the Company:

Research and Development

During the three months ended September 30, 2016 expenditure on research and development marginally decreased by 13% as most products have completed research and development, and moved on to product development stage.

General and Administrative Cost

The general and administrative expenditure has decreased by 20% in the three months ending September 30, 2016 when compared with the same period in 2015. The main reason for the decrease is the reduction in the audit fees. During the three months ended September 30, 2015, the company incurred additional expenditure related to audits of financial years ending 2013 and 2014, for filling of registration statement.

Salaries and benefits

There was an increase of 23% on account of salaries and benefits during the three months ended September 30, 2016 when compared to the same period in 2015. The development center in Sri Lanka increased its staff salaries and benefits to keep to market rates and remain competitive in attracting talent.

Selling and distribution

There is a decrease of 61% on account of expenditure incurred for selling and distribution activities during the three months ended September 30, 2016, when compared with the three months ended September 30, 2015. The company did not engage in any significant marketing activities during the three months ended September 30, 2016, as it is pooling all of the resources for the launch of the new products during the two succeeding quarters

7

Allowance for bad debts

During the three months ended September 30, 2016, the company commenced providing allowance for bad debts on a quarterly basis, whereas it was only provided on an annual basis during the previous period.

The loss from operations for the three months ended September 30, 2016 and 2015 amounted to $65,711 and $33,486, respectively.

The Company’s other income and (expenses) for the three months ended September 30, 2016 and 2015 amounted to $21 and $101, respectively. The following table sets forth the Company’s other income and (expenses) analysis for both periods:

	September 30, 2016			September 30, 2015			Change
Interest expense	$	(5,484	)	$	(8,288	)	$	2,804
Other income		21			27			(6	)
Bank charges		(524	)		(525	)		1
Exchange gain		6,008			8,886			(2,878	)
Total other income (expenses)	$	21		$	101		$	(80	)

Other income has marginally decreased from $ 101 in the three months ended September 30, 2016 to $21 in the three months ended September 30, 2016. The decrease in total other income (expenses) is due to the decrease in exchange gains and interest expenditure during the three months ended September 30, 2016, when compared to September 30, 2015.

The loss before provision for income taxes for the three months ended September 30, 2016 and 2015 amounted to $65,691 and $33,385, respectively.

The net loss for the three months ended September 30, 2016 and 2015 amounted to $65,691 and $33,934, respectively.

The Company’s comprehensive (loss) / income for the three months ended September 30, 2016 and 2015 amounted to $(60,114) and $4,345, respectively.

Comprehensive Income / (Loss):	September 30, 2016			September 30, 2015
Gain on foreign currency translation	$	5,577		$	38,279
Net loss		(65,691	)		(33,934	)
Comprehensive (loss) / income	$	(60,114	)	$	4,345

At September 30, 2016 and March 31, 2016, the Company had 38,567,467 and 38,060,000 common shares issued and outstanding, respectively. The weighted average number of shares for the three months ended September 30, 2016 and September 30, 2015 was 38,567,467 and 38,060,000, respectively. The loss per share for both periods was $(0.00) per share and $(0.00) per share, respectively.

8

D. Results of operations for the six months ended September 30, 2016 and September 30, 2015:

The Company had revenues amounting to $641,117 and $668,131, respectively, for six months ended September 30, 2016 and September 30, 2015. Following is a breakdown of revenues for both periods:

	September 30, 2016		September 30, 2015		Changes
DuoSubscribe	$	491,697	$	521,684	$	(29,987	)
DuoCLM		139,377		141,056		(1,679	)
Software hosting and reselling - FaceTone (Beta/testing version)		5,253		5,391		(138	)
Facetone		4,790				4,790
Total Revenue	$	641,117	$	668,131	$	(27,014	)

Total revenue for the six months ended September 30, 2016 has marginally decreased by 4% when compared to six months ending September 30, 2015. This small decrease is due to slight a drop in revenue generated by the product DuoSubscribe

For the six months ended September 30, 2016 and September 30, 2015, the Company had the following concentrations of revenues with customers:

Customer	September 30, 2016			September 30, 2015
A		37.00	%		32.40	%
B		25.41	%		26.54	%
C		13.09	%		13.54	%
D		7.94	%		-
Other misc. customers		16.56	%		27.52	%
		100	%		100	%

The total cost of sales amounted to $142,324 and $169,510 for the six months ended September 30, 2016 and 2015, respectively. The following table sets forth the Company’s cost of sales breakdown for both periods:

	September 30, 2016		September 30, 2015		Change
Purchases	$	19,696	$	52,680	$	(32,984	)
Implementation and onsite support cost		22,904		6,522		16,382
Product development cost written off		69,996		89,857		(19,861	)
Consultancy, contract basis employee cost		19,007		12,895		6,112
Developer support and implementation		10,721		7,556		3,165
Total cost of sales	$	142,324	$	169,510	$	(27,186	)

Cost of sales as a percentage to revenue decreased from 25% in September 30, 2015 to 22% in September 30, 2016. Reduction in purchases (outsourced components) was the biggest contributor for the decrease in cost of sales.

The gross income for the six months ended September 30, 2016 and 2015 amounted to $498,793 and $498,621, respectively.

9

The total operating expenditures amounted to $843,813 and $915,960 for the six months ended September 30, 2016 and 2015, respectively. The following table sets forth the Company’s operating expenditure analysis for both periods:

	September 30, 2016		September 30, 2015		Change
Research and development	$	19,626	$	45,303	$	(25,677	)
General and administrative		514,226		651,094		(136,867	)
Salaries and benefits		208,860		186,688		22,172
Selling and distribution		6,631		15,352		(8,722	)
Depreciation		48,424		16,786		31,639
Amortization of web site development		1,226		737		489
Allowance for bad debts		44,820		-		44,820
Total operating expenses	$	843,813	$	915,960	$	(72,146	)

Following are the main reasons for the variances in operating expenses of the Company:

Research and Development

During the six months ended September 30, 2016 expenditure on research and development reduced by 57%, as most products have completed research and development phase and moved on to product development phase.

General and Administrative Cost

The general and administrative expenditure has decreased by 21% in the six months ended September 30, 2016 when compared with six month ended September 30, 2015. The main reason for the decrease is due to the reduction in the professional fees paid to consultants and auditors for the purpose of filing our Form S-1 Registration Statement, during the six months ended September 30, 2016, when compared with the same period in 2015.

Salaries and benefits

There is a 12% increase in salaries and benefits paid during the six months ended September 30, 2016 when compared to the same period in 2015. The development center in Sri Lanka increased its staff salaries and benefits to keep to market rates and remain competitive in attracting talent.

Selling and distribution

There is a decrease of 57% on account of expenditure incurred for selling and distribution activities during the six months ended September 30, 2016, when compared with the six months ended September 30, 2015. The company reduced marketing activities during the six months ended September 30, 2016, as it is pooling all of the resources for the launch of the new products during the two succeeding quarters

Allowance for bad debts

During the six months ended September 30, 2016, the company commenced providing allowance for bad debts on a quarterly basis, whereas it was only provided on an annual basis during the six months ended September 30, 2015.

The loss from operations for the six months ended September 30, 2016 and 2015 amounted to $345,020 and $417,339, respectively.

10

The Company’s other income and (expenses) for the six months ended September 30, 2016 and 2015 amounted to $(3,299) and $2,743, respectively. The following table sets forth the Company’s other income and (expenses) analysis for both periods:

	September 30, 2016		September 30, 2015		Change
Interest expense	$	(10,476)	$	(16,294)	$	5,818
Gain on debt extinguishment		-		13,247		(13,247)
Other income		245		47		198
Bank charges		(1,728)		(1,052)		(676)
Exchange gain / (loss)		8,660		6,794		1,867
Total other income (expenses)	$	(3,299)	$	2,743	$	(6,041)

Other income decreased by $6,041, during the six months ended September 30, 2016, when compared with the six months ended September 30, 2015. This decrease is mainly due to the gain recorded on debt extinguishment during the six months ended September 30, 2015.

The loss before provision for income taxes for the six months ended September 30, 2016 and 2015 amounted to $348,319 and $414,596, respectively.

The net loss for the six months ended September 30, 2016 and 2015 amounted to $348,319 and $415,708, respectively.

The Company’s comprehensive loss for the six months ended September 30, 2016 and 2015 amounted to $333,315 and $390,492, respectively.

Comprehensive Loss:	September 30, 2016		September 30, 2015
Gain on foreign currency translation	$	15,004	$	25,217
Net loss		(348,319)		(415,708)
Comprehensive loss	$	(333,315)	$	(390,492)

At September 30, 2016 and March 31, 2016, the Company had 38,567,467 and 38,060,000 common shares issued and outstanding, respectively. The weighted average number of shares for the six months ended September 30, 2016 and September 30, 2015 was 38,498,096 and 37,530,601, respectively. The loss per share for both periods was $(0.01) per share and $(0.01) per share, respectively.

E. Financial condition as at September 30, 2016 and March 31, 2016:

Assets:

The Company reported total assets of $1,541,258 and $1,390,902 as on September 30, 2016 and March 31, 2016, respectively. 43% of these total assets include net accounts receivables and 33% of total assets comprise intangible assets of the Company. Our property and equipment include office equipment, data processing computer equipment, furniture and fittings, web site developments and improvement to lease- hold assets having a total net book value of $62,563 and $105,790 as at September 30, 2016 and March 31, 2016, respectively. We also had a deferred tax asset of $18,070 as at March 31, 2016 which now totals to $17,999 as at September 30, 2016. Furthermore, our current assets at March 31, 2016 totaled $884,690 and at September 30, 2016. These current assets amounted to $959,229 comprised of cash of $28,875, accounts receivable of $666,748, prepaid and other current assets of $262,868 and accrued revenue of $738.

11

Liabilities:

The Company had total liabilities of $2,538,011 and $2,402,890 as at September 30, 2016 and March 31, 2016 respectively. Long term liabilities include balances owed to related parties which are outstanding for more than 12 months. Our current liabilities at March 31, 2016 totaled $1,208,022. We have seen a 10% increase in current liabilities amounting to $123,568, making total current liabilities of $1,331,790 as at September 30, 2016. These mainly include short term third party debt, payroll liabilities, payable to related parties, deferred revenue, taxes payable, accrued liabilities and our day to day operational creditors.

Stockholder’s Deficit:

At March 31, 2016, the Company had stockholders´ deficit of $1,011,988. At September 30, 2016, the Company had stockholders´ deficit of $996,753, which represents a decrease of 2%.

The Company had 38,567,467 and 38,060,000 shares issued and outstanding at September 30, 2016 and March 31, 2016, respectively.

F. Liquidity and capital reserves:

The Company had loss from operations of $65,711 and $345,020 for the three and six months ended September 30, 2016, respectively; a total “Other Income (Expenses)” amounting to $21 and $(3,299) for the three and six months ended September 30, 2016, respectively; and a net loss of $65,691 and $348,319 for the three and six months ended September 30, 2016, respectively.

In summary, our cash flows for the six months ended September 30, 2016 and 2015 were as follows:

	September 30, 2016			September 30, 2015
Net cash provided by / (used in) operating activities	$	38,943		$	(142,304	)
Net cash used in investing activities		(205,952	)		(159,345	)
Net cash provided by financing activities		67,804			289,906

Since inception, we have financed our operations primarily through internally generated funds and the use of our lines of credit with several financial institutions. We had $28,875 in cash; net cash provided by operations of $38,943 for the six months ended September 30, 2016; working capital deficit of $372,561 and stockholders´ deficit of $996,753 as of September 30, 2016.

G. Milestones for next twelve months (2016-2017):

Our specific plan of operations and milestones through October 2017 are as follows:

1)	Product Development and Launch:
		We intend to commercially launch the new cloud based, SaaS products: CloudCharge, DigIn, FaceTone, Smoothflow and Veery.

2)	Expansion:
	a)	Geographical Expansion
		We intend to set up sales and support teams in Asian countries that have growing subscription markets. We hope to establish our presence in the United States by opening our first sales office in Boston during 2017.

12

b)	Market Expansion
	Currently, we have clients in India, Indonesia, Nepal, Maldives, Dubai and Sri Lanka.
	We intend to expand into new markets and regions with enhanced and new products.

c)	Knowledge Capital, Learning and Innovation.
	Our greatest strength is our human capital. We have the ability to continue to innovate and set trends within the industries in which we operate, due to our ability to innovate and create value in our products.
	Our management intends to:

● Continue to empower and create value for our human capital;

● Encourage disruptive technologies;

● Provide greater opportunities for knowledge sharing; and

● Sponsor and motivate learning and adoption of new technologies

d)	Infrastructure
	We plan to increase our infrastructure in order to:

● Facilitate the increase in software development teams supporting R&D and Product Development;

● Expand our Global Support Center to cater to the increase in customer base, and increase in our product lines;

● Set up a smaller software development center in India, which would also be used as a disaster recovery center in the event our development center in Sri Lanka becomes incapacitated due to unforeseen events.

e) Financial Performance

We intend to provide value for all our shareholders by:

● Increasing profitability and free cash flow;

● Efficiently managing the use of capital;

● Capitalizing and maximizing on the high growth opportunities in the market;

● Providing a robust and steady capital appreciation; and

● Providing options to realize gains

f) Corporate Social Responsibility

Our wholly-owned subsidiary, Duo Software (Pvt.) Ltd., was Asia’s first software development company to be certified Carbon Neutral in 2011.

We intend to be environmentally friendly, and continue with the carbon foot print audit and Carbon Neutral Certification in 2017.

13

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934) were effective.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting during our last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not involved in any legal proceedings.

Item 1A. Risk Factors

Not applicable.

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

In April 2016, we issued the following shares of our common stock to the following persons for the consideration indicated below:

Name of Shareholder	Number of Shares Issued	Aggregate Consideration
Ali Akbar Salehbhai
15/1 Duplication Road
Colombo 05
Colombo, Sri Lanka	188,000 Common Stock	$	141,000.00
Murtaza Ghandi
25223 Sterling Cloud
Katy, Texas 77494	13,334 Common Stock	$	10,000.50
GEP Equity Holdings Limited.
Office 3305, X3 Jumeirah Bay
Tower, JLT
Dubai, UAE	46,133 Common Stock	$	34,500.00 for consulting services

Spearfish Capital Group Limited		$	180,000.00 for consulting services
14A Cambridge Terrace,
Colombo 07, Colombo,
Sri Lanka.	240,000 Common Stock
Yenom (Pvt.) Limited
14A Cambridge Terrace,
Colombo 07, Colombo,
Sri Lanka.	20,000 Common Stock	$	15,000.00 for consulting services

14

The above shares were issued in reliance on the exclusion from the registration requirements of the 33 Act provided by Regulation S or in reliance on the exemptions from registration requirements of the 33 Act provided Section 4(a)(2) of the 1933 Act or by Rule 506 of Regulation D promulgated thereunder, as the issuance of the stock did not involve a public offering of securities.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

See Exhibit Index below for exhibits required by Item 601 of regulation S-K.

15

EXHIBIT INDEX

List of Exhibits attached or incorporated by reference pursuant to Item 601 of Regulation S-K:

Exhibit No.	Description
31.1 *	Certification under Section 302 of Sarbanes-Oxley Act of 2002
31.2 *	Certification under Section 302 of Sarbanes-Oxley Act of 2002
32.1 *	Certification under Section 906 of Sarbanes-Oxley Act of 2002
32.2 *	Certification under Section 906 of Sarbanes-Oxley Act of 2002

101.INS	XBRL Instance Document**
101.SCH	XBRL Taxonomy Extension Schema Document**
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB	XBRL Taxonomy Extension Label Linkbase Document**
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document**

* Filed herewith.

** In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 in this Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed”.

16

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

	DUO WORLD, INC
Date: November 8, 2016	/s/ Muhunthan Canagasooryam
	Muhunthan Canagasooryam
	President and Chief Executive Officer
	(Principal Executive Officer)

Date: November 8, 2016	/s/ Suzannah Jennifer Samuel Perera
	Suzannah Jennifer Samuel Perera
	Chief Financial Officer
	(Principal Accounting and Financial Officer)

17

EX-31.1

Exhibit 31.1

DUO WORLD, INC.

A Nevada corporation

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Section 302 Certification

I, Muhunthan Canagasooryam, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Duo World, Inc. for the quarter ended September 30, 2016.
2.	Based on my knowledge, this quarterly 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;
3.	Based on my knowledge, the financial statements, and other financial information included in this interim 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;
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this annual report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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;
d)	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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my 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 function):

a)	All significant deficiencies in the design of operation of internal controls which would adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weakness in internal controls; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer’s internal control over financial reporting.

Date: November 8, 2016	/s/ Muhunthan Canagasooryam
	Muhunthan Canagasooryam
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

DUO WORLD, INC.

A Nevada corporation

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Section 302 Certification

I, Suzannah Jennifer Samuel Perera, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Duo World, Inc. for the quarter ended September 30, 2016.
2.	Based on my knowledge, this quarterly 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;
3.	Based on my knowledge, the financial statements, and other financial information included in this interim 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;
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this annual report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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;
d.	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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my 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 function):

a.	All significant deficiencies in the design of operation of internal controls which would adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weakness in internal controls; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer’s internal control over financial reporting.

Date: November 8, 2016	/s/ Suzannah Jennifer Samuel Perera
	Suzannah Jennifer Samuel Perera
	Chief Financial Officer
	(Principal Accounting and Financial Officer)

EX-32.1

Exhibit 32.1

DUO WORLD, INC.

A Nevada corporation

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duo World, Inc. (“Company”) on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Muhunthan Canagasooryam, President and Chief Executive Officer, certify, pursuant to 18 U.S.C. §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 13(a) or 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.

A signed original of this written statement required by Section 906, or other document authentication, acknowledging, or otherwise adopting the signature that appears in typed from within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date: November 8, 2016	/s/ Muhunthan Canagasooryam
	Muhunthan Canagasooryam
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-32.2

Exhibit 32.2

DUO WORLD, INC.

A Nevada corporation

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duo World, Inc. (“Company”) on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Suzannah Jennifer Samuel Perera, Chief Financial Officer, certify, pursuant to 18 U.S.C. §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 13(a) or 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.

A signed original of this written statement required by Section 906, or other document authentication, acknowledging, or otherwise adopting the signature that appears in typed from within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date: November 8, 2016	/s/ Suzannah Jennifer Samuel Perera
	Suzannah Jennifer Samuel Perera
	Chief Financial Officer
	(Principal Accounting and Financial Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document And Entity Information
Entity Registrant Name	DUO WORLD INC
Entity Central Index Key	0001635136
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		38,567,467
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2017

XML

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Current Assets
Cash and cash equivalents	$ 28,875	$ 91,106
Accounts receivable - trade	666,748	512,685
Prepaid expenses and other current assets	262,868	249,745
Accrued Revenue	738	31,154
Total Current Assets	959,229	884,690
Non-Current Assets
Property and equipment, net of accumulated depreciation of $667,937 and $626,292, respectively	62,563	105,790
Intangible assets	501,467	382,352
Deferred taxes	17,999	18,070
Total Non-Current Assets	582,029	506,212
Total Assets	1,541,258	1,390,902
Current Liabilities
Accounts Payable	266,873	377,376
Payroll, employee benefits, severance	197,474	121,395
Short Term Borrowings	354,323	227,578
Due to related parties	181,616	163,738
Payable for acquisition	185,762	185,762
Taxes payable	57,400	38,978
Accruals and other payables	82,580	83,441
Deferred revenue	5,762	9,954
Total Current liabilities	1,331,790	1,208,222
Long Term Liabilities
Due to related parties	1,206,221	1,194,668
Total Long Term liabilities	1,206,221	1,194,668
Total liabilities	2,538,011	2,402,890
Commitments and contingencies (Note 16)
Shareholders' Deficit
Ordinary shares: $0.001 par value per share; 90,000,000 shares authorized; 38,567,467 and 38,060,000 shares issued and outstanding, respectively	38,567	38,060
Additional Paid in Capital	907,456	601,560
Accumulated deficit	(2,040,109)	(1,733,937)
Accumulated other comprehensive income	91,833	76,829
Total shareholders' deficit	(996,753)	(1,011,988)
Total Liabilities and Shareholders' Deficit	1,541,258	1,390,902
Series A Preferred Stock [Member]
Shareholders' Deficit
Convertible series ""A"" preferred shares: $0.001 par value per share; 10,000,000 shares authorized; 5,500,000 and 5,500,000 shares issued and outstanding, respectively	$ 5,500	$ 5,500

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Accumulated depreciation, property and equipment	$ 667,937	$ 626,292
Ordinary stock, par value	$ 0.001	$ 0.001
Ordinary stock, shares authorized	90,000,000	90,000,000
Ordinary stock, shares issued	38,567,467	38,060,000
Ordinary stock, shares outstanding	38,567,467	38,060,000
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	5,500,000	5,500,000
Preferred stock, shares outstanding	5,500,000	5,500,000

XML

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenue	$ 312,390	$ 351,781	$ 641,117	$ 668,131
Cost of revenue (exclusive of depreciation presented below)	(66,095)	(100,198)	(142,324)	(169,510)
Gross Income	246,295	251,582	498,793	498,621
Operating Expenses
Research and Development	12,615	14,550	19,626	45,303
General and Administrative	128,714	160,313	514,226	651,094
Salaries and casual wages	113,360	92,227	208,860	186,688
Selling and distribution	3,317	8,488	6,631	15,352
Depreciation	8,701	9,160	48,424	16,786
Amortization of Web Site Development	480	330	1,226	737
Allowance for bad debts	44,820		44,820
Total operating expenses	312,007	285,068	843,813	915,960
Loss before other income (expenses)	(65,712)	(33,486)	(345,020)	(417,339)
Other income (expenses):
Interest expense	(5,484)	(8,288)	(10,476)	(16,294)
Gain on debt extinguishment				13,247
Other income	21	27	245	47
Bank charges	(524)	(525)	(1,728)	(1,052)
Exchange gain / (loss)	6,008	8,886	8,660	6,794
Total other income and (expenses)	21	101	(3,299)	2,743
Loss before provision for income taxes:	(65,691)	(33,385)	(348,319)	(414,596)
Provision for income taxes		(548)		(1,112)
Net loss	$ (65,691)	$ (33,934)	$ (348,319)	$ (415,708)
Basic and Diluted Loss per Share	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Basic and Diluted Weighted Average Number of Shares Outstanding	38,567,467	38,060,000	38,498,096	37,530,601
Comprehensive Income (Loss):
Unrealized foreign currency translation gain	$ 5,577	$ 38,279	$ 15,004	$ 25,217
Net loss	(65,691)	(33,934)	(348,319)	(415,708)
Comprehensive Income (Loss)	$ (60,114)	$ 4,345	$ (333,314)	$ (390,492)

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Loss before provision for income taxes	$ (348,319)	$ (414,596)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation	49,650	17,523
Allowance for bad debts	44,820
Interest on loan		6,678
Previous period adjustments	42,146
Stock issued as payment for accrued interest	15,000
Stock issued for services	223,600
Product development cost written off	70,067	89,589
Changes in assets and liabilities:
Accounts receivable - trade	(198,883)	(18,978)
Prepayments	17,293	189,322
Deferred taxes		603
Accounts Payable	(110,503)	69,134
Payroll, employee benefits, severance	76,079	39,748
Short term overdraft	126,745	14,399
Due to relates parties	17,878	6,420
Payable for acquisition		(124,238)
Taxes payable	18,422	(14,455)
Accruals and other payables	(5,053)	(3,454)
Net cash provided by / (used in) operating activities	38,942	(142,304)
Investing activities:
Acquisition of Property and Equipment	(9,357)	(43,214)
Intangible assets	(196,595)	(116,131)
Net cash used in investing activities	(205,952)	(159,345)
Financing activities:
Long term - Due to related parties		(56,594)
Common Stock	142,001	3,460
Preferred Stock		500
Additional Paid in Capital	(74,197)	342,540
Net cash provided by financing activities	67,804	289,906
Effect of exchange rate changes on cash	36,975	45,583
Net (decrease) / increase in cash	(62,231)	33,839
Cash, beginning of period	91,106	10,530
Cash, end of period	$ 28,875	$ 44,369

XML

Organization and Nature of Operations

6 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

Note 1 - Organization and Nature of Operations

Duo World Inc. (hereinafter referred to as “Successor” or “Duo”) a private company, was organized under the laws of the state of Nevada on September 19, 2014. Duo Software (Pvt.) Limited (hereinafter referred to as “DSSL” or “Predecessor”), a Sri Lanka based company, was incorporated on 22nd September 2004, in the Democratic Socialist Republic of Sri Lanka, as a limited liability company. Duo Software (Pte.) Limited (hereinafter referred to as “DSS” or “Predecessor”), a Singapore based company, was incorporated on 5th June 2007 in the Republic of Singapore as a limited liability company. DSS also includes its wholly owned subsidiary, Duo Software India (Private) Limited (India) which was incorporated on 30th August 2007, under the laws of India.

On November 12, 2014, Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte. Limited (DSS) executed a reverse recapitalization with Duo World Inc. (Duo). Duo (Successor) is a holding company that conducts operations through its wholly owned subsidiaries DSSL and DSS (Predecessors) in Sri Lanka, Singapore and India. The consolidated entity is referred to as “the Company”. The Company, having its development center in Colombo, has been in the space of developing products and services for the subscription-based industry. The Company’s application (“Duo Subscribe”, “Duo Contact”, “Digin”, “Facetone” and SmoothFlow) run on its core platform “DuoWorld” and is a provider of solutions in the space of Customer Life Cycle Management, Subscriber Billing, Data analytics and Work Flow.

XML

Basis of Presentation

6 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Note 2 - Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and disclosures necessary for a comprehensive presentation of consolidated financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair consolidated financial statements presentation.

The unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report, which contains the audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2016. The interim results for the period ended September 30, 2016 are not necessarily indicative of results for the full fiscal year.

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Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3 - Summary of Significant Accounting Policies

Basis of Consolidation

Duo World Inc. is the parent company of its 100% subsidiaries Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte Limited (DSS). Duo Software Pte Limited is the parent company of its 100% subsidiary Duo Software India (Private) Limited (India). All significant inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates. The most significant estimates relate to the timing and amounts of revenue recognition, the recognition and disclosure of contingent liabilities and the collectability of accounts receivable.

Risks and Uncertainties

The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. Product revenues are concentrated in the application software industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies could adversely affect operating results

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various high quality financial institutions and we monitor the credit ratings of those institutions. The Company’s sales are primarily to the companies located in Sri Lanka, Singapore, Indonesia and India. The Company performs ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. Accounts receivable are due principally from the companies understated contract terms.

Provisions

A provision is recognized when the company has present obligations as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Accounts Receivable and Provision for Doubtful Accounts

The Company recognizes accounts receivable in connection with the products sold and services provided and have strong policies and procedures for the collection receivables from its clients. However, there are inevitably occasions when the receivables due to the company, cannot be collected and therefore has to be written off as bad debts. While the debt collection process is being pursued, an assessment is made of the likelihood of the receivable being collectable. A provision is therefore made against the outstanding receivable to reflect that component that may not become collectable. The company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following:

Trade receivables outstanding:	Provision
Over 24 months		100	%
Over 18 months		50	%
Over 15 months		25	%
Over 12 months		10	%
Over 9 months		5	%

Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2016 and March 31, 2016, there were no cash equivalents.

Foreign Currency Translation

The functional currencies of the Company’s foreign subsidiaries are their local currencies. For financial reporting purposes, these currencies have been translated into United States Dollars ($) and/or USD as the reporting currency. All assets and liabilities denominated in foreign functional currencies are translated into U.S. dollars at the closing exchange rate on the balance sheet date and equity balances are translated at historical rates. Revenues, costs and expenses in foreign functional currencies are translated at the average rate of exchange during the period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of shareholders’ deficit as “accumulated other comprehensive income (loss)”. Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive income / (loss) as other income (expense).

Fixed assets

Fixed assets (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets. The estimated salvage value is considered as NIL. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 15 years, or the lease term, if shorter. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of the property and equipment, are expensed as incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements.

Useful lives of the fixed assets are as follows:

Furniture & Fittings	5 years
Improvements to lease hold assets	Lease term
Office equipment	5 years
Computer equipment (Data Processing Equipment)	3 years
Website development	4 years

For the financial year ending March 31, 2016, the useful life of Computer Equipment and Website development were assumed to be 5 years.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, such as property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs related to the sale, and are no longer depreciated. The assets and liabilities of a group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.

Fair Value Measurements and Fair Value of Financial Instruments

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value maybe based on assumptions that market participants would use in pricing an asset or liability.

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

Revenue Recognition, Deferred& Accrued Revenue

The Company recognizes revenue from the sale of software licenses and related services in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally, when all of the following criteria are met:

● Persuasive evidence of an arrangement exists. Evidence of an arrangement generally consists of a contract or purchase order signed by the customer.

● Delivery has occurred or services have been performed. Services are considered delivered as the work is performed or, in the case of maintenance, over the contractual service period. The Company uses written evidence of customer acceptance to verify delivery or completion of any performance terms.

● The seller’s price to the buyer is fixed or determinable. The Company assesses whether the sales price is fixed or determinable based on payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.

● Collectability is reasonably assured. The Company assesses collectability primarily based on the creditworthiness of the customer as determined by credit checks and related analysis, as well as the Customer’s payment history, economic conditions in the customer’s industry and geographic location and general economic conditions. If we do not consider collection of a fee to be probable, we defer the revenue until the fees are collected, provided all other conditions for revenue recognition have been met.

The Company typically licenses its products on a per server, per user basis with the price per customer varying based on the selection of the products licensed, the number of site installations and the number of authorized users. Currently, Duo is offering two major products from which it generates its revenue they are “Duo Contact” & “Duo Subscribe”. In the case of “Duo Contact”, Duo offers license to use software to its clients under an agreement. Invoices are raised monthly over the term of agreement, and it recognizes revenue monthly over the term of the underlying arrangement. In the case of “Duo Subscribe”, Duo sells its software license along with software implementation and annual maintenance services under an agreement with various clients. The Company raises invoice on key milestone basis as defined in the agreement. Revenue recognition is based on stage of completion basis. Revenues from consulting and training services are typically recognized as the services are performed.

The Company offers annual maintenance programs on its licenses that provide for technical support and updates to the Company’s software products. Maintenance fees are bundled with license fees in the initial licensing period and charged separately for renewals of annual maintenance in subsequent years. Fair value for maintenance is based upon either renewal rates stated in the contracts or separate sales of renewals to customers. Revenue is recognized ratably, or daily, over the term of the maintenance period, which is typically one year.

For the quarters ended September 30, 2016 and 2015, the Company received only cash as consideration for sale of licenses and related services rendered.

For the six months ended September 30, 2016 and September 30, 2015, the Company had following concentrations of revenue with customers:

Customer	September 30, 2016			September 30, 2015
Megamedia		37.00	%		32.40	%
DEN Networks		25.41	%		26.54	%
Hutchison		13.09	%		13.54	%
Topaz TV		7.94	%		-
HelloCorp		3.28	%		3.68	%
BOC		2.88	%		-
Mediatama		2.04	%		8.61	%
Dish Media		1.05	%		6.13	%
Singer Sri Lanka		0.80	%		0.76	%
DFCC Vardana		0.25	%		1.44	%
Medianet		-			2.62	%
Other misc. customers		6.27	%		4.27	%
		100	%		100	%

Deferred Revenue - Deferred revenue represents advance payments for software licenses, services, and maintenance billed in advance of the time revenue is recognized. As at September 30, 2016 and March 31, 2016, deferred revenue was $5,762 and $9,954 respectively.

Accrued Revenue/Unbilled Accounts Receivable - Accrued revenue/Unbilled accounts receivable primarily occur due to the timing of the respective billings, which occur subsequent to the end of each reporting period. As at September 30, 2016 and March 31, 2016, unbilled/accrued revenues were $738 and $31,154 respectively.

Cost of Revenue

Cost of revenue mainly includes purchases, product implementation costs, amortization of product development, Developer support and implementation, and consultancy fees related to the products offered by Duo. The aggregate cost related to the software implementations including support and consulting services pertaining to the revenue recognized during the reporting period, is recognized as Cost of Revenue.

Product research and development

Product research and development expenses consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the enhancements of existing products and services and development of new products and services. Costs incurred for software development prior to technological feasibility are expensed as product research and development costs in the period incurred. Once the point of technological feasibility is reached, which is generally the completion of a working prototype that has no critical bugs and is a release candidate; development costs are capitalized until the product is ready for general release and are classified within “Intangibles assets” in the accompanying consolidated balance sheets. The Company amortizes capitalized software development costs using the greater of the ratio of the products’ current gross revenues to the total of current gross revenues and expected gross revenues or on a straight-line basis over the estimated economic life of the related product, which is typically four years.

During the quarters ending on September 30, 2016 and 2015, product research and development cost of $105,803 and $65,600, respectively, was capitalized as “Intangible assets”.

Advertising Costs

The Company expenses advertising costs as incurred. No advertising expenses were incurred during the three months ended September 30, 2016 and 2015.

Comprehensive Income

The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from April 1, 2013 through September 30, 2016, includes only foreign currency translation gains (losses), and is presented in the Company’s consolidated statements of comprehensive income.

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on September 30, 2016 and March 31, 2016 were as follows:

Foreign Currency Translation gains (losses)
Balance, March 31, 2016	$	76,829
Translation rate gain during the period		9,427
Balance, June 30, 2016	$	86,256
Translation rate gain during the period		5,577
Balance, September 30, 2016	$	91,833

Recent Accounting Pronouncements

The Company has reviewed accounting pronouncements that were issued as of September 30, 2016 and believes that these pronouncements are not applicable to the Company, or that they will not have a material impact on the Company’s financial position or results of operations.

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Accounts Receivable

6 Months Ended

Sep. 30, 2016

Accounts Receivable, Net [Abstract]

Accounts Receivable

Note 4 – Accounts Receivable

Following is a summary of accounts receivable as at September 30, 2016 and March 31, 2016;

	September 30, 2016			March 31, 2016
Accounts receivable – Trade	$	872,810		$	674,823
Less: Provision for doubtful debts		(206,062	)		(162,138	)
	$	666,748		$	512,685

At September 30, 2016 and March 31, 2016, the Company had following concentrations of accounts receivable with customers:

Customer	September 30, 2016			March 31, 2016
Megamedia		51.65	%		28.92	%
Digicable		10.19	%		23.68	%
DEN Networks		16.59	%		11.97	%
Dish Media		6.50	%		5.55	%
Topas		5.25	%		1.62	%
MediaNet		2.38	%		3.54	%
Mediatama		1.52	%		1.86	%
Hutchison		1.24	%		2.45	%
Fastway		-			5.54	%
Pentavision		-			4.51	%
Technosat		-			3.15	%
Other Misc. receivables		4.70	%		7.22	%
		100	%		100	%

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Prepaid Expenses and Other Current Assets

6 Months Ended

Sep. 30, 2016

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Note 5 – Prepaid Expenses and Other Current Assets

Following is a summary of prepaid expenses and other current assets as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Security deposits	$	23,537	$	24,132
WHT receivable		202,689		205,632
Staff loan and advances		518		1,052
Travel advance		163		-
Supplier advance		7,147		1,786
ESC receivable		6,044		6,131
Insurance prepayment		402		1,632
Prepayments		472		1,526
Other receivables		21,896		7,854
	$	262,868	$	249,745

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Property and Equipment

6 Months Ended

Sep. 30, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 6 – Property and Equipment

Following table illustrates net book value of property and equipment as at September 30, 2016 and March 31, 2016;

	September 30, 2016			March 31, 2016
Office equipment	$	19,519		$	19,802
Furniture & fittings		217,371			220,526
Computer equipment (Data Processing Equipment)		477,417			479,273
Improvements to lease hold assets		1,965			1,993
Website Development		14,228			10,487
		730,500			732,082
Less: Accumulated depreciation and amortization		(667,937	)		(626,292	)
Net fixed assets	$	62,563		$	105,790

Depreciation and amortization expense for the six months ended September 30, 2016 and 2015 was $49,650 and $17,523 respectively.

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Intangible Assets

6 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 7 – Intangible Assets

Intangible assets comprise of capitalization of certain costs pertaining to product development, which meet the criteria as set forth above under Note 3. Following table illustrates the movement in intangible assets as at September 30, 2016 and March 31, 2016:

	September 30, 2016			March 31, 2016
Opening Balance	$	382,352		$	327,542
Add: Costs capitalized during the period		196,595			276,197
Less: Amount written –off during the period		(70,067	)		(202,311	)
Translational loss		(7,413	)		(19,076	)
Net Intangible Assets	$	501,467		$	382,352

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Short-term Borrowings

6 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Short-term Borrowings

Note 8 – Short-term Borrowings

Following is a summary of short-term borrowings as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Yenom (Pvt.) Limited	$	-	$	13,636
PAN Asia Bank – Short term overdraft		212,624		213,804
Commercial Bank		3,444		138
Other Borrowings		138,255		-
	$	354,323	$	227,578

Bank overdraft facility, obtained from Pan Asia Banking Corporation PLC, contains an interest rate of 9.61% per annum up to $ 101,846 and 11.35% per annum up to $ 207,383.

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Due to Related Parties

6 Months Ended

Sep. 30, 2016

Related Party Transactions [Abstract]

Due to Related Parties

Note 9 – Due to Related Parties

Due to Related Parties – Short term

From time to time, the Company receives advances from related parties such as officers, directors or principal shareholders in the normal course of business. Loans and advances received from related parties are unsecured and non-interest bearing. Balances outstanding to these persons for less than 12 months are presented under current liabilities in the accompanying consolidated financial statements. As of September 30, 2016 and March 31, 2016, the Company owed directors $181,616 and $163,738 respectively.

Due to Related Parties – Long term

Balances outstanding to related parties for more than 12 months are presented under long-term liabilities in the accompanying consolidated financial statements. Related party loan in the Balance sheet of Duo software Pte. Ltd was recognized at cost as of September 30, 2016, and at amortized cost as of March 31, 2016. As of September 30, 2016 and March 31, 2016, the Company owed directors $1,206,221 and $1,194,668 respectively.

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Taxes Payable

6 Months Ended

Sep. 30, 2016

Taxes Payable [Abstract]

Taxes Payable

Note 10 – Taxes Payable

The taxes payable comprise of items listed below as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Stamp Duty Payable	$	54	$	51
PAYE		51,783		33,718
Tax payable		5,563		5,209
	$	57,400	$	38,978

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Accruals and Other Payables

6 Months Ended

Sep. 30, 2016

Payables and Accruals [Abstract]

Accruals and Other Payables

Note 11 – Accruals and Other Payables

Following is a summary of accruals and other payables as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Audit fee payable	$	-	$	4,715
Accrued expenses		7,028		7,860
Other payables		75,552		70,866
	$	82,580	$	83,441

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Cost of Revenue

6 Months Ended

Sep. 30, 2016

Cost of Revenue [Abstract]

Cost of Revenue

Note 12 – Cost of Revenue

Following is the summary of cost of revenue for the six months ending September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Purchases	$	19,696	$	52,680
Implementation and onsite support cost		22,904		6,522
Product development cost written off		69,996		89,857
Consultancy, contract basis employee cost		19,007		12,895
Developer support and implementation		10,721		7,556
	$	142,324	$	169,510

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General and Administrative Expenses

6 Months Ended

Sep. 30, 2016

General and Administrative Expense [Abstract]

General and Administrative Expenses

Note 13 – General and Administrative Expenses

Following is the summary of general and administrative expenses for the six months ending September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Directors remuneration	$	52,741	$	55,806
EPF		23,607		21,165
ETF		5,902		5,292
Bonus		24,961		15,410
Vehicle allowance		28,614		25,329
Staff welfare		8,748		7,026
Penalties / Late payment charges		2,951		2,092
Office rent		35,892		32,653
Electricity charges		8,214		10,596
Office maintenance		8,164		12,088
Telephone charges		6,793		7,119
Travelling expense		1,718		29,056
Printing and stationery		886		1,301
Office expenses		1,252		1,115
Computer maintenance		3,697		10,313
Internet charges		6,634		5,214
Courier and postage		418		276
Security charges		1,696		2,026
Training and development		130		288
Insurance expense		1,172		771
Professional fees		25,372		1,380
Secretarial fees		411		24
Un-claimable VAT input/ Irrecoverable tax		23,249		19,248
Software Rentals		12,993		10,931
Other professional services		219,650		350,327
Audit fee		2,564		20,000
Transfer agent fees		1,235		1,710
Filling fee and subscription		2,756		-
Stamp duty expenses		451		-
Legal fee		1,005		-
Gratuity		-		2,538
Other expenses		350		-
	$	514,226	$	651,094

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Selling and Distribution Expenses

6 Months Ended

Sep. 30, 2016

Selling and Marketing Expense [Abstract]

Selling and Distribution Expenses

Note 14 – Selling and Distribution Expenses

Following is the summary of selling and distribution expenses for the six months ending on September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Marketing Expenses	$	570	$	9,568
Vehicle hire charges		3,221		3,408
Vehicle running expense		2,416		700
Foreign Travel		424		1,400
Advertisement		-		194
Visa expenses		-		82
	$	6,631	$	15,352

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Equity

6 Months Ended

Sep. 30, 2016

Equity [Abstract]

Equity

Note 15 - Equity

(A) Common Stock

As at September 30, 2016, the Company had 90,000,000 authorized common shares having a par value of $0.001. The ordinary shares are designated with the following rights:

● Voting rights: Common shareholders can attend at annual general meeting to cast vote or use a proxy.

● Right to elect board of directors: Common shareholders control the Company through their right to elect the company’s board of directors.

● Right to share income and assets: Common shareholders have the right to share company’s earnings equally on a per-share basis in the form of dividend. Similarly, in the event of liquidation, shareholders have claim on assets that remain after meeting the obligation to accrued taxes, accrued salary and wages, creditors including bondholders (if any) and preferred shareholders. Thus, common shareholders are residual claimants of the company’s income and assets.

During the six months ended September 30, 2016, the Company issued following common shares:

Date	Type	No. of Shares		Valuation
04/22/2016	Stock issued to PPM-2 investor		188,000	$	141,000
04/22/2016	Stock issued to PPM-2 investor		13,334		10,001
04/27/2016	Stock issued for services		46,133		34,600
04/27/2016	Stock issued for services		240,000		180,000
04/27/2016	Stock issued as payment for accrued interest		20,000		15,000
			507,467	$	380,600

(B) Preferred Stock

As at September 30, 2016, the Company had 10,000,000 authorized series “A” preferred shares having a par value of $0.001 per share. The preferred shares are designated with the following conversion rights:

● One preferred share will convert into ten (10) common shares no earlier than 24 months and 1 day after the issuance.

During the six months ended September 30, 2016, the Company has not issued any new preferred shares.

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Commitments and Contingencies

6 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 16 - Commitments and Contingencies

The Company consults with legal counsel on matters related to litigation and other experts both within and outside the Company with respect to matters in the ordinary course of business. The Company does not have any contingent liabilities in respect of legal claims arising in the ordinary course of business.

Duo entered into a lease commitment for its Sri Lanka office amounting to $186,645 with Happy Building Management Company for a period of 3 years in 2016. Duo entered into another lease commitment for its Indian office amounting to $1,224 on April 1, 2016 with Regus Office Center Services Pvt. Limited for a period of 1 year.

Guarantee provided by the company existed on the balance sheet date are as follows:

Date	Description	Amount
9/23/2011	Performance Bond for BOC Tender	$	10,383
10/31/2011	Advance payment Bond for BOC Tender		2,076
5/15/2013	Guarantee for Lanka Clear		2,182
10/9/2012	Guarantee for CEB		346
7/31/2014	Guarantee for SLT		587
8/10/2015	Guarantee for LOLC		1,659
		$	17,233

The company has not provided any guarantees other than those mentioned above.

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General

6 Months Ended

Sep. 30, 2016

General

General

Note 17 - General

Figures have been rounded off to the nearest dollar and the comparative figures have been re-arranged / reclassified, wherever necessary, to facilitate comparison.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Basis of Consolidation

Basis of Consolidation

Duo World Inc. is the parent company of its 100% subsidiaries Duo Software (Pvt.) Limited (DSSL) and Duo Software Pte Limited (DSS). Duo Software Pte Limited is the parent company of its 100% subsidiary Duo Software India (Private) Limited (India). All significant inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates. The most significant estimates relate to the timing and amounts of revenue recognition, the recognition and disclosure of contingent liabilities and the collectability of accounts receivable.

Risks and Uncertainties

Risks and Uncertainties

The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. Product revenues are concentrated in the application software industry, which is highly competitive and rapidly changing. Significant technological changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies could adversely affect operating results

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various high quality financial institutions and we monitor the credit ratings of those institutions. The Company’s sales are primarily to the companies located in Sri Lanka, Singapore, Indonesia and India. The Company performs ongoing credit evaluations of our customers, and the risk with respect to trade receivables is further mitigated by the diversity, both by geography and by industry, of the customer base. Accounts receivable are due principally from the companies understated contract terms.

Provisions

Provisions

A provision is recognized when the company has present obligations as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Accounts Receivable and Provision for Doubtful Accounts

Accounts Receivable and Provision for Doubtful Accounts

The Company recognizes accounts receivable in connection with the products sold and services provided and have strong policies and procedures for the collection receivables from its clients. However, there are inevitably occasions when the receivables due to the company, cannot be collected and therefore has to be written off as bad debts. While the debt collection process is being pursued, an assessment is made of the likelihood of the receivable being collectable. A provision is therefore made against the outstanding receivable to reflect that component that may not become collectable. The company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following:

Trade receivables outstanding:	Provision
Over 24 months		100	%
Over 18 months		50	%
Over 15 months		25	%
Over 12 months		10	%
Over 9 months		5	%

Cash Equivalents

Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2016 and March 31, 2016, there were no cash equivalents.

Foreign Currency Translation

Foreign Currency Translation

The functional currencies of the Company’s foreign subsidiaries are their local currencies. For financial reporting purposes, these currencies have been translated into United States Dollars ($) and/or USD as the reporting currency. All assets and liabilities denominated in foreign functional currencies are translated into U.S. dollars at the closing exchange rate on the balance sheet date and equity balances are translated at historical rates. Revenues, costs and expenses in foreign functional currencies are translated at the average rate of exchange during the period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of shareholders’ deficit as “accumulated other comprehensive income (loss)”. Gains and losses resulting from foreign currency transactions are included in the statement of operations and comprehensive income / (loss) as other income (expense).

Fixed Assets

Fixed assets

Fixed assets (including leasehold improvements) are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method over the estimated useful lives of the related assets. The estimated salvage value is considered as NIL. Amortization of leasehold improvements is computed utilizing the straight-line method over the estimated benefit period of the related assets, which may not exceed 15 years, or the lease term, if shorter. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of the property and equipment, are expensed as incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements.

Useful lives of the fixed assets are as follows:

Furniture & Fittings	5 years
Improvements to lease hold assets	Lease term
Office equipment	5 years
Computer equipment (Data Processing Equipment)	3 years
Website development	4 years

For the financial year ending March 31, 2016, the useful life of Computer Equipment and Website development were assumed to be 5 years.

Impairment of Long-lived Assets

Impairment of Long-Lived Assets

The Company reviews long-lived assets, such as property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs related to the sale, and are no longer depreciated. The assets and liabilities of a group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.

Fair Value Measurements and Fair Value of Financial Instruments

Fair Value Measurements and Fair Value of Financial Instruments

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value maybe based on assumptions that market participants would use in pricing an asset or liability.

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

Revenue Recognition, Deferred & Accrued Revenue

Revenue Recognition, Deferred& Accrued Revenue

The Company recognizes revenue from the sale of software licenses and related services in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally, when all of the following criteria are met:

● Persuasive evidence of an arrangement exists. Evidence of an arrangement generally consists of a contract or purchase order signed by the customer.

● Delivery has occurred or services have been performed. Services are considered delivered as the work is performed or, in the case of maintenance, over the contractual service period. The Company uses written evidence of customer acceptance to verify delivery or completion of any performance terms.

● The seller’s price to the buyer is fixed or determinable. The Company assesses whether the sales price is fixed or determinable based on payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.

● Collectability is reasonably assured. The Company assesses collectability primarily based on the creditworthiness of the customer as determined by credit checks and related analysis, as well as the Customer’s payment history, economic conditions in the customer’s industry and geographic location and general economic conditions. If we do not consider collection of a fee to be probable, we defer the revenue until the fees are collected, provided all other conditions for revenue recognition have been met.

The Company typically licenses its products on a per server, per user basis with the price per customer varying based on the selection of the products licensed, the number of site installations and the number of authorized users. Currently, Duo is offering two major products from which it generates its revenue they are “Duo Contact” & “Duo Subscribe”. In the case of “Duo Contact”, Duo offers license to use software to its clients under an agreement. Invoices are raised monthly over the term of agreement, and it recognizes revenue monthly over the term of the underlying arrangement. In the case of “Duo Subscribe”, Duo sells its software license along with software implementation and annual maintenance services under an agreement with various clients. The Company raises invoice on key milestone basis as defined in the agreement. Revenue recognition is based on stage of completion basis. Revenues from consulting and training services are typically recognized as the services are performed.

The Company offers annual maintenance programs on its licenses that provide for technical support and updates to the Company’s software products. Maintenance fees are bundled with license fees in the initial licensing period and charged separately for renewals of annual maintenance in subsequent years. Fair value for maintenance is based upon either renewal rates stated in the contracts or separate sales of renewals to customers. Revenue is recognized ratably, or daily, over the term of the maintenance period, which is typically one year.

For the quarters ended September 30, 2016 and 2015, the Company received only cash as consideration for sale of licenses and related services rendered.

For the six months ended September 30, 2016 and September 30, 2015, the Company had following concentrations of revenue with customers:

Customer	September 30, 2016			September 30, 2015
Megamedia		37.00	%		32.40	%
DEN Networks		25.41	%		26.54	%
Hutchison		13.09	%		13.54	%
Topaz TV		7.94	%		-
HelloCorp		3.28	%		3.68	%
BOC		2.88	%		-
Mediatama		2.04	%		8.61	%
Dish Media		1.05	%		6.13	%
Singer Sri Lanka		0.80	%		0.76	%
DFCC Vardana		0.25	%		1.44	%
Medianet		-			2.62	%
Other misc. customers		6.27	%		4.27	%
		100	%		100	%

Deferred Revenue - Deferred revenue represents advance payments for software licenses, services, and maintenance billed in advance of the time revenue is recognized. As at September 30, 2016 and March 31, 2016, deferred revenue was $5,762 and $9,954 respectively.

Accrued Revenue/Unbilled Accounts Receivable - Accrued revenue/Unbilled accounts receivable primarily occur due to the timing of the respective billings, which occur subsequent to the end of each reporting period. As at September 30, 2016 and March 31, 2016, unbilled/accrued revenues were $738 and $31,154 respectively.

Cost of Revenue

Cost of Revenue

Cost of revenue mainly includes purchases, product implementation costs, amortization of product development, Developer support and implementation, and consultancy fees related to the products offered by Duo. The aggregate cost related to the software implementations including support and consulting services pertaining to the revenue recognized during the reporting period, is recognized as Cost of Revenue.

Product Research and Development

Product research and development

Product research and development expenses consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the enhancements of existing products and services and development of new products and services. Costs incurred for software development prior to technological feasibility are expensed as product research and development costs in the period incurred. Once the point of technological feasibility is reached, which is generally the completion of a working prototype that has no critical bugs and is a release candidate; development costs are capitalized until the product is ready for general release and are classified within “Intangibles assets” in the accompanying consolidated balance sheets. The Company amortizes capitalized software development costs using the greater of the ratio of the products’ current gross revenues to the total of current gross revenues and expected gross revenues or on a straight-line basis over the estimated economic life of the related product, which is typically four years.

During the quarters ending on September 30, 2016 and 2015, product research and development cost of $105,803 and $65,600, respectively, was capitalized as “Intangible assets”.

Advertising Costs

Advertising Costs

The Company expenses advertising costs as incurred. No advertising expenses were incurred during the three months ended September 30, 2016 and 2015.

Comprehensive Income

Comprehensive Income

The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from April 1, 2013 through September 30, 2016, includes only foreign currency translation gains (losses), and is presented in the Company’s consolidated statements of comprehensive income.

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on September 30, 2016 and March 31, 2016 were as follows:

Foreign Currency Translation gains (losses)
Balance, March 31, 2016	$	76,829
Translation rate gain during the period		9,427
Balance, June 30, 2016	$	86,256
Translation rate gain during the period		5,577
Balance, September 30, 2016	$	91,833

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Company has reviewed accounting pronouncements that were issued as of September 30, 2016 and believes that these pronouncements are not applicable to the Company, or that they will not have a material impact on the Company’s financial position or results of operations.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Schedule of Provision for Doubtful Debts Based on Period Outstanding

The company is in the practice of provisioning for doubtful debts based on the period outstanding as per the following:

Trade receivables outstanding:	Provision
Over 24 months		100	%
Over 18 months		50	%
Over 15 months		25	%
Over 12 months		10	%
Over 9 months		5	%

Schedule of Estimated Useful Lives of Fixed Assets

Useful lives of the fixed assets are as follows:

Furniture & Fittings	5 years
Improvements to lease hold assets	Lease term
Office equipment	5 years
Computer equipment (Data Processing Equipment)	3 years
Website development	4 years

Schedule of Concentrations of Revenue

For the six months ended September 30, 2016 and September 30, 2015, the Company had following concentrations of revenue with customers:

Customer	September 30, 2016			September 30, 2015
Megamedia		37.00	%		32.40	%
DEN Networks		25.41	%		26.54	%
Hutchison		13.09	%		13.54	%
Topaz TV		7.94	%		-
HelloCorp		3.28	%		3.68	%
BOC		2.88	%		-
Mediatama		2.04	%		8.61	%
Dish Media		1.05	%		6.13	%
Singer Sri Lanka		0.80	%		0.76	%
DFCC Vardana		0.25	%		1.44	%
Medianet		-			2.62	%
Other misc. customers		6.27	%		4.27	%
		100	%		100	%

Schedule of Accumulated Other Comprehensive Income (loss)

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the periods ending on September 30, 2016 and March 31, 2016 were as follows:

Foreign Currency Translation gains (losses)
Balance, March 31, 2016	$	76,829
Translation rate gain during the period		9,427
Balance, June 30, 2016	$	86,256
Translation rate gain during the period		5,577
Balance, September 30, 2016	$	91,833

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Accounts Receivable (Tables)

6 Months Ended

Sep. 30, 2016

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivables

Following is a summary of accounts receivable as at September 30, 2016 and March 31, 2016;

	September 30, 2016			March 31, 2016
Accounts receivable – Trade	$	872,810		$	674,823
Less: Provision for doubtful debts		(206,062	)		(162,138	)
	$	666,748		$	512,685

Schedule of Concentrations of Accounts Receivable

At September 30, 2016 and March 31, 2016, the Company had following concentrations of accounts receivable with customers:

Customer	September 30, 2016			March 31, 2016
Megamedia		51.65	%		28.92	%
Digicable		10.19	%		23.68	%
DEN Networks		16.59	%		11.97	%
Dish Media		6.50	%		5.55	%
Topas		5.25	%		1.62	%
MediaNet		2.38	%		3.54	%
Mediatama		1.52	%		1.86	%
Hutchison		1.24	%		2.45	%
Fastway		-			5.54	%
Pentavision		-			4.51	%
Technosat		-			3.15	%
Other Misc. receivables		4.70	%		7.22	%
		100	%		100	%

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Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Sep. 30, 2016

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Following is a summary of prepaid expenses and other current assets as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Security deposits	$	23,537	$	24,132
WHT receivable		202,689		205,632
Staff loan and advances		518		1,052
Travel advance		163		-
Supplier advance		7,147		1,786
ESC receivable		6,044		6,131
Insurance prepayment		402		1,632
Prepayments		472		1,526
Other receivables		21,896		7,854
	$	262,868	$	249,745

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Property and Equipment (Tables)

6 Months Ended

Sep. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Following table illustrates net book value of property and equipment as at September 30, 2016 and March 31, 2016;

	September 30, 2016			March 31, 2016
Office equipment	$	19,519		$	19,802
Furniture & fittings		217,371			220,526
Computer equipment (Data Processing Equipment)		477,417			479,273
Improvements to lease hold assets		1,965			1,993
Website Development		14,228			10,487
		730,500			732,082
Less: Accumulated depreciation and amortization		(667,937	)		(626,292	)
Net fixed assets	$	62,563		$	105,790

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Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Following table illustrates the movement in intangible assets as at September 30, 2016 and March 31, 2016:

	September 30, 2016			March 31, 2016
Opening Balance	$	382,352		$	327,542
Add: Costs capitalized during the period		196,595			276,197
Less: Amount written –off during the period		(70,067	)		(202,311	)
Translational loss		(7,413	)		(19,076	)
Net Intangible Assets	$	501,467		$	382,352

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Short-term Borrowings (Tables)

6 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Summary of Short-term Borrowings

Following is a summary of short-term borrowings as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Yenom (Pvt.) Limited	$	-	$	13,636
PAN Asia Bank – Short term overdraft		212,624		213,804
Commercial Bank		3,444		138
Other Borrowings		138,255		-
	$	354,323	$	227,578

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Taxes Payable (Tables)

6 Months Ended

Sep. 30, 2016

Taxes Payable [Abstract]

Schedule of Taxes Payable

The taxes payable comprise of items listed below as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Stamp Duty Payable	$	54	$	51
PAYE		51,783		33,718
Tax payable		5,563		5,209
	$	57,400	$	38,978

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Accruals and Other Payables (Tables)

6 Months Ended

Sep. 30, 2016

Payables and Accruals [Abstract]

Schedule of Accruals and Other Payables

Following is a summary of accruals and other payables as at September 30, 2016 and March 31, 2016;

	September 30, 2016		March 31, 2016
Audit fee payable	$	-	$	4,715
Accrued expenses		7,028		7,860
Other payables		75,552		70,866
	$	82,580	$	83,441

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Cost of Revenue (Tables)

6 Months Ended

Sep. 30, 2016

Cost of Revenue [Abstract]

Summary of Cost of Revenue

Following is the summary of cost of revenue for the six months ending September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Purchases	$	19,696	$	52,680
Implementation and onsite support cost		22,904		6,522
Product development cost written off		69,996		89,857
Consultancy, contract basis employee cost		19,007		12,895
Developer support and implementation		10,721		7,556
	$	142,324	$	169,510

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General and Administrative Expenses (Tables)

6 Months Ended

Sep. 30, 2016

General and Administrative Expense [Abstract]

Schedule of General and Administrative Expenses

Following is the summary of general and administrative expenses for the six months ending September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Directors remuneration	$	52,741	$	55,806
EPF		23,607		21,165
ETF		5,902		5,292
Bonus		24,961		15,410
Vehicle allowance		28,614		25,329
Staff welfare		8,748		7,026
Penalties / Late payment charges		2,951		2,092
Office rent		35,892		32,653
Electricity charges		8,214		10,596
Office maintenance		8,164		12,088
Telephone charges		6,793		7,119
Travelling expense		1,718		29,056
Printing and stationery		886		1,301
Office expenses		1,252		1,115
Computer maintenance		3,697		10,313
Internet charges		6,634		5,214
Courier and postage		418		276
Security charges		1,696		2,026
Training and development		130		288
Insurance expense		1,172		771
Professional fees		25,372		1,380
Secretarial fees		411		24
Un-claimable VAT input/ Irrecoverable tax		23,249		19,248
Software Rentals		12,993		10,931
Other professional services		219,650		350,327
Audit fee		2,564		20,000
Transfer agent fees		1,235		1,710
Filling fee and subscription		2,756		-
Stamp duty expenses		451		-
Legal fee		1,005		-
Gratuity		-		2,538
Other expenses		350		-
	$	514,226	$	651,094

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Selling and Distribution Expenses (Tables)

6 Months Ended

Sep. 30, 2016

Selling and Marketing Expense [Abstract]

Schedule of Selling and Distribution Expenses

Following is the summary of selling and distribution expenses for the six months ending on September 30, 2016 and 2015;

	September 30, 2016		September 30, 2015
Marketing Expenses	$	570	$	9,568
Vehicle hire charges		3,221		3,408
Vehicle running expense		2,416		700
Foreign Travel		424		1,400
Advertisement		-		194
Visa expenses		-		82
	$	6,631	$	15,352

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Equity (Tables)

6 Months Ended

Sep. 30, 2016

Equity [Abstract]

Schedule of Common Shares Issued

During the six months ended September 30, 2016, the Company issued following common shares:

Date	Type	No. of Shares		Valuation
04/22/2016	Stock issued to PPM-2 investor		188,000	$	141,000
04/22/2016	Stock issued to PPM-2 investor		13,334		10,001
04/27/2016	Stock issued for services		46,133		34,600
04/27/2016	Stock issued for services		240,000		180,000
04/27/2016	Stock issued as payment for accrued interest		20,000		15,000
			507,467	$	380,600

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Commitments and Contingencies (Tables)

6 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantee Provided by Existed Company

Guarantee provided by the company existed on the balance sheet date are as follows:

Date	Description	Amount
9/23/2011	Performance Bond for BOC Tender	$	10,383
10/31/2011	Advance payment Bond for BOC Tender		2,076
5/15/2013	Guarantee for Lanka Clear		2,182
10/9/2012	Guarantee for CEB		346
7/31/2014	Guarantee for SLT		587
8/10/2015	Guarantee for LOLC		1,659
		$	17,233

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Cash equivalents
Property, Plant and Equipment, Depreciation Methods	straight-line method
Deferred revenue	$ 5,762		9,954
Unbilled receivables	738		$ 31,154
Product research and development cost	105,803	$ 65,600
Advertising Expense
Computer Equipment and Website Development [Member]
Estimated useful life			5 years
Maximum [Member]
Estimated useful life	15 years
Duo Software (Pvt.) Limited and Duo Software Pte Limited [Member]
Ownership interest	100.00%
Duo Software India (Private) Limited [Member]
Ownership interest	100.00%

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Summary of Significant Accounting Policies - Schedule of Provision For Doubtful Debts Based on Period Outstanding (Details) - Trade Receivables Outstanding [Member]	6 Months Ended
	Sep. 30, 2016
Over 24 months [Member]
Provisioning for trade receivables outstanding percentage over period	100.00%
Over 18 months [Member]
Provisioning for trade receivables outstanding percentage over period	50.00%
Over 15 months [Member]
Provisioning for trade receivables outstanding percentage over period	25.00%
Over 12 months [Member]
Provisioning for trade receivables outstanding percentage over period	10.00%
Over 9 months [Member]
Provisioning for trade receivables outstanding percentage over period	5.00%

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Summary of Significant Accounting Policies - Schedule of Estimated Useful lives of Fixed assets (Details)	6 Months Ended
	Sep. 30, 2016
Furniture & Fittings [Member]
Estimated useful Lives of property and equipment	5 years
Improvements to Lease Hold Assets [Member]
Estimated useful Lives of property and equipment, description	Lease term
Office Equipment [Member]
Estimated useful Lives of property and equipment	5 years
Computer Equipment (Data Processing Equipment) [Member]
Estimated useful Lives of property and equipment	3 years
Website Development [Member]
Estimated useful Lives of property and equipment	4 years

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Summary of Significant Accounting Policies - Schedule of Concentrations of Revenue (Details) - Revenue [Member]	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Concentrations of revenue percentage	100.00%	100.00%
Megamedia [Member]
Concentrations of revenue percentage	37.00%	32.40%
DEN Networks [Member]
Concentrations of revenue percentage	25.41%	26.54%
Hutchison [Member]
Concentrations of revenue percentage	13.09%	13.54%
Topaz TV [Member]
Concentrations of revenue percentage	7.94%
HelloCorp [Member]
Concentrations of revenue percentage	3.28%	3.68%
BOC [Member]
Concentrations of revenue percentage	2.88%
Mediatama [Member]
Concentrations of revenue percentage	2.04%	8.61%
Dish Media [Member]
Concentrations of revenue percentage	1.05%	6.13%
Singer Sri Lanka [Member]
Concentrations of revenue percentage	0.80%	0.76%
DFCC Vardana [Member]
Concentrations of revenue percentage	0.25%	1.44%
MediaNet [Member]
Concentrations of revenue percentage		2.62%
Other misc. customers [Member]
Concentrations of revenue percentage	6.27%	4.27%

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Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Foreign Currency Translation gains (losses),beginning	$ 86,256	$ 76,829		$ 76,829
Translation rate gain during the period	5,577	9,427	$ 38,279	15,004	$ 25,217
Foreign Currency Translation gains (losses),ending	$ 91,833	$ 86,256		$ 91,833

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Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Accounts Receivable, Net [Abstract]
Accounts receivable - Trade	$ 872,810	$ 674,823
Less: Provision for doubtful debts	(206,062)	(162,138)
Accounts receivable	$ 666,748	$ 512,685

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Accounts Receivable - Schedule of Concentrations of Accounts Receivable (Details) - Accounts Receivable [Member]	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Concentrations of accounts receivable	100.00%	100.00%
Megamedia [Member]
Concentrations of accounts receivable	51.65%	28.92%
Digicable [Member]
Concentrations of accounts receivable	10.19%	23.68%
DEN Networks [Member]
Concentrations of accounts receivable	16.59%	11.97%
Dish Media [Member]
Concentrations of accounts receivable	6.50%	5.55%
Topas [Member]
Concentrations of accounts receivable	5.25%	1.62%
MediaNet [Member]
Concentrations of accounts receivable	2.38%	3.54%
Mediatama [Member]
Concentrations of accounts receivable	1.52%	1.86%
Hutchison [Member]
Concentrations of accounts receivable	1.24%	2.45%
Fastway [Member]
Concentrations of accounts receivable		5.54%
Pentavision [Member]
Concentrations of accounts receivable		4.51%
Technosat [Member]
Concentrations of accounts receivable		3.15%
Other misc. receivables [Member]
Concentrations of accounts receivable	4.70%	7.22%

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Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Security deposits	$ 23,537	$ 24,132
WHT receivable	202,689	205,632
Staff loan and advances	518	1,052
Travel advance	163
Supplier advance	7,147	1,786
ESC receivable	6,044	6,131
Insurance prepayment	402	1,632
Prepayments	472	1,526
Other receivables	21,896	7,854
Prepaid expenses and other current assets	$ 262,868	$ 249,745

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Property and Equipment (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 49,650	$ 17,523

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Property and Equipment - Schedule of property and Equipment (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Property and equipment gross	$ 730,500	$ 732,082
Less: Accumulated depreciation and amortization	(667,937)	(626,292)
Net fixed assets	62,563	105,790
Office Equipment [Member]
Property and equipment gross	19,519	19,802
Furniture & Fittings [Member]
Property and equipment gross	217,371	220,526
Computer Equipment (Data Processing Equipment) [Member]
Property and equipment gross	477,417	479,273
Improvements to Lease Hold Assets [Member]
Property and equipment gross	1,965	1,993
Website Development [Member]
Property and equipment gross	$ 14,228	$ 10,487

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Intangible Assets - Schedule of Intangible Aseets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Net Intangible Assets Opening Balance	$ 382,352	$ 327,542
Add: Costs capitalized during the period	196,595	276,197
Less: Amount written -off during the period	(70,067)	(202,311)
Translational loss	(7,413)	(19,076)
Net Intangible Assets Ending Balance	$ 501,467	$ 382,352

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Short-term Borrowings (Details Narrative) - Pan Asia Banking Corporation PLC [Member] - Maximum [Member]	Sep. 30, 2016 USD ($)
Interest Rate of 9.61% Per Annum [Member]
Bank overdrafts	$ 101,846
Bank overdraft facility interest rate	9.61%
Interest Rate of 11.35% Per Annum [Member]
Bank overdrafts	$ 207,383
Bank overdraft facility interest rate	11.35%

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Short-term Borrowings - Summary of Short term Borrowings (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Short Term Borrowings	$ 354,323	$ 227,578
Yenom (Pvt.) Limited [Member]
Short Term Borrowings		13,636
PAN Asia Bank - Short term overdraft [Member]
Short Term Borrowings	212,624	213,804
Commercial Bank [Member]
Short Term Borrowings	3,444	138
Other Borrowings [Member]
Short Term Borrowings	$ 138,255

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Due to Related Parties (Details Narrative) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Related Party Transactions [Abstract]
Due to related parties short term	$ 181,616	$ 163,738
Due to related parties long term	$ 1,206,221	$ 1,194,668

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Taxes Payable - Schedule of Taxes Payable (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Taxes payable	$ 57,400	$ 38,978
Stamp Duty Payable [Member]
Taxes payable	54	51
PAYE [Member]
Taxes payable	51,783	33,718
Tax Payable [Member]
Taxes payable	$ 5,563	$ 5,209

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Accruals and Other Payables - Schedule of Accruals and Other Payables (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Payables and Accruals [Abstract]
Audit fee payable		$ 4,715
Accrued expenses	7,028	7,860
Other payables	75,552	70,866
Accruals and other payables	$ 82,580	$ 83,441

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Cost of Revenue - Summary of Cost of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Cost of Revenue [Abstract]
Purchases			$ 19,696	$ 52,680
Implementation and onsite support cost			22,904	6,522
Product development cost written off			69,996	89,857
Consultancy, contract basis employee cost			19,007	12,895
Developer support and implementation			10,721	7,556
Cost of revenue	$ 66,095	$ 100,198	$ 142,324	$ 169,510

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General and Administrative Expenses - Schedule of General and Administrative Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Software Rentals			$ 10,721	$ 7,556
General and Administrative Expenses	$ 128,714	$ 160,313	514,226	651,094
General and Administrative Expense [Member]
Directors remuneration			52,741	55,806
EPF			23,607	21,165
ETF			5,902	5,292
Bonus			24,961	15,410
Vehicle allowance			28,614	25,329
Staff welfare			8,748	7,026
Penalties / Late payment charges			2,951	2,092
Office rent			35,892	32,653
Electricity charges			8,214	10,596
Office maintenance			8,164	12,088
Telephone charges			6,793	7,119
Travelling expense			1,718	29,056
Printing and stationery			886	1,301
Office expenses			1,252	1,115
Computer maintenance			3,697	10,313
Internet charges			6,634	5,214
Courier and postage			418	276
Security charges			1,696	2,026
Training and development			130	288
Insurance expense			1,172	771
Professional fees			25,372	1,380
Secretarial fees			411	24
Un-claimable VAT input/ Irrecoverable tax			23,249	19,248
Software Rentals			12,993	10,931
Other professional services			219,650	350,327
Audit fee			2,564	20,000
Transfer agent fees			1,235	1,710
Filling fee and subscription			2,756
Stamp duty expenses			451
Legal fee			1,005
Gratuity				2,538
Other expenses			350
General and Administrative Expenses			$ 514,226	$ 651,094

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Selling and Distribution Expenses - Schedule of Selling and Distribution Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
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Selling and distribution expenses	$ 3,317	$ 8,488	6,631	15,352
Selling and Distribution Expenses [Member]
Marketing Expenses			570	9,568
Vehicle hire charges			3,221	3,408
Vehicle running expense			2,416	700
Foreign Travel			424	1,400
Advertisement				194
Visa expenses				82
Selling and distribution expenses			$ 6,631	$ 15,352

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Equity (Details Narrative) - $ / shares	6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Common stock, shares authorized	90,000,000	90,000,000
Common stock, par value	$ 0.001	$ 0.001
Preferred stock conversion description	One preferred share will convert into ten (10) common shares no earlier than 24 months and 1 day after the issuance.
Number of preferred shares converted into common shares	10
Series A Preferred Stock [Member]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001

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Equity - Schedule of Common Shares Issued (Details)	6 Months Ended
	Sep. 30, 2016 USD ($) shares
Number of common stock issued, shares | shares	507,467
Number of common stock issued | $	$ 380,600
04/22/2016 [Member] | Stock Issued to PPM-2 Investor [Member]
Number of common stock issued, shares | shares	188,000
Number of common stock issued | $	$ 141,000
04/22/2016 [Member] | Stock Issued to PPM-2 Investor [Member]
Number of common stock issued, shares | shares	13,334
Number of common stock issued | $	$ 10,001
04/27/2016 [Member] | Stock Issued for Services [Member]
Number of common stock issued, shares | shares	46,133
Number of common stock issued | $	$ 34,600
04/27/2016 [Member] | Stock Issued for Services [Member]
Number of common stock issued, shares | shares	240,000
Number of common stock issued | $	$ 180,000
04/27/2016 [Member] | Stock Issued as Payment for Accrued Interest [Member]
Number of common stock issued, shares | shares	20,000
Number of common stock issued | $	$ 15,000

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Commitments and Contingencies (Details Narrative) - Happy Building Management [Member] - USD ($)		6 Months Ended
	Apr. 02, 2016	Sep. 30, 2016
Sri Lanka Office [Member]
Lease commitment amount		$ 186,645
Lease term		3 years
Indian Office [Member]
Lease commitment amount	$ 1,224
Lease term	1 year

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Commitments and Contingencies - Schedule of Guarantee Provided by Existed Company (Details) - USD ($)	Aug. 10, 2015	Jul. 31, 2014	May 15, 2013	Oct. 09, 2012	Oct. 31, 2011	Sep. 23, 2011	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Guarantee Description	Guarantee for LOLC	Guarantee for SLT	Guarantee for Lanka Clear	Guarantee for CEB	Advance payment Bond for BOC Tender	Performance Bond for BOC Tender
Guarantee Amount	$ 1,659	$ 587	$ 2,182	$ 346	$ 2,076	$ 10,383	$ 17,233