OTHER GAINS, LOSSES AND EXPENSES, NET

12 Months Ended

Mar. 31, 2022

Other Gains Losses And Expenses Net

OTHER GAINS, LOSSES AND EXPENSES, NET

6 OTHER GAINS, LOSSES AND EXPENSES, NET

			Year ended 31 March 2022			Year ended 31 March 2021			Year ended 31 March 2020
	Notes		USD			USD			USD
Transaction expense		(a)		-			(45,413,018	)		-
Revaluation loss on digital assets		19		(399,070	)		(68,360	)		-
Disposal of property, plant and equipment, net		12		(23,625	)		(36,300	)		-
Net fair value gain on financial liabilities at fair value through profit or loss		(b)		5,193,196			11,397,187			-
Net fair value gain (loss) on financial assets at fair value through profit or loss		(c)		6,945			(144,109	)		(1,527,158	)
Foreign exchange gains (losses), net				82,093			367,134			(133,431	)
Earn-out share awards related to the Transaction		(d)		-			(32,148,300	)		-
Net loss on sale of financial assets at fair value through profit or loss		(e)		-			-			(221,626	)
Others				358,792			195,902			183,148
				5,218,331			(65,849,864	)		(1,699,067	)

Note 6(a): During the year ended 31 March 2021, the Group recognized the below expense from the Transaction:

6,688,392 shares issued to former shareholders of 8i Enterprises and service providers (note 33)	(56,851,332	)
6,212,050 warrants issued to the former warrant holders of 8i Enterprises (note 33)	(8,324,147	)
345,000 units of options granted by 8i Enterprises to a service provider (note 22.6)	(1,417,149	)
	(66,592,628	)
Less: Total identifiable net assets of 8i Enterprises at fair value (note 33)	21,179,610
	(45,413,018	)

The shares and warrants issued were valued at the quoted closing price on Nasdaq on 30 September 2020 of $8.50 and $1.34 respectively.

Note 6(b): Private warrants were issued on 15 January 2021 as part of a capital raise that saw 2,571,669 shares and the same number of warrants issued. The warrants had an initial fair value of $16,594,388 and subsequently remeasured to $4,005 on 31 March 2022 (2021: $5,197,201) (note 23) with the corresponding net fair value gain of $5,193,196 (2021: $11,397,187) recognized in profit or loss.

Note 6(c): During the year ended 31 March 2022, the Group invested into the Bletchley Park Multi-Strategy Fund Class E shares which experienced an increase in the market value of $262,599. The fair value gain was offset by a decrease in the fair market value of the CSP tokens issued by Caspian and VOTE tokens issued by Agora (note 13) of $255,654.

During the year ended 31 March 2021, investments held in CSP tokens issued by Caspian and VOTE tokens issued by Agora recorded fair value gains of $110,877 and $145,014 respectively. This is offset by fair value losses of the private unlisted equity investments in Shadow Factory Limited and Nynja Group Limited of $400,000 (note 14.2).

During the year ended 31 March 2020 a decrease in market value of CSP tokens issued by Caspian of $38,200 and VOTE tokens issued by Agora of $172,699 was recognized (both tokens are listed on digital asset exchanges, see note 14.1). The unlisted investment in Shadow Factory Limited incurred a fair value loss of $1,316,259 (note 14.2).

Note 6(d): Under the terms of the Transaction, up to 12,000,000 shares will be issued via an earn-out provision should share price milestones be met over a 4-year period from 30 September 2020. Upon reaching the earn-out milestones, a service provider to the Transaction is also entitled to receive the equivalent of 1% of the earn-out shares issued. During the year ended 31 March 2021, these shares have a grant date fair value of $32,148,300 and were recognized in the share-based payment reserve and charged as an expense in the profit or loss (note 22.4).

Note 6(e): Shares in Madison Holdings Group Limited, which are listed on GEM of The Stock Exchange of Hong Kong, were received as part consideration for the 51% disposal of Diginex High Performance Computing Limited (“DHPC”) in July 2018. In June 2019, the Group sold 3,681,399 Madison shares and recorded a realized loss of $221,626.