Short-term deposits represent time deposits placed with banks with maturities longer than three months but less than one year. Interest earned is recorded as finance income in the consolidated financial statement. As of December 31, 2024 and March 31, 2025, substantially all of the Company’s short-term deposits amounting to $4,237,090 and $5,530,030, respectively, had been placed in reputable financial institutions in the PRC.