CXJ GROUP CO Ltd
For the period ended May 31, 2024. Filed Nov 8, 2024.
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FY2024 · Filed Nov 8, 2024
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
For the years ended May 31, 2024 and 2023 (as restated)
| 2024 | 2023 (as restated) | |
|---|---|---|
| $ | $ | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Loss | (2,138,939) | (1,060,107) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation and amortization | 2,247 | 1,356 |
| Amortization of right-of-use assets | 67,997 | 63,859 |
| Bad debts written off | 2,150 | 12,446 |
| Amortization of intangible assets | 138,696 | 96,479 |
| Impairment of intangible assets | 1,155,802 | - |
| Impairment of goodwill | 1,049,984 | 650,183 |
| Loss on disposal of subsidiary | 25,229 | - |
| Changes in operating assets and liabilities: | ||
| Accounts receivables | (3,392) | (5,829) |
| Prepayments, deposits and other receivables | 195,003 | (273,400) |
| Inventories | 21,717 | 287,629 |
| Accounts payables | (209,046) | 104,212 |
| Advance received | (1,181,214) | (337,832) |
| Accrued liabilities, deposit received and other payables | 355,637 | 142,978 |
| Operating lease liabilities | (71,909) | (60,789) |
| Net cash used in operating activities | (590,038) | (378,815) |
| CASH FLOWS FROM INVESTING ACTIVITY: | ||
| Purchase of property, plant and equipment | (2,934) | (4,429) |
| Purchase of intangible assets | - | (1,447,178) |
| Acquisition of subsidiary, net of cash acquired | - | 319.00 |
| Disposal of subsidiary, net of cash disposed | (2,804) | - |
| Net cash used in investing activity | (5,738) | (1,451,288) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from share issuance | - | 1,594,688 |
| Advance to related parties | (60,217) | (10,130) |
| Advances from directors | 4,205 | 125,080 |
| Net cash (used in)/provided by financing activities | (56,012) | 1,709,638 |
| Effect of exchange rate changes on cash and cash equivalents | (5,142) | (47,228) |
| Net change in cash and cash equivalents | (656,930) | (167,693) |
| Cash and cash equivalents, beginning of year | 659,451 | 827,144 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | 2,521 | 659,451 |
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