| SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES |
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES
| | |
| |
Six months ended | | |
Six months ended | |
| | |
Notes | |
30 September 2024 | | |
30 September 2023 | |
| | |
| |
| USD
| | |
| USD
| |
| Employees’ benefits | |
(a) | |
| 2,163,131 | | |
| 3,022,939 | |
| IT development and maintenance support | |
(b) | |
| 858,125 | | |
| 1,112,213 | |
| Professional fees | |
(c) | |
| 753,836 | | |
| 75,377 | |
| Share-based payments expenses on anti-dilution issuance of preferred shares | |
(d) | |
| 369,648 | | |
| - | |
| Audit fees | |
(e) | |
| 174,250 | | |
| 15,000 | |
| Travelling expenses | |
(f) | |
| 126,324 | | |
| 31,468 | |
| Amortization and depreciation | |
(g) | |
| 63,036 | | |
| 37,368 | |
| Impairment loss recognized in respect of trade receivables | |
| |
| 10,018 | | |
| 12,332 | |
| Others | |
(h) | |
| 198,892 | | |
| 129,407 | |
| General and administrative
expense | |
| |
| 4,717,260 | | |
| 4,436,104 | |
| (a) | |
Six months ended | | |
Six months ended | |
| | |
30 September 2024 | | |
30 September 2023 | |
| | |
USD | | |
USD | |
| Basic salaries, allowances and other benefits | |
| 1,792,793 | | |
| 1,737,844 | |
| Pension costs – defined contribution plans | |
| 49,805 | | |
| 53,024 | |
| Share-based payments | |
| 320,533 | | |
| 1,232,071 | |
| Employees’
benefits | |
| 2,163,131 | | |
| 3,022,939 | |
The
above includes the cost of both employees and contractors. At 30 September 2024 the Company had 19 employees and 10 contractors (30 September
2023: 21 employees and 10 contractors).
| |
(b) | IT
development and maintenance support costs relate, primarily, to those associated with a third
party that contribute to researching, developing and maintaining the Group commercial products.
The costs also include server expenses for hosting the products. Included in IT development
and maintenance support, the Group incurred research and development expenses of $515,493
for
the six months ended 30 September 2024 (30 September 2023: $705,474)
and no research and development expenditure is recognized as an internally generated intangible
asset for both periods. |
| |
(c) | The
increase in professional fees during the six months ended 30 September 2024 is primarily
due to the legal and professional fees incurred in connection with the preparation of the
Form F-1 of the Company and the planned IPO. |
| |
(d) | In
May 2024, the Group completed an $8.0
million
capital raise, which triggered an anti-dilution clause in the Articles of Association and
resulted in 151 Series A Preferred Shares of DSL being issued to HBM IV, Inc. with $Nil
consideration.
In connection with the issuance, share-based payments expenses of $369,648
are
recognized during the period (30 September 2023: $Nil). |
| |
(e) | For
the six months ended 30 September 2024, increase in audit fees is due to the fees accrued
for the Public Company Accounting Oversight Board (“PCAOB”) audits of the Company’s
consolidated financial statements for the year ended 31 March 2025 and the review of the
public filings during the IPO process. For the six months ended 30 September 2023, audit
fees are primarily related to local statutory audits of group entities in different jurisdictions. |
| |
(f) | Travelling
expenses increased as the Group met with investors and sought business opportunities |
| |
(g) | The
increase is primarily due to amortization expense in connection with the new office lease
entered into by the Group in Monaco since July 2023. |
| |
(h) | Other
costs include human resources consultancy services, advertising and marketing, office rent,
insurance, bank charges, general office expenses and others. |
|
SCHEDULE
OF GENERAL AND ADMINISTRATIVE EXPENSES
| | |
| |
Year ended | | |
Year ended | |
| | |
Notes | |
31 March 2024 | | |
31 March 2023 | |
| | |
| |
USD | | |
USD | |
| Employees’ benefits | |
(a) | |
| 5,043,962 | | |
| 5,025,450 | |
| IT development and maintenance support | |
(b) | |
| 2,121,539 | | |
| 2,661,511 | |
| Audit fee | |
(c) | |
| 594,224 | | |
| 22,294 | |
| Professional fee | |
(d) | |
| 531,245 | | |
| 275,234 | |
| Travelling expenses | |
(e) | |
| 514,106 | | |
| 28,935 | |
| Amortization and depreciation | |
(f) | |
| 103,276 | | |
| 1,007 | |
| Write-off of due from a related company | |
| |
| 81,347 | | |
| - | |
| Write-off of trade receivables | |
| |
| 21,522 | | |
| 14,752 | |
| Impairment loss (reversal)/ recognized in respect of trade receivables | |
| |
| (400 | ) | |
| 5,025 | |
| Advertising and marketing expenses | |
(g) | |
| 43,000 | | |
| 479,766 | |
| Consultancy fees | |
(h) | |
| 42,599 | | |
| 126,153 | |
| Rent | |
(i) | |
| 35,426 | | |
| 83,657 | |
| Others | |
(j) | |
| 231,499 | | |
| 176,707 | |
| General
and administrative expenses | |
| |
| 9,363,345 | | |
| 8,900,491 | |
The
by-nature classification of general and administrative expenses for the year ended 31 March 2023 has been represented to conform with
the presentation for the year ended 31 March 2024.
| (a) | |
Year ended | | |
Year ended | |
| | |
31 March 2024 | | |
31 March 2023 | |
| | |
USD | | |
USD | |
| Basic salaries, allowances and all benefits-in-kind | |
| 3,581,537 | | |
| 4,261,273 | |
| Pension costs – defined contribution plans | |
| 109,590 | | |
| 176,356 | |
| Share-based payments | |
| 1,352,835 | | |
| 587,821 | |
| Employees’
benefits | |
| 5,043,962 | | |
| 5,025,450 | |
| |
The
above includes the cost of both employees and contractors. At 31 March 2024 the Company had 22 employees and 7 contractors (2023:
26 employees and 10 contractors). |
| (b) |
IT
development and maintenance support costs relate, primarily, to those associated with a third party that contributes to researching,
developing and maintaining the Group commercial products. The costs also include server expenses for hosting the products. Included
in IT development and maintenance support, the Group incurred research and development expenses of $1,334,865 for the year ended
31 March 2024 (2023: $2,089,914). |
| (c) |
For
the year ended 31 March 2024, significant increase in audit fees is due to the fees for the Public Company Accounting Oversight Board
(“PCAOB”) audits of DSL’s consolidated financial statements for each of the years ended 31 March 2022, 2023 and
2024. For the year ended 31 March 2023, audit fees are primarily related to local statutory audits of group entities in different
jurisdictions. |
| (d) |
The
increase in professional fees during the year ended 31 March 2024 is primarily due to the legal and professional fees incurred in
connection with the preparation of the Form F-1 of the Company and the planned IPO. |
| (e) |
Travelling
expenses increased as the Group met with investors and sought business opportunities |
| (f) |
The
increase is primarily due to amortization expense in connection with the new office lease entered into by the Group in Monaco during
the year ended 31 March 2024. |
| (g) |
Advertising
and marketing fees costs reduced during the year ended 31 March 2024 as the Group ceased running a digital marketing campaign with
the aid of a third party. |
| (h) |
Consultancy
fees, primarily relate to third party human resources support and other licensing service. Costs relating to human resources
support decreased in the year ended 31 March 2024. |
| (i) |
Rent
represents the operating lease of Hong Kong office for both years. During the year ended 31 March 2023, the Group moved to cheaper
office space. |
| (j) |
Other
costs include recruitment fees insurance, bank charges, general office expenses and others. |
|