RELATED PARTY TRANSACTIONS |
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Mar. 31, 2024 |
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| Notes and other explanatory information [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | 16 RELATED PARTY TRANSACTIONS
16.1 Transactions with other related parties
In addition to those related party transactions and balances disclosed elsewhere in the unaudited interim condensed consolidated financial statements, the Group had the following transactions with its related parties during the reporting period:
16.2 Amounts due to a related company/ immediate holding company
As of 30 September 2024 and 31 March 2024, the amount due to a related company, Compass Limited, of $34,579 (2023: $) related to the deposit for the office lease in Monaco. Compass Limited is a company controlled by Rhino Ventures.
As of 31 March 2024, an amount due to immediate holding company, Rhino Ventures, of $5,345,929 (30 September 2024: $) which relates advance deposits relating to the $8 million capital raise of the Company from Rhino Ventures. On 27 May 2024, the Group completed an $8 million capital raise with immediate holding company which was settled by amount due to immediate holding company of $6,059,142 and the conversion of loans from immediate holding company of $1,940,858.
All amounts are unsecured, interest-free and repayable on demand.
16.3 Loans from a related company/ immediate holding company
As of 31 March 2024, loans from immediate holding company, Rhino Ventures, are unsecured, charging at an interest rate of 8% per annum and are repayable on 30 June 2024. At 31 March 2024, the outstanding principal amount was $1,664,483 and corresponding accrued interest amounted to $266,510 resulting in a total outstanding of $1,930,993. As above mentioned, on 27 May 2024, the Group completed an $8 million capital raise with the immediate holding company which was settled by amount due to immediate holding company of $6,059,142 and the conversion of loans from immediate holding company of $1,940,858. As of 30 September 2024, the outstanding principal amount was $2,346,391 and corresponding accrued interest amounted to $37,282 resulting in a total outstanding of $2,383,673. Maturity date of the loans was extended to 30 September 2024 in May 2024 and was further extended to 30 November 2024 in September 2024. On 30 September 2024, a triparty loan agreement was entered into between the Company, DSL and Rhino Ventures where it was agreed that upon pricing of the IPO, Rhino Ventures will convert its loan with DSL into the Company’s ordinary shares at the offer price of the IPO.
As of 31 March 2024, loan from a related company, Diginex (Holdings) Limited, are unsecured, charging at an interest rate of 8% per annum and are repayable on 31 December 2024. At 31 March 2024, the outstanding principal amount was $1,000,000 (30 September 2024: $). At 31 March 2024, interest accrued on the loan amounted to $140,931 (30 September 2024: $) resulting in a total outstanding of $1,140,931 (30 September 2024: $). Upon the Recapitalization in July 2024, the loan was converted into convertible loan notes with principal of $1,000,000, of which Rhino Ventures holds $517,535 of the principal amount and Working Capital Innovation Fund II L.P. holds $482,465 of the principal amount.
16.4 Key management compensation
Key management personnel are considered as senior representatives of the Group.
16.5 Amounts due to key management
At 30 September 2024, salaries of $174,731 and expense reimbursement of $126,639 were outstanding to key management personnel (31 March 2024: $and $23,919, respectively) and were included in other payables and accruals.
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16 RELATED PARTY TRANSACTIONS
16.1 Transactions with related parties
In addition to those related party transactions and balances disclosed elsewhere in the combined financial statements, the Group had the following transactions with its related parties during the reporting period:
16.2 Amounts due from(to) a related company/ immediate holding company
As of 31 March 2024, the amount due to a related company, Compass Limited, of $34,579 (2023: $) related to the deposit for the office lease in Monaco. Compass Limited is a company controlled by Rhino Ventures. An amount due to immediate holding company, Rhino Ventures, of $5,345,929 (2023: $506) which relates advance deposits relating to the $8 million capital raise of the Company from Rhino Ventures. All amounts are unsecured, interest-free and repayable on demand.
There was no outstanding balance from a related company, Diginex (Holdings) Limited, at 31 March 2024 following the write off of $81,347 during the year. The balance outstanding at 31 March 2023 was $41,532. Balance was unsecured, interest-free and repayable on demand.
16.3 Loans from a related company/ immediate holding company
As of 31 March 2024, loans from immediate holding company, Rhino Ventures, are unsecured, charging at an interest rate of 8% per annum and are repayable on 30 June 2024, the repayment dates has been extended from 31 December 2023, which was the due date at 31 March 2023. At 31 March 2024, the outstanding principal amount was $1,664,483 (2023: $2,250,000) and corresponding accrued interest amounted to $266,510 (2023: $78,926) resulting in a total outstanding of $1,930,993 (2023: $2,328,926). Subsequently in May 2024, maturity date of the loans was extended to 30 September 2024.
As of 31 March 2024, loan from a related company, Diginex (Holdings) Limited, are unsecured, charging at an interest rate of 8% per annum and are repayable on 31 December 2024. At 31 March 2024, the outstanding principal amount was $1,000,000 (2023: $1,000,000). At 31 March 2024, interest accrued on the loan amounted to $140,931 (2023: $60,712) resulting in a total outstanding of $1,140,931 (2023: $1,060,712). At 31 March 2023, the loan was classified as due in more than one year.
16.4 Key management compensation
Key management personnel are considered as senior representatives of the Group.
16.5 Amounts due to key management
At 31 March 2024, expense reimbursement of $23,919 was outstanding to key management personnel (31 March 2023: $12,135).
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