10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended June 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number 333-235700

SYNERGY EMPIRE LIMITED

(Exact name of registrant issuer as specified in its charter)

Nevada	38-4096727
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

No.19 Jalan 12/118B, Desa Tun Razak, 56100, Kuala Lumpur, Malaysia.

Address of principal executive offices, including zip code

+(60)3 - 9171 2828

Registrant’s phone number, including area code

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name on each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐	Accelerated Filer ☐	Non-accelerated Filer ☒	Smaller reporting company ☒
			Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).

Yes ☐ No ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

N/A

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at August 9, 2021
Common Stock, $0.001 par value	1,000,000

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS:	F-1
	Consolidated Condensed Balance Sheets as of June 30, 2021 (unaudited) and March 31, 2021 (audited)	F-1
	Consolidated Condensed Statements of Operations and Comprehensive Loss for the Three Months Ended June 30, 2021 and 2020 (unaudited)	F-2
	Consolidated Condensed Statements of Shareholders’ Equity for the Three Months Ended June 30, 2021, and 2020 (unaudited)	F-3
	Consolidated Condensed Statements of Cash Flows for the Three Months Ended June 30, 2021 and 2020 (unaudited)	F-4
	Notes to the Unaudited Condensed Financial Statements	F-5
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6
ITEM 4.	CONTROLS AND PROCEDURES	6
PART II	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	7
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	7
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	7
ITEM 4	MINE SAFETY DISCLOSURES	7
ITEM 5	OTHER INFORMATION	7
ITEM 6	EXHIBITS	7
SIGNATURES		8

2

PART I — FINANCIAL INFORMATION

Item 1. Financial statements

SYNERGY EMPIRE LIMITED.

CONSOLIDATED CONDENSED BALANCE SHEETS

AS OF JUNE 30, 2021 and MARCH 31, 2021

(Currency expressed in United States Dollars (“US$”), except for number of share)

	As of June 30, 2021			As of March 31, 2021
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	132,774		$	345,161
Trade receivables, net		737			739
Prepaid expenses and deposits		26,450			26,387
Inventories		12,810			11,482
TOTAL CURRENT ASSETS	$	172,771		$	383,769
NON-CURRENT ASSETS
Operating lease right of use asset, net		297,255			308,918
Plant and equipment, net		338,200			328,245
Intangible asset, net		1,554			-
TOTAL ASSETS	$	809,780		$	1,020,932
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	7,917		$	8,857
Accrued expenses and other payables		81,316			170,449
Operating lease liability		66,843			63,493
Bank borrowing		15,931			15,559
Amount due to related parties		-			-
Amount due to a director		892,741			894,480
TOTAL CURRENT LIABILITIES	$	1,064,748		$	1,152,838
NON-CURRENT LIABILITIES
Operating lease liability		234,420			249,142
Bank borrowing		21,625			25,836
TOTAL LIABILITIES	$	1,320,793		$	1,427,816
STOCKHOLDERS’ EQUITY
Preferred stock – Par value $0.0001; Authorized: 50,000,000 None issued and outstanding		-			-
Common stock – Par value $0.0001; Authorized: 450,000,000 Issued and outstanding: 1,000,000 shares as of June 30 and March 31, 2021		100			100
Additional paid-in capital		784,083			784,083
Accumulated other comprehensive loss		(32,502	)		(34,804	)
Accumulated deficit		(1,262,694	)		(1,156,263	)
TOTAL STOCKHOLDERS’ DEFICIT	$	(511,013	)	$	(406,884	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	809,780		$	1,020,932

See accompanying notes to the unaudited condensed consolidated financial statements.

F-1

SYNERGY EMPIRE LIMITED

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	For the Three Months Ended, June 30
	2021			2020
	(Unaudited)			(Unaudited)
REVENUE	$	11,047		$	91,974
COST AND EXPENSES:
Cost of revenue		(3,989	)		(24,499	)
General and administrative expenses		(121,868	)		(101,202	)
Total operating costs and expenses		(125,857	)		(125,701	)
Loss from operations		(114,810	)		(33,727	)
Other income, net		8,379			8,972
Loss before income tax		(106,431	)		(24,755	)
Income tax expense		-			-
Net loss		(106,431	)		(24,755	)
Foreign currency translation loss		2,302			(5,552	)
Total comprehensive loss	$	(104,129	)	$	(30,307	)
Net loss per share, basic and diluted	$	(0.11	)	$	(0.03	)
Weighted average number of common shares outstanding, basic and diluted		1,000,000			900,000

See accompanying notes to the unaudited condensed consolidated financial statements.

F-2

SYNERGY EMPIRE LIMITED

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	Common Stock
	NUMBER OF Shares		Amount		Additional Paid-in Capital		Accumulated (DEFICIT)/ PROFIT			Accumulated comprehensive loss			Total STOCKHOLDERS EQUITY
Balance as of April 1, 2021		1,000,000	$	100	$	784,083	$	(1,156,263	)	$	(34,804	)	$	(406,884	)
Net loss for the period		-		-		-		(106,431	)		-			(106,431	)
Foreign currency translation		-		-		-		-			2,302			2,302
Balance as of June 30, 2021		1,000,000	$	100	$	784,083	$	(1,262,694	)	$	(32,502	)	$	(511,013	)

	Common Stock
	NUMBER OF Shares		Amount		Additional Paid-in Capital		Accumulated (DEFICIT)/ PROFIT			Accumulated comprehensive loss			Total STOCKHOLDERS EQUITY
Balance as of April 1, 2020		900,000	$	90	$	284,093	$	(1,144,401	)	$	(2,109	)	$	(862,327	)
Net loss for the period		-		-		-		(24,755	)		-			(24,755	)
Foreign currency translation		-		-		-		-			(5,552	)		(5,552	)
Balance as of June 30, 2020		900,000	$	90	$	284,093	$	(1,169,156	)	$	(7,661	)	$	(892,634	)

See accompanying notes to consolidated financial statements

F-3

SYNERGY EMPIRE LIMITED

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

FOR THREE MONTHS ENDED JUNE 30, 2021 AND 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	For the Three Months Ended, June 30
	2021			2020
	(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(106,431	)	$	(24,755	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expenses		35,695			24,891
Changes in operating assets and liabilities:
(Increase)/Decrease in inventories		(1,363	)		4
Increase in prepaid expenses		(122	)		(2,267	)
Decrease in accounts payable		(926	)		(4,725	)
Decrease in accrued liabilities		(89,420	)		(9,442	)
Change in operating lease liability		(15,921	)		(17,684	)
Net cash flows used in operating activities	$	(178,488	)	$	(33,978	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment		(30,184	)		(701	)
Application of trademark		(1,591	)		-
Net cash flows used in investing activities	$	(31,775	)	$	(701	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment to from related parties		-			(9,418	)
Advance from directors		-			17,644
Principal repayments of bank loan		(3,773	)		78
Net cash flows (used in)/provided by financing activities	$	(3,773	)	$	8,304
Effect of exchange rate changes	$	1,649		$	236
Net changes in cash and cash equivalents		(212,387	)		(26,139	)
Cash and cash equivalents, beginning of year		345,161			87,492
CASH AND CASH EQUIVALENTS, END OF YEAR	$	132,774		$	61,353
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid	$	-		$	-
Interest paid	$	955		$	1,586

See accompanying notes to the unaudited condensed consolidated financial statements.

F-4

SYNERGY EMPIRE LIMITED

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

1. ORGANIZATION AND BUSINESS BACKGROUND

Synergy Empire Limited (“the Company”) was incorporated under the laws of the State of Nevada on October 17, 2018. We have historically conducted our business through Lucky Star F&B Sdn. Bhd. and SH Dessert Sdn. Bhd, both are private limited liability company, incorporated in Malaysia.

On January 16, 2019, the Company acquired 100% of the equity interests of Synergy Empire Holding Limited, a company incorporated in Republic of the Marshall Islands (“Synergy Empire Marshall”).

On December 31, 2018, Synergy Empire Marshall acquired 100% of Synergy Empire Limited, a limited liability company incorporated in Hong Kong (“Synergy Empire HK”).

On February 21, 2019, Synergy Empire HK acquired 100% of the equity interests of Lucky Star F&B Sdn. Bhd., a limited liability company incorporated in Malaysia (“Lucky Star”).

Lucky Star acquired 100% of the equity interests of SH Dessert Sdn. Bhd., a limited liability company incorporated in Malaysia (“SH Dessert”) by Lucky Star on February 19, 2016.

On February 26, 2021, Synergy Empire Marshall acquired 100% of Lucky Star F&B Sdn. Bhd from Synergy Empire HK. Subsequently on March 31, 2021, Mr. Leong Will Liam acquired 100% of Synergy Empire HK, as such Synergy Empire HK is no longer a subsidiary of the Company.

Mr. Leong Will Liam is the common director and major shareholder of the Company, Synergy Empire Marshall, Synergy Empire HK, Lucky Star and SH Dessert.

The Company, through its wholly owned subsidiaries, produce and distribute high quality dessert through Lucky Star and operate two restaurants through SH Dessert. Details of the Company’s subsidiaries:

No.		Company Name	Domicile and Date of Incorporation	Particulars of Issued Capital	Principal Activities
	1	Synergy Empire Holding Limited	Marshall Islands, October 22, 2018	1 Share of Ordinary Share, US$1 each	Investment Holding
	2	Lucky Star F&B Sdn. Bhd.	Malaysia, February 9, 2010	100,000 Share of Ordinary Share, MYR1 each	Dessert Producer and Distributor
	3	SH Dessert Sdn. Bhd.	Malaysia, February 19, 2016	100 Share of Ordinary Share, MYR1 each	Restaurant Operator

F-5

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation.

Below is the organization chart of the Group.

Use of Estimates

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

Cash and Cash Equivalents

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

Our deposit in Malaysia is currently deposit in Public Bank Berhad and Standard Chartered Bank (Malaysia) Berhad, and there is a Perbadanan Insurans Deposit Malaysia protects our eligible deposits held with bank in Malaysia which is members of the Scheme. The scheme will pay a compensation up to a limit of Malaysia Ringgit (“MYR”) 250,000 per deposit per member bank, which is equivalent to $60,218, if the aforementioned banks fails.

Plant and Equipment

Plant and equipment are stated at cost, with depreciation provided using the straight-line method over the following periods:

Asset Categories	Depreciation Periods
Renovation	over the remaining lease period
Office and kitchen equipment	10 years
Motor vehicle	5 years

Intangible Asset

Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods:

Asset Categories	Amortization Periods
Trademark	10 years

F-6

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive income (loss).

Revenue recognition

Revenue is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount:

(i) identification of the promised goods and services in the contract;

(ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract;

(iii) measurement of the transaction price, including the constraint on variable consideration;

(iv) allocation of the transaction price to the performance obligations; and

(v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company doesn’t allow return of the products purchased or refund unless the food delivered is spoilt.

Cost of revenue

Cost of revenue includes the purchase cost of raw material for manufacturing and distribute to customers and packing materials. It includes purchasing and receiving costs, internal transfer costs, other costs of distribution network, opening and closing inventory net off discount received and return outwards in cost of revenue.

Income tax expense

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

F-7

Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysian Ringgits (“MYR”) and United States Dollars (“US$”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

	For the three months ended June 30
	2021		2020
Period-end MYR : US$1 exchange rate		4.15		4.28
Period-average MYR : US$1 exchange rate		4.12		4.31

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Fair value of financial instruments

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1 : Observable inputs such as quoted prices in active markets;

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

As of June 30, 2021 and 2020, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

Net Income/(Loss) per Share

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

F-8

Recently Issued Accounting Standards

Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

3. GOING CONCERN UNCERTAINTIES

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The company having accumulated deficit of $1,262,694 and $1,156,263 as of June 30, 2021 and March 31, 2021 respectively.

For the three months ended June 30, 2021 and 2020, the Company suffered from a net loss of $ 106,431 and $24,755 respectively.

Furthermore, the Company recorded a negative working capital of $891,977 and $769,069 as of as of June 30, 2021 and March 31, 2021 respectively.

The Company’s cash position is not sufficient to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire financial support from its shareholder.

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.

4. PREPAID EXPENSES AND DEPOSITS

	As of June 30, 2021		As of March 31, 2021
Rental deposits	$	22,329	$	23,951
Other deposits		1,618		-
Prepaid expenses		870		1,017
Other receivables		1,633		1,419
Total	$	26,450	$	26,387

The rental deposits represent the deposit of the tenancy agreements.

Other deposits consist of deposit of copy machine, coffee machine and security deposits.

Prepaid expenses represent the deposit payments of public utilities, such as electricity, telephone, water supplies.

Other receivables represent payment made on behalf of customers such as lorry rental and outstanding payment due from delivery platform.

5. INVENTORIES

	As of June 30, 2021		As of March 31, 2021
Raw material, at cost	$	12,810	$	11,482

F-9

6. PLANT AND EQUIPMENT

	As of June 30, 2021			As of March 31, 2021
Renovation	$	362,637		$	354,963
Office equipment		37,239			21,741
Kitchen equipment		21,419			15,457
Motor vehicle		11,803			11,828
Total plant and equipment	$	433,098		$	403,989
Less: Accumulated depreciation		(94,898	)		(75,744	)
Total plant and equipment	$	338,200		$	328,245

For the three months ended June 30, 2021, the Company has invested $6,036 in kitchen equipment, $8,499 in renovations and $15,649 in office equipment respectively.

For the three months ended June 30, 2020, the Company had invested $700 into kitchen equipment.

Depreciation expenses for three months ended June 30, 2021 and 2020 amounted to $19,446 and $6,831 respectively.

7. ACCRUED EXPENSES AND OTHER PAYABLES

	As of June 30, 2021		As of March 31, 2021
Accrued expenses	$	43,500	$	35,066
Other payables		37,816		135,383
Total	$	81,316	$	170,449

Accrued expenses consist of accrued salary, rental, utilities bills and professional fee.

Other payable consist of outstanding marketing expenses, renovation payment and sales and service tax payable.

8. AMOUNT DUE TO A DIRECTOR

As of March 31, 2021, the Company has an outstanding loan payable to Mr. Leong Will Liam amounted $894,480. Of which including an amount due to Synergy Empire HK, amounted $24,822. No transaction for the three months ended June 30, 2021.

Both aforementioned loans are unsecured, non-interest bearing and payable on demand.

Amount due to director, Mr. Leong Will Liam
Balance as of March 31, 2021	869,658
Foreign currency translation	1,739
Balance as of June 30, 2021	867,919
Balance as of June 30, 2021 - Amount due to Synergy Empire HK	24,822
Balance as of June 30, 2021 - Total amount due to director	892,741

F-10

9. BANK BORROWING

On January 25, 2017, Lucky Star F&B Sdn. Bhd., a wholly owned subsidiary of the Company has acquired a business loan from Standard Chartered Saadiq Berhad, a bank incorporated in Malaysia, amounted to MYR342,834 (approximately $83,972) at annual interest of 6.00% accrue in arrear, for a repayment period of 72 months with interest bearing monthly installment of MYR6,473 (approximately $1,585) which is the sole bank borrowing by the Company.

The outstanding balance of business loan as of June 30 and March 31, 2021 can be summarized as follow:

	As of June 30, 2021		As of March 31, 2021
Bank borrowing (Current portion)	$	15,931	$	15,559
Bank borrowing (Non-current portion)		21,625		25,836
Total	$	37,556	$	41,395

On April 1, 2020, Standard Chartered Saadiq Berhad announced to provide loan deferment to borrower for a period 6 months in supporting of Malaysia National Bank to ease financial pressure as a result of movement control order promulgated by Malaysia Government to contain the outbreak of COVID- 19. Pursuant to the announcement, no instalment is required, and no penalty will be imposed during the 6 months period however additional non-compounding interest will continue to accrue. As such, the Company has incurred additional interest of $2,141 interest expenses. The last repayment is expected on August 2023.

For the three months ended June 30, 2021, the Company repaid $3,773 in bank borrowings.

For the three months ended June 30, 2020, the Company repaid $1,116 while incurring additional $1,194 interest in loan deferment.

Maturities of the loan for each of the three years and thereafter are as follows:

Year ending March 31
2022	$	11,796
2023	$	17,151
2024	$	8,609
Total	$	37,556

F-11

10. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

Right-Of-Use Assets
Balance as of March 31, 2021	308,919
Amortization for the three months ended June 30, 2021	(16,222	)
Adjustment for discount rate	5,121
Foreign exchange translation	(563	)
Balance as of June 30, 2021	297,255

For the three months ended June 30, 2021 and 2020, the amortization of the operating lease right of use asset amounted $16,222 and $18,167, respectively.

Lease Liability
Balance as of March 31, 2021		312,635
Imputed interest		4,375
Gross repayment		(20,295	)
Foreign exchange translation		(36,042	)
Balance as of June 30, 2021		301,263
Lease liability current portion		66,843
Lease liability non-current portion	$	234,420

Maturities of operating lease obligation as follow:

Year ending
March 31, 2022		49,327
March 31, 2023		71,596
March 31, 2024		72,546
March 31, 2025		72,383
March 31, 2026		35,411
Total	$	301,263

Other information:

	For the three months ended June 30
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:					-
Operating cash flow to operating lease	$	20,597		$	17,684
Right-of-use assets obtained in exchange for operating lease liabilities		-			-
Remaining lease term for operating lease (years)		4.14			4.55
Weighted average discount rate for operating lease		5.70	%		6.65	%

F-12

11. CONCENTRATION OF RISK

(a) Major Customers

For the three months ended June 30, 2021 and 2020, there was no customer who accounted for 10% or more of the Company’s revenues nor with significant outstanding receivables.

(b) Major Suppliers

For the three months ended June 30, 2021 and 2020, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables.

12. INCOME TAXES

The loss before income taxes of the Company for the three months ended June 30, 2021 and 2020 were comprised of the following:

	For the three months ended June 30
	2021			2020
Tax jurisdictions from:
– Local	$	(10,583	)	$	(2,376	)
– Foreign, representing:
Marshall Islands (non-taxable jurisdiction)		-			-
Hong Kong		-			(129	)
Malaysia		(95,848	)		(22,250	)
Loss before income taxes	$	(106,431	)	$	(24,755	)

F-13

Provision for income taxes consisted of the following:

	For the three months ended June 30
	2021		2020
Current:
– Local	$	-	$	-
– Foreign:
Marshall Islands (non-taxable jurisdiction)		-		-
Malaysia		-		-
Deferred:
– Local		-		-
– Foreign		-		-
	$	-	$	-

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows:

United States of America

The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018. The Company is registered in the State of Nevada and is subject to United States of America tax law. As of June 30, 2021, the operations in the United States of America incurred $147,015 of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carry forwards begin to expire in 2041, if unutilized. The Company has provided for a full valuation allowance of approximately $30,873 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

Malaysia

Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital. The 2021 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $603,486) or less and that are not part of a group containing a company exceeding this capitalization threshold is 17% on the first MYR 600,000 (approximately $120,060) taxable profit with the remaining balance being taxed at 24%.

For the three months ended June 30, 2021, Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd incurred a loss of $56,591 and $39,257, respectively, which can be carried forward for seven years to offset its taxable income.

As of June 30, 2021, the operations in Malaysia generated $1,112,435 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance against the deferred tax assets of $189,080 on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

F-14

The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30 and March 31, 2021:

	As of June 30, 2021			As of March 31, 2021
Deferred tax assets:
Net operating loss carryforwards		$			$
– United States of America		30,873			28,691
– Marshall Islands		-			-
– Malaysia		189,080			172,801
		219,953			201,452
Less: valuation allowance		(219,953	)		(201,452	)
Deferred tax assets	$	-		$	-

Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $219,953 as of June 30, 2021. For three months ended June 30, 2021, the valuation allowance increased by $18,501, primarily relating to the loss incurred by the Company, Lucky Star F&B Sdn. Bhd and SH Desserts Shd. Bhd.

13. STOCKHOLDERS’ EQUITY

On October 17, 2018, the founder of the Company, Mr. Leong Will Liam purchased 900,000 shares of restricted common stock of the Company at $0.03 per share for the Company’s initial working capital. Each share was with a par value of $0.0001. All proceeds received are used for the Company’s working capital.

On January 21, 2019, CBA Capital Holdings Sdn. Bhd. waived an interest-free loan of $257,183 in Lucky Star F&B Sdn. Bhd., our wholly own subsidiary, as contribution and recorded in additional paid in capital. CBA Capital Holdings Sdn. Bhd. is wholly owned by our Director, Mr. Leong Will Liam.

On December 30, 2020, the Company resolved to close the offering from the registration statement on Form S-1/A, dated February 25, 2020, that had been declared effective by the Securities and Exchange Commission on March 10, 2020. The Offering resulting in 100,000 shares of common stock being sold at $5.00 per share for a total of $500,000. The proceed of $500,000 will become the capital for our expansion, pursuant to the use of proceed stated in the aforementioned Form S-1/A.

14. FOREIGN CURRENCY EXCHANGE RATE

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

15. SUBSEQUENT EVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after June 30, 2021 up through the date the Company presented these audited financial statements.

On May 28, 2021, Malaysia Prime Minister announced that a nationwide “total lockdown” will be imposed on all social and economic sectors in Malaysia from June 1 to June 14, 2021. Under this lockdown, only essential economic and social services listed by the National Security Council will be allowed to operation. Restaurants operation will be limited to delivery and take away while dine in is strictly prohibited.

On June 12, 2021, the Malaysian Government extended the country’s total lockdown by another two weeks until 28 June. The Company believes, with dine in restriction, having direct adverse impact on Company financial performance until such restriction removed.

On 15 June 2021, the Malaysia Government introduced a four-phase National Recovery Plan to help the country emerge from the COVID-19 pandemic and its economic fallout. As each phase is based on the amount of new cases, people requiring ICU treatment, and vaccination rates, it can be extended, or moved on to the next phase, whenever possible.

Phase 1 - Conditions are the same as “total lockdown” launched from 1 June 2021. No social gatherings, dine-in eating at restaurants, interstate travel and non-essential services are permitted. Any remaining workplaces are required to have their workers work from their homes. This phase, based on the critical condition of the healthcare services, may last until end of July.

Phase 2 - If more people are vaccinated, ICU bed usage reduced to a moderate level; and new cases fall below 4,000, the country will move on to the next phase which allows more economic sectors to resume operation.

Phase 3 - Once daily cases are reduced to 2,000, the healthcare system has returned to a manageable level; ICU cases have been reduced to an adequate amount; and 40% of the people have been vaccinated. All economic sectors will be allowed to operate and most importantly dining in restaurants and cafes will be allowed. This phase will be expected to start on late August.

Phase 4 - Once daily cases have dropped to 500, the healthcare system becomes safe as ICU cases become low enough; and 60% of the people have been vaccinated. This phase will be expected to start on late October.

The Company’s central kitchen and two restaurants were and will continue to operate throughout each phases of NRP, however improvement on financial performance will not be expected until late August which is the beginning of Phase 3 where dining in restaurants and cafes will be allowed.

F-15

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this quarter report on Form 10-Q is intended to update the information contained in our Form 10-K dated June 29, 2021, for the year ended March 31, 2021 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

Certain statements in this Report constitute forward-looking statements. These forward-looking statements include statements, which involve risks and uncertainties, regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategy, (c) anticipated trends in our industry, (d) our future financing plans, and (e) our anticipated needs for, and use of, working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plan,” “potential,” “project,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend,” or the negative of these words or other variations on these words or comparable terminology. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.

The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Overview

We share the same business plan as that of our subsidiaries. We are engaged in the production and sale of food products, specifically dessert created and sold through various restaurants that we operate in Malaysia. We sell our goods under our brand name “Sweet Hut.” We have two dessert restaurant chains and one central kitchen.

It is worth highlighting that, on 15 June 2021, Malaysia Government introduced a four-phase National Recovery Plan (herein and after referred the “NRP”) to help the country emerge from the COVID-19 pandemic and its economic fallout. As each phase is based on the number of new cases, people requiring ICU treatment, and vaccination rates, it can be extended, or moved on to the next phase, whenever possible.

Phase 1 - Conditions are the same as “total lockdown” launched from 1 June 2021. No social gatherings, dine-in eating at restaurants, interstate travel and non-essential services are permitted. Any remaining workplaces are required to have their workers work from their homes. This phase, based on the critical condition of the healthcare services, may last until end of July.

Phase 2 - If more people are vaccinated, ICU bed usage reduced to a moderate level; and new cases fall below 4,000, the country will move on to the next phase which allows more economic sectors to resume operation.

Phase 3 - Once daily cases are reduced to 2,000, the healthcare system has returned to a manageable level; ICU cases have been reduced to an adequate amount; and 40% of the people have been vaccinated. All economic sectors will be allowed to operate and most importantly dining in restaurants and cafes will be allowed. This phase will be expected to start on late August.

Phase 4 - Once daily cases have dropped to 500, the healthcare system becomes safe as ICU cases become low enough; and 60% of the people have been vaccinated. This phase will be expected to start on late October.

The Company’s central kitchen and two restaurants were and will continue to operate throughout each phases of NRP.

Results of Operations

For the three months ended June 30, 2021 and 2020, the Company has generated a revenue of $11,047 and $91,974. Breakdown of revenue as following:

	Three months ended June 30
	2021			2020
Dine-In and Take Away Revenue	$	6,257		$	59,066
Percentage towards Total Revenue		56.64	%		64.22	%
Delivery Revenue	$	4,790		$	32,908
Percentage towards Total Revenue		43.36	%		35.78	%
Total Revenue	$	11,047		$	91,974
Total Cost of Sales	$	3,989		$	24,499
Total Gross Profit	$	7,058		$	67,475
Gross Profit Margin		63.89	%		73.36	%

3

The Company has experience significant deterioration in both delivery and dine in & take away revenue segment due to several reasons. One being the closure of previous four restaurants since September 2020 and launching of two brand new restaurants in C180 and Sri Petaling which commence operation on February and June 2021, respectively for business rebranding purpose and another being adversely impacted by COVID-19 Movement Control Order imposed by Malaysia Government.

General and Administrative Expenses

For the three months ended June 30, 2021 and 2020, the Company has incurred a general and administrative expenses of $121,868 and $101,202 respectively. Of which primarily consist of salary, lease expenses, utilities, depreciation, professional fees and repair and maintenance and advertisement and promotions.

	Three months ended June 30
Primary expenses	2021			2020
Salary and salary related expenses	$	53,472		$	56,735
Percentage towards General and Administrative Expenses		43.88	%		56.06	%
Lease expenses	$	20,597		$	20,282
Percentage towards General and Administrative Expenses		16.90	%		20.04	%
Utility expenses	$	6,236		$	9,916
Percentage towards General and Administrative Expenses		5.12	%		9.80	%
Depreciation and amortization expenses	$	19,473		$	6,832
Percentage towards General and Administrative Expenses		15.98	%		6.75	%
Professional expenses	$	6,647		$	2,606
Percentage towards General and Administrative Expenses		5.45	%		2.58	%
Repair and maintenance expenses	$	2,988		$	1,627
Percentage towards General and Administrative Expenses		2.45	%		1.61	%
Compliance expenses	$	736		$	200
Percentage towards general and administrative expenses		0.60	%		0.20	%
Advertisement and promotion expenses	$	-		$	928
Percentage towards General and Administrative Expenses		-	%		0.92	%
Total primary expenses	$	110,149		$	99,126
Percentage towards General and Administrative Expenses		90.38	%		97.95	%
Miscellaneous expenses	$	11,719			2,076
Percentage towards General and Administrative Expenses		9.62	%		2.05	%

Net Loss

For the three months ended June 30, 2021 and 2020, the Company has incurred a net loss of $106,431 and $24,755 respectively.

4

Liquidity and Capital Resources

Cash Used In Operating Activities

For the three months ended June 30, 2021, the Company has used $178,488 in operating activities primarily caused by net loss from operating, decrease in accrued liability and lease liability contra by depreciation expenses add back.

For the three months ended June 30, 2020, the Company has used $33,978 in operating activities primarily caused by net loss from operating, increase in prepayment and decrease in trade payable, other payable and lease liability contra by depreciation.

Cash Used In investing activities

The Company has invested $31,775 in investing activity for the acquisition of new kitchen equipment, office equipment, renovation and application of trademark for the three months ended June 30, 2021.

The Company has invested $701 in investing activity for the acquisition of new kitchen equipment for the three months ended June 30, 2020.

Cash Provided by Financing Activities

For the three months ended June 30, 2021, the Company repaid $3,773 to bank loan.

For the three months ended June 30, 2020, the Company received $8,304 from financing cash flow primarily consist of advances from director contra by repayment to officer.

Off-balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of June 30, 2021.

Contractual Obligations

As of June 30, 2021, the Company has no contractual obligations involved.

5

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 4 CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures:

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2021. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2021, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of June 30, 2021, our disclosure controls and procedures were not effective: (1) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties and effective risk assessment; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines; and (4) lack of internal audit function due to the fact that the Company lacks qualified resources to perform the internal audit functions properly and that the scope and effectiveness of the internal audit function are yet to be developed.

Changes in Internal Control Over Financial Reporting:

There were no changes in our internal control over financial reporting during the quarter ending June 30, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

6

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. We are not currently involved in legal proceedings that could reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of operations. We may become involved in material legal proceedings in the future.

Item 1A. Risk Factors

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) None.

(b) None.

(c) None.

Item 3. Defaults Upon Senior Securities

(a) None.

(b) None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits

31.1	Rule 13(a)-14(a) / 15(d)-14(a) Certification of principal executive officer and principal financial officer
32.1	Section 1350 Certification of principal executive officer and principal financial officer

7

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SYNERGY EMPIRE LIMITED
	(Name of Registrant)
Date: August 9, 2021
	By:	/s/ Law Jia Ming
	Name:	Law Jia Ming
	Title:	Chief Executive Officer, Chief Financial Officer

8

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Law Jia Ming, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SYNERGY EMPIRE LIMITED (the “Company”) for the quarter ended June 30, 2021;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2021	By:	/s/ Law Jia Ming
		Law Jia Ming
		Chief Executive Officer, Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SYNERGY EMPIRE LIMITED (the “Company”) on Form 10-Q for the period ended June 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 9, 2021	By:	/s/ Law Jia Ming
		Law Jia Ming
		Chief Executive Officer, Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Cover - shares	3 Months Ended
	Jun. 30, 2021	Aug. 09, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--03-31
Entity File Number	333-235700
Entity Registrant Name	SYNERGY EMPIRE LIMITED
Entity Central Index Key	0001766267
Entity Tax Identification Number	38-4096727
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	No.19 Jalan 12/118B
Entity Address, Address Line Two	Desa Tun Razak
Entity Address, City or Town	Kuala Lumpur
Entity Address, Country	MY
Entity Address, Postal Zip Code	56100
City Area Code	(60)3
Local Phone Number	9171 2828
Title of 12(b) Security	Common Stock, $0.001 par value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000,000

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Consolidated Condensed Balance Sheets - USD ($)	Jun. 30, 2021	Mar. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 132,774	$ 345,161
Trade receivables, net	737	739
Prepaid expenses and deposits	26,450	26,387
Inventories	12,810	11,482
TOTAL CURRENT ASSETS	172,771	383,769
NON-CURRENT ASSETS
Operating lease right of use asset, net	297,255	308,918
Plant and equipment, net	338,200	328,245
Intangible asset, net	1,554
TOTAL ASSETS	809,780	1,020,932
CURRENT LIABILITIES
Accounts payable	7,917	8,857
Accrued expenses and other payables	81,316	170,449
Operating lease liability	66,843	63,493
Bank borrowing	15,931	15,559
Amount due to related parties
Amount due to a director	892,741	894,480
TOTAL CURRENT LIABILITIES	1,064,748	1,152,838
NON-CURRENT LIABILITIES
Operating lease liability	234,420	249,142
Bank borrowing	21,625	25,836
TOTAL LIABILITIES	1,320,793	1,427,816
STOCKHOLDERS’ EQUITY
Preferred stock – Par value $0.0001; Authorized: 50,000,000 None issued and outstanding
Common stock – Par value $0.0001; Authorized: 450,000,000 Issued and outstanding: 1,000,000 shares as of June 30 and March 31, 2021	100	100
Additional paid-in capital	784,083	784,083
Accumulated other comprehensive loss	(32,502)	(34,804)
Accumulated deficit	(1,262,694)	(1,156,263)
TOTAL STOCKHOLDERS’ DEFICIT	(511,013)	(406,884)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 809,780	$ 1,020,932

XML

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	1,000,000	1,000,000
Common stock, shares outstanding	1,000,000	1,000,000

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares outstanding	1,000,000	1,000,000

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Consolidated Condensed Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
REVENUE	$ 11,047	$ 91,974
COST AND EXPENSES:
Cost of revenue	(3,989)	(24,499)
General and administrative expenses	(121,868)	(101,202)
Total operating costs and expenses	(125,857)	(125,701)
Loss from operations	(114,810)	(33,727)
Other income, net	8,379	8,972
Loss before income tax	(106,431)	(24,755)
Income tax expense
Net loss	(106,431)	(24,755)
Foreign currency translation loss	2,302	(5,552)
Total comprehensive loss	$ (104,129)	$ (30,307)
Net loss per share, basic and diluted	$ (0.11)	$ (0.03)
Weighted average number of common shares outstanding, basic and diluted	1,000,000	900,000

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Consolidated Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Mar. 31, 2020	$ 90	$ 284,093	$ (1,144,401)	$ (2,109)	$ (862,327)
Balance, shares at Mar. 31, 2020	900,000
Net loss for the period			(24,755)		(24,755)
Foreign currency translation				(5,552)	(5,552)
Ending balance, value at Jun. 30, 2020	$ 90	284,093	(1,169,156)	(7,661)	(892,634)
Balance, shares at Jun. 30, 2020	900,000
Beginning balance, value at Mar. 31, 2021	$ 100	784,083	(1,156,263)	(34,804)	(406,884)
Balance, shares at Mar. 31, 2021	1,000,000
Net loss for the period			(106,431)		(106,431)
Foreign currency translation				2,302	2,302
Ending balance, value at Jun. 30, 2021	$ 100	$ 784,083	$ (1,262,694)	$ (32,502)	$ (511,013)
Balance, shares at Jun. 30, 2021	1,000,000

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Consolidated Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (106,431)	$ (24,755)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expenses	35,695	24,891
Changes in operating assets and liabilities:
(Increase)/Decrease in inventories	(1,363)	4
Increase in prepaid expenses	(122)	(2,267)
Decrease in accounts payable	(926)	(4,725)
Decrease in accrued liabilities	(89,420)	(9,442)
Change in operating lease liability	(15,921)	(17,684)
Net cash flows used in operating activities	(178,488)	(33,978)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment	(30,184)	(701)
Application of trademark	(1,591)
Net cash flows used in investing activities	(31,775)	(701)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment to from related parties		(9,418)
Advance from directors		17,644
Principal repayments of bank loan	(3,773)	78
Net cash flows (used in)/provided by financing activities	(3,773)	8,304
Effect of exchange rate changes	1,649	236
Net changes in cash and cash equivalents	(212,387)	(26,139)
Cash and cash equivalents, beginning of year	345,161	87,492
CASH AND CASH EQUIVALENTS, END OF YEAR	132,774	61,353
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid
Interest paid	$ 955	$ 1,586

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ORGANIZATION AND BUSINESS BACKGROUND

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS BACKGROUND

1. ORGANIZATION AND BUSINESS BACKGROUND

Synergy Empire Limited (“the Company”) was incorporated under the laws of the State of Nevada on October 17, 2018. We have historically conducted our business through Lucky Star F&B Sdn. Bhd. and SH Dessert Sdn. Bhd, both are private limited liability company, incorporated in Malaysia.

On January 16, 2019, the Company acquired 100% of the equity interests of Synergy Empire Holding Limited, a company incorporated in Republic of the Marshall Islands (“Synergy Empire Marshall”).

On December 31, 2018, Synergy Empire Marshall acquired 100% of Synergy Empire Limited, a limited liability company incorporated in Hong Kong (“Synergy Empire HK”).

On February 21, 2019, Synergy Empire HK acquired 100% of the equity interests of Lucky Star F&B Sdn. Bhd., a limited liability company incorporated in Malaysia (“Lucky Star”).

Lucky Star acquired 100% of the equity interests of SH Dessert Sdn. Bhd., a limited liability company incorporated in Malaysia (“SH Dessert”) by Lucky Star on February 19, 2016.

On February 26, 2021, Synergy Empire Marshall acquired 100% of Lucky Star F&B Sdn. Bhd from Synergy Empire HK. Subsequently on March 31, 2021, Mr. Leong Will Liam acquired 100% of Synergy Empire HK, as such Synergy Empire HK is no longer a subsidiary of the Company.

Mr. Leong Will Liam is the common director and major shareholder of the Company, Synergy Empire Marshall, Synergy Empire HK, Lucky Star and SH Dessert.

The Company, through its wholly owned subsidiaries, produce and distribute high quality dessert through Lucky Star and operate two restaurants through SH Dessert. Details of the Company’s subsidiaries:

No.		Company Name	Domicile and Date of Incorporation	Particulars of Issued Capital	Principal Activities
	1	Synergy Empire Holding Limited	Marshall Islands, October 22, 2018	1 Share of Ordinary Share, US$1 each	Investment Holding
	2	Lucky Star F&B Sdn. Bhd.	Malaysia, February 9, 2010	100,000 Share of Ordinary Share, MYR1 each	Dessert Producer and Distributor
	3	SH Dessert Sdn. Bhd.	Malaysia, February 19, 2016	100 Share of Ordinary Share, MYR1 each	Restaurant Operator

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation.

Below is the organization chart of the Group.

Use of Estimates

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

Cash and Cash Equivalents

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

Our deposit in Malaysia is currently deposit in Public Bank Berhad and Standard Chartered Bank (Malaysia) Berhad, and there is a Perbadanan Insurans Deposit Malaysia protects our eligible deposits held with bank in Malaysia which is members of the Scheme. The scheme will pay a compensation up to a limit of Malaysia Ringgit (“MYR”) 250,000 per deposit per member bank, which is equivalent to $60,218, if the aforementioned banks fails.

Plant and Equipment

Plant and equipment are stated at cost, with depreciation provided using the straight-line method over the following periods:

Asset Categories	Depreciation Periods
Renovation	over the remaining lease period
Office and kitchen equipment	10 years
Motor vehicle	5 years

Intangible Asset

Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods:

Asset Categories	Amortization Periods
Trademark	10 years

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive income (loss).

Revenue recognition

Revenue is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount:

(i) identification of the promised goods and services in the contract;

(ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract;

(iii) measurement of the transaction price, including the constraint on variable consideration;

(iv) allocation of the transaction price to the performance obligations; and

(v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company doesn’t allow return of the products purchased or refund unless the food delivered is spoilt.

Cost of revenue

Cost of revenue includes the purchase cost of raw material for manufacturing and distribute to customers and packing materials. It includes purchasing and receiving costs, internal transfer costs, other costs of distribution network, opening and closing inventory net off discount received and return outwards in cost of revenue.

Income tax expense

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysian Ringgits (“MYR”) and United States Dollars (“US$”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

	For the three months ended June 30
	2021		2020
Period-end MYR : US$1 exchange rate		4.15		4.28
Period-average MYR : US$1 exchange rate		4.12		4.31

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Fair value of financial instruments

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1 : Observable inputs such as quoted prices in active markets;

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

As of June 30, 2021 and 2020, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

Net Income/(Loss) per Share

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

Recently Issued Accounting Standards

Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

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GOING CONCERN UNCERTAINTIES

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN UNCERTAINTIES

3. GOING CONCERN UNCERTAINTIES

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The company having accumulated deficit of $1,262,694 and $1,156,263 as of June 30, 2021 and March 31, 2021 respectively.

For the three months ended June 30, 2021 and 2020, the Company suffered from a net loss of $ 106,431 and $24,755 respectively.

Furthermore, the Company recorded a negative working capital of $891,977 and $769,069 as of as of June 30, 2021 and March 31, 2021 respectively.

The Company’s cash position is not sufficient to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire financial support from its shareholder.

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.

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PREPAID EXPENSES AND DEPOSITS

3 Months Ended

Jun. 30, 2021

Prepaid Expenses And Deposits

PREPAID EXPENSES AND DEPOSITS

4. PREPAID EXPENSES AND DEPOSITS

	As of June 30, 2021		As of March 31, 2021
Rental deposits	$	22,329	$	23,951
Other deposits		1,618		-
Prepaid expenses		870		1,017
Other receivables		1,633		1,419
Total	$	26,450	$	26,387

The rental deposits represent the deposit of the tenancy agreements.

Other deposits consist of deposit of copy machine, coffee machine and security deposits.

Prepaid expenses represent the deposit payments of public utilities, such as electricity, telephone, water supplies.

Other receivables represent payment made on behalf of customers such as lorry rental and outstanding payment due from delivery platform.

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INVENTORIES

3 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

INVENTORIES

5. INVENTORIES

	As of June 30, 2021		As of March 31, 2021
Raw material, at cost	$	12,810	$	11,482

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PLANT AND EQUIPMENT

3 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

PLANT AND EQUIPMENT

6. PLANT AND EQUIPMENT

	As of June 30, 2021			As of March 31, 2021
Renovation	$	362,637		$	354,963
Office equipment		37,239			21,741
Kitchen equipment		21,419			15,457
Motor vehicle		11,803			11,828
Total plant and equipment	$	433,098		$	403,989
Less: Accumulated depreciation		(94,898	)		(75,744	)
Total plant and equipment	$	338,200		$	328,245

For the three months ended June 30, 2021, the Company has invested $6,036 in kitchen equipment, $8,499 in renovations and $15,649 in office equipment respectively.

For the three months ended June 30, 2020, the Company had invested $700 into kitchen equipment.

Depreciation expenses for three months ended June 30, 2021 and 2020 amounted to $19,446 and $6,831 respectively.

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ACCRUED EXPENSES AND OTHER PAYABLES

3 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER PAYABLES

7. ACCRUED EXPENSES AND OTHER PAYABLES

	As of June 30, 2021		As of March 31, 2021
Accrued expenses	$	43,500	$	35,066
Other payables		37,816		135,383
Total	$	81,316	$	170,449

Accrued expenses consist of accrued salary, rental, utilities bills and professional fee.

Other payable consist of outstanding marketing expenses, renovation payment and sales and service tax payable.

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AMOUNT DUE TO A DIRECTOR

3 Months Ended

Jun. 30, 2021

Amount Due To Director

AMOUNT DUE TO A DIRECTOR

8. AMOUNT DUE TO A DIRECTOR

As of March 31, 2021, the Company has an outstanding loan payable to Mr. Leong Will Liam amounted $894,480. Of which including an amount due to Synergy Empire HK, amounted $24,822. No transaction for the three months ended June 30, 2021.

Both aforementioned loans are unsecured, non-interest bearing and payable on demand.

Amount due to director, Mr. Leong Will Liam
Balance as of March 31, 2021	869,658
Foreign currency translation	1,739
Balance as of June 30, 2021	867,919
Balance as of June 30, 2021 - Amount due to Synergy Empire HK	24,822
Balance as of June 30, 2021 - Total amount due to director	892,741

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BANK BORROWING

3 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

BANK BORROWING

9. BANK BORROWING

On January 25, 2017, Lucky Star F&B Sdn. Bhd., a wholly owned subsidiary of the Company has acquired a business loan from Standard Chartered Saadiq Berhad, a bank incorporated in Malaysia, amounted to MYR342,834 (approximately $83,972) at annual interest of 6.00% accrue in arrear, for a repayment period of 72 months with interest bearing monthly installment of MYR6,473 (approximately $1,585) which is the sole bank borrowing by the Company.

The outstanding balance of business loan as of June 30 and March 31, 2021 can be summarized as follow:

	As of June 30, 2021		As of March 31, 2021
Bank borrowing (Current portion)	$	15,931	$	15,559
Bank borrowing (Non-current portion)		21,625		25,836
Total	$	37,556	$	41,395

On April 1, 2020, Standard Chartered Saadiq Berhad announced to provide loan deferment to borrower for a period 6 months in supporting of Malaysia National Bank to ease financial pressure as a result of movement control order promulgated by Malaysia Government to contain the outbreak of COVID- 19. Pursuant to the announcement, no instalment is required, and no penalty will be imposed during the 6 months period however additional non-compounding interest will continue to accrue. As such, the Company has incurred additional interest of $2,141 interest expenses. The last repayment is expected on August 2023.

For the three months ended June 30, 2021, the Company repaid $3,773 in bank borrowings.

For the three months ended June 30, 2020, the Company repaid $1,116 while incurring additional $1,194 interest in loan deferment.

Maturities of the loan for each of the three years and thereafter are as follows:

Year ending March 31
2022	$	11,796
2023	$	17,151
2024	$	8,609
Total	$	37,556

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LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

3 Months Ended

Jun. 30, 2021

Lease Right-of-use Asset And Lease Liabilities

LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

10. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

Right-Of-Use Assets
Balance as of March 31, 2021	308,919
Amortization for the three months ended June 30, 2021	(16,222	)
Adjustment for discount rate	5,121
Foreign exchange translation	(563	)
Balance as of June 30, 2021	297,255

For the three months ended June 30, 2021 and 2020, the amortization of the operating lease right of use asset amounted $16,222 and $18,167, respectively.

Lease Liability
Balance as of March 31, 2021		312,635
Imputed interest		4,375
Gross repayment		(20,295	)
Foreign exchange translation		(36,042	)
Balance as of June 30, 2021		301,263
Lease liability current portion		66,843
Lease liability non-current portion	$	234,420

Maturities of operating lease obligation as follow:

Year ending
March 31, 2022		49,327
March 31, 2023		71,596
March 31, 2024		72,546
March 31, 2025		72,383
March 31, 2026		35,411
Total	$	301,263

Other information:

	For the three months ended June 30
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:					-
Operating cash flow to operating lease	$	20,597		$	17,684
Right-of-use assets obtained in exchange for operating lease liabilities		-			-
Remaining lease term for operating lease (years)		4.14			4.55
Weighted average discount rate for operating lease		5.70	%		6.65	%

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CONCENTRATION OF RISK

3 Months Ended

Jun. 30, 2021

Risks and Uncertainties [Abstract]

CONCENTRATION OF RISK

11. CONCENTRATION OF RISK

(a) Major Customers

For the three months ended June 30, 2021 and 2020, there was no customer who accounted for 10% or more of the Company’s revenues nor with significant outstanding receivables.

(b) Major Suppliers

For the three months ended June 30, 2021 and 2020, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables.

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INCOME TAXES

3 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

12. INCOME TAXES

The loss before income taxes of the Company for the three months ended June 30, 2021 and 2020 were comprised of the following:

	For the three months ended June 30
	2021			2020
Tax jurisdictions from:
– Local	$	(10,583	)	$	(2,376	)
– Foreign, representing:
Marshall Islands (non-taxable jurisdiction)		-			-
Hong Kong		-			(129	)
Malaysia		(95,848	)		(22,250	)
Loss before income taxes	$	(106,431	)	$	(24,755	)

Provision for income taxes consisted of the following:

	For the three months ended June 30
	2021		2020
Current:
– Local	$	-	$	-
– Foreign:
Marshall Islands (non-taxable jurisdiction)		-		-
Malaysia		-		-
Deferred:
– Local		-		-
– Foreign		-		-
	$	-	$	-

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows:

United States of America

The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018. The Company is registered in the State of Nevada and is subject to United States of America tax law. As of June 30, 2021, the operations in the United States of America incurred $147,015 of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carry forwards begin to expire in 2041, if unutilized. The Company has provided for a full valuation allowance of approximately $30,873 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

Malaysia

Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital. The 2021 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $603,486) or less and that are not part of a group containing a company exceeding this capitalization threshold is 17% on the first MYR 600,000 (approximately $120,060) taxable profit with the remaining balance being taxed at 24%.

For the three months ended June 30, 2021, Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd incurred a loss of $56,591 and $39,257, respectively, which can be carried forward for seven years to offset its taxable income.

As of June 30, 2021, the operations in Malaysia generated $1,112,435 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance against the deferred tax assets of $189,080 on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30 and March 31, 2021:

	As of June 30, 2021			As of March 31, 2021
Deferred tax assets:
Net operating loss carryforwards		$			$
– United States of America		30,873			28,691
– Marshall Islands		-			-
– Malaysia		189,080			172,801
		219,953			201,452
Less: valuation allowance		(219,953	)		(201,452	)
Deferred tax assets	$	-		$	-

Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $219,953 as of June 30, 2021. For three months ended June 30, 2021, the valuation allowance increased by $18,501, primarily relating to the loss incurred by the Company, Lucky Star F&B Sdn. Bhd and SH Desserts Shd. Bhd.

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STOCKHOLDERS’ EQUITY

3 Months Ended

Jun. 30, 2021

Equity [Abstract]

STOCKHOLDERS’ EQUITY

13. STOCKHOLDERS’ EQUITY

On October 17, 2018, the founder of the Company, Mr. Leong Will Liam purchased 900,000 shares of restricted common stock of the Company at $0.03 per share for the Company’s initial working capital. Each share was with a par value of $0.0001. All proceeds received are used for the Company’s working capital.

On January 21, 2019, CBA Capital Holdings Sdn. Bhd. waived an interest-free loan of $257,183 in Lucky Star F&B Sdn. Bhd., our wholly own subsidiary, as contribution and recorded in additional paid in capital. CBA Capital Holdings Sdn. Bhd. is wholly owned by our Director, Mr. Leong Will Liam.

On December 30, 2020, the Company resolved to close the offering from the registration statement on Form S-1/A, dated February 25, 2020, that had been declared effective by the Securities and Exchange Commission on March 10, 2020. The Offering resulting in 100,000 shares of common stock being sold at $5.00 per share for a total of $500,000. The proceed of $500,000 will become the capital for our expansion, pursuant to the use of proceed stated in the aforementioned Form S-1/A.

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FOREIGN CURRENCY EXCHANGE RATE

3 Months Ended

Jun. 30, 2021

Foreign Currency [Abstract]

FOREIGN CURRENCY EXCHANGE RATE

14. FOREIGN CURRENCY EXCHANGE RATE

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

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SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after June 30, 2021 up through the date the Company presented these audited financial statements.

On May 28, 2021, Malaysia Prime Minister announced that a nationwide “total lockdown” will be imposed on all social and economic sectors in Malaysia from June 1 to June 14, 2021. Under this lockdown, only essential economic and social services listed by the National Security Council will be allowed to operation. Restaurants operation will be limited to delivery and take away while dine in is strictly prohibited.

On June 12, 2021, the Malaysian Government extended the country’s total lockdown by another two weeks until 28 June. The Company believes, with dine in restriction, having direct adverse impact on Company financial performance until such restriction removed.

On 15 June 2021, the Malaysia Government introduced a four-phase National Recovery Plan to help the country emerge from the COVID-19 pandemic and its economic fallout. As each phase is based on the amount of new cases, people requiring ICU treatment, and vaccination rates, it can be extended, or moved on to the next phase, whenever possible.

Phase 1 - Conditions are the same as “total lockdown” launched from 1 June 2021. No social gatherings, dine-in eating at restaurants, interstate travel and non-essential services are permitted. Any remaining workplaces are required to have their workers work from their homes. This phase, based on the critical condition of the healthcare services, may last until end of July.

Phase 2 - If more people are vaccinated, ICU bed usage reduced to a moderate level; and new cases fall below 4,000, the country will move on to the next phase which allows more economic sectors to resume operation.

Phase 3 - Once daily cases are reduced to 2,000, the healthcare system has returned to a manageable level; ICU cases have been reduced to an adequate amount; and 40% of the people have been vaccinated. All economic sectors will be allowed to operate and most importantly dining in restaurants and cafes will be allowed. This phase will be expected to start on late August.

Phase 4 - Once daily cases have dropped to 500, the healthcare system becomes safe as ICU cases become low enough; and 60% of the people have been vaccinated. This phase will be expected to start on late October.

The Company’s central kitchen and two restaurants were and will continue to operate throughout each phases of NRP, however improvement on financial performance will not be expected until late August which is the beginning of Phase 3 where dining in restaurants and cafes will be allowed.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation.

Below is the organization chart of the Group.

Use of Estimates

Use of Estimates

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

Our deposit in Malaysia is currently deposit in Public Bank Berhad and Standard Chartered Bank (Malaysia) Berhad, and there is a Perbadanan Insurans Deposit Malaysia protects our eligible deposits held with bank in Malaysia which is members of the Scheme. The scheme will pay a compensation up to a limit of Malaysia Ringgit (“MYR”) 250,000 per deposit per member bank, which is equivalent to $60,218, if the aforementioned banks fails.

Plant and Equipment

Plant and Equipment

Plant and equipment are stated at cost, with depreciation provided using the straight-line method over the following periods:

Asset Categories	Depreciation Periods
Renovation	over the remaining lease period
Office and kitchen equipment	10 years
Motor vehicle	5 years

Intangible Asset

Intangible Asset

Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods:

Asset Categories	Amortization Periods
Trademark	10 years

Inventories

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive income (loss).

Revenue recognition

Revenue recognition

Revenue is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount:

(i) identification of the promised goods and services in the contract;

(ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract;

(iii) measurement of the transaction price, including the constraint on variable consideration;

(iv) allocation of the transaction price to the performance obligations; and

(v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company doesn’t allow return of the products purchased or refund unless the food delivered is spoilt.

Cost of revenue

Cost of revenue

Cost of revenue includes the purchase cost of raw material for manufacturing and distribute to customers and packing materials. It includes purchasing and receiving costs, internal transfer costs, other costs of distribution network, opening and closing inventory net off discount received and return outwards in cost of revenue.

Income tax expense

Income tax expense

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

Foreign currencies translation

Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysian Ringgits (“MYR”) and United States Dollars (“US$”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

	For the three months ended June 30
	2021		2020
Period-end MYR : US$1 exchange rate		4.15		4.28
Period-average MYR : US$1 exchange rate		4.12		4.31

Related parties

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Fair value of financial instruments

Fair value of financial instruments

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1 : Observable inputs such as quoted prices in active markets;

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

As of June 30, 2021 and 2020, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

Net Income/(Loss) per Share

Net Income/(Loss) per Share

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

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ORGANIZATION AND BUSINESS BACKGROUND (Tables)

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF COMPANY'S SUBSIDIARIES

The Company, through its wholly owned subsidiaries, produce and distribute high quality dessert through Lucky Star and operate two restaurants through SH Dessert. Details of the Company’s subsidiaries:

No.		Company Name	Domicile and Date of Incorporation	Particulars of Issued Capital	Principal Activities
	1	Synergy Empire Holding Limited	Marshall Islands, October 22, 2018	1 Share of Ordinary Share, US$1 each	Investment Holding
	2	Lucky Star F&B Sdn. Bhd.	Malaysia, February 9, 2010	100,000 Share of Ordinary Share, MYR1 each	Dessert Producer and Distributor
	3	SH Dessert Sdn. Bhd.	Malaysia, February 19, 2016	100 Share of Ordinary Share, MYR1 each	Restaurant Operator

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT

Plant and equipment are stated at cost, with depreciation provided using the straight-line method over the following periods:

Asset Categories	Depreciation Periods
Renovation	over the remaining lease period
Office and kitchen equipment	10 years
Motor vehicle	5 years

SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET

Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods:

Asset Categories	Amortization Periods
Trademark	10 years

SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

	For the three months ended June 30
	2021		2020
Period-end MYR : US$1 exchange rate		4.15		4.28
Period-average MYR : US$1 exchange rate		4.12		4.31

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PREPAID EXPENSES AND DEPOSITS (Tables)

3 Months Ended

Jun. 30, 2021

Prepaid Expenses And Deposits

SCHEDULE OF PREPAID EXPENSES AND DEPOSITS

	As of June 30, 2021		As of March 31, 2021
Rental deposits	$	22,329	$	23,951
Other deposits		1,618		-
Prepaid expenses		870		1,017
Other receivables		1,633		1,419
Total	$	26,450	$	26,387

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INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

	As of June 30, 2021		As of March 31, 2021
Raw material, at cost	$	12,810	$	11,482

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PLANT AND EQUIPMENT (Tables)

3 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

SCHEDULE OF PLANT AND EQUIPMENT

	As of June 30, 2021			As of March 31, 2021
Renovation	$	362,637		$	354,963
Office equipment		37,239			21,741
Kitchen equipment		21,419			15,457
Motor vehicle		11,803			11,828
Total plant and equipment	$	433,098		$	403,989
Less: Accumulated depreciation		(94,898	)		(75,744	)
Total plant and equipment	$	338,200		$	328,245

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ACCRUED EXPENSES AND OTHER PAYABLES (Tables)

3 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES

	As of June 30, 2021		As of March 31, 2021
Accrued expenses	$	43,500	$	35,066
Other payables		37,816		135,383
Total	$	81,316	$	170,449

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AMOUNT DUE TO A DIRECTOR (Tables)

3 Months Ended

Jun. 30, 2021

Amount Due To Director

SCHEDULE OF AMOUNT DUE TO DIRECTORS

Both aforementioned loans are unsecured, non-interest bearing and payable on demand.

Amount due to director, Mr. Leong Will Liam
Balance as of March 31, 2021	869,658
Foreign currency translation	1,739
Balance as of June 30, 2021	867,919
Balance as of June 30, 2021 - Amount due to Synergy Empire HK	24,822
Balance as of June 30, 2021 - Total amount due to director	892,741

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BANK BORROWING (Tables)

3 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS

The outstanding balance of business loan as of June 30 and March 31, 2021 can be summarized as follow:

	As of June 30, 2021		As of March 31, 2021
Bank borrowing (Current portion)	$	15,931	$	15,559
Bank borrowing (Non-current portion)		21,625		25,836
Total	$	37,556	$	41,395

SCHEDULE OF MATURITIES OF LOAN

Maturities of the loan for each of the three years and thereafter are as follows:

Year ending March 31
2022	$	11,796
2023	$	17,151
2024	$	8,609
Total	$	37,556

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LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables)

3 Months Ended

Jun. 30, 2021

Lease Right-of-use Asset And Lease Liabilities

SCHEDULE OF OPERATING LEASE RIGHT-OF-USE AND LEASE LIABILITIES

Right-Of-Use Assets
Balance as of March 31, 2021	308,919
Amortization for the three months ended June 30, 2021	(16,222	)
Adjustment for discount rate	5,121
Foreign exchange translation	(563	)
Balance as of June 30, 2021	297,255

For the three months ended June 30, 2021 and 2020, the amortization of the operating lease right of use asset amounted $16,222 and $18,167, respectively.

Lease Liability
Balance as of March 31, 2021		312,635
Imputed interest		4,375
Gross repayment		(20,295	)
Foreign exchange translation		(36,042	)
Balance as of June 30, 2021		301,263
Lease liability current portion		66,843
Lease liability non-current portion	$	234,420

SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION

Maturities of operating lease obligation as follow:

Year ending
March 31, 2022		49,327
March 31, 2023		71,596
March 31, 2024		72,546
March 31, 2025		72,383
March 31, 2026		35,411
Total	$	301,263

SCHEDULE OF LEASE OTHER INFORMATION

Other information:

	For the three months ended June 30
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:					-
Operating cash flow to operating lease	$	20,597		$	17,684
Right-of-use assets obtained in exchange for operating lease liabilities		-			-
Remaining lease term for operating lease (years)		4.14			4.55
Weighted average discount rate for operating lease		5.70	%		6.65	%

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INCOME TAXES (Tables)

3 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME LOSS BEFORE INCOME TAXES

The loss before income taxes of the Company for the three months ended June 30, 2021 and 2020 were comprised of the following:

	For the three months ended June 30
	2021			2020
Tax jurisdictions from:
– Local	$	(10,583	)	$	(2,376	)
– Foreign, representing:
Marshall Islands (non-taxable jurisdiction)		-			-
Hong Kong		-			(129	)
Malaysia		(95,848	)		(22,250	)
Loss before income taxes	$	(106,431	)	$	(24,755	)

SUMMARY OF PROVISION FOR INCOME TAX

Provision for income taxes consisted of the following:

	For the three months ended June 30
	2021		2020
Current:
– Local	$	-	$	-
– Foreign:
Marshall Islands (non-taxable jurisdiction)		-		-
Malaysia		-		-
Deferred:
– Local		-		-
– Foreign		-		-
	$	-	$	-

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30 and March 31, 2021:

	As of June 30, 2021			As of March 31, 2021
Deferred tax assets:
Net operating loss carryforwards		$			$
– United States of America		30,873			28,691
– Marshall Islands		-			-
– Malaysia		189,080			172,801
		219,953			201,452
Less: valuation allowance		(219,953	)		(201,452	)
Deferred tax assets	$	-		$	-

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SCHEDULE OF COMPANY'S SUBSIDIARIES (Details)	3 Months Ended
	Jun. 30, 2021
Subsidiary Company One [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company Name	Synergy Empire Holding Limited
Domicile and Date of Incorporation	Marshall Islands, October 22, 2018
Particulars of Issued Capital	1 Share of Ordinary Share, US$1 each
Principal Activities	Investment Holding
Subsidiary Company Two [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company Name	Lucky Star F&B Sdn. Bhd
Domicile and Date of Incorporation	Malaysia, February 9, 2010
Particulars of Issued Capital	100,000 Share of Ordinary Share, MYR1 each
Principal Activities	Dessert Producer and Distributor
Subsidiary Company Three [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company Name	SH Dessert Sdn. Bhd
Domicile and Date of Incorporation	Malaysia, February 19, 2016
Particulars of Issued Capital	100 Share of Ordinary Share, MYR1 each
Principal Activities	Restaurant Operator

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ORGANIZATION AND BUSINESS BACKGROUND - SCHEDULE OF COMPANY'S SUBSIDIARIES (Details) (Parenthetical)	3 Months Ended
	Jun. 30, 2021 USD ($) shares
Subsidiary Company One [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued, shares | shares	1
Number of shares issued, value | $	$ 1
Subsidiary Company Two [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued, shares | shares	100,000
Subsidiary Company Two [Member] | MYR [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued, value | $	$ 1
Subsidiary Company Three [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued, shares | shares	100
Subsidiary Company Three [Member] | MYR [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued, value | $	$ 1

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ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative)	Jul. 27, 2021	Feb. 26, 2021	Feb. 21, 2019	Jan. 16, 2019	Dec. 31, 2018	Feb. 19, 2016
Synergy Empire Marshall [Member] | Synergy Empire HK [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity ownership interest rate percentage					100.00%
Lucky Star [Member] | Subsequent Event [Member] | Mr. Leong Will Liam [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity ownership interest rate percentage	100.00%
Lucky Star [Member] | Synergy Empire HK [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity ownership interest rate percentage			100.00%
Lucky Star [Member] | Synergy Empire Marshall [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity ownership interest rate percentage		100.00%
SH Dessert [Member] | Lucky Star [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity ownership interest rate percentage						100.00%
Synergy Empire Limited [Member] | Synergy Empire Marshall [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity ownership interest rate percentage				100.00%

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SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT (Details)	3 Months Ended
	Jun. 30, 2021
Renovation [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment depreciation useful lives, description	over the remaining lease period
Office and Kitchen Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

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SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET (Details)	6 Months Ended
	Jun. 30, 2021
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible asset estimated useful life	10 years

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SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY (Details)	Jun. 30, 2021	Jun. 30, 2020
Period-end MYR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Foreign currency exchange rate, translation	4.15	4.28
Period-Average MYR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Foreign currency exchange rate, translation	4.12	4.31

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	3 Months Ended
	Jun. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash insurance deposit	$ 60,218
Income tax description	tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.
MYR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash insurance deposit	$ 250,000

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GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 1,262,694		$ 1,156,263
Net loss	106,431	$ 24,755
Working capital	$ 891,977		$ 769,069

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SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Prepaid Expenses And Deposits
Rental deposits	$ 22,329	$ 23,951
Other deposits	1,618
Prepaid expenses	870	1,017
Other receivables	1,633	1,419
Total	$ 26,450	$ 26,387

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SCHEDULE OF INVENTORIES (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Raw material, at cost	$ 12,810	$ 11,482

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SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Total plant and equipment	$ 433,098	$ 403,989
Less: Accumulated depreciation	(94,898)	(75,744)
Total plant and equipment	338,200	328,245
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	362,637	354,963
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	37,239	21,741
Kitchen Equipment [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	21,419	15,457
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total plant and equipment	$ 11,803	$ 11,828

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PLANT AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Kitchen equipment	$ 30,184	$ 701
Depreciation expenses	19,446	6,831
Kitchen Equipment [Member]
Property, Plant and Equipment [Line Items]
Kitchen equipment	6,036	$ 700
Buildings and Improvements, Gross	8,499
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Kitchen equipment	$ 15,649

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SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 43,500	$ 35,066
Other payables	37,816	135,383
Total	$ 81,316	$ 170,449

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SCHEDULE OF AMOUNT DUE TO DIRECTORS (Details)	3 Months Ended
	Jun. 30, 2021 USD ($)
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Foreign currency translation	$ (36,042)
Mr. Leong Will Liam [Member] | Director [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance	869,658
Foreign currency translation	1,739
Balance	867,919
Amount due to Synergy Empire HK	24,822
Balance as of June 30, 2021 - Total amount due to director	$ 892,741

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AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Outstanding loan payable	$ 892,741	$ 894,480
Synergy Empire HK [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Outstanding loan payable		24,822
Mr. Leong Will Liam [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Outstanding loan payable		$ 894,480

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SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Debt Disclosure [Abstract]
Bank borrowing (Current portion)	$ 15,931	$ 15,559
Bank borrowing (Non-current portion)	21,625	25,836
Total	$ 37,556	$ 41,395

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SCHEDULE OF MATURITIES OF LOAN (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Debt Disclosure [Abstract]
2022	$ 11,796
2023	17,151
2024	8,609
Total	$ 37,556	$ 41,395

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BANK BORROWING (Details Narrative) - USD ($)			3 Months Ended
	Apr. 02, 2021	Jan. 25, 2017	Jun. 30, 2021	Jun. 30, 2020
Line of Credit Facility [Line Items]
Repayments of bank debt			$ 3,773	$ 1,116
Additional interest in loan deferment, amount				$ 1,194
Lucky Star F&B Sdn. Bhd [Member] | Standard Chartered Saadiq Berhad [Member]
Line of Credit Facility [Line Items]
Debt instrument principal amount		$ 83,972
Debt instrument interest rate percentage		6.00%
Repayment period		repayment period of 72 months
Debt instrument monthly installment		$ 1,585
Additional interest expenses	$ 2,141
Debt instrument maturity date	August 2023
Lucky Star F&B Sdn. Bhd [Member] | Standard Chartered Saadiq Berhad [Member] | MYR [Member]
Line of Credit Facility [Line Items]
Debt instrument principal amount		342,834
Debt instrument monthly installment		$ 6,473

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SCHEDULE OF OPERATING LEASE RIGHT-OF-USE AND LEASE LIABILITIES (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Lease Right-of-use Asset And Lease Liabilities
Balance, beginning balance	$ 308,919
Amortization	(16,222)	$ (18,167)
Adjustment for discount rate	5,121
Foreign exchange translation	(563)
Balance, ending balance	297,255
Balance, beginning balance	312,635
Imputed interest	4,375
Gross repayment	(20,295)
Foreign exchange translation	(36,042)
Balance, ending balance	301,263
Lease liability current portion	66,843		$ 63,493
Lease liability non-current portion	$ 234,420		$ 249,142

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SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details)	Jun. 30, 2021 USD ($)
Lease Right-of-use Asset And Lease Liabilities
March 31, 2022	$ 49,327
March 31, 2023	71,596
March 31, 2024	72,546
March 31, 2025	72,383
March 31, 2026	35,411
Total	$ 301,263

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SCHEDULE OF LEASE OTHER INFORMATION (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Lease Right-of-use Asset And Lease Liabilities
Operating cash flow to operating lease	$ 20,597	$ 17,684
Right-of-use assets obtained in exchange for operating lease liabilities
Remaining lease term for operating lease (years)	4 years 1 month 20 days	4 years 6 months 18 days
Weighted average discount rate for operating lease	5.70%	6.65%

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LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Lease Right-of-use Asset And Lease Liabilities
Amortization of operating lease right of use asset	$ 16,222	$ 18,167

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SCHEDULE OF INCOME LOSS BEFORE INCOME TAXES (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Tax jurisdictions from Local	$ (10,583)	$ (2,376)
Loss before income taxes	(106,431)	(24,755)
MARSHALL ISLANDS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Tax jurisdictions from Foreign
HONG KONG
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Tax jurisdictions from Foreign		(129)
MALAYSIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Tax jurisdictions from Foreign	$ (95,848)	$ (22,250)

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SUMMARY OF PROVISION FOR INCOME TAX (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current: Local
Deferred: Local
Deferred: Foreign
Provision for income taxes
MARSHALL ISLANDS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current: Foreign
MALAYSIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current: Foreign

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SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Deferred tax assets: Net operating loss carryforwards	$ 219,953	$ 201,452
Less: valuation allowance	(219,953)	(201,452)
Deferred tax assets
UNITED STATES
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Deferred tax assets: Net operating loss carryforwards	30,873	28,691
Less: valuation allowance	(30,873)
MARSHALL ISLANDS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Deferred tax assets: Net operating loss carryforwards
MALAYSIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Deferred tax assets: Net operating loss carryforwards	$ 189,080	$ 172,801

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INCOME TAXES (Details Narrative)	3 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 MYR (RM)	Mar. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Income tax examination description	tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.	tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.
Valuation allowance	$ 219,953		$ 201,452
Deferred tax assets	219,953		201,452
Lucky Star F&B Sdn. Bhd [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net operating loss carry forwards	56,591
SH Desserts Sdn. Bhd [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net operating loss carry forwards	$ 39,257
Operating loss carry forwards expiration	carried forward for seven years	carried forward for seven years
Lucky Star F&B Sdn. Bhd and SH Desserts Shd. Bhd [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Valuation allowance	$ 219,953
Increase in valuation allowance	$ 18,501
UNITED STATES
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Income tax examination description	The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018	The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018
Net operating loss carry forwards	$ 147,015
Operating loss carry forwards expiration	expire in 2041	expire in 2041
Valuation allowance	$ 30,873
Deferred tax assets	$ 30,873		28,691
MALAYSIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Income tax examination description	Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital. The 2021 tax rate for company with paid-up capital of MYR	Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital. The 2021 tax rate for company with paid-up capital of MYR
Net operating loss carry forwards	$ 1,112,435
Operating loss carry forwards expiration	carried forward for seven years	carried forward for seven years
Paid up capital tax amount	$ 603,486
Deferred tax assets	$ 189,080		$ 172,801
MALAYSIA | MYR [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Paid up capital tax amount | RM		RM 2,500,000

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STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	Dec. 30, 2020	Jan. 21, 2019	Oct. 17, 2018
Subsidiary or Equity Method Investee [Line Items]
Share price	$ 5.00
Number of sale of stock	100,000
Sale of stock value	$ 500,000
CBA Capital Holdings Sdn. Bhd [Member] | Lucky Star F&B Sdn. Bhd [Member]
Subsidiary or Equity Method Investee [Line Items]
Interest-free loan waived		$ 257,183
Mr. Leong Will Liam [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of restricted common stock shares purchased			900,000
Share price			$ 0.03
Par value of restricted shares			$ 0.0001