Document And Entity Information
Document And Entity Information | 6 Months Ended |
Sep. 30, 2022 | |
Document Information Line Items | |
Entity Registrant Name | Metalpha Technology Holding Ltd |
Document Type | 6-K |
Current Fiscal Year End Date | --03-31 |
Amendment Flag | false |
Entity Central Index Key | 0001682241 |
Document Period End Date | Sep. 30, 2022 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-38208 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Position - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Non-current assets | ||
Property and equipment | $ 204,995 | $ 297,974 |
Right of use assets | 328,864 | 385,044 |
Other assets | 29,376 | 29,441 |
Total non-current assets | 563,235 | 712,459 |
Current assets | ||
Other receivables and prepayments | 502,373 | 517,359 |
Loans receivables | 8,060,849 | 9,383,903 |
Digital assets | 44,505,633 | 8,438,027 |
Cash and cash equivalents | 7,271,584 | 5,286,991 |
Total current assets | 60,340,439 | 23,626,280 |
Total assets | 60,903,674 | 24,338,739 |
Equity | ||
Share capital | 2,690 | 2,360 |
Additional paid-in capital | 29,783,140 | 26,483,470 |
Warrants reserves | 10,488,018 | 6,063,086 |
Statutory reserves | 589,659 | 589,659 |
Accumulated deficit | (25,759,435) | (20,382,304) |
Accumulated other comprehensive (loss) income | (773,988) | 34,771 |
Equity attributable to owners of the Company | 14,330,084 | 12,791,042 |
Non-controlling interests | 1,901,482 | 1,410,630 |
Total equity | 16,231,566 | 14,201,672 |
Non-current liabilities | ||
Lease liabilities | 150,032 | 105,540 |
Total non-current liabilities | 150,032 | 105,540 |
Current liabilities | ||
Accounts and other payables | 4,414,257 | 1,509,844 |
Digital assets payables | 37,873,434 | 6,200,109 |
Taxes payable | 2,062,889 | 2,058,367 |
Lease liabilities | 171,496 | 263,207 |
Total current liabilities | 44,522,076 | 10,031,527 |
Total liabilities | 44,672,108 | 10,137,067 |
Total equity and liabilities | $ 60,903,674 | $ 24,338,739 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Profit or Loss and Comprehensive (Loss) Income - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | ||
- Supply chain management platform service fee | $ 432,263 | $ 1,230,919 |
- Fair value change of proprietary trading digital assets | 3,938,870 | |
Total revenue | 4,371,133 | 1,230,919 |
Cost of revenue | 192,681 | 214,418 |
Selling and promotion expenses | 657,238 | 3,792,621 |
Consultation service expenses | 2,322,212 | |
General and administrative expenses | 1,458,123 | 2,739,653 |
Total operating expenses | 4,437,573 | 6,532,274 |
Results from operating activities | (259,121) | (5,515,773) |
Other income | 119,841 | 1,182 |
Other expenses | (119,656) | (9,869) |
Share purchase warrants expenses | (4,424,932) | |
Finance income | 5,013 | 107,151 |
Finance costs | (7,527) | (1,944,656) |
Net finance costs | (2,514) | (1,837,505) |
Loss before income tax | (4,686,382) | (7,361,965) |
Income tax expense | (199,897) | |
Loss for the period | (4,886,279) | (7,361,965) |
Income (loss) attributable to: | ||
Owners of the Company | (5,377,131) | (7,353,732) |
Non-controlling interests | 490,852 | (8,233) |
Income (loss) attributable | (4,886,279) | (7,361,965) |
Other comprehensive (loss) income | ||
Foreign operation – foreign currency translation differences | (808,759) | 335,536 |
Total comprehensive loss for the period | (5,695,038) | (7,026,429) |
Total comprehensive loss attributable to: | ||
Owners of the Company | (6,185,890) | (7,058,447) |
Non-controlling interests | 490,852 | 32,018 |
Total comprehensive loss attributable | $ (5,695,038) | $ (7,026,429) |
Loss per share attributable to owners of the Company | ||
Basic and diluted loss per share (in Dollars per share) | $ (0.22) | $ (0.42) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Profit or Loss and Comprehensive (Loss) Income (Parentheticals) - $ / shares | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Profit or loss [abstract] | ||
Diluted loss per share | $ (0.22) | $ (0.42) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity - USD ($) | Ordinary shares [member] | Additional paid-in capital | Shares to be issued | Statutory reserves | Accumulated deficit | Accumulated other comprehensive loss (income) | Subtotal | Non- controlling interests | Warrants reserves | Total | |
Balance at Mar. 31, 2021 | $ 1,326 | $ 14,845,829 | $ 195,600 | $ 589,659 | $ (5,902,414) | $ (567,333) | $ 9,162,667 | $ (611,686) | $ 8,550,981 | ||
Balance (in Shares) at Mar. 31, 2021 | 13,263,066 | ||||||||||
Net loss for the period | (7,353,732) | (7,353,732) | (8,233) | (7,361,965) | |||||||
Conversion of convertible debenture into ordinary shares | [1] | $ 516 | 7,626,578 | (195,600) | 7,431,494 | 7,431,494 | |||||
Conversion of convertible debenture into ordinary shares (in Shares) | [1] | 5,155,305 | |||||||||
Ordinary shares issued under employee plans | $ 89 | 19 | 108 | 108 | |||||||
Ordinary shares issued under employee plans (in Shares) | 890,000 | ||||||||||
Changes in non- controlling interest due to changes in ownership of partially owned subsidiary | (40,251) | (40,251) | 40,251 | ||||||||
Foreign operation – foreign currency translation differences | 335,536 | 335,536 | 335,536 | ||||||||
Balance at Sep. 30, 2021 | $ 1,931 | 22,472,407 | 19 | 589,659 | (13,296,397) | (231,797) | 9,535,822 | (579,668) | 8,956,154 | ||
Balance (in Shares) at Sep. 30, 2021 | 19,308,371 | ||||||||||
Balance at Mar. 31, 2022 | $ 2,360 | 26,483,470 | 589,659 | (20,382,304) | 34,771 | 12,791,042 | 1,410,630 | 6,063,086 | 14,201,672 | ||
Balance (in Shares) at Mar. 31, 2022 | 23,598,371 | ||||||||||
Net loss for the period | (5,377,131) | (5,377,131) | 490,852 | (4,886,279) | |||||||
Issuance of share purchase warrants | 4,424,932 | 4,424,932 | 4,424,932 | ||||||||
Shares issued on private placement | $ 330 | 3,299,670 | 3,300,000 | 3,300,000 | |||||||
Shares issued on private placement (in Shares) | 3,300,000 | ||||||||||
Foreign operation – foreign currency translation differences | (808,759) | (808,759) | (808,759) | ||||||||
Balance at Sep. 30, 2022 | $ 2,690 | $ 29,783,140 | $ 589,659 | $ (25,759,435) | $ (773,988) | $ 14,330,084 | $ 1,901,482 | $ 10,488,018 | $ 16,231,566 | ||
Balance (in Shares) at Sep. 30, 2022 | 26,898,371 | ||||||||||
[1]In June 2021, the holder of the convertible note early redeemed the convertible note in full with the issue of 5,155,305 ordinary shares. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Loss before income tax | $ (4,686,382) | $ (7,361,965) |
Adjustments for | ||
Finance income | (5,013) | (107,151) |
Finance costs | 7,527 | 1,944,656 |
Fair value change of proprietary trading digital assets | (3,938,870) | |
Depreciation of property and equipment | 75,164 | 28,797 |
Depreciation of right of use assets | 115,505 | 71,226 |
Loss on disposal of property and equipment | 7,057 | |
Share-based compensation | 1,468,800 | |
Share purchase warrants expenses | 4,424,932 | |
Changes in assets and liabilities | ||
Decrease/(increase) in other receivables and prepayments | 255,989 | (1,343,315) |
Increase in advance to suppliers | (172,389) | |
Increase in accounts and other payables | 2,238,982 | 412,663 |
Net cash used in operating activities | (1,677,498) | (4,886,289) |
Cash flows from investing activities | ||
Interest received | 5,013 | 107,151 |
(Increase)/decrease in loans receivables | (1,794,000) | 3,009,206 |
Purchase of property and equipment | (15,055) | (281,211) |
Decrease/(increase) in related party receivables | 2,114,496 | (2,733,476) |
Net cash provided by investing activities | 310,454 | 101,670 |
Cash flows from financing activities | ||
Proceeds from shares issued on private placement | 3,300,000 | |
Proceeds from issuance of convertible notes, net | 5,419,972 | |
Increase in related parties payable | 220,677 | |
Payment of principal portion of lease liabilities | (109,634) | (79,491) |
Interest paid | (7,527) | (5,166) |
Net cash provided by financing activities | 3,403,516 | 5,335,315 |
Net Increase of Cash and Cash Equivalents | 2,036,472 | 550,696 |
Effect of foreign currency translation on cash and cash equivalents | (51,879) | 242,439 |
Cash and cash equivalents–beginning of the period | 5,286,991 | 982,538 |
Cash and cash equivalents–end of the period | $ 7,271,584 | $ 1,775,673 |
Reconciliation of movement of l
Reconciliation of movement of liabilities to cash flows arising from financing activities - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Reconciliation Of Movement Of Liabilities To Cash Flows Arising From Financing Activities Abstract | ||
Beginning balance | $ 368,747 | $ 38,153 |
Changes from financing cash flow | ||
Lease payment | (117,161) | (84,657) |
Interest paid | 7,527 | 5,166 |
Total changes from financing cash flow | (109,634) | (79,491) |
Other changes | ||
New leases | 79,533 | 425,922 |
Exchange realignments | (17,118) | 161 |
Total other changes | 62,415 | 426,083 |
Ending balance | $ 321,528 | $ 384,745 |
Business and Organization
Business and Organization | 6 Months Ended |
Sep. 30, 2022 | |
Basis and Organization [Abstract] | |
BUSINESS AND ORGANIZATION | 1. BUSINESS AND ORGANIZATION Metalpha Technology Holding Limited (“the Company”), formerly Dragon Victory International Limited, was formed in the Cayman Islands on July 19, 2015. The Company operates through its PRC operating entities and Metalpha Limited, a company incorporated in . The PRC operating entities currently have one line of business, namely, supply chain management platform services. Metalpha Limited operates cryptocurrency derivative product services in Hong Kong. On September 21, 2022, the Company transferred 100% of the equity interest in Radiant Alpha Limited, a wholly-owned subsidiary of Metalpha Limited to Antalpha Technologies Holdings Limited (“Antalpha”), the minority shareholder of Metalpha Limited, for a consideration of US$1. Radiant Alpha Limited has no operations as at the date of the disposal. On November 15, 2022, the shareholders of the Company approved the change of the name of the Company from “Dragon Victory International Limited” to “Metalpha Technology Holding Limited”. Particulars of subsidiaries of the Company are as below: Place of Issued share Principal Percentage of shareholding% Company and operation capital activities Direct Indirect Sweet Lollipop Co., Ltd. (“Sweet Lollipop”) British Virgin Islands US$50,000 Investment holding 100 % - Metalpha Holding (HK) Limited (formerly known as “Long Yun International Holdings Limited”) Hong Kong HK$10,000 Investment holding - 100 % HangZhou Longyun Network Technology Co., Ltd (“HangZhou Longyun”) (1) People’s Republic of China (“PRC”) RMB7,745,000 Crowdfunding and incubation business - - Hangzhou Dacheng Investment Management Co., Ltd. (“Hangzhou Dacheng”) PRC RMB47,497,000 Investment holding - 100 % Dacheng Liantong Zhejiang Information Technology Co., Ltd (“Dacheng Liantong”) (1) PRC RMB8,000,000 Supply chain management platform services - - Hangzhou Xuzhihang Supply Chain Management Co., Ltd. (“Hangzhou Xuzhihang”) (1) PRC RMB1,000,000 Supply chain management platform services - - Meta Rich Limited British Virgin Islands US$1 Investment holding - 100 % LSQ Capital Limited Hong Kong HK$2,000,000 Advising on securities and asset management - 100 % Metalpha Limited British Virgin Islands US$4,000,000 Proprietary trading of digital assets - 51 % LSQ Investment Limited Hong Kong HK$1 Inactive - 100 % Hangzhou Taikexi Dacheng Automobile Technology Service Co. Ltd. PRC RMB8,700,000 Inactive - 60 % Notes: (1) On March 20, 2018, the Company’s indirectly wholly-owned subsidiary, Hangzhou Dacheng, Hangzhou Dacheng Hangzhou Dacheng Dacheng Liantong and Hangzhou Xuzhihang are the indirectly owned subsidiaries of (2) Shenzhen Guanpeng International Technology Co., Ltd (“Guanpeng”), an indirectly wholly-owned subsidiary of the Company established on August 3, 2018, has been deregistered on May 24, 2022. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 6 Months Ended |
Sep. 30, 2022 | |
Basis of Presentation and Consolidation [Abstract] | |
BASIS OF PRESENTATION AND CONSOLIDATION | 2. BASIS OF PRESENTATION AND CONSOLIDATION 2.1) Principles of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). This basis of accounting involves the application of accrual accounting and consequently, revenue and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s condensed consolidated financial statements are expressed in U.S. dollars (“US$”). These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s annual report on Form 20-F for the year ended March 31, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 16, 2023. Certain disclosures included in the annual financial statements have been condensed or omitted from these condensed consolidated financial statements as they are not required for interim financial statements under IAS and the rules of the SEC. These condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year. The Company has disclosed its condensed consolidated financial statements under (“IFRS”) for the six months ended September 30, 2022 and 2021. The latest consolidated financial statements under generally accepted accounting principles (U.S. GAAP) were prepared for the year ended March 31, 2021, and the date of transition to IFRS is April 1, 2020. The comparative amounts for the six months ended September 30, 2021 has been restated. 2.2) Recent Accounting Pronouncements There were no recent accounting pronouncements adopted by the Company. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies applied in these condensed consolidated financial statements are the same as those applied in the most recent annual audited consolidated financial statements issued on August 16, 2022. |
Property and equipment
Property and equipment | 6 Months Ended |
Sep. 30, 2022 | |
Property and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT Computer Automobiles Total US$ US$ US$ Cost As of April 1, 2021 198,637 99,939 298,576 Additions 34,517 253,812 288,329 Acquisition of a subsidiary 5,035 7,637 12,672 Exchange realignment 6,715 3,379 10,094 As of March 31, 2022 244,904 364,767 609,671 Additions 13,977 1,077 15,054 Disposals (162,690 ) - (162,690 ) Exchange realignment (17,684 ) (37,552 ) (55,236 ) As of September 30, 2022 78,507 328,292 406,799 Accumulated depreciation As of April 1, 2021 198,637 51,647 250,284 Depreciation for the year 22,336 42,641 64,977 Exchange realignment (2,829 ) (735 ) (3,564 ) As of March 31, 2022 218,144 93,553 311,697 Depreciation for the period 5,060 70,104 75,164 Disposals (155,633 ) - (155,633 ) Exchange realignment (15,474 ) (13,950 ) (29,424 ) As of September 30, 2022 52,097 149,707 201,804 Carrying amounts As of September 30, 2022 26,410 178,585 204,995 As of March 31, 2022 26,760 271,214 297,974 |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 6 Months Ended |
Sep. 30, 2022 | |
Right-of-Use Assets and Lease Liabilities [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 5. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (a) Right-of-use assets The Company has entered into leases of buildings, which are used for the Company’s operations. Leases of buildings have lease terms of between over one and six years ( over one September 30, 2022 March 31, 2022 US$ US$ Cost: At beginning of period/year 505,494 74,794 Addition during the period/year 79,533 427,672 Exchange realignment (31,924 ) 3,028 At end of period/year 553,103 505,494 Accumulated depreciation: At beginning of period/year 120,450 28,496 Depreciation for the period/year 115,505 90,327 Exchange realignment (11,716 ) 1,627 At end of period/year 224,239 120,450 Net carrying amount: 328,864 385,044 (b) Set out below are the carrying amounts of lease liabilities and the movements during the period/year: September 30, March 31, 2022 US$ US$ At beginning of period/year 368,747 38,153 Additions to lease liabilities 79,533 427,672 Interest charged 7,527 11,550 Payment (117,161 ) (109,219 ) Exchange realignment (17,118 ) 591 At end of period/year 321,528 368,747 Presentation on: Condensed Consolidated Statements of Financial Position As of September 30, 2022 US$ As of March 31, 2021 US$ Current 171,496 263,207 Non-current 150,032 105,540 Total 321,528 368,747 The following are the contractual undiscounted cash outflows of lease liabilities for the maturity analysis: Within 1 year Over 1 Total US$ US$ US$ September 30, 2022 159,835 203,761 363,596 March 31, 2022 120,592 274,952 395,544 The effective interest rate applied to the lease liabilities recognized in the condensed consolidated statements of financial position range from 4.75% to 4.90% per annum (March 31, 2022: 4.75% to 4.90% per annum). |
Other Receivables and Prepaymen
Other Receivables and Prepayments | 6 Months Ended |
Sep. 30, 2022 | |
Other Receivables and Prepayments [Abstract] | |
OTHER RECEIVABLES AND PREPAYMENTS | 6. OTHER RECEIVABLES AND PREPAYMENTS Other receivables and prepayments consisted of the following: As of 2022 US$ As of 2022 US$ Advance to service providers 172,872 47,613 Prepaid tax 30,726 69,321 Prepaid insurance 203,047 262,682 Others 156,126 205,517 562,771 585,133 Allowance for doubtful accounts (60,398 ) (67,774 ) 502,373 517,359 Movements of allowance for doubtful accounts as followings: September 30, 2022 March 31, 2022 US$ US$ At beginning of period/year 67,774 65,558 Exchange realignments (7,376 ) 2,216 At end of period/year 60,398 67,774 |
Loans Receivables
Loans Receivables | 6 Months Ended |
Sep. 30, 2022 | |
Loans Receivables [Abstract] | |
LOANS RECEIVABLES | 7. LOANS RECEIVABLES As of 2022 As of 2022 US$ US$ Loans to third parties (Note (a)) 8,060,849 7,138,703 Loans to a related party (Note (b)) - 2,245,200 8,060,849 9,383,903 Notes: (a) The advances granted to independent third parties are unsecured (March 31, 2022: unsecured), except for US$3,938,989 (March 31, 2022: US$2,070,421) bearing a fixed interest rate at 5% per annum (March 31, 2022: 5% per annum), the remaining loans being interest free (March 31, 2022: interest free), and repayable within 12 months (March 31, 2022: 12 months) from the period end date as of September 30, 2022. (b) As of March 31, 2022, the advances granted to Hangzhou Yuao Venture Capital Co., Ltd, a company controlled by the legal representative of Guanpeng, amounted to US$2,245,200 are bearing a fixed interest rate at 5% per annum. As of September 30, 2022, the balance has been reclassified to loans to third parties, as Guanpeng has been deregistered on May 24, 2022. An impairment analysis is performed on loan receivables at each reporting date and expected credit losses are estimated by applying a loss rate approach with reference to the historical credit records of the Company’s borrowers. The loss rate is adjusted to reflect the current conditions and forecasts of future economic conditions, as appropriate. According to historical experience, all of the proceeds have been received within their due date, and therefore, management considers the probability of default is minimal as of September 30, 2022. |
Digital Assets
Digital Assets | 6 Months Ended |
Sep. 30, 2022 | |
Digital Assets [Abstract] | |
DIGITAL ASSETS | 8. DIGITAL ASSETS As of 2022 As of 2022 US$ US$ Digital assets held on exchange institutions 44,505,633 8,438,027 The digital assets held on third party exchange institutions are measured at fair value. They represented balance of digital assets attributable to the Company held in shared wallets of the third party exchanges. The balance is measured at fair value through profit or loss. Fair value loss of approximately US$1,330,133 (2021: Nil |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 9. CASH AND CASH EQUIVALENTS As of 2022 US$ As of 2022 US$ Bank balances 7,271,584 5,286,991 The Company had the cash and cash equivalents in the following currencies: As of 2022 US$ As of 2022 US$ US$ 6,602,970 4,849,850 HKD 190,901 68,106 RMB 477,713 369,035 7,271,584 5,286,991 The cash and cash equivalents of US$477,713 (March 31, 2022: US$369,035) are located in mainland China. RMB is not a freely convertible currency and the remittance of funds out of mainland China is subject to exchange restrictions imposed by the PRC government. |
Capital, Reserves and Non-Contr
Capital, Reserves and Non-Controlling Interests | 6 Months Ended |
Sep. 30, 2022 | |
Capital, Reserves and Non-Controlling Interests [Abstract] | |
CAPITAL, RESERVES AND NON-CONTROLLING INTERESTS | 10. CAPITAL, RESERVES AND NON-CONTROLLING INTERESTS (i) Share capital and additional paid-in capital The addition of share capital and additional paid-in capital represented the issue of 3,300,000 ordinary shares in private placement on August 2, 2022. (ii) Share purchase warrants A continuity schedule of outstanding share purchase warrants and fair value charged to profit or loss are as follows: Number Weighted Fair value US$ US$ Balance - April 1, 2021 - - - Issued 17,800,000 1.79 6,063,086 Balance - March 31, 2022 17,800,000 1.79 6,063,086 Issued 7,300,000 1.05 4,424,932 Balance – September 30, 2022 25,100,000 1.58 10,488,018 On October 27, 2021, the Company issued 1,800,000 share purchase warrants to consultants, exercisable at the lower of (i) $1.50 per share or (ii) 88% of the lowest daily volume-weighted average price, for a period of five years. On October 29, 2021, the Company issue warrants to Natural Selection Capital Holdings Limited (the “Consulting Company”) to purchase an aggregate of 14,000,000 ordinary shares, par value US$0.0001 per share of the Company with each such warrant expiring on the tenth anniversary from the date on which the Consulting Company warrants become exercisable, which exercise date shall be the later of: (i) the one year anniversary date of the issuance of such Consulting Company warrants (such one-year period following the date of the issuance of such Consulting Company warrants, and (ii) the applicable vesting date. The warrants are described below: (i) 3,500,000 share purchase warrants exercisable at $1.00 per share, (iii) 3,500,000 share purchase warrants exercisable at $1.50 per share, and (iv) 7,000,000 share purchase warrants exercisable at $2.50 per share. On November 30, 2021, the Company issued 2,000,000 share purchase warrants to Mr. Ming Ni, a consultant, appointed as director of the Company on December 9, 2021, which are exercisable at the lower of (i) $1.50 per share or (ii) 88% of the lowest daily volume-weighted average price, for a period of five years. On May 10, 2022, the Company issued 200,000 share purchase warrants to an employee of the Company which are exercisable at the lower of (i) $1.50 per share or (ii) 88% of the lowest daily volume-weighted average price, for a period of five years. On May 26, 2022, the Company issued 500,000 share purchase warrants to consultants of the Company which are exercisable at the lower of (i) $1.50 per share or (ii) 88% of the lowest daily volume-weighted average price, for a period of five years. On July 2022, the Company issued 6,600,000 share purchase warrants to consultants and employees of the Company, which are exercisable at the lower of (i) $1.00 per share or (ii) 88% of the lowest daily volume-weighted average price, for a period of five years. The Company used the following assumptions in calculating the fair value of the warrants for the period ended: September 30, Risk-free interest rate 1.14%-2.87% Expected life of warrants 5-10 Volatility 80.59%-121.32% Weighted average fair value per warrant (US$) 0.37-1.29 At September 30, 2022, the Company had share purchase warrants outstanding as follows: Warrants Fair value at Fair value Exercise Weighted average Expiry Date US$ US$ US$ (years) October 29, 2031 3,500,000 4,515,601 1,640,351 1 9 October 29, 2031 3,500,000 4,229,191 1,014,494 1.5 9 October 29, 2031 7,000,000 7,500,124 1,278,573 2.5 9 October 27, 2026 1,800,000 1,353,304 - 1.5 4 October 30, 2026 2,000,000 1,417,766 - 1.5 4 May 10, 2027 200,000 84,000 27,923 1.5 5 May 26, 2027 500,000 238,000 71,212 1.5 5 July 22, 2027 440,000 163,000 27,064 1 5 July 25, 2027 3,780,000 1,405,000 225,035 1 5 July 26, 2027 400,000 146,000 23,096 1 5 July 27, 2027 1,000,000 379,000 59,201 1 5 July 28, 2027 980,000 376,000 57,983 1 5 Total 25,100,000 21,806,986 4,424,932 (iii) Non-controlling interests Taikexi Shenzhen Dacheng Hangzhou Metalpha Total US$ US$ US$ US$ US$ US$ As of April 1, 2021 (525,927 ) (45,508 ) (40,251 ) - - (611,686 ) Net loss (4,745 ) (3,488 ) - - - (8,233 ) Changes in non-controlling interest due to changes in ownership of partially owned subsidiary - - 40,251 - - 40,251 As of September 30, 2021 (530,672 ) (48,996 ) - - - (579,668 ) As of April 1, 2022 (530,764 ) (49,055 ) - 10,459 1,979,990 1,410,630 Net (loss) profit (4,819 ) - - - 495,671 490,852 As of September 30, 2022 (535,583 ) (49,055 ) - 10,459 2,475,661 1,901,482 |
Accounts and Other Payables
Accounts and Other Payables | 6 Months Ended |
Sep. 30, 2022 | |
Accounts and Other Payables [Abstract] | |
ACCOUNTS AND OTHER PAYABLES | 11. ACCOUNTS AND OTHER PAYABLES As of As of US$ US$ Accounts payables 6,115 6,862 Other payables and accrued charges (Note (a)) 3,712,349 1,180,230 Amount due to related parties 695,793 322,752 Total 4,414,257 1,509,844 Note: (a) Other payables and accrued charges mainly included customer advances, wage payables and accrual charges. Other payables are non-interest-bearing and are expected to be settled within one year. The amount due to related parties are unsecured, interest-free and repayable on demand. |
Digital Assets Payables
Digital Assets Payables | 6 Months Ended |
Sep. 30, 2022 | |
Digital Assets Payables [Abstract] | |
DIGITAL ASSETS PAYABLES | 12. DIGITAL ASSETS PAYABLES As of As of US$ US$ Digital assets payables to a non-controlling shareholder 36,340,668 6,200,109 Digital assets payables to third parties 1,532,766 - Total 37,873,434 6,200,109 These payables were unsecured, interest-free, and repayable by an agreed amount of digital assets as stipulated in the Digital Asset Trading Agreements. The digital assets payables are measured at fair value through profit or loss and refer to Note 20(a) to the financial statement for the details of fair value analysis. |
Revenue
Revenue | 6 Months Ended |
Sep. 30, 2022 | |
Revenue [Abstract] | |
REVENUE | 13. REVENUE For the six months ended 2022 2021 US$ US$ Supply chain management platform service fee 432,263 1,230,919 Fair value change of proprietary trading digital assets 3,938,870 - Total revenue 4,371,133 1,230,919 |
Cost of Revenue
Cost of Revenue | 6 Months Ended |
Sep. 30, 2022 | |
Cost of Revenue [Abstract] | |
COST OF REVENUE | 14. COST OF REVENUE For the six months ended 2022 2021 US$ US$ Cost of supply chain management platform service 192,681 214,418 |
Selling and Promotion Expenses
Selling and Promotion Expenses | 6 Months Ended |
Sep. 30, 2022 | |
Selling and Promotion Expenses [Abstract] | |
SELLING AND PROMOTION EXPENSES | 15. SELLING AND PROMOTION EXPENSES For the six months ended 2022 2021 US$ US$ Marketing and promotional expenditures 657,238 3,792,621 |
Consultation Service Expenses
Consultation Service Expenses | 6 Months Ended |
Sep. 30, 2022 | |
Consultation Service Expenses [Abstract] | |
CONSULTATION SERVICE EXPENSES | 16. CONSULTATION SERVICE EXPENSES The consultation services expenses represented consultation fees to external consultants who provided consultation services on cryptocurrencies trading to the Company. |
General and Administrative Expe
General and Administrative Expenses | 6 Months Ended |
Sep. 30, 2022 | |
General and Administrative Expenses [Abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | 17. GENERAL AND ADMINISTRATIVE EXPENSES The following items have been included in arriving at general and administrative expenses: For the six months ended 2022 2021 US$ US$ (Restated) Professional fees 496,253 444,289 Wages and benefits 376,500 573,717 Travelling expenses 20,334 27,594 Depreciation of property and equipment 75,164 28,797 Depreciation of right of use assets 115,505 71,226 Meals and entertainment 31,641 11,410 Share-based compensation - 1,468,800 Office expenses 16,684 15,458 Insurance costs 155,915 92,736 Other 170,127 5,626 1,458,123 2,739,653 |
Net Finance Costs
Net Finance Costs | 6 Months Ended |
Sep. 30, 2022 | |
Net Finance Costs [Abstract] | |
NET FINANCE COSTS | 18. NET FINANCE COSTS For the six months ended 2022 2021 US$ US$ (Restated) Interest income 5,013 107,151 Finance income 5,013 107,151 Interest expense - (1,939,490 ) Interest on lease arrangements (7,527 ) (5,166 ) Finance cost (7,527 ) (1,944,656 ) Net finance cost (2,514 ) (1,837,505 ) |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Sep. 30, 2022 | |
Income Tax Expense [Abstract] | |
INCOME TAX EXPENSE | 19. INCOME TAX EXPENSE The Company is formed in Cayman Islands and is not subject to tax on its income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is imposed. The Company’s subsidiary formed in British Virgin Island is not subject to tax on its income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no British Virgin Island withholding tax is imposed. The Company’s subsidiary formed in Hong Kong is subject to the profits tax on the taxable income derived from its activities conducted in Hong Kong. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to US$254,268 (HK$2,000,000), and 16.5% on any part of assessable profits over US$254,268 (HK$2,000,000). The Company’s subsidiaries incorporated in the PRC are subject to profits tax rate at 25% for income generated and operation in the local jurisdiction. For the six months ended 2022 2021 US$ US$ Tax recognised in profit or loss Current tax expense Current period 199,897 - Reconciliation of effective tax rate Loss before income tax (4,686,382 ) (7,361,965 ) Tax calculated at domestic tax rates applicable to profits in PRC (2022 and 2021: 25%) (1,171,596 ) (1,840,491 ) Effect of tax rates in foreign jurisdiction 365,773 348,688 Tax effect of tax loss not recognized 1,005,720 1,491,803 Income tax expense 199,897 - The full realization of the tax benefit associated with the carry forward depends predominantly upon the Company’s ability to generate taxable income during the carry forward period. The Company’s subsidiaries incorporated in the PRC has unused net operating losses available for carry forward to future years for PRC income tax reporting purposes up to five years. No deferred tax asset has been recognized in respect of these tax losses due to the unpredictability of future profit streams. |
Financial Risk Management
Financial Risk Management | 6 Months Ended |
Sep. 30, 2022 | |
Financial Risk Management [Abstract] | |
FINANCIAL RISK MANAGEMENT | 20. FINANCIAL RISK MANAGEMENT (a) Fair value The Company’s maximum exposure to credit risk in the event that counterparties fail to perform their obligations in relation to each class of recognized financial assets is the carrying amounts of those assets as stated in the consolidated statement of financial position. The Company’s credit risk is primarily attributable to its loan receivables, deposits and other receivables, and cash and cash equivalents. In order to minimize credit risk, the directors of the Company have delegated a team to be responsible for the determination of credit limits, credit approvals and other monitoring procedures. In addition, the directors of the Company review the recoverable amount of each individual debt regularly to ensure that adequate impairment losses are recognized for irrecoverable debts. The credit risk on cash and cash equivalents are limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. In this regard, the directors of the Company consider that the Company’s credit risk is significantly reduced. The Company has no significant concentration of credit risk, with exposure spread over a number of counterparties. (b) Foreign currency risk The Company has minimal exposure to foreign currency risk as most of its business transactions, assets and liabilities are principally denominated in the functional currencies of the Company entities. As Hong Kong dollar is pegged to United States dollar, the Company considers the risk of movements in exchange rates between Hong Kong dollars and United States dollars to be insignificant. The Company currently does not have a foreign currency hedging policy in respect of foreign currency transactions, assets and liabilities. The Company will monitor its foreign currency exposure closely and will consider hedging significant foreign currency exposure should the need arise. (c) Price risk Digital assets that the Company deals with in its trading activities are digital assets such as Bitcoin (“BTC”) and Ethereum (“ETH”) which can be traded in a number of public exchanges. Company’s exposure to price risk arises from digital assets and digital assets payables, which are both measured on fair value basis. In particular, the Company’s operating result may depend upon the market price of BTC and ETH, as well as other digital assets. Digital asset prices have fluctuated significantly from time to time. There is no assurance that digital asset prices will reflect historical trends. The price risk of digital assets arising from trading of digital assets business is partially offset by remeasurement of digital assets payables representing the obligations to deliver digital assets held by the Company in the customers’ accounts to the customers under the respective trading and lending arrangements with the Company. (d) Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such basis. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3, based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. The Company’s policy is to recognize transfers into and transfers out of any of the three levels as of the date of the event or change in circumstances that caused the transfer. (i) Disclosures of level in fair value hierarchy: Fair value measurements using Description Level 1 Level 2 Level 3 Total US$ US$ US$ US$ As of March 31, 2022 Recurring fair value measurements: Digital assets - 8,438,027 - 8,438,027 Digital assets payables - - 6,200,109 6,200,109 As of September 30, 2022 Recurring fair value measurements: Digital assets - 44,505,633 - 44,505,633 Digital assets payables - - 37,873, 434 37,873, 434 (ii) Reconciliation of liabilities measured at fair value based on level 3: Digital assets US$ As of April 1, 2021 - Acquired during the period 8,735,145 Settlement by digital assets, for the period (2,533,106 ) Fair value gains recognized in profit or loss (recognized in “revenue - fair value change of proprietary trading digital assets”) (1,930 ) As of March 31, 2022 6,200,109 Acquired during the period 171,899,214 Settlement by digital assets, for the period (145,494,892 ) Fair value gains recognized in profit or loss (recognized in “revenue - fair value change of proprietary trading digital assets”) 5,269,003 As of September 30, 2022 37,873,434 (iii) Disclosures of valuation process used by the Company and valuation techniques and inputs used in fair value measurements at September 30, 2022 and March 31, 2022: The directors of the Company are responsible for the fair value measurements of assets and liabilities required for financial reporting purposes, including level 3 fair value measurements. For level 3 fair value measurements, the Company will normally engage external valuation experts with the recognized professional qualifications and recent experience to perform the valuations. The Company’s digital assets payables are revalued as at September 30, 2022 by independent professional qualified valuer, who has the recent experience in the categories of digital assets payables being valued. Level 2 fair value measurements Significant observable input Effect on fair As of As of value Description Valuation techniques and key inputs 2022 2022 inputs Digital assets The digital assets are quoted in unit of different cryptocurrencies. Price of the digital assets at level 2 fair value is referenced to quoted price of relevant cryptocurrencies. Quoted price of different cryptocurrencies Quoted price of BTC Increase proportionately Key unobservable inputs used in level 3 fair value measurements are mainly: Significant Range Effect on fair Valuation unobservable As of March 31, for increase of Description techniques inputs 2022 inputs Digital assets payables Binomial Option Pricing Model Discount rate -0.40% to 4.26% Decrease Black-Scholes Pricing Model Expected volatility 37.56% Increase Significant Range Effect on fair Valuation unobservable As of September 30, for increase of Description techniques inputs 2022 inputs Digital assets payables Black-Scholes Pricing Model Expected volatility 59.03% to 61.08% Increase Binomial Option Pricing Model is used to valuate certain types of digital asset payables as of March 31, 2022. No such types of digital asset payables occurred as of September 30, 2023. There were no transfers between levels 2 and 3 for recurring fair value measurements during the period ended September 30, 2022 (March 31, 2022: Nil). The directors of the Company consider that the carrying amounts of Company’s financial assets, including other receivables and prepayments, loan receivables and cash and cash equivalents, and financial liabilities, including accounts and other payables, approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of the Company’s lease liabilities are determined by using the discounted cash flows method using discount rate that reflects the issuer’s borrowing rate as at the end of the reporting period. The own non-performance risk as at September 30, 2022 and March 31, 2022 was assessed to be insignificant. (b) Capital management The Company’s primary objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain or adjust the capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders and issue new shares. The Company’s overall strategy remains unchanged from prior year. Consistent with others in the industry, the Company monitors capital on the basis of the gearing ratio. This ratio is calculated as total liabilities divided by total assets. The gearing ratio as at September 30, 2022 was 73% (March 31, 2022: 42%). The business plans of the Company mainly depend on maintaining sufficient funding to meet its expenditure requirements. The Company currently relies on funding from a variety of sources including equity financing. In response to the above, the Company regularly reviews its major funding positions to ensure that it has adequate financial resources in meeting its financial obligations and relevant regulatory requirements of the Company entities and seek to diversify its funding sources as appropriate. |
Operating Segments
Operating Segments | 6 Months Ended |
Sep. 30, 2022 | |
Operating Segments [Abstract] | |
OPERATING SEGMENTS | 21. OPERATING SEGMENTS Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the CODM (“Chief Operating Decision Maker”) for the purpose of resource allocation and performance assessment. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The following provides the results of operations for the six months ended September 30, 2022 and the financial position of the Company’s operating segments as of September 30, 2022. The Metalpha operating segment reflects the Company’s business of proprietary trading of digital assets. The Longyun operating segment reflects the Company’s crowdfunding and incubation business. The Dacheng Liantong operating segment reflects the Company’s business of platform services. Results of Operations For the six months ended September 30, 2022 Metalpha Longyun Dacheng Liantong Other Total US$ US$ US$ US$ US$ Revenue 3,938,870 - 158,213 274,050 4,371,133 Operating expenses (2,727,405 ) (848,382 ) (429,784 ) (624,683 ) (4,630,254 ) Other income (expenses) - (4,456,421 ) (1,164 ) 30,324 (4,427,261 ) Profit (loss) before tax 1,211,465 (5,304,803 ) (272,735 ) (320,309 ) (4,686,382 ) Taxes (199,892 ) - - (5 ) (199,897 ) Net profit (loss) 1,011,573 (5,304,803 ) (272,735 ) (320,314 ) (4,886,279 ) Financial position As of September 30, 2022 Metalpha Longyun Dacheng Liantong Other Total US$ US$ US$ US$ US$ Current assets 46,537,706 4,769,277 4,409,136 4,624,320 60,340,439 Non-current assets - 179,702 278,042 105,491 563,235 Total assets 46,537,706 4,948,979 4,687,178 4,729,811 60,903,674 Current liabilities (41,474,678 ) (474,008 ) (257,870 ) (2,315,520 ) (44,522,076 ) Non-current liabilities - (87,231 ) (42,938 ) (19,863 ) (150,032 ) Total liabilities (41,474,678 ) (561,239 ) (300,808 ) (2,335,383 ) (44,672,108 ) Net assets 5,063,028 4,387,740 4,386,370 2,394,428 16,231,566 The following provides the results of operations for the six months ended September 30, 2021 and the financial position of the Company’s operating segments as of March 31, 2021. Results of operations For the six months ended September 30, 2021 Longyun Dacheng Other Total US$ US$ US$ US$ (Restated) (Restated) (Restated) (Restated) Revenue - 1,230,919 - 1,230,919 Operating expenses (2,157,875 ) (960,568 ) (3,628,249 ) (6,746,692 ) Other income (expenses) (1,944,776 ) (1,377 ) 99,961 (1,846,192 ) Profit (loss) before tax (4,102,651 ) 268,974 (3,528,288 ) (7,361,965 ) Taxes - - - - Net loss (4,102,651 ) 268,974 (3,528,288 ) (7,361,965 ) Financial position As of March 31, 2022 Metalpha Longyun Dacheng Other Total US$ US$ US$ US$ US$ Current assets 8,438,027 4,644,940 5,409,384 5,133,929 23,626,280 Non-current assets - 35,874 213,844 462,741 712,459 Total assets 8,438,027 4,680,814 5,623,228 5,596,670 24,338,739 Current liabilities (6,434,996 ) (557,619 ) (464,803 ) (2,574,109 ) (10,031,527 ) Non-current liabilities - - (105,540 ) - (105,540 ) Total liabilities (6,434,996 ) (557,619 ) (570,343 ) (2,574,109 ) (10,137,067 ) Net assets 2,003,031 4,123,195 5,052,885 3,022,561 14,201,672 Geographical information Revenue For the six months ended 2022 2021 US$ US$ Hong Kong 3,938,870 - PRC 432,263 1,230,919 4,371,133 1,230,919 The revenue information above is based on the location of the customers’ country of incorporation. Non-current assets As of As of US$ US$ Hong Kong 181,148 281,947 PRC 382,087 430,512 563,235 712,459 Major customers As of September 30, 2022 and March 31, 2022, there was no concentration in the Company’s gross accounts receivables. For the period ended September 30, 2022 and 2021, there was no concentration in the Company’s revenues. |
Loss Per Share Attributable to
Loss Per Share Attributable to Equity Holders of the Company | 6 Months Ended |
Sep. 30, 2022 | |
Loss Per Share Attributable to Equity Holders of the Company [Abstract] | |
Schedule of dilutive ordinary shares in issue during the year | 22. LOSS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY The basic loss per share is calculated as the loss for the year attributable to equity holders of the Company divided by the weighted average number of ordinary shares of the Company in issue during the period. The diluted loss per share is calculated as the loss for the year attributable to equity holders of the Company divided by the weighted average number of ordinary shares used in the calculation which is the weighted average number of ordinary shares in issue plus the number of shares held under the share purchase warrants (2021: Nil The Company had no potentially dilutive ordinary shares in issue during the period. For the six months ended 2022 2021 (Restated) Basic Loss Per Share Numerator Loss for the period attributable to owners of the Company $ (5,377,131 ) $ (7,353,732 ) Diluted Loss Per Share Numerator Loss for the period attributable to owners of the Company $ (5,377,131 ) $ (7,353,732 ) Basic Loss Per Share Denominator Original shares: 23,598,371 13,263,066 Additions from actual events: - Issuance of common stock, weighted 1,081,967 4,406,216 Basic weighted average shares outstanding 24,680,338 17,669,282 Diluted Loss Per Share Denominator Diluted Weighted Average Shares Outstanding: 24,680,338 17,669,282 Loss Per Share - Basic and diluted $ (0.22 ) $ (0.42 ) Weighted Average Shares Outstanding - Basic and diluted 24,680,338 17,669,282 |
Related Party Balances and Tran
Related Party Balances and Transactions | 6 Months Ended |
Sep. 30, 2022 | |
Related Party Balances and Transactions [Abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 23. RELATED PARTY BALANCES AND TRANSACTIONS Related parties’ relationships as follows: Name Relationship HangZhou TianQi Network Technology Co. Ltd. Common control by legal representative and shareholder of Taikexi, Mr. Mangyue Sun Hangzhou Yuao Venture Capital Co., Ltd Common control by legal representative of Guanpeng Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. Common control by Mr. Wei Wang Mangyue Sun Legal representative and shareholder of Taikexi Fang Qin Spouse of Mangyue Sun Antalpha Technologies Limited (“Antalpha”) Non-controlling shareholder of a subsidiary of the Company Loans receivables – related parties consisted of the following: As of As of US$ US$ Hangzhou Yuao Venture Capital Co., Ltd - 2,245,200 Total - 2,245,200 Other related parties’ payables consisted of the following: As of As of US$ US$ HangZhou TianQi Network Technology Co. Ltd. (i) 41,614 46,696 Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. (ii) 56,231 205,070 Mangyue Sun (ii) 21,087 23,662 Fang Qin (ii) 42,173 47,324 Antalpha (iii) 534,688 - Total 695,793 322,752 (i) The outstanding payable consists of rent owed. (ii) The outstanding payables consist of working capital advances and borrowings. (iii) Consultation service fees payable to Antalpha. (iv) All amounts are due on demand, non-interest bearing and unsecured. Digital asset payables consisted of the following: As of 2022 As of US$ US$ Antalpha 36,340,668 6,200,109 Total 36,340,668 6,200,109 Related parties’ transactions are consisted of the following: For the six months ended 2022 2021 US$ US$ Interest income derived from Hangzhou Yuao Venture Capital Co., Ltd - 31,268 Derivative products entered with Antalpha 168,184,034 - Derivative products expired to Antalpha (143,099,238 ) - Consultation service fees to Antalpha (534,688 ) - |
Discontinued Operation
Discontinued Operation | 6 Months Ended |
Sep. 30, 2022 | |
Discontinued Operation [Abstract] | |
DISCONTINUED OPERATION | 24. DISCONTINUED OPERATION On January 20, 2023, the board of directors (the “Board”) of the Company, unanimously approved the Company’s plan to discontinue and cease all business operations in mainland China (collectively, the “Mainland China Business”), which are conducted by the Company through its subsidiaries and variable interest entities, and to dispose of the Mainland China Business by selling it to one or more third parties. The Company determined that the disposal group should be classified as assets held for sale, and they fulfilled the requirements established in IFRS 5 to classify them as a discontinued operation, since they represent a major line of business and geographical area of operations. The information related to the condensed consolidated statement of financial position of the disposal group as of September 30, 2022 is presented below: As of US$ (Unaudited) Assets Property, plant and equipment 198,125 Right of use assets 183,962 Non-current assets 382,087 Other receivables and prepayments 510,492 Loans receivables 8,060,849 Cash and cash equivalents 577,650 Current assets 9,148,991 Total assets 9,531,078 Equity Share capital 8,523,538 Statutory reserves 589,659 Accumulated deficit (4,693,240 ) Accumulated other comprehensive (loss) income (146,260 ) Equity attributable to owners of the Company 4,273,697 Non-controlling interests (574,178 ) Total equity 3,699,519 Liabilities Lease liabilities 62,801 Non-current liabilities 62,801 Accounts and other payables 3,833,349 Taxes payable 1,854,936 Lease liabilities 80,473 Current liabilities 5,768,758 Total liabilities 5,831,559 Total equity and liabilities 9,531,078 The information related to the condensed consolidated statements of profit or loss of the disposal group for the six months ended September 30, 2022 is presented below: For the six months ended US$ (Unaudited) Revenue 432,263 Cost of revenue 192,681 Selling and promotion expenses 287,352 General and administrative expenses 361,991 Total operating expenses 649,343 Result from operating activities (409,761 ) Other income 114,562 Other expense (85,828 ) Finance income 638 Finance costs (2,783 ) Loss before income tax (383,172 ) Income tax expense (5 ) Loss from discontinued operations (383,177 ) The net cash flows incurred by the disposal group are as follows: For the six US$ (Unaudited) Operating activities (1,064,857 ) Investing activities 1,252,171 Financing activities (185,630 ) Net cash outflows 1,684 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 25. SUBSEQUENT EVENTS On November 15, 2022, the shareholders of the Company approved change of the name of the Company from Dragon Victory International Limited to Metalpha Technology Holding Limited. On November 28, 2022, the Company entered into a Sale and Purchase Agreement with Antalpha to purchase 49% equity interest of Metalpha Limited from Antalpha at a consideration of US$2,500,000, which shall be satisfied by the allotment and issuance of 2,500,000 shares of par value of US$0.0001 in the capital of the Company. Upon completion of the transaction, Metalpha Limited will be an indirectly wholly-owned subsidiary of the Company. The transaction was completed on January 4, 2023. On November 28, 2022, Antalpha entered into a Securities Subscription and Warrant Purchase Agreement with the Company to subscribe 7,500,000 shares of par value US$0.0001 each in the share capital of the Company, upon the exercise of which Antalpha is entitled to purchase, and the Company is obligated to issue and sell, the corresponding number of shares of par value US$0.0001 each of the share capital of the Company. On January 20, 2023, the Board of the Company, unanimously approved the Company’s plan to discontinue and cease the Mainland China Business, which was conducted by the Company through its subsidiaries, Hangzhou Dacheng and Hangzhou Longyun. On February 20, 2023, Metalpha Holding (HK) Limited (“Metalpha HK”), an indirect wholly-owned subsidiary of the Company, Liu Limin and Wang Wei (as the registered nominee shareholders of Hangzhou Longyun) entered into a sale and purchase agreement (“SPA”) with two individual third parties, Xu Yang and Zheng Liqing (collectively, the “Purchasers”). Pursuant to the SPA, the Purchasers will purchase from Metalpha HK the entire equity interest of Hangzhou Dacheng, and from Liu Limin and Wang Wei the entire equity interest of Hangzhou Longyun (the “Transaction”). The Transaction was proposed to implement the Company’s decision to discontinue the Mainland China Business. The aggregate consideration for the Transaction is US$1.00. |
Business and Organization (Tabl
Business and Organization (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Basis and Organization [Abstract] | |
Schedule of particulars of subsidiaries | Place of Issued share Principal Percentage of shareholding% Company and operation capital activities Direct Indirect Sweet Lollipop Co., Ltd. (“Sweet Lollipop”) British Virgin Islands US$50,000 Investment holding 100 % - Metalpha Holding (HK) Limited (formerly known as “Long Yun International Holdings Limited”) Hong Kong HK$10,000 Investment holding - 100 % HangZhou Longyun Network Technology Co., Ltd (“HangZhou Longyun”) (1) People’s Republic of China (“PRC”) RMB7,745,000 Crowdfunding and incubation business - - Hangzhou Dacheng Investment Management Co., Ltd. (“Hangzhou Dacheng”) PRC RMB47,497,000 Investment holding - 100 % Dacheng Liantong Zhejiang Information Technology Co., Ltd (“Dacheng Liantong”) (1) PRC RMB8,000,000 Supply chain management platform services - - Hangzhou Xuzhihang Supply Chain Management Co., Ltd. (“Hangzhou Xuzhihang”) (1) PRC RMB1,000,000 Supply chain management platform services - - Meta Rich Limited British Virgin Islands US$1 Investment holding - 100 % LSQ Capital Limited Hong Kong HK$2,000,000 Advising on securities and asset management - 100 % Metalpha Limited British Virgin Islands US$4,000,000 Proprietary trading of digital assets - 51 % LSQ Investment Limited Hong Kong HK$1 Inactive - 100 % Hangzhou Taikexi Dacheng Automobile Technology Service Co. Ltd. PRC RMB8,700,000 Inactive - 60 % (1) On March 20, 2018, the Company’s indirectly wholly-owned subsidiary, Hangzhou Dacheng, Hangzhou Dacheng Hangzhou Dacheng Dacheng Liantong and Hangzhou Xuzhihang are the indirectly owned subsidiaries of (2) Shenzhen Guanpeng International Technology Co., Ltd (“Guanpeng”), an indirectly wholly-owned subsidiary of the Company established on August 3, 2018, has been deregistered on May 24, 2022. |
Property and equipment (Tables)
Property and equipment (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Property and Equipment [Abstract] | |
Schedule of property and equipment | Computer Automobiles Total US$ US$ US$ Cost As of April 1, 2021 198,637 99,939 298,576 Additions 34,517 253,812 288,329 Acquisition of a subsidiary 5,035 7,637 12,672 Exchange realignment 6,715 3,379 10,094 As of March 31, 2022 244,904 364,767 609,671 Additions 13,977 1,077 15,054 Disposals (162,690 ) - (162,690 ) Exchange realignment (17,684 ) (37,552 ) (55,236 ) As of September 30, 2022 78,507 328,292 406,799 Accumulated depreciation As of April 1, 2021 198,637 51,647 250,284 Depreciation for the year 22,336 42,641 64,977 Exchange realignment (2,829 ) (735 ) (3,564 ) As of March 31, 2022 218,144 93,553 311,697 Depreciation for the period 5,060 70,104 75,164 Disposals (155,633 ) - (155,633 ) Exchange realignment (15,474 ) (13,950 ) (29,424 ) As of September 30, 2022 52,097 149,707 201,804 Carrying amounts As of September 30, 2022 26,410 178,585 204,995 As of March 31, 2022 26,760 271,214 297,974 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Right-of-Use Assets and Lease Liabilities [Abstract] | |
Schedule of leases of buildings | September 30, 2022 March 31, 2022 US$ US$ Cost: At beginning of period/year 505,494 74,794 Addition during the period/year 79,533 427,672 Exchange realignment (31,924 ) 3,028 At end of period/year 553,103 505,494 Accumulated depreciation: At beginning of period/year 120,450 28,496 Depreciation for the period/year 115,505 90,327 Exchange realignment (11,716 ) 1,627 At end of period/year 224,239 120,450 Net carrying amount: 328,864 385,044 |
Schedule of lease liabilities and the movements during the years | September 30, March 31, 2022 US$ US$ At beginning of period/year 368,747 38,153 Additions to lease liabilities 79,533 427,672 Interest charged 7,527 11,550 Payment (117,161 ) (109,219 ) Exchange realignment (17,118 ) 591 At end of period/year 321,528 368,747 |
Schedule of consolidated statement of financial position | As of September 30, 2022 US$ As of March 31, 2021 US$ Current 171,496 263,207 Non-current 150,032 105,540 Total 321,528 368,747 |
Schedule of contractual undiscounted cash outflows of lease liabilities | Within 1 year Over 1 Total US$ US$ US$ September 30, 2022 159,835 203,761 363,596 March 31, 2022 120,592 274,952 395,544 |
Other Receivables and Prepaym_2
Other Receivables and Prepayments (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Other Receivables and Prepayments [Abstract] | |
Schedule of other receivables and prepayments | As of 2022 US$ As of 2022 US$ Advance to service providers 172,872 47,613 Prepaid tax 30,726 69,321 Prepaid insurance 203,047 262,682 Others 156,126 205,517 562,771 585,133 Allowance for doubtful accounts (60,398 ) (67,774 ) 502,373 517,359 |
Schedule of movements of allowance for doubtful accounts | September 30, 2022 March 31, 2022 US$ US$ At beginning of period/year 67,774 65,558 Exchange realignments (7,376 ) 2,216 At end of period/year 60,398 67,774 |
Loans Receivables (Tables)
Loans Receivables (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Loans Receivables [Abstract] | |
Schedule of loans receivables | As of 2022 As of 2022 US$ US$ Loans to third parties (Note (a)) 8,060,849 7,138,703 Loans to a related party (Note (b)) - 2,245,200 8,060,849 9,383,903 (a) The advances granted to independent third parties are unsecured (March 31, 2022: unsecured), except for US$3,938,989 (March 31, 2022: US$2,070,421) bearing a fixed interest rate at 5% per annum (March 31, 2022: 5% per annum), the remaining loans being interest free (March 31, 2022: interest free), and repayable within 12 months (March 31, 2022: 12 months) from the period end date as of September 30, 2022. (b) As of March 31, 2022, the advances granted to Hangzhou Yuao Venture Capital Co., Ltd, a company controlled by the legal representative of Guanpeng, amounted to US$2,245,200 are bearing a fixed interest rate at 5% per annum. As of September 30, 2022, the balance has been reclassified to loans to third parties, as Guanpeng has been deregistered on May 24, 2022. |
Digital Assets (Tables)
Digital Assets (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Digital Assets [Abstract] | |
Schedule of digital assets | As of 2022 As of 2022 US$ US$ Digital assets held on exchange institutions 44,505,633 8,438,027 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | As of 2022 US$ As of 2022 US$ Bank balances 7,271,584 5,286,991 |
Schedule of cash and cash equivalents in the following currencies | As of 2022 US$ As of 2022 US$ US$ 6,602,970 4,849,850 HKD 190,901 68,106 RMB 477,713 369,035 7,271,584 5,286,991 |
Capital, Reserves and Non-Con_2
Capital, Reserves and Non-Controlling Interests (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Capital, Reserves and Non-Controlling Interests [Abstract] | |
Schedule of outstanding share purchase warrants | Number Weighted Fair value US$ US$ Balance - April 1, 2021 - - - Issued 17,800,000 1.79 6,063,086 Balance - March 31, 2022 17,800,000 1.79 6,063,086 Issued 7,300,000 1.05 4,424,932 Balance – September 30, 2022 25,100,000 1.58 10,488,018 |
Schedule of fair value of the warrants | September 30, Risk-free interest rate 1.14%-2.87% Expected life of warrants 5-10 Volatility 80.59%-121.32% Weighted average fair value per warrant (US$) 0.37-1.29 |
Schedule of share purchase warrants outstanding | Warrants Fair value at Fair value Exercise Weighted average Expiry Date US$ US$ US$ (years) October 29, 2031 3,500,000 4,515,601 1,640,351 1 9 October 29, 2031 3,500,000 4,229,191 1,014,494 1.5 9 October 29, 2031 7,000,000 7,500,124 1,278,573 2.5 9 October 27, 2026 1,800,000 1,353,304 - 1.5 4 October 30, 2026 2,000,000 1,417,766 - 1.5 4 May 10, 2027 200,000 84,000 27,923 1.5 5 May 26, 2027 500,000 238,000 71,212 1.5 5 July 22, 2027 440,000 163,000 27,064 1 5 July 25, 2027 3,780,000 1,405,000 225,035 1 5 July 26, 2027 400,000 146,000 23,096 1 5 July 27, 2027 1,000,000 379,000 59,201 1 5 July 28, 2027 980,000 376,000 57,983 1 5 Total 25,100,000 21,806,986 4,424,932 |
Schedule of non controlling interests | Taikexi Shenzhen Dacheng Hangzhou Metalpha Total US$ US$ US$ US$ US$ US$ As of April 1, 2021 (525,927 ) (45,508 ) (40,251 ) - - (611,686 ) Net loss (4,745 ) (3,488 ) - - - (8,233 ) Changes in non-controlling interest due to changes in ownership of partially owned subsidiary - - 40,251 - - 40,251 As of September 30, 2021 (530,672 ) (48,996 ) - - - (579,668 ) As of April 1, 2022 (530,764 ) (49,055 ) - 10,459 1,979,990 1,410,630 Net (loss) profit (4,819 ) - - - 495,671 490,852 As of September 30, 2022 (535,583 ) (49,055 ) - 10,459 2,475,661 1,901,482 |
Accounts and Other Payables (Ta
Accounts and Other Payables (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Accounts and Other Payables [Abstract] | |
Schedule of accounts and other payables | As of As of US$ US$ Accounts payables 6,115 6,862 Other payables and accrued charges (Note (a)) 3,712,349 1,180,230 Amount due to related parties 695,793 322,752 Total 4,414,257 1,509,844 (a) Other payables and accrued charges mainly included customer advances, wage payables and accrual charges. Other payables are non-interest-bearing and are expected to be settled within one year. |
Digital Assets Payables (Tables
Digital Assets Payables (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Digital Assets Payables [Abstract] | |
Schedule of digital assets payables | As of As of US$ US$ Digital assets payables to a non-controlling shareholder 36,340,668 6,200,109 Digital assets payables to third parties 1,532,766 - Total 37,873,434 6,200,109 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Revenue [Abstract] | |
Schedule of revenue | For the six months ended 2022 2021 US$ US$ Supply chain management platform service fee 432,263 1,230,919 Fair value change of proprietary trading digital assets 3,938,870 - Total revenue 4,371,133 1,230,919 |
Cost of Revenue (Tables)
Cost of Revenue (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Cost of Revenue [Abstract] | |
Schedule of cost of revenue | For the six months ended 2022 2021 US$ US$ Cost of supply chain management platform service 192,681 214,418 |
Selling and Promotion Expenses
Selling and Promotion Expenses (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Selling and Promotion Expenses [Abstract] | |
Schedule of selling and promotion expenses | For the six months ended 2022 2021 US$ US$ Marketing and promotional expenditures 657,238 3,792,621 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
General and Administrative Expenses [Abstract] | |
Schedule of general and administrative expenses | For the six months ended 2022 2021 US$ US$ (Restated) Professional fees 496,253 444,289 Wages and benefits 376,500 573,717 Travelling expenses 20,334 27,594 Depreciation of property and equipment 75,164 28,797 Depreciation of right of use assets 115,505 71,226 Meals and entertainment 31,641 11,410 Share-based compensation - 1,468,800 Office expenses 16,684 15,458 Insurance costs 155,915 92,736 Other 170,127 5,626 1,458,123 2,739,653 |
Net Finance Costs (Tables)
Net Finance Costs (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Net Finance Costs [Abstract] | |
Schedule of net finance costs | For the six months ended 2022 2021 US$ US$ (Restated) Interest income 5,013 107,151 Finance income 5,013 107,151 Interest expense - (1,939,490 ) Interest on lease arrangements (7,527 ) (5,166 ) Finance cost (7,527 ) (1,944,656 ) Net finance cost (2,514 ) (1,837,505 ) |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Income Tax Expense [Abstract] | |
Schedule of tax recognised in profit or loss | For the six months ended 2022 2021 US$ US$ Tax recognised in profit or loss Current tax expense Current period 199,897 - Reconciliation of effective tax rate Loss before income tax (4,686,382 ) (7,361,965 ) Tax calculated at domestic tax rates applicable to profits in PRC (2022 and 2021: 25%) (1,171,596 ) (1,840,491 ) Effect of tax rates in foreign jurisdiction 365,773 348,688 Tax effect of tax loss not recognized 1,005,720 1,491,803 Income tax expense 199,897 - |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Financial Risk Management [Abstract] | |
Schedule of level in fair value hierarchy | Fair value measurements using Description Level 1 Level 2 Level 3 Total US$ US$ US$ US$ As of March 31, 2022 Recurring fair value measurements: Digital assets - 8,438,027 - 8,438,027 Digital assets payables - - 6,200,109 6,200,109 As of September 30, 2022 Recurring fair value measurements: Digital assets - 44,505,633 - 44,505,633 Digital assets payables - - 37,873, 434 37,873, 434 |
Schedule of liabilities measured at fair value based on level 3 | Digital assets US$ As of April 1, 2021 - Acquired during the period 8,735,145 Settlement by digital assets, for the period (2,533,106 ) Fair value gains recognized in profit or loss (recognized in “revenue - fair value change of proprietary trading digital assets”) (1,930 ) As of March 31, 2022 6,200,109 Acquired during the period 171,899,214 Settlement by digital assets, for the period (145,494,892 ) Fair value gains recognized in profit or loss (recognized in “revenue - fair value change of proprietary trading digital assets”) 5,269,003 As of September 30, 2022 37,873,434 |
Schedule of level 2 fair value measurements | Significant observable input Effect on fair As of As of value Description Valuation techniques and key inputs 2022 2022 inputs Digital assets The digital assets are quoted in unit of different cryptocurrencies. Price of the digital assets at level 2 fair value is referenced to quoted price of relevant cryptocurrencies. Quoted price of different cryptocurrencies Quoted price of BTC Increase proportionately |
Schedule of key unobservable inputs used in level 3 fair value measurements are mainly | Significant Range Effect on fair Valuation unobservable As of March 31, for increase of Description techniques inputs 2022 inputs Digital assets payables Binomial Option Pricing Model Discount rate -0.40% to 4.26% Decrease Black-Scholes Pricing Model Expected volatility 37.56% Increase Significant Range Effect on fair Valuation unobservable As of September 30, for increase of Description techniques inputs 2022 inputs Digital assets payables Black-Scholes Pricing Model Expected volatility 59.03% to 61.08% Increase |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Operating Segments [Abstract] | |
Schedule of results of operations | Metalpha Longyun Dacheng Liantong Other Total US$ US$ US$ US$ US$ Revenue 3,938,870 - 158,213 274,050 4,371,133 Operating expenses (2,727,405 ) (848,382 ) (429,784 ) (624,683 ) (4,630,254 ) Other income (expenses) - (4,456,421 ) (1,164 ) 30,324 (4,427,261 ) Profit (loss) before tax 1,211,465 (5,304,803 ) (272,735 ) (320,309 ) (4,686,382 ) Taxes (199,892 ) - - (5 ) (199,897 ) Net profit (loss) 1,011,573 (5,304,803 ) (272,735 ) (320,314 ) (4,886,279 ) Longyun Dacheng Other Total US$ US$ US$ US$ (Restated) (Restated) (Restated) (Restated) Revenue - 1,230,919 - 1,230,919 Operating expenses (2,157,875 ) (960,568 ) (3,628,249 ) (6,746,692 ) Other income (expenses) (1,944,776 ) (1,377 ) 99,961 (1,846,192 ) Profit (loss) before tax (4,102,651 ) 268,974 (3,528,288 ) (7,361,965 ) Taxes - - - - Net loss (4,102,651 ) 268,974 (3,528,288 ) (7,361,965 ) |
Schedule of financial position | Metalpha Longyun Dacheng Liantong Other Total US$ US$ US$ US$ US$ Current assets 46,537,706 4,769,277 4,409,136 4,624,320 60,340,439 Non-current assets - 179,702 278,042 105,491 563,235 Total assets 46,537,706 4,948,979 4,687,178 4,729,811 60,903,674 Current liabilities (41,474,678 ) (474,008 ) (257,870 ) (2,315,520 ) (44,522,076 ) Non-current liabilities - (87,231 ) (42,938 ) (19,863 ) (150,032 ) Total liabilities (41,474,678 ) (561,239 ) (300,808 ) (2,335,383 ) (44,672,108 ) Net assets 5,063,028 4,387,740 4,386,370 2,394,428 16,231,566 Metalpha Longyun Dacheng Other Total US$ US$ US$ US$ US$ Current assets 8,438,027 4,644,940 5,409,384 5,133,929 23,626,280 Non-current assets - 35,874 213,844 462,741 712,459 Total assets 8,438,027 4,680,814 5,623,228 5,596,670 24,338,739 Current liabilities (6,434,996 ) (557,619 ) (464,803 ) (2,574,109 ) (10,031,527 ) Non-current liabilities - - (105,540 ) - (105,540 ) Total liabilities (6,434,996 ) (557,619 ) (570,343 ) (2,574,109 ) (10,137,067 ) Net assets 2,003,031 4,123,195 5,052,885 3,022,561 14,201,672 |
Schedule of geographical information | For the six months ended 2022 2021 US$ US$ Hong Kong 3,938,870 - PRC 432,263 1,230,919 4,371,133 1,230,919 |
Schedule of geographical information of Non-current assets | As of As of US$ US$ Hong Kong 181,148 281,947 PRC 382,087 430,512 563,235 712,459 |
Loss Per Share Attributable t_2
Loss Per Share Attributable to Equity Holders of the Company (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Loss Per Share Attributable to Equity Holders of the Company [Abstract] | |
Schedule of dilutive ordinary shares in issue during the year | For the six months ended 2022 2021 (Restated) Basic Loss Per Share Numerator Loss for the period attributable to owners of the Company $ (5,377,131 ) $ (7,353,732 ) Diluted Loss Per Share Numerator Loss for the period attributable to owners of the Company $ (5,377,131 ) $ (7,353,732 ) Basic Loss Per Share Denominator Original shares: 23,598,371 13,263,066 Additions from actual events: - Issuance of common stock, weighted 1,081,967 4,406,216 Basic weighted average shares outstanding 24,680,338 17,669,282 Diluted Loss Per Share Denominator Diluted Weighted Average Shares Outstanding: 24,680,338 17,669,282 Loss Per Share - Basic and diluted $ (0.22 ) $ (0.42 ) Weighted Average Shares Outstanding - Basic and diluted 24,680,338 17,669,282 |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Related Party Balances and Transactions [Abstract] | |
Schedule of related parties relationships | Name Relationship HangZhou TianQi Network Technology Co. Ltd. Common control by legal representative and shareholder of Taikexi, Mr. Mangyue Sun Hangzhou Yuao Venture Capital Co., Ltd Common control by legal representative of Guanpeng Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. Common control by Mr. Wei Wang Mangyue Sun Legal representative and shareholder of Taikexi Fang Qin Spouse of Mangyue Sun Antalpha Technologies Limited (“Antalpha”) Non-controlling shareholder of a subsidiary of the Company |
Schedule of loans receivables – related parties consisted | As of As of US$ US$ Hangzhou Yuao Venture Capital Co., Ltd - 2,245,200 Total - 2,245,200 |
Schedule of other related parties payables consisted | As of As of US$ US$ HangZhou TianQi Network Technology Co. Ltd. (i) 41,614 46,696 Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. (ii) 56,231 205,070 Mangyue Sun (ii) 21,087 23,662 Fang Qin (ii) 42,173 47,324 Antalpha (iii) 534,688 - Total 695,793 322,752 (i) The outstanding payable consists of rent owed. (ii) The outstanding payables consist of working capital advances and borrowings. (iii) Consultation service fees payable to Antalpha. (iv) All amounts are due on demand, non-interest bearing and unsecured. |
Schedule of digital asset payables consisted | As of 2022 As of US$ US$ Antalpha 36,340,668 6,200,109 Total 36,340,668 6,200,109 |
Schedule of related parties transactions | For the six months ended 2022 2021 US$ US$ Interest income derived from Hangzhou Yuao Venture Capital Co., Ltd - 31,268 Derivative products entered with Antalpha 168,184,034 - Derivative products expired to Antalpha (143,099,238 ) - Consultation service fees to Antalpha (534,688 ) - |
Discontinued Operation (Tables)
Discontinued Operation (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Discontinued Operation [Abstract] | |
Schedule of related to the condensed consolidated statement of financial position | As of US$ (Unaudited) Assets Property, plant and equipment 198,125 Right of use assets 183,962 Non-current assets 382,087 Other receivables and prepayments 510,492 Loans receivables 8,060,849 Cash and cash equivalents 577,650 Current assets 9,148,991 Total assets 9,531,078 Equity Share capital 8,523,538 Statutory reserves 589,659 Accumulated deficit (4,693,240 ) Accumulated other comprehensive (loss) income (146,260 ) Equity attributable to owners of the Company 4,273,697 Non-controlling interests (574,178 ) Total equity 3,699,519 Liabilities Lease liabilities 62,801 Non-current liabilities 62,801 Accounts and other payables 3,833,349 Taxes payable 1,854,936 Lease liabilities 80,473 Current liabilities 5,768,758 Total liabilities 5,831,559 Total equity and liabilities 9,531,078 |
Schedule of related to the condensed consolidated statements of profit or loss | For the six months ended US$ (Unaudited) Revenue 432,263 Cost of revenue 192,681 Selling and promotion expenses 287,352 General and administrative expenses 361,991 Total operating expenses 649,343 Result from operating activities (409,761 ) Other income 114,562 Other expense (85,828 ) Finance income 638 Finance costs (2,783 ) Loss before income tax (383,172 ) Income tax expense (5 ) Loss from discontinued operations (383,177 ) |
Schedule of net cash flows | For the six US$ (Unaudited) Operating activities (1,064,857 ) Investing activities 1,252,171 Financing activities (185,630 ) Net cash outflows 1,684 |
Business and Organization (Deta
Business and Organization (Details) | Sep. 21, 2022 USD ($) |
Disclosure Of Basis Of Preparation Of Financial Statements Text Block Abstract | |
Equity ownership interest | 100% |
Minority shareholders | $ 1 |
Business and Organization (De_2
Business and Organization (Details) - Schedule of particulars of subsidiaries | 6 Months Ended | |
Sep. 30, 2022 | ||
Sweet Lollipop Co., Ltd. (“Sweet Lollipop”) [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | British Virgin Islands | |
Issued share capital | US$50,000 | |
Principal activities | Investment holding | |
Percentage of shareholding% Direct | 100% | |
Percentage of shareholding% Indirect | ||
Metalpha Holding (HK) Limited (formerly known as “Long Yun International Holdings Limited”) [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | Hong Kong | |
Issued share capital | HK$10,000 | |
Principal activities | Investment holding | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
HangZhou Longyun Network Technology Co., Ltd (“HangZhou Longyun”) [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | People’s Republic of China (“PRC”) | [1] |
Issued share capital | RMB7,745,000 | [1] |
Principal activities | Crowdfunding and incubation business | [1] |
Percentage of shareholding% Direct | [1] | |
Percentage of shareholding% Indirect | [1] | |
Hangzhou Dacheng Investment Management Co., Ltd. (“Hangzhou Dacheng”) [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | PRC | |
Issued share capital | RMB47,497,000 | |
Principal activities | Investment holding | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
Dacheng Liantong Zhejiang Information Technology Co., Ltd (“Dacheng Liantong”) [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | PRC | [1] |
Issued share capital | RMB8,000,000 | [1] |
Principal activities | Supply chain management platform services | [1] |
Percentage of shareholding% Direct | [1] | |
Percentage of shareholding% Indirect | [1] | |
Hangzhou Xuzhihang Supply Chain Management Co., Ltd. (“Hangzhou Xuzhihang”) [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | PRC | [1] |
Issued share capital | RMB1,000,000 | [1] |
Principal activities | Supply chain management platform services | [1] |
Percentage of shareholding% Direct | [1] | |
Percentage of shareholding% Indirect | [1] | |
Meta Rich Limited [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | British Virgin Islands | |
Issued share capital | ||
Principal activities | Investment holding | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
LSQ Capital Limited [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | Hong Kong | |
Issued share capital | ||
Principal activities | Advising on securities and asset management | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
Metalpha Limited [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | British Virgin Islands | |
Issued share capital | US$4,000,000 | |
Principal activities | Proprietary trading of digital assets | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 51% | |
LSQ Investment Limited [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | Hong Kong | |
Issued share capital | ||
Principal activities | Inactive | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
Hangzhou Taikexi Dacheng Automobile Technology Service Co. Ltd. [Member] | ||
Business and Organization (Details) - Schedule of particulars of subsidiaries [Line Items] | ||
Place of incorporation and operation | PRC | |
Issued share capital | RMB8,700,000 | |
Principal activities | Inactive | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 60% | |
[1] On March 20, 2018, the Company’s indirectly wholly-owned subsidiary, Hangzhou Dacheng, Hangzhou Dacheng Hangzhou Dacheng Dacheng Liantong and Hangzhou Xuzhihang are the indirectly owned subsidiaries of |
Property and equipment (Details
Property and equipment (Details) - Schedule of property and equipment - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Cost | ||
Beginning balance | $ 297,974 | |
Ending balance | 204,995 | $ 297,974 |
Accumulated depreciation [Member] | ||
Cost | ||
Beginning balance | 311,697 | 250,284 |
Disposals | (155,633) | |
Exchange realignment | (29,424) | (3,564) |
Ending balance | 201,804 | 311,697 |
Accumulated depreciation | ||
Depreciation for the year | 75,164 | 64,977 |
Accumulated depreciation [Member] | Computer and equipment [Member] | ||
Cost | ||
Beginning balance | 218,144 | 198,637 |
Disposals | (155,633) | |
Exchange realignment | (15,474) | (2,829) |
Ending balance | 52,097 | 218,144 |
Accumulated depreciation | ||
Depreciation for the year | 5,060 | 22,336 |
Accumulated depreciation [Member] | Automobiles [Member] | ||
Cost | ||
Beginning balance | 93,553 | 51,647 |
Disposals | ||
Exchange realignment | (13,950) | (735) |
Ending balance | 149,707 | 93,553 |
Accumulated depreciation | ||
Depreciation for the year | 70,104 | 42,641 |
Cost [Member] | ||
Cost | ||
Beginning balance | 609,671 | 298,576 |
Additions | 15,054 | 288,329 |
Disposals | (162,690) | |
Acquisition of a subsidiary | 12,672 | |
Exchange realignment | (55,236) | 10,094 |
Ending balance | 406,799 | 609,671 |
Cost [Member] | Computer and equipment [Member] | ||
Cost | ||
Beginning balance | 244,904 | 198,637 |
Additions | 13,977 | 34,517 |
Disposals | (162,690) | |
Acquisition of a subsidiary | 5,035 | |
Exchange realignment | (17,684) | 6,715 |
Ending balance | 78,507 | 244,904 |
Cost [Member] | Automobiles [Member] | ||
Cost | ||
Beginning balance | 364,767 | 99,939 |
Additions | 1,077 | 253,812 |
Disposals | ||
Acquisition of a subsidiary | 7,637 | |
Exchange realignment | (37,552) | 3,379 |
Ending balance | 328,292 | 364,767 |
Carrying amounts [Member] | ||
Cost | ||
Beginning balance | 297,974 | |
Ending balance | 204,995 | 297,974 |
Carrying amounts [Member] | Computer and equipment [Member] | ||
Cost | ||
Beginning balance | 26,760 | |
Ending balance | 26,410 | 26,760 |
Carrying amounts [Member] | Automobiles [Member] | ||
Cost | ||
Beginning balance | 271,214 | |
Ending balance | $ 178,585 | $ 271,214 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities (Details) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Bottom of Range [Member] | ||
Right-of-Use Assets and Lease Liabilities (Details) [Line Items] | ||
Lease term | 1 year | 1 year |
Interest rate | 4.75% | 4.75% |
Top of Range [Member] | ||
Right-of-Use Assets and Lease Liabilities (Details) [Line Items] | ||
Lease term | 6 years | 6 years |
Interest rate | 4.90% | 4.90% |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of leases of buildings - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Cost: | ||
At beginning of year | $ 505,494 | $ 74,794 |
Addition during the year | 79,533 | 427,672 |
Exchange realignment | (31,924) | 3,028 |
At end of year | 553,103 | 505,494 |
Accumulated depreciation: | ||
At beginning of year | 120,450 | 28,496 |
Depreciation for the year | 115,505 | 90,327 |
Exchange realignment | (11,716) | 1,627 |
At end of year | 224,239 | 120,450 |
Net carrying amount: | $ 328,864 | $ 385,044 |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of lease liabilities and the movements during the years - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Schedule Of Lease Liabilities And The Movements During The Years Abstract | ||
At beginning of year | $ 368,747 | $ 38,153 |
Additions to lease liabilities | 79,533 | 427,672 |
Interest charged | 7,527 | 11,550 |
Payment made | (117,161) | (109,219) |
Exchange realignment | (17,118) | 591 |
At end of year | $ 321,528 | $ 368,747 |
Right-of-Use Assets and Lease_6
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of consolidated statement of financial position - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Schedule Of Consolidated Statement Of Financial Position Abstract | ||
Current | $ 171,496 | $ 263,207 |
Non-current | 150,032 | 105,540 |
Total | $ 321,528 | $ 368,747 |
Right-of-Use Assets and Lease_7
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of contractual undiscounted cash outflows of lease liabilities - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of contractual undiscounted cash outflows of lease liabilities [Line Items] | ||
Balance | $ 363,596 | $ 395,544 |
Within 1 year [Member] | ||
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of contractual undiscounted cash outflows of lease liabilities [Line Items] | ||
Balance | 159,835 | 120,592 |
Over 1 year [Member] | ||
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of contractual undiscounted cash outflows of lease liabilities [Line Items] | ||
Balance | $ 203,761 | $ 274,952 |
Other Receivables and Prepaym_3
Other Receivables and Prepayments (Details) - Schedule of other receivables and prepayments - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Schedule of Other Receivables and Prepayments [Abstract] | ||
Advance to service providers | $ 172,872 | $ 47,613 |
Prepaid tax | 30,726 | 69,321 |
Prepaid insurance | 203,047 | 262,682 |
Others | 156,126 | 205,517 |
Total | 562,771 | 585,133 |
Allowance for doubtful accounts | (60,398) | (67,774) |
Other receivables and prepayments | $ 502,373 | $ 517,359 |
Other Receivables and Prepaym_4
Other Receivables and Prepayments (Details) - Schedule of movements of allowance for doubtful accounts - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Schedule of Movements of Allowance for Doubtful Accounts [Abstract] | ||
At beginning of period/year | $ 67,774 | $ 65,558 |
Exchange realignments | (7,376) | 2,216 |
At end of period/year | $ 60,398 | $ 67,774 |
Loans Receivables (Details)
Loans Receivables (Details) | 12 Months Ended |
Mar. 31, 2022 USD ($) | |
Loans Receivables (Details) [Line Items] | |
Advances granted | $ 3,938,989 |
Fixed interest rate | 5% |
Loans and receivables, category [member] | |
Loans Receivables (Details) [Line Items] | |
Advances granted | $ 2,070,421 |
Fixed interest rate | 5% |
Related Party Other [Member] | |
Loans Receivables (Details) [Line Items] | |
Advances granted | $ 2,245,200 |
Fixed interest rate | 5% |
Loans Receivables (Details) - S
Loans Receivables (Details) - Schedule of loans receivables - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 | |
Schedule of Loans Receivables [Abstract] | |||
Loans to third parties | [1] | $ 8,060,849 | $ 7,138,703 |
Loans to a related party | [2] | 2,245,200 | |
Total | $ 8,060,849 | $ 9,383,903 | |
[1]The advances granted to independent third parties are unsecured (March 31, 2022: unsecured), except for US$3,938,989 (March 31, 2022: US$2,070,421) bearing a fixed interest rate at 5% per annum (March 31, 2022: 5% per annum), the remaining loans being interest free (March 31, 2022: interest free), and repayable within 12 months (March 31, 2022: 12 months) from the period end date as of September 30, 2022.[2] As of March 31, 2022, the advances granted to Hangzhou Yuao Venture Capital Co., Ltd, a company controlled by the legal representative of Guanpeng, amounted to US$2,245,200 are bearing a fixed interest rate at 5% per annum. As of September 30, 2022, the balance has been reclassified to loans to third parties, as Guanpeng has been deregistered on May 24, 2022. |
Digital Assets (Details)
Digital Assets (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure Of Intangible Assets Text Block Abstract | ||
Digital assets | $ 1,330,133 |
Digital Assets (Details) - Sche
Digital Assets (Details) - Schedule of digital assets - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Schedule Of Digital Assets Payables [Abstract] | ||
Digital assets held on exchange institutions | $ 44,505,633 | $ 8,438,027 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Disclosure Of Cash And Cash Equivalents Text Block Abstract | ||
Cash and cash equivalents | $ 477,713 | $ 369,035 |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Schedule of Cash and Cash Equivalents [Abstract] | ||
Bank balances | $ 7,271,584 | $ 5,286,991 |
Cash and Cash Equivalents (De_3
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents in the following currencies - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents in the following currencies [Line Items] | ||
Total cash and cash equivalents | $ 7,271,584 | $ 5,286,991 |
US [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents in the following currencies [Line Items] | ||
Total cash and cash equivalents | 6,602,970 | 4,849,850 |
HKD [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents in the following currencies [Line Items] | ||
Total cash and cash equivalents | 190,901 | 68,106 |
RMB [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents in the following currencies [Line Items] | ||
Total cash and cash equivalents | $ 477,713 | $ 369,035 |
Capital, Reserves and Non-Con_3
Capital, Reserves and Non-Controlling Interests (Details) - $ / shares | 1 Months Ended | |||||||
Aug. 02, 2022 | May 10, 2022 | Dec. 09, 2021 | Jul. 31, 2022 | May 26, 2022 | Oct. 29, 2021 | Oct. 27, 2021 | Nov. 30, 2021 | |
Disclosure Of Share Capital Reserves And Other Equity Interest Text Block Abstract | ||||||||
Share capital | 3,300,000 | |||||||
Purchase of warrants | 1,800,000 | |||||||
Warrants price per share (in Dollars per share) | $ 1.5 | |||||||
Warrants percentage | 88% | |||||||
Capital and reserves description | the Company issue warrants to Natural Selection Capital Holdings Limited (the “Consulting Company”) to purchase an aggregate of 14,000,000 ordinary shares, par value US$0.0001 per share of the Company with each such warrant expiring on the tenth anniversary from the date on which the Consulting Company warrants become exercisable, which exercise date shall be the later of: (i) the one year anniversary date of the issuance of such Consulting Company warrants (such one-year period following the date of the issuance of such Consulting Company warrants, and (ii) the applicable vesting date. | |||||||
Description of private placement | (i)3,500,000 share purchase warrants exercisable at $1.00 per share, (iii) 3,500,000 share purchase warrants exercisable at $1.50 per share, and (iv) 7,000,000 share purchase warrants exercisable at $2.50 per share. | |||||||
Warrants purchased | 500,000 | 6,600,000 | 200,000 | 2,000,000 | ||||
Warrants purchase per share (in Dollars per share) | $ 1.5 | $ 1.5 | $ 1 | $ 1.5 | ||||
Weighted average price, percentage | 88% | 88% | 88% | 88% | ||||
Weighted average price, term | 5 years | 5 years | 5 years | 5 years |
Capital, Reserves and Non-Con_4
Capital, Reserves and Non-Controlling Interests (Details) - Schedule of outstanding share purchase warrants - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Schedule of Outstanding Share Purchase Warrants [Abstract] | ||
Number Outstanding, Beginning Balance | 17,800,000 | |
Weighted Average Exercise Price, Beginning Balance | $ 1.79 | |
Fair value charged to profit or loss, Beginning Balance | $ 6,063,086 | |
Number Outstanding, Ending Balance | 25,100,000 | 17,800,000 |
Weighted Average Exercise Price, Ending Balance | $ 1.58 | $ 1.79 |
Fair value charged to profit or loss, Ending Balance | $ 10,488,018 | $ 6,063,086 |
Number Outstanding, Issued | 7,300,000 | 17,800,000 |
Weighted Average Exercise Price, Issued | $ 1.05 | $ 1.79 |
Fair value charged to profit or loss, Issued | $ 4,424,932 | $ 6,063,086 |
Capital, Reserves and Non-Con_5
Capital, Reserves and Non-Controlling Interests (Details) - Schedule of fair value of the warrants | 6 Months Ended |
Sep. 30, 2022 $ / shares | |
Top of range [member] | |
Schedule of Fair Value of the Warrants [Abstract] | |
Risk-free interest rate | 1.14% |
Expected life of warrants | 5 |
Volatility | 80.59% |
Weighted average fair value per warrant (US$) (in Dollars per share) | $ 0.37 |
Bottom of range [member] | |
Schedule of Fair Value of the Warrants [Abstract] | |
Risk-free interest rate | 2.87% |
Expected life of warrants | 10 |
Volatility | 121.32% |
Weighted average fair value per warrant (US$) (in Dollars per share) | $ 1.29 |
Capital, Reserves and Non-Con_6
Capital, Reserves and Non-Controlling Interests (Details) - Schedule of share purchase warrants outstanding | 6 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Warrants Outstanding [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 25,100,000 |
Warrants Outstanding [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 3,500,000 |
Warrants Outstanding [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 3,500,000 |
Warrants Outstanding [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 7,000,000 |
Warrants Outstanding [Member] | October 27, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 1,800,000 |
Warrants Outstanding [Member] | October 30, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 2,000,000 |
Warrants Outstanding [Member] | May 10, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 200,000 |
Warrants Outstanding [Member] | May 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 500,000 |
Warrants Outstanding [Member] | July 22, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 440,000 |
Warrants Outstanding [Member] | July 25, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 3,780,000 |
Warrants Outstanding [Member] | July 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 400,000 |
Warrants Outstanding [Member] | July 27, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 1,000,000 |
Warrants Outstanding [Member] | July 28, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Warrants outstanding (in Shares) | shares | 980,000 |
Fair value at issue date [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | $ 21,806,986 |
Fair value at issue date [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 4,515,601 |
Fair value at issue date [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 4,229,191 |
Fair value at issue date [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 7,500,124 |
Fair value at issue date [Member] | October 27, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 1,353,304 |
Fair value at issue date [Member] | October 30, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 1,417,766 |
Fair value at issue date [Member] | May 10, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 84,000 |
Fair value at issue date [Member] | May 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 238,000 |
Fair value at issue date [Member] | July 22, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 163,000 |
Fair value at issue date [Member] | July 25, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 1,405,000 |
Fair value at issue date [Member] | July 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 146,000 |
Fair value at issue date [Member] | July 27, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 379,000 |
Fair value at issue date [Member] | July 28, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value at issue date | 376,000 |
Fair value charged for current period [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 4,424,932 |
Fair value charged for current period [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 1,640,351 |
Fair value charged for current period [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 1,014,494 |
Fair value charged for current period [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 1,278,573 |
Fair value charged for current period [Member] | October 27, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | |
Fair value charged for current period [Member] | October 30, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | |
Fair value charged for current period [Member] | May 10, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 27,923 |
Fair value charged for current period [Member] | May 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 71,212 |
Fair value charged for current period [Member] | July 22, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 27,064 |
Fair value charged for current period [Member] | July 25, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 225,035 |
Fair value charged for current period [Member] | July 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 23,096 |
Fair value charged for current period [Member] | July 27, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | 59,201 |
Fair value charged for current period [Member] | July 28, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Fair value charged for current period | $ 57,983 |
Exercise price [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | $ 1 |
Exercise price [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1.5 |
Exercise price [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 2.5 |
Exercise price [Member] | October 27, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1.5 |
Exercise price [Member] | October 30, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1.5 |
Exercise price [Member] | May 10, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1.5 |
Exercise price [Member] | May 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1.5 |
Exercise price [Member] | July 22, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1 |
Exercise price [Member] | July 25, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1 |
Exercise price [Member] | July 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1 |
Exercise price [Member] | July 27, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | 1 |
Exercise price [Member] | July 28, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Exercise Price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 9 |
Weighted average remaining life [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 9 |
Weighted average remaining life [Member] | October 29, 2031 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 9 |
Weighted average remaining life [Member] | October 27, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 4 years |
Weighted average remaining life [Member] | October 30, 2026 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 4 years |
Weighted average remaining life [Member] | May 10, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 5 years |
Weighted average remaining life [Member] | May 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 5 years |
Weighted average remaining life [Member] | July 22, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 5 years |
Weighted average remaining life [Member] | July 25, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 5 years |
Weighted average remaining life [Member] | July 26, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 5 years |
Weighted average remaining life [Member] | July 27, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 5 years |
Weighted average remaining life [Member] | July 28, 2027 [Member] | |
Schedule of Share Purchase Warrants Outstanding [Abstract] | |
Weighted average remaining life | 5 years |
Capital, Reserves and Non-Con_7
Capital, Reserves and Non-Controlling Interests (Details) - Schedule of non controlling interests - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Non Controlling Interests [Abstract] | ||
Beginning balance | $ 1,410,630 | $ (611,686) |
Net (loss) profit | 490,852 | (8,233) |
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | 40,251 | |
Ending balance | 1,901,482 | (579,668) |
Taikexi [Member] | ||
Schedule of Non Controlling Interests [Abstract] | ||
Beginning balance | (530,764) | (525,927) |
Net (loss) profit | (4,819) | (4,745) |
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | ||
Ending balance | (535,583) | (530,672) |
Shenzhen Guanpeng [Member] | ||
Schedule of Non Controlling Interests [Abstract] | ||
Beginning balance | (49,055) | (45,508) |
Net (loss) profit | (3,488) | |
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | ||
Ending balance | (49,055) | (48,996) |
Dacheng Liantong [Member] | ||
Schedule of Non Controlling Interests [Abstract] | ||
Beginning balance | (40,251) | |
Net (loss) profit | ||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | 40,251 | |
Ending balance | ||
Hangzhou Xu Zhihang [Member] | ||
Schedule of Non Controlling Interests [Abstract] | ||
Beginning balance | 10,459 | |
Net (loss) profit | ||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | ||
Ending balance | 10,459 | |
Metalpha [Member] | ||
Schedule of Non Controlling Interests [Abstract] | ||
Beginning balance | 1,979,990 | |
Net (loss) profit | 495,671 | |
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | ||
Ending balance | $ 2,475,661 |
Accounts and Other Payables (De
Accounts and Other Payables (Details) - Schedule of accounts and other payables - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 | |
Schedule Of Accounts And Other Payables Abstract | |||
Accounts payables | $ 6,115 | $ 6,862 | |
Other payables and accrued charges | [1] | 3,712,349 | 1,180,230 |
Amount due to related parties | 695,793 | 322,752 | |
Total | $ 4,414,257 | $ 1,509,844 | |
[1]Other payables and accrued charges mainly included customer advances, wage payables and accrual charges. Other payables are non-interest-bearing and are expected to be settled within one year. |
Digital Assets Payables (Detail
Digital Assets Payables (Details) - Schedule of digital assets payables - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Schedule Of Digital Assets Payables Abstract | ||
Digital assets payables to a non-controlling shareholder | $ 36,340,668 | $ 6,200,109 |
Digital assets payables to third parties | 1,532,766 | |
Total | $ 37,873,434 | $ 6,200,109 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of revenue - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Revenue [Abstract] | ||
Supply chain management platform service fee | $ 432,263 | $ 1,230,919 |
Fair value change of proprietary trading digital assets | 3,938,870 | |
Total revenue | $ 4,371,133 | $ 1,230,919 |
Cost of Revenue (Details) - Sch
Cost of Revenue (Details) - Schedule of cost of revenue - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Cost Of Revenue Abstract | ||
Cost for supply chain management platform service | $ 192,681 | $ 214,418 |
Selling and Promotion Expense_2
Selling and Promotion Expenses (Details) - Schedule of selling and promotion expenses - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Selling and Promotion Expenses [Abstract] | ||
Marketing and promotional expenditures | $ 657,238 | $ 3,792,621 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - Schedule of general and administrative expenses - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of General And Administrative Expenses Abstract | ||
Professional fees | $ 496,253 | $ 444,289 |
Wages and benefits | 376,500 | 573,717 |
Travelling expenses | 20,334 | 27,594 |
Depreciation of property and equipment | 75,164 | 28,797 |
Depreciation of right of use assets | 115,505 | 71,226 |
Meals and entertainment | 31,641 | 11,410 |
Share-based compensation | 1,468,800 | |
Office expenses | 16,684 | 15,458 |
Insurance costs | 155,915 | 92,736 |
Other | 170,127 | 5,626 |
General and administrative total | $ 1,458,123 | $ 2,739,653 |
Net Finance Costs (Details) - S
Net Finance Costs (Details) - Schedule of net finance costs - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Net Finance Costs [Abstract] | ||
Interest income | $ 5,013 | $ 107,151 |
Finance income | 5,013 | 107,151 |
Interest expense | (1,939,490) | |
Interest on lease arrangements | (7,527) | (5,166) |
Finance cost | (7,527) | (1,944,656) |
Net finance cost | $ (2,514) | $ (1,837,505) |
Income Tax Expense (Details)
Income Tax Expense (Details) | 6 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 HKD ($) | |
Income Tax Expense (Details) [Line Items] | ||
Profits tax rate | 16.50% | 16.50% |
Assessable profits | $ 254,268 | $ 2,000,000 |
Assessable profits over | $ 254,268 | $ 2,000,000 |
Hong Kong (HK) [Member] | ||
Income Tax Expense (Details) [Line Items] | ||
Applicable tax rate | 16.50% | 16.50% |
Profits tax rate | 8.25% | 8.25% |
PRC [Member] | ||
Income Tax Expense (Details) [Line Items] | ||
Profits tax rate | 25% | 25% |
Income Tax Expense (Details) -
Income Tax Expense (Details) - Schedule of tax recognised in profit or loss - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Current tax expense | ||
Current period | $ 199,897 | |
Reconciliation of effective tax rate | ||
Loss before income tax | (4,686,382) | (7,361,965) |
Tax calculated at domestic tax rates applicable to profits in PRC (2022 and 2021: 25%) | (1,171,596) | (1,840,491) |
Effect of tax rates in foreign jurisdiction | 365,773 | 348,688 |
Tax effect of tax loss not recognized | 1,005,720 | 1,491,803 |
Income tax expense | $ 199,897 |
Income Tax Expense (Details) _2
Income Tax Expense (Details) - Schedule of tax recognised in profit or loss (Parentheticals) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Tax Recognised In Profit Or Loss Abstract | ||
Tax rates applicable to profits in PRC | 25% | 25% |
Financial Risk Management (Deta
Financial Risk Management (Details) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Disclosure Of Financial Risk Management Text Block Abstract | ||
Gearing ratio in percentage | 73% | 42% |
Financial Risk Management (De_2
Financial Risk Management (Details) - Schedule of level in fair value hierarchy - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Financial Risk Management (Details) - Schedule of level in fair value hierarchy [Line Items] | ||
Digital assets | $ 44,505,633 | $ 8,438,027 |
Digital assets payables | 37,873,434 | 6,200,109 |
Level 1 [Member] | ||
Financial Risk Management (Details) - Schedule of level in fair value hierarchy [Line Items] | ||
Digital assets | ||
Digital assets payables | ||
Level 2 [Member] | ||
Financial Risk Management (Details) - Schedule of level in fair value hierarchy [Line Items] | ||
Digital assets | 44,505,633 | 8,438,027 |
Digital assets payables | ||
Level 3 [Member] | ||
Financial Risk Management (Details) - Schedule of level in fair value hierarchy [Line Items] | ||
Digital assets | ||
Digital assets payables | $ 37,873,434 | $ 6,200,109 |
Financial Risk Management (De_3
Financial Risk Management (Details) - Schedule of liabilities measured at fair value based on level 3 - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
US$ | ||
Balance | $ 6,200,109 | |
Acquired during the period | 171,899,214 | 8,735,145 |
Settlement by digital assets, for the period | (145,494,892) | (2,533,106) |
Fair value gains recognized in profit or loss | 5,269,003 | (1,930) |
Balance | $ 37,873,434 | $ 6,200,109 |
Financial Risk Management (De_4
Financial Risk Management (Details) - Schedule of level 2 fair value measurements - Digital assets [Member] | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Financial Risk Management (Details) - Schedule of level 2 fair value measurements [Line Items] | ||
Valuation techniques and key inputs | The digital assets are quoted in unit of different cryptocurrencies. Price of the digital assets at level 2 fair value is referenced to quoted price of relevant cryptocurrencies. | |
Significant observable input | Quoted price of different cryptocurrencies | Quoted price of BTC |
Effect on fair value for increase of inputs | Increase proportionately |
Financial Risk Management (De_5
Financial Risk Management (Details) - Schedule of key unobservable inputs used in level 3 fair value measurements are mainly | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Binomial Option Pricing Model [Member] | ||
Financial Risk Management (Details) - Schedule of key unobservable inputs used in level 3 fair value measurements are mainly [Line Items] | ||
Description | Digital assets payables | Digital assets payables |
Significant unobservable inputs | Expected volatility | Discount rate |
Effect on fair value for increase of inputs | Increase | Decrease |
Binomial Option Pricing Model [Member] | Bottom of Range [Member] | ||
Financial Risk Management (Details) - Schedule of key unobservable inputs used in level 3 fair value measurements are mainly [Line Items] | ||
Range | 59.03% | 0.40% |
Binomial Option Pricing Model [Member] | Top of Range [Member] | ||
Financial Risk Management (Details) - Schedule of key unobservable inputs used in level 3 fair value measurements are mainly [Line Items] | ||
Range | 61.08% | 4.26% |
Black-Scholes Pricing Model [Member] | ||
Financial Risk Management (Details) - Schedule of key unobservable inputs used in level 3 fair value measurements are mainly [Line Items] | ||
Significant unobservable inputs | Expected volatility | |
Range | 37.56% | |
Effect on fair value for increase of inputs | Increase |
Operating Segments (Details) -
Operating Segments (Details) - Schedule of results of operations - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Segments (Details) - Schedule of results of operations [Line Items] | ||
Revenue | $ 4,371,133 | $ 1,230,919 |
Operating expenses | (4,630,254) | (6,746,692) |
Other income (expenses) | (4,427,261) | (1,846,192) |
Profit (loss) before tax | (4,686,382) | (7,361,965) |
Taxes | (199,897) | |
Net profit (loss) | (4,886,279) | (7,361,965) |
Metalpha [Member] | ||
Operating Segments (Details) - Schedule of results of operations [Line Items] | ||
Revenue | 3,938,870 | |
Operating expenses | (2,727,405) | |
Other income (expenses) | ||
Profit (loss) before tax | 1,211,465 | |
Taxes | (199,892) | |
Net profit (loss) | 1,011,573 | |
Longyun [Member] | ||
Operating Segments (Details) - Schedule of results of operations [Line Items] | ||
Revenue | ||
Operating expenses | (848,382) | (2,157,875) |
Other income (expenses) | (4,456,421) | (1,944,776) |
Profit (loss) before tax | (5,304,803) | (4,102,651) |
Taxes | ||
Net profit (loss) | (5,304,803) | (4,102,651) |
DachengLiantong [Member] | ||
Operating Segments (Details) - Schedule of results of operations [Line Items] | ||
Revenue | 158,213 | 1,230,919 |
Operating expenses | (429,784) | (960,568) |
Other income (expenses) | (1,164) | (1,377) |
Profit (loss) before tax | (272,735) | 268,974 |
Taxes | ||
Net profit (loss) | (272,735) | 268,974 |
Other [Member] | ||
Operating Segments (Details) - Schedule of results of operations [Line Items] | ||
Revenue | 274,050 | |
Operating expenses | (624,683) | (3,628,249) |
Other income (expenses) | 30,324 | 99,961 |
Profit (loss) before tax | (320,309) | (3,528,288) |
Taxes | (5) | |
Net profit (loss) | $ (320,314) | $ (3,528,288) |
Operating Segments (Details) _2
Operating Segments (Details) - Schedule of financial position - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Operating Segments (Details) - Schedule of financial position [Line Items] | ||
Current assets | $ 60,340,439 | $ 23,626,280 |
Non-current assets | 563,235 | 712,459 |
Total assets | 60,903,674 | 24,338,739 |
Current liabilities | (44,522,076) | (10,031,527) |
Non-current liabilities | (150,032) | (105,540) |
Total liabilities | (44,672,108) | (10,137,067) |
Net assets | 16,231,566 | 14,201,672 |
Metalpha [Member] | ||
Operating Segments (Details) - Schedule of financial position [Line Items] | ||
Current assets | 46,537,706 | 8,438,027 |
Non-current assets | ||
Total assets | 46,537,706 | 8,438,027 |
Current liabilities | (41,474,678) | (6,434,996) |
Non-current liabilities | ||
Total liabilities | (41,474,678) | (6,434,996) |
Net assets | 5,063,028 | 2,003,031 |
Longyun [Member] | ||
Operating Segments (Details) - Schedule of financial position [Line Items] | ||
Current assets | 4,769,277 | 4,644,940 |
Non-current assets | 179,702 | 35,874 |
Total assets | 4,948,979 | 4,680,814 |
Current liabilities | (474,008) | (557,619) |
Non-current liabilities | (87,231) | |
Total liabilities | (561,239) | (557,619) |
Net assets | 4,387,740 | 4,123,195 |
Dacheng Liantong [Member] | ||
Operating Segments (Details) - Schedule of financial position [Line Items] | ||
Current assets | 4,409,136 | 5,409,384 |
Non-current assets | 278,042 | 213,844 |
Total assets | 4,687,178 | 5,623,228 |
Current liabilities | (257,870) | (464,803) |
Non-current liabilities | (42,938) | (105,540) |
Total liabilities | (300,808) | (570,343) |
Net assets | 4,386,370 | 5,052,885 |
Other [Member] | ||
Operating Segments (Details) - Schedule of financial position [Line Items] | ||
Current assets | 4,624,320 | 5,133,929 |
Non-current assets | 105,491 | 462,741 |
Total assets | 4,729,811 | 5,596,670 |
Current liabilities | (2,315,520) | (2,574,109) |
Non-current liabilities | (19,863) | |
Total liabilities | (2,335,383) | (2,574,109) |
Net assets | $ 2,394,428 | $ 3,022,561 |
Operating Segments (Details) _3
Operating Segments (Details) - Schedule of geographical information of revenue - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Segments (Details) - Schedule of geographical information of revenue [Line Items] | ||
Total | $ 4,371,133 | $ 1,230,919 |
Hong Kong [Member] | ||
Operating Segments (Details) - Schedule of geographical information of revenue [Line Items] | ||
Total | 3,938,870 | |
PRC [Member] | ||
Operating Segments (Details) - Schedule of geographical information of revenue [Line Items] | ||
Total | $ 432,263 | $ 1,230,919 |
Operating Segments (Details) _4
Operating Segments (Details) - Schedule of geographical information of Non-current assets - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Operating Segments (Details) - Schedule of geographical information of Non-current assets [Line Items] | ||
Total | $ 563,235 | $ 712,459 |
Hong Kong [Member] | ||
Operating Segments (Details) - Schedule of geographical information of Non-current assets [Line Items] | ||
Total | 181,148 | 281,947 |
PRC [Member] | ||
Operating Segments (Details) - Schedule of geographical information of Non-current assets [Line Items] | ||
Total | $ 382,087 | $ 430,512 |
Loss Per Share Attributable t_3
Loss Per Share Attributable to Equity Holders of the Company (Details) - shares | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per share [Abstract] | ||
Warrants outstanding | 25,100,000 |
Loss Per Share Attributable t_4
Loss Per Share Attributable to Equity Holders of the Company (Details) - Schedule of dilutive ordinary shares in issue during the year - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Basic Loss Per Share Numerator | ||
Loss for the period attributable to owners of the Company (in Dollars) | $ (5,377,131) | $ (7,353,732) |
Diluted Loss Per Share Numerator | ||
Loss for the period attributable to owners of the Company (in Dollars) | $ (5,377,131) | $ (7,353,732) |
Basic Loss Per Share Denominator | ||
Original shares: | 23,598,371 | 13,263,066 |
- Issuance of common stock, weighted | 1,081,967 | 4,406,216 |
Basic weighted average shares outstanding | 24,680,338 | 17,669,282 |
Diluted Loss Per Share Denominator | ||
Diluted Weighted Average Shares Outstanding: | 24,680,338 | 17,669,282 |
Loss Per Share | ||
- Basic and diluted (in Dollars per share) | $ (0.22) | $ (0.42) |
Weighted Average Shares Outstanding | ||
- Basic and diluted | 24,680,338 | 17,669,282 |
Loss Per Share Attributable t_5
Loss Per Share Attributable to Equity Holders of the Company (Details) - Schedule of dilutive ordinary shares in issue during the year (Parentheticals) - $ / shares | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Dilutive Ordinary Shares In Issue During The Year Abstract | ||
Basic and diluted | $ (0.22) | $ (0.42) |
Basic and diluted | 24,680,338 | 17,669,282 |
Related Party Balances and Tr_3
Related Party Balances and Transactions (Details) - Schedule of related parties relationships | 6 Months Ended |
Sep. 30, 2022 | |
HangZhou TianQi Network Technology Co. Ltd. [Member] | |
Related Party Balances and Transactions (Details) - Schedule of related parties relationships [Line Items] | |
Relationship | Common control by legal representative and shareholder of Taikexi, Mr. Mangyue Sun |
Hangzhou Yuao Venture Capital Co., Ltd [Member] | |
Related Party Balances and Transactions (Details) - Schedule of related parties relationships [Line Items] | |
Relationship | Common control by legal representative of Guanpeng |
Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. [Member] | |
Related Party Balances and Transactions (Details) - Schedule of related parties relationships [Line Items] | |
Relationship | Common control by Mr. Wei Wang |
Mangyue Sun [Member] | |
Related Party Balances and Transactions (Details) - Schedule of related parties relationships [Line Items] | |
Relationship | Legal representative and shareholder of Taikexi |
Fang Qin [Member] | |
Related Party Balances and Transactions (Details) - Schedule of related parties relationships [Line Items] | |
Relationship | Spouse of Mangyue Sun |
Antalpha Technologies Limited (“Antalpha”) [Member] | |
Related Party Balances and Transactions (Details) - Schedule of related parties relationships [Line Items] | |
Relationship | Non-controlling shareholder of a subsidiary of the Company |
Related Party Balances and Tr_4
Related Party Balances and Transactions (Details) - Schedule of loans receivables – related parties consisted - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Related Party Balances and Transactions (Details) - Schedule of loans receivables – related parties consisted [Line Items] | ||
Total | $ 2,245,200 | |
Hangzhou Yuao Venture Capital Co., Ltd [Member] | ||
Related Party Balances and Transactions (Details) - Schedule of loans receivables – related parties consisted [Line Items] | ||
Total | $ 2,245,200 |
Related Party Balances and Tr_5
Related Party Balances and Transactions (Details) - Schedule of other related parties payables consisted - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 | |
Related Party Balances and Transactions (Details) - Schedule of other related parties payables consisted [Line Items] | |||
Total | $ 695,793 | $ 322,752 | |
HangZhou TianQi Network Technology Co. Ltd. [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of other related parties payables consisted [Line Items] | |||
Total | [1] | 41,614 | 46,696 |
Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of other related parties payables consisted [Line Items] | |||
Total | [2] | 56,231 | 205,070 |
Mangyue Sun [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of other related parties payables consisted [Line Items] | |||
Total | [2] | 21,087 | 23,662 |
Fang Qin [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of other related parties payables consisted [Line Items] | |||
Total | [2] | 42,173 | 47,324 |
Antalpha [Member] | |||
Related Party Balances and Transactions (Details) - Schedule of other related parties payables consisted [Line Items] | |||
Total | [3] | $ 534,688 | |
[1]The outstanding payable consists of rent owed.[2]The outstanding payables consist of working capital advances and borrowings.[3]Consultation service fees payable to Antalpha. |
Related Party Balances and Tr_6
Related Party Balances and Transactions (Details) - Schedule of digital asset payables consisted - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Related Party Balances and Transactions (Details) - Schedule of digital asset payables consisted [Line Items] | ||
Total | $ 36,340,668 | $ 6,200,109 |
Antalpha [Member] | ||
Related Party Balances and Transactions (Details) - Schedule of digital asset payables consisted [Line Items] | ||
Total | $ 36,340,668 | $ 6,200,109 |
Related Party Balances and Tr_7
Related Party Balances and Transactions (Details) - Schedule of related parties transactions - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Related Parties Transactions Abstract | ||
Interest income derived from Hangzhou Yuao Venture Capital Co., Ltd | $ 31,268 | |
Derivative products entered with Antalpha | 168,184,034 | |
Derivative products expired to Antalpha | (143,099,238) | |
Consultation service fees to Antalpha | $ (534,688) |
Discontinued Operation (Details
Discontinued Operation (Details) - Schedule of related to the condensed consolidated statement of financial position - Parent Company [Member] | Sep. 30, 2022 USD ($) |
Assets | |
Property, plant and equipment | $ 198,125 |
Right of use assets | 183,962 |
Non-current assets | 382,087 |
Other receivables and prepayments | 510,492 |
Loans receivables | 8,060,849 |
Cash and cash equivalents | 577,650 |
Current assets | 9,148,991 |
Total assets | 9,531,078 |
Equity | |
Share capital | 8,523,538 |
Statutory reserves | 589,659 |
Accumulated deficit | (4,693,240) |
Accumulated other comprehensive (loss) income | (146,260) |
Equity attributable to owners of the Company | 4,273,697 |
Non-controlling interests | (574,178) |
Total equity | 3,699,519 |
Liabilities | |
Lease liabilities | 62,801 |
Non-current liabilities | 62,801 |
Accounts and other payables | 3,833,349 |
Taxes payable | 1,854,936 |
Lease liabilities | 80,473 |
Current liabilities | 5,768,758 |
Total liabilities | 5,831,559 |
Total equity and liabilities | $ 9,531,078 |
Discontinued Operation (Detai_2
Discontinued Operation (Details) - Schedule of related to the condensed consolidated statements of profit or loss - Parent Company [Member] | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Discontinued Operation (Details) - Schedule of related to the condensed consolidated statements of profit or loss [Line Items] | |
Revenue | $ 432,263 |
Cost of revenue | 192,681 |
Selling and promotion expenses | 287,352 |
General and administrative expenses | 361,991 |
Total operating expenses | 649,343 |
Result from operating activities | (409,761) |
Other income | 114,562 |
Other expense | (85,828) |
Finance income | 638 |
Finance costs | (2,783) |
Loss before income tax | (383,172) |
Income tax expense | (5) |
Loss from discontinued operations | $ (383,177) |
Discontinued Operation (Detai_3
Discontinued Operation (Details) - Schedule of net cash flows - Parent Company [Member] | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Operating activities | $ (1,064,857) |
Investing activities | 1,252,171 |
Financing activities | (185,630) |
Net cash outflows | $ 1,684 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Events [Membe] - USD ($) | 1 Months Ended | |
Feb. 20, 2023 | Nov. 28, 2022 | |
Subsequent Events (Details) [Line Items] | ||
Equity interest, percentage | 49% | |
Consideration value | $ 2,500,000 | |
Shares issued (in Shares) | 2,500,000 | |
Par value (in Dollars per share) | $ 0.0001 | |
Share purchase warrants, description | Antalpha entered into a Securities Subscription and Warrant Purchase Agreement with the Company to subscribe 7,500,000 shares of par value US$0.0001 each in the share capital of the Company, upon the exercise of which Antalpha is entitled to purchase, and the Company is obligated to issue and sell, the corresponding number of shares of par value US$0.0001 each of the share capital of the Company. | |
Consideration transaction | $ 1 |