ASIA Asia Strategic Holdings Limited

 

		Group
	Note	2024	2023
		$	$
Operating activities
Loss before income tax		(10,708,012)	(5,252,270)
Adjustments for:
Interest income	5	(3,187)	(23,608)
Share−based compensation	6	203,830	329,281
Interest on shareholder's loans	7	216,920	105,748
Loss on disposal of plant and equipment	8	1,657	1,154
Depreciation of plant and equipment	10	1,207,028	826,953
Amortisation of intangible assets	11	100,718	80,498
Impairment loss on intangible asset	11	4,561,645	-
Amortisation of right-of-use assets	12	2,786,093	2,858,275
Lease concession	12	(13,562)	(139,978)
Interest on lease liabilities	12	1,120,975	875,405
Reversal of impairment loss on trade and other receivables	16	-	(9,514)
Unrealised foreign exchange loss		(14,694)	348,430
Operating cash flows before working capital changes		(540,589)	374
Working capital changes:
Trade and other receivables		(343,487)	(565,342)
Inventories		(102,755)	(56,504)
Trade and other payables		2,643,089	2,248,570
Contract liabilities		2,331,658	2,127,283
Cash provided from operations		3,987,916	3,754,381
Interest received		3,187	23,608
Income tax paid		(60,008)	(76,275)
Net cash from operating activities		3,931,095	3,701,714
Investing activities
Purchase of plant and equipment	10	(2,484,306)	(1,725,841)
Purchase of intangible assets	11	(105,230)	(94,889)
Advances to a related party	16	(688,615)	(564,438)
Net cash used in investing activities		(3,278,151)	(2,385,168)

 

 

 

 

 

 

 

		Group
	Note	2024	2023
		$	$
Financing activities
Repayment of lease liabilities	12	(2,209,182)	(1,921,275)
Interest paid on lease liabilities	12	(1,120,975)	(752,974)
Proceeds from shareholder's loans	18	1,962,072	1,325,000
Repayment of shareholder's loans and interests	18	-	(353,567)
Repayment of bank loan		-	(115,530)
Net cash used in financing activities		(1,368,085)	(1,818,346)
Net changes in cash and cash equivalents		(715,141)	(501,800)
Effect of exchange rate changes on cash and cash equivalents		7,891	11,380
Cash and cash equivalents at beginning of year		1,489,812	1,980,232
Cash and cash equivalents at end of year	17	782,562	1,489,812

NOTES TO THE FINANCIAL STATEMENTS

 

1.      General

 

Asia Strategic Holdings Limited (the "Company" or "Asia Strategic") (Registration Number 201302159D), is a public company limited by shares incorporated and domiciled in Singapore with its principal place of business and registered office at 80 Raffles Place #32−01, UOB Plaza, Singapore 048624. The Company was listed on the Main Market of London Stock Exchange on 22 August 2017.

 

The principal activities of the Company are management services to its subsidiaries followed by developing, managing, operating and investing in businesses across Emerging Asia. The principal activities of the subsidiaries are set out in Note 13 to the financial statements. Related companies in these financial statements refer to members of the Group.

 

 

2.      Material accounting policies

 

2.1    Basis of preparation

 

The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union and are prepared under the historical cost convention, except as disclosed in the accounting policies below.

 

The individual financial statements of each Group entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency). The consolidated financial statements of the Group and the statement of financial position of the Company are presented in United States Dollar ("$") which is the functional currency of the Company and the presentation currency for the consolidated financial statements.

 

The preparation of financial statements in compliance with IFRS requires management to make judgements, estimates and assumptions that affect the Group's application of accounting policies and reported amounts of assets, liabilities, revenue and expenses. Although these estimates are based on management's best knowledge of current events and actions, actual results may differ from those estimates. The areas where such judgements or estimates have significant effect on the financial statements are disclosed in Note 3 to the financial statements.

 

Myanmar political and economic situation

 

The business environment in major cities where the Group operates such as Yangon and Mandalay remain active yet challenging due to (i) frequent power and telecommunication outages, (ii) sudden regulatory changes, (iii) stringent foreign exchange control measures, (iv) weakening of the Myanmar Kyat against foreign currencies, particular USD resulting in inflationary pressure, and (v) increased security risks. The political and economic situation evolves daily and the long-term effects remain unclear at this stage.

 

The Group continuously monitor and apply appropriate mitigating actions to ensure the Group's operations in Myanmar remain flexible and adaptable to the current market environment. The Group's English language and coding schools operates on platforms with blended learning solution which are offered online or through a hybrid online/in-centre approach to the students. Accordingly, the Group is prepared to switch its delivery of all education services from in-center to online, if required to avoid any business disruptions and ensure business continuity. Its security services business remained integral to secure embassies, customer premises and national infrastructure.

 

As part of the Group's risk management, minimal cash balances in Myanmar are maintained to the extent of its cash flow requirement in any given month. Excess cash balances are maintained in Singapore to mitigate country and credit risk exposure.

 

While the Group remains focused on expanding its current operations in Vietnam which are expected to exceed Myanmar over time, the contribution from both markets remains an important diversification strategy to mitigate the overall geographical risk exposure of the Group.

 

The Group has considered the current market environment in the respective countries in which it operates as at the reporting date and notes that there are no indicators that warrant material adjustments to the key estimates and judgements on the recoverability of the assets. The significant estimates and judgements applied are as disclosed in Note 3 to the financial statements.

 

Going concern assumption

 

Including the one-off impairment loss on intangible asset of $4,561,645, the Group recorded loss for the year of $10,953,686 (2023: $5,319,684), being not less than 12 months from the date of approval of the financial statements. As at reporting date, the Group's current liabilities and total liabilities exceeded its current assets and total assets amounting to $19,606,257 (2023: $14,902,027) and $16,199,326 (2023: $5,632,320), respectively. Net current liabilities, excluding contract liabilities (that are released to revenue rather than resulting in cash outflows) amounted to $7,135,060 (2023: $3,905,459).

 

The Board of Directors have carried out a detailed review of the Group cash flow forecast for 24 months from the financial year ended 30 September 2024.

 

The cash flow forecast has been prepared and stress-tested taking into consideration the timing of capital expenditures, the general political and macroeconomic environment and other information available at the end of the reporting period. The Directors have evaluated that there are sufficient mitigating actions within their control, such as further optimising the Group's operations and prioritising the Group's capital expenditures focusing on multi brand sites driving operational efficiency and synergies.

 

Other key considerations in the assessment include, among others:

 

a)      The Group meticulously plan its business expansion and continuously monitor how changes to the political and economic environment may potentially impact its business operations, particularly in Myanmar. For the past few years, overall the Myanmar-based businesses have been largely self-sustainable;

 

b)      The Group has access to $818,000 in unutilised loan facility as disclosed in Note 18 to the financial statements;

 

c)      Issuance and subscription of the Zero-Coupon Convertible Notes by existing shareholders of the Group amounting to $2,025,000 (resulting in net cash inflow of $725,000) subsequent to the financial year end, as disclosed in Note 29 to the financial statements;

 

d)      Tuition fees and certain security services are generally collected 1 to 12 months in advance of performance with reference to the terms of the contracts (refer to Note 4 for further details).

 

e)      The Group is able to generate positive cashflow from its operations. The Group's net cash generated from operating activities amounted to $601,000 (net of repayment of interest and principal lease liabilities) during the current financial year;

 

f)       Flexibility over the timing and the size of certain capital expenditures as all expansionary expenditures are discretionary in nature. Any capital expenditures in Myanmar would be funded by the excess capital available locally, if any.

 

Based on the current market environment in the respective countries the Group operates, there are no indicators that warrant material adjustments to the key assumptions and judgements applied.

 

The Directors of the Company are of the opinion that, based on past operating cash flows, current forecasts, flexibility in investing activities, cash resources and available loan facilities, no material uncertainty exists have been identified that may give rise to significant doubt over going concern and the going concern basis is appropriate in the preparation of the financial statements.

 

Changes in accounting policies

New standards, amendments and interpretations effective from 1 October 2023

 

On 1 October 2023, the Group adopted the new or amended IFRS and interpretations to IFRS that are mandatory for application for the financial year. The adoption of these standards did not result in significant changes to the Group's accounting policies and had no material impact to the Group's financial statements, except as disclosed below.

 

Amendments to IAS 1 Presentation of Financial Statements: Disclosure of Accounting Policies and IFRS Practice Statement 2

The amendments change the disclosure requirements with respect to accounting policies from 'significant accounting policies' to 'material accounting policy information'. The amendments provide guidance on when accounting policy is likely to be considered material. Management has followed the guidance in the amendments to IAS 1 and IFRS Practice Statement 2 in determining which accounting policy information is material. For the preparation of financial statements for the financial year ended 30 September 2024, the material accounting policy information have been included in Note 2 to the financial statements.

 

IFRS issued but not yet effective

 

At the date of authorisation of these financial statements, the following IASB were issued but not yet effective and have not been early adopted in these financial statements:

 

Standard or interpretation	Description	Effective date (annual periods beginning on or after)
IAS 7 and IFRS 7 (Amendments)	: Supplier Financing Arrangements	1 January 2024
Amendments to IAS	: Classification of Liabilities as Current or Non-current	1 January 2024
Amendments to IFRS 16	: Leases (Liability in a Sale and Leaseback)	1 January 2024
Amendments to IAS 1	: Presentation of Financial Statements (Non-current liabilities with Covenants)	1 January 2024
IAS 21	: Lack of Exchangeability	1 January 2025

 

Consequential amendments were also made to various standards as a result of these new or revised standards.

 

Except as disclosed below, the Group anticipates that the adoption of the above standards if applicable, will have no material impact on the financial statements of the Group in the period of their adoption.

 

Amendments to IAS 21: Lack of Exchangeability 

 

Under IAS 21, the Effects of Changes in Foreign Exchange Rates, in preparing the financial statements of the individual entities, transactions in currencies other than the entity's functional currency ("foreign currencies") are recorded at the rate of exchange prevailing on the date of the transaction. However, in rare circumstances, it is possible that one currency cannot be exchanged into another. This lack of exchangeability might arise when a government imposes controls on capital imports and exports, for example, or when it provides an official exchange rate but limits the volume of foreign currency transactions that can be undertaken at that rate. Consequently, market participants are unable to buy and sell currency to meet their needs at the official exchange rate and turn instead to unofficial, parallel markets.

 

Although few jurisdictions are affected by this, it can have a significant accounting impact for those companies affected. Accordingly, IAS 21 was amended to clarify when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability.

 

Under the amendments to IAS 21, an entity is allowed to estimate a spot rate when a currency is not exchangeable. When estimating a spot rate an entity can use an observable exchange rate without adjustment or another estimation technique.

 

Entities applying this new amended standard will need to provide new disclosures to help users assess the impact of using an estimated exchange rate on the financial statements which includes (i) the nature and financial impacts of the currency not being exchangeable, (ii) the spot exchange rate used, (iii) the estimation process; and (iv) risks to the company because the currency is not exchangeable.

In April 2022, the Central Bank of Myanmar ("CBM") implemented foreign exchange control measures requiring all foreign currency receipts from April 2022 to be converted to Myanmar Kyat ("Kyat"), restricting conversion of foreign currencies and limiting offshore remittance. The foreign exchange regulations in Myanmar remain fluid and subject to unpredictable changes. The Group continuously monitor announcements by the CBM to manage its currency exposures proactively.

 

The amendments apply to the annual reporting periods beginning on or after 1 January 2025. Earlier application is permitted. The Group is in the process of performing a detailed assessment in respect of classification, measurement and disclosure on the financial statements.

 

2.2    Basis of consolidation

 

The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries are entities over which the Group has control. The Group controls an investee if the Group has power over the investee, exposure to variable returns from its involvement with the investee, and the ability to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

 

Subsidiaries are consolidated from the date on which control commences until the date on which control ceases. Control is reassessed whenever the facts and circumstances indicate that they may be a change in the elements of control.

 

All intra−group balances and transactions and any unrealised income and expenses arising from intra−group transactions are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides an impairment indicator of the transferred asset.

 

The financial statements of the subsidiaries are prepared for the same reporting period as that of the Company, using consistent accounting policies. Where necessary, accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Group.

 

2.3    Business combinations

 

The acquisition of subsidiaries is accounted for using the acquisition method. The consideration transferred for the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition−related costs are recognised in profit or loss as incurred. Consideration transferred also includes any contingent consideration measured at the fair value at the acquisition date. Subsequent changes in fair value of contingent consideration which is deemed to be an asset or liability, will be recognised in profit or loss. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair values at the acquisition date.

 

Where a business combination is achieved in stages, the Group's previously held interests in the acquired entity are remeasured to fair value at the acquisition date (i.e., the date the Group attains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of.

 

Goodwill arising on acquisition is recognised as an asset at the acquisition date and initially measured at the excess of the sum of the consideration transferred, the amount of any non−controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest (if any) in the entity over net acquisition−date fair value amounts of the identifiable assets acquired and the liabilities and contingent liabilities assumed.

 

Goodwill on subsidiary is recognised separately as intangible assets. Goodwill is initially recognised at cost and subsequently measured at cost less any accumulated impairment losses.

 

2.4    Revenue recognition

 

Revenue is recognised when a performance obligation is satisfied. Revenue is measured based on the consideration of which the Group expects to be entitled in exchange for transferring promised good or services to a customer, excluding amounts collected on behalf of third parties (i.e., sales-related taxes). The consideration promised in the contracts with customers are derived from fixed price contracts.

 

Contract liabilities are deferred revenue comprising tuition fees and other advance consideration received from customers and a related party. Deferred revenue is recognised as revenue when performance obligations under its contracts are satisfied.

 

Tuition fees

 

Tuition fees are earned from the provision of educational and enrichment programs across the Group's educational businesses, either in person or online. Tuition fees are recognised over the duration of the course and when services are rendered with reference to the terms of the contract on a straight−line basis over the term of the courses. Sale of merchandise and ancillary fees are either recognised at point in time when goods are delivered, or over time on a straight−line basis, respectively according to the delivery of the performance obligations.

 

Security services

 

The Group provides a broad range of security, risk management, facility management and security training services to customers over a specified contract period. The performance obligation is satisfied over time as the customer simultaneously receives and consumes the benefits of the services. As the Group's efforts or inputs are expended throughout the performance period, revenue is recognised on a straight−line basis over the specified contract period.

 

For certain contracts where the Group supplies security equipment and provides ad−hoc services such as journey management and cash in transit, revenue is recognised at point in time when goods and services are delivered.

 

2.5    Employee benefits

 

Statutory contributions

 

Statutory contributions include defined contribution plans and social benefits as regulated by the countries where the Group operates. These statutory contributions are charged as an expense in the period in which the related service is performed. Defined contribution plans are post−employment benefit plans under which the Group pays fixed contributions into state−managed retirement benefit schemes and has no legal and constructive obligation to pay further once the payments are made.

 

2.6    Share−based payments

 

The Group issues equity−settled share−based payments to certain employees.

 

Equity−settled share−based payments are measured at fair value of the equity instruments (excluding the effect of non−market−based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity−settled share−based payments is expensed on a straight−line basis over the vesting period with a corresponding credit to the share−based payment reserve, based on the Group's estimate of the number of equity instruments that will eventually vest and adjusted for the effect of non−market−based vesting conditions. At the end of each financial period, the Group revises the estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss over the remaining vesting period with a corresponding adjustment to the share−based payment reserve.

 

Fair value of the share options is measured using the Black−Scholes pricing model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non−transferability, exercise restrictions and behavioural considerations.

 

For cash-settled share-based payments, a liability and a corresponding expense equal to the portion of the goods or services received is recognised at the current fair value determined at the end of each financial year, with movements recognised in profit or loss.

 

2.7    Taxes

 

Income tax expense comprise current tax expense and deferred tax expense.

 

Current income tax

 

Current income tax expense is the amount of income tax payable in respect of the taxable profit for a period. Current income tax liabilities for the current and prior periods shall be measured at the amount expected to be paid to the taxation authorities, using the tax rates and tax laws in the countries where the Group operates, that have been enacted or substantively enacted by the end of the financial year. Management evaluates its income tax provisions on periodical basis.

 

Current income tax expenses are recognised in profit or loss, except to the extent that the tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity.

 

Deferred tax

 

Deferred tax is recognised on all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases of asset and liabilities, except when the temporary difference arises from the initial recognition of goodwill or other assets and liabilities that is not a business combination and affects neither the accounting profit nor taxable profit.

 

Deferred tax liabilities are recognised for all taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the timing of reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the temporary difference can be utilised.

 

The carrying amount of deferred tax assets is reviewed at the end of each financial year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilised.

 

Deferred tax assets and liabilities are measured using the tax rates expected to apply for the period when the asset is realised or the liability is settled, based on tax rate and tax law that have been enacted or substantially enacted by the end of financial year. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects to recover or settle its assets and liabilities.

 

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

 

Deferred tax is recognised in profit or loss, except when it relates to items recognised outside profit or loss, in which case the tax is also recognised either in other comprehensive income or directly in equity, or where it arises from the initial accounting for a business combination. Deferred tax arising from a business combination, is taken into account in calculating goodwill on acquisition.

 

Sales tax

 

Revenue, expenses and assets are recognised net of the amount of sales tax except:

 

·          when the sales tax that is incurred on purchase of assets or services is not recoverable from the taxation authorities, in which case the sales tax is recognised as part of cost of acquisition of the asset or as part of the expense item as applicable; and

 

·          receivables and payables that are stated with the amount of sales tax included.

 

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.

 

 

2.8    Foreign currency transactions and translation

 

In preparing the financial statements of the individual entities, transactions in currencies other than the entity's functional currency ("foreign currencies") are recorded at the rate of exchange prevailing on the date of the transaction. At the end of each financial year, monetary items denominated in foreign currencies are retranslated at the rates prevailing as of the end of the financial year. Non−monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non−monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

 

Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in profit or loss for the period. Exchange differences arising on the retranslation of non−monetary items carried at fair value are included in profit or loss for the period except for differences arising on the retranslation of non−monetary items in respect of which gains and losses are recognised directly in equity. For such non−monetary items, any exchange component of that gain or loss is also recognised directly in equity.

 

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group's foreign operations (including comparatives) are expressed in United States Dollar using exchange rates prevailing at the end of the financial year. Income and expense items (including comparatives) are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, are recognised initially in other comprehensive income and accumulated in the Group's foreign exchange reserve.

 

On consolidation, exchange differences arising from the translation of the net investment in foreign entities (including monetary items that, in substance, form part of the net investment in foreign entities), and of borrowings and other currency instruments designated as hedges of such investments, are taken to the foreign exchange reserve.

 

On disposal of a foreign operation, the accumulated foreign exchange reserve relating to that operation is reclassified to profit or loss.

 

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

 

2.9    Plant and equipment

 

All items of plant and equipment are initially recognised at cost. The cost includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the plant and equipment.

 

Subsequent expenditure on an item of plant and equipment is added to the carrying amount of the item if it is probable that future economic benefits associated with the item will flow to the Group and the cost can be measured reliably. All other costs of servicing are recognised in profit or loss when incurred.

 

Plant and equipment are subsequently stated at cost less accumulated depreciation and any accumulated impairment losses.

 

Depreciation is calculated using the straight-line method to allocate the depreciable amounts over their estimated useful lives on the following basis:

 

Computers and books	3 - 5 years
Furniture and fittings	3 - 7 years
Motor vehicles	5 - 6 years
Leasehold improvements	3 - 5 years

 

No depreciation is charged on construction−in−progress as they are not yet ready for their intended use as at the end of the reporting period.

 

The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

 

The estimated useful lives, residual values and depreciation methods are reviewed, and adjusted as appropriate, at the end of each financial period.

 

An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.

 

The gain or loss arising on disposal or retirement of an item of plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

 

2.10  Intangible assets

 

Goodwill

 

Goodwill arising on the acquisition of a subsidiary or business represents the excess of the consideration transferred, the amount of any non−controlling interests in the acquiree and the acquisition date fair value of any previously held equity interest in the acquiree over the acquisition date fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary recognised at the date of acquisition.

 

Goodwill on subsidiary is recognised separately as intangible assets. Goodwill is initially recognised at cost and subsequently measured at cost less any accumulated impairment losses.

 

For the purpose of impairment testing, goodwill is allocated to each of the Group's cash−generating units expected to benefit from the synergies of the combination. Cash−generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash−generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro−rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.

 

On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal.

 

Intangible assets acquired in a business combination

 

Intangible assets acquired in a business combination are identified and recognised separately from goodwill if the assets and their fair values can be measured reliably. The cost of such intangible assets is their fair value as at the acquisition date.

 

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and any accumulated impairment losses, on the same basis as intangible assets acquired separately.

 

Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial period−end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite useful lives is recognised in profit or loss.

 

An item of intangible asset is derecognised upon disposal or when no future economic benefits are expected from its use of disposal. Any gain or loss on derecognition of the asset is included in profit or loss in the financial period the asset is derecognised.

 

2.11  Impairment of non−financial assets excluding goodwill

 

At the end of each financial period, the Group reviews the carrying amounts of its non−financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash−generating unit to which the asset belongs.

 

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

 

The recoverable amount of an asset or cash−generating unit ("CGU") is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre−tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

 

If the recoverable amount of an asset (or cash−generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash−generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash−generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash−generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

 

2.12  Financial instruments

 

The Group recognises a financial asset or a financial liability in its statement of financial position when, and only when, the Group becomes party to the contractual provisions of the instrument.

 

Financial assets

 

The Group classifies its financial assets into one of the categories below, depending on the Group's business model for managing the financial assets as well as the contractual terms of the cash flows of the financial asset. The Group shall reclassify its affected financial assets when and only when the Group changes its business model for managing these financial assets. The Group's accounting policy for each category detailed below.

 

Amortised cost

 

These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method less provision for impairment. Interest income from these financial assets is included in interest income using the effective interest rate method.

 

Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. During this process, the probability of the non−payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised in the consolidated statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.

 

Impairment provisions for other receivables are recognised based on a forward−looking expected credit loss. The methodology used to determine the amount of the provision is based on whether at each reporting date, there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised.

 

The Group's financial assets measured at amortised cost comprise trade and other receivables (excluding prepayments and sales tax) and cash and cash equivalents in the consolidated statement of financial position.

 

Derecognition of financial assets

 

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

 

Financial liabilities

 

Financial liabilities and equity instruments

 

Classification as debt or equity

 

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

 

Equity instruments

 

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. The Company classifies ordinary shares as equity instruments.

 

Financial liabilities

 

The Group classifies all financial liabilities as subsequently measured at amortised cost.

 

Trade and other payables

 

Trade and other payables, excluding sales taxes, are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, where applicable, using the effective interest method.

 

Loans from a shareholder

 

Interest−bearing loans from a shareholder are initially measured at fair value, net of transaction costs and are subsequently measured at amortised cost, using the effective interest method.

 

Convertible notes

 

The test on the classification of convertible notes as equity or as liability is based on the substance of the contractual arrangement. If there is no obligation on the Group to pay cash to the holders or to settle the convertible notes with a variable number of the Company's ordinary shares, they are classified as equity. In all other cases, the instrument is accounted for as a liability. Upon issuance, the convertible notes are measured at the transaction price including qualifying issuance costs. Convertible notes accounted for as equity instruments are subsequently not remeasured. Upon settlement of equity classified convertible notes by issuance of ordinary shares upon conversion or by early redemption at the option of the Company, all amounts are also directly recognised in equity.

 

The convertible notes Issued by the Company are convertible at maturity only into a fixed number of ordinary shares of the Company. The holders have no right to demand repayment of the convertible notes from the Company.

 

The net proceeds of the convertible notes issued (including any directly attributable transaction costs) are classified entirely as an equity component.

 

If the convertible notes are redeemed before its maturity date, the difference between any redemption consideration and the carrying amounts of the convertible notes are directly recognised in equity at the date of transaction.

 

2.13  Cash and cash equivalents

 

Cash and cash equivalents in the statement of financial position comprise of cash on hand, cash at bank and demand deposits which are readily convertible to known amounts of cash, with a term of less than 3 months and are subject to insignificant risk of changes in value. For the purposes of the consolidated statement of cash flows, cash and cash equivalents.

 

2.14  Leases

 

As lessee

 

All leases are accounted for by recognising a right−of−use asset and a lease liability except for:

 

·  leases of low value assets; and

 

·  leases with a duration of twelve months or less.

 

The payments for leases of low value assets and short−term leases are recognised as an expense on a straight−line basis over the lease term.

 

Initial measurement

 

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the Group's incremental borrowing rate on commencement of the lease is used.

 

Variable lease payments are only included in the measurement of the lease liability if it is depending on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.

 

On initial recognition, the carrying amount of lease liabilities also includes:

 

· amounts expected to be payable under any residual value guarantee;

 

· the exercise price of any purchase option granted in favour of the Group if it is reasonably certain to assess that option; and

 

· any penalties payables for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.

 

Right−of−use assets are initially measured at the amount of lease liabilities, reduced by any lease incentives received and increased for:

 

·  lease payments made at or before commencement of the lease;

 

·  initial direct costs incurred; and

 

·  the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset.

 

The Group presents the right−of−use assets and lease liabilities separately from other assets and other liabilities in the consolidated statement of financial position.

 

Subsequent measurement

 

Right−of−use assets are subsequently measured at cost less any accumulated amortisation, any accumulated impairment loss and, if applicable, adjusted for any remeasurement of the lease liabilities. The right−of−use assets under cost model are amortised on a straight−line basis over the shorter of either the remaining lease term or the remaining useful life of the right−of−use assets using the straight−line method, on the following bases:

 

	Years
International school building	10
Office premises and schools	1 - 10
Motor vehicles	2.5 - 3

 

If the lease transfers ownership of the underlying asset by the end of the lease term or if the cost of the right−of−use asset reflects that the Group will exercise the purchase option, the right−of−use assets are depreciated over the useful life of the underlying asset.

 

The carrying amount of right−of−use assets are reviewed for impairment when events or changes in circumstances indicate that the right−of−use asset may be impaired. The accounting policy on impairment is as described in Note 2.11 to the financial statements.

 

Subsequent to initial measurement, lease liabilities are adjusted to reflect interest charged at a constant periodic rate over the remaining lease liabilities, lease payment made and if applicable, account for any remeasurement due to reassessment or lease modifications.

 

After the commencement date, interest on the lease liabilities and variable lease payments not included in the measurement of the lease liabilities are recognised in profit or loss, unless the costs are eligible for capitalisation in accordance with other applicable standards.

 

When the Group revises its estimate of any lease term (i.e., probability of extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments over the revised term. The carrying amount of lease liabilities is similarly revised when the variable element of the future lease payment dependent on a rate or index is revised. In both cases, an equivalent adjustment is made to the carrying amount of the right−of−use assets. If the carrying amount of the right−of−use assets is reduced to zero and there is a further reduction in the measurement of lease liabilities, the remaining amount of the remeasurement is recognised directly in profit or loss.

 

When the Group renegotiates the contractual terms of a lease with the lessor, the accounting treatment depends on the nature of the modification:

 

·          If the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional right−of−use obtained, the modification is accounted for as a separate lease in accordance with the above policy;

 

·          In all other cases where the renegotiation changes the scope of the lease (i.e., extension to the lease term, change to the lease payments, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right−of−use asset being adjusted by the same amount;

 

·          If the renegotiation results in a decrease in scope of the lease, both the carrying amount of the lease liability and right−of−use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference being recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right−of−use asset is adjusted by the same amount.

 

For lease contracts that convey a right to use an identified asset and require services to be provided by the lessor, the Group has elected to allocate any amount of contractual payments to, and account separately for, any services provided by the lessor as part of the contract.

 

2.15  Segment reporting

 

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Group Chief Executive Officer.

 

3.      Critical accounting judgements and key sources of estimation uncertainty

 

In the application of the Group's accounting policies, which are described in Note 2 to the financial statements, management made judgements, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources. The estimates and associated assumptions were based on historical experience and other factors that were considered to be reasonable under the circumstances. Actual results may differ from these estimates.

 

These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

3.1    Critical judgement made in applying the entity's accounting policies

 

There are no critical judgements, apart from those involving estimations (see below) that management has made in the process of applying the Group's accounting policies and which have a significant effect on the amounts recognised in the financial statements.

 

3.2    Key sources of estimation uncertainty

 

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the financial period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

 

i)       Loss allowance for trade and other receivables

 

The Group uses the simplified approach to calculate expected credit losses ("ECLs") for trade receivables. The provision rates are based on various customers' historical observed default rates.

 

The Group will consider and evaluate the historical credit loss experience with forward−looking information. For instance, if forecast economic conditions are expected to deteriorate over the next year which can lead to an increased number of defaults in the customers, the historical default rates are adjusted. At the end of each financial year, the historical observed default rates are updated and changes in the forward−looking estimates are analysed.

 

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group's historical credit loss experience and forecast of economic conditions may also not be representative of customer's actual default in the future.

 

Other than trade receivables, the Group assess the credit risk of other receivables and loans to a subsidiary at each financial year on an individual basis, to determine whether or not there have been significant increases in credit risk since the initial recognition of these assets. To determine whether there is a significant increase in credit risks, the Group consider factors such as whether the debtors are facing significant financial difficulties, any default or significant delay in payments. Where there is a significant increase in credit risk, the Group determine the lifetime expected credit loss by considering the loss given default, the probability of default and exposure at default assigned to each counterparty.

 

These financial assets are written off either partially or in full when there is no realistic prospect of recovery. This is generally the case when the Group determine that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amount subject to the write−offs.

 

The carrying amounts of the trade and other receivables as at the end of the financial date are disclosed in Note 16 to the financial statements.

 

ii)      Impairment of goodwill

 

The management determines whether goodwill is impaired at least on an annual basis and as and when there is an indication that goodwill and other intangible assets may be impaired. This requires an estimation of the value−in−use of the cash−generating units to which the goodwill is allocated. Estimating the value−in−use requires the Group to make an estimate of the expected future cash flows from the cash−generating unit and also to choose a suitable growth rate and discount rate in order to calculate the present value of those cash flows.

 

The Group's carrying amount of intangible assets as at 30 September 2024 and details of the impairment assessment and key assumptions used were disclosed in Note 11 to the financial statements.

 

iii)     Impairment of non-financial assets including plant and equipment, right-of-use assets ("ROU") and intangible assets excluding goodwill

The Group carries out impairment assessment for non-financial assets where there is indication of an impairment. In carrying out the impairment assessment, management has identified the cash−generating units ("CGUs") to which the non-financial assets belong and determined the recoverable amounts of the CGUs by estimating the expected discounted future cash flows over the remaining useful lives of the non-financial assets. Estimating the recoverable amounts requires the Group to determine a suitable revenue growth rate, discount rate and to make an estimate of the expected future cash flows from the cash−generating unit in order to calculate the present value of those cash flows.

 

The carrying amounts of plant and equipment, intangible assets and right−of−use assets as at 30 September 2024 are as disclosed in Note 10, Note 11 and Note 12, respectively to the financial statements.

iv)     Measurement of lease liabilities

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term. The Group has determined the discount rates with reference to the respective lessee's incremental borrowing rates when the rate inherent in the lease is not readily determinable. The Group obtains the relevant market interest rates after considering the applicable currency of the lease payments and the geographical location where the lessee operates as well as the term of the lease. Management considers its own credit spread information from its recent borrowings, industry data available as well as any security available in order to adjust the market interest rate obtained from similar economic environment, term and value of the lease.

 

The incremental borrowing rate applied to lease liabilities as at 30 September 2024 ranges from 8% to 10% (2023: 8% to 10%). The carrying amount of lease liabilities as at 30 September 2024 is as disclosed in Note 12 to the financial statements.

 

4.      Revenue

 

Disaggregation of revenue

 

The Group has disaggregated revenue into various categories in the following table which is intended to:

 

·          depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors; and

 

·          enable users to understand the relationship with revenue segment information provided in Note 26 to the financial statements.

 

	Education		Services		Total
	2024	2023	2024	2023	2024	2023
	$	$	$	$	$	$
Tuition fees	22,671,445	18,702,389	-	-	22,671,445	18,702,389
Service fees	-	-	7,002,570	5,327,189	7,002,570	5,327,189
Management fees	-	7,121	-	-	-	7,121
New opening fee	-	17,848	-	-	-	17,848
	22,671,445	18,727,358	7,002,570	5,327,189	29,674,015	24,054,547
Timing of transfer of services
Over time	22,648,360	18,717,038	6,176,547	5,178,851	28,824,907	23,895,889
Point in time	23,085	10,320	826,023	148,338	849,108	158,658
	22,671,445	18,727,358	7,002,570	5,327,189	29,674,015	24,054,547

 

The timing of revenue recognition would affect the amount of deferred revenue recognised as at the reporting date in the consolidated statement of financial position.

 

	Group
	2024	2023
	$	$
Contract liabilities
Deferred revenue	14,424,989	12,093,331
Analysed as:
Current	12,471,197	10,996,568
Non−current	1,953,792	1,096,763
	14,424,989	12,093,331

 

 

a)      Significant changes in contract liabilities are as detailed below:

 

	2024	2023
	$	$
At 1 October	12,093,331	9,966,048
Cash received in advance of performance and not recognised as revenue	26,175,167	21,141,695
Revenue recognised during the financial year:
On contract liabilities balances at beginning       of financial year	(13,247,340)	(9,802,821)
On cash received in advance during financial year	(10,564,950)	(9,069,965)
	(23,812,290)	(18,872,786)
Foreign exchange difference	(31,219)	(141,626)
At 30 September	14,424,989	12,093,331

 

b)      Remaining performance obligations

 

Non−current deferred revenue is in respect of cash received in advance of performance which will be recognised according to the following:

 

(i)      Tuition fees are generally collected 1 to 12 months (2023: same), and more than 12 months for certain students who prepaid in advance of performance with reference to the individual terms of the student contracts.

 

(ii)     Fees in relation to certain security services are collected 6 to 24 (2023: 6 to 12) months in advance of performance with reference to the individual terms of the customer contracts.

 

The amount of revenue that will be recognised in future periods on these contracts when those remaining performance obligations will be satisfied is analysed as follows:

 

	Within 1 year	Within  2 to 3  years	More than 4  years	Total
	$	$	$	$
2024
Tuition fees	12,125,913	1,933,797	19,995	14,079,705
Service fees	345,284	-	-	345,284
	12,471,197	1,933,797	19,995	14,424,989
2023
Tuition fees	10,314,577	1,056,773	39,990	11,411,340
Service fees	681,991	-	-	681,991
	10,996,568	1,056,773	39,990	12,093,331

 

 

5.      Other income

 

	2024	2023
	$	$
Interest income from bank deposits	3,187	23,608
Others	13,308	66,410
	16,495	90,018

 

6.      Employee benefits expense

 

	2024	2023
	$	$
Wages and salaries	15,106,782	12,826,065
Statutory contributions and defined contribution plans	734,233	525,175
Share−based compensation:
Share bonus (Note 20)	-	280,000
Share option (Note 22(d))	203,830	329,281
	203,830	609,281
Staff accommodation and welfare	362,499	411,990
Staff insurance and medical expenses	247,611	209,581
Termination benefits	20,752	22,142
Others	285,066	200,583
	16,960,773	14,804,817
Total employee benefit expenses comprise:
Cost of services	7,672,756	6,351,489
Administrative and other operating expenses	9,288,017	8,453,328
	16,960,773	14,804,817

 

The above includes Directors' fees and remuneration as disclosed in Note 24 to the financial statements.

 

Total bonus to key management personnel of $60,000 (2023: $330,000) have been accrued in the consolidated statement of financial position, of which $Nil (2023: $250,000) will be satisfied through issuance of ordinary shares and remaining balance of $60,000 (2023: $80,000) in cash subsequent to the reporting date.

 

 

7.      Finance costs

 

	2024	2023
	$	$
Interest expense:
Lease liabilities (Note 12)	1,120,975	874,043
Loans from a shareholder (Note 18)	216,920	105,748
Others	3,496	-
	1,341,391	979,791

 

Borrowing costs are recognised in profit or loss in the period in which they are incurred using the effective interest method.

 

8.      Loss before income tax

 

Depreciation and amortisation expenses relating to plant and equipment, right-of-use assets and intangible assets directly attributable to provision of services and for operating activities are included in the "cost of services" and "administrative and other operating expenses", respectively in the consolidated statement of comprehensive income.

 

In addition to the charges disclosed elsewhere in the financial statements, the loss before income tax includes the following charges:

 

	2024	2023
	$	$
Cost of services:
Academic expenses	2,138,634	1,778,598
Security service expenses	1,019,759	351,075
Hotel service expenses	10,442	9,992
Depreciation of plant and equipment	144,303	108,590
Amortisation of right-of-use assets	-	60,605
Amortisation of intangible assets	3,147	3,147
Interest expense on lease liability	-	1,362

 

Administrative and other operating expenses:
Marketing expenses	3,480,502	2,556,041
Professional fees	853,766	679,037
Travelling expenses	341,131	310,998
Foreign exchange loss, net	1,455,135	1,134,441
Loss on disposal of plant and equipment	1,657	1,154
Depreciation of plant and equipment	1,062,725	718,363
Amortisation of right-of-use assets	2,786,093	2,797,670
Amortisation of intangible assets	97,571	77,351
Reversal of loss allowance on trade and other receivables	-	(9,514)

 

 

9.      Income tax expense

 

	2024	2023
	$	$
Current income tax
- Current financial year	245,674	-
- Under provision in previous financial year	-	67,414
Total income tax expense recognised in profit or loss	245,674	67,414

 

The corporate income tax rate applicable to the Company and its subsidiaries in Singapore is at 17% (2023: 17%).

 

The Group has significant operations in Myanmar and Vietnam. The applicable corporate income tax rates are 22% (2023: 22%) for Myanmar and 20% (2023: 20%) for Vietnam.

 

Taxation for other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.

 

The reconciliation between income tax expense and the product of accounting losses multiplied by the applicable corporate tax rates of the respective countries where the Group operates, are as follows:

 

 

	2024	2023
	$	$
Loss before income tax	(10,708,012)	(5,252,270)
Tax at the domestic rates applicable to profits in the country concerned	(1,988,383)	(994,569)
Tax effect of non−allowable expenses	1,462,683	964,878
Deferred tax assets not recognised	1,030,969	377,569
Utilisation of previously unrecognised deferred tax	(259,595)	(347,878)
Under provision of prior year income tax	-	67,414
Total income tax expense recognised in profit or loss	245,674	67,414

 

Deferred tax assets have not been recognised in respect of the following items:

 

	2024				2023
	Singapore	Myanmar	Vietnam		Singapore	Myanmar	Vietnam
	$	$	$		$	$	$
Unutilised tax losses	4,891,870	2,949,792	10,374,784		4,911,842	3,930,129	5,422,324
Other temporary differences	80,383	-	-		80,669	-	-
	4,972,253	2,949,792	10,374,784		4,992,511	3,930,129	5,422,324
Unrecognised deferred tax assets on the above temporary differences	845,283	648,954	2,074,957		848,727	864,628	1,084,465

 

The unutilised tax losses above are subject to the agreement by the Myanmar, Vietnam and Singapore tax authorities. Deferred tax assets have not been recognised as it is uncertain that there will be sufficient future taxable profits to realise these future benefits. Accordingly, these deferred tax assets have not been recognised in the financial statements of the Group in accordance with the accounting policy in Note 2.7 to the financial statements.

 

The unutilised tax losses of Myanmar and Vietnam subsidiaries may be carried forward for a maximum period of 3 and 5 years respectively and the unutilised tax losses of Singapore subsidiaries may be carried indefinitely subject to the conditions imposed by law.

 

The expiry dates of the Myanmar and Vietnam unutilised tax losses are as follows:

 

	2024		2023
	Myanmar	Vietnam	Myanmar	Vietnam
	$	$	$	$
Expiring in first year	199,169	-	1,359,289	-
Expiring in second year	946,871	156,838	825,731	-
Expiring in third year	1,803,752	2,395,147	1,745,109	156,838
Expiring in fourth year	-	2,870,339	-	2,395,147
Expiring in fifth year	-	4,952,460	-	2,870,339
	2,949,792	10,374,784	3,930,129	5,422,324

 

The unutilised tax losses for the previous financial reporting period have been revised 
based on the latest approved tax assessment of the Inland Revenue of Singapore, Myanmar and General Department of Taxation of Vietnam respectively, as detailed below:

 

a)    Singapore from $5,974,204 to $4,911,842;

b)    Myanmar from $3,530,046 to $3,930,129; and

c)    Vietnam from $5,652,873 to $5,422,324.