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Loss of Control of Canmart Ltd | 6 Months Ended
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Jun. 30, 2025
Loss of Control of Canmart Ltd [Abstract] |
Loss of Control of Canmart Ltd |
| 6. | Loss of Control of Canmart Ltd.
During the first quarter of 2025, the Company evaluated the current state of Canmart and has determined to discontinue and cease it UK operation. The Company came to this decision after receiving notification from Canmart’s directors that they intend to resign and thought out the difficulty in finding qualified replacements, among other things. The Company then filed for creditor’s voluntary liquidation and had the winding up commenced on May 30, 2025. As at June 30, 2025, the Company no longer controlled Canmart and derecognized all assets and liabilities at their book values on May 30, 2025 and wrote down all balances to $nil. During the six months ended June 30, 2025, the Company recorded a gain on loss of control of Canmart of $615,305. The Company accounted for the operating results of Canmart as a discontinued operation during the six months ended June 30, 2025 and has reclassified the operating results of Canmart as a discontinued operation for the six months ended June 30, 2024. Set out below is the financial performance and cash flow information for the six months ended June 30, 2025 and 2024 related to the discontinued operation:
Six months ended June 30, |  | 2025 |  |  | 2024 |
Revenue |  | $ | - |  |  | $ | 173,858 |
Operating expenses |  |  | (31,794 | ) |  |  | (366,915 | )
Other income (expenses) |  |  | 5,781 |  |  |  | 248,880 |
|  |  | (26,013 | ) |  |  | 55,823 |
Gain on loss of control of subsidiary |  |  | 615,305 |  |  |  | - |
Gain on discontinued operations |  | $ | 589,292 |  |  | $ | 55,823 |
Exchange differences on translation of discontinued operations |  | $ | (794,635 | ) |  | $ | 204,812 |
Other comprehensive income from discontinued operations |  | $ | (794,635 | ) |  | $ | 204,812 |
Cash flows provided by (used in) operating activities |  | $ | (21,509 | ) |  | $ | 69,599 |
Cash flows provided by (used in) investing activities |  |  | 173 |  |  |  | (1,505 | )
Cash flows provided by (used in) financing activities |  |  | - |  |  |  | (50,472 | )
Effects of exchange rate changes on cash and cash equivalents |  |  | 706 |  |  |  | (300 | )
Net change in cash provided by (used in) by the subsidiary |  | $ | (20,630 | ) |  | $ | 17,322 |
Carrying amount of net liabilities immediately prior to loss of control of subsidiary |  | $ | (12,825 | ) |  |  |  |
Reclassification of foreign currency translation reserve |  |  | (602,480 | ) |  |  |  |
Gain on loss of control of subsidiary |  | $ | (615,305 | ) |  |  |  |
As at June 30, 2025, the carrying amounts of assets and liabilities of Canmart were as follows:
Cash |  | $ | 174 |
Accounts receivable (note 7) |  |  | 78,737 |
Prepayments |  |  | 62,461 |
Loan receivables (note 12) |  |  | 592,713 |
Property, plant and equipment (note 9) |  |  | 3,067 |
Intangible assets (note 11) |  |  | 17,009 |
Total assets |  | $ | 754,161 |
Trade and other payables |  | $ | 766,986 |
Total liabilities |  | $ | 766,986 |
Net liabilities |  | $ | (12,825 | )

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