| DEPOSITS AND OTHER CURRENT ASSETS, NET |
NOTE
6 – DEPOSITS AND OTHER CURRENT ASSETS, NET
Deposits
and other current assets, net consist of the following:
SCHEDULE OF DEPOSITS AND OTHER CURRENT ASSETS NET
| | |
September
30,
2025 | | |
September
30,
2024 | |
| | |
As of | |
| | |
September
30,
2025 | | |
September
30,
2024 | |
| | |
| | |
| |
| Deposit for acquisition of digital assets(1) | |
$ | 2,993,619 | | |
$ | - | |
Refund for acquisition of an advertisement company(2) | |
| 552,205 | | |
| - | |
| Refund for marketing expenses(3) | |
| 2,500,000 | | |
| - | |
| Deposits | |
| 51,547 | | |
| 51,623 | |
| Other current assets, net | |
| 84,101 | | |
| - | |
| Less: allowance for expected credit loss | |
| (101 | ) | |
| (540 | ) |
| Deposits
and other current assets, net | |
$ | 6,181,371 | | |
$ | 51,083 | |
| (1) | | On April 6, 2025,
the Company entered into an agreement with a third party for an acquisition of digital assets. The Company paid $3,000,000 as a deposit. |
| (2) | | On May 29, 2025,
the Company entered into an agreement with a third party to acquire an advertising company and paid an initial deposit of $1,053,000
on June 25, 2025. On July 28, 2025, the parties mutually agreed to terminate the agreement and the third party agreed to provide a full
refund of the deposit. As of September 30, 2025, $546,069 of the refund remained outstanding. |
| (3) | | Please refer to
(2) under Note 5 – Prepayment. |
The
movement of allowances for expected credit loss is as follow:
SCHEDULE OF MOVEMENT OF ALLOWANCES FOR EXPECTED CREDIT LOSS
| | |
September
30,
2025 | | |
September
30,
2024 | |
| | |
As of | |
| | |
September
30,
2025 | | |
September
30,
2024 | |
| | |
| | |
| |
| Balance at beginning of the year | |
$ | 540 | | |
$ | 56 | |
| Provision (reversal of) | |
| (439 | ) | |
| 484 | |
| Ending balance | |
$ | 101 | | |
$ | 540 | |
QMMM
HOLDINGS LIMITED
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Stated
in US Dollars)
|