CXJ GROUP CO Ltd
For the period ended May 31, 2023. Filed May 2, 2024.
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FY2023 · Filed May 2, 2024
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
For the years ended May 31, 2023 and 2022
| For the year ended May 31, | ||
|---|---|---|
| 2023 | 2022 | |
| $ | $ | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Profit/(Loss) | (1,139,941) | (501,069) |
| Adjustments to reconcile net profit/(loss) to net cash provided by/(used in) operating activities | ||
| Depreciation and amortization | 1,356 | 415 |
| Amortization of right-of-use assets | 63,859 | 48,700 |
| Bad debts written off | 12,446 | 56,913 |
| Bad debts written off recovery | - | (155,005) |
| Amortization of intangible assets | 96,479 | 23,992 |
| Intangible assets written off | - | 19,476 |
| Impairment of goodwill | 650,183 | 1,017,964 |
| others | - | (3,511) |
| Changes in operating assets and liabilities: | ||
| Accounts receivables | (5,829) | (53,968) |
| Prepayments, deposits and other receivables | (273,400) | (48,938) |
| Inventories | 287,629 | (371,908) |
| Accounts payable | 104,212 | (8,826) |
| Advanced received, accrued liabilities and other payables | (115,020) | 489,594 |
| Operating lease liabilities | (60,789) | (50,830) |
| Net cash provided by/(used in) operating activities | (378,815) | 443,523 |
| CASH FLOWS FROM INVESTING ACTIVITY: | ||
| Purchase of property, plant and equipment | (4,429) | (1,914) |
| Purchase of intangible assets | (1,447,178) | (23,992) |
| Acquisition of subsidiary, net of cash acquired | 319 | 25,944 |
| Net cash provided/(used in) investing activity | (1,451,288) | 38 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from share issuance | 1,594,688 | - |
| Repayment from related party | (10,130) | 34,169 |
| Advances from directors | 125,080 | 43,449 |
| Net cash provided by financing activities | 1,709,638 | 77,618 |
| Effect of exchange rate changes on cash and cash equivalents | (47,228) | (34,144) |
| Net change in cash and cash equivalents | (167,693) | 487,035 |
| Cash and cash equivalents, beginning of year | 827,144 | 340,109 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | 659,451 | 827,144 |
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