v3.25.2
RELATED PARTIES
 12 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTIES

14. RELATED PARTIES 

 

1) Nature of relationships with related parties 

 

Name   Relationship with the Company
Kwai Hoi, Ma   Co-founder, Chief Executive Officer, shareholder and director of the Company
Mui Ko   Spouse of Mr. Kwai Hoi, Ma
Edinburgh DH Holdings Limited   Controlled by Ms. Mui Ko
Fantastic Global Venture Limited   Controlled by immediate family member of Mr. Kwai Hoi, Ma
TKO Investments Limited   Controlled by immediate family member of Mr. Kwai Hoi, Ma
Bloomington DH Holdings Limited   A holding company owned and controlled by Mr. Kwai Hoi, Ma
Nova Pulsar Holdings Limited   A shareholder of the Company
True Blue Entertainment, LLC (“True Blue”)   Controlled by Mr. Fredrik Eklund*

 

*Mr. Fredrik Eklund is no longer the Company’s shareholder since April 29, 2024.

 

2) Transactions with related parties

 

   For the Years Ended March 31, 
   2025   2024   2023 
Borrowings from related parties (a)               
Kwai Hoi, Ma  $-   $3,536,592   $976,941 
Mui Ko   449,877    1,409,014    - 
  $449,877   $4,945,606   $976,941 
Repayment of borrowings from related parties               
Kwai Hoi, Ma  $615,969   $4,253,628   $1,276 
Mui Ko   449,877    409,014    - 
  $1,065,846   $4,662,642   $1,276 
                
Payment of operating expenses on behalf of the Company (b)               
Kwai Hoi, Ma  $593,263   $791,871   $4,256,995 
                
Payment of deferred offering costs (b)               
Kwai Hoi, Ma  $-   $-   $200,000 
                

Payment of SPAC extension fee, as part of deferred offering costs

               
Nova Pulsar Holdings Limited  $69,763   $-   $- 
                
Purchase of convertible promissory note issued by the Company                        
TKO Investment Limited   $ 4,500,000     $ -     $ -  
Fantastic Global Venture Limited   $ -     $ 3,500,000     $ -  
Edinburgh DH Holdings Limited   $ -     $ 1,000,000     $ -  
                         
Payment of marketing expenses                        
True Blue   $ -     $ 451,613     $ 375,000  
                         
Purchase of property and equipment on behalf of the Company (b)               
Kwai Hoi, Ma  $-   $12,621   $31,722 
                
Interest expense of convertible promissory notes - related parties               
Edinburgh DH Holdings Limited  $19,151   $12,951   $- 
Fantastic Global Venture Limited   67,027    4,382    - 
   $86,178   $17,333   $- 

 

(a) The borrowings from related parties were interest free and repayable on demand.
(b) The payments of operating expenses, deferred offering costs and purchase of property and equipment on behalf of the Company were subject to repayments to Mr. Kwai Hoi, Ma.

 

 

3) Balances with related parties

 

As of March 31, 2025 and 2024, the balances due from (to) related parties were as follows:

 

   As of March 31, 
   2025   2024 
Due from a related party          
Nova Pulsar Holdings Limited  $714,527  

$

- 
           
Due to related parties          
Kwai Hoi, Ma  $37,512   $87,456 
Edinburgh DH Holdings Limited   -    12,951 
Fantastic Global Venture Limited   -    4,382 
   $37,512   $104,789 

 

4) Convertible promissory notes with related parties

 

On October 4, 2023, the Company issued convertible promissory notes in an aggregate principal amount of $4,500,000 to two related parties, Edinburgh DH Holdings Limited and Fantastic Global Venture Limited with simple interest on the outstanding principal amount at 3% per annum and maturity on September 30, 2024. Pursuant to the extension to convertible promissory notes agreement dated July 12, 2024, the due date of the convertible promissory notes was extended to July 31, 2025.

 

On June 28, 2024, the Company issued convertible promissory note of $4,500,000 to a related party. TKO Investments Limited. The convertible promissory notes were non-interest bearing with maturity on July 31, 2025.

 

On November 19, 2024, in connection with the consummation of the Business Combination, the Company issued an aggregate 1,900,000 Class A Ordinary Shares to convert all the convertible promissory notes payable with the conversion prices ranging from $5 to $10 per share.

 

For the years ended March 31, 2025 and 2024, interest expense on convertible promissory notes were $86,178 and $17,333, respectively.