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DISCONTINUED OPERATIONS | 12 Months Ended
--- | ---
Dec. 31, 2023
Discontinued Operations |
DISCONTINUED OPERATIONS |
3. |  | DISCONTINUED OPERATIONS
On July 28, 2023, the Company’s board of directors had approved the Sale and Purchase Agreement (“SPA") with Feishang Group. Pursuant to the SPA, the Company agreed to sell 100% equity interest of Precise Space-Time Technology Limited ("PSTT") to Feishang Group, together with PSTT's outstanding payable owed to the Company, for consideration of approximately CNY95,761 comprising: (i) CNY-34,197, the fair value of 100% equity interest of PSTT as determined by the independent valuation report dated July 28, 2023. (ii) CNY129,958, the book value of PSTT's outstanding payable owed to the Company (referred as Disposal of PSTT). PSTT operated the wastewater treatment segment. After the disposal, the Company will not operate any wastewater treatment business and will continue operating its exploration and mining business. The disposal of PST Technology was accounted for as an equity transaction of entities under common control. The consideration received by the Company for the disposal has been accounted for as a deemed contribution from the controlling shareholder in the consolidated statement of changes in equity. The assets and liabilities of the wastewater treatment transferred to Mr. Li Feilie were accounted for as a deemed distribution to the controlling shareholder on the closing date of the transaction. The results of PSTT for the years/period are presented below.
Schedule of disposal pstt |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2022 |  |  | For the period from January 1, 2023 to July 28, 2023 |
|  |  | CNY |  |  |  | CNY |  |  |  | CNY |
Revenue |  |  | 18,735 |  |  |  | 20,306 |  |  |  | 12,748 |
Cost of sales |  |  | (18,494 | ) |  |  | (14,485 | ) |  |  | (5,872 | )
Gross profit |  |  | 241 |  |  |  | 5,821 |  |  |  | 6,876 |
Selling and distribution expenses |  |  | (922 | ) |  |  | (700 | ) |  |  | (442 | )
Administrative expenses |  |  | (11,793 | ) |  |  | (11,501 | ) |  |  | (5,699 | )
Other (losses)/income |  |  | (782 | ) |  |  | 205 |  |  |  | 142 |
Impairment (losses)/reversal on financial assets |  |  | (3,330 | ) |  |  | 1,073 |  |  |  | (9,931 | )
Finance costs |  |  | (4,193 | ) |  |  | (3,586 | ) |  |  | (1,906 | )
Finance income |  |  | 16,922 |  |  |  | 15,594 |  |  |  | 8,785 |
(LOSS)/PROFIT BEFORE INCOME TAX |  |  | (3,857 | ) |  |  | 6,906 |  |  |  | (2,175 | )
Income tax expense |  |  | (7,230 | ) |  |  | (5,864 | ) |  |  | (1,931 | )
(LOSS)/PROFIT FOR THE YEAR/PERIOD FROM THE DISCONTINUED OPERATIONS |  |  | (11,087 | ) |  |  | 1,042 |  |  |  | (4,106 | )
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Owners of the company |  |  | (4,268 | ) |  |  | (1,285 | ) |  |  | (5,504 | )
Non-controlling interests |  |  | (6,819 | ) |  |  | 2,327 |  |  |  | 1,398 |
The major classes of assets and liabilities of PSTT as at December 31, 2022 and July 28, 2023 are as follows:
Schedule of major classes of assets and liabilities |  |  |  |  |  |  |  |
|  | December 31, 2022 |  |  | July 28, 2023 |
|  |  | CNY |  |  |  | CNY |
ASSETS |  |  |  |  |  |  |  |
NON-CURRENT ASSETS |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 367 |  |  |  | 282 |
Intangible assets |  |  | 19,381 |  |  |  | 18,921 |
Right-of-use Assets |  |  | 1,980 |  |  |  | 1,621 |
Trade receivables |  |  | 10,520 |  |  |  | 4,714 |
Contract assets |  |  | 89,713 |  |  |  | 88,423 |
TOTAL NON-CURRENT ASSETS |  |  | 121,961 |  |  |  | 113,961 |
CURRENT ASSETS |  |  |  |  |  |  |  |
Inventories |  |  | 729 |  |  |  | 911 |
Trade receivables - current |  |  | 46,760 |  |  |  | 56,277 |
Bills receivable |  |  | 8,500 |  |  |  | — |
Contract assets - current |  |  | 21,647 |  |  |  | 17,842 |
Prepayments |  |  | 1,723 |  |  |  | 902 |
Other receivable |  |  | 84,865 |  |  |  | 82,857 |
Other current assets |  |  | 3,160 |  |  |  | 3,160 |
Cash and cash equivalents |  |  | 25,655 |  |  |  | 37,460 |
TOTAL CURRENT ASSETS |  |  | 193,039 |  |  |  | 199,409 |
TOTAL ASSETS |  |  | 315,000 |  |  |  | 313,370 |
LIABILITIES |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |
Trade payables |  |  | 20,225 |  |  |  | 21,522 |
Contract Liability |  |  | 690 |  |  |  | 690 |
Other payables and accruals |  |  | 141,136 |  |  |  | 143,067 |
Income tax payable |  |  | 10,732 |  |  |  | 11,673 |
Interest-bearing loans and borrowings - current |  |  | 3,000 |  |  |  | 3,500 |
Lease liabilities - current |  |  | 645 |  |  |  | 584 |
Due to related companies |  |  | 444 |  |  |  | 496 |
TOTAL CURRENT LIABILITIES |  |  | 176,872 |  |  |  | 181,532 |
NON-CURRENT LIABILITIES |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | 5,276 |  |  |  | 5,266 |
Lease liabilities - non current |  |  | 1,248 |  |  |  | 1,073 |
Interest-bearing loans and borrowings |  |  | 71,000 |  |  |  | 69,000 |
TOTAL NON-CURRENT LIABILITIES |  |  | 77,524 |  |  |  | 75,339 |
TOTAL LIABILITIES |  |  | 254,396 |  |  |  | 256,871 |
NET ASSETS |  |  | 60,604 |  |  |  | 56,499 |
Equity attributable to owners of the Company |  |  | (49,076 | ) |  |  | (54,579 | )
Non-controlling interests |  |  | 109,680 |  |  |  | 111,078 |
The net cash flows incurred by PSTT are as follows:
Schedule of discontinued operations cash flow |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2022 |  |  | For the period from January 1, 2023 to July 28, 2023 |
|  |  | CNY |  |  |  | CNY |  |  |  | CNY |
Operating activities |  |  | (11,166 | ) |  |  | (2,255 | ) |  |  | 15,162 |
Investing activities |  |  | 8,835 |  |  |  | (13 | ) |  |  | (12 | )
Financing activities |  |  | (11,936 | ) |  |  | (11,930 | ) |  |  | (3,378 | )
Net foreign exchange difference |  |  | (9 | ) |  |  | — |  |  |  | 33 |
Net (decrease) /increase in cash and cash equivalents |  |  | (14,276 | ) |  |  | (14,198 | ) |  |  | 11,805 |
Loss per share |  |  |  |  |  |  |  |  |  |  |  |
– Basic, from the discontinued operations |  |  | (0.52 | ) |  |  | (0.15 | ) |  |  | (0.67 | )
– Diluted, from the discontinued operations |  |  | (0.52 | ) |  |  | (0.15 | ) |  |  | (0.67 | )
The calculations of basic and diluted earnings per share from discontinued operations are based on:
|  | 2021 |  |  | 2022 |  |  | For the period from January 1, 2023 to July 28, 2023 |
|  |  | CNY |  |  |  | CNY |  |  |  | CNY |
Loss for the year attributable to owners of the Company from discontinued operations |  |  | (4,268 | ) |  |  | (1,285 | ) |  |  | (5,504 | )
Weighted average number of ordinary shares in issue during the year / period used in the basic and diluted earnings per share calculation (note 8) |  |  | 8,144,050 |  |  |  | 8,189,617 |  |  |  | 8,222,658 |

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