There was not much of a change with the docker-compose file version. Just had to change the version from 2 to 3.7.

    # docker-compose.yaml
    version '2'

    # docker-compose.yaml
    version '3.7'

Docker-compose 2 is compatible with docker engine versions 1.10.0+ while 3.7 is only compatible with 18.06.0+. So if the docker version running on machine is less than 18.06.0 it will have to be upgraded. Current docker engine version can be found from bash console(terminal) using docker -v.