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ACQUISITIONS OF SUBSIDIARIES

9 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS OF SUBSIDIARIES

ACQUISITIONS OF SUBSIDIARIES

Acquisition of SilkNetCom

On September 17, 2024, the Company completed the acquisition of SilkNetCom LLP by purchasing 100% of its participating interest. SilkNetCom LLP specializes in the field of provider services, IT and construction of telecommunications networks in private and public sectors.

The purpose of the acquisition of SilkNetCom LLP was to use the acquired assets and licenses to develop our telecommunications business.

As of September 17, 2024, the date of the acquisition of SilkNetCom LLP, the fair value of the net assets of SilkNetCom LLP was $23,672. The total purchase price was allocated as follows:

			As of September 17, 2024
ASSETS
Cash and cash equivalents			54
Margin lending, brokerage and other receivables, net			7,417
Fixed assets, net			41,770
Other assets, net			270
TOTAL ASSETS			49,511
LIABILITIES
Margin lending and trade payables			3,519
Current income tax liability			5
Other liabilities			22,315
TOTAL LIABILITIES			25,839
Net assets acquired			23,672
Goodwill			208
Total purchase price			23,880

Acquisition of EliteCom

On October 17, 2024, the Company completed the acquisition of EliteCom LLP by purchasing 100% of its participating interest. EliteCom LLP provides telecommunications services, including Internet access, telephone services and cable television for individuals (B2C), provision of Internet access services for legal entities (B2B).

The purpose of the acquisition of EliteCom LLP was to use the acquired assets and licenses to develop our telecommunications business.

As of October 17, 2024, the date of the acquisition of EliteCom LLP, the fair value of the net assets of EliteCom LLP was $1,721. The total purchase price was allocated as follows:

			As of October 17, 2024
ASSETS
Cash and cash equivalents			38
Margin lending, brokerage and other receivables, net			84
Fixed assets, net			1,890
Intangible assets			674
Other assets, net			84
TOTAL ASSETS			2,770
LIABILITIES
Margin lending and trade payables			24
Current income tax liability			30
Other liabilities			995
TOTAL LIABILITIES			1,049
Net assets acquired			1,721
Goodwill			1,298
Total purchase price			3,019

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- References

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- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805/tableOfContent

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