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Acquisition of Subsidiary (Tables) | 9 Months Ended
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Jan. 31, 2024
Acquisition of Subsidiary [Abstract] |
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Goodwill as a result of the acquisition of Maison Monterey Park is calculated as follows:
Total purchase considerations |  | $ | 2,500,000 |
Fair value of tangible assets acquired: |  |  |  |
Accounts receivable |  |  | 79,651 |
Due from related party |  |  | 25,000 |
Property and equipment |  |  | 448,932 |
Security deposit |  |  | 161,945 |
Inventory |  |  | 872,084 |
Deferred tax asset |  |  | 10,545 |
Operating lease right-of-use assets |  |  | 4,680,216 |
Intangible assets (trademark) acquired |  |  | 194,000 |
Total identifiable assets acquired |  |  | 6,472,373 |
Fair value of liabilities assumed: |  |  |  |
Bank overdraft |  |  | (281,940 | )
Accounts payable |  |  | (865,769 | )
Contract liabilities |  |  | (10,369 | )
Income tax payable |  |  | (183,262 | )
Accrued liability and other payable |  |  | (85,789 | )
Tenant Security deposit |  |  | (32,200 | )
Operating lease liabilities |  |  | (4,680,967 | )
Deferred tax liability |  |  | (54,288 | )
Total liabilities assumed |  |  | (6,194,584 | )
Net identifiable assets acquired |  |  | 277,789 |
Goodwill as a result of the acquisition |  | $ | 2,222,211 |
Schedule of Indicative of Future Consolidated Results | The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisitions been completed as of the beginning of the periods presented, nor are they necessarily indicative of future consolidated results.
|  | For the Nine Months Ended January 31, 2023 |
|  | (Unaudited) |
Revenue |  | $ | 44,038,436 |
Operating costs and expenses |  |  | 43,633,975 |
Income from operations |  |  | 404,461 |
Other income |  |  | 1,337,288 |
Income tax expense |  |  | (286,445 | )
Net income |  | $ | 1,455,304 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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