| SCHEDULE OF 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:
SCHEDULE OF TRANSACTIONS WITH OTHER RELATED PARTIES
| | |
| |
Six months ended | | |
Six months ended | |
| | |
Notes | |
30 September 2024 | | |
30 September 2023 | |
| | |
| |
USD | | |
USD | |
| License fee income | |
(a) | |
| 23,639 | | |
| 48,468 | |
| Contractor fee | |
(b) | |
| 125,000 | | |
| 125,000 | |
| | |
| |
| | | |
| | |
| Finance charges on: | |
| |
| | | |
| | |
| Loan from a related company | |
(c) | |
| 24,548 | | |
| 40,110 | |
| Loan from immediate holding company | |
(d) | |
| 58,077 | | |
| 100,671 | |
| Convertible loan notes | |
(e) | |
| 151,245 | | |
| 132,153 | |
| (a) | During
the six months ended 30 September 2024, the Group generated revenue from shareholders amounting
to $23,639
(30
September 2023: $48,468). |
| (b) | During
the six months ended 30 September 2024, Miles Pelham, controller of Rhino Ventures, engaged
as a contractor to provide management services in return for a fee of $125,000
(30
September 2023: $125,000). |
| (c) | The
Group had a loan with principal of $1,000,000
due
to Diginex Holdings Limited. During the six months ended 30 September 2024, the loan bears
an 8%
annual interest charge and interest of $24,548
accrued
up to the date of Recapitalization (six months ended 30 September 2023: $40,110).
Upon the Recapitalization, 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, and the corresponding interest was recognized as finance charges on
convertible loan notes. |
| (d) | The
Group has a loan outstanding from the immediate holding company, Rhino Ventures, with a principal
balance of $2,346,391
at
30 September 2024 (30 September 2023: $2,814,483).
The loan bears an 8%
annual interest charge and interest of $58,077
accrued
during the six months ended 30 September 2024 (30 September 2023: $100,671). |
| (e) |
During
the six months ended 30 September 2024 and 2023, The Group had convertible loan notes issued
to existing shareholders of the Company. Upon the Recapitalization, convertible loan notes
with principal of $1,000,000
were
converted from the loan from a related company. There were notes outstanding principal of
$4,350,000
at
30 September 2024 (30 September 2023: $3,350,000).
The loan note bears an 8%
annual interest charge and interest of $151,245
accrued
during the six months ended 30 September 2024 (30 September 2023: $132,153).
On 3 August 2024, the maturity date of a convertible loan note with a principal of $1,000,000
held
by HBM IV, Inc. was extended to 3 November 2024 and then further extended to 3 January 2025. |
|
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:
SCHEDULE OF TRANSACTIONS WITH OTHER RELATED PARTIES
| | |
| |
Year ended | | |
Year ended | |
| | |
Notes | |
31 March 2024 | | |
31 March 2023 | |
| | |
| |
USD | | |
USD | |
| License fee income | |
(a) | |
| 71,333 | | |
| 387,751 | |
| Contractor fee | |
(b) | |
| 250,000 | | |
| 250,000 | |
| Impairment loss recognized in respect of due from a related company | |
(c) | |
| 81,347 | | |
| - | |
| Finance charges on: | |
| |
| | | |
| | |
| Loan from a related company | |
(d) | |
| 80,219 | | |
| 60,712 | |
| Loans from immediate holding company | |
(e) | |
| 187,584 | | |
| 78,926 | |
| Convertible loan notes | |
(f) | |
| 266,520 | | |
| 80,822 | |
| (a) |
During
the year ended 31 March 2024, the Group entered into sales agreements with certain shareholders amounting to $71,333 in revenue generated
(2023: $387,751). |
| |
|
| (b) |
During
the year ended 31 March 2024, Miles Pelham, controller of Rhino Ventures, engaged as a contractor to provide management services
in return for a fee of $250,000 (2023: $250,000). |
| |
|
| (c) |
During
the year ended 31 March 2024, the Group has fully written off the amount due from a related company, Diginex (Holdings) Limited,
a company controlled by Rhino Ventures, of $81,347 (2023: $Nil). |
| |
|
| (d) |
The
Group has an outstanding loan principal of $1,000,000 due to Diginex (Holdings) Limited. The loan bears an 8% annual interest charge
and interest of $80,219 accrued during the year ended 31 March 2024 (2023: $60,712). |
| (e) |
The
Group has a loan outstanding from the immediate holding company, Rhino Ventures Limited, with a principal balance of $1,664,483 at
31 March 2024 (2023: $2,250,000). The loan bears an 8% annual interest charge and interest of $187,584 accrued during the year ended
31 March 2024 (2023: $78,926). |
| |
|
| (f) |
During
the year ended 31 March 2024 and 2023, the Group issued convertible loan notes to existing shareholders of the Company. There were
notes outstanding of $3,743,000 at 31 March 2024 (2023: $3,269,000. The loan note bears an 8% annual interest charge and interest
of $266,520 accrued during the year ended 31 March 2024 (2023: $80,822). |
|