129 CAPALLIANZ HOLDINGS LIMITED ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 30 June 2024 CapAllianz Holdings Limited and its Subsidiary Corporations Notes to the Financial Statements Annual Report For the financial year ended 30 June 2024 Page 78 31. Subsequent events (continued) (c) During the financial year ended 30 June 2024, the Group obtained loans amounting to approximately US$147,000 (equivalent to S$200,000) from the non-related parties, Party B and Party D respectively as disclosed and defined in Note 24(b) to the financial statements. Along with the loan obtained on 3 July 2024 (Note 31(a)), on 16 July 2024, the Group entered into several new agreements to reassign the loans and the related interest payable to two of the placees under the Placement Agreements dated 22 July 2024 (Note 31(d)). A total loan amounting to approximately US$147,000 and US$221,000 (equivalent to S$200,000 and S$300,000) due to Party B and Party D respectively, has been reassigned. (d) On 22 July 2024, the Company entered into separate placement agreements (“Placement Agreements”) with three places, Placee A, B and C (collectively “the Placees”). Subject to and upon the terms of the Placement Agreements, the Company has agreed to allot and issue, and the Placees have agreed to subscribe and pay for, an aggregate of 650,859,805 new ordinary shares in the capital of the Company (“Placement Shares”) at approximately US$0.001 (equivalent to S$0.002) per Placement Share, amounting to an aggregate placement consideration of approximately US$960,000 (equivalent to S$1,300,000) (the “Proposed Placement”). As disclosed elsewhere in the financial statements, the placement consideration will be settled by way of offsetting against the loans and interest payables due to the Placees by the Croup as the date of Placement Agreements. Consequently, the Company does not anticipate any cash inflows upon completion of the Proposed Placement. The Proposed Placement was completed on 5 August 2024. 32. New or revised accounting standards and interpretations Below are the mandatory standards, amendments and interpretations to existing standards that have been published, and are relevant for the Group’s accounting periods beginning on or after 1 July 2024 and which the Group has not early adopted. Amendments to SFRS(I) 1-1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (effective for annual periods beginning on or after 1 January 2024) and Noncurrent Liabilities with Covenants (effective for annual periods beginning on or after 1 January 2024) The narrow-scope amendments to SFRS(I) 1-1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either before or at the reporting date, this will affect the classification as current or non-current even if the covenant is only tested for compliance after the reporting date.
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