Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | Metalpha Technology Holding Limited |
Trading Symbol | MATH |
Document Type | 20-F |
Current Fiscal Year End Date | --03-31 |
Entity Common Stock, Shares Outstanding | 31,048,371 |
Amendment Flag | false |
Entity Central Index Key | 0001682241 |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38208 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Suite 1508 |
Entity Address, Address Line Two | Central Plaza18 Harbour Road |
Entity Address, Address Line Three | Wan Chai |
Entity Address, City or Town | Hong Kong |
Entity Address, Country | CN |
Title of 12(b) Security | Ordinary Shares, par value US$0.0001 per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | WWC, P.C. |
Auditor Firm ID | 1171 |
Auditor Location | San Mateo, California |
Entity Address, Postal Zip Code | 000-0000 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Suite 1508 |
Entity Address, Address Line Two | Central Plaza18 Harbour Road |
Entity Address, Address Line Three | Wan Chai |
Entity Address, City or Town | Hong Kong |
Entity Address, Country | CN |
Contact Personnel Name | Limin Liu |
City Area Code | 852 |
Local Phone Number | 35652920 |
Entity Address, Postal Zip Code | 000-0000 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Non-current assets | ||
Property and equipment, net | $ 8,423 | $ 297,974 |
Right-of-use assets, net | 120,931 | 385,044 |
Rental deposits | 29,378 | 29,441 |
Total non-current assets | 158,732 | 712,459 |
Current assets | ||
Loans receivables | 9,383,903 | |
Investment in trusts | 2,722,517 | |
Prepayments and other receivables, net | 225,668 | 517,359 |
Restricted digital assets | 5,110,220 | |
Digital assets | 41,113,238 | 8,438,027 |
Cash and cash equivalents | 6,748,115 | 5,286,991 |
Total current assets | 55,919,758 | 23,626,280 |
Total assets | 56,078,490 | 24,338,739 |
Equity | ||
Share capital | 3,105 | 2,360 |
Additional paid-in capital | 33,064,033 | 26,483,470 |
Treasury shares | (353,816) | |
Statutory reserves | 589,659 | |
Other reserves | 16,373,396 | 6,063,086 |
Accumulated deficit | (40,245,874) | (20,382,304) |
Accumulated other comprehensive (loss) income | (244,713) | 34,771 |
Equity attributable to owners of the Company | 8,596,131 | 12,791,042 |
Non-controlling interests | 1,410,630 | |
Total equity | 8,596,131 | 14,201,672 |
Non-current liabilities | ||
Lease liabilities – non-current | 40,113 | 105,540 |
Total non-current liabilities | 40,113 | 105,540 |
Current liabilities | ||
Digital assets payable | 11,329,287 | |
Payable to customers | 1,218,569 | |
Accounts and other payables | 1,327,252 | 1,509,844 |
Taxes payable | 226,096 | 2,058,367 |
Lease liabilities | 93,166 | 263,207 |
Total current liabilities | 47,442,246 | 10,031,527 |
Total liabilities | 47,482,359 | 10,137,067 |
Total liabilities and equity | 56,078,490 | 24,338,739 |
Related Party | ||
Current liabilities | ||
Digital assets payable | 22,854,211 | 6,200,109 |
Payable to customers | $ 10,393,665 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Comprehensive Loss - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Profit or loss [abstract] | |||
Income from digital asset business | $ 5,692,056 | $ 122,711 | |
Cost of income | (3,671,398) | (75,785) | |
Selling and promotion expenses | (39,799) | (57,883) | |
Share purchase warrants expenses | (10,176,995) | (6,063,086) | |
General and administrative expenses | (3,536,092) | (3,238,964) | (639,795) |
Operating loss | (11,732,228) | (9,313,007) | (639,795) |
Other income | 40,588 | 32,372 | 783 |
Other expenses | (1,199) | (4,058) | (59,578) |
Finance costs | (8,464) | (1,941,894) | (1,606,887) |
Total other income and expense, net | 30,925 | (1,913,580) | (1,665,682) |
Loss before income tax expense from continuing operation | (11,701,303) | (11,226,587) | (2,305,477) |
Income tax expense | (218,035) | (8,061) | |
Loss for the year from continuing operation | (11,919,338) | (11,234,648) | (2,305,477) |
Discontinued operation | |||
Loss from discontinued operation | (9,763,190) | (3,193,385) | (2,905,242) |
Gain on disposal of discontinued operation | 1,515,177 | ||
Total loss from discontinued operation | (8,248,013) | (3,193,385) | (2,905,242) |
Loss for the year | (20,167,351) | (14,428,033) | (5,210,719) |
Other comprehensive (loss) income | |||
Foreign operations – foreign currency translation differences | (279,484) | 602,104 | 292,714 |
Total comprehensive loss for the year | (20,446,835) | (13,825,929) | (4,918,005) |
Loss for the year attributable to owners of the Company: | |||
Loss from continuing operation | (12,308,656) | (11,254,638) | (2,305,477) |
Loss from discontinued operation | (8,248,013) | (3,185,001) | (2,841,333) |
Loss attributable to owners of the Company | (20,556,669) | (14,439,639) | (5,146,810) |
Profit for the year attributable to non-controlling interests | |||
Profit from continuing operation | 389,318 | 19,990 | |
Loss from discontinued operation | (8,384) | (63,909) | |
Profit attributable to owners of non-controlling interests | 389,318 | 11,606 | (63,909) |
Loss for the year | (20,167,351) | (14,428,033) | (5,210,719) |
Total comprehensive (loss) income for the year attributable to: | |||
Owners of the Company | (20,836,153) | (13,837,535) | (4,854,096) |
Non-controlling interests | 389,318 | 11,606 | (63,909) |
Total comprehensive loss attributable | $ (20,446,835) | $ (13,825,929) | $ (4,918,005) |
Loss per share attributable to owners of the Company - basic and diluted | |||
Basic continuing operation (in Dollars per share) | $ (0.44) | $ (0.62) | $ (0.2) |
Basic discontinued operation (in Dollars per share) | (0.31) | (0.17) | (0.25) |
Basic owners of the Company (in Dollars per share) | $ (0.75) | $ (0.79) | $ (0.45) |
Weighted average number of shares outstanding | |||
Weighted average number of shares basic (in Shares) | 26,990,679 | 18,299,309 | 11,650,205 |
Consolidated Statements of Pr_2
Consolidated Statements of Profit or Loss and Comprehensive Loss (Parentheticals) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Profit or loss [abstract] | |||
Diluted from continuing operations | $ (0.44) | $ (0.62) | $ (0.20) |
Diluted from discontinued operations | (0.31) | (0.17) | (0.25) |
Diluted owners of the Company | $ (0.75) | $ (0.79) | $ (0.45) |
Weighted average number of shares diluted (in Shares) | 26,990,679 | 18,299,309 | 11,650,205 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Ordinary shares | Additional paid- in capital | Shares to be issued | Treasury shares | Statutory reserves | Other reserves | Accumulated deficit | Accumulated other comprehensive (loss) income | Non-controlling interest | Total |
Balances at Mar. 31, 2020 | $ 1,142 | $ 8,943,065 | $ 589,659 | $ (755,604) | $ (860,047) | $ (547,777) | $ 7,370,438 | |||
Balances (in Shares) at Mar. 31, 2020 | 11,421,393 | |||||||||
(Loss) profit for the year | (5,146,810) | (63,909) | (5,210,719) | |||||||
Conversion of convertible debentures into ordinary shares | $ 184 | 5,902,764 | 195,600 | 6,098,548 | ||||||
Conversion of convertible debentures into ordinary shares (in Shares) | 1,841,673 | |||||||||
Cumulative translation adjustment | 292,714 | 292,714 | ||||||||
Balances at Mar. 31, 2021 | $ 1,326 | 14,845,829 | 195,600 | 589,659 | (5,902,414) | (567,333) | (611,686) | 8,550,981 | ||
Balances (in Shares) at Mar. 31, 2021 | 13,263,066 | |||||||||
(Loss) profit for the year | (14,439,639) | 11,606 | (14,428,033) | |||||||
Issue share purchase warrants | 6,063,086 | 6,063,086 | ||||||||
Ordinary shares issued under employee plans | $ 108 | 108 | ||||||||
Ordinary shares issued under employee plans (in Shares) | 1,080,000 | |||||||||
Shares issued on private placement | $ 410 | 4,011,063 | 4,011,473 | |||||||
Shares issued on private placement (in Shares) | 4,100,000 | |||||||||
Contribution from non-controlling shareholder in a subsidiary | 1,960,000 | 1,960,000 | ||||||||
Acquisition of a subsidiary | 10,459 | 10,459 | ||||||||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | (40,251) | 40,251 | ||||||||
Conversion of convertible debentures into ordinary shares | $ 516 | 7,626,578 | (195,600) | 7,431,494 | ||||||
Conversion of convertible debentures into ordinary shares (in Shares) | 5,155,305 | |||||||||
Cumulative translation adjustment | 602,104 | 602,104 | ||||||||
Balances at Mar. 31, 2022 | $ 2,360 | 26,483,470 | 589,659 | 6,063,086 | (20,382,304) | 34,771 | 1,410,630 | 14,201,672 | ||
Balances (in Shares) at Mar. 31, 2022 | 23,598,371 | |||||||||
(Loss) profit for the year | (20,556,669) | 389,318 | (20,167,351) | |||||||
Issue share purchase warrants | 10,176,995 | 10,176,995 | ||||||||
Ordinary shares issued under employee plans | $ 165 | 911,835 | (912,000) | |||||||
Ordinary shares issued under employee plans (in Shares) | 1,650,000 | |||||||||
Acquisition of non-controlling interests | $ 250 | 2,369,058 | (2,369,308) | |||||||
Acquisition of non-controlling interests (in Shares) | 2,500,000 | |||||||||
Disposal of subsidiaries | (589,659) | 589,659 | 569,360 | 569,360 | ||||||
Share repurchase | (353,816) | |||||||||
Share repurchase (in Shares) | (353,816) | |||||||||
Deregistration of subsidiary | 103,440 | 103,440 | ||||||||
Shares issued on private placement | $ 330 | 3,299,670 | 3,300,000 | |||||||
Shares issued on private placement (in Shares) | 3,300,000 | |||||||||
Equity-settled share-based payments under share award scheme | 1,045,315 | 1,045,315 | ||||||||
Cumulative translation adjustment | (279,484) | (279,484) | ||||||||
Balances at Mar. 31, 2023 | $ 3,105 | $ 33,064,033 | $ 16,373,396 | $ (40,245,874) | $ (244,713) | $ 8,596,131 | ||||
Balances (in Shares) at Mar. 31, 2023 | 31,048,371 | (353,816) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | |||
Loss before income tax | $ (19,949,316) | $ (14,419,972) | $ (5,210,719) |
Add: net loss from discontinued operation | 8,248,013 | 3,193,385 | 2,905,242 |
Loss before income tax from continuing operation | (11,701,303) | (11,226,587) | (2,305,477) |
Adjustments for: | |||
Interest income | (17,925) | (1,485) | (783) |
Finance costs | 8,464 | 1,941,894 | 1,606,887 |
Income from digital asset business | (5,692,056) | (122,711) | |
Cost of income | 2,342,788 | 75,785 | |
Depreciation of property and equipment | 2,888 | 47 | |
Depreciation of right of use assets | 96,457 | 9,725 | |
Share-based compensation | 1,045,315 | 1,468,800 | |
Share purchase warrants expenses | 10,176,995 | 6,063,086 | |
Impairment on goodwill | 78,958 | ||
Changes in assets and liabilities | |||
Decrease in prepayments and other receivables | 196,517 | 117,171 | |
Increase (decrease) in accounts and other payables | 339,219 | 1,198,249 | (19,132) |
Increase in payable to customers | 2,437,000 | ||
Net cash used in operating activities – continuing operation | (765,641) | (397,068) | (718,505) |
Net cash used in operating activities – discontinued operation | (374,683) | (4,397,911) | (2,384,020) |
Net cash used in operating activities | (1,140,324) | (4,794,979) | (3,102,525) |
Cash flows from investing activities | |||
Disposal of property and equipment | 4,463 | 783 | |
Proceeds from purchase of property and equipment | (3,160) | ||
Interest received | 17,925 | 1,485 | |
Disposal of subsidiaries | (70,736) | ||
Net cash (used in) generated from investing activities – continuing operation | (55,971) | 5,948 | 783 |
Net cash generated from investing activities – discontinued operation | 35,548 | 342,158 | 1,292,107 |
Net cash (used in) generated from investing activities | (20,423) | 348,106 | 1,292,890 |
Cash flows from financing activities | |||
Proceeds from shares issued on private placement | 3,300,000 | 4,011,473 | |
Proceeds from issuance of convertible debentures, net | 1,793,439 | 3,095,000 | |
Repurchase of shares | (353,816) | ||
Increase in related party payable | (292,385) | ||
Payment of principal portion of lease liabilities | (211,170) | (97,669) | |
Interest paid | (13,139) | (11,550) | |
Net cash generated from financing activities – continuing operation | 2,721,875 | 5,403,308 | 3,095,000 |
Net cash (used in) generated from by financing activities – discontinued operation | (126,787) | 3,591,469 | (69,609) |
Net cash generated from financing activities | 2,595,088 | 8,994,777 | 3,025,391 |
Net increase of cash and cash equivalents | 1,434,341 | 4,547,904 | 1,215,756 |
Effect of foreign currency translation | 26,783 | (243,451) | (249,144) |
Cash and cash equivalents – beginning of year | 5,286,991 | 982,538 | 15,926 |
Cash and cash equivalents – end of year | $ 6,748,115 | $ 5,286,991 | $ 982,538 |
Overview of the Company
Overview of the Company | 12 Months Ended |
Mar. 31, 2023 | |
Overview of the Company [Abstract] | |
Overview of the Company | 1. Overview of the Company Metalpha Technology Holding Limited (“the Company”), formerly known as Dragon Victory International Limited, was formed in the Cayman Islands on July 19, 2015. The Company mainly operates in proprietary trading of digital assets and digital assets related derivative contracts in Hong Kong, through its British Virgin Islands subsidiary, Metalpha Limited (“Metalpha”). On September 21, 2022, the Company transferred 100% of the equity interest in Radiant Alpha Limited, a wholly-owned subsidiary of Metalpha, to Antalpha Technologies Holdings Limited (“Antalpha”), the minority shareholder of Metalpha for a consideration of US$1. Radiant Alpha Limited has no operations as of the date of 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”. On November 28, 2022, the Company entered into a sale and purchase agreement with Antalpha to purchase 49% of equity interest of Metalpha from Antalpha. The transaction was satisfied by the allotment and issuance of 2,500,000 shares with par value of US$0.0001 in the capital of the Company. Upon completion of the transaction, Metalpha became an indirectly wholly-owned subsidiary of the Company. The transaction was completed on November 28, 2022. On February 20, 2023, Metalpha Holding (HK) Limited (“Metalpha HK”), an indirect wholly-owned subsidiary of the Company, Limin Liu and Wei Wang (as the registered nominee shareholders of HangZhou Longyun Network Technology Co., Ltd (“HangZhou Longyun”)) entered into a sale and purchase agreement (“SPA”) with two related parties, Yang Xu and Liqing Zheng (collectively, the “Purchasers”, employee of the subsidiaries of HangZhou Longyun). Pursuant to the SPA, the Purchasers agreed to purchase the entire equity interest of Hangzhou Dacheng Investment Management Co., Ltd. (“Hangzhou Dacheng”) from Metalpha HK, and the entire equity interest of Hangzhou Longyun from Limin Liu and Wei Wang (the “Transaction”). The Transaction was proposed to implement the Company’s decision to discontinue the operation in Mainland China. The transaction was completed on March 31, 2023. The net deficit of the disposal group was US$2,084,536 as of March 31, 2023. The aggregate consideration for the Transaction was US$1.00. Please refer to note 24 for the details. Particulars of subsidiaries of the Company as of March 31, 2023 are as below: Place of Issued share Principal Percentage of Company and operation capital activities Direct Indirect Sweet Lollipop Co., Ltd. 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”) (1) PRC RMB47,497,000 Investment holding — — 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 (“Metalpha”) (2) British Virgin Islands US$4,000,000 Proprietary trading of digital assets — 100 % LSQ Investment Limited Hong Kong HK$1 Inactive — 100 % Hangzhou Taikexi Dacheng Automobile Technology Service Co. Ltd.(“Taikexi”) (1) PRC RMB8,700,000 Inactive — — Shenzhen Guanpeng International Technology Co. Ltd (“Guanpeng”) (3) PRC RMB510,000 Inactive — — Note: (1) The subsidiaries, HangZhou Dacheng, HangZhou Longyun, Dacheng Liantong, HangZhou Xuzhihang, Guanpeng and Taikexi were disposed on March 31, 2023. Please refer to note 24 for the details. (2) On November 28, 2022, the Company entered into a sale and purchase agreement with Antalpha to purchase 49% of equity interest of Metalpha from Antalpha at a consideration of US$2,500,000, which was satisfied by the allotment and issuance of 2,500,000 shares with par value of US$0.0001 in the capital of the Company. Upon completion of the transaction, Metalpha is an indirectly wholly-owned subsidiary of the Company. The transaction was completed on November 28, 2022. (3) Guanpeng has been deregistered on May 24, 2022. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Mar. 31, 2023 | |
Basis of Preparation [Abstract] | |
Basis of preparation | 2. Basis of preparation 2.1 Basis of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). The financial statements were approved for issuance by the Company’s Board of Directors on February 12, 2024. 2.2 Basis of measurement The financial statements have been prepared under the historical cost convention, except for investment in trusts, digital assets and digital assets payables which are measured at fair value through profit or loss as described in the accounting policies below. 2.3 Functional and presentation currency These financial statements are presented in United States dollars (US$), which is the Company and Hong Kong subsidiaries’ functional currency. The functional currency of the PRC subsidiaries, which had been disposed during the year as discussed in note 24, is Renminbi (“RMB”); all entries from these entities are presented in the Company’s presentational currency of US$. Where the subsidiaries’ functional currency is different from the parent, the assets and liabilities presented are translated at the closing rate as of the statement of financial position date. Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). 2.4 Use of estimates and judgements The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included the following: (a) Accounting of digital assets transactions and balances IFRSs do not specifically address accounting for digital assets. Accordingly, for the preparation of the Company’s consolidated financial statements, management needs to apply judgment in determining appropriate accounting policies based on the existing accounting framework and the facts and circumstances of the Company’s proprietary trading of digital assets business. The Company’s digital assets portfolio mainly comprises cryptocurrencies. According to the business model of the Company’s activities and the characteristics of each of the relevant digital assets, the Company’s digital assets are accounted for as inventories measured at fair value less costs to sell on the consolidated statement of financial position while the respective digital assets obtained (under “digital assets payables”) from counterparties are measure at fair value through profit or loss. Furthermore, in determining fair values, management needs to apply judgment to identify the relevant available markets, and to consider accessibility to and activity within cryptocurrency markets in order to identify the primary digital asset markets for the Company. (b) Impairment allowances for other receivables and loan receivables The loss allowances for other receivables and loans receivables are based on assumptions about the risk of default and expected loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. (c) Determination of share-based payments The estimation of share-based payments (including warrants and stock options) requires the selection of an appropriate valuation model and consideration as to the inputs necessary for the valuation model chosen. The model used by the Company is the Black-Scholes valuation model at the date of the grant. The Company makes estimates as to the risk-free interest rate, volatility, the expected life of the warrants and weighted average fair value per warrant, as applicable. The expected volatility is based on the average volatility of share prices of the Company over the period of the expected life of the applicable warrants and stock options. The expected life is based on historical data. These estimates may not necessarily be indicative of future actual patterns. Refer to note 13 and note 27(f) for more details on the valuation model and relevant significant inputs. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | 3. Significant accounting policies The accounting policies set out below have been applied consistently by the Company to the years presented in these financial statements. 3.1 Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the years ended March 31, 2023, 2022 and 2021. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Company the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Company’s voting rights and potential voting rights. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in full on consolidation. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognizes (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Company’s share of components previously recognized in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Company had directly disposed of the related assets or liabilities. 3.2 Discontinued operation A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operation are presented separately in the consolidated statement of profit or loss and comprehensive loss, consolidated statement of financial position and consolidated statements of cash flows. Please refer to note 24 for the details. 3.3 Foreign currencies Transactions in foreign currencies are translated into the functional currency of the Company at exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated into the functional currency at the exchange rate on that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising from translation are recognized in profit or loss. 3.4 Financial instruments Financial assets (i) Classification The Company classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value through profit or loss, and ● those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in profit or loss. The Company reclassifies debt instruments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Company commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. This category includes derivative instruments and equity investments which the Company had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other income in the statement of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of the dividend can be measured reliably. (iv) Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated statement of financial position) when: ● the rights to receive cash flows from the asset have expired; or ● the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. (v) Impairment The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For other receivables and loan receivables, a general approach is applied. Financial liabilities (i) Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include accounts and other payables and lease liabilities. (ii) Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: Financial liabilities at amortized cost (loans and borrowings) After initial recognition, accounts and other payables and lease liabilities are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in the statement of profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in the statements of profit or loss. (iii) Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in the statement of profit or loss. Offsetting Financial assets and financial liabilities are off-set and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. 3.5 Impairment (i) Non-derivative financial assets The Company recognizes loss allowances for expected credit losses (“ECL”) on financial assets measured at amortized cost. General approach The Company applies the general approach to provide for ECL on all other financial instruments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition. At each reporting date, the Company assesses whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECL. When determining whether the credit risk of financial assets have increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment that includes forward-looking information. Measurement of ECLs The Company decided to assess the ECL of the financial asset at amortized cost based on the discounted product of exposure at default (‘EAD’), probability of default (‘PD’) and loss given default (‘LGD’) as defined below: ● EAD is based on the trade receivable amounts that the Company expects to be owed at the time of default. This represents the carrying value of the trade receivable. ● PD represents the likelihood of a buyer defaulting on its financial obligation, either over the next 12 months or over the remaining lifetime of the obligation. ● LGD represents the Company’s expectation of the extent of loss on a defaulted exposure. LGD is expressed as a percentage loss per unit of exposure at the time of default. The ECL is computed by multiplying EAD, PD, LGD for each category. The PD and LGD are developed by utilizing historical default studies and publicly available data. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: ● significant financial difficulty of the borrower or issuer; ● a breach of contract such as a default after negotiation; ● the restructuring of a loan or advance by the Company on terms that the Company would not consider otherwise; or ● it is probable that the borrower will enter bankruptcy or other financial reorganization. Presentation of allowance for ECLs in the statement of financial position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of these assets. Write-off The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company’s procedures for recovery of amounts due. (ii) Non-financial assets The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognized if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are 欲 Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 3.6 Property and equipment Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The principal annual rates used for this purpose are as follows: ● Computer Equipment 1-3 years ● Office Equipment 4-5 years ● Motor Vehicle 4 years Depreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. An item of property and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. 3.7 Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: ● fixed payments, including in-substance fixed payments; ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as of the commencement date; ● amounts expected to be payable under a residual value guarantee; and ● the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 3.8 Investment in derivative contracts The Company holds and invests in derivative contracts for the purposes of trading in the ordinary course of the Company’s digital assets business. A derivative contract is initially recognized at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The derivative contracts are generally placed on the third-party exchanges institution to earn from the changes in the fair value over the period. The changes in fair value of futures will be recognized as fair value changes of derivative contracts in the consolidated statements of profit or loss and comprehensive loss. 3.9 Digital assets Digital assets are held mainly for the purposes of trading in the ordinary course of the Company’s digital assets trading business in the OTC market. Digital assets are held mainly for the purposes of both trading for another token and entering an derivative contract in which such digital tokens are provided as margin in the ordinary course of the Company’s digital assets business. Digital assets held in the Company’s digital asset wallets primarily comprise digital assets that are prefunded by and traded with, but not yet withdrawn by counterparties (or “customers”) under Digital Asset Trading Agreements (“DATA”). Digital assets obtained from counterparties are recorded as digital assets of the Company (see below for the measurement) which can be used in the Company’s ordinary business, with a corresponding liability recorded due to the counterparties (under “Digital assets payables” measured at fair value through profit or loss in current liabilities). Upon maturity of the financing arrangements, the Company transfers the digital assets at a rate stipulated in the DATA to the counterparty’s wallet and the related digital assets and liability due to the counterparty is derecognized. The Company’s digital asset portfolio mainly comprises cryptocurrencies and since the Company actively trades cryptocurrencies, purchasing them with a view to their resale in the near future, and generating a profit from fluctuations in the price, the Company applies the guidance in IAS 2 for commodity broker-traders and measures the digital assets at fair value less costs to sell. The Company considers there are no significant “costs to sell” digital assets and hence measurement of digital assets is based on their fair values with changes in fair values recognized in profit or loss in the period of the changes. See note 27(f) for estimation of fair value in respect of the digital assets and digital assets payables. 3.10 Cash and cash equivalents For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value. 3.11 Share-based payments The Company operates a share-based payment scheme (in the form of warrant shares and share options) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Under such schemes, consultants providing similar services with employees and services providers of the Company may receive equity instruments as remuneration for their services rendered (“equity-settled transactions”). Besides, the Company also gives investors the right, but not the obligation, to buy the Company shares on or by a certain date, at a specified price under the scheme (in the form of written call option). Share purchase warrants and share options The fair value of the share purchase warrants and share options granted to employees and consultants providing similar services in exchange for the grant of the warrants is recognized as an expense with a corresponding increase in share-based warrants reserve. The total amount to be expensed is determined by reference to the fair value of the share purchase warrants granted. The total amount to be expensed is determined by reference to the fair value of the share options gran ted: ● including any market performance conditions (e.g. the Company’s share price), ● excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and ● including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specified period of time). The total expense is recog The warrant reserve presents the proceeds from issuance of warrants, net of issue costs. Warrant reserve is non-distributable and will be transferred to additional paid-in capital account upon exercise of warrants. 3.12 Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. 3.13 Repurchase of shares Where any Group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental cost (net of income taxes) is recorded as a deduction from equity attributable to the Company’s equity holders as a treasury share reserve until the shares are cancelled, reissued or disposed of. When such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effect, the nominal amount is reversed from the treasury share reserve, with any remaining difference to the total transaction value being recognized in additional paid-in capital. 3.14 Loss per share The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees and share purchase warrants granted to consultants. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3.15 Additional paid-in capital Amount subscribed for common stock in excess of nominal value. 3.16 Digital assets payables Digital assets payables are derivative contracts which are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The derivative contracts are held for trading and do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in profit or loss and included in “income from digital assets business”. Trading derivatives are classified as a current asset or liability. Digital assets payables are removed from the consolidated statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. Digital assets payables are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. 3.17 Income Supply chain management platform service fee The Company generates platform fees through its supply chain management platform service through its PRC subsidiaries which had been disposed during the year. The transaction price is determined based on a percentage of the aggregate amounts of purchase payments to our partnered auto parts suppliers. The Company recognizes revenue when the procured auto parts have been transferred to and accepted by the customers as the Company’s performance obligation is completed at a point in time. Proprietary trading of digital assets and derivative contracts The Company participated in proprietary trading and earned profits, at a point in time, when executing buy and sell orders on various exchanges. The Company presents trading income from digital assets trading business that primarily represent trading margin arising from trading various digital assets and net gain or loss from remeasurement of digital assets and digital assets payable. The Company is exposed to net trading gains or losses from holding digital assets for trading up to the point when a trade (to buy or sell digital assets) with customer is concluded with fixed terms of trade with respect to the type, unit and price of digital assets. 3.18 Cost of income Cost of income comprises of commission to traders and technical support fee for the trading of digital assets business. 3.19 Selling and promotion expenses Selling and promotion expenses comprise of marketing and promotional expenditures. 3.20 General and administrative expenses General and administrative costs mainly comprise of legal fees, professional fees, consultancy fees, staff costs and depreciation. 3.21 Finance costs Finance costs comprise amortization of debt issuance cost and interest of lease liabilities. 3.22 Interest income Interest income is presented as finance income where it is earned from financial institutions that are held for cash management purposes. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the finan |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Mar. 31, 2023 | |
Liquidity and Going Concern [Abstract] | |
Liquidity and going concern | 4. Liquidity and going concern As of March 31, 2023, the Company had net loss for the year, accumulated deficits, and cash used in operating activities that raise substantial doubt about its ability to continue as a going concern. Management plans to continue to focus on improving operational efficiency and cost reductions. In parallel, the Company continually monitors its capital structure and operating plans and evaluates various potential funding alternatives that may be needed in order to finance the Company’s business development activities, general and administrative expenses and growth strategy. These alternatives include external borrowings, raising funds through public equity or debt markets. The accompanying audited consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These audited consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Mar. 31, 2023 | |
Property and Equipment, Net [Abstract] | |
Property and equipment, net | 5. Property and equipment, net Computer and equipment 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 subsidiary (note 23) 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 3,160 18,410 21,570 Disposal (43,847 ) (3,220 ) (47,067 ) Disposal of subsidiaries (note 24) (192,847 ) (379,957 ) (572,804 ) Exchange realignment 929 — 929 As of March 31, 2023 12,299 — 12,299 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 year 7,539 63,401 70,940 Disposal (9,637 ) (832 ) (10,469 ) Disposal of subsidiaries (note 24) (212,163 ) (156,122 ) (368,285 ) Exchange realignment (7 ) — (7 ) As of March 31, 2023 3,876 — 3,876 Net carrying amount As of March 31, 2023 8,423 — 8,423 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 | 12 Months Ended |
Mar. 31, 2023 | |
Right-of-Use Assets and Lease Liabilities [Abstract] | |
Right-of-use assets and lease liabilities | 6. 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 one and four years. 2023 2022 US$ US$ Land and buildings Cost: At beginning of year 505,494 74,794 Addition during the year 110,206 427,672 Exchange realignment (4,260 ) 3,028 Disposal of subsidiaries (note 24) (358,067 ) — At end of year 253,373 505,494 Accumulated depreciation: At beginning of year 120,450 28,496 Depreciation for the year 185,300 90,327 Exchange realignment (211 ) 1,627 Disposal of subsidiaries (note 24) (173,097 ) — At end of year 132,442 120,450 Net carrying amount 120,931 385,044 (b) Lease liabilities Set out below are the carrying amounts of lease liabilities and the movements during the years: 2023 2022 US$ US$ At beginning of year 368,747 38,153 Additions to lease liabilities 110,206 427,672 Interest charged 13,139 11,550 Payment made (224,309 ) (109,219 ) Exchange realignment 461 591 Disposal of subsidiaries (note 24) (134,965 ) — At end of year 133,279 368,747 Represented by: 2023 2022 US$ US$ Current liabilities 93,166 263,207 Non-current liabilities 40,113 105,540 Total 133,279 368,747 The effective interest rate applied to the lease liabilities recognized in the statement of financial position was 4.75% per annum (2022: 4.75% to 4.90% per annum). Reconciliation of liabilities arising from financing activities Lease liabilities US$ Balance as of April 1, 2021 38,153 Changes from financing cash flow Lease payment (109,219 ) Interest paid 11,550 Total changes from financing cash flow (97,669 ) Other changes New leases 427,672 Exchange realignments 591 Total other changes 428,263 Balance as of March 31, 2022 368,747 Changes from financing cash flow Lease payment (224,309 ) Interest paid 13,139 Total changes from financing cash flow (211,170 ) Other changes New leases 110,206 Disposal of subsidiaries (note 24) (134,965 ) Exchange realignments 461 Total other changes (24,298 ) Balance as of March 31, 2023 133,279 |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill [Abstract] | |
Goodwill | 7. Goodwill As of March 31, 2023, cost of goodwill amounted to US$78,958 (2022: US$78,958) which arising from acquisition of a subsidiary and was fully impaired during the year ended March 31, 2022. |
Loans Receivables
Loans Receivables | 12 Months Ended |
Mar. 31, 2023 | |
Loans Receivables [Abstract] | |
Loans receivables | 8. Loans receivables 2023 2022 US$ US$ Loans to third parties (note (a)) — 7,138,703 Loans to related parties (note (b)) — 2,245,200 Total — 9,383,903 Notes: (a) As of March 31, 2022, the advances granted to independent third parties were unsecured, except for US$2,070,421 bearing a fixed interest rate at 5%, interest free, and repayable within 12 months from the year end date as of March 31, 2022. (b) As of March 31, 2022, the advances granted to related parties are unsecured, bearing a fixed interest rate at 5%, and repayable within 12 months from the year end date as of March 31, 2022. (c) During the year ended March 31, 2023, all the loan receivables arising from the Company’s PRC subsidiaries were impaired and included in the discontinued operation. |
Investment in Trusts
Investment in Trusts | 12 Months Ended |
Mar. 31, 2023 | |
Investment in Trusts [Abstract] | |
Investment in trusts | 9. Investment in trusts The Company invested in Grayscale Bitcoin Trust (“GBTC”). As of March 31, 2023, the Company held 166,413 unit of shares in GBTC. The fair value of investment in GBTC is made reference to the market price of GBTC of US$16.36 as of March 31, 2023. During the year ended March 31, 2023, the fair value gain on investment in trusts was US$403,533. |
Prepayments and Other Receivabl
Prepayments and Other Receivables, Net | 12 Months Ended |
Mar. 31, 2023 | |
Prepayments and Other Receivables [Abstract] | |
Prepayments and other receivables, net | 10. Prepayments and other receivables, net Prepayments and other receivables, net consist of the following: 2023 2022 US$ US$ Advance to service providers — 47,613 Prepaid tax — 69,321 Prepaid insurance 62,052 262,682 Receivables from Bsset Technology Limited (“Bsset”) 100,013 — Others 65,679 205,517 Total 227,744 585,133 Allowance for expected credit losses (2,076 ) (67,774 ) Prepayments and other receivables after allowance for expected credit losses 225,668 517,359 Note: (a) On March 28, 2023, the Company’s subsidiary, Metalpha, entered an investment agreement with Bsset. According to the investment agreement, Metalpha transferred approximately US$100,013 to Bsset to invest in a crypto asset portfolio managed by Bsset. Partial receivables were received on May 17, 2023 amounting US$80,010. Allowance for expected credit losses of US$2,076 was recorded in the consolidated statements of profit or loss and comprehensive loss for the year ended March 31, 2023. Movements of allowance for expected credit losses as followings: 2023 2022 US$ US$ As of April 1 67,774 65,558 Additions 2,076 — Disposal of subsidiaries (67,774 ) — Exchange realignments — 2,216 As of March 31 2,076 67,774 |
Digital Assets
Digital Assets | 12 Months Ended |
Mar. 31, 2023 | |
Digital Assets [Abstract] | |
Digital assets | 11. Digital assets 2023 2022 US$ US$ Digital assets held on exchange institutions 41,113,238 8,438,027 Digital assets held on exchange institutions - restricted 5,110,220 — Total 46,223,458 8,438,027 The digital assets held on third party exchange institutions are measured at fair value. They represented a balance 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. The Company pledged digital assets as collateral of derivative contracts entered as of March 31, 2023. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 12. Cash and cash equivalents 2023 2022 US$ US$ Bank balances 6,748,115 5,286,991 The cash and cash equivalents of US$ Nil As of March 31, 2023 and 2022, the cash and cash equivalents of US$180,387 (2022: US$68,106) are denominated in HK$, while US$6,567,728 (2022: US$4,849,850) are denominated in US$. |
Equity
Equity | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Equity | 13. Equity a. Share capital and additional paid-in capital The addition of share capital and additional paid-in capital represented: (i) The issuance of 3,300,000 ordinary shares in private placement on July 25, 2022; (ii) The issuance of 1,650,000 shares under employees plans; and (iii) The issuance of 2,500,000 shares to purchase 49% non-controlling interests of Metalpha on November 28, 2022. b. Warrants reserves Warrants are issued to management team and consultants on trading of digital assets business as an incentive to boost overall performance of the company. A continuity schedule of outstanding share purchase warrants and fair value charged to profit or loss are as follows: Number of Weighted Fair value US$ US$ Balance – April 1, 2021 — — — Issued for the year 17,800,000 1.79 6,063,086 Balance – March 31, 2022 17,800,000 1.79 6,063,086 Addition for the year 14,800,000 1.05 10,176,995 Balance – March 31, 2023 32,600,000 1.58 16,240,081 On October 27, 2021, the Company issued 1,800,000 share purchase warrants to consultants and it 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 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 exercisable date shall be the later of: (i) the one year anniversary 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; (ii) 3,500,000 share purchase warrants exercisable at $1.50 per share; and (iii) 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 Ming Ni and it 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 and they 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 and they 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. In July 2022, the Company issued 6,600,000 share purchase warrants to consultants and employees and they 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. On November 2022, the Company issued 4,500,000 type A warrants to Antalpha and they are exercisable at the lower of (i) US$1.00 per share or (ii) 88% of the lowest daily volume-weighted average price, for a period of five years. On November 2022, the Company issued 3,000,000 type B warrants to Antalpha and they are exercisable at the lower of (i) US$1.50 per share or (ii) 88% of the lowest daily volume-weighted average price, for a period of ten years. The Company’s share purchase warrants are revalued as of March 31, 2023 by independent professional qualified valuer by using binomial option pricing models. The Company used the following assumptions in calculating the fair value of the warrants for the year ended: As of As of Risk-free interest rate 2.66% - 3.80% 1.14% - 1.15% Expected life of warrants 4 - 9 years 5 - 10 years Volatility 101.58% - 121.32% 80.59% - 82.59% Weighted average fair value per warrant (US$) 0.12 - 0.48 0.71 - 1.29 As of March 31, 2023, the Company had share purchase warrants outstanding as follows: Warrants Fair value at Fair value Exercise Remaining Expiry Date US$ US$ US$ (years) October 29, 2031 3,500,000 4,515,601 3,142,589 1 8 October 29, 2031 3,500,000 4,229,191 2,023,536 1.5 8 October 29, 2031 7,000,000 7,500,124 2,550,201 2.5 8 October 27, 2026 1,800,000 1,353,304 — 1.5 3 October 29, 2026 2,000,000 1,417,766 — 1.5 3 May 10, 2027 200,000 84,000 63,460 1.5 4 May 26, 2027 500,000 238,000 173,264 1.5 4 July 22, 2027 440,000 163,000 97,431 1 4 July 25, 2027 3,780,000 1,405,000 836,326 1 4 July 26, 2027 400,000 146,000 86,784 1 4 July 27, 2027 1,000,000 379,000 224,964 1 4 July 28, 2027 980,000 376,000 222,870 1 4 November 28, 2027 1,125,000 264,000 180,400 1 4 November 28, 2027 1,125,000 274,000 92,334 1 4 November 28, 2027 1,125,000 289,000 65,224 1 4 November 28, 2027 1,125,000 303,000 51,053 1 4 November 28, 2032 750,000 263,000 179,717 1.5 9 November 28, 2032 250,000 89,000 29,992 1.5 9 November 28, 2032 500,000 165,000 55,603 2.5 9 November 28, 2032 500,000 169,000 38,141 2.5 9 November 28, 2032 250,000 87,000 19,635 6 9 November 28, 2032 750,000 258,000 43,471 6 9 Total 32,600,000 23,967,986 10,176,995 (c) Share award plan On June 30, 2022, the Company implemented its 2022 Performance Incentive Plan (“Plan”) to foster the success of the Company and to increase shareholder value by providing an additional means, through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons, and to enhance the alignment of the interests of such selected participants with the interests of the Company’s shareholders. Under the Plan, an aggregate of 3,300,000 ordinary shares of US$0.0001 par value each of the Company are reserved for issuance for purposes of the Plan, subject to adjustments as contemplated by the Plan. Number of share award grant 2023 2022 As of April 1 — — Issued during the year 3,300,000 — Exercised during the year (1,650,000 ) — As of March 31 1,650,000 — The fair value of the share awards was calculated based on the market price of the Company’s shares at the respective grant date. The fair value of the share options granted during the year was US$1,573,500, of which the Company recognized a share option expense of US$1,045,315 during the year ended March 31, 2023. (d) Non-controlling interests Taikexi Shenzhen Guanpeng Dacheng Liantong Hangzhou Xuzhihang Metalpha Total US$ US$ US$ US$ US$ US$ As of April 1, 2020 (505,566 ) (31,664 ) (10,547 ) — — (547,777 ) Loss for the year (20,361 ) (13,844 ) (29,704 ) — — (63,909 ) As of March 31, 2021 (525,927 ) (45,508 ) (40,251 ) — — (611,686 ) (Loss) profit for the year (4,837 ) (3,547 ) — — 19,990 11,606 Contribution from non-controlling shareholder in a subsidiary — — — — 1,960,000 1,960,000 Acquisition of a subsidiary — — — 10,459 — 10,459 Changes in non-controlling interest due to changes in ownership of partially owned subsidiary — — 40,251 — — 40,251 As of March 31, 2022 (530,764 ) (49,055 ) — 10,459 1,979,990 1,410,630 Profit for the year — — — — 389,318 389,318 Disposal of subsidiaries 530,764 49,055 — (10,459 ) — 569,360 Acquisition of non-controlling interests — — — — (2,369,308 ) (2,369,308 ) As of March 31, 2023 — — — — — — Acquisition of non-controlling interests On November 11, 2022, the Company entered into an agreement with Antalpha to acquire the remaining 49% interests in Metalpha at a consideration of US$2,500,000. The Company issued 2,500,000 shares valued at US$0.0001 each as consideration. The transaction was completed on 30 November 2022. (e) Statutory reserves As stipulated by the relevant laws and regulations applicable to China’s foreign investment enterprises, the Company’s PRC subsidiaries, which had been disposed during the year, are required to maintain a statutory surplus reserve which is non-distributable. Appropriations to such reserves are made out of net profit after tax of the statutory financial statements of the PRC subsidiaries at the amounts determined by their respective boards of directors annually up to 50% of authorized capital, but must not be less than 10% of the net profit after tax. (f) Accumulated deficit The accumulated deficit comprises the cumulative net profit and losses for the year recognized in the consolidated statements of profit or loss. (g) Accumulated other comprehensive (loss) income Accumulated other comprehensive (loss) income represents the foreign currency translation difference arising from the translation of the financial statements of companies within the Company from their functional currency to the Company’s presentation currency. (h) Treasury shares On March 15, 2023, the Company repurchased 329,582 shares of the Company at a consideration of US$353,816 (including transaction costs). |
Digital Assets Payable
Digital Assets Payable | 12 Months Ended |
Mar. 31, 2023 | |
Digital Assets Payable [Abstract] | |
Digital assets payable | 14. Digital assets payable 2023 2022 US$ US$ Digital assets payables to: Related parties (note 28) 22,854,211 6,200,109 Third party payables 9,796,120 — Cryptocurrency exchange 1,533,167 — Total 34,183,498 6,200,109 Movement of digital assets payables was shown below: Digital assets payable 2023 2022 US$ US$ As of April 1 6,200,109 — Entered during the year 296,810,473 8,735,145 Settled during the year (274,172,598 ) (2,533,106 ) Unrealized fair value loss (gain) 5,345,514 (1,930 ) As of March 31 34,183,498 6,200,109 |
Payable to Customers
Payable to Customers | 12 Months Ended |
Mar. 31, 2023 | |
Payable to Customers [Abstract] | |
Payable to customers | 15. Payable to customers The deposits were the amount received from customers but not yet invested or entered into any contract, while, the Company has owned obligations to the customers. 2023 2022 US$ US$ Payables to customers: Related parties (note 28) 10,393,665 — Third party payables 1,218,569 — Total 11,612,234 — |
Accounts and Other Payables
Accounts and Other Payables | 12 Months Ended |
Mar. 31, 2023 | |
Accounts and Other Payables [Abstract] | |
Accounts and other payables | 16. Accounts and other payables 2023 2022 US$ US$ Account payables (note (a)) — 6,862 Commission payables 816,984 — Technical cost payables 20,930 — Other payables and accrued charges 91,875 1,152,662 Wages payables (note (b)) 397,463 — Amount due to related parties (note (c)) — 350,320 Total 1,327,252 1,509,844 Note: (a) The commission payables were payables to the traders for offering operations and marketing service, while the technical cost was payables to the consultants for the consultant services provided. (b) The wages payable were the wages payables to the director of the Company. (c) The amount due to related parties are unsecured, interest-free and repayable on demand. The amount has been disposed along with disposal of subsidiaries as disclosed in note 24. (d) Other payables are non-interest-bearing and are expected to be settled within one year. |
Income from Digital Asset Busin
Income from Digital Asset Business | 12 Months Ended |
Mar. 31, 2023 | |
Income from Digital Asset Business [Abstract] | |
Income from digital asset business | 17. Income from digital asset business 2023 2022 2021 US$ US$ US$ (restated) (restated) Unrealized fair value change of trading of digital assets and derivative contracts (note (a)) 5,288,523 122,711 — Unrealized fair value change on investment in trusts 403,533 — — Net fair value change in digital assets business 5,692,056 122,711 — Note: (a) The Company trades cryptocurrencies and relevant derivative contracts over-the-counter and in cryptocurrency exchange, by purchasing cryptocurrencies with a view to their resale in the near future, and generating a profit from fluctuations in the prices, the Company applies the guidance in IAS 2 for commodity broker-traders and measures the cryptocurrencies at fair value less costs to sell. The Company considers that there are no significant “costs to sell” virtual assets and hence the measurement of virtual assets is based on their fair values with changes in fair values recognized in profit or loss in the period of the changes. |
Cost of Income
Cost of Income | 12 Months Ended |
Mar. 31, 2023 | |
Cost of Income [Abstract] | |
Cost of income | 18. Cost of income 2023 2022 2021 US$ US$ US$ (restated) (restated) Commission to traders (note (a)) 3,014,047 75,785 — Transaction fee 50,663 — — Technical support fees (note (b)) 606,688 — — Total 3,671,398 75,785 — Note: (a) The commission to traders was paid to the traders for offering operations and marketing services in generating income from trading of digital assets. (b) The technical support fees were paid to the consultants for the digital assets trading consultation services provided. |
General and Administrative
General and Administrative | 12 Months Ended |
Mar. 31, 2023 | |
General and Administrative [Abstract] | |
General and administrative | 19. General and administrative 2023 2022 2021 US$ US$ US$ (restated) (restated) Professional fees 772,572 584,055 168,862 Wages and benefits 707,625 530,912 438,259 Director fees 373,417 108,281 — Travelling expenses 8,368 4,979 9,310 Depreciation of property and equipment 2,887 64,977 — Depreciation of right of use assets 85,476 90,327 — Meals and entertainment 117,577 1,784 9,964 Share-based compensation 1,045,315 1,468,800 — Office expenses 40,410 77,095 — Insurance costs 231,128 260,213 — Other 151,317 47,541 13,400 Total 3,536,092 3,238,964 639,795 |
Other Income
Other Income | 12 Months Ended |
Mar. 31, 2023 | |
Other Income [Abstract] | |
Other Income | 20. Other income 2023 2022 2021 US$ US$ US$ (restated) (restated) Interest income from financial institutions 25,280 1,485 783 Government subsidies (note (a)) 15,308 — — Gain on exchange difference — 30,887 — Total 40,588 32,372 783 Note: (a) The government subsidies were granted under the Employment Support Scheme (“ESS”) for the Anti-epidemic fund from the Hong Kong Government to provide financial support to enterprises to retain their employees. Employers participating in ESS were required to undertake and warrant that they would: (i) not implement redundancies during the subsidy period; and (ii) spend all the wage subsidies on paying wages to their employees. There were no unfulfilled conditions nor other contingencies attached to the ESS funding. |
Finance Costs
Finance Costs | 12 Months Ended |
Mar. 31, 2023 | |
Finance Costs [Abstract] | |
Finance costs | 21. Finance costs 2023 2022 2021 US$ US$ US$ (restated) (restated) Interest expense — 1,938,803 1,606,887 Lease expense 8,464 3,091 — Total finance costs 8,464 1,941,894 1,606,887 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Expense [Abstract] | |
Income tax expense | 22. Income tax expense The Company is formed in the 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 the 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 Hong Kong profits tax, which is calculated in accordance with the two-tiered profits tax rates regime. The applicable tax rate for the first HK$2 million of assessable profits is 8.25% and assessable profits above HK$2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of assessment 2018/2019. Before that, the applicable tax rate was 16.5% for corporations in Hong Kong. 2023 2022 2021 US$ US$ US$ (restated) (restated) Income tax expense Current tax expense 218,035 8,061 — Reconciliation of effective tax rate Loss from continuing operation before income tax (11,701,303 ) (11,226,587 ) (2,305,477 ) Tax calculated at domestic tax rates applicable to respective profits (2023, 2022 and 2021: 16.5%) (1,930,715 ) (1,852,387 ) (380,404 ) Effect of tax rates in Cayman Islands — — — Effect of non-taxable income (6,697 ) (245 ) — Tax effect of tax loss not recognized 2,155,447 1,860,693 380,404 Income tax expense 218,035 8,061 — |
Business Combination
Business Combination | 12 Months Ended |
Mar. 31, 2023 | |
Business Combination [Abstract] | |
Business combination | 23. Business combination Acquisition of Hangzhou Xu Zhihang On March 30, 2022, Dacheng Liantong, a variable interest entity and deemed subsidiary of the Company entered into an equity transfer agreement with two independent parties (“the seller”), being the shareholders of Hangzhou Xuzhihang, to acquire 60% of equity interest in Hangzhou Xuzhihang from the seller at a cash consideration of RMB600,000 (approximately US$94,647). After completion of transaction, Hangzhou Xuzhihang became a 60% owned subsidiary of the Company. The consideration transferred together with the fair value of each class of recognized assets and liabilities of the acquirees at the date of acquisition and the resulting goodwill are set out below. US$ Total purchase price (for 60% of equity interest) 94,647 Fair value of identifiable assets and liabilities of the acquired equity interest: Cash and bank balances 2,189 Trade and other receivables 156,006 Property and equipment, net 12,672 Total identifiable assets 170,867 Total liabilities assumed (144,719 ) Less: non-controlling interest identified 10,459 Total fair value of identifiable assets as of acquisition date 15,689 Goodwill 78,958 The fair value of assets acquired and liabilities assumed approximately the gross contractual amounts. An analysis of the cash flows in respect of the acquisition is as follows: US$ Purchase consideration (94,647 ) Cash and bank balances 2,189 Net cash outflow (92,458 ) |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations [Abstract] | |
Discontinued operations | 24. Discontinued operation In February 2023, the Company entered into a sale and purchase agreement with Yang Xu and Liqing Zheng (the “Purchaser”) to dispose 100% equity interest in Hangzhou Dacheng and Hangzhou Longyun (collectively, the “disposal group”) at a total consideration of US$1.00. The disposal was completed on March 31, 2023, the date on which the control of Hangzhou Dacheng and Hangzhou Longyun was passed to the Purchaser. (a) Details of the disposal of discontinued operation The carrying amounts of assets and liabilities in relation to the discontinued operation as of March 31, 2023, the date of disposal, were: As of US$ Assets Non-current assets Property and equipment, net 204,519 Right-of-use assets, net 184,970 Total non-current assets 389,489 Current assets Other receivables 95,174 Cash and cash equivalents 70,736 Total current assets 165,910 Total assets 555,399 Liabilities Non-current liabilities Lease liabilities (94,313 ) Total non-current liabilities (94,313 ) Current liabilities Other payables (612,770 ) Tax payable (1,892,200 ) Lease liabilities (40,652 ) Total current liabilities (2,545,622 ) Total liabilities (2,639,935 ) Net deficit of the disposal group (2,084,536 ) (b) Calculation of gain or loss of the disposal of discontinued operation As of US$ Gain on disposal of discontinued operation: Consideration 1 Carrying amount of net liabilities sold 2,084,536 Derecognition of non-controlling interests (569,360 ) Gain on disposal of discontinued operation 1,515,177 (c) Cash flows from discontinued operation For the year Net cash outflow arising from the disposal group: US$ Cash consideration received — Cash and cash equivalents (70,736 ) Net cash outflow from the disposal group (70,736 ) For the year For the year For the year Net cash inflow (outflow) arising on disposal group: US$ US$ US$ Net cash used in operating activities (374,683 ) (4,397,911 ) (2,384,020 ) Net cash generated from investing activities 35,548 342,158 1,292,107 Net cash (used in) generated from financing activities (126,787 ) 3,591,469 (69,609 ) Net cash outflow from discontinued operation (465,922 ) (464,284 ) (1,161,522 ) (d) Financial performance and cash flow information of discontinued operation The information related to the consolidated income statements of profit or loss and comprehensive loss of the disposal group for the years ended March 31, 2023 and 2022 is presented below: For the years ended 2023 2022 2021 US$ US$ US$ Revenue 374,409 2,032,916 225,749 Cost of revenue (270,232 ) (334,590 ) — Selling and promotion (606,081 ) (4,418,173 ) (3,343,935 ) General and administrative (607,315 ) (502,083 ) (169,583 ) Operating loss (1,109,219 ) (3,221,930 ) (3,287,769 ) Other income 192,168 5,233 983 Other expense (8,847,133 ) (157,904 ) (25,237 ) Interest income 999 206,841 412,908 Finance costs — (25,625 ) (6,127 ) Loss before income tax (9,763,185 ) (3,193,385 ) (2,905,242 ) Income tax expenses (5 ) — — Loss for the year from discontinued operation (9,763,190 ) (3,193,385 ) (2,905,242 ) Other comprehensive (loss) income Foreign operations – foreign currency translation differences (919 ) 42,294 (292,714 ) Total comprehensive loss for the year from discontinued operation (9,764,109 ) (3,151,091 ) (3,197,956 ) Total comprehensive loss for the year attributable to owners of the Company Total comprehensive loss from discontinued operation (9,764,109 ) (3,142,707 ) (3,134,047 ) Total comprehensive loss for the year attributable to non-controlling interests Total comprehensive loss from discontinued operation — (8,384 ) (63,909 ) Total comprehensive loss for the year from discontinued operation (9,764,109 ) (3,151,091 ) (3,197,956 ) |
Loss Per Share Attributable to
Loss Per Share Attributable to Owners of the Company | 12 Months Ended |
Mar. 31, 2023 | |
Loss Per Share Attributable to Owners of the Company [Abstract] | |
Loss per share attributable to owners of the company | 25. Loss per share attributable to owners of the Company The basic loss per share is calculated as the loss for the year attributable to owners of the Company divided by the weighted average number of ordinary shares of the Company in issue during the year. The diluted loss per share is calculated as the loss for the year attributable to owners 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 (2022: Nil The Company had no potentially dilutive ordinary shares in issue during the year. For the years ended March 31, 2023, the Company had 32,600,000 share purchase warrants outstanding which could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted loss per share in the year presented, as their effects would have been anti-dilutive for the current year. |
Operating Segment
Operating Segment | 12 Months Ended |
Mar. 31, 2023 | |
Operating Segment [Abstract] | |
Operating segment | 26. Operating segment Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Chief Operating Decision Maker (“CODM”) 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. As of and for the year ended March 31, 2023 During the year ended March 31, 2023, the Company disposed the supply chain management and other logistics related services segment. Management has therefore determined that the only continuing operation segment is trading of proprietary digital assets and derivative contracts segment. The trading of proprietary digital assets and derivative contracts segment’s results is equivalent to the Company’s results from continuing operation which are disclosed in the statement of profit or loss and comprehensive loss. The supply chain management and other logistics related services segment has been classified as a discontinued operation and the Company has not disclosed the results within the segment disclosures. As of and for the year ended March 31, 2022 Management has determined that the only continuing operation segment is trading of proprietary digital assets and derivative contracts segment during the year ended March 31, 2022. The following provides the financial position of the Company’s operating segments as of March 31, 2022. 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. The Metalpha operating segment reflects the Company’s business of proprietary trading of digital assets. 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 (6,434,96 ) (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 Income For the years ended March 31, 2023, 2022 and 2021, the income from continuing operation of the Company is mainly generated from Hong Kong. The revenue information of continuing operation above is based on the location of the customers’ country of incorporation. Non-current assets As of March 31, 2023, all non-current assets of the Company are based in Hong Kong, while, it based on PRC and Hong Kong as of March 31, 2022, respectively. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Mar. 31, 2023 | |
Financial Risk Management [Abstract] | |
Financial risk management | 27. Financial risk management Exposure to credit risk, foreign currency risks, price risk, fair value and liquidity arises in the normal course of the Company’s business. The Company has formal risk management policies and guidelines that set out its overall business strategies, its tolerance of risk and general risk management philosophy and has established processes to monitor and control its exposure to such risks in a timely manner. The Company reviews its risk management processes regularly to ensure the Company’s policy guidelines are adhered to. (a) Credit risk 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 statements 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 on credit risk, with exposure spread over a number of counterparties. Since the Company mainly maintains certain of its digital assets in accounts with the third party exchange, the Company may be exposed to significant losses if the exchange experiences outages or becomes unavailable. To mitigate such risks, the Company only establishes accounts with the exchange that have a good reputation. (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 the 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 a 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) Risks associated with the storage and protection of digital assets The Company primarily stored its digital assets in cryptocurrency exchanges to facilitate its proprietary trading in digital assets business. Due to the lack of an insurance policy for its digital assets, any disruptions or closures of cryptocurrency exchanges, as well as potential cyber-attacks or thefts, could result in substantial losses for the Company. (e) Investment risk related to trading of digital assets The Company implemented quantitative trading strategies for its investment in digital assets. The investment performance primarily relies on market liquidity and strategies effectiveness and reliability of the system. The Company’s strategies have the potential to generate profits over time, but they are also vulnerable to significant losses during unforeseen and extreme catastrophes. Furthermore, trading in this asset carries inherent risks, such as defective algorithms, hacking, liquidation resulting from significant market fluctuations, and counterparty risks. The Company closely monitors market liquidity using a systematic alerting process. However, during extreme market conditions, there is a possibility of experiencing significant mark-to-market losses. The Company possesses a unique risk management system that continuously examines the success of the strategies and employs data analytics to assess and adjust them. The Company continuously monitors the trading systems, to detect any abnormalities. (f) 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 a 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, 2023 Investment in trusts 2,722,517 — — 2,722,517 Restricted digital assets 5,110,220 — — 5,110,220 Digital assets 41,113,238 — — 41,113,238 Digital assets payable — — (11,329,287 ) (11,329,287 ) Digital assets payable – related party — — (22,854,211 ) (22,854,211 ) Total 48,945,975 — (34,183,498 ) 14,762,477 As of March 31, 2022 Digital assets 8,438,027 — — 8,438,027 Digital assets payable – related party — — (6,200,109 ) (6,200,109 ) Total 8,438,027 — (6,200,109 ) 2,237,918 Movement of respective assets and liabilities that are measured at fair value was shown below: (ii) Disclosures of valuation process used by the Company and valuation techniques and inputs used in fair value measurements as of March 31, 2023 and 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 and share purchase warrants are revalued as of March 31, 2023 by independent professional qualified valuer, who has the recent experience in the categories of digital assets payables being valued. The digital assets are measured at level 1 fair value. The determination of fair value hierarchy level for valuation of the digital assets would depend on whether the underlying digital assets is traded in an active market. The fair value of the digital assets payables are determined based on the Binomial Option Pricing Model and Black-Scholes Pricing Model. The significant unobservable inputs under Binomial Option Pricing Model mainly include risk free rate of range from 3.80% to 9.32% (2022: range from 3.54% to 4.26%) and expected volatility of range from 24.02% to 101.58% (2022: from 22.18% to 46.89%). The significant unobservable inputs under Black-Scholes Pricing Model mainly include risk free rate of range from 4.78% to 9.01% (2022: from 4.78% to 6.89%) and expected volatility of range from 39.11% to 68.10% (2022: 37.56%). The fair value increases with the increase in the risk-free rate or expected volatility. Please refer to note 13 for the key unobservable inputs used in valuation of share purchase warrants. There were no transfers between levels 2 and 3 for recurring fair value measurements during the year ended March 31, 2023 (2022: Nil During the year ended March 31, 2023, there were no changes in the valuation techniques used (2022: Nil The directors of the Company consider that the carrying amounts of Company’s financial assets and financial liabilities 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 a discount rate that reflects the issuer’s borrowing rate as of the end of the reporting period. The own non-performance risk as of March 31, 2023 and 2022 was assessed to be insignificant. (e) Concentration risk As of March 31, 2023 and 2022, the Company had one counterparty who accounted for more than 10% of the Company’s digital assets payable. As of March 31, 2023 and 2022, the Company had two counterparties and no counterparty who accounted for more than 10% of the Company’s payable to customers, respectively. (f) Anti-money laundering risk Digital assets are capable of being traded directly between entities via decentralized networks that facilitate anonymous transactions. These transactions give rise to complicated technical challenges concerning matters including asset ownership and the identification of the parties involved. The Company established policies and procedures for AML and Know-Your-Customer (“KYC”) that are applied through continuous monitoring, review, and reporting and are initiated during the client onboarding process in order to mitigate such risks. (g) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company monitors its liquidity risk and maintains a level of cash and bank balances deemed adequate by management to finance the Company’s operations and to mitigate the effects of fluctuations in cash flows. The following are the contractual undiscounted cash outflows of non-derivative financial liabilities: Within Over Total US$ US$ US$ As of March 31, 2023 Non-derivative financial liabilities Account and other payables 1,325,914 — 1,325,914 Lease liabilities 93,166 40,113 133,279 Total 1,419,080 40,113 1,459,193 As of March 31, 2022 Non-derivative financial liabilities Accounts and other payables 1,471,844 — 1,471,844 Lease liabilities 263,207 105,540 368,747 Total 1,735,051 105,540 1,840,591 (h) 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. 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 of March 31, 2023 was 85% (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 group entities and seeks to diversify its funding sources as appropriate. |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Balances and Transactions [Abstract] | |
Related party balances and transactions | 28. Related party balances and transactions Related parties’ relationships as follows: Name Relationship Hongyu Zhang Shareholder; director of various subsidiaries Limin Liu Chief Executive Officer Bingzhong Wang Director of the Company Ming Ni Chief Operating Officer Mangyue Sun Legal representative and shareholder of Taikexi Liqing Zheng Employee of Hangzhou Longyun Yang Xu Employee of Hangzhou Longyun Fang Qin Spouse of Mangyue Sun Mrs. Wang Spouse of Bingzhong Wang HangZhou TianQi Network Technology Co. Ltd. Common control by legal representative and shareholder of Taikexi, 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 Wei Wang Antalpha Non-controlling interest of Metalpha before November 30, 2022, and minority shareholder of the Company after October 1, 2022 LSQ Investment Fund SPC - Next Generation Fund I SP Bingzhong Wang act as director of the Company while LSO Capital Limited as Sub-Investment Manager Antpool Technologies Limited Shareholder of Antalpha Related parties’ transactions are consisted of the following: For the years ended 2023 2022 Continuing operation US$ US$ a. Derivative products transactions Derivative products entered with Antalpha 249,737,146 8,735,145 Derivative products expired to Antalpha (255,937,255 ) (2,533,106 ) Derivative products entered with Mrs. Wang 4,768,863 — Derivative products expired to Mrs. Wang (4,727,321 ) — Derivative products entered with Ming Ni 60,743 — Derivative products expired to Ming Ni (60,743 ) — Derivative products entered with LSQ Investment Fund SPC - Next Generation Fund I SP 4,640,000 — Derivative products expired to LSQ Investment Fund SPC - Next Generation Fund I SP (85,586 ) — b. Digital assets payables Antalpha 21,127,674 6,200,109 Mrs. Wang 1,726,537 — Total 22,854,211 6,200,109 c. Payables to customer Antalpha Technologies Limited 4,624,228 — Antpool Technologies Limited 91,101 — Mrs. Wang 496,899 — LSQ Investment Fund SPC - Next Generation Fund I SP 5,181,437 — Total 10,393,665 — Discontinued operation a. Interest income derived from: Hangzhou Yuao Venture Capital Co., Ltd — 80,294 b. Loan receivables – related parties Hangzhou Yuao Venture Capital Co., Ltd — 2,245,200 c. Business transaction Consideration on the disposal of business to Liqing Zheng and Yang Xu 1 — dd. Other related parties payables HangZhou TianQi Network Technology Co. Ltd. — 46,696 Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. — 205,070 Mangyue Sun — 23,662 Fang Qin — 47,324 Total — 322,752 Note: (a) Outstanding payables to Hongyu Zhang, Hangzhou Qianlu Information Techonology Co. Ltd., Limin Liu, Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd., Mangyue Sun, and Fang Qin consist of working capital advances and borrowings. (b) Outstanding payable to HangZhou TianQi Network Technology Co. Ltd. consists of rent owed. (c) All amounts are due on demand, non-interest bearing and unsecured. |
Comparative Figures
Comparative Figures | 12 Months Ended |
Mar. 31, 2023 | |
Comparative Figures [Abstract] | |
Comparative figures | 29. Comparative figures The disposal of the disposal group was completed during the year ended March 31, 2023 as set out in note 23 of the notes to the consolidated financial statements. The financial results of the disposal group were presented as “Loss for the year from discontinued operation” on a net basis. Comparative figures for the year ended March 31, 2022 and 2021 have been restated accordingly. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 30. Subsequent events The Company evaluated all events and transactions that occurred after March 31, 2023 up through February 12, 2024, which is the date that these consolidated financial statements are available to be issued, and there were no other material subsequent events that require disclosure in these consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of consolidation | 3.1 Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the years ended March 31, 2023, 2022 and 2021. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Company the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Company’s voting rights and potential voting rights. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in full on consolidation. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognizes (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Company’s share of components previously recognized in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Company had directly disposed of the related assets or liabilities. |
Discontinued operation | 3.2 Discontinued operation A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operation are presented separately in the consolidated statement of profit or loss and comprehensive loss, consolidated statement of financial position and consolidated statements of cash flows. Please refer to note 24 for the details. |
Foreign currencies | 3.3 Foreign currencies Transactions in foreign currencies are translated into the functional currency of the Company at exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated into the functional currency at the exchange rate on that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising from translation are recognized in profit or loss. |
Financial instruments | 3.4 Financial instruments Financial assets (i) Classification The Company classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value through profit or loss, and ● those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in profit or loss. The Company reclassifies debt instruments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Company commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. This category includes derivative instruments and equity investments which the Company had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other income in the statement of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of the dividend can be measured reliably. (iv) Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated statement of financial position) when: ● the rights to receive cash flows from the asset have expired; or ● the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. (v) Impairment The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For other receivables and loan receivables, a general approach is applied. Financial liabilities (i) Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include accounts and other payables and lease liabilities. (ii) Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: Financial liabilities at amortized cost (loans and borrowings) After initial recognition, accounts and other payables and lease liabilities are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in the statement of profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in the statements of profit or loss. (iii) Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in the statement of profit or loss. Offsetting Financial assets and financial liabilities are off-set and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. |
Impairment | 3.5 Impairment (i) Non-derivative financial assets The Company recognizes loss allowances for expected credit losses (“ECL”) on financial assets measured at amortized cost. General approach The Company applies the general approach to provide for ECL on all other financial instruments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition. At each reporting date, the Company assesses whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECL. When determining whether the credit risk of financial assets have increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment that includes forward-looking information. Measurement of ECLs The Company decided to assess the ECL of the financial asset at amortized cost based on the discounted product of exposure at default (‘EAD’), probability of default (‘PD’) and loss given default (‘LGD’) as defined below: ● EAD is based on the trade receivable amounts that the Company expects to be owed at the time of default. This represents the carrying value of the trade receivable. ● PD represents the likelihood of a buyer defaulting on its financial obligation, either over the next 12 months or over the remaining lifetime of the obligation. ● LGD represents the Company’s expectation of the extent of loss on a defaulted exposure. LGD is expressed as a percentage loss per unit of exposure at the time of default. The ECL is computed by multiplying EAD, PD, LGD for each category. The PD and LGD are developed by utilizing historical default studies and publicly available data. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: ● significant financial difficulty of the borrower or issuer; ● a breach of contract such as a default after negotiation; ● the restructuring of a loan or advance by the Company on terms that the Company would not consider otherwise; or ● it is probable that the borrower will enter bankruptcy or other financial reorganization. Presentation of allowance for ECLs in the statement of financial position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of these assets. Write-off The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company’s procedures for recovery of amounts due. (ii) Non-financial assets The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognized if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are 欲 Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Property and equipment | 3.6 Property and equipment Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The principal annual rates used for this purpose are as follows: ● Computer Equipment 1-3 years ● Office Equipment 4-5 years ● Motor Vehicle 4 years Depreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. An item of property and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. |
Leases | 3.7 Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: ● fixed payments, including in-substance fixed payments; ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as of the commencement date; ● amounts expected to be payable under a residual value guarantee; and ● the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. |
Investment in derivative contracts | 3.8 Investment in derivative contracts The Company holds and invests in derivative contracts for the purposes of trading in the ordinary course of the Company’s digital assets business. A derivative contract is initially recognized at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The derivative contracts are generally placed on the third-party exchanges institution to earn from the changes in the fair value over the period. The changes in fair value of futures will be recognized as fair value changes of derivative contracts in the consolidated statements of profit or loss and comprehensive loss. |
Digital assets | 3.9 Digital assets Digital assets are held mainly for the purposes of trading in the ordinary course of the Company’s digital assets trading business in the OTC market. Digital assets are held mainly for the purposes of both trading for another token and entering an derivative contract in which such digital tokens are provided as margin in the ordinary course of the Company’s digital assets business. Digital assets held in the Company’s digital asset wallets primarily comprise digital assets that are prefunded by and traded with, but not yet withdrawn by counterparties (or “customers”) under Digital Asset Trading Agreements (“DATA”). Digital assets obtained from counterparties are recorded as digital assets of the Company (see below for the measurement) which can be used in the Company’s ordinary business, with a corresponding liability recorded due to the counterparties (under “Digital assets payables” measured at fair value through profit or loss in current liabilities). Upon maturity of the financing arrangements, the Company transfers the digital assets at a rate stipulated in the DATA to the counterparty’s wallet and the related digital assets and liability due to the counterparty is derecognized. The Company’s digital asset portfolio mainly comprises cryptocurrencies and since the Company actively trades cryptocurrencies, purchasing them with a view to their resale in the near future, and generating a profit from fluctuations in the price, the Company applies the guidance in IAS 2 for commodity broker-traders and measures the digital assets at fair value less costs to sell. The Company considers there are no significant “costs to sell” digital assets and hence measurement of digital assets is based on their fair values with changes in fair values recognized in profit or loss in the period of the changes. See note 27(f) for estimation of fair value in respect of the digital assets and digital assets payables. |
Cash and cash equivalents | 3.10 Cash and cash equivalents For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value. |
Share-based payments | 3.11 Share-based payments The Company operates a share-based payment scheme (in the form of warrant shares and share options) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Under such schemes, consultants providing similar services with employees and services providers of the Company may receive equity instruments as remuneration for their services rendered (“equity-settled transactions”). Besides, the Company also gives investors the right, but not the obligation, to buy the Company shares on or by a certain date, at a specified price under the scheme (in the form of written call option). Share purchase warrants and share options The fair value of the share purchase warrants and share options granted to employees and consultants providing similar services in exchange for the grant of the warrants is recognized as an expense with a corresponding increase in share-based warrants reserve. The total amount to be expensed is determined by reference to the fair value of the share purchase warrants granted. The total amount to be expensed is determined by reference to the fair value of the share options gran ted: ● including any market performance conditions (e.g. the Company’s share price), ● excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and ● including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specified period of time). The total expense is recog The warrant reserve presents the proceeds from issuance of warrants, net of issue costs. Warrant reserve is non-distributable and will be transferred to additional paid-in capital account upon exercise of warrants. |
Share capital | 3.12 Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. |
Repurchase of shares | 3.13 Repurchase of shares Where any Group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental cost (net of income taxes) is recorded as a deduction from equity attributable to the Company’s equity holders as a treasury share reserve until the shares are cancelled, reissued or disposed of. When such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effect, the nominal amount is reversed from the treasury share reserve, with any remaining difference to the total transaction value being recognized in additional paid-in capital. |
Loss per share | 3.14 Loss per share The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees and share purchase warrants granted to consultants. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. |
Additional paid-in capital | 3.15 Additional paid-in capital Amount subscribed for common stock in excess of nominal value. |
Digital assets payables | 3.16 Digital assets payables Digital assets payables are derivative contracts which are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The derivative contracts are held for trading and do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in profit or loss and included in “income from digital assets business”. Trading derivatives are classified as a current asset or liability. Digital assets payables are removed from the consolidated statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. Digital assets payables are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. |
Income | 3.17 Income Supply chain management platform service fee The Company generates platform fees through its supply chain management platform service through its PRC subsidiaries which had been disposed during the year. The transaction price is determined based on a percentage of the aggregate amounts of purchase payments to our partnered auto parts suppliers. The Company recognizes revenue when the procured auto parts have been transferred to and accepted by the customers as the Company’s performance obligation is completed at a point in time. Proprietary trading of digital assets and derivative contracts The Company participated in proprietary trading and earned profits, at a point in time, when executing buy and sell orders on various exchanges. The Company presents trading income from digital assets trading business that primarily represent trading margin arising from trading various digital assets and net gain or loss from remeasurement of digital assets and digital assets payable. The Company is exposed to net trading gains or losses from holding digital assets for trading up to the point when a trade (to buy or sell digital assets) with customer is concluded with fixed terms of trade with respect to the type, unit and price of digital assets. |
Cost of income | 3.18 Cost of income Cost of income comprises of commission to traders and technical support fee for the trading of digital assets business. |
Selling and promotion expenses | 3.19 Selling and promotion expenses Selling and promotion expenses comprise of marketing and promotional expenditures. |
General and administrative expenses | 3.20 General and administrative expenses General and administrative costs mainly comprise of legal fees, professional fees, consultancy fees, staff costs and depreciation. |
Finance costs | 3.21 Finance costs Finance costs comprise amortization of debt issuance cost and interest of lease liabilities. |
Interest income | 3.22 Interest income Interest income is presented as finance income where it is earned from financial institutions that are held for cash management purposes. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). |
Income tax | 3.23 Income tax Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in comprehensive loss. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. |
Employee benefits | 3.24 Employee benefits (i) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (ii) Defined contribution plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. |
Operating segment and geographic information | 3.25 Operating segment and geographic information An operating segment is a component of an entity: ● that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity); ● whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and ● for which discrete financial information is available. The assessment of reportable segments is based upon having similar economic characteristics and if the operating segments are similar in the following respects: ● the nature of the products and services; ● the nature of the production processes; ● the type or class of customer for their products and services; ● the methods used to distribute their products or provide their services; and ● if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities. Reportable segments are distinguished due to their differences in their operations and economics. They are managed separately because they require different business, technological, and marketing strategies. The Company’s CEO is considered to be the Company’s Chief Operating Decision Maker (“CODM”). The CODM reviews non-financial information, for purposes of allocating resources. Based on the internal financial information provided to the CODM, the Company has determined that the identified operating segment as one reportable segment. The CODM evaluates the assets and liabilities despite disaggregated financial information being available, the accounting policies used in the determination of the segment amounts are the same as those used in the preparation of the Company’s financial statements. |
Related parties | 3.26 Related parties A related party is a person or entity that is related to the Company. (A) A person or a close member of that person’s family is related to the Company if that person: (i) has control or joint control over the Company; (ii) has significant influence over the Company; or (iii) is a member of the key management personnel of the Company or of a parent of the Company. (B) An entity is related to the Company if any of the following conditions applies: (i) The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others); (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member); (iii) Both entities are joint ventures of the same third party; (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company; (vi) The entity is controlled or jointly controlled by a person identified in (A); (vii) A person identified in (A)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Company or to a parent of the Group. |
Provisions | 3.27 Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. |
New standards and interpretations not adopted | 3.28 New standards and interpretations not adopted At the date of authorization of these financial statements, the Company has not adopted the new and revised IFRS and amendments to IFRS that have been issued but are not yet effective to them. The Company does not anticipate that the adoption of these new and revised IFRS pronouncements in future periods will have a material impact on the Company’s financial statements in the period of their initial adoption. The Company has not applied the new IFRSs that have been issued but are not yet effective. The application of those new IFRSs will not have a material impact on the financial statements of the Company. |
Overview of the Company (Tables
Overview of the Company (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Overview of the Company [Abstract] | |
Schedule of Subsidiaries of the Company | Particulars of subsidiaries of the Company as of March 31, 2023 are as below: Place of Issued share Principal Percentage of Company and operation capital activities Direct Indirect Sweet Lollipop Co., Ltd. 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”) (1) PRC RMB47,497,000 Investment holding — — 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 (“Metalpha”) (2) British Virgin Islands US$4,000,000 Proprietary trading of digital assets — 100 % LSQ Investment Limited Hong Kong HK$1 Inactive — 100 % Hangzhou Taikexi Dacheng Automobile Technology Service Co. Ltd.(“Taikexi”) (1) PRC RMB8,700,000 Inactive — — Shenzhen Guanpeng International Technology Co. Ltd (“Guanpeng”) (3) PRC RMB510,000 Inactive — — (1) The subsidiaries, HangZhou Dacheng, HangZhou Longyun, Dacheng Liantong, HangZhou Xuzhihang, Guanpeng and Taikexi were disposed on March 31, 2023. Please refer to note 24 for the details. (2) On November 28, 2022, the Company entered into a sale and purchase agreement with Antalpha to purchase 49% of equity interest of Metalpha from Antalpha at a consideration of US$2,500,000, which was satisfied by the allotment and issuance of 2,500,000 shares with par value of US$0.0001 in the capital of the Company. Upon completion of the transaction, Metalpha is an indirectly wholly-owned subsidiary of the Company. The transaction was completed on November 28, 2022. (3) Guanpeng has been deregistered on May 24, 2022. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property and Equipment, Net [Abstract] | |
Schedule of Property and Equipment, Net | Computer and equipment Automobiles Total US$ US$ US$ Cost As of April 1, 2021 198,637 99,939 298,576 Additions 34,517 253,812 288,329 Acquisition of subsidiary (note 23) 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 3,160 18,410 21,570 Disposal (43,847 ) (3,220 ) (47,067 ) Disposal of subsidiaries (note 24) (192,847 ) (379,957 ) (572,804 ) Exchange realignment 929 — 929 As of March 31, 2023 12,299 — 12,299 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 year 7,539 63,401 70,940 Disposal (9,637 ) (832 ) (10,469 ) Disposal of subsidiaries (note 24) (212,163 ) (156,122 ) (368,285 ) Exchange realignment (7 ) — (7 ) As of March 31, 2023 3,876 — 3,876 Net carrying amount As of March 31, 2023 8,423 — 8,423 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) | 12 Months Ended |
Mar. 31, 2023 | |
Right-of-use Assets and Lease Liabilities [Abstract] | |
Schedule of Company has Entered into Leases of Buildings | The Company has entered into leases of buildings, which are used for the Company’s operations. Leases of buildings have lease terms of between one and four years. 2023 2022 US$ US$ Land and buildings Cost: At beginning of year 505,494 74,794 Addition during the year 110,206 427,672 Exchange realignment (4,260 ) 3,028 Disposal of subsidiaries (note 24) (358,067 ) — At end of year 253,373 505,494 Accumulated depreciation: At beginning of year 120,450 28,496 Depreciation for the year 185,300 90,327 Exchange realignment (211 ) 1,627 Disposal of subsidiaries (note 24) (173,097 ) — At end of year 132,442 120,450 Net carrying amount 120,931 385,044 |
Schedule of Carrying Amounts of Lease Liabilities and the Movements | Set out below are the carrying amounts of lease liabilities and the movements during the years: 2023 2022 US$ US$ At beginning of year 368,747 38,153 Additions to lease liabilities 110,206 427,672 Interest charged 13,139 11,550 Payment made (224,309 ) (109,219 ) Exchange realignment 461 591 Disposal of subsidiaries (note 24) (134,965 ) — At end of year 133,279 368,747 |
Schedule of Consolidated Statement of Financial Position | 2023 2022 US$ US$ Current liabilities 93,166 263,207 Non-current liabilities 40,113 105,540 Total 133,279 368,747 |
Schedule of Reconciliation of Liabilities arising from Financing Activities | Reconciliation of liabilities arising from financing activities Lease liabilities US$ Balance as of April 1, 2021 38,153 Changes from financing cash flow Lease payment (109,219 ) Interest paid 11,550 Total changes from financing cash flow (97,669 ) Other changes New leases 427,672 Exchange realignments 591 Total other changes 428,263 Balance as of March 31, 2022 368,747 Changes from financing cash flow Lease payment (224,309 ) Interest paid 13,139 Total changes from financing cash flow (211,170 ) Other changes New leases 110,206 Disposal of subsidiaries (note 24) (134,965 ) Exchange realignments 461 Total other changes (24,298 ) Balance as of March 31, 2023 133,279 |
Loans Receivables (Tables)
Loans Receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Loans Receivables [Abstract] | |
Schedule of Loans Receivables | 2023 2022 US$ US$ Loans to third parties (note (a)) — 7,138,703 Loans to related parties (note (b)) — 2,245,200 Total — 9,383,903 (a) As of March 31, 2022, the advances granted to independent third parties were unsecured, except for US$2,070,421 bearing a fixed interest rate at 5%, interest free, and repayable within 12 months from the year end date as of March 31, 2022. (b) As of March 31, 2022, the advances granted to related parties are unsecured, bearing a fixed interest rate at 5%, and repayable within 12 months from the year end date as of March 31, 2022. (c) During the year ended March 31, 2023, all the loan receivables arising from the Company’s PRC subsidiaries were impaired and included in the discontinued operation. |
Prepayments and Other Receiva_2
Prepayments and Other Receivables, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Prepayments and Other Receivables [Abstract] | |
Schedule of Prepayments and Other Receivables | Prepayments and other receivables, net consist of the following: 2023 2022 US$ US$ Advance to service providers — 47,613 Prepaid tax — 69,321 Prepaid insurance 62,052 262,682 Receivables from Bsset Technology Limited (“Bsset”) 100,013 — Others 65,679 205,517 Total 227,744 585,133 Allowance for expected credit losses (2,076 ) (67,774 ) Prepayments and other receivables after allowance for expected credit losses 225,668 517,359 |
Schedule of Movements of Allowance for Expected Credit Losses | Movements of allowance for expected credit losses as followings: 2023 2022 US$ US$ As of April 1 67,774 65,558 Additions 2,076 — Disposal of subsidiaries (67,774 ) — Exchange realignments — 2,216 As of March 31 2,076 67,774 |
Digital Assets (Tables)
Digital Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Digital Assets [Abstract] | |
Schedule of Digital Assets | 2023 2022 US$ US$ Digital assets held on exchange institutions 41,113,238 8,438,027 Digital assets held on exchange institutions - restricted 5,110,220 — Total 46,223,458 8,438,027 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | 2023 2022 US$ US$ Bank balances 6,748,115 5,286,991 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Outstanding Share Purchase Warrants and Fair Value | A continuity schedule of outstanding share purchase warrants and fair value charged to profit or loss are as follows: Number of Weighted Fair value US$ US$ Balance – April 1, 2021 — — — Issued for the year 17,800,000 1.79 6,063,086 Balance – March 31, 2022 17,800,000 1.79 6,063,086 Addition for the year 14,800,000 1.05 10,176,995 Balance – March 31, 2023 32,600,000 1.58 16,240,081 |
Schedule of Assumptions in Calculating the Fair Value of the Warrants | The Company used the following assumptions in calculating the fair value of the warrants for the year ended: As of As of Risk-free interest rate 2.66% - 3.80% 1.14% - 1.15% Expected life of warrants 4 - 9 years 5 - 10 years Volatility 101.58% - 121.32% 80.59% - 82.59% Weighted average fair value per warrant (US$) 0.12 - 0.48 0.71 - 1.29 |
Schedule of the Company Share Purchase Warrants Outstanding | As of March 31, 2023, the Company had share purchase warrants outstanding as follows: Warrants Fair value at Fair value Exercise Remaining Expiry Date US$ US$ US$ (years) October 29, 2031 3,500,000 4,515,601 3,142,589 1 8 October 29, 2031 3,500,000 4,229,191 2,023,536 1.5 8 October 29, 2031 7,000,000 7,500,124 2,550,201 2.5 8 October 27, 2026 1,800,000 1,353,304 — 1.5 3 October 29, 2026 2,000,000 1,417,766 — 1.5 3 May 10, 2027 200,000 84,000 63,460 1.5 4 May 26, 2027 500,000 238,000 173,264 1.5 4 July 22, 2027 440,000 163,000 97,431 1 4 July 25, 2027 3,780,000 1,405,000 836,326 1 4 July 26, 2027 400,000 146,000 86,784 1 4 July 27, 2027 1,000,000 379,000 224,964 1 4 July 28, 2027 980,000 376,000 222,870 1 4 November 28, 2027 1,125,000 264,000 180,400 1 4 November 28, 2027 1,125,000 274,000 92,334 1 4 November 28, 2027 1,125,000 289,000 65,224 1 4 November 28, 2027 1,125,000 303,000 51,053 1 4 November 28, 2032 750,000 263,000 179,717 1.5 9 November 28, 2032 250,000 89,000 29,992 1.5 9 November 28, 2032 500,000 165,000 55,603 2.5 9 November 28, 2032 500,000 169,000 38,141 2.5 9 November 28, 2032 250,000 87,000 19,635 6 9 November 28, 2032 750,000 258,000 43,471 6 9 Total 32,600,000 23,967,986 10,176,995 |
Schedule of 2022 Performance Incentive Plan | Number of share award grant 2023 2022 As of April 1 — — Issued during the year 3,300,000 — Exercised during the year (1,650,000 ) — As of March 31 1,650,000 — |
Schedule of Non-Controlling Interests | Under the Plan, an aggregate of 3,300,000 ordinary shares of US$0.0001 par value each of the Company are reserved for issuance for purposes of the Plan, subject to adjustments as contemplated by the Plan. Taikexi Shenzhen Guanpeng Dacheng Liantong Hangzhou Xuzhihang Metalpha Total US$ US$ US$ US$ US$ US$ As of April 1, 2020 (505,566 ) (31,664 ) (10,547 ) — — (547,777 ) Loss for the year (20,361 ) (13,844 ) (29,704 ) — — (63,909 ) As of March 31, 2021 (525,927 ) (45,508 ) (40,251 ) — — (611,686 ) (Loss) profit for the year (4,837 ) (3,547 ) — — 19,990 11,606 Contribution from non-controlling shareholder in a subsidiary — — — — 1,960,000 1,960,000 Acquisition of a subsidiary — — — 10,459 — 10,459 Changes in non-controlling interest due to changes in ownership of partially owned subsidiary — — 40,251 — — 40,251 As of March 31, 2022 (530,764 ) (49,055 ) — 10,459 1,979,990 1,410,630 Profit for the year — — — — 389,318 389,318 Disposal of subsidiaries 530,764 49,055 — (10,459 ) — 569,360 Acquisition of non-controlling interests — — — — (2,369,308 ) (2,369,308 ) As of March 31, 2023 — — — — — — |
Digital Assets Payable (Tables)
Digital Assets Payable (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Digital Assets Payable [Abstract] | |
Schedule of Digital Assets Payable | 2023 2022 US$ US$ Digital assets payables to: Related parties (note 28) 22,854,211 6,200,109 Third party payables 9,796,120 — Cryptocurrency exchange 1,533,167 — Total 34,183,498 6,200,109 |
Schedule of Movement of Digital Assets Payables | Movement of digital assets payables was shown below: Digital assets payable 2023 2022 US$ US$ As of April 1 6,200,109 — Entered during the year 296,810,473 8,735,145 Settled during the year (274,172,598 ) (2,533,106 ) Unrealized fair value loss (gain) 5,345,514 (1,930 ) As of March 31 34,183,498 6,200,109 |
Payable to Customers (Tables)
Payable to Customers (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Payable to Customers [Abstract] | |
Schedule of Owned Obligations to the Customers | The deposits were the amount received from customers but not yet invested or entered into any contract, while, the Company has owned obligations to the customers. 2023 2022 US$ US$ Payables to customers: Related parties (note 28) 10,393,665 — Third party payables 1,218,569 — Total 11,612,234 — |
Accounts and Other Payables (Ta
Accounts and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounts and Other Payables [Abstract] | |
Schedule of Accounts and Other Payables | 2023 2022 US$ US$ Account payables (note (a)) — 6,862 Commission payables 816,984 — Technical cost payables 20,930 — Other payables and accrued charges 91,875 1,152,662 Wages payables (note (b)) 397,463 — Amount due to related parties (note (c)) — 350,320 Total 1,327,252 1,509,844 (a) The commission payables were payables to the traders for offering operations and marketing service, while the technical cost was payables to the consultants for the consultant services provided. (b) The wages payable were the wages payables to the director of the Company. (c) The amount due to related parties are unsecured, interest-free and repayable on demand. The amount has been disposed along with disposal of subsidiaries as disclosed in note 24. (d) Other payables are non-interest-bearing and are expected to be settled within one year. |
Income from Digital Asset Bus_2
Income from Digital Asset Business (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income from Digital Asset Business [Abstract] | |
Schedule of Income from Digital Asset Business | 2023 2022 2021 US$ US$ US$ (restated) (restated) Unrealized fair value change of trading of digital assets and derivative contracts (note (a)) 5,288,523 122,711 — Unrealized fair value change on investment in trusts 403,533 — — Net fair value change in digital assets business 5,692,056 122,711 — (a) The Company trades cryptocurrencies and relevant derivative contracts over-the-counter and in cryptocurrency exchange, by purchasing cryptocurrencies with a view to their resale in the near future, and generating a profit from fluctuations in the prices, the Company applies the guidance in IAS 2 for commodity broker-traders and measures the cryptocurrencies at fair value less costs to sell. The Company considers that there are no significant “costs to sell” virtual assets and hence the measurement of virtual assets is based on their fair values with changes in fair values recognized in profit or loss in the period of the changes. |
Cost of Income (Tables)
Cost of Income (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cost of Income [Abstract] | |
Schedule of Cost of Income | 2023 2022 2021 US$ US$ US$ (restated) (restated) Commission to traders (note (a)) 3,014,047 75,785 — Transaction fee 50,663 — — Technical support fees (note (b)) 606,688 — — Total 3,671,398 75,785 — (a) The commission to traders was paid to the traders for offering operations and marketing services in generating income from trading of digital assets. (b) The technical support fees were paid to the consultants for the digital assets trading consultation services provided. |
General and Administrative (Tab
General and Administrative (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
General and Administrative [Abstract] | |
Schedule of General and Administrative | 2023 2022 2021 US$ US$ US$ (restated) (restated) Professional fees 772,572 584,055 168,862 Wages and benefits 707,625 530,912 438,259 Director fees 373,417 108,281 — Travelling expenses 8,368 4,979 9,310 Depreciation of property and equipment 2,887 64,977 — Depreciation of right of use assets 85,476 90,327 — Meals and entertainment 117,577 1,784 9,964 Share-based compensation 1,045,315 1,468,800 — Office expenses 40,410 77,095 — Insurance costs 231,128 260,213 — Other 151,317 47,541 13,400 Total 3,536,092 3,238,964 639,795 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Income [Abstract] | |
Schedule of Other Income | 2023 2022 2021 US$ US$ US$ (restated) (restated) Interest income from financial institutions 25,280 1,485 783 Government subsidies (note (a)) 15,308 — — Gain on exchange difference — 30,887 — Total 40,588 32,372 783 (a) The government subsidies were granted under the Employment Support Scheme (“ESS”) for the Anti-epidemic fund from the Hong Kong Government to provide financial support to enterprises to retain their employees. Employers participating in ESS were required to undertake and warrant that they would: (i) not implement redundancies during the subsidy period; and (ii) spend all the wage subsidies on paying wages to their employees. There were no unfulfilled conditions nor other contingencies attached to the ESS funding. |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Finance Costs [Abstract] | |
Schedule of Finance costs | 2023 2022 2021 US$ US$ US$ (restated) (restated) Interest expense — 1,938,803 1,606,887 Lease expense 8,464 3,091 — Total finance costs 8,464 1,941,894 1,606,887 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Expense [Abstract] | |
Schedule of Tax Rate | 2023 2022 2021 US$ US$ US$ (restated) (restated) Income tax expense Current tax expense 218,035 8,061 — Reconciliation of effective tax rate Loss from continuing operation before income tax (11,701,303 ) (11,226,587 ) (2,305,477 ) Tax calculated at domestic tax rates applicable to respective profits (2023, 2022 and 2021: 16.5%) (1,930,715 ) (1,852,387 ) (380,404 ) Effect of tax rates in Cayman Islands — — — Effect of non-taxable income (6,697 ) (245 ) — Tax effect of tax loss not recognized 2,155,447 1,860,693 380,404 Income tax expense 218,035 8,061 — |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Business Combination [Abstract] | |
Schedule of Fair Value of Each Class of Recognized Assets and Liabilities | The consideration transferred together with the fair value of each class of recognized assets and liabilities of the acquirees at the date of acquisition and the resulting goodwill are set out below. US$ Total purchase price (for 60% of equity interest) 94,647 Fair value of identifiable assets and liabilities of the acquired equity interest: Cash and bank balances 2,189 Trade and other receivables 156,006 Property and equipment, net 12,672 Total identifiable assets 170,867 Total liabilities assumed (144,719 ) Less: non-controlling interest identified 10,459 Total fair value of identifiable assets as of acquisition date 15,689 Goodwill 78,958 |
Schedule of Cash Flows | An analysis of the cash flows in respect of the acquisition is as follows: US$ Purchase consideration (94,647 ) Cash and bank balances 2,189 Net cash outflow (92,458 ) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations [Abstract] | |
Schedule of Assets and Liabilities in Relation to the Discontinued Operation | The carrying amounts of assets and liabilities in relation to the discontinued operation as of March 31, 2023, the date of disposal, were: As of US$ Assets Non-current assets Property and equipment, net 204,519 Right-of-use assets, net 184,970 Total non-current assets 389,489 Current assets Other receivables 95,174 Cash and cash equivalents 70,736 Total current assets 165,910 Total assets 555,399 Liabilities Non-current liabilities Lease liabilities (94,313 ) Total non-current liabilities (94,313 ) Current liabilities Other payables (612,770 ) Tax payable (1,892,200 ) Lease liabilities (40,652 ) Total current liabilities (2,545,622 ) Total liabilities (2,639,935 ) Net deficit of the disposal group (2,084,536 ) |
Schedule of Disposal of Discontinued Operation | Calculation of gain or loss of the disposal of discontinued operation As of US$ Gain on disposal of discontinued operation: Consideration 1 Carrying amount of net liabilities sold 2,084,536 Derecognition of non-controlling interests (569,360 ) Gain on disposal of discontinued operation 1,515,177 |
Schedule of Cash Flows from Discontinued Operations | Cash flows from discontinued operation For the year Net cash outflow arising from the disposal group: US$ Cash consideration received — Cash and cash equivalents (70,736 ) Net cash outflow from the disposal group (70,736 ) |
Schedule of Net Cash Flows | For the year For the year For the year Net cash inflow (outflow) arising on disposal group: US$ US$ US$ Net cash used in operating activities (374,683 ) (4,397,911 ) (2,384,020 ) Net cash generated from investing activities 35,548 342,158 1,292,107 Net cash (used in) generated from financing activities (126,787 ) 3,591,469 (69,609 ) Net cash outflow from discontinued operation (465,922 ) (464,284 ) (1,161,522 ) |
Schedule of Consolidated Income Statements of Profit or Loss | The information related to the consolidated income statements of profit or loss and comprehensive loss of the disposal group for the years ended March 31, 2023 and 2022 is presented below: For the years ended 2023 2022 2021 US$ US$ US$ Revenue 374,409 2,032,916 225,749 Cost of revenue (270,232 ) (334,590 ) — Selling and promotion (606,081 ) (4,418,173 ) (3,343,935 ) General and administrative (607,315 ) (502,083 ) (169,583 ) Operating loss (1,109,219 ) (3,221,930 ) (3,287,769 ) Other income 192,168 5,233 983 Other expense (8,847,133 ) (157,904 ) (25,237 ) Interest income 999 206,841 412,908 Finance costs — (25,625 ) (6,127 ) Loss before income tax (9,763,185 ) (3,193,385 ) (2,905,242 ) Income tax expenses (5 ) — — Loss for the year from discontinued operation (9,763,190 ) (3,193,385 ) (2,905,242 ) Other comprehensive (loss) income Foreign operations – foreign currency translation differences (919 ) 42,294 (292,714 ) Total comprehensive loss for the year from discontinued operation (9,764,109 ) (3,151,091 ) (3,197,956 ) Total comprehensive loss for the year attributable to owners of the Company Total comprehensive loss from discontinued operation (9,764,109 ) (3,142,707 ) (3,134,047 ) Total comprehensive loss for the year attributable to non-controlling interests Total comprehensive loss from discontinued operation — (8,384 ) (63,909 ) Total comprehensive loss for the year from discontinued operation (9,764,109 ) (3,151,091 ) (3,197,956 ) |
Operating Segment (Tables)
Operating Segment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Operating Segment [Abstract] | |
Schedule of Financial Position | 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 (6,434,96 ) (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 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Financial Risk Management [Abstract] | |
Schedule of Level in Fair Value Hierarchy | (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, 2023 Investment in trusts 2,722,517 — — 2,722,517 Restricted digital assets 5,110,220 — — 5,110,220 Digital assets 41,113,238 — — 41,113,238 Digital assets payable — — (11,329,287 ) (11,329,287 ) Digital assets payable – related party — — (22,854,211 ) (22,854,211 ) Total 48,945,975 — (34,183,498 ) 14,762,477 As of March 31, 2022 Digital assets 8,438,027 — — 8,438,027 Digital assets payable – related party — — (6,200,109 ) (6,200,109 ) Total 8,438,027 — (6,200,109 ) 2,237,918 |
Schedule of Contractual Undiscounted Cash Outflows of Non-Derivative Financial Liabilities | The following are the contractual undiscounted cash outflows of non-derivative financial liabilities: Within Over Total US$ US$ US$ As of March 31, 2023 Non-derivative financial liabilities Account and other payables 1,325,914 — 1,325,914 Lease liabilities 93,166 40,113 133,279 Total 1,419,080 40,113 1,459,193 As of March 31, 2022 Non-derivative financial liabilities Accounts and other payables 1,471,844 — 1,471,844 Lease liabilities 263,207 105,540 368,747 Total 1,735,051 105,540 1,840,591 |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Balances and Transactions [Abstract] | |
Schedule of Related Parties Relationships | Related parties’ relationships as follows: Name Relationship Hongyu Zhang Shareholder; director of various subsidiaries Limin Liu Chief Executive Officer Bingzhong Wang Director of the Company Ming Ni Chief Operating Officer Mangyue Sun Legal representative and shareholder of Taikexi Liqing Zheng Employee of Hangzhou Longyun Yang Xu Employee of Hangzhou Longyun Fang Qin Spouse of Mangyue Sun Mrs. Wang Spouse of Bingzhong Wang HangZhou TianQi Network Technology Co. Ltd. Common control by legal representative and shareholder of Taikexi, 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 Wei Wang Antalpha Non-controlling interest of Metalpha before November 30, 2022, and minority shareholder of the Company after October 1, 2022 LSQ Investment Fund SPC - Next Generation Fund I SP Bingzhong Wang act as director of the Company while LSO Capital Limited as Sub-Investment Manager Antpool Technologies Limited Shareholder of Antalpha |
Schedule of Related Parties’ Transactions | Related parties’ transactions are consisted of the following: For the years ended 2023 2022 Continuing operation US$ US$ a. Derivative products transactions Derivative products entered with Antalpha 249,737,146 8,735,145 Derivative products expired to Antalpha (255,937,255 ) (2,533,106 ) Derivative products entered with Mrs. Wang 4,768,863 — Derivative products expired to Mrs. Wang (4,727,321 ) — Derivative products entered with Ming Ni 60,743 — Derivative products expired to Ming Ni (60,743 ) — Derivative products entered with LSQ Investment Fund SPC - Next Generation Fund I SP 4,640,000 — Derivative products expired to LSQ Investment Fund SPC - Next Generation Fund I SP (85,586 ) — b. Digital assets payables Antalpha 21,127,674 6,200,109 Mrs. Wang 1,726,537 — Total 22,854,211 6,200,109 c. Payables to customer Antalpha Technologies Limited 4,624,228 — Antpool Technologies Limited 91,101 — Mrs. Wang 496,899 — LSQ Investment Fund SPC - Next Generation Fund I SP 5,181,437 — Total 10,393,665 — Discontinued operation a. Interest income derived from: Hangzhou Yuao Venture Capital Co., Ltd — 80,294 b. Loan receivables – related parties Hangzhou Yuao Venture Capital Co., Ltd — 2,245,200 c. Business transaction Consideration on the disposal of business to Liqing Zheng and Yang Xu 1 — dd. Other related parties payables HangZhou TianQi Network Technology Co. Ltd. — 46,696 Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. — 205,070 Mangyue Sun — 23,662 Fang Qin — 47,324 Total — 322,752 |
Overview of the Company (Detail
Overview of the Company (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Nov. 28, 2022 | Nov. 11, 2022 | Sep. 21, 2022 | Feb. 20, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Overview of the Company [Line Items] | |||||||
Equity interest | 49% | 49% | 100% | ||||
Consideration amount | $ 2,500,000 | $ 2,500,000 | $ 1 | $ 1 | $ 1 | ||
Number of shares issued (in Shares) | 2,500,000 | 17,800,000 | |||||
Par value of shares (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||
Net deficit | $ 2,084,536 | ||||||
New share issued to acquired non-controlling interests (in Shares) | 2,500,000 | ||||||
Antalpha [Member] | |||||||
Overview of the Company [Line Items] | |||||||
Equity interest | 49% | ||||||
Par value of shares (in Dollars per share) | $ 0.0001 |
Overview of the Company (Deta_2
Overview of the Company (Details) - Schedule of Subsidiaries of the Company | 12 Months Ended | |
Mar. 31, 2023 | ||
Sweet Lollipop Co., Ltd. (“Sweet Lollipop”) [Member] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [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] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [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] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [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] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [Line Items] | ||
Place of incorporation and operation | PRC | [1] |
Issued share capital | RMB47,497,000 | [1] |
Principal activities | Investment holding | [1] |
Percentage of shareholding% Direct | [1] | |
Percentage of shareholding% Indirect | [1] | |
Dacheng Liantong Zhejiang Information Technology Co., Ltd (“Dacheng Liantong”) [Member] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [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] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [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] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [Line Items] | ||
Place of incorporation and operation | British Virgin Islands | |
Issued share capital | US$1 | |
Principal activities | Investment holding | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
LSQ Capital Limited [Member] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [Line Items] | ||
Place of incorporation and operation | Hong Kong | |
Issued share capital | HK$2,000,000 | |
Principal activities | Advising on securities and asset management | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
Metalpha Limited [Member] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [Line Items] | ||
Place of incorporation and operation | British Virgin Islands | [2] |
Issued share capital | US$4,000,000 | [2] |
Principal activities | Proprietary trading of digital assets | [2] |
Percentage of shareholding% Direct | [2] | |
Percentage of shareholding% Indirect | 100% | [2] |
LSQ Investment Limited [Member] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [Line Items] | ||
Place of incorporation and operation | Hong Kong | |
Issued share capital | HK$1 | |
Principal activities | Inactive | |
Percentage of shareholding% Direct | ||
Percentage of shareholding% Indirect | 100% | |
Hangzhou Taikexi Dacheng Automobile Technology Service Co. Ltd.(“Taikexi”) [Member] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [Line Items] | ||
Place of incorporation and operation | PRC | [1] |
Issued share capital | RMB8,700,000 | [1] |
Principal activities | Inactive | [1] |
Percentage of shareholding% Direct | [1] | |
Percentage of shareholding% Indirect | [1] | |
Shenzhen Guanpeng International Technology Co. Ltd (“Guanpeng”) [Member] | ||
Overview of the Company (Details) - Schedule of Subsidiaries of the Company [Line Items] | ||
Place of incorporation and operation | PRC | [3] |
Issued share capital | RMB510,000 | [3] |
Principal activities | Inactive | [3] |
Percentage of shareholding% Direct | [3] | |
Percentage of shareholding% Indirect | [3] | |
[1] The subsidiaries, HangZhou Dacheng, HangZhou Longyun, Dacheng Liantong, HangZhou Xuzhihang, Guanpeng and Taikexi were disposed on March 31, 2023. Please refer to note 24 for the details. On November 28, 2022, the Company entered into a sale and purchase agreement with Antalpha to purchase 49% of equity interest of Metalpha from Antalpha at a consideration of US$2,500,000, which was satisfied by the allotment and issuance of 2,500,000 shares with par value of US$0.0001 in the capital of the Company. Upon completion of the transaction, Metalpha is an indirectly wholly-owned subsidiary of the Company. The transaction was completed on November 28, 2022. Guanpeng has been deregistered on May 24, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Details) | 12 Months Ended |
Mar. 31, 2023 segments | |
Significant Accounting Policies [LIne Items] | |
Reportable segment (in segments) | 1 |
Vehicles [Member] | |
Significant Accounting Policies [LIne Items] | |
Estimated useful lives | 4 years |
Bottom of range [member] | Computer Equipment [Member] | |
Significant Accounting Policies [LIne Items] | |
Estimated useful lives | 1 year |
Bottom of range [member] | Office Equipment [Member] | |
Significant Accounting Policies [LIne Items] | |
Estimated useful lives | 4 years |
Top of range [member] | Computer Equipment [Member] | |
Significant Accounting Policies [LIne Items] | |
Estimated useful lives | 3 years |
Top of range [member] | Office Equipment [Member] | |
Significant Accounting Policies [LIne Items] | |
Estimated useful lives | 5 years |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net [Line Items] | ||
As of April 1, 2021 | $ 297,974 | |
Depreciation for the year | 185,300 | $ 90,327 |
Accumulated depreciation [Member] | ||
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net [Line Items] | ||
As of April 1, 2021 | 250,284 | |
Disposal | (10,469) | |
Disposal of subsidiaries (note 27) | (368,285) | |
Depreciation for the year | 70,940 | 64,977 |
Net carrying amount | ||
Exchange realignment | (7) | (3,564) |
Ending balance | 3,876 | 311,697 |
Accumulated depreciation [Member] | Computer and equipment [Member] | ||
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net [Line Items] | ||
As of April 1, 2021 | 198,637 | |
Disposal | (9,637) | |
Disposal of subsidiaries (note 27) | (212,163) | |
Depreciation for the year | 7,539 | 22,336 |
Net carrying amount | ||
Exchange realignment | (7) | (2,829) |
Ending balance | 3,876 | 218,144 |
Accumulated depreciation [Member] | Automobiles [Member] | ||
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net [Line Items] | ||
As of April 1, 2021 | 51,647 | |
Disposal | (832) | |
Disposal of subsidiaries (note 27) | (156,122) | |
Depreciation for the year | 63,401 | 42,641 |
Net carrying amount | ||
Exchange realignment | (735) | |
Ending balance | 93,553 | |
Cost [Member] | ||
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net [Line Items] | ||
As of April 1, 2021 | 298,576 | |
Additions | 21,570 | 288,329 |
Disposal | (47,067) | |
Disposal of subsidiaries (note 27) | (572,804) | |
Acquisition of subsidiary (note 26) | 12,672 | |
Net carrying amount | ||
Exchange realignment | 929 | 10,094 |
Ending balance | 12,299 | 609,671 |
Cost [Member] | Computer and equipment [Member] | ||
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net [Line Items] | ||
As of April 1, 2021 | 198,637 | |
Additions | 3,160 | 34,517 |
Disposal | (43,847) | |
Disposal of subsidiaries (note 27) | (192,847) | |
Acquisition of subsidiary (note 26) | 5,035 | |
Net carrying amount | ||
Exchange realignment | 929 | 6,715 |
Ending balance | 12,299 | 244,904 |
Cost [Member] | Automobiles [Member] | ||
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net [Line Items] | ||
As of April 1, 2021 | 99,939 | |
Additions | 18,410 | 253,812 |
Disposal | (3,220) | |
Disposal of subsidiaries (note 27) | (379,957) | |
Acquisition of subsidiary (note 26) | 7,637 | |
Net carrying amount | ||
Exchange realignment | 3,379 | |
Ending balance | 364,767 | |
Net carrying amount [Member] | ||
Net carrying amount | ||
Ending balance | 8,423 | 297,974 |
Net carrying amount [Member] | Computer and equipment [Member] | ||
Net carrying amount | ||
Ending balance | 8,423 | 26,760 |
Net carrying amount [Member] | Automobiles [Member] | ||
Net carrying amount | ||
Ending balance | $ 271,214 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Interest rate | 4.75% | |
Bottom of Range [Member] | ||
Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Lease terms | 1 year | |
Interest rate | 4.75% | |
Top of Range [Member] | ||
Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Lease terms | 4 years | |
Interest rate | 4.90% |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of Company has Entered into Leases of Buildings - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cost: | ||
At beginning of year | $ 505,494 | $ 74,794 |
Addition during the year | 110,206 | 427,672 |
Exchange realignment | (4,260) | 3,028 |
Disposal of subsidiaries (note 24) | (358,067) | |
At end of year | 253,373 | 505,494 |
Accumulated depreciation: | ||
At beginning of year | 120,450 | 28,496 |
Depreciation for the year | 185,300 | 90,327 |
Exchange realignment | (211) | 1,627 |
Disposal of subsidiaries (note 24) | (173,097) | |
At end of year | 132,442 | 120,450 |
Net carrying amount | $ 120,931 | $ 385,044 |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of Carrying Amounts of Lease Liabilities and the Movements - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Carrying Amounts of Lease Liabilities and the Movements [Abstract] | ||
At beginning of year | $ 368,747 | $ 38,153 |
Additions to lease liabilities | 110,206 | 427,672 |
Interest charged | 13,139 | 11,550 |
Payment made | (224,309) | (109,219) |
Exchange realignment | 461 | 591 |
Disposal of subsidiaries (note 24) | (134,965) | |
At end of year | $ 133,279 | $ 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 ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Consolidated Statement of Financial Position [Abstract] | ||
Current liabilities | $ 93,166 | $ 263,207 |
Non-current liabilities | 40,113 | 105,540 |
Total | $ 133,279 | $ 368,747 |
Right-of-Use Assets and Lease_7
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of Reconciliation of Liabilities arising from Financing Activities - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Reconciliation of Liabilities arising from Financing Activities [Abstract] | ||
Balance beginning | $ 368,747 | $ 38,153 |
Lease payment | (224,309) | (109,219) |
Interest paid | 13,139 | 11,550 |
Total changes from financing cash flow | (211,170) | (97,669) |
New leases | 110,206 | 427,672 |
Disposal of subsidiaries (note 24) | (134,965) | |
Exchange realignments | 461 | 591 |
Total other changes | (24,298) | 428,263 |
Balance ending | $ 133,279 | $ 368,747 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Abstract] | ||
Goodwill amounted | $ 78,958 | $ 78,958 |
Loans Receivables (Details)
Loans Receivables (Details) | 12 Months Ended |
Mar. 31, 2022 USD ($) | |
Loans Receivables [Line Items] | |
Advances granted (in Dollars) | $ 2,070,421 |
Fixed interest rate | 5% |
Related Parties [Member] | |
Loans Receivables [Line Items] | |
Fixed interest rate | 5% |
Loans Receivables (Details) - S
Loans Receivables (Details) - Schedule of Loans Receivables - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Schedule of Loans Receivables [Abstract] | |||
Loans to third parties | [1] | $ 7,138,703 | |
Loans to related parties | [2] | 2,245,200 | |
Total | $ 9,383,903 | ||
[1]As of March 31, 2022, the advances granted to independent third parties were unsecured, except for US$2,070,421 bearing a fixed interest rate at 5%, interest free, and repayable within 12 months from the year end date as of March 31, 2022.[2] As of March 31, 2022, the advances granted to related parties are unsecured, bearing a fixed interest rate at 5%, and repayable within 12 months from the year end date as of March 31, 2022. |
Investment in Trusts (Details)
Investment in Trusts (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Investment in Trusts [Abstract] | |
Number of shares | shares | 166,413 |
Market price | $ / shares | $ 16.36 |
Fair value gain on financial assets | $ | $ 403,533 |
Prepayments and Other Receiva_3
Prepayments and Other Receivables, Net (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | May 17, 2023 | Mar. 28, 2023 | |
Prepayments and Other Receivables [Abstract] | ||||
Other receivables | $ 100,013 | $ 100,013 | ||
Receivables | 225,668 | 517,359 | $ 80,010 | |
Allowance for expected credit loss | $ 2,076 |
Prepayments and Other Receiva_4
Prepayments and Other Receivables, Net (Details) - Schedule of Prepayments and Other Receivables - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 28, 2023 | |
Schedule of Prepayments and Other Receivables [Abstract] | |||
Advance to service providers | $ 47,613 | ||
Prepaid tax | 69,321 | ||
Prepaid insurance | 62,052 | 262,682 | |
Receivables from Bsset Technology Limited (“Bsset”) | 100,013 | $ 100,013 | |
Others | 65,679 | 205,517 | |
Total | 227,744 | 585,133 | |
Allowance for expected credit loss | (2,076) | (67,774) | |
Prepayments and other receivables after allowance for expected credit loss | $ 225,668 | $ 517,359 |
Prepayments and Other Receiva_5
Prepayments and Other Receivables, Net (Details) - Schedule of Movements of Allowance for Expected Credit Losses - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Movements of Allowance for Expected Credit Losses [Abstract] | ||
Beginning balance | $ 67,774 | $ 65,558 |
Additions | 2,076 | |
Disposal of subsidiaries | (67,774) | |
Exchange realignments | 2,216 | |
Ending balance | $ 2,076 | $ 67,774 |
Digital Assets (Details) - Sche
Digital Assets (Details) - Schedule of Digital Assets - USD ($) | 12 Months Ended | |
Dec. 11, 2023 | Dec. 11, 2022 | |
Schedule of Digital Assets [Abstract] | ||
Digital assets held on exchange institutions | $ 41,113,238 | $ 8,438,027 |
Digital assets held on exchange institutions- restricted | 5,110,220 | |
Total | $ 46,223,458 | $ 8,438,027 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 6,567,728 | $ 4,849,850 |
Mainland China [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 369,035 | |
HK [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 180,387 | $ 68,106 |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Cash and Cash Equivalents [Abstract] | ||
Bank balances | $ 6,748,115 | $ 5,286,991 |
Equity (Details)
Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||
Mar. 15, 2023 | Nov. 28, 2022 | Nov. 11, 2022 | Sep. 21, 2022 | May 10, 2022 | Feb. 20, 2023 | Nov. 30, 2022 | Jul. 31, 2022 | Jul. 25, 2022 | May 26, 2022 | Nov. 30, 2021 | Oct. 27, 2021 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Share capital issued | 2,500,000 | 1,650,000 | |||||||||||||
Purchase non-controlling interest percentage | 49% | ||||||||||||||
Purchase of warrants issued | 2,500,000 | 17,800,000 | |||||||||||||
Warrants price per share (in Dollars per share) | $ 1.5 | $ 1 | $ 1.5 | $ 1.5 | $ 1.5 | ||||||||||
Warrants percentage | 88% | 88% | 88% | 88% | 88% | ||||||||||
Weighted average exercise price term | 5 years | 5 years | 5 years | 5 years | 5 years | ||||||||||
Capital and reserves description | 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 exercisable date shall be the later of: (i) the one year anniversary 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; (ii) 3,500,000 share purchase warrants exercisable at $1.50 per share; and (iii) 7,000,000 share purchase warrants exercisable at $2.50 per share. | ||||||||||||||
Ordinary shares | 3,300,000 | ||||||||||||||
Ordinary shares par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||
Share options granted (in Dollars) | $ 1,573,500 | ||||||||||||||
Share option expense (in Dollars) | 1,045,315 | ||||||||||||||
Agreement interest | 49% | 49% | 100% | ||||||||||||
Consideration amount (in Dollars) | $ 2,500,000 | $ 2,500,000 | $ 1 | $ 1 | 1 | ||||||||||
Transaction amount (in Dollars) | $ 0.0001 | ||||||||||||||
Repurchased shares | 329,582 | ||||||||||||||
Consideration transaction costs (in Dollars) | $ 353,816 | $ 353,816 | |||||||||||||
Top of range [member] | |||||||||||||||
Boards of directors percentage | 50% | ||||||||||||||
Bottom of range [member] | |||||||||||||||
Boards of directors percentage | 10% | ||||||||||||||
Private Placement [Member] | |||||||||||||||
Share capital issued | 3,300,000 | ||||||||||||||
Warrant issued [Member] | |||||||||||||||
Purchase of warrants issued | 6,600,000 | ||||||||||||||
Type A Warrants to Antalpha Technologies Holdings [Member] | |||||||||||||||
Purchase of warrants issued | 4,500,000 | ||||||||||||||
Warrants price per share (in Dollars per share) | $ 1 | ||||||||||||||
Warrants percentage | 88% | ||||||||||||||
Weighted average exercise price term | 5 years | ||||||||||||||
Type B Warrants to Antalpha Technologies Holdings [Member] | |||||||||||||||
Purchase of warrants issued | 3,000,000 | ||||||||||||||
Warrants price per share (in Dollars per share) | $ 1.5 | ||||||||||||||
Warrants percentage | 88% | ||||||||||||||
Weighted average exercise price term | 10 years | ||||||||||||||
Purchase Warrant [Member] | |||||||||||||||
Purchase of warrants issued | 2,500,000 | 200,000 | 500,000 | 2,000,000 | 1,800,000 |
Equity (Details) - Schedule of
Equity (Details) - Schedule of Outstanding Share Purchase Warrants and Fair Value - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Nov. 28, 2022 | |
Schedule of Outstanding Share Purchase Warrants and Fair Value [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, Issued for the year | 17,800,000 | 2,500,000 | |
Weighted average exercise price, Issued for the year | $ 1.79 | ||
Fair value charged to profit or loss, Issued for the year | $ 6,063,086 | ||
Number outstanding, Ending Balance | 32,600,000 | 17,800,000 | |
Weighted average exercise price, Ending Balance | $ 1.58 | $ 1.79 | |
Fair value charged to profit or loss, Ending Balance | $ 16,240,081 | $ 6,063,086 | |
Number outstanding, Addition for the year | 14,800,000 | ||
Weighted average exercise price, Addition for the year | $ 1.05 | ||
Fair value charged to profit or loss, Addition for the year | $ 10,176,995 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of Assumptions in Calculating the Fair Value of the Warrants - Warrants [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Bottom of Range [Member] | ||
Equity (Details) - Schedule of Assumptions in Calculating the Fair Value of the Warrants [Line Items] | ||
Risk-free interest rate | 2.66% | 1.14% |
Expected life of warrants | 4 years | 5 years |
Volatility | 101.58% | 80.59% |
Weighted average fair value per warrant (US$) (in Dollars per share) | $ 0.12 | $ 0.71 |
Top of Range [Member] | ||
Equity (Details) - Schedule of Assumptions in Calculating the Fair Value of the Warrants [Line Items] | ||
Risk-free interest rate | 3.80% | 1.15% |
Expected life of warrants | 9 years | 10 years |
Volatility | 121.32% | 82.59% |
Weighted average fair value per warrant (US$) (in Dollars per share) | $ 0.48 | $ 1.29 |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding - Share Purchase Warrants [Member] | 12 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 32,600,000 |
Fair value at issue date | $ 23,967,986 |
Fair value charged for current year | $ 10,176,995 |
October 29, 2031 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 3,500,000 |
Fair value at issue date | $ 4,515,601 |
Fair value charged for current year | $ 3,142,589 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 8 years |
October 29, 2031 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 3,500,000 |
Fair value at issue date | $ 4,229,191 |
Fair value charged for current year | $ 2,023,536 |
Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Weighted average remaining life | 8 years |
October 29, 2031 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 7,000,000 |
Fair value at issue date | $ 7,500,124 |
Fair value charged for current year | $ 2,550,201 |
Exercise price (in Dollars per share) | $ / shares | $ 2.5 |
Weighted average remaining life | 8 years |
October 27, 2026 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 1,800,000 |
Fair value at issue date | $ 1,353,304 |
Fair value charged for current year | |
Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Weighted average remaining life | 3 years |
October 29, 2026 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 2,000,000 |
Fair value at issue date | $ 1,417,766 |
Fair value charged for current year | |
Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Weighted average remaining life | 3 years |
May 10, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 200,000 |
Fair value at issue date | $ 84,000 |
Fair value charged for current year | $ 63,460 |
Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Weighted average remaining life | 4 years |
May 26, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 500,000 |
Fair value at issue date | $ 238,000 |
Fair value charged for current year | $ 173,264 |
Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Weighted average remaining life | 4 years |
July 22, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 440,000 |
Fair value at issue date | $ 163,000 |
Fair value charged for current year | $ 97,431 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
July 25, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 3,780,000 |
Fair value at issue date | $ 1,405,000 |
Fair value charged for current year | $ 836,326 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
July 26, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 400,000 |
Fair value at issue date | $ 146,000 |
Fair value charged for current year | $ 86,784 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
July 27, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 1,000,000 |
Fair value at issue date | $ 379,000 |
Fair value charged for current year | $ 224,964 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
July 28, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 980,000 |
Fair value at issue date | $ 376,000 |
Fair value charged for current year | $ 222,870 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
November 28, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 1,125,000 |
Fair value at issue date | $ 264,000 |
Fair value charged for current year | $ 180,400 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
November 28, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 1,125,000 |
Fair value at issue date | $ 274,000 |
Fair value charged for current year | $ 92,334 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
November 28, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 1,125,000 |
Fair value at issue date | $ 289,000 |
Fair value charged for current year | $ 65,224 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
November 28, 2027 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 1,125,000 |
Fair value at issue date | $ 303,000 |
Fair value charged for current year | $ 51,053 |
Exercise price (in Dollars per share) | $ / shares | $ 1 |
Weighted average remaining life | 4 years |
November 28, 2032 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 750,000 |
Fair value at issue date | $ 263,000 |
Fair value charged for current year | $ 179,717 |
Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Weighted average remaining life | 9 years |
November 28, 2032 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 250,000 |
Fair value at issue date | $ 89,000 |
Fair value charged for current year | $ 29,992 |
Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Weighted average remaining life | 9 years |
November 28, 2032 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 500,000 |
Fair value at issue date | $ 165,000 |
Fair value charged for current year | $ 55,603 |
Exercise price (in Dollars per share) | $ / shares | $ 2.5 |
Weighted average remaining life | 9 years |
November 28, 2032 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 500,000 |
Fair value at issue date | $ 169,000 |
Fair value charged for current year | $ 38,141 |
Exercise price (in Dollars per share) | $ / shares | $ 2.5 |
Weighted average remaining life | 9 years |
November 28, 2032 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 250,000 |
Fair value at issue date | $ 87,000 |
Fair value charged for current year | $ 19,635 |
Exercise price (in Dollars per share) | $ / shares | $ 6 |
Weighted average remaining life | 9 years |
November 28, 2032 [Member] | |
Equity (Details) - Schedule of the Company Share Purchase Warrants Outstanding [Line Items] | |
Warrants outstanding (in Shares) | shares | 750,000 |
Fair value at issue date | $ 258,000 |
Fair value charged for current year | $ 43,471 |
Exercise price (in Dollars per share) | $ / shares | $ 6 |
Weighted average remaining life | 9 years |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of 2022 Performance Incentive Plan | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of2022 Performance Incentive Plan Abstract | ||
Number of share award grant, beginning | ||
Issued during the year | 3,300,000 | |
Exercised during the year | (1,650,000) | |
Number of share award grant, ending | 1,650,000 |
Equity (Details) - Schedule o_5
Equity (Details) - Schedule of Non-Controlling Interests - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Equity (Details) - Schedule of Non-Controlling Interests [Line Items] | |||
Balance at beginning | $ 1,410,630 | $ (611,686) | $ (547,777) |
(Loss) profit for the year | 389,318 | 11,606 | (63,909) |
Contribution from non-controlling shareholder in a subsidiary | 1,960,000 | ||
Acquisition of a subsidiary | 10,459 | ||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | 40,251 | ||
Disposal of subsidiaries | 569,360 | ||
Acquisition of non-controlling interests | (2,369,308) | ||
Balance at ending | 1,410,630 | (611,686) | |
Taikexi [Member] | |||
Equity (Details) - Schedule of Non-Controlling Interests [Line Items] | |||
Balance at beginning | (530,764) | (525,927) | (505,566) |
(Loss) profit for the year | (4,837) | (20,361) | |
Contribution from non-controlling shareholder in a subsidiary | |||
Acquisition of a subsidiary | |||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | |||
Disposal of subsidiaries | 530,764 | ||
Acquisition of non-controlling interests | |||
Balance at ending | (530,764) | (525,927) | |
Shenzhen Guanpeng [Member] | |||
Equity (Details) - Schedule of Non-Controlling Interests [Line Items] | |||
Balance at beginning | (49,055) | (45,508) | (31,664) |
(Loss) profit for the year | (3,547) | (13,844) | |
Contribution from non-controlling shareholder in a subsidiary | |||
Acquisition of a subsidiary | |||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | |||
Disposal of subsidiaries | 49,055 | ||
Acquisition of non-controlling interests | |||
Balance at ending | (49,055) | (45,508) | |
Dacheng Liantong [Member] | |||
Equity (Details) - Schedule of Non-Controlling Interests [Line Items] | |||
Balance at beginning | (40,251) | (10,547) | |
(Loss) profit for the year | (29,704) | ||
Contribution from non-controlling shareholder in a subsidiary | |||
Acquisition of a subsidiary | |||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | 40,251 | ||
Disposal of subsidiaries | |||
Acquisition of non-controlling interests | |||
Balance at ending | (40,251) | ||
Hangzhou Xuzhihang [Member] | |||
Equity (Details) - Schedule of Non-Controlling Interests [Line Items] | |||
Balance at beginning | 10,459 | ||
(Loss) profit for the year | |||
Contribution from non-controlling shareholder in a subsidiary | |||
Acquisition of a subsidiary | 10,459 | ||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | |||
Disposal of subsidiaries | (10,459) | ||
Acquisition of non-controlling interests | |||
Balance at ending | 10,459 | ||
Metalpha [Member] | |||
Equity (Details) - Schedule of Non-Controlling Interests [Line Items] | |||
Balance at beginning | 1,979,990 | ||
(Loss) profit for the year | 389,318 | 19,990 | |
Contribution from non-controlling shareholder in a subsidiary | 1,960,000 | ||
Acquisition of a subsidiary | |||
Changes in non-controlling interest due to changes in ownership of partially owned subsidiary | |||
Disposal of subsidiaries | |||
Acquisition of non-controlling interests | (2,369,308) | ||
Balance at ending | $ 1,979,990 |
Digital Assets Payable (Details
Digital Assets Payable (Details) - Schedule of Digital Assets Payable - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Digital assets payables to: | |||
Related parties (note 28) | $ 22,854,211 | $ 6,200,109 | |
Third party payables | 9,796,120 | ||
Cryptocurrency exchange | 1,533,167 | ||
Total | $ 34,183,498 | $ 6,200,109 |
Digital Assets Payable (Detai_2
Digital Assets Payable (Details) - Schedule of Movement of Digital Assets Payables - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Movement of Digital Assets Payables [Abstract] | ||
Balance | $ 6,200,109 | |
Entered during the year | 296,810,473 | 8,735,145 |
Settled during the year | (274,172,598) | (2,533,106) |
Unrealized fair value loss (gain) | 5,345,514 | (1,930) |
Balance | $ 34,183,498 | $ 6,200,109 |
Payable to Customers (Details)
Payable to Customers (Details) - Schedule of Owned Obligations to the Customers - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Payable to Customers (Details) - Schedule of Owned Obligations to the Customers [Line Items] | ||
Payables to customers | $ 11,612,234 | |
Related Parties [Member] | ||
Payable to Customers (Details) - Schedule of Owned Obligations to the Customers [Line Items] | ||
Payables to customers | 10,393,665 | |
Third Party Payables [Member] | ||
Payable to Customers (Details) - Schedule of Owned Obligations to the Customers [Line Items] | ||
Payables to customers | $ 1,218,569 |
Accounts and Other Payables (De
Accounts and Other Payables (Details) - Schedule of Accounts and Other Payables - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Accounts And Other Payables Abstract | |||
Account payables (note (a)) | [1] | $ 6,862 | |
Commission payables | 816,984 | ||
Technical cost payables | 20,930 | ||
Other payables and accrued charges | 91,875 | 1,152,662 | |
Wages payables (note (b)) | [2] | 397,463 | |
Amount due to related parties (note (c)) | [3] | 350,320 | |
Total | $ 1,327,252 | $ 1,509,844 | |
[1]The commission payables were payables to the traders for offering operations and marketing service, while the technical cost was payables to the consultants for the consultant services provided.[2]The wages payable were the wages payables to the director of the Company.[3]The amount due to related parties are unsecured, interest-free and repayable on demand. The amount has been disposed along with disposal of subsidiaries as disclosed in note 24. |
Income from Digital Asset Bus_3
Income from Digital Asset Business (Details) - Schedule of Income from Digital Asset Business - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Schedule of Income from Digital Asset Business [Abstract] | ||||
Unrealized fair value change of trading of digital assets and derivative contracts (note (a)) | [1] | $ 5,288,523 | $ 122,711 | |
Unrealized fair value change on investment in trusts | 403,533 | |||
Net fair value change in digital assets business | $ 5,692,056 | $ 122,711 | ||
[1]The Company trades cryptocurrencies and relevant derivative contracts over-the-counter and in cryptocurrency exchange, by purchasing cryptocurrencies with a view to their resale in the near future, and generating a profit from fluctuations in the prices, the Company applies the guidance in IAS 2 for commodity broker-traders and measures the cryptocurrencies at fair value less costs to sell. The Company considers that there are no significant “costs to sell” virtual assets and hence the measurement of virtual assets is based on their fair values with changes in fair values recognized in profit or loss in the period of the changes. |
Cost of Income (Details) - Sche
Cost of Income (Details) - Schedule of Cost of Income - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Schedule of Cost of Income [Abstract] | ||||
Commission to traders | [1] | $ 3,014,047 | $ 75,785 | |
Transaction fee | 50,663 | |||
Technical support fees | [2] | 606,688 | ||
Total | $ 3,671,398 | $ 75,785 | ||
[1] The commission to traders was paid to the traders for offering operations and marketing services in generating income from trading of digital assets. |
General and Administrative (Det
General and Administrative (Details) - Schedule of General and Administrative - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
General and Administrative (Details) - Schedule of General and Administrative [Line Items] | |||
Professional fees | $ 772,572 | ||
Wages and benefits | 707,625 | ||
Director fees | 373,417 | ||
Travelling expenses | 8,368 | ||
Depreciation of property and equipment | 2,887 | ||
Depreciation of right of use assets | 85,476 | ||
Meals and entertainment | 117,577 | ||
Share-based compensation | 1,045,315 | ||
Office expenses | 40,410 | ||
Insurance costs | 231,128 | ||
Other | 151,317 | ||
Total | $ 3,536,092 | ||
Restated [Member] | |||
General and Administrative (Details) - Schedule of General and Administrative [Line Items] | |||
Professional fees | $ 584,055 | $ 168,862 | |
Wages and benefits | 530,912 | 438,259 | |
Director fees | 108,281 | ||
Travelling expenses | 4,979 | 9,310 | |
Depreciation of property and equipment | 64,977 | ||
Depreciation of right of use assets | 90,327 | ||
Meals and entertainment | 1,784 | 9,964 | |
Share-based compensation | 1,468,800 | ||
Office expenses | 77,095 | ||
Insurance costs | 260,213 | ||
Other | 47,541 | 13,400 | |
Total | $ 3,238,964 | $ 639,795 |
Other Income (Details) - Sched
Other Income (Details) - Schedule of Other Income - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Interest income from financial institutions [Member] | ||||
Other Income (Details) - Schedule of Other Income [Line Items] | ||||
Total | $ 25,280 | $ 1,485 | $ 783 | |
Government subsidies [Member] | ||||
Other Income (Details) - Schedule of Other Income [Line Items] | ||||
Total | [1] | 15,308 | ||
Gain on exchange difference [Member] | ||||
Other Income (Details) - Schedule of Other Income [Line Items] | ||||
Total | 30,887 | |||
Total [Member] | ||||
Other Income (Details) - Schedule of Other Income [Line Items] | ||||
Total | $ 40,588 | $ 32,372 | $ 783 | |
[1] The government subsidies were granted under the Employment Support Scheme (“ESS”) for the Anti-epidemic fund from the Hong Kong Government to provide financial support to enterprises to retain their employees. Employers participating in ESS were required to undertake and warrant that they would: (i) not implement redundancies during the subsidy period; and (ii) spend all the wage subsidies on paying wages to their employees. There were no unfulfilled conditions nor other contingencies attached to the ESS funding. |
Finance Costs (Details) - Sched
Finance Costs (Details) - Schedule of Finance costs - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Finance Costs [Abstract] | |||
Interest expense | $ 1,938,803 | $ 1,606,887 | |
Lease expense | 8,464 | 3,091 | |
Total finance costs | $ 8,464 | $ 1,941,894 | $ 1,606,887 |
Income Tax Expense (Details)
Income Tax Expense (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 HKD ($) | |
Income Tax Expense [Line Items] | |
Applicable tax rate (in Dollars) | $ 2 |
Profits tax rate | 16.50% |
Assessable profits (in Dollars) | $ 2 |
Applicable tax rate | 16.50% |
Hong Kong (HK) [Member] | |
Income Tax Expense [Line Items] | |
Profits tax rate | 8.25% |
Income Tax Expense (Details) -
Income Tax Expense (Details) - Schedule of Tax Rate - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income tax expense | |||
Current tax expense | $ 218,035 | $ 8,061 | |
Loss from continuing operation before income tax | (11,701,303) | (11,226,587) | (2,305,477) |
Tax calculated at domestic tax rates applicable to respective profits | (1,930,715) | (1,852,387) | (380,404) |
Effect of tax rates in Cayman Islands | |||
Effect of non-taxable income | (6,697) | (245) | |
Tax effect of tax loss not recognized | 2,155,447 | 1,860,693 | 380,404 |
Income tax expense | $ 218,035 | $ 8,061 |
Income Tax Expense (Details) _2
Income Tax Expense (Details) - Schedule of Tax Rate (Parentheticals) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Tax Rate [Abstract] | |||
Tax rates applicable to respective profits | 16.50% | 16.50% | 16.50% |
Tax rates in Cayman Islands | 16.50% | 16.50% | 16.50% |
Business Combination (Details)
Business Combination (Details) - 1 months ended Mar. 30, 2022 - Hangzhou Xu Zhihang [Member] | USD ($) | CNY (¥) |
Business Combination [Line Items] | ||
Percentage of equity interest | 60% | |
Cash consideration | $ 94,647 | ¥ 600,000 |
Owned subsidiary, percentage | 60% |
Business Combination (Details)
Business Combination (Details) - Schedule of Fair Value of Each Class of Recognized Assets and Liabilities | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule of Fair Value of Each Class of Recognized Assets and Liabilities [Abstract] | |
Total purchase price (for 60% of equity interest) | $ 94,647 |
Cash and bank balances | 2,189 |
Trade and other receivables | 156,006 |
Property and equipment, net | 12,672 |
Total identifiable assets | 170,867 |
Total liabilities assumed | (144,719) |
Less: non-controlling interest identified | 10,459 |
Total fair value of identifiable assets as of acquisition date | 15,689 |
Goodwill | $ 78,958 |
Business Combination (Details_2
Business Combination (Details) - Schedule of Fair Value of Each Class of Recognized Assets and Liabilities (Parentheticals) | Mar. 31, 2023 |
Schedule of Fair Value of Each Class of Recognized Assets and Liabilities [Abstract] | |
Equity interest | 60% |
Business Combination (Details_3
Business Combination (Details) - Schedule of Cash Flows | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule of Cash Flows [Abstract] | |
Purchase consideration | $ (94,647) |
Cash and bank balances | 2,189 |
Net cash outflow | $ (92,458) |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 28, 2022 | Nov. 11, 2022 | Sep. 21, 2022 | Feb. 20, 2023 | Mar. 31, 2023 | |
Discontinued Operations [Abstract] | |||||
Equity interest, percentage | 100% | ||||
Total consideration of disposal | $ 2,500,000 | $ 2,500,000 | $ 1 | $ 1 | $ 1 |
Discontinued Operations (Deta_2
Discontinued Operations (Details) - Schedule of Assets and Liabilities in Relation to the Discontinued Operation - Discontinued Operation [Member] | Mar. 31, 2023 USD ($) |
Non-current assets | |
Property and equipment, net | $ 204,519 |
Right-of-use assets, net | 184,970 |
Total non-current assets | 389,489 |
Current assets | |
Other receivables | 95,174 |
Cash and cash equivalents | 70,736 |
Total current assets | 165,910 |
Total assets | 555,399 |
Non-current liabilities | |
Lease liabilities | (94,313) |
Total non-current liabilities | (94,313) |
Current liabilities | |
Other payables | (612,770) |
Tax payable | (1,892,200) |
Lease liabilities | (40,652) |
Total current liabilities | (2,545,622) |
Total liabilities | (2,639,935) |
Net deficit of the disposal group | $ (2,084,536) |
Discontinued Operations (Deta_3
Discontinued Operations (Details) - Schedule of Disposal of Discontinued Operation - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gain on disposal of discontinued operation: | |||
Consideration | $ 1 | ||
Carrying amount of net liabilities sold | 2,084,536 | ||
Derecognition of non-controlling interests | (569,360) | ||
Gain on disposal of discontinued operation | $ 1,515,177 |
Discontinued Operations (Deta_4
Discontinued Operations (Details) - Schedule of Cash Flows from Discontinued Operations - Discontinued operations [member] | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule of Cash Flows from Discontinued Operations [Abstract] | |
Cash consideration received | |
Cash and cash equivalents | (70,736) |
Net cash outflow from the disposal group | $ (70,736) |
Discontinued Operations (Deta_5
Discontinued Operations (Details) - Schedule of Net Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Net Cash Flows [Abstract] | |||
Net cash used in operating activities | $ (374,683) | $ (4,397,911) | $ (2,384,020) |
Net cash generated from investing activities | 35,548 | 342,158 | 1,292,107 |
Net cash (used in) generated from financing activities | (126,787) | 3,591,469 | (69,609) |
Net cash outflow from discontinued operation | $ (465,922) | $ (464,284) | $ (1,161,522) |
Discontinued Operations (Deta_6
Discontinued Operations (Details) - Schedule of Consolidated Income Statements of Profit or Loss - Parent Company [Member] - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Discontinued Operations (Details) - Schedule of Consolidated Income Statements of Profit or Loss [Line Items] | |||
Revenue | $ 374,409 | $ 2,032,916 | $ 225,749 |
Cost of revenue | (270,232) | (334,590) | |
Selling and promotion | (606,081) | (4,418,173) | (3,343,935) |
General and administrative | (607,315) | (502,083) | (169,583) |
Operating loss | (1,109,219) | (3,221,930) | (3,287,769) |
Other income | 192,168 | 5,233 | 983 |
Other expense | (8,847,133) | (157,904) | (25,237) |
Interest income | 999 | 206,841 | 412,908 |
Finance costs | (25,625) | (6,127) | |
Loss before income tax | (9,763,185) | (3,193,385) | (2,905,242) |
Income tax expenses | (5) | ||
Loss for the year from discontinued operation | (9,763,190) | (3,193,385) | (2,905,242) |
Other comprehensive (loss) income | |||
Foreign operations – foreign currency translation differences | (919) | 42,294 | (292,714) |
Total comprehensive loss for the year from discontinued operation | (9,764,109) | (3,151,091) | (3,197,956) |
Total comprehensive loss for the year attributable to owners of the Company | |||
Total comprehensive loss from discontinued operation | (9,764,109) | (3,142,707) | (3,134,047) |
Total comprehensive loss for the year attributable to non-controlling interests | |||
Total comprehensive loss from discontinued operation | $ (8,384) | $ (63,909) |
Loss Per Share Attributable t_2
Loss Per Share Attributable to Owners of the Company (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Loss Per Share Attributable to Equity Holders of the Company [Abstract] | ||
Share purchase warrant | $ 32,600,000 |
Operating Segment (Details) - S
Operating Segment (Details) - Schedule of Financial Position - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Operating Segment (Details) - Schedule of Financial Position [Line Items] | ||
Current assets | $ 55,919,758 | $ 23,626,280 |
Non-current assets | $ 158,732 | 712,459 |
Total assets | 24,338,739 | |
Current liabilities | (10,031,527) | |
Non-current liabilities | (105,540) | |
Total liabilities | (10,137,067) | |
Net assets | 14,201,672 | |
Metalpha [Member] | ||
Operating Segment (Details) - Schedule of Financial Position [Line Items] | ||
Current assets | 8,438,027 | |
Non-current assets | ||
Total assets | 8,438,027 | |
Current liabilities | (6,434,996) | |
Non-current liabilities | ||
Total liabilities | (643,496) | |
Net assets | 2,003,031 | |
Longyun [Member] | ||
Operating Segment (Details) - Schedule of Financial Position [Line Items] | ||
Current assets | 4,644,940 | |
Non-current assets | 35,874 | |
Total assets | 4,680,814 | |
Current liabilities | (557,619) | |
Non-current liabilities | ||
Total liabilities | (557,619) | |
Net assets | 4,123,195 | |
DachengLiantong [Member] | ||
Operating Segment (Details) - Schedule of Financial Position [Line Items] | ||
Current assets | 5,409,384 | |
Non-current assets | 213,844 | |
Total assets | 5,623,228 | |
Current liabilities | (464,803) | |
Non-current liabilities | (105,540) | |
Total liabilities | (570,343) | |
Net assets | 5,052,885 | |
Other [Member] | ||
Operating Segment (Details) - Schedule of Financial Position [Line Items] | ||
Current assets | 5,133,929 | |
Non-current assets | 462,741 | |
Total assets | 5,596,670 | |
Current liabilities | (2,574,109) | |
Non-current liabilities | ||
Total liabilities | (2,574,109) | |
Net assets | $ 3,022,561 |
Financial Risk Management (Deta
Financial Risk Management (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financial Risk Management [Line Items] | ||
Recurring fair value measurements (in Dollars) | ||
Fair value valuation techniques (in Dollars) | ||
Counterparty One [Member] | ||
Financial Risk Management [Line Items] | ||
Concentration risk, percentage | 10% | 10% |
Counterparty Two [Member] | ||
Financial Risk Management [Line Items] | ||
Concentration risk, percentage | 10% | 10% |
Binomial Option Pricing Model [Member] | Bottom of range [member] | ||
Financial Risk Management [Line Items] | ||
Percentage of risk free rate | 3.80% | 3.54% |
Percentage of expected volatility | 24.02% | 22.18% |
Binomial Option Pricing Model [Member] | Top of range [member] | ||
Financial Risk Management [Line Items] | ||
Percentage of risk free rate | 9.32% | 4.26% |
Percentage of expected volatility | 101.58% | 46.89% |
Black-Scholes Pricing Model [Member] | ||
Financial Risk Management [Line Items] | ||
Percentage of expected volatility | 37.56% | |
Black-Scholes Pricing Model [Member] | Bottom of range [member] | ||
Financial Risk Management [Line Items] | ||
Percentage of risk free rate | 4.78% | 4.78% |
Percentage of expected volatility | 39.11% | |
Black-Scholes Pricing Model [Member] | Top of range [member] | ||
Financial Risk Management [Line Items] | ||
Percentage of risk free rate | 9.01% | 6.89% |
Percentage of expected volatility | 68.10% | |
Capital Management [Member] | ||
Financial Risk Management [Line Items] | ||
Gearing ratio in percentage | 85% | 42% |
Financial Risk Management (De_2
Financial Risk Management (Details) - Schedule of Level in Fair Value Hierarchy - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financial Risk Management (Details) - Schedule of Level in Fair Value Hierarchy [Line Items] | ||
Investment in trusts | $ 2,722,517 | |
Restricted digital assets | 5,110,220 | |
Digital assets | 41,113,238 | $ 8,438,027 |
Digital assets payable | (11,329,287) | |
Digital assets payable – related party | (22,854,211) | (6,200,109) |
Total | 14,762,477 | 2,237,918 |
Level 1 [Member] | ||
Financial Risk Management (Details) - Schedule of Level in Fair Value Hierarchy [Line Items] | ||
Investment in trusts | 2,722,517 | |
Restricted digital assets | 5,110,220 | |
Digital assets | 41,113,238 | 8,438,027 |
Digital assets payable | ||
Digital assets payable – related party | ||
Total | 48,945,975 | 8,438,027 |
Level 2 [Member] | ||
Financial Risk Management (Details) - Schedule of Level in Fair Value Hierarchy [Line Items] | ||
Investment in trusts | ||
Restricted digital assets | ||
Digital assets | ||
Digital assets payable | ||
Digital assets payable – related party | ||
Total | ||
Level 3 [Member] | ||
Financial Risk Management (Details) - Schedule of Level in Fair Value Hierarchy [Line Items] | ||
Investment in trusts | ||
Restricted digital assets | ||
Digital assets | ||
Digital assets payable | (11,329,287) | |
Digital assets payable – related party | (22,854,211) | (6,200,109) |
Total | $ (34,183,498) | $ (6,200,109) |
Financial Risk Management (De_3
Financial Risk Management (Details) - Schedule of Contractual Undiscounted Cash Outflows of Non-Derivative Financial Liabilities - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Non-derivative financial liabilities | ||
Account and other payables | $ 1,325,914 | $ 1,471,844 |
Lease liabilities | 133,279 | 368,747 |
Total of non-derivative financial liabilities | 1,459,193 | 1,840,591 |
Within1 Year [Member] | ||
Non-derivative financial liabilities | ||
Account and other payables | 1,325,914 | 1,471,844 |
Lease liabilities | 93,166 | 263,207 |
Total of non-derivative financial liabilities | 1,419,080 | 1,735,051 |
Over 1 year [Member] | ||
Non-derivative financial liabilities | ||
Account and other payables | ||
Lease liabilities | 40,113 | 105,540 |
Total of non-derivative financial liabilities | $ 40,113 | $ 105,540 |
Related Party Balances and Tr_3
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships | 12 Months Ended |
Mar. 31, 2023 | |
Mr. Hongyu Zhang [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Shareholder; director of various subsidiaries |
Mr. Limin Liu [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Chief Executive Officer |
Mr. Bingzhong Wang [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Director of the Company |
Mr. Ming Ni [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Chief Operating Officer |
Mangyue Sun [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Legal representative and shareholder of Taikexi |
Liqing Zheng [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Employee of Hangzhou Longyun |
Yang Xu [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Employee of Hangzhou Longyun |
Fang Qin [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Spouse of Mangyue Sun |
Mrs. Wang [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Spouse of Bingzhong Wang |
Hangzhou Yuao Investment Management Partnership [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Common control by legal representative and shareholder of Taikexi, Mangyue Sun |
Hangzhou Yuao Venture Capital Co., Ltd [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | 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 with the Group | Common control by Wei Wang |
Antalpha [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Non-controlling interest of Metalpha before November 30, 2022, and minority shareholder of the Company after October 1, 2022 |
LSQ Investment Fund SPC -Next Generation Fund I SP [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Bingzhong Wang act as director of the Company while LSO Capital Limited as Sub-Investment Manager |
Antpool Technologies Limited [Member] | |
Related Party Balances and Transactions (Details) - Schedule of Related Parties Relationships [Line Items] | |
Relationship with the Group | Shareholder of Antalpha |
Related Party Balances and Tr_4
Related Party Balances and Transactions (Details) - Schedule of Related Parties’ Transactions - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
a. Derivative products transactions | |||
Continuing operations | $ (12,308,656) | $ (11,254,638) | $ (2,305,477) |
b. Digital assets payables | |||
Digital assets payables | 22,854,211 | 6,200,109 | |
c. Payables to customer | |||
Payables to customer | 10,393,665 | ||
dd. Other related parties payables | |||
Other related parties’ payables | 322,752 | ||
Derivative products entered with Antalpha [Member] | |||
a. Derivative products transactions | |||
Continuing operations | 249,737,146 | 8,735,145 | |
Derivative products expired to Antalpha [Member] | |||
a. Derivative products transactions | |||
Continuing operations | (255,937,255) | (2,533,106) | |
Derivative products entered with Mrs. Wang [Member] | |||
a. Derivative products transactions | |||
Continuing operations | 4,768,863 | ||
Derivative products expired to Mrs. Wang [Member] | |||
a. Derivative products transactions | |||
Continuing operations | (4,727,321) | ||
Derivative products entered with Ming Ni [Member] | |||
a. Derivative products transactions | |||
Continuing operations | 60,743 | ||
Derivative products expired to Ming Ni [Member] | |||
a. Derivative products transactions | |||
Continuing operations | (60,743) | ||
Derivative products entered with LSQ Investment Fund SPC - Next Generation Fund I SP [Member] | |||
a. Derivative products transactions | |||
Continuing operations | 4,640,000 | ||
‣ Derivative products expired to LSQ Investment Fund SPC - Next Generation Fund I SP [Member] | |||
a. Derivative products transactions | |||
Continuing operations | (85,586) | ||
Antalpha Technologies Limited [Member] | |||
b. Digital assets payables | |||
Digital assets payables | 21,127,674 | 6,200,109 | |
c. Payables to customer | |||
Payables to customer | 4,624,228 | ||
Mrs. Wang [Member] | |||
b. Digital assets payables | |||
Digital assets payables | 1,726,537 | ||
c. Payables to customer | |||
Payables to customer | 496,899 | ||
Antpool Technologies Limited [Member] | |||
c. Payables to customer | |||
Payables to customer | 91,101 | ||
LSQ Investment Fund SPC -Next Generation Fund I SP [Member] | |||
c. Payables to customer | |||
Payables to customer | 5,181,437 | ||
Hangzhou Yuao Venture Capital Co., Ltd [Member] | |||
a. Interest income derived from: | |||
Interest income derived | 80,294 | ||
b. Loan receivables – related parties | |||
Loan receivables – related parties | 2,245,200 | ||
Consideration on the disposal of business to Liqing Zheng and Yang Xu [Member] | |||
c. Business transaction | |||
Business transaction | 1 | ||
HangZhou TianQi Network Technology Co. Ltd. [Member] | |||
dd. Other related parties payables | |||
Other related parties’ payables | 46,696 | ||
Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. [Member] | |||
dd. Other related parties payables | |||
Other related parties’ payables | 205,070 | ||
Mangyue Sun [Member] | |||
dd. Other related parties payables | |||
Other related parties’ payables | 23,662 | ||
Fang Qin [Member] | |||
dd. Other related parties payables | |||
Other related parties’ payables | $ 47,324 |