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Related party balances and transactions
 12 Months Ended
Apr. 30, 2023
Related Party Transactions [Abstract]  
Related party balances and transactions

12. Related party balances and transactions

 

Related party transactions

 

Sales to related parties

 

Name of Related Party  Nature  Relationship  Year ended
April 30,
2023		   Year ended
April 30,
2022		 
               
The United Food LLC  Supermarket product sales  John Xu, the Company’s chief executive officer, is one of the United Food LLC’s shareholders  $30,052   $2,739 
GF Supermarket of MP, Inc. (acquired all the assets from Hong Kong Supermarket of Monterey Park, Ltd on August 1, 2021)  Supermarket product sales  Grace Xu, spouse of John Xu, is the major shareholder with 49% ownership, sold this entity to the Company on June 30, 2022   
—
    702,082 
Hong Kong Supermarket of Monterey Park, Ltd  Supermarket product sales  John Xu, controls this entity   
—
    822,699 
HKGF Market of Alhambra, Inc.  Supermarket product sales  Grace Xu, spouse of John Xu, controls this entity with 100% ownership   654,086    387,147 
Total        $684,138   $1,914,667 

 

Purchases from related parties

 

Name of Related Party  Nature  Relationship  Year ended
April 30,
2023		   Year ended
April 30,
2022		 
               
The United Food LLC  Supermarket product sales  John Xu, the Company’s chief executive officer, is one of the United Food LLC’s shareholders  $52,848   $
—
 
Dai Cheong Trading Co Inc  Import and wholesales of groceries  John Xu, controls this entity with 100% ownership through DC Holding CA, Inc.   184,969    78,315 
HKGF Market of Alhambra, Inc.  Supermarket product sales  Grace Xu, spouse of John Xu, controls this entity with 100% ownership   8,379    16,951 
Total        $246,196   $95,266 

 

Investment in equity securities purchased from related parties

 

Name of Investment Company  Nature of
Operation		  Investment percentage   Relationship  As of
April 30,
2023		   As of
April 30,
2022		 
                   
Dai Cheong Trading Co Inc.  Import and wholesales of groceries   10%  John Xu, the Company’s Chairman and Chief Executive Officer, controls this entity with 100% ownership through DC Holding CA, Inc.  $162,665   $162,665 
HKGF Market of Alhambra, Inc.  Supermarket product sales   10%  Grace Xu, spouse of John Xu, controls this entity with 100% ownership   40,775    40,775 
Total             $203,440   $203,440 

 

In May 2021, the Company purchased a 10% equity interest in Dai Cheong Trading Inc., a grocery trading company, for $162,665 from DC Holding CA, Inc. DC Holding CA, Inc. is owned by John Xu, the Chairman and Chief Executive Officer of the Company.

 

In December 2021, the Company purchased a 10% equity interest in HKGF Market of Alhambra, Inc, the legal entity holding the Alhambra store for $40,775 from Ms. Grace Xu, a related party as the spouse of Mr. John Xu, the Chairman and Chief Executive Officer of the Company.

 

Related party balances

 

Accounts receivable — sales to related parties

 

Name of Related Party  Nature  Relationship  April 30,
2023		   April 30,
2022		 
               
GF Supermarket of MP, Inc.*  Supermarket product sales  Grace Xu, is the major shareholder with 49% ownership, sold this entity to the Company on June 30, 2022  $
—
   $114,158 
HKGF Market of Alhambra, Inc*  Supermarket product sales  Grace Xu, spouse of John Xu, controls this entity with 100% ownership   283,005    292,566 
United Food LLC*  Supermarket product sales  John Xu, is one of the United Food LLC’s shareholders   6,610    2,739 
Total        $289,615   $409,463 

 

*The accounts receivables as of April 30, 2022 have been repaid by the related parties on July 28, 2022.

 

Accounts payable — purchase from related parties

 

Name of Related Party  Nature  Relationship  April 30,
2023		   April 30,
2022		 
               
Hong Kong Supermarket of Monterey Park, Ltd  Due on demand,
non-interest bearing		  John Xu, controls this entity  $438,725   $
—
 
Dai Cheong Trading Co Inc.  Import and wholesales of groceries  John Xu, controls this entity with 100% ownership through DC Holding CA, Inc.   26,585    
—
 
Total        $465,310   $
—
 

 

Other receivables — related parties

 

Name of Related Party  Nature  Relationship  April 30,
2023		   April 30,
2022		 
               
Good Fortune CA3, LP*  Due on demand, non-interest bearing  John Xu, the Company’s Chairman and Chief Executive Officer, has majority ownership of this entity   
—
    20,000 
Ideal Investment  Due on demand,
non-interest bearing		  John Xu, has majority ownership of this entity   3,995      
Ideal City Capital  Due on demand,
non-interest bearing		  John Xu, has majority ownership of this entity   30,000    
—
 
                 
Total        $33,995   $20,000 

 

*This receivable had been repaid by the related party on July 29, 2022. During the year ended April 30, 2023, the Company incurred new short-term borrowing from related parties of $33,995.

 

Other payables — related parties

 

Name of Related Party  Nature  Relationship  April 30,
2023		   April 30,
2022		 
               
John Xu  due on demand,
non-interest bearing		  The Company’s Chairman and Chief Executive Officer  $200,810   $174,594 
Grace Xu  due on demand,
non-interest bearing		  Spouse of John Xu   40,775    40,775 
J&C Int’l Group LLC  due on demand,
non-interest bearing		  John Xu, has majority ownership of this entity   
—
    108,361 
Ideal City Capital  due on demand,
non-interest bearing		  John Xu, has majority ownership of this entity   
—
    30,825 
Total        $241,585   $354,555