SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS Messrs. Value Plus CPA limited, Certified Public Accountants (Practicing) have audited the financial statements of Harmony Physiotherapy Limited, the Predecessor Company, which comprise the statement of financial position as of March 31, 2023 and 2022, and the income statements for the two years then ended, and notes to the financial statements, including a summary of significant accounting policies. In their opinion, the financial statements of the Predecessor Company are prepared, in all material respects, in accordance with Hong Kong Small and Medium-sized Entity Financial Reporting Standard (“SME-FRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance. They conducted their audits in accordance with Hong Kong Standards on Auditing (“HKSAs”) and with reference to Practice Note 900 (Revised), Audit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard issued by the HKICPA. The following is a summary of key financial figures of the Predecessor Company: Income Statement For the Years Ended March 31, 2023 2022 (HKD) (HKD) Revenues $ 2,188,034 $ 1,186,542 Direct Cost (19,348 ) (164,494 ) Gross Profit 2,168,686 1,022,048 Other Revenues 61,025 - Administrative Expenses (3,785,113 ) (1,329,824 ) Loss Before Tax and Interest (1,555,402 ) (307,776 ) Statement of Financial Position As of March 31, 2023 2022 (HKD) (HKD) Assets Non-Current Asset Property, Plant and Equipment 191,218 246,489 Total Non-Current Asset 191,218 246,489 Current Assets Cash and Cash Equivalents 45,110 3,855 Total Current Assets 45,110 3,855 Total Assets 236,328 250,344 Liabilities Current Liabilities Accrued Expenses 21,000 10,500 Total Liabilities 21,000 10,500 Net Assets 215,328 239,844 We expect to takeover Harmony Medical Group Limited (the “Successor Company”), a dormant company incorporated in Hong Kong on March 8, 2023 before July 31, 2024, to carry out the operations of the Predecessor Company. Therefore, we will cease to be a shell in July 2024, after the Successor Company has taken over the operations of the Predecessor Company. For more information, please visit our website www.gsggpro.com On July 19, 2023, the Company cancelled the shares of Mr. Gim Hooi Ooi, a shareholder of the Company, and reversed the aged debt of $40,323 owing to Mr. Gim Hooi Ooi. Mr. Gim Hooi Ooi held a total of 17,709,098 common shares of the Company which was equivalent to an aggregate of 58.78% of outstanding and issued shares prior to the cancellation. The cancellation of the 17,709,098 common shares of the Company held by Mr. Gim Hooi Ooi was subsequently completed on June 28, 2024. |