| a) | The
table below sets forth the related party and the relationship with the Company: |
Schedule of related party and relationship
| |
|
|
| Name
of related party |
|
Relationship
with the Company |
| Xiaofeng
Gao |
|
Former chairman of the Board of Directors and Co-Chief Executive Officer,
and 16.76% beneficial shareholder of the Company* |
| Bin
Fu |
|
Chairman of the Board of Directors and Chief Executive Office of the Company* |
| Xuejun
Ji |
|
Shareholder |
| Hunan
Medical Star Technology Co., Ltd. ( Medical Star) |
|
Joint
venture |
| Fujian
Pingtan Ocean Fishery Group Co., Ltd. (“Fujian Fishery”) |
|
Minority
Owned Subsidiary of the Company |
| Wuxi
Kingway Technology Co., Ltd. (“Wuxi Wangdao”) |
|
Entity controlled by Xiaofeng Gao |
| * | On September 6, 2024, Mr. Xiaofeng Gao resigned as the chairman of the Board of Directors and Co-Chief Executive Officer of the Company and Mr. Bin Fu has become the sole Chief Executive Officer of the Company. |
| b) | The
Company had the following related party balances with the related parties mentioned above: |
Schedule of related party balance with the related party
| | |
2025 | | |
2024 | |
| | |
As of March 31, | |
| | |
2025 | | |
2024 | |
| Amounts due to Xiaofeng Gao | |
$ | 23,007 | | |
$ | 2,196 | |
| Amounts due to Xuejun Ji | |
| 411,145 | | |
| 11,276 | |
| Amounts due to Bin Fu | |
| 239,007 | | |
| 39,464 | |
| Total | |
| 673,159 | | |
| 52,936
| |
| Amount due to related party | |
| 673,159 | | |
| 52,936
| |
| | |
2025 | | |
2024 | |
| | |
As of March 31, | |
| | |
2025 | | |
2024 | |
| Amounts due from Wuxi Wangdao | |
$ | 660,539 | | |
$ | - | |
| Total | |
| 660,539 | | |
| - | |
| Amounts due from related party | |
| 660,539 | | |
| - | |
| c) | The
Company had the following related party transaction with the related party mentioned above: |
Schedule
of related party transactions with related party
| | |
2025 | | |
2024 | |
| | |
For the Years Ended March 31, | |
| | |
2025 | | |
2024 | |
| Expense paid by Xiaofeng Gao | |
$ | 20,908 | | |
$ | — | |
| Bond received from Xuejun Ji | |
| 400,000 | | |
| — | |
| Bond received from Bin Fu | |
| 200,000 | | |
| — | |
| Sales to Medical Star | |
| — | | |
| 17,235 | |
The
Group did not have other significant balances or transactions with its related parties in the years ended March 31, 2025 and 2024.
|