| OTHER PAYABLES AND ACCRUED LIABILITIES |
Note 7
OTHER PAYABLES AND ACCRUED LIABILITIES
Other
payables and accrued liabilities consist of the following items:
| | |
As
of
March 31,
2025 | | |
As
of
September 30,
2024 | |
| | |
(Unaudited) | | |
| |
| Service
fee payable | |
$ | 346,204 | | |
$ | 198,815 | |
| Accrued
payroll | |
| 233,593 | | |
| 39,653 | |
| Mandatory
provident fund payable | |
| 1,157 | | |
| 386 | |
| Dividend
payable | |
| 5,187 | | |
| 5,187 | |
| Deposits
from private placement(1) | |
| — | | |
| 2,750,000 | |
| Consideration
payable(2) | |
| 1,000,000 | | |
| — | |
| Others | |
| 518,142 | | |
| 229 | |
| Total | |
$ | 2,104,283 | | |
$ | 2,994,269 | |
| (1) | The balance as of September 30, 2024 mainly comprised of a deposit received of US$2.75 million cash from the investors. On September 9, 2024, the Company entered into a Securities Purchase Agreement with certain accredited investors for a private placement offering |
| (2) | On November 4, 2024, the Company completed its acquisition of all shares of SPW Global Inc., a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. (‘Wealth AI’), a company incorporated under the laws of Republic of Singapore. On August 20, 2024, the Company entered into a definitive acquisition agreement, pursuant to which it would purchase all shares of SPW Global Inc., which in turn wholly owns Wealth AI. The total purchase price is US$4,500,000, subject to customary closing purchase price adjustments, with US$3 million being paid in cash and the remaining US$1.5 million being settled in the form of 780,000 Class A Ordinary Shares and 1,620,000 Class B Ordinary Shares issuable to the seller and key employees of Wealth AI. As of March 31, 2025, US$1.0 million consideration had not been paid to the seller. And the balance had been paid in full in August 2025. |
|