Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 190

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 190
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 entity in British Virgin Islands use U.S. dollar. Our entities in the PRC and
Hong Kong use the local currencies, Renminbi (RMB) and Hong Kong Dollar (HKD), as its functional currencies as determined based on the
criteria of ASC 830, “Foreign Currency Translation”. Assets and liabilities are translated at the unified exchange rate as
quoted by www.xe.com at the end of the period. Income and expense accounts are translated at the average translation rates and the equity
accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive
income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated
in a currency other than the functional currency are included in the results of operations as incurred. Translation adjustments included
in accumulated other comprehensive gain amounted to $200,368 and
$426,741 for
the years ended September 30, 2024 and 2023, respectively.

    F-15

Below
is a table with foreign exchange rates used for translation:

 SCHEDULE OF FOREIGN EXCHANGE RATES

    For the year ended September 30, 2024 (Average Rate) 
    Hong Kong Dollar (HKD)  
    Chinese Renminbi (RMB) 
  
    United States dollar ($1) 
     7.8127  
     7.2043 

    As of September 30, 2024 (Closing Rate) 

    United States dollar ($1) 
     7.7693  
     7.0176 

    For
                                            the year ended September 30, 2023 (Average Rate) 
    Hong Kong Dollar (HKD)  
    Chinese Renminbi (RMB) 
  
    United States dollar ($1) 
     7.8310  
     7.0553 

    As of September 30, 2023 (Closing Rate) 

    United States dollar ($1) 
     7.8308  
     7.2960 

Cash
and Cash Equivalents

Cash
and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions
and a certain amount of cash kept in electronic wallets, “e-wallets”.

We
consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. We maintain