Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 333-235700 | |
Entity Registrant Name | SYNERGY EMPIRE LIMITED | |
Entity Central Index Key | 0001766267 | |
Entity Tax Identification Number | 38-4096727 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | No.19 Jalan 12/118B | |
Entity Address, Address Line Two | Desa Tun Razak | |
Entity Address, City or Town | Kuala Lumpur | |
Entity Address, Country | MY | |
Entity Address, Postal Zip Code | 56100 | |
City Area Code | (60)3 | |
Local Phone Number | 9171 2828 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,000,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 26,926 | $ 345,161 |
Trade receivables, net | 731 | 739 |
Prepaid expenses and deposits | 26,806 | 26,387 |
Inventories | 15,306 | 11,482 |
TOTAL CURRENT ASSETS | 69,769 | 383,769 |
NON-CURRENT ASSETS | ||
Operating lease right of use asset, net | 278,678 | 308,918 |
Plant and equipment, net | 317,645 | 328,245 |
Intangible asset, net | 1,503 | |
TOTAL ASSETS | 667,595 | 1,020,932 |
CURRENT LIABILITIES | ||
Accounts payable | 7,944 | 8,857 |
Accrued expenses and other payables | 69,230 | 170,449 |
Operating lease liability | 68,025 | 63,493 |
Bank borrowing | 16,208 | 15,559 |
Amount due to a director | 892,354 | 894,480 |
TOTAL CURRENT LIABILITIES | 1,053,761 | 1,152,838 |
NON-CURRENT LIABILITIES | ||
Operating lease liability | 214,927 | 249,142 |
Bank borrowing | 17,231 | 25,836 |
TOTAL LIABILITIES | 1,285,919 | 1,427,816 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock – Par value $0.0001; Authorized: 500,000 None issued and outstanding | ||
Common stock – Par value $0.0001; Authorized: 5,000,000 Issued and outstanding: 1,000,000 shares as of September 30, 2021 and March 31, 2021 respectively | 100 | 100 |
Additional paid-in capital | 784,083 | 784,083 |
Accumulated other comprehensive loss | (25,657) | (34,804) |
Accumulated deficit | (1,376,850) | (1,156,263) |
TOTAL STOCKHOLDERS’ DEFICIT | (618,324) | (406,884) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 667,595 | $ 1,020,932 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 1,000,000 | 1,000,000 |
Common stock, shares outstanding | 1,000,000 | 1,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
REVENUE | $ 16,837 | $ 47,489 | $ 27,883 | $ 139,463 |
COST AND EXPENSES: | ||||
Cost of revenue | (6,732) | (17,485) | (10,721) | (41,984) |
General and administrative expenses | (137,397) | (91,327) | (259,265) | (192,529) |
Total operating costs and expenses | (144,129) | (108,812) | (269,986) | (234,513) |
Loss from operations | (127,292) | (61,323) | (242,103) | (95,050) |
Other income, Net | 13,136 | 4,357 | 21,516 | 13,329 |
Loss before income tax | (114,156) | (56,966) | (220,587) | (81,721) |
Income tax expense | ||||
Net Loss | (114,156) | (56,966) | (220,587) | (81,721) |
Foreign currency translation income/ (loss) | 6,845 | (26,670) | 9,147 | (32,222) |
Total comprehensive loss | $ (107,311) | $ (83,636) | $ (211,440) | $ (113,943) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ (0.11) | $ (0.06) | $ (0.21) | $ (0.09) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 1,000,000 | 900,000 | 1,000,000 | 900,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 90 | $ 284,093 | $ (1,144,401) | $ (2,109) | $ (862,327) |
Balance, shares at Mar. 31, 2020 | 900,000 | ||||
Net loss for the period | (24,755) | (24,755) | |||
Foreign currency translation gain (loss) | (5,552) | (5,552) | |||
Ending balance, value at Jun. 30, 2020 | $ 90 | 284,093 | (1,169,156) | (7,661) | (892,634) |
Balance, shares at Jun. 30, 2020 | 900,000 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 90 | 284,093 | (1,144,401) | (2,109) | (862,327) |
Balance, shares at Mar. 31, 2020 | 900,000 | ||||
Net loss for the period | (81,721) | ||||
Foreign currency translation gain (loss) | (32,222) | ||||
Ending balance, value at Sep. 30, 2020 | $ 90 | 284,093 | (1,226,122) | (34,331) | (976,270) |
Balance, shares at Sep. 30, 2020 | 900,000 | ||||
Beginning balance, value at Jun. 30, 2020 | $ 90 | 284,093 | (1,169,156) | (7,661) | (892,634) |
Balance, shares at Jun. 30, 2020 | 900,000 | ||||
Net loss for the period | (56,966) | (56,966) | |||
Foreign currency translation gain (loss) | (26,670) | (26,670) | |||
Ending balance, value at Sep. 30, 2020 | $ 90 | 284,093 | (1,226,122) | (34,331) | (976,270) |
Balance, shares at Sep. 30, 2020 | 900,000 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 100 | 784,083 | (1,156,263) | (34,804) | (406,884) |
Balance, shares at Mar. 31, 2021 | 1,000,000 | ||||
Net loss for the period | (106,431) | (106,431) | |||
Foreign currency translation gain (loss) | 2,302 | 2,302 | |||
Ending balance, value at Jun. 30, 2021 | $ 100 | 784,083 | (1,262,694) | (32,502) | (511,013) |
Balance, shares at Jun. 30, 2021 | 1,000,000 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 100 | 784,083 | (1,156,263) | (34,804) | (406,884) |
Balance, shares at Mar. 31, 2021 | 1,000,000 | ||||
Net loss for the period | (220,587) | ||||
Foreign currency translation gain (loss) | 9,147 | ||||
Ending balance, value at Sep. 30, 2021 | $ 100 | 784,083 | (1,376,850) | (25,657) | (618,324) |
Balance, shares at Sep. 30, 2021 | 1,000,000 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 100 | 784,083 | (1,262,694) | (32,502) | (511,013) |
Balance, shares at Jun. 30, 2021 | 1,000,000 | ||||
Net loss for the period | (114,156) | (114,156) | |||
Foreign currency translation gain (loss) | 6,845 | 6,845 | |||
Ending balance, value at Sep. 30, 2021 | $ 100 | $ 784,083 | $ (1,376,850) | $ (25,657) | $ (618,324) |
Balance, shares at Sep. 30, 2021 | 1,000,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (220,587) | $ (81,721) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expenses | 71,480 | 50,819 |
Disposal of fixed assets | (10,121) | |
Changes in operating assets and liabilities: | ||
(Increase)/Decrease in inventories | (3,970) | 1,981 |
Increase in prepaid expenses | (687) | (5,279) |
Decrease in accounts payable | (830) | (2,136) |
Decrease in accrued liabilities | (100,285) | (3,962) |
Change in operating lease liability | (31,824) | (36,181) |
Net cash flows used in operating activities | (286,703) | (86,600) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of plant and equipment | (31,659) | (1,699) |
Application of trademark | (1,579) | |
Sale proceeds from disposal of plant and equipment | 10,121 | |
Net cash flows (used in)/provided by investing activities | (33,238) | 8,422 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment to from related parties | (8,847) | |
Advance from directors | 5,984 | 88,511 |
Principal repayments of bank loan | (7,590) | 1,290 |
Net cash flows (used in)/provided by financing activities | (1,606) | 80,954 |
Effect of exchange rate changes in cash and cash equivalents | 3,312 | 2,244 |
Net changes in cash and cash equivalents | (318,235) | 5,020 |
Cash and cash equivalents, beginning of year | 345,161 | 87,492 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 26,926 | 92,512 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid | $ 1,794 | $ 2,820 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 6 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND Synergy Empire Limited (“the Company”) was incorporated under the laws of the State of Nevada on October 17, 2018. We have historically conducted our business through Lucky Star F&B Sdn. Bhd. and SH Dessert Sdn. Bhd, both are private limited liability company, incorporated in Malaysia. On January 16, 2019, the Company acquired 100 On December 31, 2018, Synergy Empire Marshall acquired 100 On February 21, 2019, Synergy Empire HK acquired 100 Lucky Star acquired 100 On February 26, 2021, Synergy Empire Marshall acquired 100 100 Mr. Leong Will Liam is the common director and major shareholder of the Company, Synergy Empire Marshall, Synergy Empire HK, Lucky Star and SH Dessert. The Company, through its wholly owned subsidiaries, produce and distribute high quality dessert through Lucky Star and operate two restaurants through SH Dessert. Details of the Company’s subsidiaries: SCHEDULE OF COMPANY'S SUBSIDIARIES No. Company Name Domicile and Date of Incorporation Particulars of Issued Capital Principal Activities 1 Synergy Empire Holding Limited Marshall Islands, October 22, 2018 1 1 Investment Holding 2 Lucky Star F&B Sdn. Bhd. Malaysia, February 9, 2010 100,000 1 Dessert Producer and Distributor 3 SH Dessert Sdn. Bhd. Malaysia, February 19, 2016 100 1 Restaurant Operator |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. Below is the organization chart of the Group. Use of Estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates. Cash and Cash Equivalents The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents. Our deposit in Malaysia is currently deposit in Public Bank Berhad and Standard Chartered Bank (Malaysia) Berhad, and there is a Perbadanan Insurans Deposit Malaysia protects our eligible deposits held with bank in Malaysia which is members of the Scheme. The scheme will pay a compensation up to a limit of Malaysia Ringgit (“MYR”) 250,000 60,155 Plant and Equipment Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT Asset Categories Depreciation Periods Renovation over the remaining lease period Office and kitchen equipment 10 Motor vehicle 5 Intangible Asset Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET Asset Categories Amortization Periods Trademark 10 Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive income (loss). Revenue recognition Revenue is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company doesn’t allow return of the products purchased or refund unless the food delivered is spoilt. Cost of revenue Cost of revenue includes the purchase cost of raw material for manufacturing and distribute to customers and packing materials. It includes purchasing and receiving costs, internal transfer costs, other costs of distribution network, opening and closing inventory net off discount received and return outwards in cost of revenue. Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss). The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in the respective local currency, Hong Kong Dollars (“HK$”) and Malaysian Ringgits (“MYR”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY For the six months ended September 30 2021 2020 Period-end MYR : US$1 exchange rate 4.18 4.15 Period-average MYR : US$1 exchange rate 4.16 4.25 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of September 30, 2021 and 2020, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. Net Income/(Loss) per Share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Recently Issued Accounting Standards Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 6 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | 3. GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The company having accumulated deficit of $ 1,376,850 1,156,263 For the six months ended September 30, 2021 and 2020, the Company suffered from a net loss of $ 220,587 81,721 For the six months ended September 30, 2021 and 2020, the Company recorded operating cash outflows of $ 286,703 86,600 Furthermore, the Company recorded a negative working capital of $ 983,992 769,069 The Company’s cash position is not significant to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire financial support from its shareholder. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
PREPAID EXPENSES AND DEPOSITS
PREPAID EXPENSES AND DEPOSITS | 6 Months Ended |
Sep. 30, 2021 | |
Prepaid Expenses And Deposits | |
PREPAID EXPENSES AND DEPOSITS | 4. PREPAID EXPENSES AND DEPOSITS SCHEDULE OF PREPAID EXPENSES AND DEPOSITS As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Rental deposits $ 22,151 $ 23,951 Other deposits 1,802 - Prepaid expenses 1,248 1,017 Other receivables 1,605 1,419 Total $ 26,806 $ 26,387 The rental deposits represent the deposit of the tenancy agreements. Other deposits consist of deposit of copy machine, coffee machine and security deposits. Prepaid expenses represent the deposit payments of public utilities, such as electricity, telephone, and water supplies. Other receivables represent payment made on behalf of customers such as lorry rental and outstanding payment due from delivery platform. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES SCHEDULE OF INVENTORIES As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Raw material, at cost $ 15,306 $ 11,482 |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 6 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT | 6. PLANT AND EQUIPMENT SCHEDULE OF PLANT AND EQUIPMENT As of (Unaudited) As of March 31, 2021 (Audited) Renovation $ 359,751 $ 354,963 Office equipment 38,493 21,741 Kitchen equipment 21,392 15,457 Motor vehicle 11,709 11,828 Total plant and equipment $ 431,345 $ 403,989 Less: Accumulated depreciation (113,700 ) (75,744 ) Total plant and equipment $ 317,645 $ 328,245 For the six months ended September 30, 2021, the Company has invested $ 6,135 8,434 17,090 For the six months ended September 30, 2020, the Company had invested $ 1,699 31,294 10,121 Depreciation expenses for six months ended September 30, 2021 and 2020 amounted to $ 38,991 13,876 |
INTANGIBLE ASSET
INTANGIBLE ASSET | 6 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSET | 7. INTANGIBLE ASSET SCHEDULE OF INTANGIBLE ASSET As of (Unaudited) As of March 31, 2021 (Audited) Trademark $ 1,569 $ - Less: Accumulated depreciation (66 ) - Total plant and equipment $ 1,503 $ - On May 11, 2021, the Company was granted approval by Intellectual Property Corporation of Malaysia for trademark application with 10 years validity with an aggregate cost of $ 1,579 10 Amortization expenses for the six months ended September 30, 2021 amounted to $ 66 No |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | 8. ACCRUED EXPENSES AND OTHER PAYABLES SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Accrued expenses $ 31,438 $ 35,066 Other payables 37,792 135,383 Total $ 69,230 $ 170,449 Accrued expenses consist of accrued salary, rental, utilities bills, other expenses and professional fee. Other payable consist of outstanding marketing expenses and sales and service tax payable. |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 6 Months Ended |
Sep. 30, 2021 | |
Amount Due To Director | |
AMOUNT DUE TO A DIRECTOR | 9. AMOUNT DUE TO A DIRECTOR As of March 31, 2021, the Company has an outstanding loan payable to Mr. Leong Will Liam amounted $ 894,480 24,822 No transaction for the six months ended September 30, 2021, other than currency exchange fluctuation on balance outstanding. As of September 30, 2021, the Company has an outstanding loan payable to Mr. Leong Will Liam amounted $ 892,354 24,822 Both aforementioned loans are unsecured, non-interest bearing and payable on demand. SCHEDULE OF AMOUNT DUE TO DIRECTORS Amount due to director, Mr. Leong Will Liam thru Synergy Empire HK Balance as of March 31, 2021 24,822 Foreign currency translation - Balance as of September 30, 2021 24,822 Amount due to director, Mr. Leong Will Liam directly Balance as of March 31, 2021 869,658 Foreign currency translation 2,126 Balance as of September 30, 2021 867,532 |
BANK BORROWING
BANK BORROWING | 6 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
BANK BORROWING | 10. BANK BORROWING On January 25, 2017, Lucky Star F&B Sdn. Bhd., a wholly owned subsidiary of the Company has acquired a business loan from Standard Chartered Saadiq Berhad, a bank incorporated in Malaysia, amounted to MYR 342,834 82,493 6.00 repayment period of 72 months 6,473 1,558 The outstanding balance of business loan as of September 30 and March 31, 2021 can be summarized as follow: SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Bank borrowing (Current portion) $ 16,208 $ 15,559 Bank borrowing (Non-current portion) 17,231 25,836 Total $ 33,439 $ 41,395 For the six months ended September 30, 2021, the Company repaid $ 7,590 1,794 On April 1, 2020, Standard Chartered Saadiq Berhad announced to provide loan deferment to borrower for a period 6 months in supporting of Malaysia National Bank to ease financial pressure as a result of movement control order promulgated by Malaysia Government to contain the outbreak of COVID-19. Pursuant to the announcement, no instalment is required, and no penalty will be imposed during the 6 months period however additional non-compounding interest will continue to accrue. As such, the Company has incurred additional interest of $ 2,820 For the six months ended September 30, 2020, the Company repaid $ 1,319 2,820 Maturities of the loan for each of the five years and thereafter are as follows: SCHEDULE OF MATURITIES OF LOAN 1 Year ending March 31 2022 $ 7,902 2023 $ 17,015 2024 $ 8,522 Total $ 33,439 |
LEASE - RIGHT-OF-USE ASSET AND
LEASE - RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 6 Months Ended |
Sep. 30, 2021 | |
Lease - Right-of-use Asset And Lease Liabilities | |
LEASE - RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 11. LEASE - RIGHT-OF-USE ASSET AND LEASE LIABILITIES SCHEDULE OF OPERATING LEASE RIGHT-OF-USE AND LEASE LIABILITIES Right-Of-Use Assets Balance as of March 31, 2021 308,918 Amortization for the six months ended September 30, 2021 (32,423 ) Adjustment for discount rate 5,080 Foreign exchange translation (2,897 ) Balance as of September 30, 2021 278,678 For the six months ended September 30, 2021 and 2020, the amortization of the operating lease right of use asset amounted $ 32,423 36,944 Lease Liability Balance as of March 31, 2021 312,635 Imputed interest 8,456 Gross repayment (40,280 ) Foreign exchange translation 2,141 Balance as of September 30, 2021 282,952 Lease liability current portion 68,025 Lease liability non-current portion $ 214,927 Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION 1 Year ending March 31, 2022 33,020 March 31, 2023 71,026 March 31, 2024 75,217 March 31, 2025 68,560 March 31, 2026 35,129 Total $ 282,952 Other information: SCHEDULE OF LEASE OTHER INFORMATION For the six months ended September 30 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow to operating lease $ 40,879 $ 40,390 Right-of-use assets obtained in exchange for operating lease liabilities - - Remaining lease term for operating lease (years) 3.89 4.33 Weighted average discount rate for operating lease 5.70 % 6.65 % |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 6 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 12. CONCENTRATION OF RISK (a) Major Customers For the three and six months ended September 30, 2021 and 2020, there was no customer who accounted for 10% or more of the Company’s revenues nor with significant outstanding receivables. (b) Major Suppliers For the three and six months ended September 30, 2021 and 2020, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES The income / (loss) before income taxes of the Company for the six months ended September 30, 2021 and 2020 were comprised of the following: SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES For the six months ended September 30 2021 2020 Tax jurisdictions from: – Local $ (22,523 ) $ (6,108 ) – Foreign, representing: Marshall Islands (non-taxable jurisdiction) - - Hong Kong - (129 ) Malaysia (198,064 ) (75,484 ) Loss before income taxes $ (220,587 ) $ (81,721 ) Provision for income taxes consisted of the following: SUMMARY OF PROVISION FOR INCOME TAX As of September 30, 2021 As of March 31, 2021 Current: – Local $ - $ - – Foreign: Marshall Islands (non-taxable jurisdiction) - - Hong Kong - - Malaysia - - Deferred: – Local - - – Foreign - - $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows: United States of America The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018. 158,955 expire in 2040 33,381 Malaysia Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital. The tax rate for year of assessment 2021 for company with paid-up capital of MYR 2,500,000 601,554 a company exceeding this capitalization threshold is 17% on the first MYR 600,000 (approximately $144,373) taxable profit with the remaining balance being taxed at 24%. For the six months ended September 30, 2021, Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd. incurred a loss of $ 113,282 84,645 carried forward for seven years As of September 30, 2021, the operations in Malaysia generated $ 1,214,403 carried forward for seven years. 206,449 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2021 and March 31, 2021: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES As of As of September 30, 2020 March 31, 2020 Deferred tax assets: Net operating loss carryforwards $ $ – United States of America 33,381 28,691 – Marshall Islands - - – Malaysia 206,449 172,801 239,829 201,452 Less: valuation allowance (239,829 ) (201,452 ) Deferred tax assets $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $ 239,829 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 14. STOCKHOLDERS’ EQUITY On October 17, 2018, the founder of the Company, Mr. Leong Will Liam purchased 900,000 0.03 0.0001 On January 21, 2019, CBA Capital Holdings Sdn. Bhd. waived an interest-free loan of $ 257,183 On December 30, 2020, the Company resolved to close the offering from the registration statement on Form S-1/A, dated February 25, 2020, that had been declared effective by the Securities and Exchange Commission on March 10, 2020. The Offering resulting in 100,000 5.00 500,000 |
FOREIGN CURRENCY EXCHANGE RATE
FOREIGN CURRENCY EXCHANGE RATE | 6 Months Ended |
Sep. 30, 2021 | |
Foreign Currency [Abstract] | |
FOREIGN CURRENCY EXCHANGE RATE | 15. FOREIGN CURRENCY EXCHANGE RATE The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2021 up through the date the Company presented these unaudited financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. Below is the organization chart of the Group. |
Use of Estimates | Use of Estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents. Our deposit in Malaysia is currently deposit in Public Bank Berhad and Standard Chartered Bank (Malaysia) Berhad, and there is a Perbadanan Insurans Deposit Malaysia protects our eligible deposits held with bank in Malaysia which is members of the Scheme. The scheme will pay a compensation up to a limit of Malaysia Ringgit (“MYR”) 250,000 60,155 |
Plant and Equipment | Plant and Equipment Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT Asset Categories Depreciation Periods Renovation over the remaining lease period Office and kitchen equipment 10 Motor vehicle 5 |
Intangible Asset | Intangible Asset Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET Asset Categories Amortization Periods Trademark 10 |
Inventories | Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive income (loss). |
Revenue recognition | Revenue recognition Revenue is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company doesn’t allow return of the products purchased or refund unless the food delivered is spoilt. |
Cost of revenue | Cost of revenue Cost of revenue includes the purchase cost of raw material for manufacturing and distribute to customers and packing materials. It includes purchasing and receiving costs, internal transfer costs, other costs of distribution network, opening and closing inventory net off discount received and return outwards in cost of revenue. |
Income tax expense | Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Foreign currencies translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss). The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in the respective local currency, Hong Kong Dollars (“HK$”) and Malaysian Ringgits (“MYR”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY For the six months ended September 30 2021 2020 Period-end MYR : US$1 exchange rate 4.18 4.15 Period-average MYR : US$1 exchange rate 4.16 4.25 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of September 30, 2021 and 2020, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. |
Net Income/(Loss) per Share | Net Income/(Loss) per Share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPANY'S SUBSIDIARIES | The Company, through its wholly owned subsidiaries, produce and distribute high quality dessert through Lucky Star and operate two restaurants through SH Dessert. Details of the Company’s subsidiaries: SCHEDULE OF COMPANY'S SUBSIDIARIES No. Company Name Domicile and Date of Incorporation Particulars of Issued Capital Principal Activities 1 Synergy Empire Holding Limited Marshall Islands, October 22, 2018 1 1 Investment Holding 2 Lucky Star F&B Sdn. Bhd. Malaysia, February 9, 2010 100,000 1 Dessert Producer and Distributor 3 SH Dessert Sdn. Bhd. Malaysia, February 19, 2016 100 1 Restaurant Operator |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT | Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT Asset Categories Depreciation Periods Renovation over the remaining lease period Office and kitchen equipment 10 Motor vehicle 5 |
SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET | Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET Asset Categories Amortization Periods Trademark 10 |
SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY | Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY For the six months ended September 30 2021 2020 Period-end MYR : US$1 exchange rate 4.18 4.15 Period-average MYR : US$1 exchange rate 4.16 4.25 |
PREPAID EXPENSES AND DEPOSITS (
PREPAID EXPENSES AND DEPOSITS (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Prepaid Expenses And Deposits | |
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF PREPAID EXPENSES AND DEPOSITS As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Rental deposits $ 22,151 $ 23,951 Other deposits 1,802 - Prepaid expenses 1,248 1,017 Other receivables 1,605 1,419 Total $ 26,806 $ 26,387 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Raw material, at cost $ 15,306 $ 11,482 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT As of (Unaudited) As of March 31, 2021 (Audited) Renovation $ 359,751 $ 354,963 Office equipment 38,493 21,741 Kitchen equipment 21,392 15,457 Motor vehicle 11,709 11,828 Total plant and equipment $ 431,345 $ 403,989 Less: Accumulated depreciation (113,700 ) (75,744 ) Total plant and equipment $ 317,645 $ 328,245 |
INTANGIBLE ASSET (Tables)
INTANGIBLE ASSET (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSET | SCHEDULE OF INTANGIBLE ASSET As of (Unaudited) As of March 31, 2021 (Audited) Trademark $ 1,569 $ - Less: Accumulated depreciation (66 ) - Total plant and equipment $ 1,503 $ - |
ACCRUED EXPENSES AND OTHER PA_2
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES | SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Accrued expenses $ 31,438 $ 35,066 Other payables 37,792 135,383 Total $ 69,230 $ 170,449 |
AMOUNT DUE TO A DIRECTOR (Table
AMOUNT DUE TO A DIRECTOR (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Amount Due To Director | |
SCHEDULE OF AMOUNT DUE TO DIRECTORS | Both aforementioned loans are unsecured, non-interest bearing and payable on demand. SCHEDULE OF AMOUNT DUE TO DIRECTORS Amount due to director, Mr. Leong Will Liam thru Synergy Empire HK Balance as of March 31, 2021 24,822 Foreign currency translation - Balance as of September 30, 2021 24,822 Amount due to director, Mr. Leong Will Liam directly Balance as of March 31, 2021 869,658 Foreign currency translation 2,126 Balance as of September 30, 2021 867,532 |
BANK BORROWING (Tables)
BANK BORROWING (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS | The outstanding balance of business loan as of September 30 and March 31, 2021 can be summarized as follow: SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS As of September 30, 2021 (Unaudited) As of March 31, 2021 (Audited) Bank borrowing (Current portion) $ 16,208 $ 15,559 Bank borrowing (Non-current portion) 17,231 25,836 Total $ 33,439 $ 41,395 |
SCHEDULE OF MATURITIES OF LOAN | Maturities of the loan for each of the five years and thereafter are as follows: SCHEDULE OF MATURITIES OF LOAN 1 Year ending March 31 2022 $ 7,902 2023 $ 17,015 2024 $ 8,522 Total $ 33,439 |
LEASE - RIGHT-OF-USE ASSET AN_2
LEASE - RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Lease - Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT-OF-USE AND LEASE LIABILITIES | SCHEDULE OF OPERATING LEASE RIGHT-OF-USE AND LEASE LIABILITIES Right-Of-Use Assets Balance as of March 31, 2021 308,918 Amortization for the six months ended September 30, 2021 (32,423 ) Adjustment for discount rate 5,080 Foreign exchange translation (2,897 ) Balance as of September 30, 2021 278,678 For the six months ended September 30, 2021 and 2020, the amortization of the operating lease right of use asset amounted $ 32,423 36,944 Lease Liability Balance as of March 31, 2021 312,635 Imputed interest 8,456 Gross repayment (40,280 ) Foreign exchange translation 2,141 Balance as of September 30, 2021 282,952 Lease liability current portion 68,025 Lease liability non-current portion $ 214,927 |
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION | Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION 1 Year ending March 31, 2022 33,020 March 31, 2023 71,026 March 31, 2024 75,217 March 31, 2025 68,560 March 31, 2026 35,129 Total $ 282,952 |
SCHEDULE OF LEASE OTHER INFORMATION | Other information: SCHEDULE OF LEASE OTHER INFORMATION For the six months ended September 30 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow to operating lease $ 40,879 $ 40,390 Right-of-use assets obtained in exchange for operating lease liabilities - - Remaining lease term for operating lease (years) 3.89 4.33 Weighted average discount rate for operating lease 5.70 % 6.65 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES | The income / (loss) before income taxes of the Company for the six months ended September 30, 2021 and 2020 were comprised of the following: SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES For the six months ended September 30 2021 2020 Tax jurisdictions from: – Local $ (22,523 ) $ (6,108 ) – Foreign, representing: Marshall Islands (non-taxable jurisdiction) - - Hong Kong - (129 ) Malaysia (198,064 ) (75,484 ) Loss before income taxes $ (220,587 ) $ (81,721 ) |
SUMMARY OF PROVISION FOR INCOME TAX | Provision for income taxes consisted of the following: SUMMARY OF PROVISION FOR INCOME TAX As of September 30, 2021 As of March 31, 2021 Current: – Local $ - $ - – Foreign: Marshall Islands (non-taxable jurisdiction) - - Hong Kong - - Malaysia - - Deferred: – Local - - – Foreign - - $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2021 and March 31, 2021: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES As of As of September 30, 2020 March 31, 2020 Deferred tax assets: Net operating loss carryforwards $ $ – United States of America 33,381 28,691 – Marshall Islands - - – Malaysia 206,449 172,801 239,829 201,452 Less: valuation allowance (239,829 ) (201,452 ) Deferred tax assets $ - $ - |
SCHEDULE OF COMPANY'S SUBSIDIAR
SCHEDULE OF COMPANY'S SUBSIDIARIES (Details) | 6 Months Ended |
Sep. 30, 2021 | |
Subsidiary Company One [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Company Name | Synergy Empire Holding Limited |
Domicile and Date of Incorporation | Marshall Islands, October 22, 2018 |
Particulars of Issued Capital | 1 Share of Ordinary Share, US$1 each |
Principal Activities | Investment Holding |
Subsidiary Company Two [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Company Name | Lucky Star F&B Sdn. Bhd. |
Domicile and Date of Incorporation | Malaysia, February 9, 2010 |
Particulars of Issued Capital | 100,000 Share of Ordinary Share, MYR1 each |
Principal Activities | Dessert Producer and Distributor |
Subsidiary Company Three [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Company Name | SH Dessert Sdn. Bhd. |
Domicile and Date of Incorporation | Malaysia, February 19, 2016 |
Particulars of Issued Capital | 100 Share of Ordinary Share, MYR1 each |
Principal Activities | Restaurant Operator |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND - SCHEDULE OF COMPANY'S SUBSIDIARIES (Details) (Parenthetical) | 6 Months Ended |
Sep. 30, 2021USD ($)shares | |
Subsidiary Company One [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of shares issued, shares | shares | 1 |
Number of shares issued, value | $ | $ 1 |
Subsidiary Company Two [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of shares issued, shares | shares | 100,000 |
Subsidiary Company Two [Member] | MYR [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of shares issued, value | $ | $ 1 |
Subsidiary Company Three [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of shares issued, shares | shares | 100 |
Subsidiary Company Three [Member] | MYR [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of shares issued, value | $ | $ 1 |
ORGANIZATION AND BUSINESS BAC_4
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Jul. 27, 2021 | Feb. 26, 2021 | Feb. 21, 2019 | Jan. 16, 2019 | Dec. 31, 2018 | Feb. 19, 2016 |
Synergy Empire Marshall [Member] | Synergy Empire HK [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100.00% | |||||
Lucky Star [Member] | Mr. Leong Will Liam [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100.00% | |||||
Lucky Star [Member] | Synergy Empire HK [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100.00% | |||||
Lucky Star [Member] | Synergy Empire Marshall [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100.00% | |||||
SH Dessert [Member] | Lucky Star [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100.00% | |||||
Synergy Empire Limited [Member] | Synergy Empire Marshall [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100.00% |
SCHEDULE OF DEPRECIATION AND AM
SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT (Details) | 6 Months Ended |
Sep. 30, 2021 | |
Renovation [Member] | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment depreciation useful lives, description | over the remaining lease period |
Office and Kitchen Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
SCHEDULE OF AMORTIZATION PERIOD
SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset estimated useful life | 10 years |
SCHEDULE OF EXCHANGE RATE TRANS
SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY (Details) | Sep. 30, 2021 | Sep. 30, 2020 |
Period-end MYR [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.18 | 4.15 |
Period-Average MYR [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.16 | 4.25 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended |
Sep. 30, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cash insurance deposit | $ 60,155 |
Income tax description | tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. |
MYR [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cash insurance deposit | $ 250,000 |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Accumulated deficit | $ 1,376,850 | $ 1,376,850 | $ 1,156,263 | ||||
Net loss | 114,156 | $ 106,431 | $ 56,966 | $ 24,755 | 220,587 | $ 81,721 | |
Cash flows used in operating activities | 286,703 | $ 86,600 | |||||
Working capital | $ 983,992 | $ 983,992 | $ 769,069 |
SCHEDULE OF PREPAID EXPENSES AN
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Prepaid Expenses And Deposits | ||
Rental deposits | $ 22,151 | $ 23,951 |
Other deposits | 1,802 | |
Prepaid expenses | 1,248 | 1,017 |
Other receivables | 1,605 | 1,419 |
Total | $ 26,806 | $ 26,387 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw material, at cost | $ 15,306 | $ 11,482 |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | |||
Total plant and equipment | $ 431,345 | $ 403,989 | |
Less: Accumulated depreciation | (113,700) | (75,744) | |
Total plant and equipment | 317,645 | 328,245 | |
Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total plant and equipment | 359,751 | 354,963 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total plant and equipment | 38,493 | 21,741 | |
Kitchen Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total plant and equipment | 21,392 | 15,457 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total plant and equipment | $ 11,709 | $ 11,828 | |
Less: Accumulated depreciation | $ (10,121) |
PLANT AND EQUIPMENT (Details Na
PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Kitchen equipment | $ 31,659 | $ 1,699 | |
Accumulated depreciation | 113,700 | $ 75,744 | |
Depreciation expenses | 38,991 | 13,876 | |
Kitchen Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Kitchen equipment | 6,135 | 1,699 | |
Buildings and Improvements, Gross | 8,434 | ||
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Kitchen equipment | $ 17,090 | ||
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Disposal of motor vehicle | 31,294 | ||
Accumulated depreciation | $ 10,121 |
SCHEDULE OF INTANGIBLE ASSET (D
SCHEDULE OF INTANGIBLE ASSET (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Less: Accumulated depreciation | $ (66) | |
Total plant and equipment | 1,503 | |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademark | $ 1,569 |
INTANGIBLE ASSET (Details Narra
INTANGIBLE ASSET (Details Narrative) - USD ($) | May 11, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
[custom:ApplicationOfTrademark] | $ 1,579 | ||
Amortization expenses | $ 66 | $ 0 | |
Intellectual Property Corporation of Malaysia [Member] | |||
Trademark application validaity period | 10 years | ||
Intellectual Property Corporation [Member] | |||
[custom:ApplicationOfTrademark] | $ 1,579 | ||
Recapitalization Costs | $ 10 |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 31,438 | $ 35,066 |
Other payables | 37,792 | 135,383 |
Total | $ 69,230 | $ 170,449 |
SCHEDULE OF AMOUNT DUE TO DIREC
SCHEDULE OF AMOUNT DUE TO DIRECTORS (Details) | 6 Months Ended |
Sep. 30, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Foreign currency translation | $ 2,141 |
Mr. Leong Will Liam [Member] | Director [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Balance | 869,658 |
Foreign currency translation | 2,126 |
Balance | 867,532 |
Mr. Leong Will Liam [Member] | Director [Member] | Synergy Empire HK [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Balance | 24,822 |
Foreign currency translation | |
Balance | $ 24,822 |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Outstanding loan payable | $ 892,354 | $ 894,480 |
Synergy Empire HK [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Outstanding loan payable | 24,822 | 24,822 |
Mr. Leong Will Liam [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Outstanding loan payable | $ 892,354 | $ 894,480 |
SUMMARY OF OUTSTANDING BALANCE
SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | ||
Bank borrowing (Current portion) | $ 16,208 | $ 15,559 |
Bank borrowing (Non-current portion) | 17,231 | 25,836 |
Total | $ 33,439 | $ 41,395 |
SCHEDULE OF MATURITIES OF LOAN
SCHEDULE OF MATURITIES OF LOAN (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 7,902 | |
2023 | 17,015 | |
2024 | 8,522 | |
Total | $ 33,439 | $ 41,395 |
BANK BORROWING (Details Narrati
BANK BORROWING (Details Narrative) - USD ($) | Apr. 02, 2021 | Jan. 25, 2017 | Sep. 30, 2021 | Sep. 30, 2020 |
Line of Credit Facility [Line Items] | ||||
Repayments of bank debt | $ 7,590 | $ 1,319 | ||
Additional interest in loan deferment, amount | $ 1,794 | $ 2,820 | ||
Lucky Star F&B Sdn. Bhd [Member] | Standard Chartered Saadiq Berhad [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument principal amount | $ 82,493 | |||
Debt instrument interest rate percentage | 6.00% | |||
Repayment period | repayment period of 72 months | |||
Debt instrument monthly installment | $ 1,558 | |||
Additional interest expenses | $ 2,820 | |||
Lucky Star F&B Sdn. Bhd [Member] | Standard Chartered Saadiq Berhad [Member] | MYR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument principal amount | 342,834 | |||
Debt instrument monthly installment | $ 6,473 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT-OF-USE AND LEASE LIABILITIES (Details) - USD ($) | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Lease - Right-of-use Asset And Lease Liabilities | |||
Balance, beginning balance | $ 308,918 | ||
Amortization | (32,423) | $ (36,944) | |
Adjustment for discount rate | 5,080 | ||
Foreign exchange translation | (2,897) | ||
Balance, ending balance | 278,678 | ||
Balance, beginning balance | 312,635 | ||
Imputed interest | 8,456 | ||
Gross repayment | (40,280) | ||
Foreign exchange translation | 2,141 | ||
Balance, ending balance | 282,952 | ||
Lease liability current portion | 68,025 | $ 63,493 | |
Lease liability non-current portion | $ 214,927 | $ 249,142 |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Sep. 30, 2021USD ($) |
Lease - Right-of-use Asset And Lease Liabilities | |
March 31, 2022 | $ 33,020 |
March 31, 2023 | 71,026 |
March 31, 2024 | 75,217 |
March 31, 2025 | 68,560 |
March 31, 2026 | 35,129 |
Total | $ 282,952 |
SCHEDULE OF LEASE OTHER INFORMA
SCHEDULE OF LEASE OTHER INFORMATION (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Lease - Right-of-use Asset And Lease Liabilities | ||
Operating cash flow to operating lease | $ 40,879 | $ 40,390 |
Right-of-use assets obtained in exchange for operating lease liabilities | ||
Remaining lease term for operating lease (years) | 3 years 10 months 20 days | 4 years 3 months 29 days |
Weighted average discount rate for operating lease | 5.70% | 6.65% |
LEASE - RIGHT-OF-USE ASSET AN_3
LEASE - RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Lease - Right-of-use Asset And Lease Liabilities | ||
Amortization of operating lease right of use asset | $ 32,423 | $ 36,944 |
SCHEDULE OF INCOME (LOSS) BEFOR
SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Tax jurisdictions from Local | $ (22,523) | $ (6,108) | ||
Loss before income taxes | $ (114,156) | $ (56,966) | (220,587) | (81,721) |
MARSHALL ISLANDS | ||||
Tax jurisdictions from Foreign | ||||
HONG KONG | ||||
Tax jurisdictions from Foreign | (129) | |||
MALAYSIA | ||||
Tax jurisdictions from Foreign | $ (198,064) | $ (75,484) |
SUMMARY OF PROVISION FOR INCOME
SUMMARY OF PROVISION FOR INCOME TAX (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Current: Local | |||||
Deferred: Local | |||||
Deferred: Foreign | |||||
Provision for income taxes | |||||
MARSHALL ISLANDS | |||||
Current: Foreign | |||||
HONG KONG | |||||
Current: Foreign | |||||
MALAYSIA | |||||
Current: Foreign |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Deferred tax assets: Net operating loss carryforwards | $ 239,829 | $ 201,452 |
Less: valuation allowance | (239,829) | (201,452) |
Deferred tax assets | ||
UNITED STATES | ||
Deferred tax assets: Net operating loss carryforwards | 33,381 | 28,691 |
Less: valuation allowance | (33,381) | |
MARSHALL ISLANDS | ||
Deferred tax assets: Net operating loss carryforwards | ||
MALAYSIA | ||
Deferred tax assets: Net operating loss carryforwards | $ 206,449 | $ 172,801 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2021 | Mar. 31, 2021 | |
Income tax examination description | tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. | |
Valuation allowance | $ 239,829 | $ 201,452 |
Deferred tax assets | 239,829 | 201,452 |
Lucky Star F&B Sdn. Bhd [Member] | ||
Net operating loss carry forwards | 113,282 | |
SH Desserts Sdn. Bhd [Member] | ||
Net operating loss carry forwards | $ 84,645 | |
Operating loss carry forwards expiration | carried forward for seven years. | |
Lucky Star F&B Sdn. Bhd and SH Desserts Shd. Bhd [Member] | ||
Valuation allowance | $ 239,829 | |
UNITED STATES | ||
Income tax examination description | The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018. | |
Net operating loss carry forwards | $ 158,955 | |
Operating loss carry forwards expiration | expire in 2040 | |
Valuation allowance | $ 33,381 | |
Deferred tax assets | $ 33,381 | 28,691 |
MALAYSIA | ||
Income tax examination description | Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital. The tax rate for year of assessment 2021 for company with paid-up capital of MYR | |
Net operating loss carry forwards | $ 1,214,403 | |
Operating loss carry forwards expiration | carried forward for seven years | |
Paid up capital tax amount | $ 601,554 | |
Income tax optional description | a company exceeding this capitalization threshold is 17% on the first MYR 600,000 (approximately $144,373) taxable profit with the remaining balance being taxed at 24%. | |
Deferred tax assets | $ 206,449 | $ 172,801 |
MALAYSIA | MYR [Member] | ||
Paid up capital tax amount | $ 2,500,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Dec. 30, 2020 | Jan. 21, 2019 | Oct. 17, 2018 |
Subsidiary or Equity Method Investee [Line Items] | |||
Share price | $ 5 | ||
Number of sale of stock | 100,000 | ||
Sale of stock value | $ 500,000 | ||
CBA Capital Holdings Sdn. Bhd [Member] | Lucky Star F&B Sdn. Bhd [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Interest-free loan waived | $ 257,183 | ||
Mr. Leong Will Liam [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of restricted common stock shares purchased | 900,000 | ||
Share price | $ 0.03 | ||
Par value of restricted shares | $ 0.0001 |