Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions (Tables)

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Related Party Transactions (Tables)
6 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Schedule of name of related parties and relationships

 

  Related Party   Relationship
  Daniel Shih *   Co-founder and ex-shareholder; Aircom’s CEO and Director between February 13, 2017 and April 26, 2017; Aircom’s CFO between February 13, 2017 and May 5, 2017
  Dmedia Holding LP (“Dmedia”)   23.925% shareholder
  Yih Lieh (Giretsu) Shih   President of Aircom Japan
  Louis Giordimanina   Employee of Aircom
  Klingon Aerospace, Inc. (“Klingon”)   Daniel Shih was the Chairman from February 2015 to February 2016
  Wealth Wide Int’l Ltd. (“WWI”)   Bummy Wu, a shareholder, is the Chairman
  WISD Intellectual Property Agency, Ltd. (“WISD”)   Patrick Li, Director of Aircom, is the Chairman; Chih-Ming (Albert) Hsu, Director of the Company, is a Director  

 

 * Daniel Shih has relinquished “beneficial ownership” of substantially all of his equity interests in the Company (whether held directly or indirectly) in a manner acceptable to the Company. This means that Daniel Shih no longer, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares (i) voting power, which includes the power to vote, or to direct the voting of, securities, and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, shares of our common stock, except for a de minimus number of shares of the common stock which will continue to be beneficially owned by him by way of his being a control person in another entity that owns shares of the common stock. Daniel Shih will, however, retain a pecuniary interest in some of the shares of the common stock over which he has relinquished voting and investment power.  Daniel Shih has also removed himself from any and all activities relating to the Company’s business, including, but not limited to managerial, directional, advisory, promotional, developmental and fund-raising activities, effective upon the effectiveness of the registration statement on Form S-1 originally filed with the SEC on December 20, 2017 and declared effective on April 13, 2018, as amended and supplemented to date. Additionally, Barbie Shih (Barbie), Daniel Shih’s wife, was not re-elected to our board of directors on December 29, 2017. As a result of these events, neither Daniel nor Barbie will maintain any active affiliation with, or material beneficial ownership interest in, the Company.

Schedule of significant related party transactions
      September 30,
2018
    March 31, 2018  
               
  Rental deposit to Daniel Shih   $ 2,379     $ 2,542  
  Loan from Dmedia 1   $ -     $ 325,040  
                   
  Other payable to:                
                   
  Klingon2   $ 762,000     $ 762,000  
  Louis Giordimanina     45       135,973  
  Daniel Shih3     5,287       132,305  
  Yih Lieh (Giretsu) Shih4     -       81,752  
  WWI5     39,341       38,241  
  Others4     61,406       149,307  
  Total   $ 868,079     $ 1,299,578  

  

1. Represents short-term loan from Dmedia.  This short-term loan will expire on January 30, 2019 with an annual interest rate of 3%. The Company repaid the short-term loan in full on June 14, 2018.

 

2. On March 9, 2015, the Company entered into a 10-year purchase agreement with Klingon. In accordance with the terms of this agreement, Klingon agreed to purchase from the Company an initial order of onboard equipment comprising an onboard system for a purchase price of $909,000, with payments to be made in accordance with a specific milestones schedule. As of September 30, 2018, the Company received $762,000 from Klingon in milestone payments towards the equipment purchase price. Since the project might not be successful, the Company reclassified the balance from customer prepayment to other payable due to uncertainty.

 

3. The amount as of March 31, 2018 represents payable to employees as a result of regular operating activities, while the amount as of September 30, 2018 represents rental payable.

 

4. Represents payable to employees as a result of regular operating activities.

 

5. Represents rent for a warehouse in Hong Kong to store the Company’s hardware.
Schedule of expenses paid by related party

      Three Months Ended
September 30,
    Six Months Ended
September 30,
 
      2018     2017     2018     2017  
  Consulting expense paid to Louis Giordimanina   $ -     $ -     $ 87,275     $ -  
  Legal expense paid to WISD     9,387       -       10,779       -  
  Rental expense charged by Daniel Shih     3,922       30,690       7,930       34,335  
  Rental expense charged by WWI     14,706       1,800       16,040       1,800  
  Interest expense charged by Dmedia     -       -       1,915       -