DISPOSAL OF SUBSIDIARIES

12 Months Ended

Mar. 31, 2024

GAIN FROM DISCONTINUED OPERATIONS

DISPOSAL OF SUBSIDIARIES

4. DISPOSAL OF SUBSIDIARIES

On January 1, 2024, the Company signed an instrument of transfer with Mr. Tan Peh Hin Michael to dispose SEHL in a consideration of $1.00. The disposal indirectly resulted in the divestiture of two subsidiaries in Malaysia, Lucky Star and SH Dessert. Beginning on January 1, 2024, the Company historical financial results for periods prior to the above transaction have been reflected in our statement of income, retrospectively, as disposal of subsidiaries and discontinued operations. Additionally, the related assets and liabilities associated with the disposal of subsidiaries in the prior year balance sheet are written off.

During the three months ended March 31, 2024, the Company recorded a gain from the disposal of subsidiaries amounted $1,444,410 and a gain from the discontinued operations amounted $14,919.

The following table summarizes the assets and liabilities of the disposal of subsidiaries included in the consolidated balance sheet indicated:

Accounts receivable, net	$	27,872
Prepaid expenses, deposits and other receivables		498
Plant and equipment, net		56,174
Intangible assets		1,054
Accounts payable		(10,560	)
Accrued expenses and other payables		(43,214	)
Other payables to related parties		(1,476,233	)
Net liabilities of the subsidiaries	$	(1,444,409	)
Consideration		1
Gain from disposal of subsidiaries	$	1,444,410

The following table summarizes the operating results of the discontinued operations for the periods indicated:

	Years ended March 31
	2024			2023
Revenue	$	23,210		$	122,381
Cost of revenue		-			(69,417	)
Gross profit		23,210			52,964
General and administrative expenses		(8,135	)		(489,306	)
Loss from operations	$	15,075		$	(436,342	)
Finance cost		(156	)		(1,452	)
Gain/(Loss) before income tax		14,919			(437,794	)
Income tax expense		-			-
Gain from discontinued operations	$	14,919		$	(437,794	)