As
of March 31, 2025 and 2024, prepaid expenses and other current assets were comprised of the following:
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
| | | |
| | |
| |
As of March 31, | |
| |
2025 | | |
2024 | |
Prepaid insurance expenses(i) | |
$ | 376,678 | | |
$ | - | |
Deposit | |
| 73,350 | | |
| - | |
Other prepayments | |
| 52,500 | | |
| - | |
Others | |
| - | | |
| 4,317 | |
Total
prepaid expenses and other current assets | |
$ | 502,528 | | |
$ | 649,080 | |
(i) |
The
prepaid insurance expenses represented prepaid directors and officers’ insurance. |
(ii) |
In
July 2022, Real Messenger made a loan of $ to the sponsor of Nova Vision, so as the sponsor deposited such amount into Nova Vision’s
trust account in order to extend the time to complete a business combination for a period of three months. The loan was non-interest
bearing and was repayable upon the closing of a business combination.
In
March 2024, the sponsor of Nova Vision issued a promissory note of $ to Real Messenger,
which would be payable promptly after the date on which Nova Vision consummates an initial
business combination with the Company. In the event that a business combination does not
close on or prior to April 10, 2024, as such deadline was further extended, the promissory
note shall be deemed to be terminated and only half of the principal balance of the promissory
note will thereafter be due from the sponsor of Nova Vision to the Company. The convertible
promissory note was non-interest bearing and Real Messenger have the right to convert into
ordinary shares of the Company, in whole or in part. |
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