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4. Revenue
 12 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 4 – REVENUE

 

The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Live event revenue primarily includes ticket and beverage sales before and during the live events. Sponsorship revenue is also recognized when the live event takes place. Any revenue received for events that have yet to take place are recorded in deferred revenue. Gym revenue comprises primarily of membership dues and subscription. Other gym revenue includes personal training, group fitness and meal planning.

 

Information about the Company’s net sales by revenue type for the years ended March 31, 2021 and 2020 are as follows:

 

   For the year ended 
   March 31,   March 31, 
   2021   2020 
Live events  $303,812   $487,229 
Gym revenue   647,490    109,506 
Net sales  $951,302   $596,735 

 

All revenue is derived in the United States.

 

Information about the Company’s deferred revenue for the years ended March 31, 2021 and 2020 are as follows:

 

   As of 
   March 31,   March 31, 
   2021   2020 
Balance at beginning of year  $13,992   $– 
Deferral of revenue   389,665    81,796 
Recognition of unearned revenue   (284,153)   (67,804)
Balance at end of year  $119,504   $13,992 

 

Deferral of revenue in the years ended March 31, 2021 and 2020 was $119,504 and $13,992, respectively. This deferred revenue represents deferred gym memberships fees and tickets pre-sold for live events, which pertain to performance obligations not realized as of March 31, 2021 and 2020.

 

Revenue recognized in the years ended March 31, 2021 and 2020, which was included in the unearned revenue liability balance at the beginning of the year, was $284,153 and $67,804, respectively. This revenue represents gym membership fees and live event sales for performance obligations met in the years ended March 31, 2021 and 2020.