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NOTE 24. BUSINESS COMBINATIONS
 12 Months Ended
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.