v3.26.3
TAXATION
 12 Months Ended
Apr. 30, 2026
Income Tax Disclosure [Abstract]  
TAXATION

Note 17: TAXATION

 

A reconciliation between the Company’s actual provision for income taxes and the provision calculated under the Hong Kong and Malaysia statutory rate are as follows:

 

Income/(Loss) Before Income Taxes

 

Income/(loss) before income taxes was as follows:

 

   For the Year Ended    For the Year Ended  
Description  April 30, 2026   

April 30, 2025

  
United States  $(7,182,814)    

(2,302,780)

  
Foreign   (11,458,915)     8,948,000  
Loss before income taxes  $(18,641,729)     6,645,220  

 

 

Provision for Income Taxes

 

The components of the provision for income taxes were as follows:

 

   For the Year Ended
April 30, 2026		   For the Year Ended
April 30, 2025		 
Current:        
U.S. federal and state  $-   $- 
Foreign   -    (2,011,773)
Total current income tax expense   -    (2,011,773)
Deferred:          
U.S. federal and state   

1,081,209

   - 
Foreign   -    - 
Total deferred income tax benefit   1,081,209   - 
Income tax benefit/(expense)  $1,081,209   $(2,011,773)

 

During the year ended April 30, 2026, the Company reversed $3,283,634 of previously recorded income tax payable as a result of overprovison of tax payable. The reversal was recognized as other income and, accordingly, is included in loss before income taxes.

 

Effective Income Tax Rate Reconciliation

 

A reconciliation of the income tax benefit computed at the U.S. federal statutory income tax rate of 21% to the Company’s actual income tax expense for the year ended April 30, 2026 is as follows:

 

Description  Amount   Rate 
Income tax benefit at U.S. federal statutory rate  $(3,774,439)   21.0%
Foreign tax effects   34,613    (0.2)%
Tax effect of losses for which no tax benefit was recognized   2,658,617    (22.7)%
Income tax benefit  $(1,081,209)   (6.46)%

 

The Company’s effective income tax rate differed from the U.S. federal statutory income tax rate primarily because no tax benefit was recognized for losses incurred in certain jurisdictions and the Company’s Malaysian operations are subject to a statutory corporate income tax rate of 24%.

 

Uncertain Tax Positions

 

As of April 30, 2026 and 2025, the Company had no material unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense.