SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS | NOTE 5. SALE OF SUBSIDIARY, DECONSOLIDATION AND DISCONTINUED OPERATIONS
On August 9, 2021, the Company entered into a share purchase agreement with an individual to sell its 10,000 shares of its wholly owned subsidiary, Common Design Limited of Hong Kong, for a consideration of Ten Thousand Hong Kong Dollars (HK$10,000) or (CAD1,610). The 10,000 shares represent all of the issued and outstanding shares of Common Design Limited. The transaction was consummated on September 9, 2021.
The Company recorded a gain of $1,812 for the disposal of the subsidiary. A breakdown is as follows:
As a result of the sale, operating results of Common Design Limited has been reclassified as discontinued operations. |
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