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OTHER RESERVES | 6 Months Ended
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Sep. 30, 2025
Notes and other explanatory information [abstract] |
OTHER RESERVES | 18 OTHER RESERVES 18.1 Capital reserve The capital reserve of $5,126,150 arose from the recapitalization of the Group with the Company’s share capital issued as part of the Recapitalization and the impact of the Share Subdivision. This reserve ensures that the total shareholders equity both pre- and post- Recapitalization and the Share Subdivision remains the same as that of the DSL Group immediately before the Recapitalization and Share Subdivision. 18.2 Warrant reserve Private warrants In May 2024, the Group completed the Capital Raise with its immediate holding company, Rhino Venture. As part of this transaction, DSL allotted 5,086 ordinary shares and 10,172 DSL Private Warrants to Rhino Venture, with an exercise price of $2,512 per warrant. If fully exercised, the DSL Private Warrants will result in the issuance of such number of ordinary shares equal to 51% of the total issued and outstanding shares of the Company at the time of exercise. For partial exercise, the number of shares to be issued will be determined on a prorated basis at the time of exercise. Following the Recapitalization in July 2024, the DSL Private Warrants were cancelled and the Company issued 4,170,520 Private Warrants as a replacement with an exercise price of $6.13. The Private Warrants were issued on identical terms and with the same economic benefits as the DSL Private Warrants. Post the completion of the Restructuring, there was no change to the economic position of the shareholders or warrant holders. Both the Private Warrants and the DSL Private Warrants (collectively, “Both Private Warrants”) are classified as an equity instrument on the basis that they do not include contractual obligation to deliver cash to the warrant holder, and Both Private Warrants meet the fixed-for-fixed condition by preserving the relative economic interests of both the warrant holder and the Company’s shareholders. The DSL Private Warrants were initially recognized at their fair value on the date of issuance and no subsequent remeasurement is required. The binomial option-pricing model was used to determine the fair value of the DSL Private Warrants, with key inputs and assumption set out as follow: SCHEDULE OF FAIR VALUE OF PRIVATE WARRANTS
Grant date |  | May 28, 2024 |
Time to expiry (year) |  |  | 3.00 |
Spot price (pre-recapitalization) |  | $ | 2,252 |
Risk-free rate |  |  | 4.75 | %
Dividend yield |  |  | 0.00 | %
Volatility |  |  | 41.33 | %
Given the Private Warrants were issued as a replacement on identical terms, no additional valuation or remeasurement was required. No Private Warrants had been exercised since the date of issuance. IPO warrants On January 23, 2025, the Company issued Rhino Ventures the warrants identified below in connection with the IPO. The IPO Warrants are classified as an equity instrument on the basis that they do not include contractual obligation to deliver cash to the warrant holder, and the IPO Warrants meet the fixed-for-fixed condition by preserving the relative economic interests of both the warrant holder and the Company’s shareholders. The IPO Warrants were initially recognized at their fair value on the date of issuance and no subsequent remeasurement is required. SCHEDULE OF FAIR VALUE OF THE IPO WARRANTS
|  |  | Pre-Stock Bonus |  |  |  | Post-Stock Bonus |  |  |  |  |  |  |  |  |
Tranche |  |  | Number of Warrants |  |  |  | Exercise Price (per share) |  |  |  | Number of Warrants |  |  |  | Exercise Price (per share) |  |  |  | Expiration Date |  |  |  | Duration from January 23, 2025 |
1 |  |  | 2,250,000 |  |  | $ | 5.13 |  |  |  | -N/A |  |  |  | -N/A |  |  |  | July 23, 2025 |  |  |  | 6 months |
2 |  |  | 2,250,000 |  |  | $ | 6.15 |  |  |  | 18,000,000 |  |  | $ | 0.77 |  |  |  | October 23, 2025 |  |  |  | 9 months |
3 |  |  | 2,250,000 |  |  | $ | 7.18 |  |  |  | 18,000,000 |  |  | $ | 0.09 |  |  |  | January 23, 2026 |  |  |  | 12 months |
4 |  |  | 2,250,000 |  |  | $ | 8.20 |  |  |  | 18,000,000 |  |  | $ | 1.03 |  |  |  | April 23, 2026 |  |  |  | 15 months |
5 |  |  | 2,250,000 |  |  | $ | 10.25 |  |  |  | 18,000,000 |  |  | $ | 1.28 |  |  |  | July 23, 2026 |  |  |  | 18 months |
6 |  |  | 2,250,000 |  |  | $ | 12.30 |  |  |  | 18,000,000 |  |  | $ | 1.54 |  |  |  | January 23, 2027 |  |  |  | 24 months |
| * | Tranche 1 of the IPO Warrants were exercised before the Stock Bonus.
The binomial option-pricing model was used to determine the fair value of the IPO Warrants, with key inputs and assumptions set out as follow: SCHEDULE OF FAIR VALUE OF IPO WARRANTS
Tranche |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 5 |  |  |  | 6 |
Time to expiry (year) |  |  | 0.50 |  |  |  | 0.75 |  |  |  | 1.00 |  |  |  | 1.25 |  |  |  | 1.50 |  |  |  | 2.00 |
Closing spot price on January 23, 2025 |  | $ | 12.75 |  |  | $ | 12.75 |  |  | $ | 12.75 |  |  | $ | 12.75 |  |  | $ | 12.75 |  |  | $ | 12.75 |
Risk-free rate |  |  | 4.27 | % |  |  | 4.23 | % |  |  | 4.18 | % |  |  | 4.21 | % |  |  | 4.23 | % |  |  | 4.29 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Volatility |  |  | 30.66 | % |  |  | 32.79 | % |  |  | 33.25 | % |  |  | 32.83 | % |  |  | 32.81 | % |  |  | 33.05 | %
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. The total exercise price of US$11,542,500 has been delivered in full to the Company. Subsequently, on October 23, 2025, Rhino Ventures exercised the tranche 2 of the IPO Warrants, with an exercise price of $0.77 per share, to purchase 18,000,000 Ordinary Shares. The total exercise price of US$13,837,500 has been delivered in full to the Company. 18.3 Share option reserve The share option reserve comprises of the fair value of share option awards that have yet to vest or to be exercised. 18.4 Exchange reserve Exchange reserve comprises all foreign exchange differences arising from the translation of the financial statement of foreign operation. 18.5 Accumulated losses Accumulated losses are the cumulative net loss of the Group sustained by the business.

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