| SCHEDULE OF IMPAIRED LOSS ON GOODWILL |
The
summary of impairment loss on goodwill is as below:
SCHEDULE OF IMPAIRED LOSS ON GOODWILL
| | |
$ | |
| Goodwill as of May 31, 2020 | |
| 4,763,015 | |
| Impaired goodwill written off - May 31, 2021 | |
| (322,972 | ) |
| Goodwill as of May 31, 2021 | |
| 4,440,043 | |
| Impaired goodwill written off - May 31, 2022 | |
| (1,006,432 | ) |
| Goodwill as of May 31, 2022 | |
| 3,433,611 | |
| Impaired goodwill written off - May 31, 2023 | |
| (641,050 | ) |
| Goodwill as of May 31, 2023 | |
| 2,792,561 | |
| Impaired goodwill written off - May 31, 2024 | |
| (1,049,984 | ) |
| Goodwill as of May 31, 2024 | |
| 1,742,577 | |
| Impaired goodwill written off - May 31, 2025 | |
| (1,742,577 | ) |
| Goodwill as of May 31, 2025 | |
| - | |
|
| SCHEDULE OF PURCHASE PRICE ALLOCATED ON ACQUISITION |
The
purchase price was allocated on the acquisition date of HZ CXJ as follows:
SCHEDULE OF PURCHASE PRICE ALLOCATED ON ACQUISITION
| | |
As of
May 28, 2020 | |
| | |
$ | |
| Cash at banks and in hand | |
| 15,588 | |
| Trade receivables | |
| 70,423 | |
| Inventory on hand | |
| 124,658 | |
| Prepayments, other receivables and deposits | |
| 2,517,125 | |
| Due from a related party | |
| 1,282 | |
| Due to directors | |
| 119,405 | |
| Due from a shareholder | |
| 51,599 | |
| Operating lease right-of-use assets | |
| 189,604 | |
| Total assets | |
| 3,089,684 | |
| | |
$ | |
| Account payables | |
| (156,955 | ) |
| Contract liabilities | |
| (368,777 | ) |
| Accrued liabilities, other payables and deposits received | |
| (3,007,879 | ) |
| Due to a related company | |
| (2,000 | ) |
| Due to related parties | |
| (29,932 | ) |
| Due to directors | |
| (42 | ) |
| Operating lease liabilities, current portion | |
| (80,882 | ) |
| Operating lease liabilities, non current portion | |
| (111,779 | ) |
| Total liabilities | |
| (3,758,246 | ) |
| | |
| | |
| Net tangible liabilities | |
| (668,562 | ) |
| Goodwill | |
| 4,763,015 | |
| Total purchase price | |
| 4,094,453 | |
| | |
$ | |
| Consideration in form of shares | |
| 4,094,453 | |
| Total consideration | |
| 4,094,453 | |
|