XML 24 R13.htm IDEA: XBRL DOCUMENT v3.24.1
Equity Method Investment
 9 Months Ended
Jan. 31, 2024
Equity Method Investment [Abstract]  
Equity method investment

7. Equity method investment

 

On June 27, 2023, the Company invested $1,440,000 for 40% interest in HKGF Market of Arcadia, LLC (“HKGF Arcadia”). On December 6, 2023, the Company invested additional $360,000 for another 10% equity interest in HKGF Arcadia, which resulted in a total of 50% equity interest in HKGF Arcadia by Maison. The Company recorded $51,204 investment income and $63,982 investment loss for the three and nine months ended January 31, 2024, respectively. As of January 31, 2024, the Company had investment of $1,736,018 into HKGF Arcadia.

 

As of January 31, 2024, the Company had net accounts receivable of $69,107 from JC Business Guys, Inc. (“JCBG”), who is the 50% owner of HKGF Arcadia. For the three months ended January 31,2024 and 2023, total sales to JCBG was $0 and $0, respectively. For the nine months ended January 31,2024 and 2023, total sales to JCBG was $0 and $133,738, respectively.

 

The following table shows the condensed balance sheet of HKGF Arcadia as of January 31, 2024.

 

   January 31,
2024
 (Unaudited)		 
ASSETS    
Current Assets    
Cash and equivalents  $
—
 
Accounts receivable   37,256 
Inventories, net   625,719 
Other receivables   1,292 
Total Current Assets   664,267 
Property and equipment, net   635,102 
Intangible asset, net   27,731 
Goodwill   1,680,000 
Security deposits   163,618 
Total Assets  $3,170,718 
      
LIABILITIES AND STOCKHOLDERS’ DEFICIT     
Current Liabilities     
Accounts payable  $1,418,461 
Other payable   100,000 
Bank overdraft   94,822 
Total Current Liabilities   1,613,283 
      
Total Liabilities   1,613,283 
      
Stockholders’ Equity     
Paid in Capital   3,600,000 
Subscription receivable   (1,200,000)
Accumulated deficit   (842,565)
Total Stockholders’ Equity   1,557,435 
Total Liabilities and Stockholders’ Equity  $3,170,718 

 

The following table shows the condensed statement of operations of HKGF Arcadia for the period from July 1, 2023 to January 31, 2024.

 

Net Revenues    
Supermarket  $3,905,301 
Total Revenues, Net   3,905,301 
      
Cost of Revenues     
Supermarket   2,475,812 
Total Cost of Revenues   2,475,812 
      
Gross Profit   1,429,489 
      
Operating Expenses   1,553,857 
Total Operating Expenses   1,553,857 
Loss from Operations   (124,368)
      
Income (Loss) Before Income Taxes   (124,368)
Income Tax Provisions   
—
 
      
Net Loss   (124,368)
      
Net Loss Attributable to Maison Solutions Inc.  $(63,982)