Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 545

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 545
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 and foreign exchange gain or loss. Our other net income for the years ended September 30, 2024 and 2023
was $11,538 and $99,676, respectively. During the year ended September 30, 2024 and 2023, we recognized government grants of $31,925 and
$98,667 respectively. Our company recognized $12,426 investment loss of associate for the years ended September 30, 2024.

Other income, net included the following:

    For the years ended September 30, 

    2024  
    2023 

    Interest expense for finane lease 
    $6,253  
    $- 
  
    Investment loss on associate 
     12,426  
     - 
  
    Exchange loss and others 
     1,708  
     - 
  
    Other expense 
     20,387  

    Government grants 
     31,925  
     98,667 
  
    Exchange gain and others 
     -  
     1,009 
  
    Other income 
     31,925  
     99,676 

    Other income, net 
    $11,538  
    $99,676 

Income
tax expense

For the year ended September 30, 2024 and the year ended September 30, 2023, the income tax expense of the Company was $2,487 and nil
respectively. The income tax expense, incurred for the year ended September 30, 2024, was attributed to the profit made by Kun Zhi Jian
(Huai’an). Due to the
net loss before income tax, the Company recognized a full valuation recognition against its deferred tax assets, which mainly included
net operating loss carryforwards, as management believes it is more likely than not that the Company will not realize its net operating
loss carryforwards in the near future or before they expire.

Net
Loss

As
a result of the factors discussed above, for the years ended September 30, 2024 and 2023 our net loss amounted to $1,991,747 and $2,149,213,
respectively.

Foreign
currency translation adjustment

The
functional currency of our operations in the PRC is Chinese Yuan or Renminbi (“RMB”), while the functional currency of
our operation in Hong Kong is Hong Kong Dollars (“HKD”).