Company: LSEB
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001199835-25-000233
Chunk: 240

Company: LSEB Creative Corp.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1C
Chunk 240
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EITF) on how an issuer
should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer’s
common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause
the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the
modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance
of a new warrant. The Company does not expect that the new guidance will significantly impact its condensed financial statements.

In
November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”).
ASU 2023-07 requires entities to make certain enhanced segment disclosures on both an annual and interim basis, including disclosure
of significant segment expenses that are regularly provided to their chief operating decision maker (the “CODM”) as defined
within Accounting Standards Codification Topic 280, “Segment Reporting,” as well as various information about an entity’s
CODM, among other provisions. ASU 2023-07 does not change how entities identify their operating segments, aggregate them, or apply the
quantitative thresholds to determine their reportable segments. The annual disclosures required by ASU 2023-07 are effective for the
Company beginning in Fiscal 2025, with interim disclosures effective beginning in Fiscal 2026. The provisions of ASU 2023-07 are to be
applied retrospectively to all prior periods presented. Early adoption is permitted. Other than the new disclosure requirements, ASU
2023-07 will not have an impact on the Company’s consolidated financial statements.

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    LSEB
    Creative Corp.
  
    Notes
    to Consolidated Financial Statements
  
    For
    the Years Ending March 31, 2025 and 2024

5.PREPAYMENTS
AND OTHER RECEIVABLES

The
prepayment represents the amount paid pursuant of a lease agreement executed with one of the directors for the commercial unit used as
office space by the company. The current term of lease is approx. USD $800 (CAD $1,000) per month for 8 months starting from January
2022 with an option to extend it with mutual consent. The Company