Reitar Logtech Holdings Limited Ordinary shares / "Retention" | Tables in SEC filings

RITR Reitar Logtech Holdings Limited Ordinary shares

31 Jul 24

Annual report (foreign)

4:00pm

	Years ended March 31,
	2022		2023		2024		2024
	HK$		HK$		HK$		US$
Cash flows from operating activities
Net income		19,164,696		63,610,681		19,627,990		2,508,082
Less: gain on discontinued operation		—		(56,150,372)		—		—
Net income from continuing operation		19,164,696		7,460,309		19,627,990		2,508,082
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment		33,720		696,482		2,391,477		305,585
Amortization of operating lease right-of-use assets		—		567,166		2,455,945		313,823
Provision for expected credit losses		700,899		1,809,747		7,022,680		897,363
Impairment loss on goodwill		—		—		1,500,000		191,671
Gain on disposal of property and equipment		(354)		—		—		—
Changes in operating assets and liabilities
Contracts receivable		(17,264,836)		567,733		(12,899,645)		(1,648,327)
Contracts receivable – related parties		(964,219)		1,122,988		—		—
Contract assets		458,594		(10,520,475)		(44,557,145)		(5,693,549)
Contract assets – related parties		23,781		—		—		—
Retention receivables		(2,323,570)		2,091,931		333,868		42,662
Prepaid expenses and other receivables		2,361,723		2,138,551		184,416		23,529
Tax recoverable		252,362		—		—		—
Accounts payable		1,480,116		2,398,888		6,038,104		771,554
Accrued expenses		(5,861,898)		(6,313,224)		(6,520,805)		(833,234)
Contract liabilities		2,444,168		47,178,644		5,499,632		702,748
Tax payable		2,424,973		1,142,765		3,053,978		390,240
Operating lease liabilities		—		(567,166)		(2,866,653)		(366,303)
Net cash provided by (used in) operating activities – continuing operation		2,930,155		49,774,339		(18,736,428)		(2,394,156)
Net cash used in operating activities – discontinued operation		—		(60,000)		—		—
Net cash provided by (used in) operating activities		2,930,155		49,714,339		(18,736,428)		(2,394,156)
Cash flows from investing activities
Purchase of property and equipment		(142,075)		(473,772)		(517,697)		(66,152)
Acquisition of a subsidiary		—		—		(1,000,000)		(127,781)
Long-term investment		—		—		(10,508,784)		(1,342,821)
Loan to a third party		—		—		(800,000)		(102,225)
Proceeds from disposal of property and equipment		7,424		—		—		—
Net increase in cash from acquisitions of subsidiaries		—		3,135,319		—		—
Net cash provided by (used in) investing activities – continuing operation		(134,651)		2,661,547		(12,826,481)		(1,638,979)
Net cash provided by investing activities – discontinued operation		—		7,000,000		—		—
Net cash provided by (used in) investing activities		(134,651)		9,661,547		(12,826,481)		(1,638,979)
Cash flows from financing activities
Proceeds from bank borrowings		4,782,700		4,000,000		81,636,675		10,431,602
Repayment for bank borrowings		(1,137,703)		(1,527,779)		(59,191,113)		(7,563,490)
Dividend paid		(10,700,000)		—		—		—
Deferred offering costs		—		(4,034,754)		(1,075,920)		(137,482)
Advance to related parties		(704,322)		(19,854,120)		(17,406,158)		(2,224,173)
Repayment from related parties		2,910,000		6,066		5,436,308		694,656
Net cash (used in) provided by financing activities		(4,849,325)		(21,410,587)		9,399,792		1,201,113
Net (decrease) increase in cash and cash equivalents and restricted cash		(2,053,821)		37,965,299		(22,163,117)		(2,832,022)
Cash and cash equivalents and restricted cash at the beginning of the year		10,701,762		8,647,941		46,613,240		5,956,279
Cash and cash equivalents and restricted cash at the end of the year		8,647,941		46,613,240		24,450,123		3,124,257

Supplementary cash flow information
Interest received		3,722		9		195,319		24,958
Interest paid		(167,293)		(220,201)		(1,486,629)		(189,963)
Income tax paid		(1,485,911)		(827,021)		(2,752,034)		(351,657)

Non-cash investing and financing activities:
Supplemental schedule of non-cash investing and financing activities:
Dividends made through reduction in amount due from a related party		(3,260,000)		—		—		—
Constructive dividend		—		(1,088,580)		—		—
Initial recognition of operating lease liabilities related to right-of-use-assets		—		8,247,807		—		—

	As of March 31,
	2023		2024		2024
	HK$		HK$		US$
Retention receivables		675,000		341,132		43,590
Allowance for expected credit losses		—		(8,565)		(1,094)
Balance at end of year		675,000		332,567		42,496

	As of March 31,
	2023		2024		2024
	HK$		HK$		US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents		46,613,240		6,390,861		816,630
Restricted cash		—		18,059,262		2,307,627
Contracts receivable, net		19,994,756		27,414,118		3,502,999
Contract assets, net		16,120,142		59,554,163		7,609,880
Retention receivables, net		675,000		332,567		42,496
Prepaid expenses and other receivables, net		70,426,845		75,697,151		9,672,643
Total current assets		153,829,983		187,448,122		23,952,275
NON-CURRENT ASSETS
Long-term investment		1		10,508,785		1,342,822
Property and equipment, net		6,390,324		4,516,544		577,128
Right-of-use assets, net		7,680,641		5,224,696		667,616
Other receivables, net		655,916		—		—
Rental deposits, net		1,059,466		1,059,466		135,380
Goodwill		34,066,838		34,066,838		4,353,089
Total non-current assets		49,853,186		55,376,329		7,076,035
Total assets		203,683,169		242,824,451		31,028,310
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Bank borrowings		7,535,397		40,853,575		5,220,304
Accounts payable		16,695,694		22,733,798		2,904,944
Accrued expenses and other payables		9,301,806		6,203,617		792,703
Tax payable		5,683,683		8,737,661		1,116,506
Contract liabilities		53,863,775		59,363,407		7,585,505
Operating lease liabilities		2,455,945		2,859,872		365,437
Amount due to related parties		24,490,867		1,648,401		210,634
Total current liabilities		120,027,167		142,400,331		18,196,033
NON-CURRENT LIABILITIES
Operating lease liabilities		5,224,696		2,364,824		302,179
Total non-current liabilities		5,224,696		2,364,824		302,179
Total liabilities		125,251,863		144,765,155		18,498,212

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY
Ordinary shares: US$0.00000005 par value, 1,000,000,000,000 shares authorized as of March 31, 2023 and 2024, 60,000,000 shares issued and outstanding as of March 31, 2023 and 2024
Class A ordinary shares, US$0.00000005 par value, 900,000,000,000 shares authorized; 40,000,000 shares issued and outstanding as of March 31, 2023 and 2024*		16		16		2
Class B ordinary shares, US$0.00000005 par value, 100,000,000,000 shares authorized; 20,000,000 shares issued and outstanding as of March 31, 2023 and 2024*		8		8		1
Additional paid-in capital		8,404,870		8,404,870		1,073,981
Retained earnings		70,128,292		89,887,738		11,485,930
Equity attributable to owners of the Company		78,533,186		98,292,632		12,559,914
Non-controlling interests		(101,880)		(233,336)		(29,816)
Total shareholders’ equity		78,431,306		98,059,296		12,530,098
Total liabilities and shareholders’ equity		203,683,169		242,824,451		31,028,310

	Note	HK$		US$
Assets
Current assets
Cash and cash equivalents	(a)		17,098,421		2,183,009
Contracts receivable, net	(a)		24,091,968		3,075,898
Contracts receivable – related parties, net	(a)		764,350		97,587
Contract assets, net	(a)		12,043,784		1,537,668
Contract assets – related parties, net	(a)		73,820		9,425
Retention receivables, net	(a)		1,808,431		230,888
Other receivable	(a)		8,028,000		1,024,960
Advance and prepayment	(a)		416,351		53,156
Amount due from related parties	(a)		2,478,524		316,441
Total current assets			66,803,649		8,529,032

Non-current assets
Property and equipment, net	(b)		158,216		20,200
Total non-current assets			158,216		20,200
Total assets			66,961,865		8,549,232

Liabilities
Current liabilities
Bank borrowings	(a)		4,177,588		533,366
Accounts payable	(a)		19,122,072		2,441,375
Accrued expenses and other payables	(a)		44,200		5,643
Tax payable	(a)		4,135,626		528,008
Contract liabilities	(a)		28,176,823		3,597,424
Amount due to related parties	(a)		2,900,000		370,252
Total current liabilities			58,556,309		7,476,068
Total liabilities			58,556,309		7,476,068
Fair value of assets and liabilities of the Company			8,405,556		1,073,164

Fair value of consideration
Fair value of assets and liabilities of the Company			HK$ 8,405,556		US$ 1,073,164
Number of shares issued by the Company			10,000		10,000
Fair value per share			HK$ 840.56		US$ 107.31
Fair value of additional 10,000 shares issued as the consideration			HK$ 8,405,556		US$ 1,073,164

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