DECONSOLIDATION OF TWO SUBSIDIARIES

12 Months Ended

Mar. 31, 2024

Deconsolidation Of Two Subsidiaries

DECONSOLIDATION OF TWO SUBSIDIARIES

NOTE 9 – DECONSOLIDATION OF TWO SUBSIDIARIES

On February 25, 2024, the Company transferred 100% equity of Farvision Digital Technology Group Inc., a wholly owned subsidiary of the Company to an individual unrelated to the Company, at a price of $74,160 (C$100,000). The Company deconsolidated the subsidiary since then.

The Company recognized a loss of $84,018 from deconsolidation of a subsidiary for the year ended March 31, 2024.

The following table summarized the assets and liabilities of Farvision Digital as of the deconsolidation date:

	Amounts
Cash	$	–
Working capital (exclude cash), net		158,178
Carrying value of net assets		158,178
Fair value of the consideration received		74,160
Loss on deconsolidation of a subsidiary	$	(84,018	)

On February 5, 2024, the Company transferred 70% equity of Visionary Academy (Lowell Academy) from Farvision Career Education Group Inc. to the same individual at a nominal price.

The Company recognized a loss of $79,387 from deconsolidation of a subsidiary for the year ended March 31, 2024.

The following table summarized the assets and liabilities of Lowell Academy as of the deconsolidation date:

	Amounts
Cash	$	2,386
Working capital (exclude cash), net		81,773
Carrying value of net assets		84,032
Carrying value of net assets contributed to the Company (70%)		58,822
Carrying value of the noncontrolling interest		20,565
Carrying value of net assets divested by the Company		79,387
Fair value of the consideration		–
Loss on deconsolidation of a subsidiary	$	(79,387	)