| Transactions with Related Parties |
The Group conducts material transactions with WGI through WSI and/or WTI, which entities are services providers
for WGI. These transactions are as follows:
| |
|
As of March 31, |
|
| |
|
2025
|
|
|
2024
|
|
|
Receivables – clients – unsettled trade
|
|
$
|
1,549,709
|
|
|
$
|
11,043,210
|
|
|
Receivables – clients – margin loan (net)(i)(ii)
|
|
|
3,276,678
|
|
|
|
1,873,556
|
|
|
Receivables – software licensing (including subscription based) and related support services
|
|
|
600,000
|
|
|
|
1,197,352
|
|
|
Receivables – Total(iii)
|
|
$
|
5,426,387
|
|
|
$ |
14,114,118 |
|
Contract assets - related party
|
|
|
1,200,000 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
Payables – brokerage services
|
|
|
1,417,153
|
|
|
|
13,867,823
|
|
|
Payables – Broker-dealer
|
|
|
75,136
|
|
|
|
163,635
|
|
|
Payables – Total
|
|
$
|
1,492,289
|
|
|
$
|
14,031,458
|
|
| |
(i) |
WSI extended a credit line of $6.2 million and $4.3 million to WGI for margin
transactions during the years ended March 31, 2025 and 2024.
|
| |
(ii) |
As of March 31, 2025 and 2024, the amounts consisted of margin loan receivables of $3.5 million and $3.6
million, net of client payables of $0.2 and $1.7 million, respectively.
|
| |
(iii) |
As of March 31, 2025 and 2024, receivables from this customer, including margin loan receivables,
have been either fully collateralized by the client-owned securities held in the customer’s account or fully collected.
|
| |
|
For the years ended March 31,
|
|
| |
|
2025 |
|
|
2024
|
|
|
2023 |
|
|
Revenues – brokerage commission and handling charge income
|
|
$
|
2,539,260
|
|
|
$
|
1,757,731
|
|
|
$
|
1,707,334
|
|
|
Revenues – interest income
|
|
|
1,040,634
|
|
|
|
1,016,179
|
|
|
|
181,550
|
|
|
Revenues – software licensing (including subscription based) and related support services
|
|
|
1,200,000
|
|
|
|
1,197,551
|
|
|
|
2,786,105
|
|
|
Total
|
|
$
|
4,779,894
|
|
|
$
|
3,971,461
|
|
|
$
|
4,674,989
|
|
| |
|
As of March 31,
|
|
|
|
|
2025
|
|
|
2024
|
|
|
Zhou Kai(i)
|
|
$
|
31,682
|
|
|
$
|
1,830,092
|
|
|
Shenzhen Jinhui(ii)
|
|
|
1,766,092
|
|
|
|
772,040
|
|
|
Due to related parties
|
|
$
|
1,797,774
|
|
|
$
|
2,602,132
|
|
| |
(i) |
The balance represents borrowings from Zhou Kai for the Group’s daily
operational purposes. The borrowings are interest-free, unsecured and due on demand. During the years ended March 31, 2025, 2024 and 2023, the Group borrowed from Zhou Kai of $0.03 million, $1.8 million and $5.3 million, respectively. During the years ended March 31, 2025, 2024, and 2023, the Group repaid borrowings from Zhou Kai of $1.8 million, nil
and nil, respectively. During the year ended March 31, 2024, the Group disposed certain portion of its other
investment to Zhou Kai at a consideration of approximately $2.0 million and the amount was settled with payable
with Zhou Kai.
|
| |
(ii) |
The balance represents unpaid service fees to Shenzhen Jinhui, a service
provider and sub-contractor of the Group’s project management services. Based on the services agreement, Shenzhen Jinhui charges the Group certain percents of markup above its costs relating to service provided to the Group.
During the years ended March 31, 2025, 2024 and 2023, the Group purchased outsourcing and related support services of approximately $1.0
million, $0.7 million and $0.6 million, respectively, from Shenzhen Jinhui which were recorded as software licensing (including subscription based) and related support outsourcing costs, and
expects to settle the balance as of March 31, 2025 within 12 months.
|
|