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NOTE 24. BUSINESS COMBINATIONS | 12 Months Ended
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Dec. 31, 2021
NOTE 24. BUSINESS COMBINATIONS | NOTE 24. BUSINESS COMBINATIONS (a) Disposal of subsidiaries During the year ended December 31, 2021, the Group disposed 6 subsidiaries namely: GOXD International Limited, Colour Investment Limited, Cystar International Limited, Cystar (Shenzhen) Limited, Binario Limited and Digital Media Technology Limited. In 2020, the Company disposed of its subsidiaries Marvel Digital Limited and its subsidiaries. The detail of the net gain / (loss) on the disposals during the year are set out below:
| 2021 |  | 2020 |  | 2019
| A$ |  | A$ |  | A$
Total disposal consideration | 538 |  | 25,129 |  | -
Carrying amount of net asset sold (note(i) below) | 270,908 |  | (230,294) |  | -
Gain on sales before income tax and reclassification of foreign currency translation reserve | (270,370) |  | 255,423 |  | -
Reclassification of foreign currency transaction reserve | 645,399 |  | (26,871) |  | -
Non-controlling interest | 1,623,240 |  | (257,542) |  | -
Gain/ (loss) on disposal after income tax | 1,998,269 |  | (28,990) |  | -
(i) Net assets disposed of:
| 2021 |  | 2020 |  | 2019
| A$ |  | A$ |  | A$
Plant and equipment | 164,829 |  | 284,240 |  | -
Development projects | - |  | 2,864,052 |  | -
Intangible assets | - |  | 4,790,784 |  | -
Right of use assets | - |  | 865,996 |  | -
Cash and bank balances | 32,927 |  | 99,061 |  | -
Inventories | 208,737 |  | 400,806 |  | -
Trade and others receivable | 689,336 |  | 603,923 |  | -
Other deposit and prepayment | 779,821 |  | 1,664,343 |  | -
Trade and other liabilities | (1,560,899) |  | (912,580) |  | -
Amount due to a related company | (4,951) |  | (6,689,290) |  | -
Bank overdraft | - |  | (929,438) |  | -
Bank loan | - |  | (966,747) |  | -
Lease liabilities | - |  | (925,042) |  | -
Income tax payables | - |  | - |  | -
Deferred tax liabilities | (38,892) |  | (1,380,402) |  | -
Obligation under finance lease | - |  | (33,329) |  | -
| 270,908 |  | (230,294) |  | -
(ii) Net cash flows from disposal of subsidiaries
| 2021 |  | 2020 |  | 2019
| A$ |  | A$ |  | A$
Consideration received, satisfied in cash | - |  | 25,129 |  | -
Cash and cash equivalents of subsidiaries disposed of (included cash at bank and bank overdraft) | 32,927 |  | 830,377 |  | -
| 32,927 |  | 855,506 |  | -
(b) Acquisition of Subsidiaries During the year 2021, there was no acquisition of any subsidiary companies.

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- Definition The entire disclosure for business combinations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 3 -IssueDate 2021-01-01 -Section Disclosures -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS03_g59-63__IFRS03_g59-63_TI -URIDate 2021-03-24 + Details
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