| RELATED PARTY TRANSACTIONS |
NOTE
17 — RELATED PARTY TRANSACTIONS
| (a) | Names and relationship of related parties: |
| Name of related parties | | Relationship with the Company | | Yujie, Chen | | Chief executive officer, a director since January 17, 2023 and beneficial shareholder | | Chi Bun Alan, Chung | | A director during the period from May 31, 2021 to January 17, 2023 | | Hao Xiang, Pan | | A director during the period from January 17, 2023 to January 9, 2024 | | Ying Wo Sammy, Ho | | A director since May 21, 2024 | | Ka Wing Eric, Law | | Chief Financial Officer since April 1, 2024 | | Tak Kai Raymond, Tam | | A director during the period from August 20, 2020 to May 21, 2024 and beneficial shareholder | | Grande Holding Limited | | Sole shareholder |
| (b) | Summary of balances with related parties: |
| | |
March 31, | |
| Amounts
due to a related party: | |
2025 | | |
2024 | |
| Grande
Holding Limited | |
$ | (1,821,726 | ) | |
$ | (1,852,115 | ) |
As
of March 31, 2025 and 2024, the amounts due to a related party solely represented amounts due to Grande Holding Limited, which
is the controlling shareholder of the Company. These amounts are unsecured, interest-free, and have no fixed terms of repayment. During the years ended March 31, 2025, 2024, and 2023, the Company repaid $30,389, $5,730, and nil, respectively,
to Grande Holding Limited. No advances were received from Grande Holding Limited during the years ended March 31, 2025 and 2024, while
an advance of $293,842 was received during the year ended March 31, 2023.
| (c) | Summary
of related party transactions: |
A
summary of trade transactions with related parties for the years ended March 31, 2025, 2024 and 2023 are listed below:
| | |
March 31, | |
| Employee benefit expense paid to senior management: | |
2025 | | |
2024 | | |
2023 | |
| Yujie, Chen | |
$ | 94,615 | | |
$ | 94,615 | | |
$ | 60,000 | |
| Chi Bun Alan, Chung | |
| N/A# | | |
| N/A# | | |
| 230,318 | |
| Hao Xiang, Pan | |
| N/A# | | |
| 70,962 | | |
| 23,590 | |
| Ying Wo Sammy, Ho | |
| 102,051 | | |
| N/A# | | |
| N/A# | |
| Ka Wing Eric, Law | |
| 94,615 | | |
| N/A# | | |
| N/A# | |
| Total | |
$ | 291,281 | | |
$ | 165,577 | | |
$ | 313,908 | |
| | |
March 31, | |
| Consultation
fee paid to senior management: | |
2025 | | |
2024 | | |
2023 | |
| Tak Kai
Raymond, Tam | |
$ | — | | |
$ | 5,769 | | |
$ | — | |
| Total | |
$ | — | | |
$ | 5,769 | | |
$ | — | |
| # | These
individuals have either left their positions or have not yet been appointed as senior management during the year |
|