v3.26.1
SHARE CAPITAL AND SHARE PREMIUM (Tables)
 12 Months Ended
Mar. 31, 2026
SCHEDULE OF SHARE CAPITAL

 

                       
      Share capital   Share   Capital   Warrant    
   Notes  Shares   Amount   Premium   reserve   reserve   Total 
          USD   USD   USD   USD   USD 
Balance at 1 April 2024 – pre-recapitalization      11,626    3,752,669    -    -    -    3,752,669 
Exercise of share option awards
(pre-recapitalization)		  (c)   44    27,368    -    -    -    27,368 
Capital Raise  (d)   5,086    1,346,800    -    -    6,653,200    8,000,000 
Pre-recapitalized balance      16,756    5,126,837    -    -    6,653,200    11,780,037 
Recapitalization of DSL
(1:410 exchange ratio)		  (a)   6,853,204    (5,126,150)   -    5,126,150         - 
Sub-total      6,869,960    687    -    5,126,150    6,653,200    11,780,037 
Founding share of the Company      1    -    -    -         - 
Sub-total      6,869,961    687    -    5,126,150    6,653,200    11,780,037 
Share Subdivision  (b)   6,869,961    -    -    -         - 
Recapitalized balance      13,739,922    687    -    5,126,150    6,653,200    11,780,037 
Exercise of share option awards
(post-recapitalization)		  (e)   1,003,680    50    1,768,661    -    -    1,768,711 
Conversion of Preferred Shares  (f)   2,583,820    129    5,610,871    -    -    5,611,000 
Conversion of convertible loan notes  (f)   2,347,134    117    6,133,664    -    -    6,133,781 
Capitalization of loan from immediate holding company  (g)   731,707    37    2,999,963    -    -    3,000,000 
IPO and Exercise of overallotment option  (h)   2,587,500    130    9,176,277    -    -    9,176,407 
Issuance of IPO Warrants  (i)   -    -    -    -    72,610,000    72,610,000 
Balance at March 31, 2025      22,993,763    1,150    25,689,436    5,126,150    79,263,200    110,079,936 
Balance at March 31, 2025 – post-bonus split      

183,950,104

    

9,198

    

25,689,436

    

5,126,150

    

79,263,200

    

110,087,984

 
Balance at March 31, 2025 – post-Share Consolidation      

22,993,763

    

9,198

    

25,689,436

    

5,126,150

    

79,263,200

    110,087,984 
                                  
Balance at April 1, 2025      22,993,763    1,150    25,689,436    5,126,150    79,263,200    110,079,936 
Exercise of IPO Warrants (Tranche 1)  (j)   2,250,000    113    28,919,387    -    (17,377,000)   11,542,500 
Sub-total      25,243,763    1,263    54,608,823    5,126,150    61,886,200    121,622,436 
Bonus split  (k)   176,706,341    8,835    -    -    -    8,835 
Post-bonus split balance      201,950,104    10,098    54,608,823    5,126,150    61,886,200    121,631,271 
Acquisition of Matter  (l)   1,055,272    53    17,380,278    3,067,109    -    20,447,440 
Acquisition of TRP  (l)   1,250,000    62    4,737,437    947,500    -    5,684,999 
Acquisition of planA  (l)   6,720,317    336    17,338,082    -    -    17,338,418 
Exercise of IPO Warrants (Tranche 2)  (m)   18,000,000    900    29,107,600    -    (15,271,000)   13,837,500 
Lapse of IPO Warrants (Tranche 3)  (n)   -    -    -    -    (13,264,000)   (13,264,000)
Modification of Founder Warrants and IPO Warrants  (o)   -    -    -    -    23,099,000    23,099,000 

Reclassification of Founder Warrants

 

(p)

                       

(28,553,000

)   (28,553,000)
Share-based payments transactions (non-employee-related)  (q)   62,074    3    1,022,355              1,022,358 
Share-based payments transactions (employee-related)  (r)   483,592    24    290,131    -    -    290,155 
Exercise of Share Option Awards  (s)   3,286,168    165    913,114    -    -    913,279 
Balance at March 31, 2026      232,807,527    11,641    125,397,820    9,140,759    27,897,200    162,447,420 
Balance at March 31, 2026 – post-Share Consolidation      

29,130,130

    

11,641

    

125,397,820

    

9,140,759

    

27,897,200

    

162,447,420

 

 

 

(a) On July 15, 2024, the Company completed the Recapitalization. Prior to the Recapitalization, the Company had issued one founding share with a par value of USD 0.0001 and was a newly incorporated entity without material business activities, while DSL was the parent of the DSL Group. The Recapitalization resulted in the Company becoming the immediate holding company of DSL and DSL became a wholly owned subsidiary of the Company. The Recapitalization resulted in one share in DSL being exchanged for four hundred and ten (410) Ordinary Shares.
   
(b) On July 26, 2024, the authorized share capital of the Company changed to USD50,000 divided into 960,000,000 Ordinary Shares of USD0.00005 par value each and 40,000,000 Preferred Shares of USD0.00005 par value each. The Share Subdivision resulted in the shareholding of each Company shareholder increasing by a multiple of two.
   
(c) In April 2024, DSL issued 44 shares to an employee via the exercising of vested employee share options. These shares rank pari passu with the existing ordinary shares of DSL in all respects. These shares equate to 36,080 shares post the Recapitalization.
   
(d) On May 27, 2024, DSL and its subsidiaries (collectively referred to as the “DSL Group”) completed the Capital Raise and DSL allotted 5,086 ordinary shares and 10,172 warrants to Rhino Ventures. The warrants have a fair value of $6,653,200 and $1,346,800 being allocated to share capital with a total value recognized in reserves of $8,000,000. These shares equate to 4,170,520 shares post the Recapitalization.
   
(e) In August 2024, the Company issued 1,003,680 shares to certain employees via the exercising of vested employee share options. These shares rank pari passu with the Ordinary Shares in all respects.
   
(f) On December 20, 2024, the Company’s registration statement Form F-1 being declared effective by the SEC. This resulted in outstanding Preferred Shares converting into 2,583,820 Ordinary Shares on a 1:1 basis. All the outstanding convertible loan notes with an aggregate face value of $4,350,000 and accrued interest of $751,781, totaling $5,101,781, also converted into Ordinary Shares at a conversion price of $2.17 resulting in the issuance of 2,347,134 Ordinary Shares.
   
(g) Pursuant to a triparty loan agreement dated September 30, 2024, $3.0 million loan from the then immediate holding company, Rhino Ventures, was capitalized through the issuance of 731,707 Ordinary Shares.
   
(h) On January 23, 2025, the Company closed on its IPO of 2,250,000 ordinary shares, par value $0.00005 per share, at a public offering price of $4.10 per ordinary share, for total gross proceeds of $9,225,000, before deducting underwriting discounts, commissions, and other related expenses. The net proceeds amounted to $7,747,756.
   
  On January 27, 2025, the Company also closed on the underwriter’s exercise of the Over-Allotment Option to purchase 337,500 Ordinary Shares pursuant to the Underwriting Agreement. Pursuant to the Over-Allotment Option, the underwriters purchased an additional 337,500 Ordinary Shares at the public offering price of $4.10 per share, resulting in additional gross proceeds of $1.38 million, before deducting underwriting discounts and other related expenses. The net proceeds amounted to $1,261,969.
   
  After giving effect to the full exercise of the Over-Allotment Option, the total number of Ordinary Shares sold by the Company in the IPO increased to 2,587,500 Ordinary Shares and the gross proceeds increased to $10,608,750, before deducting underwriting discounts and other related expenses. The total net proceeds amounted to $9,009,725.
   
  The gross proceeds of $10,608,750 are deducted against the Deferred IPO Expenses of $1,432,343 upon the successful closing of the IPO and share capital of $130 and share premium of $9,176,277 are recognized.
   
(i) On January 23, 2025, the Company issued Rhino Ventures 6 tranches of the IPO Warrants (as defined in note 21.2), with each tranche comprising 2,250,000 warrants, in connection with the IPO. For details, please refer to note 22.2.

 

 

(j) On July 22, 2025, Rhino Ventures exercised tranche 1 of the IPO Warrants, with an exercise price of $5.13 per share, to purchase 2,250,000 Ordinary Shares of the Company. The total exercise price of US$11,542,500 has been delivered in full to the Company.
   
(k) On September 8, 2025, the Company completed the Stock Bonus. Each shareholder received seven bonus Ordinary Shares for every one ordinary share held. The Stock Bonus resulted in the issuance of 176,706,341 Ordinary Shares.
   
(l) During the year ended March 31, 2026, ordinary shares of the Company issued or to be issued as consideration for the acquisitions of Matter, TRP and planA were recorded within share capital, share premium and capital reserve based on respective acquisition-date fair values. For details, please refer to note 26.
   
(m) On October 22, 2025, Rhino Ventures exercised tranche 2 of the IPO Warrants, with an exercise price of $0.77 per share, to purchase 18,000,000 ordinary shares of the Company. The total exercise price of US$13,837,500 has been delivered in full to the Company.
   
(n) On January 23, 2026, tranche 3 of the IPO Warrants expired unexercised upon reaching their maturity date. As these warrants were originally classified as equity instruments and the associated balance within the warrant reserve has been reclassified to accumulated losses.
   
(o) On March 20, 2026, the Company extended the maturity dates of the outstanding Founder Warrants and IPO Warrants and Founder Warrants were modified. The transaction was recognized directly in equity as an equity transaction with the owner. The incremental fair value arising from the extension was determined to be $23,099,000, which has been recognized as a reclassification within equity by debiting accumulated losses and crediting the warrant reserve. For details, please refer to note 22.2.
   

(p)

Subsequent to the modification in March 2026, Founder Warrants are classified as financial liabilities on the basis that the fixed-for-fixed condition is no longer met. Accordingly, Founder Warrants are reclassified from warrant reserve to warrant liabilities at the fair value on the modification date.

   
(q) On October 3, 2025, in connection with the business acquisition of Matter, the Company issued 62,074 Ordinary Shares (post-Share Consolidation of 7,759) to the individual that introduced Matter.
   
(r) On February 26, 2026, the Board of Directors approved the issuance of an aggregate of 483,592 ordinary shares, with a par value of US$0.00005 per share, to a Non-Executive Director of the Company in recognition of his long service of directorship. The transaction is accounted for as a share-based payment expense, with the fair value measured on the issuance date based on the quoted market price of the shares and an amount of $290,155 being charged to profit or loss for the year ended March 31, 2026.
   
(s) During the year ended March 31, 2026, the Company issued 3,286,168 shares to certain director and employees via the exercising of vested employee share options. These shares rank pari passu with the Company’s ordinary shares in all respects.